Slides
Page 1
1 31 JULY 2026 INVESTOR PRESENTATION H1 2026 RESULTS #BLEND2030: BUILDING TOWARDS THE PLATFORM OF TOMORROW JOIN JOIN Analyst and Investor video call Friday 31 July 2026 10AM CET Analyst and Investor video call Friday 31 July 2026 10AM CET Online meeting with solid fill
Page 2
2 Table of contents 1 Introduction 2 Key highlights H1 2026 3 Growth plan #BLEND&EXTEND2030 4 Outlook 2026 5 Market insights 6 Activity report 7 Property report 8 Financial results 9 WDP share
Page 3
3 INTRODUCTION ON WDP 01 Nijverdal, NL
Page 4
4 ATTRACTIVE RISK/REWARD PROFILE IRREPLICABLE PORTFOLIO NET INVESTOR WITH EXECUTION POWER Decade-long track record of strong total returns Unique core European platform Positioned to capitalize on growth opportunities • Inflation-plus rental growth • Superior delivery of strong EPS & NAV growth • Attractive development exposure • Focus on profitability, cash flow growth & operational excellence • Unmatched industry track record • Pure-play integrated logistics real estate developer-investor model • Large, diversified & high- quality portfolio • Dense European network across key corridors • Granular tenant base • Client-centric focus • Regional leadership through scale & density • In-house development machine • Embedded value creation in portfolio • Local market expertise in each market, reflecting expertise and deep-rooted network • Supported by strong balance sheet and financial discipline GROWTH BACKED BY ROBUST MARKET FUNDAMENTALS Attractive market dynamics • Essential logistics infrastructure • Critical role of urban logistics • Structural demand (supply chain optimization, omni- channel, & near-shoring) • Rising barriers to entry (land, permitting, power) • Integrated energy solutions • Decarbonizing the supply chain Towards a core €10bn+ European logistics platform WDP Developing critical supply chain infrastructure
Page 5
5 KEY HIGHLIGHTS H1 2026 02 Genk, BE
Page 6
6 EPRA EPS PORTFOLIO EPRA NTA €0.79 €8.7bn €21.4 Fair value Effective multi-driver approach results in underlying ERPA EPS growth of +5% H1 2026 Strong start, attractive pipeline visibility Broad-based leasing momentum and high occupancy maintained. Backed by a best-in- class balance sheet, liquidity with self- financing to execute growth ambitions. FY2026e EPRA EPS OCCUPANCY LEASING ACTIVITY NET DEBT / EBITDA (adj.) LOAN-TO-VALUE €1.60 +5% y/y 97.2% 200k m² 7.6x 41.6% New leases signed +5% y/y 2026 GUIDANCE CONFIRMED
Page 7
7 200k m² NEW LEASES SIGNED €300m NEW INVESTMENTS SECURED(1) €760m INVESTMENT PIPELINE IN EXECUTION FUNDING IN PLACE FULL EXECUTION MODE Across the existing portfolio and development projects Continuous replenishment of investment pipeline €588m cost to come Quasi fully pre-let Balance sheet, liquidity and self-financing in place to execute growth plan capital structure neutral With team expansion in (new) markets, close to clients WDP platform captures market demand at scale 6.8% NOI yield(2)(3) 6.8% NOI yield Expected Strong self- financing + €1.4bn liquidity(4) IN EXECUTION Continuation of diverse leasing activity and strong execution of investment plan 21 3 4 1. Net of 116 million euros disposals. 2. NOI yield is defined as the net operating income (gross rental income minus non-recoverable operating expenses) divided by the total investment made. 3. Net of disposals, excluding land reserves. 4. €1.4bn in unused credit facilities excluding €250m – €300m p.a. in expected equity strengthening through retained earnings, stock dividend and contributions in kind. H1 2026 Towards a €10bn+ core European platform CONTINUES REPLENISHMENT PIPPELINE DRIVING FUTURE EPS GROWTH LEASING & INVESTMENT ACTIVITY IN H1 2026
Page 8
8 Proposed all-share friendly merger of WDP and ARGAN, creating Europe’s leading logistics REIT WDP x ARGAN Building Europe’s leading logistics platform Strategic fit Leadership & scale Combined growth Credit quality & liquidity ›(1) Pure-play €13bn A unique pure-play logistics powerhouse, complementary platforms sharing the same DNA A top-3 European logistics REIT in 8 countries with leading platform across Western Europe Towards a €20bn+ platform along Europe’s core logistics corridors Top-5 A-rated REIT, liquidity & strong capital market access & solid liquidity profile Top-10 EPRA Best-in-class Announcement 23 Jul 2026 Paris listing Oct – Nov 2026 EGMs Nov 2026 Conditions met End ’26 – early ’27 Completion Q1 2027 Path to completion VALUE CREATION ✓ Stronger together from the start ✓ Accretive for both ARGAN and WDP shareholders ✓ Reinforced 2030 targets with €700m p.a. combined self-financing capacity Watch the replay of the analyst investor call www.wdp-argan.eu Watch the replay of the analyst & investor call www.wdp-argan.eu 1. Following the announcement of the proposed merger with ARGAN on 23 July 2026, Fitch Ratings and Moody's Ratings affirmed WDP's existing issuer and senior unsecured debt ratings with a Stable outlook.
Page 9
9 #BLEND&EXTEND2030 STATUS UPDATE 03 BREDA, NL
Page 10
10 WITH A CLEAR FOCUS DELIVER ABOVE-AVERAGE GROWTH, WITH A BELOW-AVERAGE RISK PROFILE Through scale, EPS growth & strong total returns, and a proven multi-driver growth model (#BLEND) AMBITION 2030 WITH A CLEAR GOAL SCALE INTO AN INTEGRATED EU PLATFORM Provide total supply chain infra solutions HORIZON 2030 Building the platform of tomorrow
Page 11
11 #BLEND& EXTEND2030 NEUTRALIZE EXTRACT LOAD DISCIPLINED BUILD Capture robust structural demand Pre-let developments, selective acquisitions & new markets Rental growth and active asset management Total energy solutions decarbonizing logistics supply chain Robust balance sheet & risk-adjusted capital allocation A proven & scalable multi-driver growth model, driving long-term EPS growth
Page 12
12 # B L E N D 2 0 3 0 | G R O W T H D R I V E R S | B U I L D | L O A D | E X T R A C T | N E U T R A L I Z E | D I S C I P L I N E D >€2.00 EPS (EPRA) >€1.60 DIVIDEND PER SHARE >50% TOTAL RETURN(1) >6% CAGR >6% CAGR >10% CAGR cumul. growth ~40% LOAN-TO-VALUE 2030 TARGETS ~8x NET DEBT/EBITDA (ADJ.) A3 MOODY’S ISSUER RATING BASED ON › €500m capex p.a › Self-financing capacity › Top-tier credit strength This outlook is based on current knowledge and situation and barring unforeseen circumstances, within the context of a volatile macroeconomic and geopolitical environment. 2030 targets per share (vs.2025 base year) of at least #BLEND&EXTEND2030 Long-term targets based on a proven blueprint for strong total returns 1. Total accounting return (TAR) is calculated as yearly EPRA NTA growth including gross dividends distributed.
Page 13
13 # B L E N D 2 0 3 0 | G R O W T H D R I V E R S | B U I L D | L O A D | E X T R A C T | N E U T R A L I Z E | D I S C I P L I N E D #BLEND&EXTEND2030 Building blocks of an ambitious, resilient 6% p.a. cash flow growth expected over 2026-30 At least €2.00 2030 €1.53 2025 CAGR 6% vs.2025 base year › Internal growth › Developments & acquisitions › Energy solutions › Cost of debt reset 2025-30 EPS CAGR BUILDING BLOCKS FOR EPRA EPS GROWTH Indicative % impact per share per year(1) +6% 1. Indicative average impact per share of the building blocks over the period 2026-30. This should not be interpreted as a linear execution of the growth path.
Page 14
14 • Short-term gradual recovery in demand, long-term structural demand drivers sustained • Stable operating metrics (high occupancy, long lease terms and high client retention) • Maintain high operating margin of >90% through cost discipline Key assumptions # B L E N D 2 0 3 0 | G R O W T H D R I V E R S | B U I L D | L O A D | E X T R A C T | N E U T R A L I Z E | D I S C I P L I N E D › Internal growth | 100% CPI-linked leases, rent reversion, cost effectiveness & active asset management › Developments & acquisitions | €500 million p.a. at attractive risk-adjusted returns › Energy solutions | revenue from energy investments to double towards 50 million euros by 2030 › Cost of debt reset | This includes a manageable and gradual cost of debt reset: an organic impact (i.e. calculated at constant debt level) of cumulatively +85bps in cost of debt towards 2030 due to hedge maturities, partly offset by the positive A3-rating credit spread optimisation, with half of the impact only effective as from 2030 (1) #BLEND&EXTEND2030 Building blocks of an ambitious, resilient 6% p.a. cash flow growth expected over 2026-30 1. Based on the forward interest rate curve per 31.12.2025 and A3 Moody’s credit rating. At least €2.00 2030 €1.53 2025 CAGR 6% vs.2025 base year › Internal growth › Developments & acquisitions › Energy solutions › Cost of debt reset 2025-30 EPS CAGR BUILDING BLOCKS FOR EPRA EPS GROWTH Indicative % impact per share per year(1) +6%
Page 15
15 › Short-term: demand normalizing with a gradual recovery in take-up › Structural: omnichannel growth, supply chain reconfiguration, and electrification-driven infrastructure › Supply-constrained markets: low vacancy, low speculative supply, land scarcity & power constraints # B L E N D 2 0 3 0 | G R O W T H D R I V E R S | B U I L D | L O A D | E X T R A C T | N E U T R A L I Z E | D I S C I P L I N E D Robust demand drivers Capitalize on internal & external growth opportunities #BLEND&EXTEND2030 | BUILD Structural tailwinds
Page 16
16 €500m capex guidance p.a. AT ATTRACTIVE RISK-ADJUSTED RETURNS(1) # B L E N D 2 0 3 0 | G R O W T H D R I V E R S | B U I L D | L O A D | E X T R A C T | N E U T R A L I Z E | D I S C I P L I N E D Broader country mix: › Existing markets (with Romania <20%) › Further strengthen market share in France & Germany › Establish presence in Spain & Italy Existing markets New markets Blend&Extend2030 #BLEND&EXTEND2030 | LOAD Development & acquisition opportunities in existing and new markets 1. Targeted returns are aligned with the cost of capital, as for example reflected by the average NOI-yield of the investment pipeline in execution of 6.8% in the current market environment.
Page 17
17 Inflation-plus like-for-like EMBEDDED VALUE CREATION THROUGH INTERNAL GROWTH LEVERS # B L E N D 2 0 3 0 | G R O W T H D R I V E R S | B U I L D | L O A D | E X T R A C T | N E U T R A L I Z E | D I S C I P L I N E D › Indexation (fully CPI-linked leases(1)) and capturing rent reversion (9% under-rented portfolio) › Cost effectiveness (maintenance of >90% operating margin) › Active asset management initiatives A TER #BLEND&EXTEND2030 | EXTRACT Strong total return potential BE ORE
Page 18
18 Energy-as-a- service REVENUE TO DOUBLE TO €50M BY 2030(1) › Solar PV: maximizing rooftop capacity › On-site efficiency solutions (e.g. LED, heat pumps, EMS) › Battery energy storage systems › EV-charging infrastructure # B L E N D 2 0 3 0 | G R O W T H D R I V E R S | B U I L D | L O A D | E X T R A C T | N E U T R A L I Z E | D I S C I P L I N E D Green electricity through PV Batteries supporting EV charging EV charging for car, van & truck Intelligent energy manageme nt system Low carbon warehouse site with heat pumps (gasless) #BLEND&EXTEND2030 | NEUTRALIZE More than a warehouse: scale that generates power 1. Earnings contribution will be gradual and non-linear, reflecting the high project complexity and external factors such as permitting, grid-connection, lead times as well as lower energy prices. Including 7m euros in annual income from green certificates related to projects in Belgium completed before 2013, maturing gradually in 2028-32.
Page 19
19 › Strong recurring equity strengthening in place of €250-300m p.a. › Via retained earnings, optional dividend and contributions in kind › Enabling internally funded capex of €500m p.a. (including debt within WDP’s leverage targets) › Manageable and gradual cost of debt re-set: +85bps in cost of debt by 2030(1) Strong self- financing capacity INTERNALLY FUNDED CAPEX €500M P .A. # B L E N D 2 0 3 0 | G R O W T H D R I V E R S | B U I L D | L O A D | E X T R A C T | N E U T R A L I Z E | D I S C I P L I N E D #BLEND&EXTEND2030 | DISCIPLINED Strong financial position and strict capital allocation 1. Based on the forward interest rate curve per 31.12.2025 and A3 Moody’s credit rating. See slide 51. The cost of debt reset is only gradual thanks to the effective hedging in place. As a result, the average cost of debt is expected to gradually increase from 2.40% to 3.25% in 2030 (at con stant debt level per 31.12.2025). A3 Moody’s Stable outlook ~8x Net debt / EBITDA (adj.) ~40% Loan-to-value Based on top-tier credit quality
Page 20
20 BUILDING THE PLATFORM OF TOMORROW BUILDING THE PLATFORM OF TOMORROW › Enhancing scale & offering cross-border solutions › Profitable & efficient › Delivering strong total returns › Superior access to capital & improved cost of capital From regional leader to a core €20bn+ European logistics Platform
Page 21
21 DELIVERING TODAY, WITH A VISION FOR TOMORROW Above-average growth, with a below-average risk profile
Page 22
22 Bollène, FR OUTLOOK 2026 04
Page 23
23 Outlook 2026 Confirmed outlook of +5% EPS and DPS growth Underlying assumptions: • Impact from developments and acquisitions in 2025-26 • Like-for-like rental growth of around 2% • A stable and strong occupancy rate of minimum 97%, in line with the long-term average • Net debt / EBITDA (adj.) of ~8x and a loan-to-value of ~40% (based on the current portfolio valuation) • Average cost of debt of 2.5% This outlook is based on current knowledge and situation and barring unforeseen circumstances, within the context of a volatile macroeconomic and geopolitical environment. €1.29 DIVIDEND PER SHARE +5% y/y +5% y/y 2026 GUIDANCE CONFIRMED €1.60 EPS (EPRA)
Page 24
24 Barendrecht, NL Market insights 05
Page 25
25 Sustained structural demand drivers Fundamentals support demand for logistics space OUTBOUND INBOUND ESG Outbound demand to grow at a normalised pace Inbound demand in response to supply chain resilience Increased focus on ESG and electrification Digital economy & omnichannel Cold storage & specialization Last-mile & reverse logistics Optimisation of distribution networks (Re-)near-shoring & diversification Temporary demand & Strategic stock Electrification and on-site renewable energy infra Decarbonization & circularity Brownfield redevelopments and facility upgrades to promote efficiency ESG legislation & emission targets Power & grid connectivity Land scarcity More stringent regulation Labour shortages Omni-present volatility impacting decision- making Challenges
Page 26
26 Fundamentals remain supportive, with supply becoming a key differentiator across European logistics markets. Structural demand drivers, including e-commerce, nearshoring and supply chain optimization, continue to support occupier demand. Prime logistics assets remain well positioned, benefiting from rental resilience and continued occupier preference for high- quality space. European logistics markets have stabilised, underpinned by resilient occupier demand. Market insights 1) Trailing twelve months. Source: Broker reports WDP warehouses The Netherlands 25Q4 26Q1 Vacancy (%) 5.2 5.5 Prime yield (%) 4.8 4.8 Prime rent(€/m² pa) 120 120 Take-up1 (000m²) 1,560 1,420 Belgium- Luxembourg 25Q4 26Q1 Vacancy (%) 4.8 5.4 Prime yield (%) 4.8 4.8 Prime rent(€/m² pa) 80 80 Take-up1 (000m²) 710 635 France 25Q4 26Q1 Vacancy (%) 6.2 7.0 Prime yield (%) 4.9 4.9 Prime rent(€/m² pa) 89 89 Take-up1 (000m²) 3,250 2,655 Romania 25Q4 26Q1 Vacancy (%) 3.8 4.4 Prime yield (%) 7.5 7.5 Prime rent(€/m² pa) 57 57 Take-up1 (000m²) 640 640 Germany 25Q4 26Q1 Vacancy (%) 3.6 3.6 Prime yield (%) 4.4 4.4 Prime rent(€/m² pa) 132 132 Take-up1 (000m²) 5,200 5,170 Italy 25Q4 26Q1 Vacancy (%) 5.0 5.0 Prime yield (%) 5.4 5.3 Prime rent(€/m² pa) 70 71 Take-up1 (000m²) 2,410 2,770 Spain 25Q4 26Q1 Vacancy (%) 7.1 7.3 Prime yield (%) 4.9 4.9 Prime rent(€/m² pa) 111 111 Take-up1 (000m²) 1,680 1,870
Page 27
27 Integrated developer-investor model: majority of WDP portfolio developed in-house on a pre-let basis, value-add acquisitions and strategic platform expansion Net-investor navigating the entire value curve: focus on attractive returns without undue risk taking Selective capital deployment in each phase of the capital cycle Unmatched track record of execution in each phase of the capital cycle Focused strategy, adapted to capital market cycle Share of CAPEX invested STABLE GROWTH FOCUSED ON LONG-TERM VALUE CREATION
Page 28
28 Lokeren, BE ACTIVITY REPORT 06
Page 29
29 Investments secured in H1 2026 H1 2026 New investments secured Le Havre (France) During the first half of 2026, these investments were either executed and added to the standing portfolio, or further incorporated into the €760 million investment pipeline in execution per 30 June 2026. Capex €300m(1) NOI yield 6.8%(2) * The investment/divestment presented for the Luxembourg transactions reflect the property values of the underlying share swaps.(3) 1. Net of 116 million euros disposals. 2. Net of disposals, excluding land reserves. 3. See the press release of 31 March 2026.
Page 30
30 Railway access Container yard Direct dock access Directly opposite the container terminal Le Havre, FR New sale-and-leaseback 2025 acquisition 1. Including a 58 million euros Seafrigo acquisition in 2025. See the press release of 6 January 2026. New: sale-and-leaseback with Seafrigo ✓ €23m investment • sale-and-leaseback with seafrigo ✓ 27 years triple net • 100% occupied ✓ 16,000 m² of GLA, 2,000 m² expansion potential ✓ Grade A cold storage & refrigerated warehouse DEEPENING PARTNERSHIP WITH SEAFRIGO IN PORT OF LE HAVRE Total cluster in France’s main container terminal ✓ €81m investment1 • 3 buildings & yard leased to Seafrigo ✓ 6.8% NOI yield • over 12 years triple net lease • 100% occupied ✓ 81,000 m² of GLA, and 40,000 m² container yard ✓ Grade A, BREEAM certified, prime multimodal location
Page 31
31 Ridderkerk, NL TOTAL PROJECTS DELIVERED & ACQUISITIONS EXECUTED H1 2026(1) ▪ 189,000m² GLA • 100% occupied ▪ 6.7% NOI yield ▪ 13y average lease duration ▪ >85% Western Europe GLA Pre-let developments delivered 111,000m² 314,000m² Land reserve replenishment GLA 78,000m² Acquisitions executed Disciplined pipeline execution at compelling returns, driving cash flow visibility & future potential H1 2026 Execution of the investment pipeline Completed projects and executed acquisitions that have become income-generating during the year ► ► €240m 1. Excluding 116 million euros disposals. 2. In addition to the strategic asset swap with the Luxembourg state (streamlining of the Group structure), WDP crystallised strong value creation on approximately 60 million euros of disposals: 30% above the latest fair value and an unlevered IRR exceeding 20%. GLA 80,000m² ▪ +30% vs fair value ▪ >20% unlevered IRR Disposals realised(2)
Page 32
32 Unlock value in existing portfolio ✓ €13m investment ✓ 10,000 m² brownfield ✓ State-of-the-art reconversion FUTURE-PROOF & GASLESS ✓ Off-grid energy solution ✓ Highest energy class A+++++ ✓ Solar PV, BESS & smart meter TOTAL RETURN POTENTIAL ✓ In-house redevelopment ✓ BREEAM “Excellent” certification ✓ Critical energy infrastructure ✓ Reduced total cost of operationRaamsdonkveer, NL €13 million future-proof brownfield development 10,000 m² brownfield redevelopment A++++ energy class Gasless / off-grid energy solution BREEAM Excellent
Page 33
33 H1 2026 €760 million investment pipeline in execution Robust pipeline in execuction provides strong cash flow visibility(1) 1. NOI yield excludes energy projects.
Page 34
34 1. The information in this chart is not construed as a profit forecast or guidance of any kind and should therefore not be read as such and is thus solely intended for illustrative purposes. It depicts the short- and medium-term impact of indexation based on economic forecasts and the impact of the committed development pipeline as well as the theoretical potential of rent reversion, letting activities and rent from buildable surface of uncommitted projects on the land bank. 2. Assumption based on 5y inflation swap of 2%. Continuous replenishment of investment pipeline driving future EPRA EPS growth Annualised rent potential as leading indicator for future earnings growth(1,2) Project completions & acquisitions 2027 Medium term 2027Short term 2026 Long term Reversion, leasing and development potential Annualised rent 30.06.2026 Indexation 2026 Project completions & acquisitions 2026 Annualised rent 31.12.2026 Indexation for 2027 Rent reversion potential Potential annualised rent 31.12.2027 Potential long- term annualised rent Rent potential of secured land bank € million Annualised rent 31.12.2025 Rent added in H1 2026 Letting activity potential
Page 35
35 Existing land reserves New land reserves secured over 2026 ~5,800,000 m² ~2,400,000 m² Land bank Development potential GLA €132 MILLION LONG-TERM RENT POTENTIAL Future development potential 235,000 m² 140,000 m² 135,000 m² 221,000 m² 93,000 m²
Page 36
36 Solar panels › Maximizing rooftop solar PV › Current capacity: 274 MWp › 82 MWp under installation › Gradual delivery by Q4 2027 › Investment: €65m › Target IRR: ~8% Mobility solutions › 2 truck charging hubs › 14 truck charging points › Charging capacity: 2 MW › Investment: €4m › Delivery: 2026 › Target IRR: ~10% Battery energy storage › Front-of-the-Meter BESS › Permit & grid connection obtained › Total capacity: 60 MW › Energy storage capacity: 240 MWh › Investment: €40m › Delivery date: end-2029 › Target IRR: ~15% Green retrofits › 120,000 m² logistics campus › Retrofit focused on energy efficiency › Electric heat pump & smart metering › Investment: €3m › Delivery: 2026 › Enabled ERV & rent growth Integrated energy solutions for future logistics WDP Energy: the logistics powerhouse
Page 37
37 Veghel, NL PROPERTY REPORT 07
Page 38
38 WDP market share The Netherlands 37% of the portfolio 3.1 million m² GLA 98k m² GLA under construction 93 MWp Belgium – Luxembourg 34% of the portfolio 3.0 million m² GLA 107k m² GLA under construction 126 MWp France 8% of the portfolio 708k m² GLA 15k m² GLA under construction 13 MWp Germany 2% of the portfolio 121k m² GLA 9 MWp Romania 19% of the portfolio 2.0 million m² GLA 190k m² GLA under construction 32 MWp Developing essential supply chain infrastructure HIGH-QUALITY, DIVERSIFIED PLATFORM €8.7bn 5.5y Fair value portfolio WAULT 97.2% €497 m Occupancy rate Annualised rents 5.5% EPRA Net Initial Yield 100 % CPI-linked leases €760m Pipeline in Execution 6.1% Net Reversionary yield 7% Reversionary potential 2.4m m² GLA Development potential WDP PORTFOLIO 8.9 million m² GLA lettable area 410k m² GLA under construction 274 MWp solar capacity installed 59% WDP in-house developed 75% Green certified 84% Class A POSITIONED TO UNLOCK LONG-TERM VALUE POTENTIAL n.r. 1% 4% 6% n.r. <1% 2% 24% 14% 16% 2015 HY 2026 Towards a core €10bn+ European platform
Page 39
39 1. Excluding energy assets and including projects, land reserve and assets held for sale. Including the proportional share of WDP in the portfolio of the joint ventures. In the IFRS accounts, those joint ventures are reflected through the equity method. Portfolio fair value split(1) Investment properties Fair value €/m² 959
Page 40
40 Large, diversified and high-quality portfolio BREAKDOWN BY TYPE OF GROWTH 57% share of property portfolio suitable for urban logistics BREAKDOWN OF FAIR VALUE BY TYPEBREAKDOWN OF FAIR VAUE BY QUALTY DIVISION OF THE PROPERTY 344 properties 445 clients Best-in-class portfolio comprising of class A assets ▪ Located on strategic multi-modal logistics corridors and diversified (region, industry and tenant) ▪ Robust building quality, integrating sustainability & flexibility throughout lifecycle ▪ Growing and diversified portfolio with integrated property management to tailor clients needs 75% green certified warehouse(1) 1. This refers to BREEAM and EDGE certified warehouses within the WDP portfolio
Page 41
41 ▪ Near full occupancy rate (97.2%) & resilient cash flow spread over ~6y first break (~7y final break) ▪ 100% CPI-linked lease agreements providing inflation-proof cash flow with strong guarantees in place ▪ Client-centricity supports retention (~90% renewal rate)1 & repeat business (50% with existing clients) Robust and well spread cash flow profile Outstanding cash flow visibility from a resilient tenant and lease profile in a market characterized by scarcity CPI-linked lease agreements Rent reversion potential Inflation proof-cash flow ~6 years lease maturity profile (till first break)(1)Historical occupancy rate (>97% long-term average) 100% 7% 1. Out of the 10% lease agreements maturing in 2026: 75% have already been extended. 2. Building risk is based on fair value, contract risk is based on a single tenant gross rental income. Rent collection rate 25y avg ~99.8% max. building & contract risk <=2.0% (2)
Page 42
42 ▪ Diversified, creditworthy client base across industries, predominantly large (inter)national corporates ▪ Clients mainly active in resilient sectors such as food, healthcare, post & parcel delivery and FMCG ▪ Ongoing geopolitical volatility reinforces logistics real estate as critical infrastructure Diversified, resilient and high-quality tenant base Well-spread industry profile across mix of defensive, growing sectors and multiple end-markets 1. Every tenant out of the top-10 is spread over multiple locations and contracts within the property portfolio. Rental income by category Top 10 share of rent ~22%1 66% end user / 34% 3PL 14% dedicated e-commerce445 individual clients 1. Ahold Delhaize 5.4% 2. Kuehne + Nagel 2.9% 3. Greenyard 2.4% 4. Pirelli 1.9% 5. ID Logistics 1.9% 6. Distrilog Group 1.8% 8. DHL 1.4% 9. Auchan 1.4% 10. Action 1.4% 7. CEVA 1.8% Industrial14% Retail (food)16% Retail (non-food)10% Other8% Post & parcel delivery6% TMT2% FMCG 13% Automotive 9% Healthcare 7%Wholesale 8% Dedicated e-commerce Dedicated e-commerce Food, fruit & vegetables 7%
Page 43
43 Dudelange, LU FINANCIAL RESULTS H1 2026 08
Page 44
44 Consolidated results
Page 45
45 Consolidated results 1. Including the proportional share of WDP in the portfolio of the joint ventures.
Page 46
46 Consolidated results B/S
Page 47
47 Consolidated results B/S
Page 48
48 Financial management ▪ Strong inflation-proof cash flow profile (100% CPI-linked) ▪ Liquidity requirements 18 months covered, plus buffer for investment opportunities ▪ Yearly strengthening of equity through retained earnings & stock dividend and contributions in kind ▪ Well-balanced capital structure, unsecured debt & strong track record of access to multiple pools of liquidity Loan-to-value % 100% ▪ 100% Refinancing until at least end-2027 covered ▪ 100% Committed capex covered ▪ 100% Commercial paper covered of financing needs covered % Hedge ratio Net debt / EBITDA (adj.)(1) x Leverage Interest Coverage Ratio Coverage Financing Cost of debt years Duration of hedges x Unused credit facilities(2) 41.6 4.9 4.2 Ensuring consistency of financial strategy 7.6 2.4 % 82 1.4 billion euros A3 Issuer & instrument rating Stable Outlook Top-tier credit rating confirmed(3) 1. The net debt / EBITDA (adjusted) is calculated starting from the proportional accounts: in the denominator taking into account the trailing-twelve-months EBITDA but adjusted to reflect the annualised impact of acquisitions/developments/disposals; in the numerator taking into consideration the net financial indebtedness adjusted for the projects under development multiplied by the loan-to-value of the group (as these projects are not yet income contributing but already (partially) financed on the balance sheet). 2. Excluding the backup facilities for the commercial paper programme which have already been subtracted for the full amount. 3. Following the announcement of the proposed merger with ARGAN, both Fitch Ratings and Moody's Ratings affirmed WDP's existing issuer and senior unsecured debt ratings with a stable outlook. FitchMoody’s BBB+ / A- Issuer & instrument rating Stable Outlook
Page 49
49 Solid debt metrics and active liquidity management Debt overview DEBT MATURITIES 65% Bank financing 35% Bonds CP ▪ Well-spread debt maturities with 4-year debt duration on average ▪ Solid access to unsecured lending through bank loans, private placements and EMTN programme ▪ Comfortable liquidity position through undrawn credit facilities % Hedge ratio Cost of debt years Average debt maturity 4.2 2.4 % 82
Page 50
50 Stable cost of debt and strong hedging profile Hedging profile EVOLUTION HEDGE RATIOEVOLUTION COST OF DEBT ▪ Cost of debt expected at ~2.5% over 2026 ▪ Thanks to strong debt hedging profile with average hedge maturity of 4y ▪ Manageable and gradual hedge maturity, safeguarding low cost of debt and cashflow 4y Average hedge duration
Page 51
51 2.0% 2.5% 3.0% 3.5% 4.0% 2025 2026 2027 2028 2029 2030 Incremental fixed-rate cost of debt (5y duration) Cost of debt evolution Cost of debt reset manageable and only gradual Cost of debt | simulation debt and hedging renewals SIMULATION COST OF DEBT (at constant debt level per 31.12.2025)(1) Note: This simulation reflects the renewal of the existing debt and hedging instruments over the next 5 years, assuming a constant debt level and using the forward interest rate curve as of 31.12.2025. This simulation excludes any additional debt drawdowns under the growth plan and is intended solely to illustrate the organic impact of renewing the in-place debt and hedging instruments. ▪ Long-term “reset” in cost of debt is only gradual thanks to hedging in place ▪ Avg. cost of debt expected to gradually increase from 2.40% in 2025 to 3.25% in 2030 ▪ Cumulatively +85bps over the next five year of which half only as from 2030 Cumulative impact limited to 85bps by 2030 Included in the 2030 EPRA EPS guidance of min. €2.00
Page 52
52 Strict capital discipline and well-balanced capital structure Prudent financial policy throughout the cycle ▪ Policy: Loan-to-value across the cycle below 50% ▪ Low LTV in an environment of yield decompression > Prudent balance sheet management and not adding leverage against property revaluations 5.5% EPRA NIY % Loan-to-value ✓ No leverage on historic revaluations ✓ No impact on Net debt / EBITDA ✓ Financial robustness in volatile rate climate Historic policy of not adding leverage against revaluations based on 41.6
Page 53
53 Strong track record of issuing equity to calibrate leverage Financial management driven by cash-flow leverage ▪ Policy: Net debt / EBITDA (adj.) around 8x, as embedded in remuneration policy ▪ New investment commitments funded with minimum 50% equity and maximum 50% debt1 > Combined policy metrics2 imply that no active increase in LTV is possible ✓ Real measure of leverage on the business ✓ Within control of management ✓ Not impacted by property valuations 1. Investments in aggregate and over time funded with minimum 50% equity and maximum 50% debt 2. A net debt / EBITDA (adj.) of ~8x and a loan-to-value of below 50% throughout the cycle. x Net debt / EBITDA (adj.) 7.8x 10-year average 7.6
Page 54
54 Saint-Caradec, FR WDP SHARE 09
Page 55
55 Supported by strong dividend & earnings growth Superior total returns by navigating the capital cycle RETURN ON EQUITY1 +19% EPRA EPS +8% TOTAL ACCOUNTING RETURN SINCE 2014 (in % per year)(1) EPRA NTA +13% CAGRs 2015-25 EPS EPRA (y/y, %) 22% 6% 6% 7% 8% 8% 10% 13% 12% 7% 2% DPS (y/y, %) 18% 6% 6% 7% 8% 8% 10% 14% 12% 7% 3% EPRA NTA (y/y, %) 15% 14% 14% 22% 26% 12% 40% 3% -3% 5% 4% GROWTH RATES Y/Y (in %) 23% 23% 22% 30% 32% 18% 46% 7% 2% 10% 9% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 DRIVING PROFITABLE GROWTH AND STRONG TOTAL RETURNS 1. Return on Equity or total accounting return is calculated as yearly ERPA NTA growth including gross dividends distributed. 2. Underlying growth per share of +7% y/y (2)
Page 56
56 WDP share performance Share statistics ▪ Market cap >5.5bn euros ▪ Free float of 81% - Family Jos De Pauw 19% ▪ Member of EPRA, Euronext BEL20, AEX, DJSI Sustainability Index World/Europe and GPR indices
Page 57
57 Saint-Martin, FR Q&A
Page 58
58 Disclaimer Warehouses De Pauw NV/SA, abbreviated WDP, having its registered office at Blakebergen 15, 1861 Wolvertem (Belgium), is a public regulated real estate company, incorporated under Belgian law and listed on Euronext. This presentation contains forward-looking information, forecasts, beliefs, opinions and estimates prepared by WDP, relating to the currently expected future erformance of WDP and the market in which WDP operates (“forward-looking statements”). By their very nature, forward-looking statements involve inherent risks, uncertainties and assumptions, both general and specific, and risks exist that the forward-looking statements will not be achieved. Investors should be aware that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in, or implied by, such forward-looking statements. Such forward-looking statements are based on various hypotheses and assessments of known and unknown risks, uncertainties and other factors which seemed sound at the time they were made, but which may or may not prove to be accurate. Some events are difficult to predict and can depend on factors on which WDP has no control. Statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. This uncertainty is further increased due to financial, operational and regulatory risks and risks related to the economic outlook, which reduces the predictability of any declaration, forecast or estimate made by WDP. Consequently, the reality of the earnings, financial situation, performance or achievements of WDP may prove substantially different from the guidance regarding the future earnings, financial situation, performance or achievements set out in, or implied by, such forward-looking statements. Given these uncertainties, investors are advised not to place undue reliance on these forward-looking statements. Additionally, the forward-looking statements only apply on the date of this presentation. WDP expressly disclaims any obligation or undertaking, unless if required by applicable law, to release any update or revision in respect of any forward-looking statement, to reflect any changes in its expectations or any change in the events, conditions, assumptions or circumstances on which such forward-looking statements are based. Neither WDP, nor its representatives, officers or advisers, guarantee that the assumptions underlying the forward-looking statements are free from errors, and neither of them makes any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved.
Page 59
59 investorrelations@wdp.eu www.wdp.eu