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23 October 2026 INVESTOR PRESENTATION 9M 2026 RESULTS DELIVERING TODAY. BUILDING TOMORROW. JOIN JOIN Analyst and Investor video call Friday 23 October 2026 10AM CET Analyst and Investor video call Friday 23 October 2026 10AM CET Graphic 21 1
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Future logistics 9 M 2 0 2 6 R E S U L T S Table of Contents 01 Introduction 02 Key highlights 9M 2026 03 Growth plan #BLEND2030 04 Outlook 2026 05 Market insights 06 Activity report 07 Property report 08 Financial results 09 WDP share 2
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INTRODUCTION ON WDP 01 Nijverdal, NL
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WDP Developing critical supply chain infrastructure Towards a core €10bn+ European logistics platform 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 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 IRREPLICABLE PORTFOLIO ATTRACTIVE RISK/REWARD PROFILE NET INVESTOR WITH EXECUTION POWER GROWTH BACKED BY ROBUST MARKET FUNDAMENTALS 4
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Genk, BE KEY HIGHLIGHTS 9M 2026 02
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9M 2026 Building blocks for growth, now in execution Decisive steps taken towards our 2030 ambitions, broad-based across all our markets POSITIONED FOR DEVELOPMENT- LED GROWTH Further investments in the Rhine-Ruhr and Northern regions take Germany from foothold to platform ENTRY INTO ITALY Best in class balance sheet, reinforced by the €400m ABB on top of self-financing capacity & robust liquidity ARGAN MERGER ON TRACK Leasing momentum remains broad-based with continued pre-let developments; new land secures the next development phase First investments in Lombardy, including Milan’s key logistics corridor, are in the final stage under exclusivity Unanimously recommended by both Boards; EGMs in November, completion foreseen in Q1 2027 INCREASED SCALE IN GERMANY BALANCE SHEET STRENGTHENED ACTIVATING MULTIPLE LEVERS TOWARDS THE 2030 TARGETS AND THE EU PLATFORM 6
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9M 2026 Delivering on 2026 and ready for the future Effective multi-driver approach results in EPRA EPS growth of +5% EPRA EPS €1.21 +5% y/y Continuation of broad-based leasing momentum and high occupancy PORTFOLIO €9.0bn Fair value Backed by a best-in- class balance sheet, liquidity with self- financing to execute growth ambitions EPRA NTA €21.7 FY2026e EPRA EPS €1.60 +5% y/y 2026 GUIDANCE CONFIRMED OCCUPANCY 97.2% LEASING ACTIVITY 300k m² New leases signed NET DEBT / EBITDA (adj.)1 6.9x LOAN-TO-VALUE 1 37.5% 1. Pro forma for the 400 million euros ABB, settled on 2 October 2026. Stable q/q 7
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9M 2026 Steady towards a €10bn+ European platform Pipeline replenished at a 7.0% NOI yield, funded and in execution 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. Excluding disposals, investments in energy and land reserves. 4. €250m – €300m p.a. in expected equity strengthening through retained earnings, stock dividend and contributions in kind. 7 300k m² NEW LEASES SIGNED Across the existing portfolio and development projects WDP platform captures market demand at scale €490m NEW INVESTMENTS SECURED¹ Continuous replenishment of investment pipeline with immediate adaptation to higher cost of capital + 1,000,000 m² of land 7.0% NOI yield²,³ €790m INVESTMENT PIPELINE IN EXECUTION €581m cost to come >90% pre-let 7.0% NOI yield FUNDING IN PLACE Balance sheet, liquidity and self-financing4 in place to execute growth plan capital-structure neutral €2.4bn strong liquidity FULL EXECUTION MODE Local teams strengthened in new & existing markets, close to clients LEASING & INVESTMENT ACTIVITY IN 9M 2026 CONTINUOUS REPLENISHMENT OF PIPELINE DRIVING FUTURE EPS GROWTH 8
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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 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 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. WDP x ARGAN Building Europe’s leading logistics platform Unanimously recommended by both Boards; EGMs in November, completion foreseen in Q1 2027 23 Jul 2026 Oct 2026 Nov 2026 20th (ARGAN) & 24th (WDP) End '26 – early '27 Q1 2027 PATH TO COMPLETION Announcement Paris listing EGMs Conditions met Completion 9
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03 Breda, NL #BLEND2030 STATUS UPDATE
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HORIZON 2030 Building the platform of tomorrow 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 11
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#BLEND2030 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 12
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#BLEND2030 Long-term targets based on a proven blueprint for strong total returns # 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 1. Total accounting return (TAR) is calculated as yearly EPRA NTA growth including gross dividends distributed. 13
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#BLEND2030 Building blocks of an ambitious, resilient 6% p.a. cash flow growth expected over 2026-30 # 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 • 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 › 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) 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. Based on the forward interest rate curve per 31.12.2025 and A3 Moody’s credit rating. 14
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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 15
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DELIVERING TODAY, WITH A VISION FOR TOMORROW Above-average growth, with a below-average risk profile
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OUTLOOK 2026 Bollène, FR 04
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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 ~7x and a loan-to-value of ~38% (based on the current portfolio valuation) • Average cost of debt of 2.5% • A weighted average number of shares of 244.0 million for the full year, including newly issued shares 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) 18
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05 Barendrecht, NL MARKET INSIGHTS
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Fundamentals support demand for logistics space Sustained structural demand drivers OUTBOUND Outbound demand to grow at a normalised pace Digital economy & omnichannel Cold storage & specialization Last-mile & reverse logistics INBOUND Inbound demand in response to supply chain resilience Optimisation of distribution networks (Re-)near-shoring & diversification Temporary demand & Strategic stock ESG Increased focus on ESG and electrification Electrification and on-site renewable energy infra Decarbonization & circularity Brownfield redevelopments and facility upgrades to promote efficiency ESG legislation & emission targets Challenges Power & grid connectivity Land scarcity More stringent regulation Labour shortages Omni-present volatility impacting decision-making 2 20
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Market insights European logistics leasing demonstrate continued resilience WELL-LOCATED LOGISTICS ASSETS WITH STRONG CONNECTIVITY & RELIABLE POWER SUPPLY REMAIN ATTRACTIVE TO TENANTS Tenant demand continues to favour modern, well-located warehouses, supported by e- commerce and the reconfiguration of logistics networks. Slowing speculative development is supporting a more balanced supply outlook, while leasing activity is improving across several Key European markets 1. Trailing twelve months. Source: Broker reports WDP warehouses Germany 25Q4 26Q2 Vacancy(%) 3.6 3.5 Prime yield (%) 4.4 4.5 Prime rent(€/m² pa) 132 134 Take-up1 (000m²) 5,200 5,597 Romania 25Q4 26Q2 Vacancy(%) 3.8 6.0 Prime yield (%) 7.5 7.5 Prime rent(€/m² pa) 57 57 Take-up1 (000m²) 640 618 Italy 25Q4 26Q2 Vacancy(%) 5.0 5.0 Prime yield (%) 5.4 5.3 Prime rent(€/m² pa) 70 72 Take-up1 (000m²) 2,410 3,052 Spain 25Q4 26Q2 Vacancy(%) 3.6 6.6 Prime yield (%) 4.4 4.9 Prime rent(€/m² pa) 132 111 Take-up1 (000m²) 5,200 2,092 The Netherlands 25Q4 26Q2 Vacancy(%) 5.2 5.6 Prime yield (%) 4.8 4.8 Prime rent(€/m² pa) 120 120 Take-up1 (000m²) 1,560 1,807 Belgium- Luxembourg 25Q4 26Q2 Vacancy(%) 4.8 5.5 Prime yield (%) 4.8 4.8 Prime rent(€/m² pa) 80 80 Take-up1 (000m²) 710 697 France 25Q4 26Q2 Vacancy(%) 6.2 6.8 Prime yield (%) 4.9 4.9 Prime rent(€/m² pa) 89 89 Take-up1 (000m²) 3,250 3,237 21
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Focused strategy, adapted to capital market cycle Unmatched track record of execution in each phase of the capital cycle STABLE GROWTH FOCUSED ON LONG- TERM VALUE CREATION 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 22
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ACTIVITY REPORT 06 Lokeren, BE
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9M 2026 New investments secured Investments secured in 9M 2026 Capex €490m(1) NOI yield 7.0%(2) During the first nine months of 2026, these investments were either executed and added to the standing portfolio, or further incorporated into the €791 million investment pipeline in execution per 30 September 2026. 1. Net of 116 million euros disposals. 2. Excluding disposals, investments in energy and land reserves. 3. See the press release of 31 March 2026. 24
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LONG-TERM VALUE CREATION 55 million euros build-to-suit redevelopment for Delhaize in the Zellik logistics cluster ASSE, BE Central location with excellent connectivity to Belgium’s key economic and consumer markets REPEAT BUSINESS, CLUSTER GROWTH Off-market transaction within WDP’s established Zellik cluster, adjacent to Delhaize’s existing supply-chain operations, where development land is scarce. TAILOR-MADE HIGH-BAY 20,000 m² GLA state-of-the-art, temperature- controlled logistics space. Development to start in 2027, with delivery planned for 2029 LONG-TERM INCOME VISIBILITY Fully pre-let to Delhaize (Ahold Delhaize group) on a fixed 20-year lease, at a return in line with WDP’s target hurdle rate for new developments. FUTURE-READY ASSET The building will be BREEAM certified and approximately 2 MWp rooftop solar capacity. >20,000 m² GLA Modern temperature-controlled high-bay logistics 55 million euros Delhaize investing an additional €120m 20 years Fixed lease agreement ~2 MWp Rooftop solar capacity 25
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9M 2026 Execution of the investment pipeline Strong income generation from delivered projects and acquisitions, value crystallised through capital recycling Ridderkerk, NL TOTAL PROJECTS DELIVERED & ACQUISITIONS EXECUTED 9M 2026(1) ▪ 6.8% NOI yield ▪ 12y average lease duration until break ▪ >85% Western Europe(2) GLA Pre-let developments delivered 125,000m² 805,000m² Land reserve acquired GLA 155,000m² Acquisitions executed Disciplined pipeline execution at compelling returns, driving cash flow visibility & future potential ► ► €450m 1. Excluding 116 million euros disposals. 2. Excluding land reserves. 3. 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% above fair value ▪ >20% unlevered IRR Disposals realised(3) land area 26
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€13M FUTURE-PROOF BROWNFIELD DEVELOPMENT 10,000 m² BROWNFIELD REDEVELOPMENT A+++++ ENERGY CLASS GASLESS OFF-GRID ENERGY SOLUTION BREEAM EXCELLENT Raamsdonkveer, NL FUTURE-PROOF & GASLESS ✓ Off-grid energy solution ✓ Highest energy class A+++++ ✓ Solar PV, BESS & smart meter UNLOCK VALUE IN EXISTING PORTFOLIO ✓ €13m investment ✓ 10,000 m² brownfield ✓ State-of-the-art reconversion TOTAL RETURN POTENTIAL ✓ In-house redevelopment ✓ BREEAM “Excellent” certification ✓ Critical energy infrastructure ✓ Reduced total cost of operation 27
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9M 2026 €791 million investment pipeline in execution Robust pipeline in execution provides strong cash flow visibility(1) 1. NOI yield excludes energy projects 28
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Annualised rent potential as leading indicator for future earnings growth(1,2) Continuous replenishment of investment pipeline driving future EPRA EPS growth 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% as per 31 December 2025. € million 481 Annualised rent 31.12.2025 26 Rent added In 9M 2026 507 Annualised rent 30.09.2026 3 Indexation 2026 12 Project completions & acquisitions 2026 522 Annualised rent 31.12.2026 10 Indexation 2027 31 Project completions & acquisitions 2027 564 Potential annualised rent 31.12.2027 6 Project completions & acquisitions 2028 15 Letting activity potential 35 Rent reversion potential 136 Rent potential of secured land bank 756 Potential long-term annualised rent Short term 2026 Medium term 2027 Long term Leasing, external growth, reversion and development potential 29
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Future development potential Existing land reserves New land reserves secured over 2026 235,000 m² 140,000 m² 221,000 m² 93,000 m² 135,000 m² 125,000 m² ~5,900,000 m² ~2,450,000 m² Land bank Development potential GLA €136 MILLION LONG-TERM RENT POTENTIAL 30
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WDP Energy: the logistics powerhouse Integrated energy solutions for future logistics 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 31
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Veghel, NL PROPERTY REPORT 07
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WDP market share The Netherlands 37% of the portfolio 3.0 million m² GLA 120k m² GLA under construction 93 MWp Belgium – Luxembourg 33% of the portfolio 3.1 million m² GLA 123k m² GLA under construction 126 MWp France 9% of the portfolio 760k m² GLA 15k m² GLA under construction 13 MWp Germany 2% of the portfolio 150k m² GLA 9 MWp Romania 19% of the portfolio 2.0 million m² GLA 211k m² GLA under construction 32 MWp WDP PORTFOLIO 9.0 million m² GLA lettable area 470k m² GLA under construction 274 MWp solar capacity installed 59% WDP in-house developed 75% Green certified 83% Class A POSITIONED TO UNLOCK LONG-TERM VALUE POTENTIAL n.r. 1% 4% 5% n.r. <1% 2% 24% 14% 16% 2015 Q3 2026 HIGH-QUALITY, DIVERSIFIED PLATFORM €9.0bn Fair value portfolio 5.3y WAULT 97.2% Occupancy rate €507m Annualised rents 5.5% EPRA Net Initial Yield 100% CPI-linked leases €790m Pipeline in Execution 6.1% Net Reversionary yield 7% Reversionary potential 2.4m m² GLA Development potential Developing essential supply chain infrastructure Towards a core €10bn+ European platform 33
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Portfolio fair value split(1) Investment properties Fair value €/m² 976 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. 34
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Large, diversified and high-quality portfolio Best-in-class portfolio comprising of class A assets BREAKDOWN BY TYPE OF GROWTHBREAKDOWN OF FAIR VALUE BY TYPEBREAKDOWN OF FAIR VAUE BY QUALTY DIVISION OF THE PROPERTY 58% share of property portfolio suitable for urban logistics 75% green certified warehouse(1) 351 properties 452 clients 1. This refers to BREEAM and EDGE certified warehouses within the WDP portfolio. ▪ 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 35
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Robust and well spread cash flow profile Outstanding cash flow visibility from a resilient tenant and lease profile in a market characterized by scarcity ▪ Near full occupancy rate (97.2%) & resilient cash flow spread over ~5y first break (~6y 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) ~5 years lease maturity profile (till first break)(1)Historical occupancy rate (>97% long-term average) Rent collection rate 25y avg ~99.8% max. building & contract risk <=2.0%(2) Inflation proof-cash flow 100% CPI-linked lease agreements 7% Rent reversion potential 1. Out of the 10% lease agreements maturing in 2026: 95% have already been extended or are fully absorbed in the vacancy per 30 September 2026. 2. Building risk is based on fair value, contract risk is based on a single tenant gross rental income. 36
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Diversified, resilient and high-quality tenant base Well-spread industry profile across mix of defensive, growing sectors and multiple end-markets Rental income by category Top 10 share of rent ~22%1 1. Ahold Delhaize 5.3% 2. Kuehne + Nagel 2.9% 3. Greenyard 2.3% 4. Pirelli 1.9% 5. ID Logistics 1.8% 6. Distrilog Group 1.8% 8. DHL 1.7% 9. Auchan 1.4% 10. Action 1.3% 7. CEVA 1.8% Food, fruit & vegetables 8% Healthcare 66% end user / 34% 3PL 452 individual clients 14% dedicated e-commerce 1. Every tenant out of the top-10 is spread over multiple locations and contracts within the property portfolio. Industrial15% Retail (food)16% Retail (non-food)10% Other7% Post & parcel delivery6% TMT1% FMCG 13% Automotive 9% 7% Wholesale 8% Dedicated e-commerce Dedicated e-commerce ▪ 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 37
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Dudelange, LU FINANCIAL RESULTS 9M 2026 08
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Consolidated results 39
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Consolidated results 40
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Consolidated results B/S 41
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Consolidated results B/S 1. On 2 October 2026, after the balance sheet date, WDP completed a 400 million euros capital increase via accelerated bookbuild (ABB). The ABB is therefore not yet reflected in the figures as of 30 September 2026. See the press release of 02 October 2026. Pro forma for the October 2026 €400m ABB1 Loan-to-value Net debt/EBITDA (adj.) Hedge ratio 37.5% 6.9x 87% Liquidity €2.4Bn 42
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▪ 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-2028 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) 4.8 3.5 2.5 % 2.4 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. On 2 October 2026, after the balance sheet date, WDP completed a 400 million euros capital increase via accelerated bookbuild (ABB). To provide a representative view of WDP’s financial position going into the fourth quarter, selected balance sheet metrics are presented on a pro forma basis, including the ABB. FitchMoody’s BBB+ / A- Issuer & instrument rating Stable Outlook Financial management Ensuring consistency of financial strategy 37.5 6.9 87 43
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DEBT MATURITIES ▪ 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 of 2.4bn euros % Hedge ratio Cost of debt years Average debt maturity 3.5 2.5 % Debt overview Solid debt metrics and active liquidity management Pro forma the 400 million euros capital increase completed on 2 October 2026. 35% Bonds CP 65% Bank financing 87 44
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EVOLUTION HEDGE RATIO EVOLUTION COST OF DEBT ▪ Cost of debt expected at ~2.5% over 2026 ▪ Thanks to strong debt hedging profile with average hedge maturity of 3.5y per 30 September 2026 ▪ Manageable and gradual hedge maturity, safeguarding low cost of debt and cashflow 3.5y Average hedge duration Hedging profile Stable cost of debt and strong hedging profile Pro forma the 400 million euros capital increase completed on 2 October 2026. 45
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5.7% 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 Fully let basis Prudent financial policy throughout the cycle Strict capital discipline and well-balanced capital structure ▪ 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 Pro forma the 400 million euros capital increase completed on 2 October 2026. 37.5 46
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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. Pro forma the 400 million euros capital increase completed on 2 October 2026. Financial management driven by cash-flow leverage Strong track record of issuing equity to calibrate leverage 7.7 ▪ 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 6.9 Net debt / EBITDA (adj.) 10-year average 47
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WDP SHARE 09 Saint-Caradec, FR
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Superior total returns by navigating the capital cycle Supported by strong dividend & earnings growth 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) 49
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Share statistics WDP share performance ▪ Market cap >5bn euros ▪ Free float of 82% - Family Jos De Pauw 18% ▪ Member of EPRA, Euronext BEL20, AEX, DJSI Sustainability Index World/Europe and GPR indices 50
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51 WDP expands its Euronext presence Third listing on Euronext Paris, following Brussels and Amsterdam Strengthening WDP’s visibility and accessibility among French investors
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Q&A Saint-Martin, FR
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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. 53
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investorrelations@wdp.eu www.wdp.eu 54