Warehouses De Pauw Income Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Rental Revenue	451.76	387.18	336.92	293.25	254.66
Tenant Reimbursements	45.04	40.18	40.97	37.4	23.56
Property Management Fees	-	1.52	1.4	1.23	1.09
Other Revenue	49.02	42.25	20.54	61.55	36.38
Total Revenue	545.82	471.12	399.83	393.43	315.69
Revenue Growth (YoY	15.85%	17.83%	1.63%	24.63%	16.36%
Property Expenses	73.6	64.41	59.19	51.05	35.5
Selling, General & Administrative	25.21	23.84	20.71	17.76	17.65
Depreciation & Amortization	11.45	10.55	15.57	7.26	1.42
Other Operating Expenses	-	-13.39	-0.6	-6.73	-8.42
Total Operating Expenses	110.25	85.81	95.84	70.22	45.84
Operating Income	435.57	385.32	303.99	323.21	269.85
Interest Expense	-74.06	-48.36	-70.21	-31.42	-21.7
Interest & Investment Income	0.78	0.63	0.94	0.38	0.3
Other Non-Operating Income	-16.47	-16.68	-48.1	-12.42	-18.47
EBT Excluding Unusual Items	345.82	320.91	186.62	279.76	229.98
Gain (Loss) on Sale of Investments	-	-	-	220.09	52.39
Gain (Loss) on Sale of Assets	5.61	0.72	1.25	0.52	6.41
Asset Writedown	68.61	151.14	-222.54	-157.75	825.96
Other Unusual Items	-	0.13	-0.03	0.02	-0.04
Pretax Income	420.04	472.89	-34.7	342.64	1,115
Income Tax Expense	66.12	23.34	-60.63	-20.82	120.64
Earnings From Continuing Operations	353.92	449.55	25.94	363.45	994.06
Minority Interest in Earnings	-	-14.05	-3.64	-11.74	-11.79
Net Income	353.92	435.5	22.3	351.71	982.27
Net Income to Common	353.92	435.5	22.3	351.71	982.27
Net Income Growth	-18.73%	1853.00%	-93.66%	-64.19%	202.60%
Basic Shares Outstanding	231	223	207	189	183
Diluted Shares Outstanding	231	223	207	189	183
Shares Change (YoY)	3.50%	7.66%	9.22%	3.72%	5.08%
EPS (Basic)	1.54	1.96	0.11	1.86	5.38
EPS (Diluted)	1.54	1.96	0.11	1.86	5.38
EPS Growth	-21.48%	1714.09%	-94.19%	-65.48%	187.98%
Dividend Per Share	1.230	1.200	1.120	1.000	0.880
Dividend Growth	2.50%	7.14%	12.00%	13.64%	10.00%
Operating Margin	79.80%	81.79%	76.03%	82.15%	85.48%
Profit Margin	64.84%	92.44%	5.58%	89.40%	311.15%
EBITDA	448.33	397.24	321.43	332.1	273
EBITDA Margin	82.14%	84.32%	80.39%	84.41%	86.48%
D&A For Ebitda	12.77	11.92	17.44	8.89	3.16
EBIT	435.57	385.32	303.99	323.21	269.85
EBIT Margin	79.80%	81.79%	76.03%	82.15%	85.48%
Effective Tax Rate	15.74%	4.94%	-	-	10.82%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.