Belgium · Delayed Price · Currency is EUR Warehouses De Pauw Earnings Call Transcripts
Fiscal Year 2026
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Q1 results align with full-year guidance, with €140 million in new investments and stable occupancy at 97%-98%. Demand is rising across segments, and the €1.6 EPS target for 2026 is reaffirmed, with all investments fitting within the €500 million annual envelope.
Fiscal Year 2025
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Delivered 7% EPS growth in 2025 with a 97.7% occupancy rate and €9bn portfolio. On track for €1.70 EPS in 2027 and €2 by 2030, targeting 6% annual growth and double-digit total returns, supported by strong internal funding and disciplined capital allocation.
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Q3 delivered 5% EPS growth, 97.4% occupancy, and €475 million in investments, with 2027 EPS guidance reaffirmed. A3 credit rating and €500 million green bond enhance financial strength, while disciplined capital allocation and a robust pipeline support long-term growth ambitions.
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EPS up 6% year-over-year with full-year guidance confirmed; occupancy at 97.3% and €800M investment pipeline in execution. Demand stable but at a trough, with recovery dependent on economic clarity and tariffs.
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Q1 saw strong leasing and investment activity, with a robust pipeline and improved retention rates. Guidance remains for 3% organic rental growth, offset by temporary vacancy, and a 15% EPS growth target by 2027, with stable leverage and funding.
Fiscal Year 2024
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2024 saw record investments, portfolio expansion, and robust financials, with all elements in place to achieve a €1.70 EPS by 2027. Occupancy remains high, the balance sheet is strong, and structural market trends support continued growth.
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Earnings per share and investment growth targets remain on track, supported by a strong balance sheet and stable 98% occupancy. Tenant retention is expected to dip in 2025, but rent reversion and indexation support future growth. Market conditions are healthy, with low vacancy and limited new supply.