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<\/a><\/a>\nCTP N.V. (CTPNV.AS), (\u201cCTP\u201d, the \u201cGroup\u201d or the \u201cCompany\u201d) recorded Gross Rental Income of \u20ac413.3 million in H1-2026, up 12.6% year-on-year, with increased like-for-like rental growth of 4.7%, primarily driven by indexation and rent reversion on renegotiations and expiring leases. Annualised rental income increased to \u20ac858 million as at 30 June 2026. Together with \u20ac152 million of potential rental income from 2.0 million sqm of GLA under construction, CTP remains on track to reach \u20ac1 billion of annualised rental income in 2027, generating growing cashflow to finance further profitable development. Occupancy remained stable at 93%, with a WAULT of 6.1 years, demonstrating the resilience and visibility of CTP\u2019s cashflow.<\/p>
\nStrong occupier demand, supported by long-term structural trends including the professionalisation of supply chains, manufacturing in Europe for Europe and growing domestic consumption in CEE, translated into record leasing activity. CTP signed 1.6 million sqm of leases in H1-2026, 55% more than in the same period last year, including a new quarterly record of 813,000 sqm in Q2. Average rents on leases signed increased by 1.7% year-on-year when adjusted for country mix. Around 65% of new leases were signed with existing clients, demonstrating the strength of CTP\u2019s long-standing tenant relationships and its ability to grow alongside its client base.<\/p>
\nDuring H1-2026, CTP delivered 245,000 sqm at a Yield-on-Cost (\u201cYoC\u201d) of 10.8%, 93% leased at completion, bringing the Group\u2019s standing portfolio to 14.8 million sqm of GLA. The Group had 2.0 million sqm under construction at 30 June 2026, with an expected YoC of 10.0%. The pipeline is diversified across more than 90 projects and 60 locations, with 86% located in existing parks and a further 8% in new parks with potential to grow to more than 100,000 sqm of GLA.<\/p>
\nCompany-specific adjusted EPRA earnings increased by 11.2% year-on-year to \u20ac240.9 million. Company-specific adjusted EPRA EPS amounted to \u20ac0.50, an increase of 8.7% year-on-year1<\/sup>. EPRA NTA per share stood at \u20ac20.23, up 4.5% year-on-year. The Group reiterates its Company-specific adjusted EPRA EPS guidance for 2026 of \u20ac1.01-\u20ac1.03, implying year-on-year growth of 9%-11% compared with the 2025 result, adjusted for capitalised interest.<\/p> \nCTP also confirms its guidance to deliver between 1.4 million sqm and 1.7 million sqm in 2026. Its industry-leading landbank of 33.7 million sqm provides significant embedded future growth, with 55% located in or around existing parks and 39% in new parks, each with potential to exceed 100,000 sqm of GLA. Combined with CTP\u2019s industry-leading development yields, in-house construction capabilities and deep client relationships, this provides the platform for sustained earnings, cashflow and long-term NTA growth.<\/p> \nRemon Vos, CEO, comments: <\/b>\u201cOccupier demand across our markets remains strong. Following a record first quarter, we set another leasing record in Q2, bringing total leasing in H1-2026 to nearly 1.6 million sqm, 55% more than last year. This demand is broad-based across sectors and markets and reflects the structural drivers underpinning our business: nearshoring with production in Europe for Europe, growing disposal incomes and professionalisation of supply chains. We see new sectors emerging like life sciences, defense, semiconductors, robotics, EV & battery supply chains.<\/p> \nOur integrated owner-developer model allows us to respond directly to this demand. Around 65% of new leases were signed with existing clients, who continue to grow with us across the CTPark Network. We have 2.0 million sqm under construction, a large part of which is pre-let, providing clear visibility on future cashflow growth.<\/p> \nWe remain well positioned to reach \u20ac1 billion of annualised rental income in 2027. The growing cashflow from our standing portfolio finances our highly profitable development pipeline, while our 33.7 million sqm landbank gives us the capacity to more than double the portfolio over time. This combination supports continued growth and attractive long-term returns for our shareholders.\u201d<\/p> \nKey financial highlights<\/b><\/p> \nIn \u20ac million<\/p><\/td> \nH1-2026<\/b><\/p><\/td> \nH1-2025 restated1<\/sup><\/b><\/p><\/td> \n% change<\/b><\/p><\/td><\/tr>\n \nGross Rental Income<\/p><\/td> \n413.3<\/p><\/td> \n367.2<\/p><\/td> \n+12.6%<\/p><\/td><\/tr>\n \nNet Rental Income<\/p><\/td> \n404.8<\/p><\/td> \n360.3<\/p><\/td> \n+12.4%<\/p><\/td><\/tr>\n \nNet valuation result on investment property<\/p><\/td> \n-83.0<\/p><\/td> \n580.6<\/p><\/td> \nn.m.<\/p><\/td><\/tr>\n \nProfit for the period<\/p><\/td> \n100.0<\/p><\/td> \n625.8<\/p><\/td> \n-84.0%<\/p><\/td><\/tr>\n \nCompany-specific adjusted EPRA earnings<\/p><\/td> \n240.9<\/p><\/td> \n216.6<\/p><\/td> \n+11.2%<\/p><\/td><\/tr>\n \nIn \u20ac<\/p><\/td> \nH1-2026<\/b><\/p><\/td> \nH1-2025 restated1<\/sup><\/b><\/p><\/td> \n% change<\/b><\/p><\/td><\/tr>\n \nCompany-specific adjusted EPRA EPS<\/p><\/td> \n0.50<\/p><\/td> \n0.46<\/p><\/td> \n+8.7%<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td><\/tr>\n \nIn \u20ac million<\/p><\/td> \n30 June 2026<\/b><\/p><\/td> \n31 Dec 2025<\/b><\/p><\/td> \n% change<\/b><\/p><\/td><\/tr>\n \nInvestment Property (\u201cIP\u201d)<\/p><\/td> \n17,088.0<\/p><\/td> \n16,835.1<\/p><\/td> \n+1.5%<\/p><\/td><\/tr>\n \nInvestment Property under Development (\u201cIPuD\u201d)<\/p><\/td> \n1,572.5<\/p><\/td> \n1,368.1<\/p><\/td> \n+14.9%<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n30 June 2026<\/b><\/p><\/td> \n31 Dec 2025<\/b><\/p><\/td> \n% change<\/b><\/p><\/td><\/tr>\n \nEPRA NTA per share<\/p><\/td> \n\u20ac20.23<\/p><\/td> \n\u20ac20.39<\/p><\/td> \n-0.8%<\/p><\/td><\/tr>\n \nExpected YoC of projects under construction<\/p><\/td> \n10.0%<\/p><\/td> \n10.0%<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n<\/table> \nRecord leasing demand drives rental growth<\/b><\/p> \nDuring H1-2026, CTP signed leases for 1,576,000 sqm, an increase of 55% compared with H1-2025. This included 762,000 sqm in Q1 and a new quarterly record of 813,000 sqm in Q2. From the H1-2026 leases, 643,000 sqm were renewals or expansions, while 933,000 sqm were new leases.<\/p> \nThe average monthly rent on leases signed was \u20ac5.89 per sqm in Q2-2026 (Q2-2025: \u20ac5.91). Adjusting for differences in country mix, average rents signed in H1-2026 increased by 1.7% year-on-year.<\/p> \nLeases signed by sqm<\/p><\/td> \nQ1<\/p><\/td> \nQ2<\/p><\/td> \nQ3<\/p><\/td> \nQ4<\/p><\/td> \nFY<\/b><\/p><\/td><\/tr>\n \n2023<\/p><\/td> \n297,000<\/p><\/td> \n552,000<\/p><\/td> \n585,000<\/p><\/td> \n542,000<\/p><\/td> \n1,976,000<\/b><\/p><\/td><\/tr>\n \n2024<\/p><\/td> \n336,000<\/p><\/td> \n582,000<\/p><\/td> \n577,000<\/p><\/td> \n618,000<\/p><\/td> \n2,113,000<\/b><\/p><\/td><\/tr>\n \n2025<\/p><\/td> \n416,000<\/p><\/td> \n599,000<\/p><\/td> \n562,000<\/p><\/td> \n748,000<\/p><\/td> \n2,325,000<\/b><\/p><\/td><\/tr>\n \n2026<\/p><\/td> \n762,000<\/p><\/td> \n813,000<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n<\/table> \nAverage monthly rent leases signed per sqm (\u20ac)<\/p><\/td> \nQ1<\/p><\/td> \nQ2<\/p><\/td> \nQ3<\/p><\/td> \nQ4<\/p><\/td> \nFY<\/b><\/p><\/td><\/tr>\n \n2023<\/p><\/td> \n5.31<\/p><\/td> \n5.56<\/p><\/td> \n5.77<\/p><\/td> \n5.81<\/p><\/td> \n5.69<\/b><\/p><\/td><\/tr>\n \n2024<\/p><\/td> \n5.65<\/p><\/td> \n5.55<\/p><\/td> \n5.69<\/p><\/td> \n5.79<\/p><\/td> \n5.68<\/b><\/p><\/td><\/tr>\n \n2025<\/p><\/td> \n6.17<\/p><\/td> \n5.91<\/p><\/td> \n5.64<\/p><\/td> \n5.70<\/p><\/td> \n5.81<\/b><\/p><\/td><\/tr>\n \n2026<\/p><\/td> \n5.90<\/p><\/td> \n5.89<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n<\/table> \nIn total, 65% of new leases signed were with existing clients, in line with CTP\u2019s business model of growing with its clients across the CTPark Network. The Group\u2019s client retention rate remained high at approximately 89%.<\/p> \nCashflow generation through standing portfolio<\/b><\/p> \nCTP\u2019s average market share in the Czech Republic, Romania, Hungary and Slovakia was 28.1%, and it continues to be the largest owner and developer of industrial and logistics real estate assets in those markets. The Group is also the market leader in Serbia and Bulgaria.<\/p> \nWith more than 1,700 clients, CTP has a broad and diversified international client base, including blue-chip companies with strong credit profiles. CTP\u2019s clients operate across a wide range of industries, including manufacturing, high-tech\/IT, automotive, e-commerce, retail, wholesale and third-party logistics. No single client accounts for more than 2% of annual rental income. The top 50 clients represent 31.6% of rental income and 34.3% of portfolio GLA, with many of the Group\u2019s largest clients leasing space at multiple CTParks.<\/p> \nThe Company\u2019s occupancy remained stable at 93% (H1-2025: 93%). The Group\u2019s client retention rate was approximately 89%, demonstrating the strength of its long-standing client relationships. The portfolio WAULT stood at 6.1 years (FY-2025: 6.1 years).<\/p> \nRent collection remained strong at 99.5%, supporting the resilient payment profile of CTP\u2019s diversified client base.<\/p> \nGross Rental Income in H1-2026 amounted to \u20ac413.3 million, up 12.6% year-on-year on an absolute basis, mainly driven by development deliveries and like-for-like growth. On a like-for-like basis, gross rental income grew by 4.7%, supported by indexation and rent reversion on renegotiations and expiring leases.<\/p> \nNet Rental Income (\u201cNRI\u201d) rose by 12.4% year-on-year to \u20ac404.8 million, resulting in an NRI margin of 97.9%.<\/p> \nAn increasing proportion of the rental income generated by CTP\u2019s investment portfolio benefits from inflation protection. Typically, the Group\u2019s lease agreements include a CPI-linked indexation clause, under which annual rental increases are calculated as the higher of:<\/p> \nAs at 30 June 2026, 73% of income generated by the Group\u2019s portfolio included this CPI-linked indexation clause, and the Group expects this proportion to increase further over time.<\/p> \nThe reversionary potential stood at 14.3% at H1-2026, with CTP continuing to capture rent reversion through renewals and new leasing.<\/p> \nAnnualised rental income reached \u20ac858 million as at 30 June 2026, showcasing the strong and continuing cashflow growth of CTP\u2019s investment portfolio.<\/p> \nH1-2026 developments delivered at a 10.8% YoC and 93% leased at delivery<\/b><\/p> \nCTP continued its disciplined investment in its highly profitable development pipeline. In H1-2026, the Group completed 245,000 sqm of GLA. These developments were delivered at a YoC of 10.8% and were 93% leased at completion, generating \u20ac21.1 million of contracted annual rental income. All space delivered was located either in existing parks or in new parks with potential to exceed 100,000 sqm of GLA.<\/p> \nAt 30 June 2026, CTP had approximately 2.0 million sqm under construction across more than 90 projects and 60 locations, with potential annual rental income of \u20ac152 million and an expected YoC of 10.0%. The pipeline was 51% pre-let, with 88% pre-letting in new locations and 42% in existing locations, where the Group has strong visibility on prospective client demand. In addition, 169,000 sqm had been signed for future projects before construction start, illustrating continuing healthy occupier demand.<\/p> \nCTP expects to reach 80%-90% pre-letting at delivery, in line with its historical performance. As CTP acts as general contractor in most of its markets, it retains control over the process and timing of deliveries, enabling the Company to accelerate or slow construction depending on tenant demand while offering clients flexibility in building specifications. For 2026, the Group reiterates its expectation to deliver between 1.4 million sqm and 1.7 million sqm of GLA.<\/p> \nCTP\u2019s landbank amounted to 33.7 million sqm as at 30 June 2026. The Group remains focused on mobilising its existing landbank while selectively assessing additional land-led opportunities in its target markets. Approximately 55% of the landbank is located in or around existing parks, while 39% is located in new parks with potential to grow to more than 100,000 sqm of GLA.<\/p> \nAssuming a build-up ratio of approximately 2 sqm of land to 1 sqm of GLA, CTP can develop around 16.7 million sqm of GLA on its secured landbank. CTP\u2019s land is held on balance sheet at approximately \u20ac60 per sqm and average construction costs are around \u20ac500 per sqm, resulting in total investment costs of approximately \u20ac620 per sqm. The Group\u2019s standing portfolio is valued at approximately \u20ac1,060 per sqm, implying potential revaluation gains of around \u20ac440 per sqm developed and more than \u20ac7 billion of potential development profit from the current landbank.<\/p> \nValuation result and conservative portfolio yield<\/b><\/p> \nInvestment Property (\u201cIP\u201d) increased from \u20ac16.8 billion as at 31 December 2025 to \u20ac17.1 billion as at 30 June 2026, primarily reflecting development completions transferred from Investment Property under Development (\u201cIPuD\u201d) to the standing portfolio.<\/p> \nIPuD increased by 14.9% from 31 December 2025 to \u20ac1.6 billion as at 30 June 2026, driven by capital expenditure and continued progress across the development pipeline.<\/p> \nGAV increased to \u20ac18.9 billion as at 30 June 2026, up 2.5% compared with 31 December 2025 and 10.6% year-on-year.<\/p> \nThe net valuation result on investment property in H1-2026 was -\u20ac83.0 million. The result was driven by the revaluation of IPuD projects (+\u20ac68.9 million), landbank (-\u20ac5.1 million), and the standings assets (-\u20ac146.8 million). The revaluation of the standing portfolio, was mainly driven by a slight valuation decrease in Romania.<\/p> \nThe Group\u2019s portfolio remains conservatively valued, with a gross portfolio yield of 6.5% and a reversionary yield of 6.9% at 30 June 2026. The yield differential between CEE and Western European logistics is expected to narrow over time, supported by the stronger growth prospects of the CEE region.<\/p> \nFollowing the strong rental growth achieved in recent years, stable ERV\u2019s are expected for the remainder of 2026, with continued strong tenant demand supporting rental levels. Rental growth is expected to resume in 2027.<\/p> \nEPRA NTA per share stood at \u20ac20.23 as at 30 June 2026, an increase of 4.5% year-on-year and a decrease of 0.8% compared with \u20ac20.39 at year-end 2025. The half-year decrease primarily reflected the negative net valuation result, although underlying offset by Company-specific adjusted EPRA earnings generated during the period.<\/p> \nRobust balance sheet and strong liquidity position<\/b><\/p> \nIn line with its proactive and prudent approach, the Group maintains a strong liquidity position to fund its growth, supported by a predominantly fixed or hedged debt profile and a conservative maturity schedule.<\/p> \nDuring H1-2026, the Group raised and refinanced a total of \u20ac1.7 billion, including:<\/p> \nThe Group\u2019s liquidity position stood at \u20ac2.1 billion at 30 June 2026, providing substantial funding capacity for its development pipeline and upcoming maturities.<\/p> \nCTP\u2019s average cost of debt came at 3.4% (FY-2025: 3.3%). A total of 99.4% of debt was either fixed rate or hedged, and the average debt maturity was 4.6 years. Following the Group\u2019s proactive refinancing activity, only \u20ac275 million of bond maturities remained for the rest of 2026.<\/p> \nIn January 2026, the Group repaid a \u20ac350 million bond from available cash reserves and repurchased \u20ac216 million of higher-coupon bonds through a tender offer, generating material future interest savings.<\/p> \nCTP\u2019s Leverage Ratio was 46.8% as at 30 June 2026, compared with 46.2% at year-end 2025 and above the Group\u2019s target range of 40%-45%. The increase primarily reflected the negative net valuation result in H1-2026. The Group remains committed to returning Leverage Ratio to its target range over time through earnings growth, retained cashflow and disciplined capital allocation. CTP has no plans to raise equity and does not require an equity issuance to fund its current development programme.<\/p> \nThe Group\u2019s higher-yielding assets, with a gross portfolio yield of 6.5%, support a healthy level of cashflow leverage. Normalised Net Debt to EBITDA stood at 9.6x, within the Group\u2019s target of below 10x.<\/p> \nThe Interest Cover Ratio stood at 2.5x, well above the covenant threshold of 1.5x. Unsecured debt represented 71% of total debt, and the Group maintained ample headroom under its Secured Debt Test and Unencumbered Asset Test covenants.<\/p> \nCTP continues to benefit from strong access to diversified funding markets. The scale and diversification of the Group\u2019s operations support its strategy of increasing the proportion of unsecured funding over time.<\/p>\n
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