Thursday, 6 November 2025
CTP N.V., the Amsterdam-listed industrial and logistics real estate developer and operator, reported solid financial and operational growth for the first nine months of 2025. The company’s latest results show increases across rental income, earnings, and portfolio value, reflecting steady tenant demand and disciplined expansion across its Central and Eastern European markets.
CTP’s net rental income rose by 15.4% year-on-year to €549 million, while like-for-like rental growth reached 4.5%. Total gross rental income for the period amounted to €562 million. The group maintained an occupancy rate of 93% and a rent collection rate of 99.8%, underscoring the resilience of its tenant base.
By the end of September, annualised rental income stood at €778 million, and EPRA NTA per share increased to €19.98, up 10.5% since the start of the year. CTP’s gross asset value grew by 10.6% to €17.7 billion, supported by project completions and positive portfolio revaluations.
In the first nine months of 2025, CTP delivered 553,000 sqm of new space at a yield on cost of 10.3%, all of which was fully leased upon completion. Developments under construction total 2.0 million sqm, representing a potential rental income of €165 million once fully let. The company remains on track to deliver between 1.3 million sqm and 1.6 million sqm of new space in 2025.
CTP’s CEO Remon Vos said the results confirm the company’s strategic direction:
“CTP continues to demonstrate the strength of its platform and strategy with over 1.5 million square metres of new leases signed this year — 6% more than in the same period last year. With annualised rental income of €778 million and 2 million square metres under construction, we are well positioned to reach our target of €1 billion in annualised rental income by 2027.”
The company’s landbank of 25.7 million sqm secures future growth, with 90% of it located near existing business parks. This provides capacity for an estimated 13 million sqm of additional space, supporting the company’s long-term ambition to reach 30 million sqm by 2030.
CTP’s renewable energy segment continued to expand, with 149 MWp of photovoltaic capacity installed, of which 123.5 MWp is operational. Revenues from renewable energy doubled year-on-year to €12.4 million, reflecting growing tenant demand for sustainable energy solutions.
Financially, profit for the period increased by 17.1% to €862.8 million, while company-specific adjusted EPRA earnings rose by 13.1% to €305.2 million. The EPRA EPS stood at €0.64, putting the company on track to meet its full-year guidance of €0.86–€0.88 per share.
CTP’s balance sheet remains strong, with a loan-to-value ratio of 45.2% and liquidity of €2.4 billion, including €1.1 billion in cash and €1.3 billion in undrawn credit facilities. The company issued a new €600 million green bond in October 2025, following earlier funding rounds totalling €1.7 billion.
Recent credit rating upgrades by S&P (BBB stable) and Moody’s (positive outlook) underline investor confidence in the group’s financial structure and growth prospects.
Looking ahead, CTP expects continued growth supported by high tenant demand, limited new supply, and its extensive development pipeline. The company reaffirmed its commitment to its dividend policy of distributing 70–80% of adjusted earnings, with the option for shareholders to receive payouts in cash or shares.
