Friday, 27 February 2026
CTP reported solid operating growth in 2025, supported by continued leasing activity and development deliveries across its Central and Eastern European portfolio.
Gross rental income rose 14.4% year-on-year to €759.8 million, while net rental income increased 14.1% to €738.0 million. On a like-for-like basis, rental growth reached 4.5%, mainly driven by indexation and lease renegotiations. Annualised rental income stood at €839.7 million at year-end.
Occupancy remained stable at 93%, with rent collection at 99.7%. During the year, the group signed 2.33 million sqm of leases, up 10% from 2024, with average rents broadly higher year-on-year.
The portfolio expanded further through development activity. CTP delivered 1.33 million sqm in 2025 at a yield on cost of 10.4%, with 88% of space pre-let at completion. The standing portfolio reached 14.6 million sqm of GLA, while 2.0 million sqm remained under construction. The company expects to deliver between 1.4 million sqm and 1.7 million sqm in 2026.
Gross asset value increased 15.7% to €18.5 billion. Investment property rose to €16.8 billion, while investment property under development grew 27.1% to €1.4 billion. EPRA NTA per share climbed 12.8% year-on-year to €20.39.
Company-specific adjusted EPRA earnings reached €405.0 million, up 11.3%, while EPRA EPS increased 6.3% to €0.85. Profit for the period was broadly stable at €1.08 billion.
CTP maintained a solid liquidity position of €2.0 billion at year-end. Loan-to-value stood at 46.1%, slightly above the company’s target range following its entry into Italy. Average cost of debt was 3.3%, with 99.9% of debt fixed or hedged.
The company expanded its landbank to 33.8 million sqm, providing capacity for approximately 17 million sqm of future GLA. In 2025, CTP also entered the Italian market, which it expects to become a contributor to future growth.
For 2026, the group guides company-specific adjusted EPRA EPS to €1.01–€1.03, implying expected growth of 9–11% year-on-year. CTP reiterated its medium-term ambition to reach €1 billion of annualised rental income by 2027 and to expand the portfolio to 30 million sqm of GLA by 2030.
The company proposed a final dividend of €0.32 per share, bringing the total 2025 dividend to €0.63 per share, up 6.8% year-on-year.
