Monday, 2 February 2026
Warehouses De Pauw (WDP) reported increased earnings and continued leasing activity across its European logistics portfolio in its full-year 2025 results, while outlining a new five-year growth plan extending to 2030.
For 2025, the company achieved EPRA earnings per share of €1.53, representing a year-on-year improvement when adjusted for one-off items and regulatory changes affecting prior results. Dividend guidance for the year was confirmed at €1.23 per share. WDP stated that performance was supported by a combination of internal rental growth, development deliveries and acquisitions, alongside stable operating margins and controlled financing costs.
Leasing activity remained strong throughout the year, with more than 550,000 square metres of new lease agreements signed across both existing assets and development projects. Portfolio occupancy stood at 97.7 percent at the end of December 2025. The share of pre-let projects under development increased to above 80 percent, compared with 60 percent a year earlier, indicating continued demand for logistics space in the company’s core markets.
WDP’s total portfolio reached approximately 9 million square metres, with 750,000 square metres of fully pre-let developments and acquisitions delivered during the year. The active investment pipeline amounted to €708 million, providing visibility on future rental income growth. Portfolio valuation recorded a modest positive adjustment, while reported yields remained broadly stable.
On the financing side, the company highlighted an improvement in its credit profile, including an upgrade from Moody’s and the successful issuance of a €500 million public bond. Equity increased during the year, supported by retained earnings, an optional dividend and in-kind contributions. Reported leverage ratios remained within previously communicated targets.
Alongside its annual results, WDP introduced a new strategic plan covering the period 2026 to 2030. The company aims to grow into a logistics platform exceeding €10 billion in assets across Europe, with expansion supported by pre-let developments, selective acquisitions, internal portfolio growth and energy-related initiatives. Gradual market entry into Spain and Italy is also planned.
Under the new plan, WDP targets minimum EPRA earnings per share of €2.00 and a dividend of at least €1.60 by 2030, alongside a cumulative total shareholder return of at least 50 percent over the five-year period. Annual capital expenditure of around €500 million is expected to be largely financed internally, with debt levels maintained within established leverage parameters.
For 2026, the company forecasts EPRA earnings per share of approximately €1.60 and a corresponding dividend increase to €1.29, subject to market conditions and macroeconomic developments.
