CTP 1H25 results show progress on pre-let despite tariff war

Gross Rental income grew 14.4% yoy to EUR 367.2m vs. 380.1m expected (KBCS) and benefited from strong 4.9% like-for-like growth. The EPRA EPS of 0.42 came slightly below our expectation of 0.43. New leases signed increased 11% yoy to 1m sqm. The FY25 EPS outlook is maintained at 0.86-0.88. The LTV% improved to 44.9% from 45.3%. The Cost of Debt increased to 3.20% vs. 3.09% at FY24-end. The occupancy on standing assets was flat at 93% vs. FY24 end. CTP maintained its development pipeline to a record high GLA of 2.0m sqm at 10.3% YoC. CTP still expects to deliver 1.2-1.7m sqm GLA over FY25. The pre-let% in the pipeline for FY25 deliveries increased to 53% from 45% at 1Q25. As long as it can reach 80-90% let% at completion, its FV increases faster than debt. We raise our TP to 21.30 (19.30), a 10% premium to latest NTA at 19.36. Analyst call at 10h00 (CET).