Report
CTP FY25 in line, CTP start interest capitalisation in FY26
Gross Rental Income rose 14.4% YoY to €759.8m vs. €764.3m expected, supported by 4.5% like-for-like rental growth. EPRA EPS came in at €0.85, slightly below our €0.86 estimate due to some completions shifting into early 2026. Leasing remained robust, with new leases up 10% YoY. For FY26, CTP guides adj. EPRA EPS to € 1.01–1.03, of which €0.09 is related to the capitalisation of interest on debt for its development pipeline. The original range of €0.92-0.94 corresponds to our estimate of €0.91. LTV increased modestly to 46.1% from 45.3%, while the average cost of debt moved to 3.3% from 3.09% at FY24-end. Occupancy on standing assets was steady at 93%. CTP expects 1.4–1.7m sqm of deliveries in FY26. Pre-letting for 2026 deliveries stands at 30%, with the group historically achieving 80–90% at completion, supports faster fair-value growth relative to debt. We maintain our € 23.0 TP, a 12.8% premium to the latest € 20.39 NTA per share. Analyst call at 10h00 CET, LINK.
Underlying
CTP NV
Provider
KBC Securities
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Wim Lewi
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