Warehouses De Pauw FY25 Results in line, BLEND30 guides for +6% EPS growth

WDP initiated “BLEND30” strategy with €2.00 EPRA EPS by FY30 at +6% growth yoy. Capex is mainly internally sourced and “gradual” entry in Spain and Italy. FY25 EPRA EPS came in line with their €1.53 guidance and our expectation of €1.54. EPRA EPS yoy growth of 2.3% is still impressive due to the abolition of the Dutch FBI regime. WDP estimates its underlying EPS growth at 7%. Current development pipeline stands at 480k sqm of which 81% is pre-let with an expected NOI yield of 7.3%. The high pre-let level makes WDP a solid investment in uncertain macro-economic times. WDP guided EPRA EPS26 to €1.60, slightly below our 1.61 estimate. A separate PR announced the addition of 2 new members of the board that represent the De Pauw family since the passing away of Tony. We maintain our Buy recommendation on the FY30 reassurance. Conference call at 10H00, link.