CTP’s European Dominance Fuels Ambitious Global Expansion

AMSTERDAM, NL – July 30, 2026 – CTP N.V., Europe's largest listed logistics and industrial real estate developer, has delivered a powerful message to the market with its H1-2026 results: its Central and Eastern European (CEE) engine is not just firing on all cylinders, but is now robust enough to fuel significant global ambitions. The company posted a 12.6% year-on-year rise in Gross Rental Income to €413.3 million and an 8.7% increase in adjusted EPRA earnings per share, reinforcing its trajectory toward a formidable €1 billion in annualised rental income by 2027. Yet, beneath the impressive top-line numbers lies a more nuanced story of strategic evolution, financial prudence, and a calculated pivot towards Asia.

The CEE Powerhouse Driving Record Growth

CTP's latest performance is a testament to its deep entrenchment and integrated owner-developer model in the CEE region. The company reported record-breaking leasing activity, signing 1.6 million square meters (sqm) of leases in the first half of the year—a staggering 55% increase over the same period in 2025. This surge is not a fleeting trend but is anchored in powerful structural shifts reshaping European commerce.

“Occupier demand across our markets remains strong,” commented CEO Remon Vos in the company’s release. He attributed this to the ongoing professionalisation of supply chains and the 'nearshoring' phenomenon, where companies bring manufacturing and logistics closer to home, summarized as “production in Europe for Europe.” This trend, coupled with rising disposable incomes in CEE, creates a fertile ground for growth.

The numbers reveal the strength of CTP’s business model. A remarkable 65% of new leases were signed with its existing 1,700-strong client base, demonstrating a powerful 'land and expand' strategy that fosters deep partnerships. With a client retention rate of 89% and a stable portfolio occupancy of 93%, the company’s cash flow is both resilient and predictable. This operational excellence allows CTP to profitably develop new assets, delivering 245,000 sqm of new space in H1-2026 at an impressive 10.8% yield-on-cost, with 93% of it leased upon completion.

With a commanding 28.1% market share in the core markets of the Czech Republic, Romania, Hungary, and Slovakia, CTP isn't just participating in the market; it's actively shaping it. Its vast 33.7 million sqm landbank, largely integrated into existing parks, provides a clear and low-risk roadmap to more than doubling its current portfolio size, promising a long runway of embedded growth.

A Calculated Leap into Asia

Perhaps the most significant strategic development is CTP's tenant-led expansion into Vietnam. This move marks the company's first major foray outside of Europe and signals a long-term ambition to build a global platform. By securing an initial 330,000 sqm of land for two new CTParks in Hai Phong and Dong Nai, CTP is positioning itself squarely in the path of the 'China-plus-one' manufacturing shift.

This is not a speculative venture but a direct application of its proven business model in a high-growth environment. Vietnam’s industrial real estate market is booming, with analysts projecting a compound annual growth rate of over 15% through 2033, fueled by massive foreign direct investment (FDI) inflows that surged 61% year-on-year in the first half of 2026. CTP is entering a market characterized by high occupancy and rising rents, driven by global companies seeking to diversify their supply chains.

The locations are strategically chosen: CTPark Trang Due is situated in Northern Vietnam’s established manufacturing hub, while CTPark Nhon Trach is located in the Southern Key Economic Zone, a critical logistics corridor. By offering its signature mix of ready-built and custom-built solutions, CTP aims to support both its existing European clients expanding into Asia and a new roster of local and international tenants. This expansion provides a powerful new growth vector, diversifying its geographic risk while capitalizing on one of the most significant global economic trends.

Navigating Headwinds with Financial Discipline

While the operational story is overwhelmingly positive, a closer look at the financials reveals the challenges of a complex macroeconomic environment. The company reported a net valuation loss of €83.0 million on its investment property, primarily due to a slight valuation decrease in its Romanian standing assets. This, in turn, nudged its leverage ratio to 46.8%, just above its target range of 40-45%.

However, this is where CTP’s financial strategy demonstrates its resilience. The valuation dip was partially offset by a revaluation gain on its properties under development, highlighting the value created through its construction pipeline. Furthermore, the company maintains a robust liquidity position of €2.1 billion and has been proactively managing its debt. In H1-2026 alone, it raised and refinanced €1.7 billion, including a successful €500 million green bond. With 99.4% of its debt fixed or hedged at an average cost of just 3.4%, CTP is well-insulated from interest rate volatility.

Credit rating agencies have taken note of this prudent management. Recent upgrades from both Moody's (to Baa2) and S&P (to BBB) affirm the market's confidence in CTP’s scale, portfolio quality, and disciplined financial policy. The company has explicitly stated it has no plans to raise equity, confident that retained earnings and growing cash flow will naturally bring its leverage back within the target range.

Building a Sustainable Future, One Warehouse at a Time

In today's market, sustainability is no longer a checkbox but a core competitive advantage, a reality CTP has fully embraced. The company’s commitment to certify all new buildings to BREEAM 'Very Good' or higher is a key differentiator that resonates with an increasingly ESG-conscious client base, particularly in the emerging high-tech sectors CTP is targeting, such as life sciences, semiconductors, and EV battery supply chains.

This focus delivers tangible benefits. It attracts and retains blue-chip tenants who have their own ESG mandates, often commanding rental premiums and securing lower vacancy rates. It also reduces operational costs and enhances property value over the long term. The expansion of its on-site photovoltaic capacity, which reached 161 MWp in H1-2026, provides clients with improved energy security and a lower cost of occupancy—a compelling proposition against a backdrop of volatile energy prices.

By integrating sustainability into the core of its development and operations, CTP is not only mitigating risk but also creating value for both its clients and shareholders. This forward-looking approach, combined with its dominant market position and disciplined expansion, positions the company to continue its strong performance, with management reiterating its guidance for 9%-11% EPS growth in 2026 and expecting double-digit growth in the years thereafter.