WDP reports solid Q1 with solid earnings growth and €681 million pipeline

WDP reported a solid start to 2026, with earnings growth, high occupancy, and continued pipeline execution, according to its Q1 results released on 24 April.

EPRA earnings per share reached €0.38 in Q1 2026, up 6% year-on-year, with the company confirming its full-year guidance of €1.60 per share and a dividend of €1.29.

Investment activity remained steady during the quarter, with €140 million in net investments secured at a 6.9% NOI yield. This included 80,000 sqm of new investments, mainly pre-let developments. At the same time, 140,000 sqm of pre-let developments and acquisitions were delivered at a 6.6% NOI yield.

Leasing activity continued across the portfolio, with occupancy at 97.3%. Of the 10% of leases due for renewal in 2026, 70% have already been secured, while 100,000 sqm of new leases were signed during Q1.

The company also reported stable portfolio revaluations of €15.2 million, or +0.2% during the quarter, with the EPRA Net Initial Yield unchanged at 5.4%. Reversionary potential stands at +7%, supported by rent indexation and CPI-linked leases.

WDP maintains a solid financial position, with a loan-to-value ratio of 40.3%, net debt to EBITDA of 7.5x, and liquidity of €1.6 billion, alongside approximately €500 million in annual self-financing capacity.

The development pipeline provides visibility on near-term growth, with €681 million currently in execution at a 6.9% NOI yield, supporting earnings through continued project delivery and leasing activity.

“WDP has made a strong start to 2026 across our portfolio, client partnerships and investment activity. While Q1 is early to reflect the full impact of our ongoing activities, visibility on new business is compelling and broad-based. From Zwolle to Marseille, we see possibilities emerging to seize opportunities to continuously replenish our pipeline.

The macroeconomic and geopolitical volatility is here to stay. Europe’s need for supply chain independence, energy resilience and strategic stock is not a shift, but an acceleration, reinforcing the role of logistics real estate as critical infrastructure. If anything, these developments reconfirm our long-term vision.

Our priorities are unchanged: sustainable earnings per share growth, capital discipline and high-quality execution of our investment pipeline. This provides strong visibility on near-term cash flow growth while staying focused on long-term value creation. We are confident for the remainder of 2026, with a compelling pipeline in execution, a top-tier balance sheet and the conviction in our newly launched 2030 ambitions,” said Joost Uwents, CEO.

As part of its #BLEND&EXTEND2030 strategy, WDP continues to build out its European platform, adding new country managers in Spain and Italy and strengthening group-level execution capabilities.