CTP N : 2021 Full Year Results - Announcement

FINANCIAL RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2021

CTP DELIVERS STRONG FINANCIAL RESULTS, EXCEEDING IPO TARGETS,

WITH A TOTAL ANNUAL RETURN OF 47%, GAV UP 43% TO €7.6 BILLION

AMSTERDAM, 9 March 2022 - CTP N.V. (CTPNV.AS), ('CTP' or the 'Company') Continental Europe's largest owner, developer and manager of high quality industrial and logistics real estate by gross lettable area (GLA), reported a 306% rise in net profit in the 12 months to 31 December 2021 to €1,026 million, compared with €252.2 million for the same period of 2020. CTP exceeded its targets set at the IPO in March 2021 over nine months in its first year as a listed company and secured a total annual return of 47%, while the Gross Asset Value (GAV) of the portfolio rose 43% to €7.6 billion.

Remon Vos, CEO said: "CTP reports its first set of annual Financial Results as a listed company under the dark cloud of the tragic events unfolding in Ukraine. We announced last week CTP's commitment to help support Ukrainian refugees by providing significant financial support to UN refugee agency UNHCR and the Red Cross, as well as local relief agencies. We are also offering vacant warehouse space for emergency supplies and residential and hotel accommodation within our portfolio, and we will do more as the situation develops.

CTP delivered solid financial results last year, with profits more than tripling to over €1.0 billion, due largely to the successful execution of our disciplined development strategy within CTP's integrated full-service operating platform. We increased our logistics and industrial real estate market share across CTP's core CEE markets to well over a quarter of the entire sector, capturing pent-up occupier demand which is underpinned by robust fundamentals in these economies. Looking forward, the Group will continue to capitalise on the highly attractive supply-demand dynamics of the CEE logistics and industrial market. Our capacity to do so has been reinforced by the steps we took last year to strengthen the foundations of our business, including making a substantial investment in our team across all areas of the business. We have almost one million sqm of prime GLA currently under construction and due to complete this year, further expanding our 7.6 million sqm high quality investment portfolio. The integration of the former DIR portfolio and the launch of CTP Germany, which immediately becomes our third largest market after the Czech Republic and Romania, is also well underway. While the impact of the Russian invasion and its unknown outcomes have injected a great deal of uncertainty into the European and global economic outlook, we are still confident that CTP will continue to build on the momentum we achieved in 2021. "

KEY FINANCIAL & OPERATIONAL HIGHLIGHTS:

• Net rental income increased 16.5% to €326.9 million (2020: €280.7 million) driven like-for-like rental growth of 1.6%, by the positive impact of development completions and disciplined investment activity
• Profit after tax of €1,025.9 million up 306% compared with the prior year (2020: €252.5 million), generated by the strong increase in valuation and the growth in rental income. Company specific adjusted EPRA EPS of €0.49 (2020: €0.44 cents1)
• Investment property increased by 40.6% to €7,575.1 million (2020: €5,386.2 million) underpinned by an increase in Group's owned GLA to 7.6 million sqm, surpassing the IPO target by 500,000 sqm. This was realized through record development completions totaling 900,000 sqm and 835,000 sqm of strategic investment acquisitions
• Adjusted NTA per share is up 45% to €12.06 (2020: €8.32) largely due to an increase in the valuation of the portfolio which was driven by development activity, yield compression throughout the CEE region and proactive asset management. Yield on CTP's property portfolio compressed by 0.5% to 6.4% (2020: 6.9%).

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• Capital investment of €193 million into disciplined landbank acquisitions to support future tenant led growth, with the Group's landbank comprising 17.8 million sqm as at 31 December 2021 (31 December 2020: 12.6 million sqm)
• Balance Sheet strengthened by €854 million of new equity and active refinancing strategy including €2.5 billion of bond issues to support further growth, reducing the average cost of debt from 2.0% at 31 December 2020, to 1.2% as at year-end2021
• Accelerated geographic expansion with the proposed takeover of DIR, announced in October 2021. This will add 1.6 million sqm GLA and €59 million of rental income, becoming accretive upon completion of the acquisition in H1 2022
• Group on track to develop 1.5 million sqm GLA of industrial and logistics space in 2022 of which 958,000 sqm of development projects was under construction at year-end2021 (44% of which pre-let).
• Sustainalytics, Inc. ranked CTP amongst the top 1.5% companies scored confirming the Group's "Low Risk" score in respect of ESG matters
• CTP confirmed as carbon neutral in its operations with the Group's CTP's carbon capture capacity greater than its CO2e emission, with CTP's forests capturing some 42,000 Metric tonnes of CO2e during 2021
• Full year dividend to be proposed to AGM on April 26, 2022, of €0.35, or €0.18 for the second half of 2021 following the interim dividend of €0.17 over the first half of 2021. The proposed full year dividend equates to 75% of Company Specific Adjusted EPRA Earnings2 and will be offered to shareholders by way of either scrip or cash dividend

	YTD to 31 Dec	YTD to 31 Dec	%	3 months to	3 months to 31	%
	2021	2020	Increase	31 Dec 2021	Dec 2020	Increase
Net rental income	€326.9 m	€280.7m	+16.5%	€87.0 m	€76.8 m	13%
Net valuation result on	€1,100.6m	€152.2m	+623%	€835.3 m	€63.6 m	1213%
investment property
Profit for the period	€1,025.9m	€252.5	306%	€708.2 m	€86.8 m	716%
Company Specific Adjusted	€0.49	€0.44	11%	€0.11	€0.15	-27%
EPRA Earnings per share
Investment portfolio	€7,575.1 m	€5,386.2 m	41%
Investment property under	€774.2 m	€387.3 m	100%
development
EPRA net tangible assets per	€12.06	€8.32	45%
share
Yield-on-Cost	11.0%	11.6%
LTV	42.8%	50.7%

Richard Wilkinson (Group CFO) said: "The sharp yield compression across CEE markets in 2021 provided a very positive backdrop to the organic tenant-led development growth generated across the portfolio in 2021. CTP continues to maintain yield-on-cost above the 10% target we have set ourselves and we are also on track to achieve 10 million square metres of GLA by the end of 2022, some 12 months earlier than originally anticipated, which will provide approximately €100 million to €125 million in new headline rent. This compares with the 7.6 million sqm of space in ten countries we currently manage.

Our compelling investment story is being enacted and financed with the highest sustainability standards in the business. CTP is the only industrial and logistics developer and operator in Europe with a fully BREEAM-certified portfolio and we are now operationally carbon neutral. We were also the largest issuer of green bonds in the entire European listed real estate industry last year, sustainably improving our liquidity position, as well as reducing our cost of debt to the lowest absolute cost of debt in sector. We believe that these actions leave us well placed to continue to deliver attractive total financial and sustainable returns over the coming years".

1 Company Specific Adjusted EPRA Earnings - please see the 2021 annual report for detailed calculation and definition

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2 On 14% lower average numbers of shares outstanding (336 million during 2020, versus 383.4 million over 2021)

WEBCAST AND CONFERENCE CALL FOR ANALYSTS AND INVESTORS

At 08.00am (GMT) CTP N.V. will host a live webcast of the Group's 2021 FY Results presentation and audio conference call. To view the live webcast, please register ahead at: https://www.investis-live.com/ctp/61fbeae75c9603190002409e/wefd

To join the presentation by conference call by telephone, please dial one of the following numbers:

UK	0800 640 6441
United Kingdom (Local)	020	3936 2999
All other locations	+44	(0) 203 936 2999

Then enter the participant access code 281657.

The presentation will also be accessible on-demand later in the day from the Company website: https://www.ctp.eu/investors/financial-reports/

CONTACT DETAILS FOR ANALYST AND INVESTOR ENQUIRIES:

CTP

Jan-Evert Post, Head of Funding & Investor Relations

Mobile : [phone]

Email : [e-mail]

CONTACT DETAILS FOR MEDIA ENQUIRIES:

Bellier Communication

Steve Hays

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Email :[e-mail]

CTP FINANCIAL CALENDAR

Action	Date
Publication 2021 Annual Report	9 March 2022
Annual General Meeting	26 April 2022
Payment full-year dividend	[May/ June 2022] TO BE APPROVED BY THE AGM
Publication 2022 First Quarter Results	18. May 2022
Publication 2022 Half-Year Results	10 August 2022
Publication 2022 Third Quarter Results	9 November 2022

About CTP

CTP is Continental Europe's largest owner, developer and manager of logistics and industrial real estate by gross lettable area, owning over 7.6 million sqm of space in nine countries per 31 December 2021. CTP is the only developer in the region with its entire portfolio BREEAM certified and on track to reach carbon neutral operations this year, underlying its commitment to being a sustainable business. For more information visit our corporate website: www.ctp.eu

Forward looking disclaimer

This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and business of CTP. These forward-looking statements may be identified by the use of forward-looking

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terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "targets", "may", "aims", "likely", "would", "could", "can have", "will" or "should" or, in each case, their negative or other variations or comparable terminology. Forward-looking statements may and often do differ materially from actual results. As a result, undue influence should not be placed on any forward-looking statement. This press release contains inside information as defined in article 7(1) of Regulation (EU) 596/2014 of 16 April 2014 (the Market Abuse Regulation).

2021 in Review

Focusing on disciplined and profitable growth of our network of CTParks

The Company increased the size of its investment portfolio to 7.6 million sqm GLA from 5.9 million sqm during the year, c. 500,000 sqm more than anticipated at IPO. CTP completed 900,000 sqm of development and acquired 835,000 sqm of strategic assets, which drove the growth in GLA and made a strong contribution to the 41% uplift in the value of investment property to €7,575 million (31 December 2020: €5,386 million).

The value of CTP's strategically located and high specification industrial and logistics parks continued to increase during 2021 despite uncertainty caused by the ongoing pandemic. The portfolio's end of year valuation, at an average valuation yield of 6.4% compared to 6.9% in 2020, reflected significant investor demand for industrial and warehouse assets across Europe.

CTP benefits from first mover advantage and established scale in its four core markets, which together represent 94% of the Group's total GLA. It remains the largest owner of industrial and logistics real estate assets in the Czech Republic, Romania, Hungary, and Slovakia with a market share at the year-end of 27.5% (31 December 2020: 23.9%), as measured by in-place GLA.

Delivering resilient and growing income streams

CTP delivered a 27% increase in the Group's annualised rental income which was €437 million at the year-end (31 December 2020: €344million) as a result of the growth in size of its investment portfolio and strong leasing activity. Income growth secured in 2020, including a like-for-like increase in rent of 1.6%, as well as new rent commitments from completed developments, contributed approximately €50million of new effective annualised rent during the year. Completed acquisitions added a further €39million of annualised rent.

The long-term security of the Group's income is evident in the weighted average unexpired lease term (WAULT) of its investment portfolio, which was 6.7 years at the period end, up from 6.0 years at the 31 December 2020. Most of this robust and diversified income stream also benefits from contracted annual growth. All of CTP's new lease agreements, since early 2020, include a double indexation clause, which calculates annual rental increases as the greater of (i) a fixed increase of 1.5% - 2.5 per annum or (ii) local Consumer Price Index. Operational metrics such as client retention (flat at 92% year-on-year), WAULT (+0.6years to 6.6 years) and occupancy (+1% to 95%) all showed strong performance over 2021.

Tenant-led development continues to deliver market leading capital growth

In 2021 demand from clients, either expanding operations within their current location or signing a new lease on space elsewhere in the CTPark network, represented 80% of new developments leases (by sqm) compared to 65% of new leases arising from existing clients in 2020.

CTP completed 900,000 sqm of high-quality developments during the period (31 December 2020: 585,000 sqm), of which 98% are let which was in line with expectations. The Group's yield-on-cost remained strong at 11.0% for projects under construction, compared to 11.6% as at 31 December 2020, well exceeding its target of over 10% in

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spite of continued cost price inflation and shortages of construction materials. Over the full year 2021, yield-on- cost totalled 11.3% for all projects completed.

CTP's increased GLA in its top ten parks by 14% to 3.6 million sqm and this enduring growth momentum is expected to continue with the Group on track to develop 1.5 million sqm GLA of industrial and logistics space in 2022. It had already started construction of c. 958,000 sqm of this target by the end of 2021.

Supporting existing and potential new clients' future expansion

CTP controls a prime landbank totalling 17.8 million sqm (at 31 December 2021) across all its markets, which offers development potential to more than double the current GLA of c. 8 million sqm. This scale leaves the Group well positioned to continue to meet the ongoing demand of its existing and potential new customer base (31 December 2020: 12.6 million sqm). This continued demand is underpinned by structural tailwinds, such as the growth of ecommerce, digitalisation and near- and onshoring as described in the market section of this report.

The Group responded to the acceleration of the structural drivers in its markets and invested €193 million to expand its landbank in 2021, focusing particularly on acquiring sites within its expansion and new markets. This compares to €13 million of landbank acquisitions over the course of 2020. It made five land acquisitions of note purchasing 360,000 sqm of land adjacent to Schiphol Airport in the Netherlands, 99,000 sqm of land in Austria, two sites in Warsaw totalling 380,000 sqm and one plot of 180,000 sqm close to Poland's western border with Germany.

The strategic acquisition of income producing assets

CTP also selectively acquires income producing assets where it sees a significant value opportunity and to support its growth strategy. These acquisitions will either be in response to a customer requirement, adjacent to existing CTP properties, or to provide the Group with a foothold into a new country.

The Group accelerated its acquisition programme in 2021 in response to the positive market dynamics and purchased a total of 835,000 sqm of assets for €554 million. These acquisitions added scale to the business and are accretive to the Company's existing investment property portfolio with an average yield of 7.1%, compared to CTP's portfolio yield of 6.4% (at 31 December 2021).

Protecting and enhancing both income and capital value

The Group has maintained low vacancy rates of 5% (31 December 2020: 6%), achieved high customer retention

rates of 92% during the period (31 December 2020: 92%), and grown its rent roll to €437 million capturing the reversionary potential inherent in the portfolio as a result of its active approach to managing the portfolio. The portfolio's WAULT is 6.7 years (31 December 2020: 6.0 years), and rent collection saw 98% of payments being received before falling due (31 December 2020: 98%).

The Company's strong and long-standing occupier relationships underpin retention and repeat leasing activity. It has achieved rents up to 25% higher than recorded at the end of 2020 in its core markets, mostly in the Czech Republic, demonstrating the underlying market fundamentals of strengthening demand combined with constrained supply.

Placing sustainability and innovation at the core of what we do

CTP has sought to be responsible for the impact its developments and operational assets on the environment and surrounding communities since its inception and places the delivery of meaningful value for all stakeholders at the heart of its "Parkmaking" philosophy.

The Group established a dedicated ESG function in 2021 to continue towards meeting its sustainability objectives. The ESG team has defined CTP's overall ESG strategy, encompassing the four pillars of neutralising greenhouse gases, embedding parks, stimulating social impact & well-being,and conducting business with integrity. These sit

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