CTP N : FY-2023 Results Presentation

Save the date: Capital Markets Day September 25 / 26 in Bucharest, Romania

CTP N.V.

Financial Highlights

FY-2023

7 March 2024

FY-2023: delivering on promises

Financial highlights

	€719m				€543m
	(+22.1% vs. 2022)				(+20.1% vs. 2022)
	Next 12 months' contracted				Net Rental Income
	revenues1

	€323m				€0.73
	(+21.8% vs. 2022)				(+18.5% vs. 2022)
	Company Specific				Company Specific
	Adjusted EPRA earnings				Adjusted EPRA EPS

Operational highlights

94%

(94% as at 31 Dec 2022)

Occupancy

14.5%

(12.5% as at 31 Dec 2022) Reversionary potential

6.6 yrs

(6.5 years as at 31 Dec 2022)

WAULT

7.4%

(4.5% in 2022) Like-for-likerental growth2

€15.92

(+15.2% vs. 31 Dec 2022) EPRA NTA per share

€1.9bn		2.0m sqm
(€1.1bn as at 31 Dec 2022)		(1.7m sqm as at 31 Dec 2022)
Pro-forma liquidity3		Under construction

10.3%

(10.1% as at 31 Dec 2022)

Estimated YoC of projects under construction

1.	Rent roll including service charge income (Base rent + other rental income + extras for above standard technical improvement + services -rent free)
2.	The like-for-like gross rental growth compares the growth of the gross rental income of the portfolio that has been consistently in operation (not under development) during the two preceding periods that are described	2
3.	Pro-forma for €100 million loan facility signed in January 2024, €750 million bond issued in February 2024 net of €250 million bond tender, and €90 million loan facility signed in February 2024

CTP is active in 10 countries across Western Europe and CEE

Core Markets

Growth Markets

Western European Markets

Portfolio Value by Country (%)

NL AT DE 3.6% 1.5% 8.9%

BG

1.8%

RS

3.4%

6.7%

PL €13.6bn

SK	GAV	CZ
6.8%		44.9%

HU

8.2%

RO

14.3%

NB: Figures may not add up due to rounding

11.8m

sqm GLA

23.3m

sqm landbank

100MWp

Installed PV

3

Leasing activity picking up over the course of 2023

Leases signed by sqm	Q1	Q2	Q3	Q4	FY
2022	441,000	452,000	505,000	485,000	1,883,000
2023	297,000	552,000	585,000	542,000	1,976,000
Increase	-33%	+22%	+16%	+12%	+5%

Size: 115,000 sqm	Size: 67,000 sqm
Park: Warsaw West	Park: Belgrade City

Average monthly rent leases signed by sqm (€)

2022

2023

Increase

Q1 Q2

4.87 4.89

5.31 5.56

+9% +14%

Q3 Q4 FY

4.75 4.80 4.82

5.77 5.81 5.69

+21% +21% +18%

Size: 53,000 sqm	Size: 26,000 sqm
Park: Blučina	Park: Ostrava Hrušov

18%

YoY increase in average monthly rent signed

5%

YoY increase in

sqm of leases

signed

2,593

HOT's issued in

2023 vs.

2,211 in 2022

Size: 28,000 sqm	Size: 25,000 sqm
Park: Košice	Park: Warsaw East

NB: Figures may not add up due to rounding

4

Leasing mix reflecting nearshoring

Portfolio December 2023

GLA split by industry (%)

Services

Other 3% 3%

Wholesale Trade

7%

Retail Trade

8%

Automotive

20%

Leases signed in last 24 months

GLA split by industry (%)

Services

Other 3%

4%

Automotive

10%

Manufacturing

31%

Wholesale Trade

11%

Retail Trade

14%

3PL

28%Manufacturing

27%

3PL

31%

NB: Figures may not add up due to rounding

5

Nearly 10% of portfolio leases to Asian clients producing in Europe for Europe

GLA of Asian tenants

1,000,000

900,000

800,000

700,000

600,000

500,000

400,000

300,000

2018

2019

2020

2021

2022

2023

NB: Figures may not add up due to rounding

6

Strong and diversified international client base

Low operational and financial risk

Top 50 Clients	36.2%	33.1%
Top 50 as a % of	Top 50 as a % of
Rental Income split by industry (%)	portfolio GLA	Rental Income

NB: Figures may not add up due to rounding

7

CTP's long-lasting tenant relations drive strong operational results

Occupancy1

(%)	95%
94%	94%	94%
FY-2020	FY-2021	FY-2022	FY-2023

CTP's market share in core markets2

(%)
	27.5%	27.8%	27.4%
23.9%
FY-2020	FY-2021	FY-2022	FY-2023

90%		99.9%
Tenant retention		Collection rate

		66%
7.4%
Like-for-like rental growth3		CPI linked contracts4

1. Including Germany from 2022 onwards.
2. Core Markets are defined as the Czech Republic, Romania, Slovakia & Hungary
3. The like-for-like gross rental growth compares the growth of the gross rental income of the portfolio that has been consistently in operation (not under development) during the two preceding periods that are described
4. Contracts with a double indexation clause, with indexation being the higher of i) a fixed increase of 1.5%-2.5% a year; or ii) the Consumer Price Index.

8

Consistent revenue growth

Next 12 months' revenue growth1

(€ million)Accretive

Pre-letting2acquisitions

Indexation +

Letting

reversion captured

22.1%

GROWTH

FY-2022

Standing

Deliveries

Future developments

Acquisitions

FY-2023

1. Rent roll including service charge income (Base rent + other rental income + extras for above standard technical improvement + services -rent free)
2. For leases that start in the future, only the pro-rata impact is included, instead of the annualized impact

NB: Figures may not add up due to rounding

9

Strong development track record

Increased pipeline profitability

• Construction costs started to decrease from mid-2022
• 2022: average ~€550 per sqm
• 2023 and 2024E: average ~€500 per sqm
• Rents continue to increase on the back of record low vacancies
• CTP's unique in-house skillset allows flexibility on timing

Expected YoC

Projects under construction

	13.5%
10.8%
	11.6%

11.0% 10.1% 10.3%

~55% revaluation potential on development completion

• Based on gross portfolio yield of 6.7% and YoC of 10.3%
• Current priority to mobilize the existing landbank - which is already paid for - to further enhance returns

2018

2019

2020

2021

Pre-let at delivery

94%

80%-90%	86%
target	81%
80%
range

2022 2023

86%

80%

2018

2019

2020

2021

2022

2023

10