CTP N.V. (CTPNV.AS): Resilient leasing makes underperformance unwarranted; reiterate Buy (on CL)

Research evidence excerpt

CTP N.V. (CTPNV.AS): Resilient leasing makes underperformance unwarranted; reiterate Buy (on CL)

Goldman Sachs CTP N.V. (CTPNV.AS)

Resilient leasing despite moderating CEE industrial market

CEE industrial market data points to a moderating but broadly stable demand backdrop,

with vacancy rates at c.6.9% in 1Q26 (+10bps qoq), alongside improving take-up trends

(up c.29% yoy and LTM trending higher), and supply continuing to increase (total stock

+7% since 1Q25), while prime rents have remained broadly stable. This provides useful

context for the operating environment given CTP’s exposure to core CEE markets, with

c.74% of portfolio value concentrated in the Czech Republic, Romania, Slovakia and

Hungary.

Despite this fairly balanced market backdrop, CTP continues to deliver strong

operational performance, with record leasing in 1Q26 (historically the weakest quarter,

with >762k sqm, up c.83% yoy), driven by new-build and renewals, high retention (95%)

and expansion-led demand (73% of new leases). Momentum also appears to be

continuing into 2Q, with c.132k sqm of leases already announced to date and

management pointing to another strong quarter, supported by near-shoring demand

(c.20% of take-up from Asian occupiers) and a development strategy focused on

existing parks (>80%).

While the stock has underperformed, largely reflecting investor concerns around

weakening market demand and questions around the delivery pace, this appears to

overlook CTP’s continued strong leasing performance in our view.

Exhibit 1: Current take-up up c.29% yoy and LTM trending Exhibit 2: CEE industrial vacancy remains broadly stable at

higher, pointing to a recovery in demand 6.9% (+10bps qoq) alongside stable rents