CTP NV: 1H26 Conf. Call: Operational strength intact, investor focus shifts to leverage and valuations

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CTP NV: 1H26 Conf. Call: Operational strength intact, investor focus shifts to leverage and valuations

J P M O R G A N Europe Equity Research

30 July 2026

CTP NV Overweight

CTPNV.AS, CTPNV NA

1H26 Conf. Call: Operational strength intact, investor Price (29 Jul 26):€16.62

focus shifts to leverage and valuations Price Target (Dec-27):€21.00

The call reinforced the strength of CTP’s underlying operating fundamentals, with European Property

ACrecord leasing (+55% YoY to 1.6mn sqm), solid 4.7% LFL rental growth, a highly Neil Green, CFA

profitable 2mn sqm development pipeline and continued confidence in reaching (44-20) 7134-4478

€1bn of annualized rental income by 2027. The key areas of investor focus during neil.d.green@jpmorgan.com

the Q&A were the 4.5% Romanian valuation decline and the increase in LTV to J.P. Morgan Securities plc

46.8%, with management emphasizing that the Romanian adjustment reflected a Krishna Sathwik Beechu

localized ERV reset rather than weaker occupier demand, while remaining (91-22) 6157 5847

krishna.s.beechu@jpmchase.com

comfortable with leverage levels given strong cash flow generation, a 10%+ J.P. Morgan India Private Limited

development yield on cost and no perceived pressure from rating agencies.

• CEO: Leasing momentum remained strong in 1H26, with 1.6mn sqm of deals

signed, up 55% YoY versus 1H25. Activity was broad-based across CEE,

including Pepco renewals in Romania, new leases with FM Logistics and

Metro in Bulgaria, strong take-up in Ilawa (Poland), and continued demand

from Chinese e-commerce tenants.

• Management highlighted sustained nearshoring and supply chain

localization trends, with companies increasingly locating production and

logistics capacity in Europe to serve local customers. Existing tenants continue