Warehouses De Pauw (WDP), a major European logistics real estate developer and investor, reported robust financial and operational performance in the first half of 2025, reinforcing the effectiveness of its strategic growth plan, #BLEND2027. WDP achieved a 10% year-on-year increase in EPRA Earnings, reaching €171.2 million, or €0.75 per share, in H1 2025. This growth was supported by continued rental income growth (+2.2%), over 300,000 m² of new leases signed, and a high operating margin exceeding 90% . The company’s occupancy rate slightly dipped from 98.0% at the end of 2024 to 97.3% as of 30 June 2025, in line with expectations. Pre-letting activity remained strong, with 75% of ongoing development projects already leased — a significant improvement over 60% in Q4 2024 . In terms of portfolio valuation, WDP reported a modest revaluation gain of €18.9 million in the first half of 2025, reflecting a stable EPRA Net Initial Yield of 5.4%. The net reversionary yield across the portfolio is 6.2%, suggesting potential rent growth upon lease renewal or asset re-leasing . A key milestone in the reporting period was the full commitment of all investments under negotiation within the #BLEND2027 strategy. A total of €440 million in development projects and acquisitions were secured in H1 2025, yielding a net operating income (NOI) return of 6.8%. As a result, the execution pipeline now stands at €800 million . CEO Joost Uwents emphasized that WDP is well-positioned to meet its 2027 EPRA EPS target of €1.70 per share. The company maintains a solid liquidity position, with €1.2 billion in unused credit lines and an expected €600 million in cumulative self-financing through retained earnings and optional dividends between 2025 and 2027 . Capital structure metrics remained within target ranges, with net debt to adjusted EBITDA at 7.7x and a loan-to-value ratio of 41.3% as of mid-2025. These figures are projected to improve in the second half due to strong internal cash generation . WDP’s logistics portfolio, valued at over €8 billion, continues to be anchored in essential supply chain segments such as food, pharma, FMCG, and e-commerce. The company also strengthened its presence in France and Germany during H1 2025 by appointing new country managers and expanding local office operations . The company reiterated its full-year guidance, expecting to achieve EPRA Earnings per share of €1.53 in 2025, representing a 7% year-on-year increase. Despite macroeconomic uncertainties, WDP believes it has all building blocks in place to meet its long-term growth ambitions, driven by tenant demand, a fully secured investment pipeline, and disciplined capital management.