Warehouses De Pauw SCA (WDPN) Q3 2026 Earnings Report

The call was broadly constructive. WDP highlighted 5% EPS growth, high occupancy, confirmed guidance, EUR 500 million of secured investments, an EUR 800 million pre-let pipeline, strong liquidity and progress toward a larger European platform. The main challenges were French political uncertainty, higher capital costs and property-value risk, the potential ARGAN exit-right cash exposure, and pending merger-related approvals and tax rulings. The number and strength of the stated positives significantly outweighed the identified risks.

WDP confirmed its full year guidance and remains confident in its 2030 targets, which imply roughly 6% EPS growth by 2030, with investments based on EUR 500 million per year; the execution is not promised to be linear, and the pipeline provides visibility for the next 18 months. The pipeline in execution stands at EUR 800 million with a 7% NOI yield and over 90% pre-let, while the ARGAN merger is expected to include EUR 250 million targeted disposals during the course of '27 and have an overall impact on LTV of plus 1%. Like-for-like rental growth is expected to increase and improve going into '27, although it is too early to give guidance, and it is reasonable to assume that as from next year, ERVs move back in line with inflation; for the 10% of leases maturing in '26, around 95% have been renewed or are reflected in the occupancy rate of 97.2%, while for '27 it is too early to say.