WDP (Warehouses De Pauw) is a Belgian public regulated real estate company that develops, lets and manages logistics and semi-industrial property. At 30 September 2026, its portfolio comprises 351 sites with approximately 9.0 million m² of lettable space in Belgium, the Netherlands, France, Germany, Luxembourg and Romania. In addition to Brussels and Amsterdam, an additional listing in Paris has been announced from 28 October 2026, without issuing new shares. Brussels remains the reference market.
Earnings: TTM to 30/09/2026 · Dividend: Financial year 2026 · forecast
Source: WDP · results at 30 September 2026
2026 dividend forecast confirmed in the Q3 report; payable in 2027, subject to approval. Dividend source ↗
EPRA NTA and IFRS NAV are the actual balance sheet values at 30 September 2026. TTM EPRA earnings per share: FY 2025 + 9M 2026 − 9M 2025 (1.53 + 1.21 − 1.15 = 1.59). TTM is an approximation because the weighted share base has changed. The announced combination with ARGAN has not yet been completed and is not consolidated in these standalone figures.
Market capitalisation based on 262.567638 million shares. Interim earnings are not annualised.
Weekly closing prices · updated to 09/10/2026
positive = premium · negative = discount
The latest confirmed balance sheet date determines the EPRA value; for the same date, NTA takes precedence over legacy EPRA NAV. IFRS NAV is not a substitute. Values apply retrospectively from the balance sheet date, including comparative figures published later: this is not a point-in-time backtest. The formal NTA series begins on 31 December 2019; legacy EPRA NAV is used before then. Prices and EPRA values use the same 7:1 split-adjusted basis. Selection rule for this chart: only NTA is used from the first confirmed NTA onwards; the last valid value is carried forward between reports.
IFRS NAV: the latest available balance sheet value, carried forward to the next observation, on the same share basis as the price. Both NAV series apply retrospectively from the balance sheet date rather than the publication date. Missing values are not estimated.
Premium / discount = (weekly closing price / EPRA value − 1) × 100. 562 completed trading weeks. Only the 7:1 share split has been incorporated; no dividend reinvestment or rights adjustment. The first 45 weekly prices have been reconstructed from the Euronext chart series using a verified provider factor. All weekly closes have been checked against Yahoo; one source discrepancy on 19 October 2020 does not affect a weekly close. The financial figures and weekly history are a verified snapshot and do not refresh automatically.
Price / EPRA earnings: weekly closing price divided by reported EPRA earnings per share over the last four quarters (previous financial year + current YTD − previous YTD). Earnings apply retrospectively from the accounting period end, even if published later. This is not a point-in-time backtest. Changes in the share base make this an approximation. Prices, earnings and dividends use the same 7:1 split-adjusted basis. Earnings from the December 2015 period end.
Gross dividend yield: announced annual dividend divided by the weekly closing price; otherwise the last known dividend is used. Dividend amounts apply from their announcement or availability. The dividend history is prepared for quarterly publications; interim announcements and payment status in the early years have not yet been fully checked. The dividend of €1.29 for 2026 is a forecast.
Weekly closing prices to 09/10/2026. Database and company sources ↗
Financial years 2021–2025 · year-end balance sheet figures
| Key figure | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Year-end share price (€) | 42.18 | 26.70 | 28.50 | 19.00 | 22.12 |
| Year-end NTA discount (%) | -109.9 | -29.0 | -41.8 | 10.0 | -1.0 |
| Net rental income (€m) | 256.0 | 292.9 | 336.8 | 398.4 | 450.1 |
| EPRA earnings / share (€) | 1.10 | 1.25 | 1.40 | 1.50 | 1.53 |
| EPRA NTA / share (€) | 20.10 | 20.70 | 20.10 | 21.10 | 21.90 |
| IFRS NAV / share (€) | 19.00 | 20.90 | 20.20 | 21.00 | 21.30 |
| Gross dividend / share (€) | 0.88 | 1.00 | 1.12 | 1.20 | 1.23 |
| ROE (%) | 46.2 | 7.4 | 1.9 | 10.5 | 9.5 |
| EPRA LTV (%) | 36.9 | 36.7 | 34.6 | 39.3 | 41.9 |
| Occupancy rate (%) | 98.5 | 99.1 | 98.5 | 98.0 | 97.7 |
| Source | Annual report 2021 ↗ | Annual report 2022 ↗ | 2023 annual report ↗ | Annual report 2024 ↗ | Annual report 2025 ↗ |
ROE: growth in net asset value per share plus gross dividends and any capital distributions paid during the financial year, divided by the opening value (total accounting return). Based on EPRA NTA or the available comparable NAV. This is not net profit divided by average equity.
Year-end share price: the split-adjusted closing price on the last trading day of the financial year, without dividend adjustment. NTA discount = (1 − year-end share price / EPRA NTA for the same year) × 100. Positive = discount; negative = premium. This compares year-end values, even if NTA was published later.
EPRA LTV: reported financial year-end figures. — = no reported EPRA LTV found. Sources: 2021 ↗ · 2022 ↗ · 2023 ↗ · 2024 ↗ · 2025 ↗.
Prices and per-share figures are on the same basis following the 7:1 share split on 2 January 2020. EPS uses weighted average shares. Rental income and net rental income follow the IFRS income statement, including termination payments; in 2024 this includes a €11m one-off payment. Occupancy follows the later comparative annual series; original publications are kept separately in the database. The database contains all annual records from 2015, with original amounts and source notes.
Property value · 30 September 2026; tenant sectors · 30 June 2026
Property value including projects and land, excluding solar energy; joint ventures included proportionately. Country amounts rounded to millions of euros.
Rental income by end-user sector · rounded source percentages
The country breakdown uses the €8,547.4m property value in the half-year report (p. 47), including projects and land and excluding solar energy. The sector breakdown uses rental income from the H1 2026 presentation (p. 42); this is a different measure. Logistics service providers account for 34% and dedicated e-commerce for 14% of rental income. These overlap with the sectors and are not added as extra segments.
Announced dates in the next 12 months
Last checked on . Dates may change.
WDP
WDP publishes a transparency notification from Norges Bank dated 9 October. The reported position amounts to 5.97% of the voting rights attached to shares, with no additional position through equivalent financial instruments. This crosses the 5% notification threshold. The announcement concerns the shareholder structure and contains no change to the operational outlook.
WDP is holding an extraordinary general meeting on 24 November 2026 on the proposed combination with ARGAN. Under the proposed terms, ARGAN shareholders would receive three new WDP shares for each share. ARGAN also proposes an exceptional distribution of €11 per share before completion. The combination would create a logistics property platform worth more than €13 billion. Completion is expected in the first quarter of 2027, subject to the required approvals.
WDP publishes a transparency notification from BlackRock dated 5 October. BlackRock reports voting rights of 4.55% through shares and 0.30% through equivalent financial instruments, totalling 4.85%. The notification follows a crossing below the 5% threshold. The percentages are those in this historical notification and do not necessarily reflect the current position.
WDP confirms the completion of a capital increase of approximately €400 million. An accelerated private placement with institutional and qualified investors resulted in the issue of 20,618,556 new shares at €19.40 per share. Existing shareholders received neither pre-emption rights nor irreducible allocation rights. Following the transaction, the total number of shares is 262,567,638. This announcement of 2 October confirms the settlement of the transaction previously announced on 29 September. The higher share count is relevant when calculating market capitalisation and future per-share figures.
WDP publishes a transparency notification from BlackRock dated 28 September. The reported position consists of 4.68% in voting rights attached to shares and 0.33% through equivalent financial instruments. The total reported by BlackRock is 5.02%; separately rounded components may differ from this. This is a statutory notification concerning the shareholder structure.