CTP N : FY 2022 Annual Results Announcement

CTP N.V. FY-2022 Results

CTP REPORTS COMPANY SPECIFIC ADJUSTED EPRA EPS OF €0.61, OUTPERFORMING

GUIDANCE; NEXT 12 MONTHS' CONTRACTED REVENUES INCREASED TO €589

MILLION - WHILE EPRA NTA GREW BY 14.5% TO €13.81

AMSTERDAM, 3 March 2023 - CTP N.V. (CTPNV.AS), ("CTP", the "Group" or the "Company") recorded Net Rental Income ("NRI") of €452.1 million, up 38.3% y-o-y, and like-for-like rental growth of 4.5% in 2022, mainly driven by reversion on expiring leases and renegotiations, and supported by 2021 indexation of 1.7%. The contracted revenues for the next 12 months stood at €589 million as at 31 December 2022, increasing 34.8% y-o-y.

CTP's Yield-on-Cost ("YoC") for the 1.7 million sqm of projects under construction is market- leading at an estimated 10.1%. The Group's standing portfolio grew to 10.5 million sqm of GLA owned at 31 December 2022, while the Gross Asset Value ("GAV") increased 35.8% y-o-y. EPRA NTA increased by 14.5% to €13.81, driven by the positive revaluation of deliveries and the standing portfolio, with a positive impact of rental growth that outweighs the negative impact of yield widening.

Company specific adjusted EPRA earnings increased 42.7% to €265.5 million. Company specific adjusted EPRA EPS amounted to €0.61, outperforming guidance.

Remon Vos, CEO, comments: "We saw strong like-for-like rental growth of 4.5% during the year, signed 1.9 million sqm of leases, with rental levels of new leases averaging 6.5% above ERV. We continue to see robust occupier demand combined with market vacancies close to historic lows in supply-constrained markets. Especially the business-smart CEE region benefits from structural demand drivers such as professionalisation of supply chains, e- commerce, and occupiers seeking to enhance the resilience of their supply chains through nearshoring / friend-shoring, with production in Europe for Europe.

Decreasing construction costs and higher rents will allow us to continue to develop with a YoC above 10%. In 2022, we delivered 1 million sqm of GLA, adding €45 million of contracted rent with another €14 million of potential income when full occupancy is reached, while in 2023 we target to deliver at least the same amount - and more if demand remains robust. Thanks to our profitable pipeline we continue to book positive revaluations, as we mobilise our industry- leading landbank, which we have been able to acquire at attractive prices.

We continued the roll-out of photovoltaic systems to boost our energy business and have now 38 MWp installed, while we target to add another 100 MWp during 2023. This contributes towards our ESG aspirations and creates a new, valuable and growing income stream, while it also allows our tenants to reach their ESG targets".

Key Highlights

In € million	FY-2022	FY-2021	% Increase	1 Oct. to 31	1 Oct. to 31	% Increase
				Dec. 2022	Dec. 2021
Net Rental Income	452.1	326.9	+38.3%	123.9	87.0	+42.4%
Net valuation result on	723.6	1,100.6	-34.3%	165.4	835.3	-80.2%
investment property
Profit for the period	796.5	1,025.9	-22.4%	200.6	708.2	-71.7%
Company specific	265.5	186.1	+42.7%	71.2	42.4	+68.1%
adjusted EPRA earnings

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In € million	31 Dec. 2022	31 Dec. 2021	% Increase
Investment Property	10,124.2	7,575.1	+33.7%
IPuD	1,193.3	774.2	+54.1%
	31 Dec. 2022	31 Dec. 2021	% Increase
Company specific	€0.61	€0.49	+26.0%
adjusted EPRA EPS
EPRA NTA per share	€13.81	€12.06	+14.5%
Estimated YoC of
projects under	10.1%	11.0%
construction
LTV	45%	43%

Standing portfolio generates strong cash flow

In 2022, CTP signed leases for 1,883,000 sqm, up from 1,704,000 sqm the previous year, with contracted rental income of €103 million.

Main deals with new tenants included a 99,000 sqm lease with Tesco in Hungary; 88,000 sqm with a leading international fashion retailer and 66,000 sqm with LPP in Romania. Notable repeat-client deals include 52,000 sqm with Kuehne+ Nagel in Romania and 47,000 sqm with BJS Czech, an IKEA supplier, in the Czech Republic.

The "business-smart" CEE region benefits from several structural demand drivers. Following the disruptive events and the deglobalisation trend of the last few years, companies are focused on making their supply chains shorter and more resilient. The CEE region, in which CTP has a market-leading position in six countries, benefits from highly competitive labour costs, an educated and motivated work force, good infrastructure and EU membership1 and is therefore a natural location for production in Europe for European consumption - in line with the ambition of the European Union to 'reindustrialise Europe' and make it less dependent on other regions.

In addition, e-commerce demand remains sustained in the CEE region. While Western European countries might have seen a temporary slowdown in the demand from e-commerce tenants for logistics properties, CEE markets continue to see an increase as e-commerce penetration of retail markets is coming from a lower base, combined with the growth in demand from an expanding middle class and of household disposable income overall.

Furthermore, as supply chains are being professionalised, the undersupplied CEE markets with on average a GLA per capita below the European average, will continue to see strong demand for new space.

Leveraging these drivers allowed CTP to increase its average market share in the Czech Republic, Romania, Hungary, and Slovakia from 27.5% at year-end 2021, to 27.8% as at year- end 2022 and it remains the largest owner of industrial and logistics real estate assets in those markets. The Group is also market leader in Serbia and Bulgaria.

1 Excluding Serbia, which is an EU member candidate.

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CTP has, with over 1,000 clients, a wide and diversified international tenant base, consisting of blue-chip companies with strong credit ratings. CTP's tenants represent a broad range of industries, including manufacturing, high-tech/IT, automotive, and e-commerce, retail, wholesale, and third-party logistics. This tenant base represents a solid balance between diversification and concentration for the Group, with no single tenant accounting for more than 2.5% of its annual rent roll. CTP's top 50 tenants only account for 32.8% of its rent roll and most are in multiple CTParks.

The rent collection level increased to 99.7% in 2022 (2021: 99.4%).

The Company's occupancy remained high at 94% (2021: 95%), or 95% excluding CTP's German

portfolio. The Group's client retention rate remains strong at 90% (2021: 92%) and demonstrates CTP's ability to leverage long-standing client relationships. The portfolio WAULT stood at 6.5 years (2021: 6.7 years), in line with the Company's target of >6 years.

Rental income amounted to €485.0 million, up 44.9% y-o-y on an absolute basis. On a like-for- like basis, rental income grew 4.5%, mainly driven by reversion on expiring leases and renegotiations, and supported by 2021 indexation of 1.7%.

An increasing proportion of the rental income generated by CTP's investment portfolio benefits from inflation protection. Since end-2019, all the Group's new lease agreements include a double indexation clause, which calculates annual rental increases as the higher of:

• a fixed increase of 1.5%-2.5% a year; or
• the Consumer Price Index.

As at 31 December 2022, 49% of income generated by the Group's portfolio includes this double indexation clause, and the Group is on track to increase this to around 70% by the end of 2023.

As indexation takes place on 1 January of each year, the high inflation levels seen in 2022 will boost the 2023 like-for-like growth and further support valuations.

The reversionary potential at year-end stood at 12.5%. New leases have been signed at on average 6.5% above ERV's in 2022, with an increasing trend from 4.6% in Q1-2022 to 12.5% in Q4-2022, illustrating continued strong market rental growth. The combination of the reversionary potential and leases signed above ERVs implies substantial upside potential across the portfolio.

The contracted revenues for the next 12 months stood at €589 million as at 31 December 2022, increasing 35% y-o-y and 71% over the last two years, showcasing the strong cash flow generation of CTP's investment portfolio.

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Disciplined capital allocation and profitable pipeline

CTP continued its disciplined investment in its highly profitable pipeline.

Construction costs started to decrease in the second half of 2022, and while average construction costs in 2022 were around €550 per sqm, CTP expects those to be below €500 per sqm in 2023, also thanks to CTP's inhouse construction and procurement teams.

This decline in construction costs, together with continued rental growth driven by strong occupier demand and low vacancies, will allow CTP to continue to develop with a YoC above 10%, an industry-leading level. CTP's priority is to mobilise its existing landbank to enhance financial returns even further.

In 2022, the Group completed 1.0 million sqm of GLA (2021: 0.9 million sqm), of which 0.6 million sqm was completed in Q4-2022. The deliveries were approximately 80% let and will generate contracted annual rental income of €45 million, with another €14 million to come when these reach full occupancy. Deliveries in 2022 were back-end loaded, as some projects were delayed in order to benefit from decreasing construction costs during the second half of the year, with the delivery of over 0.2 million sqm of projects finally slipping into Q1-2023.

Main deliveries were: 60,000 sqm in CTPark Bor (leased to GXO Logistics), Czech Republic, 40,000 sqm in CTPark Iłowa (leased Hermes OTTO), Poland, and 34,000 sqm in CTPark Bucharest North (leased to Mediplus), Romania. The Group also completed its first project in a Western European market with the delivery of 23,000 sqm in CTPark Rotterdam (leased to R&M Forwarding). In addition, CTP leased 12,000 sqm to Toyota in CTPark Vienna East, which is currently under construction and will reach 50,000 sqm at completion with the first phase to be delivered in Q1-2023, while the construction of CTPark Vienna West is also underway. Despite overall higher construction costs during 2022, by capitalising on strong occupier demand, low vacancies and the growth of market rents, CTP was able to deliver projects in 2022 with a YoC of 10.1% (2021: 11.2%).

CTP's landbank amounted to 20.3 million sqm at year-end (2021: 17.8 million sqm), which allows the Company to reach its target of 20 million sqm GLA by the end of the decade. The landbank was stable compared to H1-2022, with the Group focussing on mobilising the existing landbank to maximise returns, while maintaining disciplined capital allocation in landbank replenishment. 62% of the landbank is located within CTP's existing parks, while 29% is in or is adjacent to new parks which have the potential to grow to more than 100,000 sqm. Only 22% of the landbank was comprised of options, while the remaining 78% was owned and accordingly reflected in the balance sheet.

The Group replenishes its landbank on a continual basis. CTP focuses on acquiring development sites that are adjacent to existing parks, or in sought-after locations with proximity to strong logistics hubs and transport corridors and large, densely populated cities. In 2022, the Group invested €279 million (2021: €193 million) to acquire 6.9 million sqm (excl. options), focussing particularly on acquiring sites within its Growth Markets2, especially Poland. In 2023, the priority will be on mobilising the existing landbank.

2 Poland, Serbia and Bulgaria

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As at year-end 2022, the Group had 1.7 million sqm of buildings under construction with an estimated YoC of 10.1% and a cost to complete of around €570 million. CTP has a long track record of delivering sustainable growth through its tenant-led development in its existing parks. 58%3 of the Group's projects under construction are in existing parks, while 28% are in new parks which have the potential to be developed to more than 100,000 sqm of GLA. Planned H1-2023 deliveries are 46% pre-let3 and CTP expects to reach 80-90%pre-letting at delivery, in line with historical performance. As CTP acts as general contractor, it is fully in control of the process and timing of deliveries, allowing the Company to speed-up or slow-down depending on tenant demand, while also offering tenants flexibility in terms of building requirements.

The Group targets to deliver in 2023 at least the same amount of GLA as in 2022 - and more if demand remains robust. The 142,000 sqm of leases that are signed for future projects, which haven't started yet, are a clear illustration of continued occupier demand.

Ambitious solar energy investments

During 2022, CTP further accelerated its roll-out of photovoltaic systems in its parks, boosting the Company's energy business. At year-end, CTP had a total of 38 MWp installed, and the Group aims to add at least an additional 100 MWp over the course of 2023. With an average cost of ~€750,000 per MWp, the Group targets a YoC of 15% for those investments.

More and more tenants require solar photovoltaic systems, as this provides them with i) energy security, ii) a lower cost of occupancy, iii) compliance with increased regulation and / or their clients requirements and iv) the ability to fulfil their own ESG ambitions.

Organisation and IT

During 2022, the number of FTEs grew from 520 to 699, as CTP ramped up its organisation, especially in Poland and Germany. During the year, several senior people were attracted to further professionalise the corporate function, while the Company has made the necessary preparations to roll-out new IT systems, including a Financial Reporting and HR tool.

ESG achievements and targets

Sustainability is fully integrated into all of CTP's projects and processes. CTPark Amsterdam City, a multi-story 120,000 sqm inner-city development, is an example of a project where all efforts came together, which is reflected in its BREEAM Excellent rating. The development, which is planned to be delivered in Q1-2023, is equipped with 6 MWp of solar photovoltaic systems and 10 wind turbines to supply renewable energy to meet tenant needs, as well as to serve over 200 EV charging points for cars, vans and trucks. A dedicated energy management system has been put in place to optimise energy production, storage and consumption, while a 4,000 sqm rooftop garden was planted to support biodiversity and well-being.

3 Excluding Poland, where the Group has more speculative developments in new parks as part of its market entry.

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