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Europe's CTP 9M profit falls on lower property revaluation

By Reuters News


Overview

  • Europe industrial real estate developer's 9M-2026 gross rental income grew 12.5% yr/yr

  • Net income for 9M-2026 declined 62.9% yr/yr, reflecting lower investment property revaluation

  • Company announced €100 mln share buyback programme in October


Outlook

  • CTP reiterates 2026 adjusted EPRA EPS guidance of €1.01–€1.03

  • Company expects annualised rental income to reach €1 bln in 2027

  • CTP expects 2026 deliveries at lower end of 1.4 mln sqm to 1.7 mln sqm range


Result Drivers

  • RECORD LEASING DEMAND - Co said 9M-2026 leasing volumes rose 23% yr/yr, with 1,943,000 sqm signed, driving rental income growth

  • LOWER PROPERTY REVALUATION - Co attributed 62.9% yr/yr net income decline to reduced investment property revaluation gains

  • RECURRING CASH FLOW - Co said continued rental growth and new deliveries supported recurring cash flow and future reinvestment


Company press release: Full Story


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

9M Net Income

EUR 320.10 mln

9M Adjusted EPRA Earnings

EUR 365.20 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 17 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the real estate rental, development & operations peer group is "buy"

  • Wall Street's median 12-month price target for Ctp NV is €18.75, about 49% above its October 28 closing price of €12.58

  • The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 15 three months ago


Reuters Recommended Reads

  • Oct 28 - Germany's Vonovia 9M adj. EBITDA rises, outlook cut on higher financing costs

  • Oct 27 - Sweden's Heimstaden AB Q3 rental income rises

  • Oct 28 - Four Corners Property Trust Q3 rental revenue rises 13.8%


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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