Europe's CTP 9M profit falls on lower property revaluation
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%
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(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.)