Good morning. Thank you for joining this half year of 2026 results, which are positive so far.

We have been able to do a lot of leasing, 55% more than we done in 2025 of the first six months, which is 1.6 million square meter of deals over the past two quarters. Good take-up in different countries: in Romania, for example, where we have done deals with Pepco, renewal, a new deal with FM Logistic, Bulgaria in Sofia, a new deal for Metro, and in Ilowa, Poland, we've seen a significant take-up, done a deal with Chinese e-commerce business.

Far, first half this year in terms of take-up, very good. This confirms and demonstrates that there is a high demand for CTP's ready built factories and warehouses within the CTP business parks.

The growth drivers remain In Europe for Europe. Companies need to be in Europe to serve and support their clients here.

That's why they come over from Asia, other places to be here on the ground. This is one In Europe for Europe.

It's also more consumer spending. It's also Central Europe being business-smart, cost-effective.

It's a combination of different factors. Still two-thirds of all the business we do come from existing clients.

We're working hard, of course, to maintain a good, excellent relationship with those companies, help them grow. At the same time, also we search for new companies and get new clients from different areas to come to our parks.

Which often actually works that existing tenants put us in touch with other companies, their suppliers. That's how we also get to new business.

Retention rate remains high at almost 90%. Rent collection is as used to be, over 99%.

We collect all the rent we charge, almost all of that, from our 1,700 blue-chip tenants, very nice companies and good to work for. The integrated business model combines at CTP operator, standing income-producing, developer, the construction company, in-house construction company, and the growth engine, as we call it, the part of our team who is looking for opportunities outside of the established markets, continuously look for opportunity, often driven by client demand.

We talk to clients, "Okay, what's your next destination? Where would you like to be?

How can we support? How can we help you?"

If we go back to what we do, back to the operator, 93% occupancy, which has been around that number for the past years. 6 years WAULT, the average lease term is 6 years, and the portfolio is now almost 15 million square meter, which is good for €860 million of rental income.

For next year, we are on schedule to hit the €1 billion rental income. With regards to the developer, in-house construction team, the builders, they done 250,000 square meter so far of completions.

Typically, we start in Q1 with construction in springtime, beginning of Q2, and deliveries will grow more during the second half of this year. Doing a 10% growth this year, that's our schedule.

We are on track with that. Far looks good, at around 10% yield on cost.

Anyway, what we build now will produce another €152 million of rental income. We look forward to continue to solid leasing activity, yeah, in the rest of the year.

Landbank, we have a lot of land, mostly within existing business parks, that helps us to or allows us to build these additional properties. The land plots have been surfaced and normally come with building permits, it's pretty easy for us to build those properties or to develop or utilize the land.

We often have local teams on the ground who will sit in the parks and look after existing buildings, but at the same time also within the team are responsible for building more property. Growth engine, talk about it, making good progress in different locations.

Recently entered Italy. Some years ago, we entered Germany, where we now see the results of us building in Mülheim, preparing the project in Düsseldorf.

This is going to be a fantastic project. At the same time, also doing projects in Krefeld and other places in Germany.

We do SBUs, small business units, not just big boxes, also the smaller units. We've done that for the past more than 25 years, adding larger properties in a business park with some smaller units.

In Germany, especially, we see strong demand for that, but also other countries. I can see us grow a lot in the SBU sector in a small, medium-sized, yeah, companies, but also multinationals who take small units here and there, SBUs.

500 square meter, 1,000 square meter, 1,500 square meter, you can mix them up, make them bigger. I think it's very good for the ecosystem in the business parks.

Also allows start-ups and incubator, all those kind of things. Yeah.

Italy well under way, so far building what we had agreed, on time, in budget, and building a pipeline for the next couple of years, making good progress with the team, and also good progress on permitting. Far very good.

Happy with the acquisition we've done end of last year. Vietnam, making some progress there.

Previously announced that we have demand from clients. We looked at two different sites, preparing those now, and we see how we can further grow that market with existing clients coming over there, but also giving us better access to the Asian markets, not only for our development in Vietnam, but also to meet and to connect to Chinese companies, who are a lot of them in Vietnam, but those Chinese companies also have ambition to move to Europe.

That's a side effect of us being more present in Asia and building our network and building our team. I find it very interesting.

I think it's a fantastic opportunity for CTP to connect into that or to grow into that and to become a larger network and to be part of a, yeah, a bigger market, if you like. That definitely helps CTP to grow and further diversify and also get more Asian clients to become our tenants.

Interesting. All kind of businesses, right?

Pet food, we talk about, also battery business, of course, the new automotive, which is also not bad actually for our region. We've seen a lot of electric vehicle manufacturing, of course, BMW in Debrecen, but also some Asian, Korean that have been in the region for a while.

Chinese are coming now, and yeah, we support them with their suppliers coming in to supply, for example, car interiors, seats or dashboards or what not. That's what we do.

We like to grow, enjoy growth. That's what we do here, but of course also focus on not only becoming bigger, but also better company, with fantastic people on board now who do process management.

We have different and many different initiatives with different software being implemented so we can actually do more with the same crew, be more efficient, more effective. That's the part of becoming a better company, not just a bigger company.

Anyway, more on that later. I will hand over now to Maarten on the financials, and thanks again for joining.

Turning to the financial highlights. The portfolio like-for-like rental growth came in at 4.7% in the first half, driven by indexation and continued positive rent reversion capture.

Combined with a record leasing activity of nearly 1.6 million square meter, which was up 55% year-on-year, this demonstrates the ongoing strength of the customer demand across our markets. Gross rental income increased by 12.6% year-on-year to €430 million, and net rental income increased by 12.4% to €405 million, resulting in an NRI margin of approximately 98%.

The annualized rental income increased by 13% year-on-year to €858 million. Together with the €152 million of potential annual rent from the 2 million square meter we have currently under construction, this provides a clear visibility on our target of €1 billion of annualized rental income in 2027.

The growing cash flow finances our development-led growth, and is the basis for our long-term shareholder returns. Our company-specific adjusted EPRA earnings increased by 11% year-on-year to €241 million.

This translates into 50 euro cents per share, an increase of 9% year-on-year. Supported by strong operational performance and leasing momentum, we remain firmly on track to deliver our company-specific adjusted EPRA EPS guidance of €1.01 to €1.03 per share.

Now looking at the valuation results. The net valuation result in the first half was negative, €83 million.

The standing portfolio recorded a negative revaluation of €147 million. This is, however, partially offset by €69 million of positive revaluation from our development pipeline, reflecting construction and leasing progress, while the landbank valuation was broadly stable.

Valuation yields also remained stable. The gross portfolio yield was 6.5% and the reversionary yield was 6.9%.

Following the strong rental growth achieved over the recent years, we expect ERVs to be broadly stable for the remainder of 2026. At the same time, the leasing demand remains buoyant.

The total portfolio gross asset value now stands at €18.9 billion, up 11% year-on-year. EPRA NTA per share stood at €20.23, up 4.5% year-on-year.

Our value creation model continues to work well, which is illustrated by our compounding track record. Since our IPO in 2021, GLA has grown by around 18% year-on-year, annualized rental income by 21%, investment property by 24%, and EPRA NTA per share by 18% per year.

Only a few real estate companies in Europe have delivered this level of sustained growth over such a long period. The supportive demand drivers of our business are even becoming more relevant in the current geopolitical environment, whether that are European companies reshoring or global companies relocating manufacturing to Europe, and in particularly to CEE markets, to effectively manage supply chain risk.

These changes bring opportunity for CTP, and we are ready for those, not only with our 2 million square meter of space currently under construction today, which is well supported by our extensive 33 million square meter landbank, where we grow with existing customers. While in Europe, our focus is utilizing our existing landbank and turn them into income-generating assets, we also took our first step into Vietnam, securing an initial landbank of 330,000 square meter across two locations.

We believe the Vietnamese market offers attractive long-term fundamentals, including strong FDI inflows and continued manufacturing expansion. Many of our clients, whether they are European or Asian, are already active there.

As always, our approach is disciplined. We deploy capital selectively and apply the same business model that has underpinned our successful expansion across the European markets, focusing on cash flow generation, while in Vietnam, we target higher risk-adjusted returns.

Now I hand over to Richard.

The first half of the year once again demonstrated CTP's exceptional access to global debt capital markets and our disciplined approach to funding the business. We've raised and refinanced almost €1.7 billion of debt, further diversified our funding base, and increased the flexibility of our balance sheet.

In January, we issued a €500 million green bond with a 4.5-year maturity at a spread of only 92 basis points, our first issuance below 100 basis points since 2021. In March, we returned to the Asian loan markets with a dual-tranche 5-year syndicated facility, raising ¥22.5 billion and $180 million from 15 Asian banks.

This further broadened and diversified our pool of lenders. In June, we signed a new €400 million revolving credit facility with a 5-year maturity and a syndicate of five key relationship banks.

This RCF will be regularly drawn, adding more flexibility to our balance sheet and allowing us to run a lower cash balance. We also remained active in liability management.

After tendering €260 million of our February 2030 bonds with an expensive 4.75% coupon in January, we refinanced our syndicated €500 million unsecured term loan facility, originally signed in 2024. We decreased the margin to 135 basis points, we extended the original maturity by 2.5 years from 2029 until January 2032.

Our debt maturity profile remains conservative. After repaying our €350 million bond in January, the only remaining bond maturity this year is a €275 million maturity in September.

Beyond that, maturities remain very manageable through 2027 and 2028, with less than €1.1 billion outstanding in total over those two years. Turning to our key credit metrics.

Our interest coverage ratio remained stable at 2.5 times, comfortably above covenant levels. The leverage ratio stood at 46.8%, slightly above our 40% to 45% target range, reflecting the strategic Italian landbank acquisition that we completed at the end of 2025, together with a modest negative portfolio revaluation in the first half of 2026.

Our standing portfolio continues to generate growing, recurring cash flow, while our highly profitable development pipeline continues to create value. We expect a continued deleveraging towards our target range over time.

Every euro we invest in our pipeline increases our ICR and decreases our net debt to EBITDA, supporting a gradual return of leverage to our target range. This underpins our confidence that we can continue growing rental income at double-digit rates while strengthening the balance sheet.

The next stage of growth is built in and financed. Due to our sector-leading yield on cost of around 10%, we do not require additional equity capital to complete our 1.4 to 1.7 million square meter pipeline in 2026.

Liquidity at the end of June stood at €2.1 billion, comprising €400 million of cash and a total of €1.65 billion of available committed revolving credit facilities, more than sufficient to meet our cash needs for the next 12 months. We continue to rebalance our capital structure towards unsecured funding, currently at 71%, with a medium-term goal of around 80%.

Our average debt maturity is 4.6 years. 99.4% of that debt is either hedged or fixed rate, and our weighted average cost of debt is 3.4%.

Following our recent refinancing activities, we do not expect a material increase in our average cost of debt during 2026. We remain confident in the outlook for CTP.

Operationally, the first half was marked by record leasing activity, while rental levels remained resilient. We continue to see structural drivers such as nearshoring, supply chain professionalization, and In Europe for Europe production, supporting occupier demand across our markets.

Our pipeline remains highly profitable and tenant-led, with 2 million square meters under construction, €152 million of future rental income embedded in that development pipeline, and over €7 billion of development profit potential in our landbank. This provides us with significant embedded growth well beyond the current year.

More broadly, we remain firmly on track towards €1 billion of annualized rental income by 2027, supported by development completions and reversionary capture. Thank you for your attention.

We now welcome your questions.

Hi, good morning. Bart Gysens from Morgan Stanley.

I have two questions. My first question is on Romania.

Looks like quite a chunky write-down there, 5% or so, significant. Can you elaborate what happened and whether there's any other markets where we could see something similar?

That's the first question, thank you.

Hey, Bart, good morning. Maarten here.

Let me take that first question. If we look to Romania, what we have seen is in general, if you look to the volume, we see good demand.

That's also if you look, we have signed quite a bit of leases there in the first half of the year. We have seen the market becoming more competitive.

There have been some more players entering the market, some of the more trade developers, to say. People who build and then afterward sell to a fund or others.

That has distorted the market a bit, because the market with those new players entering has become a bit more competitive. That's why you saw some pressure there on the valuations.

That is basically what has taken place in H1. If you look to the overall leasing that we did in Romania, actually the first half was good in terms of volume.

You see that also on the slide where we show basically that the rental levels and the leasing volume we did, which is in the presentation. If you look, it's more a local issue and a temporary issue rather than any structural issue.

We don't see it also in other countries, and that comes back to the leasing activity that we've done. If you look to the leasing activity, which is up 55%, with the total 1.6 million square meter signed, that's a very strong underlying demand.

It's really a local issue reflecting some supply short term in the market. That's also if we look to the second half of the year, we expect ERVs basically to be stable there.

Can you please give us some actual numbers there? What was the percentage write-down on that Romanian portfolio, and was that driven by higher yields, lower rents, higher vacancy?

Can you just quantify that? Because I think that's quite important.

Yes. Indeed, ERVs came down 4.5%, to be exact.

Yields were stable. It's really driven by the ERV movement.

Like I said, if you look to the overall leasing, it was good actually, because the overall leasing, we signed 350,000 square meter in the first half in Romania. It's really pressure on rent short term, driven by a bit more supply pushed to the market by those local trade developers.

No structural issues in terms of the parks that we are having, because you've visited the parks from us in Romania, you know the locations. They are very strong locations.

If you look, for example, to Bucharest West, it's the largest park in Europe. This year, we should pass the 1 million square meter there.

We are developing for our key tenants, Leroy Merlin, LPP. Very strong underlying dynamics, but just the competition which affected the valuations in the first half.

What gives you the confidence that— Sure. Sorry, yeah, go ahead.

Hey, Bart, this is a matter of adjusting the ERVs.

Hey.

Hey, good morning. This is Remon speaking.

We have seen that the local teams, the leasing teams, we had difficulties to hit the ERV, we came down with ERVs. That's what we done.

It could be a temporary, I think so, situation that if we can hit these ERVs, we can then increase the rents again. For now, we came down.

We don't do a lot of incentives, as you know. We don't do lots of rent-free or anything like that, yeah, and we don't plan to do that.

It's just a matter of we have been able to increase ERVs over the past years, and maybe we have been a bit too ambitious here and there, and that's why we corrected that to a realistic level for us or for the leasing team to do deals at. Maarten is correct, of course, it's a bit more competitive, although, yeah, maybe it's a temporary thing, but yeah, there are other players, not only international, also local, fighting for some deals here and there.

That's maybe some more competition, but we don't see a lot of vacancy. It's more a correction of adjusting the ERV to a bit lower level, and not maybe as high as we thought.

Let's see what take-up is and what supply is like, and then we can maybe increase slowly again the ERVs. I think that's what's happening.

Great, thank you. Then my follow-up question or my second question is on the impact on the balance sheet, right?

You've been guiding to 40% to 45% LTV. That's ticked up over time, your acquisition in Italy, other ambitions, and now of course, you have the denominator effect of a lower V, and therefore the LTV goes up to now 47%.

By when do you think you'll be back into the target range?

Hi, Bart. Thanks for the question.

Look, I think you know that we are able to grow the balance sheet without acquisitions through developments at the 10% plus yield on cost. Everything that we are investing over time, the 2 million square meter that we have under construction, the rest of the developments for delivery this year at 10% plus will help us towards that.

We're happy with where we are at the moment, understanding that the acquisition in Italy at the end of last year pushed us up. We're relaxed about valuations going in through the rest of the year.

Like Maarten said, we think about Romania as a separate case. We don't think there's a read across into any of the other markets, different competitive scenario in those.

We will move over time. I don't want to put a specific timeline on that, but over time, we will move slowly down towards the 45%.

Great. Thank you very much.

Hi, good morning. Thanks for taking my questions.

Just following up on Romania, what gives you confidence that this adjustment in ERVs is sufficient and that most downwards pressure is behind us? Are the trader developers mostly done with their pipelines or, yeah, how do you see the market there?

It comes back to the rents we are able to achieve, John. If you look, and that's also what I said to Bart, if you look to the leasing we've done, 350,000 square meter in the first half of the year, compared to 200,000 square meter in the first half of last year, the rental levels, they stay at €4.50 of the new leases signed.

We see those in line with basically the ERVs that we now have. If we are able to lease at those levels, that gives us, of course, the comfort on the ERVs that we now have in the books.

Maarten, maybe more important—

[unclear] on the—

Hey, guys. Maybe more important to explain, Maarten, is the cash, because we are talking here about the perception or the ideas on what is value and what can we rent buildings at today, next week, next year, over next year, da-da-da.

Cash doesn't change, we collect more cash now from the Romanian portfolio than we did 12 months ago and than we did 6 months ago. You understand?

The cash, the rental income has grown.

That's clear. Maybe just zooming in on the Czech Republic, I noticed that in your interim statement that you also written down on the Czech portfolio.

Could you provide a bit more color on that?

If you look to to Czech, John, that's a bit we have spent some maintenance CapEx in the first half of the year. We keep our properties up to date, as you know.

If you run the CapEx through the P&L, you get the the the the the adjustment on your value, and that's why you see the net revaluation result there being being slightly negative. It's it's the maintenance of the properties that we are able to keep up to date to the current standards.

I think I think you also visited some of us our properties. If you look to the older parks that we are having, it's now 20 years.

If you are coming in there, you don't feel like them being 20 years. They are very well maintained, and that's also why we can continue to drive the rental growth.

That also comes back to what Remon just said before on Romania. If you look to those properties in Czech, while maybe slightly older, some of the the the initial parks that we built, they are generating more rental income than ever.

For that, we sometimes need to invest. That's the the the usual property management that we are doing.

That is also the service that we are delivering to our tenants and the quality that we stand for.

That's clear. A last one.

During your comments on Vietnam, you mentioned that Chinese companies active there are also looking to enter Europe. Do I read this as that they first want to cooperate with you in Vietnam before they decide on whether they will partner up with you entering Europe?

Just how tangible is their ambition to enter Europe?

It's both. Remon can also add on that, but we have been, of course, touring also around in Vietnam, and when we see many companies active there, both our existing clients, because we already have quite a bit of Chinese, Taiwanese clients who we have in Europe, who are also active there, Inventec, Wistron, etc.

Same with the Chinese clients who we have in Europe are also active in Vietnam. There are also, of course, Chinese active in Vietnam that are not yet in Europe.

It's both ways. The start of CTP Asia through our operations in Vietnam is really also to strengthen our network there.

We have seen the growth of Asian clients coming to Europe. I think we have been one of the first ones to act on that.

That's also why you have seen the increase in the Asian tenants in our portfolio. That's also why we, of course, have the team on the ground in China focused on business development, companies who want to expand into Europe.

We think we can leverage that even more by our operations in Vietnam, because especially if you look to the northern part of Vietnam, you see many of those Chinese companies active there. Basically, it's part of the China plus one strategy.

It's the more regional production. They are growing outside of China, and some of that is in Southeast Asia, some of that will be in Europe, because Europe remains the largest consumer market in the world in terms of population.

For Chinese companies to have that growth, and with the new regulation in place, they need to be in Europe, and whether that's manufacturing or whether that's more e-commerce. Remon also mentioned it in the intro.

We signed, for example, with a Chinese e-commerce player in Poland. We see more demand of those, especially with the new regulation where small packages are no longer exempt from import tariffs.

They're looking for more space in Europe. The same with the manufacturing, whether it is EV-related, whether it's semiconductor-related.

The regulation basically drives them to produce in Europe for Europe, together with, of course, the growth ambitions that many of those Chinese companies have and the consumer market that Europe has to offer. We think that with the operations in Vietnam, we can tap in way more into that network and basically enhance that growth with Asian companies.

To finish maybe and summarize, CTP do 1.5 million square meter of new business this year, 1.5 million, right? That's around 10% of the completed portfolio.

Two-thirds of that, let's say 1 million, is existing clients, and the remaining one-third, say half a million square meter, we look for new clients. We think that more than 50% of that 500,000 square meter, to be exact, 300,000 square meter, is our target for this year to secure that with Asian, mostly Chinese, tenants.

Far, first half this year, we have been able to achieve that. We have done more than 150,000 square meter of new leases with Chinese companies.

That is a mix of all type of companies, honestly. It's logistics service providers like SF Express, companies involved in manufacturing of machines for the agriculture industry like Zoomlion in Hungary, also the new automotive, the EV industry, Lianbo in Serbia, one example, but also a large e-commerce company which we recently signed for Poland.

We have a very clear identified number of target groups, and Asian companies, in particular Chinese companies, is one of the target groups which we approach. We have established a China desk, we have a team of people, Chinese people in China, but also in Europe, who are actively approaching Chinese companies to see if we can help them with their property needs in Europe.

That's also Germany, by the way. It's not just Holland or Poland.

It's throughout the portfolio. Now, and with our activity in Vietnam, we getting even closer to those Asian companies and Chinese companies, also because many Chinese companies take space in Vietnam.

This works nicely together, and it helps us to further extend our China desk or our Asia desk when it comes to securing business, not for Europe only, but also going forward for our Vietnam project.

That's clear. Thank you.

Yes, good morning, Vivien Maquet from Degroof Petercam. Thanks for taking my question.

Two for me. Maybe the first, a follow-up on the increasing competition in Romania.

Just wondering if there is any specificity to micro-location when you see competition rising more intensively than other location, and at what extent you see discrepancy in term of the rent that you can achieve in between your parks? That will be my first question.

Thank you. This is more Bucharest-related.

Most of our projects are in Bucharest. Maybe more specific, yeah, with respect to the rental growth on ERVs we adjusted, I thought we could get €5.50, maybe €6 for smaller units, like a 1,000, 2,000 square meter, and that doesn't seem to be the case.

We are still at around €5, maybe €4.75 or something like that. There is some local players.

Maarten referred to trade developers. Is that so?

I don't know. There's competition coming from different places.

Maybe there's more supply than it used to be. Maybe the market need to still get used to higher prices for the square meter.

We see land prices rising, construction costs rising. I think it's just a market which will become more mature.

That's what it is. We came down with the ERVs.

We said, "Guys, if you can't lease it for €6, then maybe try for €5." I think that's what it is really.

In order not to have ongoing discussions with the leasing teams, in order to avoid that we give a lot of incentives so that the headline still looks good, but in the end that the net effective is far far lower, which we don't want to do, we never did, so that's why we said, "Okay, let's bring it down a little bit, see how the market reacts, see how..." It's maybe also a little bit protecting our position.

Maybe we keep it low for the moment not to motivate the others. It's a bit of what you do.

No, nothing to worry about. As I said earlier, cash remains same, better actually than before with, yeah.

Thanks for the additional details. Appreciate it.

My second question will be rather on the increasing LTV. Understand that it's not the cash, but what about the credit rating?

Do you see any issue with the creeping LTV, knowing that the net debt to EBITDA is still remain below 10 times? My question rather is at what point, let's say that situation doesn't improve or stabilize in Romania and that LTV continue to go up, do you think that at one point you will take action in order to reduce your LTV back to the target range?

We don't see any need to do anything at the moment. We are in regular contact with the rating agencies, as you know.

Moody's confirmed upgrade to Baa2 earlier this year. See no reason to expect any change in outlook or the view from the rating agencies.

Clear.

I think the rating agencies understand that operationally, the company does extremely well. We will generate in the next 12 months over €850 million of cash.

That is what fundamentally underpins the credit quality of the company. It is the strength and the diversity and the predictability and the reliability of the cash flow that we have.

The point that Remon was making about Romania. The valuations are a point in time, multiple of a cash flow that you're generating.

They are hypothetical value. The cash flow is not hypothetical.

The cash flow is real. That's the strongest point that we have.

That's something that the rating agencies understand very well. I don't expect anything from the rating agencies, at least not on the discussions we've had with them.

Thank you.

Morning, all. Just a couple of questions from me.

The first one is would you be able to provide a bit of color on the decline in the rents obtained for the first half of this year's leasing in Germany, the 185,000 square meters, just compared to prior year? Appreciate it might be nuanced, but

some color there

would be good. Go on.

I can answer that one quite quickly. That has to do with where the rents were.

The rents in the first half of last year were in the new project that we're building in Mülheim, state-of-the-art brand new properties. The leasing in the first half of this year was in the Deutsche Industrie portfolio.

Actually, there's a material uplift in the building-for-building like-for-like with the leasing in the Deutsche Industrie portfolio, but it's obviously at a lower level in absolute terms than the leasing for the brand new under development assets.

Perfect, that's very clear. Then the second one is just on you're able to share the sort of total development costs on average for developments in Vietnam as well as the target yield on cost.

Then what kind of development run rate will you target going forward, or is it going to be more we see how the current developments go and then will reassess?

If you look to Vietnam, and we have secured those two sites, we're now basically working on the tendering, etc. It's a bit early to give all the details, but I think if you look to the market, you see construction costs around $300 per square meter.

That's if you look to our peers who are active there. It's cheaper than of course in European markets.

Labor costs are also cheaper there. Land costs are a bit more expensive.

It's ultimately the mix of that gets you, of course, to the yield on cost. We target yield on cost around 12% or so.

We'll see how it goes. It's really those two projects are our first try.

One is in the north in the Hanoi-Haiphong corridor, the other one is in the south in Ho Chi Minh. Real the largest consumption areas and biggest agglomerations in terms of population in Vietnam.

They are good locations where we think we can do successful projects with our existing clients, but also with some of the new clients over there. We'll try and see and learn from that.

That's always how we do if we enter new markets. We have a good team on the ground now with property managers that are experienced, that have done it multiple times.

It's an exciting opportunity for us in terms of the cash flow generation. It's one of the higher cash flow generation countries, similar to what we can do in Serbia, etc., where we target higher yield on cost.

As for us, it's always a balance between the cash that we can generate, which is important, because that what Richard refers to is essential for our credit rating, is essential for our financing of future projects, because ultimately that's the cash which gives us the self-financing opportunity that we are having. That's a bit where we are looking at Vietnam, learning by those two projects and take it from there.

Then we can see what the run rate will be on a yearly basis.

Perfect. Thank you very much.

Good morning, and thank you for the presentation and to take my questions. I've got two from my side.

I'm just coming back on Vietnam, actually, where you mentioned it's tenant-led. Are these completely speculative schemes, or are you developing these with specific tenants in mind based on the discussions you're having?

Then secondly on leasing over the quarter, another quite significant tick-up. Was there anything in there which would make that kind of non-like-for-like or something specific that drove that pace?

What level of pace could you set really for the second half based on the current discussions you're having? Thank you.

I can take the first one. Thank you for your question.

With regards to Vietnam, yeah, we see a lot of opportunity in Asia and in Vietnam in particular, indeed driven by or following discussions we have had with our tenants. That's obviously after two years, because it's almost two years since we start look at Vietnam.

We now look forward to doing our first project. We are preparing for the design and permitting.

I think in Q4 we could potentially start. We could decide to start with a pre-lease, we could decide to start a bit smaller with some speculative development, depends also a bit on how the negotiations develop with our tenants.

The two sites which we have identified are really strong and good locations. You can find details on our website.

One is, as Maarten explained, Ho Chi Minh, good location, established business park, no more land, this is the last land site. Good demand already, not from existing clients only, but also local through the network, the CBREs and Savills and all of that, Knight Frank, who approached us to see if we can do a project for some of the clients they represent.

Definitely see, but these two projects are not the last one, this is just the start. I think there's way more opportunity there.

We are actively looking in different opportunity. I hope maybe on the Capital Markets Day or maybe a bit later, we will be able to give you a bigger, a better update on that.

Very good, very excited about that opportunity. Maybe with regards to the leasing we've done in the DIT, Maarten, want to take that or, Richard, you want to provide some more insight in that?

Yeah. Sure.

If you look to the leasing activity, and you see it also on the slide in the presentation, Marios, it's quite broad-based. In most countries actually, we are up in terms of the quantum of leasing that we have done.

Overall demand remains solid and actually very strong in some cases. That's really reflecting, of course, the growth drivers that we have been talking about.

Leasing is always one-off, because each and every lease you need to do a lot of work for, except, of course, the existing tenants. That's a very continued stream of leases that we are getting.

That's also the strength of our growth model, the consistently sea of growth with existing clients, and two-thirds of our new leases being signed with those clients. That's you see across the countries, and then of course you do the new leases on top.

We think that with the locations we are having, we are good positioned for the second half of the year, also when we are looking to the conversations of the teams on the ground. We need to do a lot of work for each and every building and each and every lease, but that's normal.

We have a good pipeline of negotiations, and we hope to translate that. That's also why we are looking if we talk about the development completions between that 1.4 and 1.7 million square meter for this year, we are now over 50% pre-leased for the developments that we want to complete this year.

It's in line with our usual track record. We expect that to tick up, like usually, to 80%, 90% at completion, similar to what you saw at the first half deliveries, the 245,000 square meter we delivered in the first half was 93% pre-leased.

We expect a usual tick-up in the Q3 and in the Q4, basically leveraging the ongoing negotiations that we are having with our tenants as well as the new tenants, the Asian tenants coming in, some new sectors that are developing. You've seen a bit more interest from the cleantech.

We did, for example, a big deal in the first half of the year with Vindar, the windmills in Poland. We see really good demand from FMCG, consumer spending.

If you look to the shift in basically where demand is coming from, we see a real strong increase of retail, wholesalers, who are basically expanding into the CEE market and therefore needing more space. As on the back of the growth, domestic consumption, those are expanding their networks, they're opening new stores, opening new warehouses.

That's really the increase in the sector that we are seeing. That's why we are confident for the second half of the year, but on track in terms of leasing for our pipeline as guided.

I think in terms of where we will land at the end of the year, do I think that we'll be up 55% compared to the whole of 2025? Probably not, but we'll push as hard as we can to get as close to that as we can.

I think we are firmly on track to have another record year for leasing this year. We'll do everything we can to make that as big a gap to the old record as we can.

Great. Thank you very much.

Hi, Brent. Look, the bulk of the growth is in and around our existing parks, with two-thirds of the new leases, like Remon said, with existing tenants.

The bulk of our growth is going to be internally generated organically, organic growth, and that we can self-finance at the 10% plus yield on cost. Then on top of that, we have the growth engine that adds new markets, Italy last year, Vietnam this year, and they will come online over time and add to the ability for us to then generate organic growth next to the first buildings we've built in those countries.

Morning. It's Greg from BNP Paribas.

First question would be just on the Asian tenant story. It looks like 15% of leases over the last 24 months was to Asian tenants.

It was 20% a quarter ago, and it looks like GLA was quite flat quarter-on-quarter. Just wanted to check in is there any change near term in terms of dynamics you're seeing with Asian occupiers, as it does feel the medium-term opportunity is attractive?

Then just a second quick one was is there any update on data centers? I know there was some discussion last year about Germany.

Thank you.

If you look at the Asian tenants, the 20% was on a much lower quantum. Actually, demand from Asian tenants in total is increasing, because if you look, 15% of the record leasing that we've been delivering over the last three quarters is materially higher than the 20% of the smaller quantum earlier.

Actually, we continue to see very strong demand from Asian tenants. It's not a surprise that it ticks down.

They make up 12% of the portfolio. If we're doing a lot of extensions or expansions with existing tenants, that you would expect that number to come down, statistically.

Because

it really comes back to what is the percentage of Asian tenants of the new leases. That's also what Remon said before, if you look to the new leases that we are doing with new clients, because we have a lot of new leases with existing clients, but if you look to the percentage of Asian from new leases with new clients, that remains increasing with the demand that we are seeing.

In the first half, we did some more renewals, as you can see, if you look to the percentage, that's impacted by that. Then you asked for an update of data centers, your second question.

At this stage, we are looking at some things in Germany. We also have one, two potential sites maybe in Italy as part of the acquisition that we did with VLD, but it's too early to say.

It takes time, those things. We are working on it.

We have power, but of course there need to be the demand as well from the users. It's securing power, securing permits.

We see it maybe a bit less than of course you have in some Western European markets, but it will come also here, also of course driven by regulation, more regulation requiring, of course, data being housed locally or in the country, especially sensitive data. That's also regulation coming in place.

Over time, there will be opportunities also for us in the markets where we are active. When there is an update, we'll come back to the market.

Thank you.

No, we'd just like to thank you all for your cooperation, and look forward to seeing as many of you as possible at our Capital Markets Day in Warsaw on the 22nd, 23rd of September. Thank you.