Good morning everyone from Prague. It's me here with the Q1 results for '26, which is good because we have seen a all-time record-high leasing take-up of more than 762,000 square meter of new deals.

Around 445,000 square meter of that is new-build new deals, and the rest is some renewals throughout the region. Mostly for existing clients, long-term tenants as historically around two-thirds of all of what we lease, we lease to our existing clients.

Those are logistics service providers, DSV, Raben, and many others, but also we have been able to close in Q1 a number of deals in Germany, in Krefeld, which is one of our new projects in Germany, but also some renewals in Romania, for example, Valeo in Timișoara. We have done a deal with Leroy Merlin in Bucharest.

All kind of different industries, but, yeah, very good. Record high, we've never seen so much leasing as we have seen in Q1.

I think Q2 going to be a record again in terms of take-up, but let's see how far we get. This confirms strong client base, it confirms the right region.

I think also confirms that with all of this events happening over the past weeks, months, decades maybe, we've seen COVID, we've seen tariffs, we've seen wars, often our clients adjust their supply chain from just-in-time becomes just-in-case. They want to build inventory.

They cannot rely on the Suez Canal being open all the time, rather have a bit of extra goods on stock. More in Europe for Europe is what we see, mostly Central Europe because labor cost, productivity is different here than in some of the Western European countries.

Often means that our clients are growing their business and building inventory just to make sure that they can deliver if they need to, to make sure that they can sell and continue to run their business. All of this also means flexibility.

Leasing or renting property is therefore also very much in demand and appreciated and gives more flexibility. It's not that companies build properties which they will use for the next 30 years, it's more like they want to maybe rent something for 5 years or 10 years or even short-term leases is what we do.

Short-term leases can be at a bit higher rent than long-term leases, of course. Us as well-established companies with feet on the ground here in Europe and Central Europe in particular, I think we benefit from that with a client base with people on the ground, with a network.

We've been doing this for, well, more than 25 years, we benefit from that. Europe cannot rely on others.

You need to maybe reindustrialize, as some people say. Anyway, become more self-sufficient, do look after your energy business, technology, but also defense industry.

Also for companies outside of Europe, also they come to Europe to be part of the European economy, and we've seen that many Asian companies come to Europe. We do a lot for them, and I think it's going to continue.

They also come to Europe under the in Europe for Europe idea. Some highlights on the operator and developer, because I don't have to tell you that we collect rent, because we always do that, and occupancy has been around 93%, similar to what we have seen over the past 5 years since our listing in Amsterdam in 2021.

Operator: so far, good. 14.7 million square meter of lettable area, which produces €850 million of rental income.

For next year, 2027, as we target €1 billion of rental income, and that is still a realistic target. That's with regard to the operator.

With regard to operator, I can also say maybe that we continue to invest money in those buildings, make sure that they remain in excellent condition. We do all kind of modernizations, smart metering.

Of course, we equip those buildings with LED. We did and do some roof repairs, all kind of other things to make sure that these buildings remain in a good condition.

Often, these buildings are obviously part of a larger business park. It's just important, we believe, to continue to invest in those parks, not only the buildings, but also outside infrastructure, etc.

For example, it reminds me of a project in Brno, Modřice south of Brno, which we started in 2001. Then we now recently build another exit from the motorway to improve the accessibility.

That's what we do. We also improve in green areas and parking lot and some battery chargers.

We make sure that these properties are up to date and fit for use, and they have been built well back in the days, so. That's the operator.

Developer: the stuff we like. 2 million square meter under construction throughout the portfolio, 11 countries.

Not all of that will be complete this year. Some properties take a bit more time to complete, but once fully let, it will do another €150 million rental income, around that.

Keep construction cost under control. Obviously, there's a bit of here and there discussion about construction prices.

Try to keep that under control. I think we can do something on rental growth as well.

We have a large land bank which we like to develop, we are working on design and permitting to make sure that the land bank is prepared for future projects at the same time. The developer is not only building buildings, but is also preparing for future developments, which often is, I think, probably the most demanding because you need to do proper design, you need to get your permits, and that's something that can take time.

Once you're under construction, then you control the process and then you're okay to estimate your completion dates. Target is to remain at 10% yield on cost.

Continue to do that. Lots of existing clients also, as I said, adjusting supply chain and adjusting strategy to the new reality, flexibility, also being able to react to the changing market circumstances goes for our clients, but also goes for CTP.

In times of change, there is opportunity. When all is steady, then it's easy.

I think you can make a difference when it's a bit bumpy and more challenging, and this is something which we enjoy, which we like to make sure that now is the time to make a difference, it's all hands on deck. It's the time of opportunity.

All together work for a better and stronger Europe, for sure. Asia: yeah, of course, we continue to look.

We have teams on the ground in China. We have a team in the meantime in Vietnam to make sure that we understand the market.

We talk to our existing clients on whether they would go to Vietnam with us and how that would look like. Many of our existing tenants have activities in Asia, and many are in Vietnam already.

We could have been part of that maybe, but we were not ready, and I think we're getting up to speed to be prepared and to see how we could extend our activities and also become active in Asia, and Vietnam would be then the first market for us. I continue to go there, as you know.

I'm typically involved in CTP when it's a startup, when things start to go before we hand over to local country teams. I do plan to continue my travels to Vietnam on a monthly basis, approximately, and try to spend a week in Vietnam.

Far, good this year. I will hand over to my colleagues, and I'm happy to and ready and prepared to answer any of your questions.

Thank you very much.

Turning to the financial highlights. The portfolio like-for-like rental growth came in at 4.6% for Q1 '26, accelerating from 4.2% in Q1 '25, driven by indexation and continued positive reversion capture.

As Remon highlighted, we delivered a record quarterly leasing activity of 762,000 square meter, up 83%, and occupancy remained stable at 93%. The annualized rental income increased by 14% year-on-year to €849 million, illustrating the strong cash flow generation of our portfolio.

We remain well on track to achieve our annualized rental income of €1 billion by '27. This cash flow will finance our future growth.

Our company-specific adjusted EPRA earnings increased by 11% year-on-year to €120 million. This translates into 10.5 cents per share, an increase of 9% compared to Q1 '25, adjusting for capitalized interest.

We remain on target to meet our full-year '26 company-specific adjusted EPRA earnings per share guidance of €1.01 to €1.03. Now looking at the valuation results.

For the Q1 and Q3 results, only the investment properties under development are revalued. In Q1 '26, the revaluation amounted to €164 million, driven by the construction and leasing progress, allowing us to capture the development profit on our pipeline.

On the projects delivered in Q1 '26, we achieved a yield on cost of 10.4%. The total portfolio gross asset value now stands at €18.9 billion, up 2.2% from full-year '25.

The supportive demand drivers of our business are not just prevailing, but are becoming even more relevant given the current geopolitical environment, whether those are European companies reshoring, or global companies relocating manufacturing to Europe, and in particular to the business-smart CEE region to more effectively manage their supply chain risks. These changes bring opportunity, and we are ready.

Not only with the 2 million square meter of space under construction today, but as well with our 33 million square meter land bank. This enables us to capitalize on our high development yields on cost.

We also continue to grow with our existing customers. 73% of the new leases signed in Q1 are with existing clients expanding with us, and our tenant retention rate was high at 95%.

Of the space under construction today, over 80% is in or around our existing parks, where we continue to see strong demand, especially from those existing clients. Our EPRA NTA per share increased from €18.58 at Q1 '25 to €20.95 at Q1 '26, representing a strong year-on-year increase of 12.8%.

We have now been 5 years listed as CTP, and in those 5 years, we have delivered an annual growth of 19% in terms of GLA and 22% in terms of the annualized rental income. This is just the start of our self-financed development-led business, and it is supported by our standing portfolio with sustainable and growing income alongside market expansion opportunities.

Looking forward, structural tenant demand drivers, including our medium-term double-digit annualized growth trajectory, remain unchanged. As Richard will highlight to you now.

In Q1 2026, we have again demonstrated our strong access to debt capital markets and our continued focus on diversifying sources of liquidity, raising nearly €800 million of new debt during the quarter. We seized a favorable market window early in January and issued €500 million of green bonds with a 4.5-year maturity ahead of the geopolitical volatility that followed.

The bond was very well received, with an order book almost nine times oversubscribed, and provided highly attractive funding at a spread of only 92 basis points, our first issuance below 100 basis points since 2021. Following our inaugural Samurai loan from March last year, we also returned to the Asian markets with a new dual-tranche 5-year syndicated loan, raising 22.5 billion yen, equivalent to €122.7 million, at a margin of 115 basis points, and $180 million at a margin of 135 basis points.

With 15 Asian banks in the syndicate, we further broadened our pool of lenders and strengthened geographic diversification, both of which remain long-term strategic priorities for us. We also continue to actively manage our debt portfolio and repurchased €216 million of our February 2030 bonds with a 4 3/4% coupon, generating material interest savings over the coming years.

Supporting our integrated business model—the developer, the growth engine, the operator—we will continue to proactively manage our debt portfolio and diversify funding sources in support of long-term value creation. Turning to the key debt metrics.

Our interest coverage ratio remained stable at 2.5 times, comfortably above covenant level, and normalized net debt to EBITDA stood at 9.4 times, broadly stable. Our loan-to-value stood at 46.4%, marginally above our 40% to 45% target range, primarily reflecting the land-bank-led acquisition in Italy at the end of 2025.

We believe this acquisition will be highly accretive over time. Importantly, the next stage of growth is built in and financed.

To complete our 1.4 to 1.7 million square meter pipeline in 2026, we do not require additional equity capital due to our sector-leading yield on cost of around 10%. Every euro we invest in our pipeline increases our ICR and decreases our net debt to EBITDA as leasing income comes onstream.

That underpins our confidence that we can continue growing rental income at double-digit rates while strengthening the balance sheet. Looking through 2026 and beyond, CTP maintains a conservative debt maturity profile.

We also repaid €350 million of bonds maturing in January, and our only remaining bond maturity in 2026 is €275 million at the end of September. Looking further ahead, maturities remain limited over 2027 and 2028, with less than €1.1 billion in total outstanding over those 2 years.

Liquidity at the end of March stood at €1.9 billion, comprising €600 million of cash and our €1.3 billion RCF, 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 4.8 years. 99.9% of our debt is hedged or fixed rate, and the weighted cost of our debt decreased to 3.2% in Q1, marginally below year-end 2025 due to our active liability management and refinancing activities.

We do not expect a material increase in our average cost of debt in 2026. We remain confident in the outlook for CTP despite the volatile geopolitical backdrop.

Operationally, the quarter was marked by record leasing activity while rental levels remained resilient. We continue to see structural drivers, such as rising disposable incomes, 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 bringing €154 million of future rental income, and over €7 billion of development profit potential in our land bank. This provides 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, while continuing to progress towards our longer-term ambition of 30 million square meters of GLA. Thank you for your attention.

We now welcome your questions.

Thank you, good morning. Thanks for taking my questions.

I've got two from my side. Firstly, you mentioned you're anticipating another good second quarter for leasing volumes.

Maybe can you give some color on the negotiations and the pace of leasing in the current environment, which would then feed into your volumes maybe later in the year? Has anything changed on the ground?

Thank you.

Hey, Marios, thanks for your question. If we look in terms of leasing, and Remon already said it also in the video, we see a good start of the second quarter.

That it remains supportive. That's really driven by if you take a step back and look to the long-term drivers of what is now really underlying those leasing activities, it comes back to that the current geopolitical volatility that we are seeing is actually only supporting demand from our tenants, because they want to have security in their supply chain.

That's why also if you look to the second quarter, we see a good start. We are positive on the outlook for the quarter, thanks to the current position where we are in, which we think is only good for Europe long term.

Because Europe as a continent, driven by those geopolitical movements, has to become more self-sufficient. If you then look to where most of that production which will happen in Europe for Europe will take place, that remains consistently in what we call the business-smart Central and Eastern European region.

That hasn't changed materially. That has been in place over the last 5 years, and that's why you also see the consistent growth in leasing that we are able to do.

That will play out through the second quarter. Of course, we need to deliver, and we'll update you accordingly.

I think the first quarter should give you the confidence in what we are saying, because we speak to our clients on a daily basis. We have people on the ground in all our parks, property managers, relationship managers, who speak to the clients, who see how the clients are operating.

They see that the space which the clients will need, and that is how we are so reactive. That's also why we are growing so much with our existing clients.

I think that's often a bit underestimated by the capital markets, but if you look, if we do more than 70% consistently with our existing clients expanding with us, and we have a very broad base of existing clients, more than 1,500 across the portfolio, that drives an enormous amount of stable and consistent growth over the years. That we expect to play out in the second quarter.

All is set up for that, and we'll try to deliver in line with also the guidance we have given for this year.

Thank you. Then just on construction costs, I think there was a reference to it in the presentation.

How protected are you from price increases across both your existing developments, but also on the future impacts or the potential impacts on your development returns targets? Any color there would be appreciated.

Sure. Thanks for the question.

In regarding construction costs for this year, yeah, wouldn't really expect any significant impact on our pipeline for this year. You can't hedge everything forever into the future.

Should there be a really long-term persistent increase in energy costs driving higher construction commodity prices, that's going to flow through into our business. We won't compromise on our targets.

That means that we will look to increase rents going forward. I think, if you look at the backdrop to today versus the last time you saw a significant energy price increase, which was start of 2022, the start of 2022, you had a lot of construction activity that was still ongoing, fueled by the zero-interest-rate policy that had been going on for the last 15 years.

You have a lot lower level of construction activity generally at the moment, we would think construction cost inflation can remain relatively muted.

Great, thank you very much.

Yes, hi, good morning. Few questions on my end.

Just to hear your thoughts on rental evidencing. You mentioned that adjusted for the country mix, the rents are at 1% year-on-year, while admittedly, I guess, in your country's inflation would be more closer to 2%.

Can we conclude that the rental growth is slowing down or is it just due to the specific lease term that were negotiated? First question.

Hey, Fred. Indeed, you are correct.

If you look to the leases that we signed, they were up 1%. Those are indeed not like-for-like.

That's why you also need to look at the like-for-like rental growth that we are showing, and it's always the mix of those two figures. The like-for-like rental growth, you see of course the indexation, but you also see the reversion capturing.

As we are the leases which are coming up to expiry, we see that we are able to capture that reversion. That's ultimately, of course, the fundamental proof of the ERVs in our portfolio and the rental growth in our portfolio.

If you look to the leases we signed in a specific half, they are indeed not like-for-like, it depends we have signed a bit more renewals this quarter, prolongations, while a bit less if you look to the ratio, actually, new leases. That impacts a bit that figure.

Overall what we see is, and that's also what we said, I think, at the full year, we continue to expect rental growth in line with inflation.

Okay. That's clear.

Can you maybe just, Remon, on that, quantify from the 4.6% like-for-like, how much was driven by reversion and how much by indexation?

Around 2.5% by indexation, and the remaining is mostly reversion.

Okay. Then a last question from me.

Just wanted to have your view on the new start of project for Q1. If I compute it correctly, it's around 140,000 square meter, which would be the second slowest new construction starting since early 2022.

Is it just a timing issue, or have you decided to slow things down regarding new construction?

It's more of a timing issue. Actually the exact number is because we delivered 116,000 square meter in Q1, our pipeline increased by roughly 50, in total, the new starts is actually around 170.

To give the exact figure. That depends a bit when we start projects.

I think if you look to the pipeline we are having, we have now a bit over 2 million square meter under construction, which allows us to deliver that 1.4 to 1.7 that we expect for this year. You need to look at, okay, what is the expected deliveries, and what is the total pipeline.

Then it's indeed timing in which quarter we start the projects. Ultimately, typically if you have a simple building, we can deliver in 9 months, 12 months if it's a simple logistics building, if it's a more complicated building or more manufacturing or more extras, it can take longer.

We have also one, two office buildings in Brno in our pipeline, which also take longer. It's always a bit of mix of when do those projects start.

Ultimately, yes, if you look to the pre-leasing, which is ultimately where we guide upon, because as management we are looking where do we want to start on a speculative basis and where do we want to have pre-letting in place, you see that the pre-letting made a nice jump in Q1 on the back of, of course, the strong leasing evidence that we showed. We have more pre-letting as you know in new locations, like usual because that's in line with our strategy, while the pre-letting in our existing parks, because if we have an existing park of 100, 200, 300,000 square meter with proven demand where we, as explained also in the call, grow mostly with those existing clients, we typically start with a bit lower pre-let because we have the proven evidence of leasing demand over there.

That remains consistent, and that's what we are managing upon. Where is the pre-let that we want to target for the locations.

There, I think you saw the good growth that we have been able to deliver. When do the projects start is more of a timing issue than anything else.

Okay. Understand.

Thanks, Maarten.

Hi, good morning, thanks for taking my questions. As you mentioned, Q1 has been a record quarter in terms of leasing, but could you comment on the split between leasing for new developments and expiring leases?

How does that split compare to previous years?

Sure. That's also what we highlighted in the press release, I think, already.

If you look to the 762, around 320, 330 is related to prolongations. If you look to the amount of prolongations as part of the overall leasing, the percentage it's a bit higher.

This year, we have a bit over 700,000 square meter of leases expiring, with that, we are nearly at half of the expiries basically taken care of, and some already for next year. Of course, it's not always exactly calendar year to calendar year.

We've taken care of a lot of the expiries upcoming, which I think is a good sign. Tenants, that falls back to what I said before, looking for the security in their supply chain.

Willing to prolong their leases to make sure that they keep the space available, which is basically essential to, of course, run their business. Then the rest is for new leasing, either for some expansion of existing clients in existing parks or for future pipeline projects, some for '26 deliveries, some for '27 deliveries.

If you want more details, I can give you an more detailed split offline.

Happy to help if that is useful for your modeling. In general, yes, a bit more prolongations this quarter than normally.

That's also what I said when answering to Fred, of course, impacting slightly that rental tone figure.

On that prolongations, does that mean that tenants have pulled forward the decision, or is it also that of active management on your side? A

bit of both. Look, you never want to negotiate with a tenant in the last month or couple of months of a lease.

You want the certainty and the clarity as a landlord, but the tenant also needs the certainty and the clarity. That's what Maarten was saying.

If you look at what are tenants doing with us, they're prolonging and staying with us in an existing park, and often they're expanding either their operations under their existing roof, or sometimes also adding a small amount of space. That's the real strength of our CTP park model, that we're able to offer tenants the opportunity to grow and develop their business in the same location, which is much more efficient and effective way for them to run their business.

That's clear. Just combining your comment on a strong leasing activity in Q2 and the timing for construction starts, would it be fair to assume that development starts over the next quarter should just come in higher than the 170,000 square meters in Q1?

I would assume our pipeline to remain roughly stable in Q2. Subject to the amount of deliveries, we will also start a similar amount of new projects.

As the portfolio grows over time, also the new starts will grow.

That's clear. Thank you.

Hi there, good morning, thanks for taking my question. Just one from me on I believe it's slide 12 of your presentation from this morning.

You give some figures on the rental terms across different countries, and I've noticed quite a disparity for both Germany and Poland and also Romania. I just wanted to ask what the drivers were for the change in rental terms across these markets.

I think it was negative for Germany and positive for Poland year-on-year. Thank you.

That's really comes back to that the leases are not like-for-like. If you look to Germany, last year we signed some deals for new developments.

This year, we basically only signed deals for the former DIR portfolio. That's why you saw that last year the leasing, we signed at slightly higher rents because we had new developments in there, while this year it's more the older products in DIR.

That's why you saw in Germany a slight decrease. Poland, you saw an increase indeed, that's driven by one tenant which had extras and which needed a big yard space.

We published, I think, 2 weeks ago is the Windar, they produce windmills, wind part for the wind farms. They have a larger extras and larger outdoor space.

If you then look on a per-square-meter basis, your rent screens higher. It's really the leasing is reflective of the specific deals we are signing in the quarter.

That's why, we always look in it as answered before, in combination with the like-for-like rental growth where you see across the whole portfolio, and that's why we are constructive of course on the back of the leasing demand, that we continue to see the rental growth coming through in line with inflation.

Very clear, thank you.

Hi, good morning, and thank you for taking my questions. I have two.

To start off, why did you remove the number of head of terms signed from the slides? How many head of terms were signed up to March '26?

That's the first one. Then the second, where was demand for leasing for new developments in Q1 coming from?

Please break down the 435,000 let's say by country, type of clients, type of assets, and maybe what we can expect for the breakdown in the coming periods. Thank you.

Sure. If you look at the demand for the new leases, we saw that pretty much across the board.

You need to be careful about looking at one quarter. If you look at the last two quarters, we've done in total over 1.5 million square meters of leasing.

If we look at the slightly longer-term trend, what we see is an increase in demand from logistics companies, an increased demand from wholesale and retail, and both of those reflect the fact that we're operating in markets with significantly faster-growing disposable incomes, growing middle classes, with aspirations to improve their quality of life and their willingness to spend money. That's attracting new entrants into retail spaces and driving increased retail sales across Central Europe.

You see that then flowing through into demand from logistics and retail and wholesale. Tenants what we've seen less of over the last couple of years and that comes and goes a little bit is automotive.

We've continued to see good demand from Asian tenants, make up 12% of the portfolio. Now, new leasing this quarter was a bit less than the 20% we've been running at in the last 2 years.

That's partly to do with the good level of extensions and expansions with existing tenants that we had. That's there.

Look, regarding the HoTs, we'll always add or take away one or the other bit of information going forward. We are very happy and comfortable with the development of leasing activity in Q1, and as Remon said in his presentation, we're very, very happy with the start being in Q2.

Do you have the number of head of terms? It's okay if you don't.

It's just under 100. Similar to what we have seen in previous years, no fundamental change.

Okay. Because

otherwise we would not sign ultimately more leases. They are linked together.

A very large number of HoTs translates basically into lease agreements, because if you sign a HoT with a tenant, they agree on all the commercials. As most of our clients are existing clients, they are not surprised by the lease terms we are putting in the contract.

It's mostly just a copy-paste. If you agree on the commercials, then you see a very high flow-through into the final lease agreements being signed.

Okay. Clear.

Thank you.

Hi, good morning. I have two questions.

My first question is, I think you said at the start of the presentation there's more demand for shorter leases. Can you provide a bit more color on that?

What portion of leases that you signed are now shorter? What does shorter mean, and are tenants willing to pay a premium for that flexibility?

That will be my first question, thank you.

Yes, the short-term leases are actually mostly seasonal. They are not in our leasing figures, by the way, but just to be clear, the leasing we communicate are all leases above 1 year, which is very important.

There are sometimes short-term leases we do because we are an active operator, if a tenant says, 'Okay, we need short-term 3 months, 6 months more space,' and then we move into a new building, that's the flexibility we have due to our parks. That's also what drives, of course, the loyalty from our tenants and those long-term relations, because we are a partner for them, we help them to run their business.

We always do some, and that's seasonal, and especially in those times when people are looking for that security in their supply chain, we can do some more. Those are not in our leasing figures.

Those are on top. That I think is very important.

That's clear. Are they

The rental tone of those? Yes, they are always slightly higher, because ultimately that's the flexibility we offer.

That gives us a negotiation position, for short-term leases, we also always target to sign above ERV, standard very simple deals, no incentives, etc., just extra income for us and helping ultimately to run the tenant their business.

No, no, that's clear, thank you. Are they in your occupancy, and what percentage of your occupancy do they represent?

They are in our occupancy. They are probably around 1%, 1.5%, but they are on a consistent basis.

Yeah. Great.

Then my other question, look, we've talked about this, or other people have asked a question, but we're now 4 months into the year and the start of the conflict kind of fell in the middle of that period, right? We have 2 months pre-conflict and 2 months of conflict in the Middle East.

You're clearly highlighting how demand is strong and so on, but if we look across other industries, there is a delay in decision-making nevertheless, right? There is a fear about the impact on economic growth, maybe more in Asia than in Europe at the moment, but it's clearly in the post.

Can you provide any color on kind of leasing volume, time to sign a lease, rental tone for kind of the first 2 months of the year compared to the second 2-month period of the year? Are you seeing any change there or not at all?

Not really. Honestly, at the moment, and if I look at what we're seeing from our tenants and on what's being reported across the industry, at the moment, no, we're not seeing a significant change in tenant behavior.

Q1 was, like we said, a record for us, which we're super, super happy with. Q2 started well.

Far, touch wood, no change to tenant behavior. I think that goes back a little bit to what Maarten was saying earlier.

There's short-term volatility. There maybe a little more short-term uncertainty created by that, but actually this is just significantly reinforcing the mid- and long-term trends that are ongoing in terms of energy independence, military independence, manufacturing independence, that every region needs in and for itself going forward.

It's very clear we've moved out of a globalized world into a more multipolar world, and that will mean that there needs to be a lot more investment in Europe for Europe across multiple parts of the economy, and that will continue to drive growth in the mid- to long term, accepting that there may be one or the other episode of short-term volatility. I think, if you look at our tenants, half of our tenants are manufacturers.

They're thinking on a 10-, 15-, 20-year horizon, and sometimes for some of them, volatility is a good opportunity to get a space or claim a position in a market or take a space close to population where a workforce is around. The volatility is not only a challenge, but it's also potentially, and for those who have the financial strength and corporate balance sheets are in pretty good shape at the moment, it's also a great opportunity for them to take as well.

Great, thank you very much.

Hi, good morning. I do have, I think, two questions.

The first one is actually on your mid-term growth plan. You target the 30 million square meter GLA, but as I understand, you don't mention the concrete timeline anymore, while previously you basically set 2030, I think, as a target.

Just wondering how we should interpret that.

Thomas, we always said that we have the ambition to get to 30 million square meters by 2030, and we would still maintain that ambition. If we can get there by 2030, fantastic.

If it takes us another year or 2 years further, we still grow faster and further than anyone else in the timeframe. We will do our best to get there as quickly as possible.

We have the capability to do that with the 33 million square meters of land that we have, 14.7 million of GLA, and 2 million under construction. We can get there with what we already have secured.

We don't need equity to grow at 10% to 15% a year, which is what we've been doing for the last 28 years. Prior to the IPO, we never had access to equity and we were able to grow every year.

The IPO allowed us to grow faster, but we can do that. It will, to some extent, depend on the health of the markets that we're in and the tenant demand that we see.

If tenant demand continues over the 5, 6, 7 years, yeah, then we'll get there.

Okay. Second question is on Hungary and the regime change over there.

Just wondering what are your thoughts and the potential impact on your business, if you can say.

I think if you look to politics, it's overestimated in terms of impact on the operations. Hungary has been good in terms of leasing for us the last 3 years.

We have done record leasing almost in Hungary in those years. We don't expect that to change, because ultimately it comes back to how business-friendly is a government, and ultimately where do tenants want to invest, where do they see the workforce, where is the tax situation attractive, where are their clients located.

That's ultimately driving the decision-making of our clients. We have seen a lot of inflow from China in Hungary, for example.

That will not change with the new government. That will continue.

The leasing in Hungary also, if you look to the first quarter, was good. Ultimately what will be helpful, of course, is more from a capital markets perspective.

Hungary might be a bit better on the map, especially if they also get, of course, more funds from Europe, that will help them to bolster the balance sheet of the Hungarian state, give them subsidies to do roads and other infrastructure developments. That's helpful for the business.

Thank you.

Hi, team, thanks for the presentation. A couple of quick ones.

The pre-letting in new parks fell slightly quarter-on-quarter. Is that onward with tenants changing their minds, or is that more an impact of greater speculative development bringing that number down?

That's to do with starts during the quarter. There's still a material amount of pre-letting in the new parks, but no, I wouldn't overinterpret that.

Great, thanks. Then has there been any change in incentives you've needed to offer to help achieve that high leasing volume?

Would you say you're prioritizing price or occupancy at the moment?

It's always a balance and it depends on where you are. Overall, not really seeing a change in the incentives.

As we said earlier, good chunk was extensions, you're not really talking about incentives. Much for the new leasing, again, it's primarily driven by existing clients.

We always want to lease for more, they always want to pay less, and the talent is always to come to a deal that works for both parties, which we've been able to do record levels in Q1.

Great, thanks so much.

Sure. We entered Italy in the end of last year, as you will remember, November of last year, through big land bank acquisition.

We have been working hard in the meantime to build up the team. We have now more than 10 people in Italy who are working on the leasing, on the developments that are under construction, but also in the pre-development of some of the other land sites.

We are making good progress there. If you look to what we set in '26, we expect to deliver close to 200,000 square meter.

Most of that is under construction, is pre-let, good on the way. Italian market in general has seen good take-up in the first quarter, now we are working for our pipeline for next year to secure also the leasing for the '27 pipeline.

In general, we are positive on the Italian market. That's why we entered, and we see that playing out.

Now also with the team being built up, we have the people on the ground working there on a daily basis. Remon and myself are frequently in Italy.

Remon is always involved in the startup of the market, like he said before. Continues to drive the business there, integrated within the CTP platform.

We also have our existing clients that we have in other markets reaching out to us from 'Do you also have space for us in Italy?' That's good, and that's also how we grow.

We grow tenant-led. Tenant asking us, 'Can you also do something for us in market X or market Y?'

That's also playing out here. We are constructive on our Italian market entry and on track.

Hi, Wim. Ultimately, we are in Vietnam.

Like Remon said, we are making progress. We are looking to buy land.

We are now looking also at the design and permitting of buildings, also speaking to clients. We are in that stage.

We hope to be able to execute on that during the course of this year. We also have now team on the ground in Vietnam.

The geopolitical movements that you are seeing are across the world, with more local production. That is the role that Vietnam plays for Southeast Asia.

Also in Vietnam, each time when we drive around there, you see new plants being built, new logistics centers being created as ultimately the economic growth is strong. Double-digit, they target in many of the areas.

A new solid economic backdrop. Of course, we need to see how long the current geopolitical movement will play out, and how that affects different regions.

For now, what we see also in Vietnam is a continuation of operations, and a continuation of Vietnam benefiting from nearshoring, similar to what we see here in the Central and Eastern European region. Of course, we are also careful because it's a new market, especially in geopolitical times.

There might be willing sellers, it's good to have cash in the pocket so you can act quickly when you want. We are not in a rush.

We want to carefully understand the market, and that's why we are spending time there and trying to educate ourselves and building the team, we have a full setup when we make the decision to kick off.

No, we'd just like to thank everyone very much for their attention and their questions, and wish you all a good day. Thank you very much.