Warehouses De Pauw SA (WDPSF) Q1 2025 Earnings Call Transcript

2025-04-25 12:51:06 ET

Warehouses De Pauw SA (WDPSF)

Q1 2025 Earnings Conference Call

April 25, 2025 4:00 AM ET

Company Participants

Alexander Makar – Head-Investor Relations and Corporate Finance

Joost Uwents – Chief Executive Officer and Executive Director

Mickaël Van den Hauwe – Chief Financial Officer

Conference Call Participants

Vivien Maquet – Banque Degroof Petercam

John Vuong – Vanlanschot Kempen

Frédéric Renard – Kepler Cheuvreux

Paul May – Barclays

Jonathan Kownator – Goldman Sachs Group, Inc.

Pierre-Emmanuel Clouard – Jefferies

Nadir Rahman – UBS

Presentation

Alexander Makar

Good morning, everyone. Can someone please confirm if you can hear us right now?

Unidentified Company Representative

We can hear you.

Unidentified Company Representative

We can hear you.

Alexander Makar

Okay. Apologies. Thank you. We had a small technical issue. So this is solved now. Joost?

Joost Uwents

So, yes, I will restart my explanation as you did not heard it yet. So I would say, let's dive directly into our results. And I think, yes, we can say that we had a very strong Q1 with more than 150,000 square meters of new leases and more than 300 million investments secured. So yes is the answer on the question, is there still demand for logistics real estate? And even more important is the fact that we, as WDP, are able to capture that demand. That's one of our longstanding core competencies.

So we signed 165,000 square meters of new leasing contracts in Q1 across all segments and countries in the existing portfolio, in the pipeline in execution and new developments. And above that, we see a normalizing retention rate, which is reflected in the higher renewal rate year-to-date of already 80% versus 65% normally. So this shows early signs of recovery and reinforce our statement of the full year results. We are bottoming out and have reached an inflection point....

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