Top 3 Markets:

1. Belgium: 35%
2. Netherlands: 30%
3. Romania: 20%

Industries:

• Logistics and Distribution
• Retail
• E-Commerce

Warehouses De Pauw SA (WDP) generates the majority of its revenue from renting out logistics properties. The main markets for WDP are Belgium, the Netherlands, and Romania, which together account for the largest share of revenue.

The focus is on supporting companies in the logistics and distribution, retail, and e-commerce sectors, driving demand for modern warehouse spaces in strategically advantageous locations. The strong market presence in these countries and industries enables WDP to achieve stable income and benefit from the growing demand for logistics solutions.

Production: No in-house production

Warehouses De Pauw SA (WDP) is a company specializing in the development and management of logistics real estate. It does not produce its own products, but offers storage and logistics solutions to other companies. WDP develops, owns, and rents warehouses and distribution centers in various European countries, including Belgium, the Netherlands, France, and Germany.

Strategy for Future Growth:

1. Focus on Sustainability and Green Logistics
   Warehouses De Pauw SA (WDP) is increasingly focusing on sustainable real estate solutions. The company plans to reduce its CO2 emissions by using renewable energies and energy-efficient construction methods. This includes installing solar panels on the roofs of their warehouses and implementing energy-efficient heating and cooling systems.

2. Geographical Expansion into Strategic Markets
   WDP aims to strengthen its presence in existing markets such as Belgium, the Netherlands, France, and Germany while also exploring new markets in Eastern Europe. This expansion is driven by the increasing demand for modern logistics real estate in these regions.

3. Digitalization and Technological Innovation
   The company is investing in digital technologies to improve the efficiency of its logistics processes. This includes intelligent warehouse management systems and the integration of IoT technologies to optimize operations and enhance customer satisfaction.

Through these strategic measures, WDP positions itself as a leading provider in the field of logistics real estate, focusing on both sustainability and technological innovation to ensure long-term growth.

Main materials: Steel, concrete, insulation materials
Countries of origin: Germany, China, Poland

Warehouses De Pauw SA (WDP) is a company specializing in the development and management of logistics properties. For the construction and maintenance of their properties, WDP mainly imports steel and concrete, the essential materials for the construction of warehouses and other logistics buildings. These materials are often sourced from Germany and Poland, as these countries have a strong steel and concrete industry.

In addition, WDP imports insulation materials to improve the energy efficiency of their buildings. These materials often come from China, which is a significant exporter of cost-effective insulation materials. The selection of supplier countries is based on a combination of cost, quality, and availability of materials.

Market share in the logistics real estate industry: 12% (2025, estimate)
Average rental yield: 6.5% (2024)
Portfolio growth: 8% (2024)

Warehouses De Pauw SA (WDP) has established itself as one of the leading providers in the field of logistics real estate in Europe. The company's competitive advantage lies in its strategic positioning in key logistics centers and its ability to enter into long-term lease agreements with stable rental yields.

The continuous portfolio growth of 8% in 2024 demonstrates WDP's ability to identify and capitalize on new investment opportunities. Additionally, the company benefits from a diversified customer base that reduces the risk of rental defaults.

Another advantage is the strong financial position that enables WDP to invest in new projects and optimize existing properties. These factors contribute to WDP maintaining a solid competitive edge in a dynamic market environment.

Institutional Investor Share: approximately 70% (estimated for 2025 based on historical data and trends)

Insider Buys/Sells: No significant transactions known (as of 2025)

Warehouses De Pauw SA (WDP) traditionally has a high proportion of institutional investors, indicating confidence in the company's business model and stable earnings. These investors value the long-term stability and dividend yield that WDP offers.

Regarding insider transactions, there have been no significant buys or sells reported in recent months. This suggests that management and other insiders have confidence in the current corporate strategy and future prospects.

Market share of Warehouses De Pauw SA (WDP): Approx. 12% (2025, estimated)

Top competitors and their market shares:

1. Prologis, Inc.: Approx. 25%
2. Segro plc: Approx. 18%
3. Goodman Group: Approx. 15%
4. Warehouses De Pauw SA (WDP): Approx. 12%
5. Logicor: Approx. 10%
6. GLP Europe: Approx. 8%
7. VGP NV: Approx. 6%
8. Tritax Big Box REIT: Approx. 4%
9. Panattoni Europe: Approx. 2%

WDP's Economic Moat:

Warehouses De Pauw SA (WDP) has a significant economic moat due to its strategically well-positioned logistics properties in Europe, especially in the Benelux countries. The strong regional presence and extensive network of modern logistics centers provide a competitive advantage, particularly in e-commerce and retail logistics.

Compared to competitors like Prologis and Segro, which have a more global footprint, WDP has a stronger focus on specific European markets, which can be both an advantage and a limitation. Prologis has a larger economic moat due to its global reach and extensive resources, while Segro excels with its strong presence in the UK and Continental Europe.

WDP's economic moat is significant, but less pronounced compared to global leaders like Prologis. WDP's competitive advantage lies in regional expertise and the ability to quickly respond to local market needs.

Revenue Growth: 8.5% (2024) FFO Growth (Funds From Operations): 7.2% (2024) Portfolio Appreciation: 6% (2024)

Warehouses De Pauw SA (WDP) recorded a solid revenue growth of 8.5% in 2024, attributed to strong demand for logistics properties. The company increased its Funds From Operations (FFO), an important metric for real estate companies, by 7.2%, indicating efficient management and stable rental income.

WDP also enhanced the value of its real estate portfolio by 6%, pointing to strategic expansion and upgrading of existing properties. These factors suggest that WDP is well positioned in a growing market, especially given the increasing importance of e-commerce and the associated demand for logistics spaces.

Overall, WDP demonstrates strong operational performance and a solid market position, making it a potentially attractive investment for investors interested in stable income and long-term growth.

Dividend yield: 3.5% (2024) Dividend growth: 5% annually (last 5 years)

Warehouses De Pauw SA (WDP) has been paying out a consistent dividend in recent years. The dividend yield was around 3.5% in 2024, which is competitive compared to other companies in the real estate sector.

The company has recorded an average dividend growth of 5% per year over the last five years. This reliability in payout is attributed to the stable earnings and continuous growth of the company. WDP has established itself as a reliable dividend payer, which is attractive for investors seeking regular income.