Exhibit 99.5

31 July 2026, 07H00 CEST Press Release Regulated information Participate in the Analyst and investor video call Friday, 31 July 2026 10H00 CEST

WDP in the first half of 2026

#BLEND2030: building towards the platform of tomorrow

Creating a core European logistics REIT of €13bn+

On 23 July 2026, WDP proposed an all-share friendly merger with ARGAN, which will combine two complementary platforms with the same entrepreneurial DNA into a €13bn+ European logistics real estate leader across eight countries. With over 700 million euros of annualised rental income, holding #1 position in France, the Benelux and leading position in Romania, the transaction is a defining step within #BLEND&EXTEND2030.

	●	Value creation: EPS and NAV accretive, with long-term growth levers. Leverage broadly stable.
	●	Fully supported: by management, Boards of Directors and key reference shareholders.
	●	Subject to vote on EGM: scheduled for both WDP and ARGAN in November 2026.
	●	Completion expected in Q1 2027: subject to limited and customary approvals.

“Building the platform of tomorrow – the ambition of our 2030 growth plan is a journey already in full motion, and our intention to join forces with ARGAN accelerates it: an industrial project bringing two leading platforms with the same DNA to European scale in one step. That scale answers a need: for our clients, a partner across Europe’s supply chains, for our investors, a liquid, listed platform of reference for core European logistics real estate – and the proposed merger delivers both, with an unchanged focus on above-average growth at a below-average risk profile.

Alongside an industrial project of this scale, #TeamWDP also made substantial progress by building additional layers of growth in our operations: solid leasing activity, a strong investment volume, land reserves for future development-led growth – and capital recycling proven as a new driver of value creation. Supported by these layers and renewed confidence among our clients and our industrial merger project, we look ahead with confidence to the second half of the year: broad-based, across all our markets. Halfway through 2026, WDP is exactly where it should be. Joost Uwents – CEO WDP

Participate in the

Analyst and investor video call

31 July 2026 – 10:00 a.m. CEST

This brings the pipeline in execution to 760 million euros (cost to come: 588 million euros) at 6.8% NOI yield, supporting near-term earnings growth through continued execution and the leasing of limited space. This growth is underpinned by decisive operational steps taken towards its 2030 ambitions: strengthening execution power, and preparing a disciplined entry into two new markets, Spain and Italy, reinforcing WDP’s platform for the next phase of growth.

Looking ahead, WDP sees a supportive environment across all growth drivers and markets – allowing it to further extend its pipeline visibility. Projected capex remains phased over the coming years, fully in line with WDP’s annual self-financing capacity.

These forecasts are based on the current knowledge and situation and are barring unforeseen circumstances within the context of a volatile macroeconomic and geopolitical climate.

#HY 2026 achievements | Continuation of leasing activity & strong pipeline replenishment

Annual rental potential as an indicator of future earnings growth^(1,2)

ARGAN and WDP join forces to create a €13 billion European logistics champion through a friendly all-share merger

On 23 July 2026, ARGAN and WDP signed a merger agreement to combine into a €13 billion+ European logistics champion through a friendly all-share merger, with ARGAN merging into WDP via an all-share cross-border transaction.⁵ The proposed combination unites France’s leading logistics REIT with its European counterpart, unlocking a platform spanning eight countries and delivering immediate value for both shareholder groups. The merger carries unanimous support from both boards, together with voting commitments representing ~52% of ARGAN’s and ~19% of WDP’s voting rights from the Le Lan family, the Jos De Pauw family and Crédit Agricole Assurances (through its subsidiary Predica).

“For more than 25 years, each of us has built a market-leading platform. Today, ARGAN and WDP announce their intention to become one company, with the same DNA: client-centric entrepreneurship, disciplined growth and a focus on sustainable earnings growth and attractive total returns – anchored by family shareholders with long-term vision. This industrial project takes both stories to European scale: one integrated platform, stronger for clients and shareholders alike. The foundation for the next 25 years.”

Jean-Claude Le Lan - ARGAN Founder & Chairman of the Supervisory Board & Joost Uwents - CEO WDP

Together, ARGAN and WDP bring together two highly complementary logistics real estate platforms, creating a leading core European logistics real estate portfolio exceeding a €13 billion platform with more than €700 million of annualised rental income, ~13 million m² of high-quality logistics space and a committed pipeline of around 1 billion euros. Every ARGAN client – existing and new – will benefit from integration with the WDP platform from day one. The enlarged group will hold #1 market positions in France, Belgium, Luxembourg, the Netherlands and a leading position in Romania, jointly creating a stronger platform that supports clients across Europe’s most important logistics corridors in eight countries.

The friendly merger aims to combine two companies with shared entrepreneurial DNA. Founded and developed by the Le Lan and Jos De Pauw families respectively, ARGAN and WDP share a long-term vision, a client-centric focus and a disciplined approach to profitable growth and capital allocation. These shared values have enabled both companies to build highly successful logistics platforms in their respective markets and form the foundation of the proposed combination.

I. Performance

1.1. Occupancy rate and leasing activity

Leasing activity in H1 2026 remains broad-based and robust. WDP’s commercial platform signed circa 200,000 m² (100,000 m² in Q2 2026) of new leases at market rental levels: across the existing portfolio (excluding renewals) as well as for ongoing and new pre-let development projects. The pre-letting rate for projects under development increased further to 83% (Q4 2025: 81%), even after 112,000 m² of fully let projects completions in H1 2026. Over the same period, five pre-let development projects were launched adding over 73,500 m² to the development pipeline. This underlines the commercial power of the WDP platform to convert new demand into leasing.

Per 30 June 2026, the portfolio occupancy rate remains strong at 97.2% (97.7% per 31 December 2025), with the year-to-date change reflecting usual tenant movements. Of the 10% lease agreements reaching their next break in 2026, 75% have already been extended. WDP expects occupancy to stay strong, above 97% for full-year 2026 - in line with the multi-decade-average - based on a normalised retention rate of around 90% and current rental market conditions.

Logistics real estate has become critical infrastructure. In a world of omnipresent volatility, as reflected by today’s geopolitical events, Europe’s need for supply chain independence, energy resilience and strategic stock is a structural driver of regionalisation and de-globalisation.

Market demand for logistics real estate continues to stabilise from an exceptional peak during pandemic years towards the pre-pandemic average, a healthy baseline. Tenants continue to optimise inventory and operations, while new construction starts remain at low levels, keeping supply constrained. The pace of further market demand continues to depend on consumer spending and business confidence.

Within this context, the demand picture continues to broaden: activity remains robust for smaller units up to 10,000 m², while demand clearly expanded into larger-sized units, driven by tenants making strategic, long-term supply chain decisions. Strong-performing end-users, retailers and resilient sectors including food, e-commerce and pharma are leading this trend, alongside sectors strengthening their market position in sectors underpinned by resilient, non-discretionary demand. Building on the first signs observed in Q1 2026, WDP has seen a further increase in requests and tender activity for larger-scale projects, confirming renewed confidence in decision making for long-term supply chain investments. While short-term, more cyclical demand, particularly from traditional large-volume 3PL operators, remains more selective and closely linked to the broader economic climate, demand across the remainder of the market continues to strengthen.

The medium- to long-term fundamentals for logistics and industrial real estate remain firmly supportive: limited land availability, zoning restrictions, constrained supply and the structural need for more resilient, regionally diversified supply chains. These trends align directly with WDP’s client base: predominantly exposed to European consumption-driven activity in stable, resilient sectors, supporting predictable and sustainable cash flow generation across the portfolio, over the cycle.

Against this backdrop, WDP remains well-positioned to capture demand: a high-quality portfolio with integrated energy and supply chain solutions, deep-rooted local network, and the flexibility to adapt buildings to evolving client needs.

1.2. Approximately 300 million euros in new investments signed in the first half of 2026

During the first half of 2026, WDP secured a total net investment volume of approximately 300 million euros (net of 116 million euros of disposals), with an expected NOI yield of 6.8%6. These investments comprise pre-let development projects, selective acquisitions and strategic land reserves. These projects have either been completed or form part of the ongoing 1.6. Investment pipeline in execution of around 760 million euros.

WDP further expanded its European platform through pre-let developments for existing clients, complemented by the expansion of a unique landbank across Western Europe and selective acquisitions in prime logistics locations. Together, these investments strengthen WDP’s future development pipeline, demonstrate the strength of its repeat business by deepening long-term partnerships, and support the disciplined execution of the #BLEND&EXTEND2030 growth strategy.

New pre-let development projects, acquisitions and divestment

Land reserve

WDP continues to replenish its future development pipeline through selective landbank acquisitions in strategically located logistics markets. Building on the addition of more than 500,000 m² of land reserves in 2025, WDP added over 820,000 m² of land reserves in the first half of 2026, with 90% in core, Western European markets.

Together, these scarce, prime-located land positions reinforce WDP’s long-term development potential and support sustainable long-term value creation.

1.2.1. New pre-let development projects in the first half of 2026

During the first half of 2026, WDP secured approximately 106 million euros in new fully pre-let development projects, all for existing clients, with a projected NOI yield of 7.4%⁸. The projects underline the strength of WDP’s long-term client partnerships and continued repeat business.

Belgium

Antwerp   WDP will develop a 25-metre cold storage high bay in the Port of Antwerp, fully pre-let to a cold-chain logistics player. The facility will feature approximately 22,500m² lettable area complemented by 4,000 m² of outdoor container yard on a 62,000 m² site and will provide capacity for 60,000 pallet spaces at a constant temperature of -22°C.   Located adjacent to a container terminal, the site benefits from strong multimodal connectivity within a prime European port hub. The project will be developed according to high sustainability standards, including BREEAM certification and solar panels. The total investment amounts to approximately 55 million euros, with construction starting in September 2026 and delivery expected by early 2028. Upon completion, the site will be leased under a 25-year triple net lease agreement.

Romania

In Romania, WDP will launch a total of approximately 40,000 m² of new projects on land already owned by WDP. These developments demonstrate WDP’s ability to unlock value from its existing landbank while reflecting continued strong repeat business with existing clients. The remaining strategic land reserves provide additional development potential for future extensions, supporting WDP’s long-term growth strategy.

Bucharest – Ștefănești

In Bucharest – Ștefănești, WDP will develop an approximately 14,000 m² extension to an existing building for Auchan, further strengthening its long-term partnership with the retailer. The project, currently under construction on WDP’s existing landbank, will primarily comprise ambient warehouse space. The development targets EDGE certification and will be leased to Auchan under a long-term fixed lease agreement of 10 years. The total investment amounts to approximately 9.1 million euros, with delivery scheduled for Q2 2027.

Deva

In Deva, WDP will develop an approximately 9,400 m² extension to an existing building for Auchan. The project will comprise a mix of ambient and temperature-controlled storage space. The development targets EDGE certification. The total investment amounts to approximately 7.6 million euros, with delivery scheduled for Q4 2026. The facility will be leased under a long-term fixed 10-year lease agreement.

Sibiu

WDP will start the development of a new industrial site in Sibiu. The project will comprise approximately 15,000 m² of lettable area and will be developed on land owned by WDP. The total investment budget amounts to approximately 14 million euros, with delivery scheduled for Q4 2027. The facility will be leased to Siemens under a long-term lease agreement of 15 years. Siemens will establish a data-driven and highly automated production environment, built on advanced technologies and optimised through digital solutions. The facility will support a smart, flexible and AI-driven manufacturing process. By integrating automation and robotics and enabling seamless data-driven coordination across all stages of production, the site will deliver efficient and future-ready operations.

The Netherlands

Veghel   WDP and Kuehne+Nagel are taking the next step in their long-term partnership through the redevelopment of an existing logistics site in Veghel into a state-of-the-art 12,500 m² warehouse and truckyard, forming part of Kuehne+Nagel’s existing logistics campus comprising over 100,000 m² of logistics space. The project is fully pre-let under a fixed 10-year lease agreement and represents a total investment of approximately 21 million euros, with completion expected by the end of 2027. Upon completion, the facility will be integrated with Kuehne+Nagel’s existing automated high-bay warehouse serving its existing consumer business, further strengthening one of the Netherlands’ key logistics hubs. The development targets BREEAM Excellent certification and is EU Taxonomy-aligned, aiming for a 28% improvement in environmental performance and a 31% reduction in carbon footprint.9

1.2.2. Acquisitions in the first half of 2026

During the first half of 2026, WDP secured approximately 190 million euros of new acquisitions (including approximately 121 million euros of land reserves, net of approximately 116 million euros disposals), further strengthening its portfolio in prime logistics locations across Europe. These transactions reinforce existing logistics clusters, strengthen long-term client partnerships and further enhance the quality of WDP’s European logistics platform through high-quality, income-generating assets. Acquisitions not previously disclosed via press release are marked with a ♦.

France

	Le Havre   Following the acquisition of two Grade A logistics buildings from AG Real Estate in Le Havre at the end of 2025, leased to Seafrigo on a long-term basis, WDP further strengthens its partnership with Seafrigo.10   WDP completed a sale-and-leaseback transaction in the Port of Le Havre, further strengthening its logistics cluster within France’s largest container port. The transaction concerns a fully let cold storage warehouse of approximately 16,000 m², with an additional 2,000 m² of expansion potential. The Grade A facility, developed in 2017, is used for the storage and handling of chilled and frozen products for maritime transport. The total investment amounts to approximately 23 million euros. The building is leased to Seafrigo under a 27-year triple net lease agreement. The site is located adjacent to two logistics buildings acquired by WDP at the end of 2025, further reinforcing WDP’s logistics cluster within this strategic port location.
	Alzonne   WDP completed a 27 million euros sale-and-leaseback transaction with longstanding WDP client DHL for a newly built 23,300 m² cold-chain logistics facility near Toulouse, with 8,000 m² development potential. Fully leased under a fixed 9-year triple net lease agreement, the facility is operated by DHL as a European distribution hub for a major crop science company. The building was designed to meet the requirements of BREEAM Excellent and WELL Core Gold (designed for offices), while aligning with the EU Taxonomy and CRREM pathways, and features solar panels, EV charging infrastructure and a fully electric climate control system.11

Vendargues

WDP completed the acquisition of a fully leased logistics facility for an investment of approximately 25 million euros in Vendargues, near Montpellier, along the A9 corridor connecting France and Spain. The asset comprises approximately 27,000 m² of GLA and serves as the headquarters and operational hub for Southern Europe of a longstanding international WDP client.¹²

Luxembourg

Dudelange and Contern   Following an asset swap with the Luxembourg State, WDP acquired the Luxembourg State’s 45% stake in WDP Luxembourg SA, becoming the full owner of the former joint venture. The joint venture, established in 2016, has developed logistics infrastructure in the Eurohub Sud (Bettembourg-Dudelange) and Eurohub Centre (Contern) parks and has evolved into a multimodal logistics hub of approximately 175 million euros, comprising five logistics assets totalling around 140,000 m² of leasable space. Following the achievement of the joint venture’s initial objectives, WDP Luxembourg SA is now fully integrated into the WDP Group, simplifying the Group structure and reinforcing WDP’s strategic footprint in Luxembourg. 13

Belgium

Ghent ♦

WDP has increased its participation in WDPort of Ghent Big Box NV from 50% to 80% through the acquisition of an existing shareholder’s interest. The transaction is carried out under normal market conditions and in accordance with the provisions of the joint venture agreement. The transaction increases WDP’s economic interest in the WDPort of Ghent multimodal logistics platform and is fully aligned with WDP’s long-term investment strategy.

1.2.3. Landbank acquisitions in the first half of 2026

During the first half of 2026, WDP further replenished its European landbank through new prime land positions in France, the Netherlands and Romania. Together, these transactions represent approximately 824,000 m² land area, for a total investment of around 121 million euros (90% Western Europe). WDP intends to develop these land positions over time with incremental development capex of around 230 million euros, mostly from 2027 onwards – enabling gradual, development-led growth as this capex converts into pre-let projects.

Acquisitions not previously announced by press release are marked with a ♦.

France

Le Mesnil-Amelot

WDP entered into an agreement to acquire a 14-hectare land position at Le Mesnil-Amelot, adjacent to Paris Charles de Gaulle Airport, for an investment of approximately 50 million euros. The site offers the potential to develop a state-of-the-art logistics campus of approximately 70,000 m² GLA, representing a total planned investment of approximately 100 million euros and reinforcing WDP’s French development pipeline.¹⁴

Saint-Jory

WDP entered into an agreement to acquire a 23.5-hectare land position at Saint-Jory, north of Toulouse, for an investment of approximately 17 million euros. Strategically located along the A62 motorway, the site offers the potential to develop approximately 62,000 m² GLA of a mixed-use logistics campus in a market characterised by strong occupier demand and limited availability of modern logistics space.¹⁵

The Netherlands

WDP acquired a 13.5-hectare brownfield site in South-West Netherlands. Strategically located between the ports of Rotterdam and Antwerp, the site offers the potential to develop approximately 40,000 m² GLA of logistics space and 60,000 m² of Industrial Outdoor Storage (IOS), securing a scarce development opportunity in a well-established logistics market and strengthening WDP’s long-term development pipeline.¹⁶

Romania

Bucharest - Ștefănești

WDP acquired a strategic land position of approximately 220,000 m² in Ștefănești, north-east of Bucharest and directly adjacent to WDP Park Bucharest – Ștefănești. Strategically located in the Bucharest logistics market, the site further strengthens WDP’s development pipeline in a market characterised by sustained demand.¹⁷

Bucharest – Dragomirești ♦

WDP acquired a strategic land position of approximately 93,000 m² in Dragomirești, west of Bucharest and directly adjacent to WDP Park Bucharest – Dragomiresti. Located in one of Romania’s key logistics hubs, the site secures additional future development opportunities and further strengthens WDP’s long-term development pipeline.

1.2.4. Divestments in the first half of 2026

During the first half of 2026, WDP signed approximately 116 million euros of disposals. In addition to the strategic asset swap with the Luxembourg state, and allowing further structural streamlining of the Group structure, WDP crystallised strong value creation on approximately 60 million euros of disposals in the Netherlands and Romania, at an average sale price of 30% above the latest fair value and an unlevered IRR exceeding 20%.

Going forward, selective capital recycling forms a structural driver to unlock value. Instances where the value creation is fully built up and limited further portfolio potential remains over the long run, capital can be selectively redeployed into new opportunities at attractive risk-adjusted returns. On a portfolio approaching 10 billion euros, the platform provides a continuous source of value creation to selectively rotate capital, while preserving our focus on consistent earnings per share growth and delivering attractive total returns.

Luxembourg

Foetz

WDP sold the Foetz logistics site to the Luxembourg State. The site comprises a logistics property of approximately 17,000 m², adjacent to facilities where the Luxembourg State operates incubator activities.¹⁸

The Netherlands

Duiven

WDP completed the disposal of a logistics site in Duiven, the Netherlands, to end-user FedEx, supporting the expansion of its adjacent European road hub. Together with the disposal in Romania described below, the transactions involved approximately 61,000 m² of lettable area, reflecting WDP’s active portfolio management and its disciplined approach to capital recycling.¹⁹

Romania

WDP signed an agreement to dispose of a logistics site in Romania to an end-user, who will integrate the asset into its growing regional operations. The transaction forms part of the disposals described above, reflecting strong value creation through active portfolio management.²⁰

1.3. 128 million euros of fully pre-let development projects completed in the first half of 2026

WDP delivered a total lettable area of around 111,000 m² of fully pre-let projects in the first half of 2026. The NOI yield for the total of these projects, with an investment amount of 128 million euros, is 7.0%²¹. The average lease term is 14 years.

1.4. 113 million euros in acquisitions completed in the first half of 2026

WDP completed acquisitions with a total lettable area of around 78,000 m² in the first half of 2026. The NOI yield for the total of these acquisitions, with an investment amount of approximately 113 million euros, is 6.4%. The average lease term is around 11 years. Moreover, this includes land reserve in Romania which were further expanded by over 310,000 m², accounting for an investment of around 13 million euros.

1.5. Two battery energy storage systems brought into operation in the first half of 2026

WDP deployed two battery energy storage systems (BESS) in Belgium during the first half of 2026, adding 5.25 MW of power capacity and 14.5 MWh of energy storage capacity. The projects support grid balancing, optimise on-site energy use and facilitate client electrification, further strengthening WDP’s integrated energy platform. Further details on these projects are provided in section 1.8.3 Battery energy storage.

1.6. Investment pipeline in execution of around 760 million euros

As of 30 June 2026, WDP has a total investment pipeline in execution of 756 million euros with an expected NOI yield of 6.8%²². The cost to come is 588 million euros.

Development projects currently in execution represent an investment of 383 million euros and a lettable area of about 410,000 m². As of 30 June 2026, the pre-let rate further increases to 83%, even after the completion of approximately 112,000 m² of fully pre-let development projects.

WDP remains committed to its policy of pre-leasing before the start of development, while remaining flexible for a limited number of exceptions such as cluster expansion, remediation-linked projects and multi-tenant development projects for smaller units in specific locations. With supply still scarce and market development activity declining, WDP remains confident in the successful commercialisation of these projects upon delivery. This disciplined approach is reflected in WDP’s total pipeline in execution, which is 90% pre-let.

1.7. Further development potential

WDP currently holds land reserves with the potential to develop approximately 2.4 million m² of lettable area across its core logistics markets. This includes over 820,000 m² of additional land reserves which were secured during H1 2026, predominantly in Western Europe, creating scarce future pre-let development opportunities in prime logistics locations. Together, these land reserves reinforce WDP’s long-term development potential and support the continued build-out of its integrated European logistics platform.

1.8. WDP Energy

Integrated energy solutions for future logistics

Electrification and the decarbonisation of the supply chain are reshaping the energy profile of transport, logistics and industrial real estate. As consumption patterns change and e-transport becomes more widespread, demand for reliable, sustainable energy as well as for more advanced solutions and supporting infrastructures is increasingly growing.

Geopolitical tensions and persistent volatility in energy markets (notably in oil prices) continue to reshape how logistics operators think about energy, with a growing focus on energy independence, resilience and cost control. Against this backdrop, WDP’s Energy business is directly positioned to respond to client energy needs, helping improve self-sufficiency and decarbonise their supply chain by increasing the use of green energy production and technology.

More than a warehouse: the logistics powerhouse

As a real estate partner, WDP plays a crucial role in building efficient, future-proof and cost-effective supply chains. WDP’s approach combines different pillars:

By upgrading existing warehouses into energy hubs and embedding the required infrastructure across its portfolio, WDP helps its clients bring down emissions, optimise energy use, reduce grid dependence and ensure operational continuity as electrification accelerates.

WDP ENERGY expects revenues to double towards 50 million euros by 2030.²³ Earnings contribution will be gradual and non-linear, reflecting the high project complexity and external factors such as permitting, grid-connection lead times as well as lower energy prices.

1.8.1. Solar energy: scaling renewable energy production across the portfolio

WDP currently has a total installed solar energy production capacity of 274 MWp. As of 30 June 2026, 82 MWp is under development, representing an investment budget of 65 million euros. WDP targets an IRR of ~8% and a yield on cost of around 10–15%. WDP aims to reach a total capacity of 350 MWp by end-2027 and subsequently grow in line with the pace of new development projects.

1.8.2. Green Mobility Solutions

WDP expands its Green Mobility solutions by integrating on-site energy, storage and charging infrastructure to optimise clients’ energy profiles and support the electrification of transport.   In Dudelange, Luxembourg, construction of a charging hub with eight truck charging points and four passenger vehicle charging points, providing 1,600 kW of installed charging capacity, will commence in 2026.

In Bleiswijk, the Netherlands, a truck charging hub with six high-power charging points, providing 600 kW of installed charging capacity, will become operational by the end of 2026.

1.8.3. Battery energy storage

Grid-support storage: front-of-the-meter (FTM) battery energy storage system (BESS)

WDP installed a FTM BESS in Vilvoorde (Belgium), with a total capacity of 3 MW and an energy storage capacity of 10 MWh. Paired with a 3.8 MWp photovoltaic installation, the battery supports grid balancing by storing surplus solar energy and shifting it to periods of high demand and limited renewable energy supply. The project also represents a strategic investment that supports the future electrification of WDP’s customer portfolio.

WDP will develop a FTM BESS in Genk (Belgium). The battery park will support grid balancing by storing surplus electricity and reserving capacity during peaks or shortages, thereby strengthening grid stability and flexibility, and helping manage price volatility. The battery park has a total capacity of 60 MW and up to 240 MWh energy storage capacity. Therefore, at full output, the battery can operate for four hours.

The investment budget amounts to 40 million euros. WDP will develop and invest in the project and work with a specialised partner for operations. The project was also selected in the auction for the Capacity Remuneration Mechanism, through which a guaranteed base return can be obtained. The installation is expected to become operational by end-2029.

Behind-the-meter (BTM) BESS project

In parallel, WDP is rolling out BTM battery systems at selected high-energy sites with PV installations, including e-mobility hubs. These on-site projects maximise local consumption of solar power, reduce grid reliance and support operational continuity. WDP sees battery storage as an important enabler, but the execution will depend on securing grid connections, an increasingly challenging process as the grid becomes saturated.

As part of this rollout, WDP installed a BTM BESS in Bornem (Belgium), with a total capacity of 2.25 MW and an energy storage capacity of 4.5 MWh. The battery complements the site’s 3 MWp photovoltaic installation and enables a higher share of locally generated solar energy to be consumed on site. It helps reduce peak electricity demand, optimise energy costs for the tenant and support more efficient use of the existing grid connection. The investment also supports the site’s ongoing electrification.

1.8.4. Green retrofit: Logistics campus in Belgium

At a 120,000 m² logistics campus in Belgium, WDP is executing a 3 million euros green retrofit, replacing conventional gas-based heating with an electric heat pump solution. Powered by on-site solar energy and supported by battery storage, the integrated solution enhances energy efficiency, reduces operating costs and supports further electrification. Completion is expected by Q3 2026.

2.1. WDP strengthens European leadership through local and Group-level capabilities

WDP further strengthened its European platform through a series of key appointments, combining deep local market expertise with enhanced Group-level operational capabilities. These appointments contribute to the continued expansion of WDP’s fully integrated European platform in line with its #BLEND&EXTEND2030 growth plan and ambition to scale to a core €10bn+ logistics real estate platform, supporting disciplined execution and consistent earnings per share growth.

Local leadership across European markets

During the first half of 2026, WDP continued to build its local presence across its European markets with the appointment of Jurgen Bevelander as Country Manager the Netherlands, Joan Lacosta as country Manager Spain and Benjamin Khafi Grynfas as Country Manager Italy.^24,25

These appointments reinforce WDP’s integrated European platform by combining strong local market expertise with the scale and capabilities of a European organisation, enabling WDP to capture growth opportunities and execute consistently across both established and new markets.

Enhancing operational capabilities at Group level

WDP appointed William Lerinckx²⁶, as Chief Operating Officer to support disciplined execution and the continued development of its European logistics platform. With more than 25 years of international real estate experience and in-depth expertise across the full real estate value chain, he joins WDP’s Executive Committee alongside CEO Joost Uwents and CFO Mickaël Van den Hauwe.

Robert Woerdeman appointed as Group European Investment Manager

In May 2026, WDP appointed Robert Woerdeman as Group European Investment Manager. The creation of this Group-level role reflects the continued development of WDP’s European platform and its growing presence across key logistics markets. In this role, Robert supports the Executive Committee in identifying and evaluating growth opportunities across WDP’s existing and target European markets, ensuring alignment with WDP’s return criteria and long-term EPS growth ambitions. He brings more than 20 years of experience in European real estate across investment and capital markets.

“As WDP continues to expand its integrated European platform, we are further strengthening our organisation through local leadership across European markets, combined with enhanced Group-level operational capabilities.

This enables us to execute with consistency and discipline across both new and established markets, supporting consistent earnings per share growth while remaining focused on delivering above-average growth with a below-average risk profile, fully in line with our #BLEND&EXTEND2030 ambitions. Joost Uwents – CEO WDP

3.1. Third consecutive Great Place To Work® certification

In 2026, WDP was certified as a Great Place To Work® for the third consecutive year. This recognition reflects WDP’s continued commitment to fostering a high-trust workplace culture where employees can thrive, develop and contribute to the company’s long-term success.   Great Place To Work® is the global authority on workplace culture. Its certification is based on a comprehensive employee survey assessing trust, workplace experience and opportunities for personal and professional development, benchmarked against global standards.

3.2. International #TeamWDP event in The Hague

WDP’s annual international #TeamWDP event brought together 150 colleagues from seven countries in The Hague for three days of collaboration, knowledge sharing team building. Through workshops, keynote sessions and interactive activities, colleagues exchanged best practices, strengthened cross-border collaboration and reinforced alignment across WDP’s integrated European platform. The event reflects WDP’s commitment to fostering a strong, connected organisation built on teamwork, knowledge sharing and a shared purpose.

4.1. ESG benchmark and performance

WDP’s active participation in assessments, ratings and reporting according to recognised international standards underlines its ambition to take a prominent role in sustainability.

II. The share

1. Share performance

Figures per share

EURONEXT Brussels and Amsterdam IPO: 28/06/1999 Listing: continuous ISIN code: BE0003763779 Liquidity provider: Van Lanschot Kempen and KBC Securities

WDP share return versus EPRA indices

Share price versus EPRA NTA

Value creation at every stage of the market cycle

Thanks to its integrated model as both developer and long-term end investor, WDP is able to remain active as a net investor over the full value curve through market cycles. Almost two thirds of the portfolio has been created through in-house developments, complemented by selective value-add acquisitions, landbank and strategic platform expansion. This provides the flexibility to allocate capital where the best risk-adjusted opportunities emerge across the risk spectrum aligned with market cycles and price evolutions while maintaining disciplined underwriting and a below-average risk profile.

With #BLEND&EXTEND2030, the five-year growth plan for 2026-2030, WDP builds on its proven multi-driver growth model to further scale its European platform beyond 10 billion euros. Earnings per share growth is driven by a blend of drivers, including pre-let developments, selective acquisitions, internal growth through indexation and rent reversion, energy infrastructure, and gradual expansion into Spain and Italy. The strategy is underpinned by strong self-financing capacity, an A3-rated balance sheet and disciplined capital allocation.

Stable growth with a focus on long-term value creation

Following the recovery in the capital market cycle since 2024 and demand gradually picking up since 2025, WDP expects balanced growth between high-quality pre-let developments with selective acquisitions and strategic land expansion for future growth. At the same time, its extensive landbank and integrated development platform provide substantial visibility on future cash flow growth.

While geopolitical and macroeconomic uncertainty remains elevated, the structural fundamentals for logistics real estate continue to strengthen. Europe’s growing focus on supply chain resilience, energy security, regionalisation and strategic inventories reinforces the role of logistics real estate as critical infrastructure. Supported by its local market expertise, strong client relationships and scalable European platform, WDP is well positioned to continue capturing attractive investment opportunities while delivering sustainable earnings growth and long-term shareholder value.

Superior total return by navigating the capital cycle

2. Shareholding

3. Financial calendar

For any changes, reference is made to the financial agenda on the WDP website.

III. Financial results

EPRA key performance indicators

The definition and reconciliation of the Alternative Performance Measures (APM), for example the EPRA key performance measures, used by WDP, are to be consulted in the Annexes of this document.  

Consolidated key figures

The Alternative Performance Measures (APM), for example the EPRA key performance measures, used by WDP, are accompanied by a symbol (♦). Their definition and reconciliation can be consulted in the Annexes of this document.

1. Notes to the earnings statement

Consolidated results (analytical scheme)

Key ratios

Consolidated results

Key ratios

1.1. Property result

The property result amounts to 250.4 million euros over the first half of 2026, an increase of +9.7% compared to last year (228.3 million euros). This strong increase stems from pre-let new development projects and acquisitions combined with organic rental growth. The like-for-like rental growth amounts to +1.6% (+2.3% over 2025), mainly driven by indexation and rent reversion and partially offset by some frictional vacancy, reflecting the usual tenant movement.

Gross rental income by country

The property result also includes 14.0 million euros in solar panel income, compared to 13.3 million euros last year, driven by increased solar capacity. The solar production capacity will be further expanded. Contribution to the income statement, however, will be gradual, due to external factors such as increased complexity and longer lead time of these projects (e.g. grid connection challenges) and the impact of lower energy prices.

1.2. Operating result (before the result on the portfolio)

The operating result (before the result on the portfolio) amounts to 225.9 million euros over H1 2026, up by +9.6% compared to the same period last year (206.1 million euros). Property and other general expenses amount to 24.5 million euros in the first half of 2026 (22.2 million euros in H1 2025). At +10%, these items increase in line with the evolution of the property result, such that the operating margin remains high at 90.2%, compared to 90.3% in H1 2025. WDP expects to maintain its high annualised operating margin of above 90%.

1.3. Financial result (excluding the changes in fair value of financial instruments)

The financial result (excluding changes in the fair value of financial instruments) increased to - 42.4 million euros in H1 2026 compared to -36.9 million euros in H1 2025. This increase was predominantly driven by the cost of incremental debt drawn to finance growth opportunities and is in line with budget – with the total financial debt (as per IFRS) increasing to 3,724.3 million euros per H1 2026, compared to 3,504.7 million euros as at 31 December 2025.

WDP’s proactive financial management ensures the average all-in interest rate remains low and unchanged at 2.4% over H1 2026 and is still based on a high hedge ratio of 82%.

This result takes into account a limited amount of 4.4 million euros of capitalised interest on development projects (and therefore not the land bank). This financial result also includes the recurring interest rate cost for land under concession of 2.8 million euros, which is recognised via the Financial result in accordance with IFRS 16.

Together with the increase in the operating result (before the result on the portfolio), the Interest Coverage Ratio remains high at 4.9x (5.0x as of 31 December 2025).

1.4. Share in the result of associated companies and joint ventures

The result of 9.7 million euros over H1 2026 mainly involves the contribution following the participation in Catena. In addition, during Q1 2026, WDP acquired the remaining 45% stake in WDP Luxembourg SA, bringing WDP’s ownership to 100%.²⁷ As a result, WDP Luxembourg SA is now fully consolidated, and its results are no longer recognised under the equity method but are included line-by-line in the consolidated income statement.

1.5.  Taxes

Taxes on EPRA Earnings (-6.5 million euros) mainly relate to the Netherlands and Romania, where no REIT regime applies. As a reminder, as of 1 January 2025, the Dutch REIT regime or FBI status no longer applies to WDP’s Dutch operations because of a change in legislation that excludes real estate investments from the FBI regime. This impact is already included in the earnings target of the growth plan.²⁸

Deferred taxes on the portfolio result (-20.3 million euros) reflect the tax effect on unrealised revaluations and fiscal depreciation (see below 1.7. Result on the portfolio), and has no impact on cash flows or EPRA Earnings.

1.6. EPRA Earnings

WDP’s EPRA Earnings for H1 2026 amount to 186.7 million euros, up +9% over 171.2 million euros in H1 2025. This strong growth was driven by investment activity and organic rental growth of +1.6%, combined with persistently strong operating efficiency (90%+ operating margin) and a competitive cost of debt of 2.4%.

EPRA Earnings per share rose +4.8% to 0.79 euros compared to 0.75 in H1 2025, including a +4% increase in the weighted average number of shares outstanding, due to the strengthening of capital in 2025 and H1 2026.

1.7.  Result on the portfolio (including the share of joint ventures) – Group share

The portfolio revaluation (excluding deferred taxes on the portfolio result and the result on sales of investment properties) is +9.4 million euros (Q1 2026: +15.2 million euros), a marginal increase of +0.1% year-to-date based on a 5.5% EPRA Net Initial Yield. This breaks down by country as follows: Belgium (+0.6 million euros), the Netherlands (+16.0 million euros), France (-8.2 million euros, predominantly reflecting a tenant leaving at a single building in the French portfolio, for which re-letting is ongoing based on commercial leads), Romania (+6.1million euros), Germany (-2.7 million euros), and Luxembourg (-2.4 million euros).

The result on the portfolio (including the share of joint ventures and after deferred taxes) – Group share for H1 2026 is 5.0 million euros or 0.02 euros per share. For the same period last year, this result amounted to -12.3 million euros or -0.05 euros per share. The deferred taxes reflect the tax impact of unrealised revaluations of the property portfolio and fiscal depreciation, with variations across the different markets.

1.8. Change in the fair value of financial instruments – Group share

Changes in fair value of financial assets and liabilities – Group share²⁹ amount to -1.4 million euros over H1 2026 or -0.01 euros per share (versus -13.4 million euros or -0.06 euros per share over H1 2025).

The fair value variation has no impact on cash and is an unrealised item, hence is excluded from the financial result in the analytical presentation of results and presented separately in the earnings statement.

1.9. Depreciation and write-down on solar panels (including share joint ventures) – Group share

The solar panels are valued on the balance sheet at fair value based on the revaluation model per IAS 16 Tangible fixed assets. In compliance with IAS 16, WDP must include a depreciation component in its IFRS accounts according to the residual service life of the solar panel parks. The depreciation is calculated based on the fair value from the previous balance sheet date. This newly calculated net book value is subsequently revalued at the fair value. This revaluation is booked directly in the equity capital insofar that it still exceeds the historical cost price, plus accumulated depreciations. If it does not, it is then accounted for in the earnings statement. The depreciation component and write-down is -3.7 million euros. Since this impact of the depreciation and amortisation of solar panels involves a non-cash and unrealised item, it is excluded from the operating result in the analytical presentation of the results and is shown separately in the earnings statement.

1.10.  Net result (IFRS) – Group share

The EPRA Earnings, along with the result on the portfolio, changes in the fair value of financial instruments and the depreciation and write-down on solar panels result in a net result (IFRS) – Group share for H1 2026 of 186.6 million euros (compared to the same period last year, when it amounted to 139.2 million euros).

The marginal difference between net result (IFRS) – Group share of 186.6 million euros and the EPRA Earnings of 186.7 million euros is mainly due to the slight positive result on portfolio, offset by the limited negative variation of interest rate hedging instruments, and the deferred taxes and the depreciation of the solar panels.

2. Notes to the balance sheet

Consolidated balance sheet

Key ratios

The Alternative Performance Measures (APM), for example the EPRA key performance measures, used by WDP, are accompanied by a symbol (♦). Their definition and reconciliation can be consulted in the Annexes of this document.

2.1. Property portfolio

The total portfolio value evolved to 8,748.4 million euros compared to 8,584.0 million euros at the end of 2025.

Overall, the portfolio is valued at a gross rental yield of 6.3%³⁴. Currently, the portfolio is valued at an EPRA Net Initial Yield of 5.5%. The current contractual rent is approximately 7% below market rent (compared to 9% at year-end 2025), reflecting the capture of rent indexation and rent reversion, while estimated rental values (ERVs) remained stable quarter-on-quarter. The net reversionary yield is 6.1% based on full letting at market rent.³⁵

Portfolio statistics by country

2.2. NAV per share

The EPRA NTA per share amounted to 21.4 euros as of 30 June 2026. This represents a decrease of -0.4 euros (-2.0%) versus an EPRA NTA per share of 21.9 euros on 31 December 2025. This evolution was mainly driven by EPRA Earnings generation (+0.79 euros), which was more than offset by the payment of the 2025 dividend in Q2 2026 (-1.23 euros). IFRS NAV per share³⁶ is 20.9 euros as of 30 June 2026 compared to 21.3 euros as of 31 December 2025.

IV. Management of financial resources