CTP N.V. Q1-2026 Results

CTP REPORTS RECORD LEASING ACTIVITY IN Q1-2026 (+83%) SUPPORTED BY LONG-TERM STRUCTURAL DEMAND DRIVERS. ANNUALIZED RENTAL INCOME GREW TO €849 MILLION, GENERATING STRONG CASHFLOW

AMSTERDAM--(BUSINESS WIRE)--Regulatory News:

CTP N.V. (CTPNV.AS), (“CTP”, the “Group” or the “Company”) recorded in Q1-2026 Gross Rental Income of €205.1 million, up 12.3% y-o-y with like-for-like rental growth of 4.6% - an accelerated growth rate versus FY-2025 and primarily driven by indexation and reversion on renegotiations and expiring leases. As at 31 March 2026, the annualised rental income increased to €849.3 million. Together with potential rental income of €154 million coming from 2.0 million sqm of GLA under construction, CTP remains on track to achieve €1 billion of annualised rental income by 2027, generating a strong cashflow to finance further growth. Occupancy remained strong at 93% and the rent collection rate stood at 99.5% with a WAULT of 6.1 years, illustrating the stability of CTP’s cashflow.

In the first quarter, CTP delivered 116,000 sqm at a Yield-on-Cost (“YoC”) of 10.4%, 96% let at completion, bringing the Group’s standing portfolio up to 14.7 million sqm of GLA. Record leasing demand supported by structural tailwinds mainly related to reshoring, production in Europe for Europe alongside wider regionalisation trends, translated into a quarterly record of 762,000 sqm of leases signed at 1% higher rent levels year on year adjusting for country mix. The leasing consisted of 327,000 sqm of prolongations, with which nearly half of the 2026 expires is addressed, and 435,000 sqm of new leases.

The Gross Asset Value (“GAV”) increased by 2.0% to €18.9 billion. EPRA NTA per share increased by 2.7% in Q1-2026 to €20.95 and +12.7% y-o-y, maintaining CTP’s industry leading growth and return profile.

Company-specific adjusted EPRA earnings increased by 11.4% y-o-y to €119.5 million. CTP’s Company-specific adjusted EPRA EPS amounted to €0.25, an increase of 8.7% y-o-y. The Group reiterates Company specific adjusted EPRA EPS guidance for 2026 of €1.01 – €1.03. This implies y-o-y growth of 9% – 11% compared to the 2025 result, adjusted for capitalised interest.

CTP also confirms its guidance to deliver between 1.4 million sqm – 1.7 million sqm in 2026, utilizing its industry-leading landbank of 33.3 million sqm. This landbank secures substantial future growth potential for the company, with 55% located in or around existing parks and 37% located in new parks, each with a potential of over 100,000 sqm GLA. Combined with its industry-leading YoC, CTP expects to continue to generate double-digit NTA growth in the years to come.

Remon Vos, CEO, comments: “On the back of continued strong tenant demand we set a new quarterly record for leasing volumes of 762,000 sqm in Q1-2026, 83% more than in the same period last year. We are a long-term partner for our clients, with a high retention rate, and over 70% of our leases signed with existing clients expanding with us.

Our ready-built factories and warehouses are mission critical for our clients’ businesses, and allow them to grow over time, which is only further cemented by the current geopolitical environment. The pace of nearshoring is only accelerating and this presents a significant opportunity for us, while we continue to see healthy growth in consumer spending in the business smart CEE region.

We are well positioned to deliver €1 billion in annualised rental income by 2027, which drives growing free cash flow generation, which we can invest in our highly profitable pipeline with a YoC over 10%. This trajectory is underpinned by our landbank of 33.3 million sqm, which allows us to continue to generate double-digit growth for our shareholders.”

Key financial highlights

In € million	Q1-2026	Q1-2025 restated^(1)	% change
Gross Rental Income	205.1	182.5	12.3%
Net Rental Income	199.6	179.4	11.3%
Net valuation result on investment property	164.1	147.6	11.2%
Profit for the period	212.5	196.3	8.3%
Company specific adjusted EPRA earnings	119.5	107.3	11.4%
In €	Q1-2026	Q1-2025 restated	% change
Company specific adjusted EPRA EPS	0.25	0.23	8.7%

(1) Restated for interest capitalisation on development activities

In € million	31 March 2026	31 Dec 2025	% change
Investment Property (“IP”)	16,960.6	16,835.1	0.7%
Investment Property under Development (“IPuD”)	1,614.2	1,368.1	18.0%
	31 March 2026	31 Dec 2025	% change
EPRA NTA per share	€ 20.95	€ 20.39	2.7%
Expected YoC of projects under construction	10.0%	10.0%
LTV	46.4%	46.1%

Continued solid tenant demand drives rental growth

During Q1-2026, CTP signed leases for 762,000 sqm, an increase of 83% compared to Q1-2025, with an average monthly rent per sqm of €5.90 (Q1-25: €6.17). Adjusting for the differences in country mix, rents signed increased on average by 1%.

Leases signed by sqm	Q1	Q2	Q3	Q4	FY
2023	297,000	552,000	585,000	542,000	1,976,000
2024	336,000	582,000	577,000	618,000	2,113,000
2025	416,000	599,000	562,000	748,000^1	2,325,000

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^1 Including Italy

Average monthly rent leases signed per sqm (€)	Q1	Q2	Q3	Q4	FY
2023	5.31	5.56	5.77	5.81	5.69
2024	5.65	5.55	5.69	5.79	5.68
2025	6.17	5.91	5.64	5.70	5.81
2026	5.90
2026	762,000

In total, 73% of leases signed were with existing tenants, in line with CTP’s business model of growing with existing tenants at existing parks.

Cashflow generation through standing portfolio

CTP’s average market share in the Czech Republic, Romania, Hungary, and Slovakia came to 28.4% as at 31 March 2026 and it remains the largest owner and developer of industrial and logistics real estate assets in those markets. The Group is also the market leader in Serbia and Bulgaria.

With more than 1,500 clients, CTP has a wide and diversified international tenant base, consisting of blue-chip companies with strong credit ratings. CTP’s tenants represent a broad range of industries, including manufacturing, high-tech/IT, automotive, ecommerce, retail, wholesale, and 3PLs. The tenant base is highly diversified, with no single tenant accounting for more than 2% of the Company’s annual rent roll, which leads to a stable income stream. CTP’s top 50 tenants only account for 33% of its rent roll and the majority of our largest clients rent space at multiple CTParks.

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The Company’s occupancy remains stable at 93% (Q1-2025: 93%). The Group’s client retention rate was high at 95% (Q1-2025: 86%) and demonstrates CTP’s ability to leverage long-standing client relationships. The portfolio WAULT stood at 6.1 years (FY2025: 6.1 years).

Rent collection level stood at 99.5% in Q1-2026 (Q1-2025: 99.7%), supportive of the resilient payment profile of tenants.

Rental income in Q1-2026 amounted to €205.1 million, up 12.3% y-o-y on an absolute basis, mainly driven by deliveries and like-for-like growth. On a like-for-like basis, rental income grew 4.6%, supported by indexation and reversion on renegotiations and expiring leases.

Net Rental Income (NRI) for Q1-2026 rose 11.3% y-o-y to €199.6 million, with service charge leakage driving the NRI to Rental Income ratio of 97.3% (FY-2025: 97.1%).

An increasing proportion of the rental income generated by CTP’s investment portfolio benefits from inflation protection. Typically the Group’s lease agreements include a CPIlinked indexation clause, which calculates annual rental increases as the higher of:

• a fixed increase of 1.5%–2.5% a year; or
• the Consumer Price Index².

As at 31 March 2026, 73% of income generated by the Group’s portfolio includes this CPI-linked indexation clause, and the Group expects this to increase further over time.

The reversionary potential stood at 14.6% at Q1-2026 with CTP also continuing to successfully capture rent reversion.

The annualised rental income came to €849.3 million as at 31 March 2026, an increase of 13.6% y-o-y, showcasing the strong cash flow growth of CTP’s investment portfolio.

Q1-2026 developments delivered with a 10.4% YoC and 96% let at delivery

CTP continued its disciplined investment in its highly profitable development pipeline. In Q1-2026, the Group completed 116,000 sqm of GLA, +22% y-o-y (Q1-2025: 95,000 sqm). These developments were delivered at a YoC of 10.4%, 96% let. The 2,022,000 sqm CTP currently has under development is expected to deliver contracted annual rental income of €154 million once let at a YoC of 10.0%.

CTP has a long track record of achieving sustainable growth through tenant-led development at its existing parks. 82% of the Group’s projects under construction are at existing parks, with a further 10% across new parks which have the potential to be developed to more than 100,000 sqm of GLA. Planned 2026 deliveries are 40% pre-let (Q1-2025: 42%). This Q1-2026 result represents a substantial increase from the 30% figure reported at FY-2025. The pre-let rate in existing parks stood at 27% where we have solid visibility of potential tenant demand, whilst at new parks the pre-let figure was at 60%, showcasing the low risk embedded in the pipeline.

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CTP again expects to reach 80%-90% pre-letting at delivery, in line with historical performance. As CTP acts as general contractor in most of its markets, it is fully in control of the process and timing of deliveries, allowing the Company to speed up or slow down depending on tenant demand, while also offering tenants flexibility in terms of their building requirements. In 2026, the Group reiterates its expectation to deliver between 1.4 million sqm – 1.7 million sqm of GLA.

CTP’s landbank amounted to 33.3 million sqm as at 31 March 2026. The Group is focusing on mobilising its existing landbank, as well as looking selectively globally for additional land acquisition opportunities. 55% of the landbank is located at CTP’s existing parks, while 37% is in, or is adjacent to, new parks which have the potential to grow to more than 100,000 sqm. 30% of the landbank was secured by options, while the remaining 70% is owned and accordingly reflected in the balance sheet.

Assuming a build-up ratio of 2 sqm of land to 1 sqm of GLA, CTP can build approximately 16.6 million sqm of GLA on its secured landbank. CTP’s land is held on balance sheet at around €60 per sqm and construction costs amount on average to approximately €500 per sqm, bringing total investment costs to approximately €620 per sqm. The Group’s standing portfolio is valued around €1,050 per sqm, resulting in a revaluation potential of around €430 per sqm built.

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^2 With a mix of local and EU-27 / Eurozone CPI, only limited number of caps.

Valuation results driven by pipeline and positive revaluation of standing portfolio

Investment Property (“IP”) valuation increased from €16.8 billion as at 31 December 2025 to €17.0 billion as at 31 March 2026, driven mainly by the transfer of completed projects from Investment Property under Development (“IPuD”) to IP.

IPuD increased by 18.0% from 31 December 2025 to €1.6 billion as at 31 March 2026, driven by the CAPEX spent, the revaluation due to increased pre-letting and construction progress, and the start of new construction projects in Q1-2026.

GAV increased to €18.9 billion as at 31 March 2026, up 2.0% compared to 31 December 2025. The total revaluation in Q1-2026 came to €164.1 million, driven by the revaluation of IPuD projects.

The Group’s portfolio has conservative Reversionary yields of 6.9% and saw yield compression throughout 2025 (FY-2025: 6.9%).The yield differential between CEE and Western European logistics is expected to decrease over time, driven by the higher growth expectations for the CEE region.

CTP also expects further positive ERV growth on the back of continued tenant demand, which is positively affected by the secular growth drivers in the CEE region. CEE rental levels remain affordable; despite the strong growth seen as they have started from significantly lower absolute levels than in Western European countries.

EPRA NTA per share increased from €20.39 as at FY-2025 to €20.95 as at 31 March 2026, representing an y-o-y increase of 12.7% and q-o-q increase of 2.7%. The increase is mainly driven by the revaluation (+€0.34) and Company adjusted EPRA EPS (+€0.25).

Robust balance sheet and strong liquidity position

In line with its proactive and prudent approach, the Group benefits from a solid liquidity position to fund its growth, with a fixed cost of debt and conservative repayment profile. During Q1-2026, the Group raised €0.8 billion to fund its organic growth:

- a €500 million green bond with a 4.5 year maturity at MS +92bps and a coupon of 3.375%, CTP’s lowest spread issuance since 2021;

- a dual-tranche 5 year unsecured sustainability-linked term loan facility with a syndicate of 15 Asian banks, o JPY 22.5 billion (€122.7 million equivalent) at TONA + 115 bps, and o USD 180 million (€156.5 million equivalent) at SOFR +135 bps

The Group’s liquidity position stood at €1.9 billion, comprised of €0.6 billion in cash and cash equivalents, and an undrawn RCF of €1.3 billion.

CTP’s average cost of debt stood at 3.2% (FY-2025: 3.3%). The decrease compared to year-end 2025 is due to new funding over the past 12 months at a lower rate than the higher coupon instruments which were either repriced or refinanced. We expect a minimal average cost increase in 2026 given further refinancings in the year only amount to €327 million, mainly comprised of a €275 million bond due in September 2026. 99.9% of the debt is fixed rate or hedged until maturity. The average debt maturity came to 4.8 years (FY-2024: 4.8 years).

The Group repaid a €350 million bond due in January from its available cash reserves and repurchased total €216 million of high coupon bond with a tender offer, achieving material future interest savings.

CTP’s LTV came to 46.4% as at 31 March 2026, slightly above the target range of 40%45%.

The Group’s higher yielding assets, thanks to their gross portfolio yield of 6.5%, lead to a healthy level of cash flow leverage that is also reflected in the normalised Net Debt to EBITDA of 9.4x (FY-2024: 9.3x), which the Group targets to keep below 10x.

The ICR stood at 2.5x, well above the covenant threshold of 1.5x. The Group’s debt comprised of 71% unsecured debt and 29% secured as at 31 March 2026, with ample headroom under its Secured Debt Test and Unencumbered Asset Test covenants.

The conditions provided by capital markets remain more competitive than the pricing in the bank lending market. That together with increasing preference of the lenders to provide the funding on the Group level, benefiting from diversified and large-scale Group operations, allows the Group to continue rebalancing towards the unsecured lending.

	31 March 2026	Covenant
Secured Debt Test	13.4%	40%
Unencumbered Asset Test	187.1%	125%
Interest Cover Ratio	2.5x	1.5x

Monetisation of the energy business

CTP has an installed PV capacity of 158 MWp. In Q1-2026 revenues from renewable energy came to €3.3 million, up 71% y-o-y. We look to continue to grow our solar MWp installed going forward.

Against a backdrop of volatile energy prices, CTP’s sustainability ambitions go hand-inhand with an increasing number of tenants requesting green energy from photovoltaic systems, as they provide them with i) improved energy security, ii) a lower cost of occupancy, iii) compliance with increased regulation iv) compliance with their clients’ requirements and v) the ability to fulfil their own ESG ambitions.

Global ambition

CTP’s growth will be primarily delivered from the existing landbank, complimented with accretive land-led acquisitions. The ‘Growth Engine’ of CTP, leveraging strong existing tenant relationships who wish to grow with us, also drives expansion into new geographies. CTP continues to visit Vietnam on a regular basis as part of its due diligence process for market entry and will update the market when a shareholder-value accretive opportunity is secured. The Group’s landbank has the potential to deliver significant future development profit – value that CTP will unlock to continue to create industry leading shareholder returns.

Confirming FY-2026 guidance

Despite the geopolitical backdrop, leasing dynamics are strong, with growing occupier demand leading to continued rental growth. CTP continues to benefit from multiple structural trends for space in its markets. The Group’s pipeline is highly profitable, and remains tenant led. The YoC for CTP’s current pipeline stands at an industry leading 10.0%. The next stage of growth is built-in and financed throught the strong cashflow from the standing portfolio, with 2.0 million sqm under construction as at 31 March 2026 and a confirmed target to deliver between 1.4 million sqm – 1.7 million sqm in 2026.

CTP’s robust capital structure, disciplined financial policy, strong credit market access, industry-leading landbank, in-house construction expertise and deep tenant relationships allows it to deliver on its targets. CTP expects to reach €1.0 billion annualised rental income in 2027, driven by development completions, indexation and income reversion. Our medium-term ambition remains to double the current portfolio to 30m sqm – providing best in class product to our expanding tenant base.

The Group reiterates Company specific adjusted EPRA EPS guidance for 2026 of €1.01 – €1.03. This implies year-on-year growth of 9% at the lower end of the range, rising to 11% at the top end of the range when compared to the 2025 result, adjusting for capitalised interest.

The EPS growth is driven by development deliveries becoming income-producing, alongside strong underlying growth, with around 4% like-for-like rental growth expected (Q1-2026: +4.6%), primarily driven by indexation, but also incorporating the light headwind due to refinancing of low coupon bonds in 2026. We expect double-digit Company adjusted EPRA EPS growth for the years after given our growth trajectory and we also expect to maintain our leading returns profile.

WEBCAST AND CONFERENCE CALL FOR ANALYSTS AND INVESTORS

Today at 9am (GMT) and 10am (CET), the Company will host a video presentation and Q&A session for analysts and investors, via a live webcast and audio conference call.

To view the live webcast, please register ahead at:
https://www.investis-live.com/ctp/69ce5ee9dc51410011bc4451/ptrm

To join the presentation by telephone, please dial one of the following numbers and enter the participant access code 836114.

Germany	[phone]
France	[phone]
The Netherlands	[phone]
United Kingdom	[phone]
United States	[phone]

Press *1 to ask a question, *2 to withdraw your question, or *0 for operator assistance.

A recording will be available on CTP’s website within 24 hours after the presentation: https://www.ctp.eu/investors/financial-results/

CTP FINANCIAL CALENDAR

Event	Date
Annual General Meeting	20 May 2026
H1-2026 results	30 July 2026
Capital Market Days – Warsaw	22-23 September 2026

Consolidated statement of profit or loss and other comprehensive income
For the period
In EUR million	1.1.2026 - 31.03.2026	1.1.2025 - 31.03.2025 restated
Rental income	205.1	182.5
Service charge income	25.5	21.8
Property operating expenses	-31.0	-25.0
Net rental income	199.6	179.4
Income from renewable energy	3.3	1.9
Expenses from renewable energy	-5.1	-1.8	^1
Net income from renewable energy	-1.8	0.1
Hotel operating revenue	4.5	4.6
Hotel operating expenses	-3.7	-3.6
Net operating income from hotel operations	0.8	1.1
Income from development activities	13.5	10.4	^1
Expenses from development activities	-7.4	-7.9
Net income from development activities	6.1	2.5	^1
Total revenues	251.9	221.3	^1
Total attributable external expenses	-47.3	-38.3
Gross profit	204.6	183.0
Net valuation result on investment property	164.1	147.6
Other income	4.5	2.7
Amortisation, depreciation and impairment	-3.6	-2.8
Employee benefits	-15.2	-13.1
Impairment of financial assets	0.1	0.0
Other expenses	-16.8	-12.4
Net other income/expenses(-)	-31.0	-25.5
Profit before finance costs	337.7	305.2
Interest income	2.8	5.5	^1
Interest expense	-63.9	-58.4
Other financial expenses	-15.9	-5.3
Other financial gains/losses(-)	2.2	-5.6
Net finance costs	-74.7	-63.7
Profit before income tax	263.0	241.4
Income tax expense	-50.4	-45.1
Profit for the period	212.5	196.3
Other comprehensive income Items that will never be reclassified to profit and loss Revaluation of PPE net of tax	0.5	0.0
Items that are or may be reclassified to profit and loss Cash flow hedge - effective portion of changes in fair value net of tax	4.5	47.8
Foreign currency translation differences net of tax	-0.6	1.4
Total other comprehensive income net of tax	4.4	49.2
Total comprehensive income for the period	216.9	245.5
Profit attributable to: Equity holders of the Company	212.5	196.3	Restated for interest capitalisation on development activities
Total comprehensive income attributable to: Equity holders of the Company	216.9	245.5
Earnings per share (EUR) Basic earnings per share	0.44	0.41
Diluted earnings per share	0.44	0.41

Consolidated statement of financial position
In EUR million	31-Mar-2026	31-Dec-2025
Assets Investment property	16,960.6	16,835.1
Investment property under development	1,614.2	1,368.1
Property, plant and equipment	282.6	279.8
Goodwill and intangible assets	139.4	137.9
Trade and other receivables	89.5	88.8
Derivative financial instruments	12.2	4.9
Financial investments	6.4	5.5
Long-term receivables from related parties	12.1	13.2
Deferred tax assets	21.1	19.4
Total non-current assets	19,138.1	18,752.6
Trade and other receivables	334.0	327.8
Short-term receivables from related parties	0.0	0.0
Derivative financial instruments	101.5	123.4
Contract assets	52.1	36.5
Current tax assets	19.4	19.2
Cash and cash equivalents	633.0	708.4
Total current assets	1,140.0	1,215.3
Total assets	20,278.1	19,967.9
Issued capital	77.6	77.6
Share premium	3,094.9	3,094.7
Translation reserve	0.8	1.4
Cash flow hedge reserve	74.4	69.9
Revaluation reserve	30.3	29.9
Retained earnings	5,401.8	5,188.7
Total equity attributable to owners of the Company	8,679.8	8,462.2
Total equity	8,679.8	8,462.2
Liabilities Interest-bearing loans and borrowings from financial institutions	4,276.9	4,013.5
Bonds issued	4,218.0	4,434.3
Trade and other payables	147.7	151.8
Derivative financial instruments	26.8	40.8
Deferred tax liabilities	1,677.1	1,640.4
Total non-current liabilities	10,346.5	10,280.7
Interest-bearing loans and borrowings from financial institutions	70.4	72.4
Bonds issued	812.1	708.4
Trade and other payables	336.2	413.7
Derivative financial instruments	6.2	2.8
Current tax liabilities	26.9	27.7
Total current liabilities	1,251.8	1,225.0
Total liabilities	11,598.3	11,505.7
Total equity and liabilities	20,278.1	19,967.9

Consolidated statement of cash flows
Over the period
In EUR million	1.1.2026 – 31.3.2026	1.1.2025 –31.3.2025 restated
Operating activities Profit for the period	212.6	196.3
Adjustments for: Net valuation result on investment property	-164.1	-147.6
Amortisation and depreciation (incl, hotels and solars)	7.5	4.1
Net interest expenses	61.1	52.9
Change in FMV of derivatives and hedge	0.8	0.0
Other changes	-4.0	-1.2
Gain from repayment of bonds	13.3	0.0
Change in foreign currency rates	-1.8	3.1
Income tax expense	50.4	45.1
Operating profit before changes in working capital	175.8	152.7
Decrease/increase(-) in trade and other receivables and other items	-6.2	-25.2
Increase/decrease(-) in trade and other payables and other items	-73.2	-1.2
Decrease/increase(-) in contract assets	-15.6	-1.4
Cash generated from operations	-95.0	-27.7
Interest paid	-113.9	-76.6
Interest received	2.3	7.3
Income taxes paid	-14.3	-16.2
Cash flows from operating activities	-45.1	39.4
Investing activities Acquisition of investment property	-32.8	-40.9
Acquisition of PPE and intangible assets	-8.5	-5.7
Advances paid for investment property and PPE	-1.5	-1.6
Proceeds from loans and borrowings provided to related parties	0.0	0.0
Acquisition of subsidiaries, net of cash acquired	0.0	-7.2
Pre-acquisition loans and borrowings provided to acquired subsidiaries	0.0	-0.7
Development of investment property	-160.8	-149.8
Cash flows used in investing activities	-203.6	-205.8
Financing activities Bonds issued	499.6	996.2
Repayment of interest-bearing loans and borrowings/bonds	-597.2	-15.0
Proceeds from interest-bearing loans and borrowings	280.0	185.6
Transaction costs related to loans and borrowings/bonds	-6.9	-9.7
Proceeds from issue of share capital	0.0	0.0
Dividends paid	0.0	0.0
Payment of lease liabilities	-1.4	-1.2
Cash flows from/used in(-) financing activities	174.1	1,155.9
Cash and cash equivalents at 1 January	708.4	855.4
Net increase in cash and cash equivalents	-74.6	989.6
Change in foreign currency rates	-0.6	1.6
Cash and cash equivalents at 31 March	633.2	1,846.5
			^1

1 1 Restated for interest capitalisation on development activities

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About CTP

CTP is Europe’s largest listed owner, developer, and manager of logistics and industrial real estate by gross lettable area, owning 14.7 million sqm of GLA across 11 countries as at 31 March 2026. CTP certifies all new buildings to BREEAM Very good or better and earned a negligible-risk ESG rating by Sustainalytics, underlining its commitment to being a sustainable business. For more information, visit CTP’s corporate website: www.ctp.eu

Disclaimer

This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and business of CTP. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "targets", "may", "aims", "likely", "would", "could", "can have", "will" or "should" or, in each case, their negative or other variations or comparable terminology. Forwardlooking statements may and often do differ materially from actual results. As a result, undue influence should not be placed on any forward-looking statement. This press release contains inside information as defined in article 7(1) of Regulation (EU) 596/2014 of 16 April 2014 (the Market Abuse Regulation).