Strong platform delivers earnings growth, high profitability and sustained credit strength

P3 Group S.à r.l. today released its condensed consolidated interim financial results for the first half-year 2026, reporting a period of earnings growth, high profitability and sustained credit strength. P3’s high-quality logistics portfolio comprises 10.2 million sqm of gross lettable area across 10 European countries and serves approximately 490 customers.

Key Messages

• Portfolio value held at €10.8bn (Dec 2025: €10.8bn), as acquisitions and development activity offset disposals. The like-for-like portfolio value declined marginally by 0.4%, as modest yield expansion to 5.74% more than offset ERV growth of 0.3%.
• Net Operating Income (NOI) increased by 6% to €284m (H1 2025: €269m), including 1.5% like-for-like growth, driven by indexation and re-leasing activity.
• Leasing momentum remained strong with 0.9m sqm leased (similar level as H1 2025) and achieving a +1.6% re-leasing spread.  Leases signed on average above ERV.
• Like-for-like occupancy remained resilient at 95.9% and rent collection high at 99.9%.
• Profitability remained strong with EBITDA margin at 86% (H1 2025: 87%), reflecting the continuous focus on operational efficiency.
• Solid credit profile maintained with Loan-To-Value stable at 47.0% and ample liquidity of ~€1.0bn. ICR remains solid at 2.8x supported by strong profitability.
• During the reporting period, P3 delivered disciplined capital recycling through 229k sqm of acquisitions and developments, and 208k sqm of disposals.
• ESG focus continues with 82% Green assets (target >75%) and solar capacity reaching 104 MWp (surpassing the target >100 MWp by 2027).

Frank Pörschke, P3 CEO, commented:

“European logistics is entering a more balanced phase. Occupier confidence is improving, but demand is increasingly concentrated on modern, efficient and well-located buildings that can support evolving supply chains. That plays directly to P3’s strengths. Our customer relationships, in-house operating platform and disciplined approach to development and capital recycling allow us to capture that demand while maintaining a measured approach to speculative risk. We enter the second half focused on active asset management, customer-led investment and selective growth, while continuing to enhance the quality and sustainability of the portfolio.”

Thilo Kusch, P3 CFO, added:

“Financial resilience is what enables P3 to invest confidently through the cycle. During the first half, we funded investments through operating cash flow and disposals, maintained leverage within our target range and extended the maturity of our debt on attractive terms. With a predominantly fixed-rate, diversified funding base and substantial liquidity, we can remain selective in deploying capital while continuing to support the business. Strong demand for our January bond further demonstrates the depth of our access to the capital markets. Our priorities remain clear: preserve our investment-grade credit rating, maintain ample financial headroom and allocate capital to opportunities that strengthen income durability, portfolio quality and long-term value.”

Leadership Transition

It was announced that Simon Carter joined P3 on 7 September 2026 as CEO Designate and will formally assume the role of Chief Executive Officer on 17 September 2026, following a planned transition period with Frank Pörschke.

FURTHER READING

• For more information, visit https://www.p3parks.com/investors
• P3’s Financial Statements for half-year 2026 can be viewed here
• An updated Credit Investor Presentation can be viewed here
• Listen to credit investor audiocast here 
• A dedicated call for fixed income investors is held today (Thursday 10th September) at 10:00 CET / 9:00 AM UKT. To register reach out to ING through: ingcorporate.access@ing.com