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Wereldhave (WHA) investor relations material
Wereldhave H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
FY 2025 direct result per share guidance raised to €1.75–1.85, driven by operational improvements, cost control, and strong rental growth.
€108m in non-core asset disposals completed at or above book value, focusing on core Benelux assets.
Like-for-like net rental income grew 6%, with retailer sales up 2% and footfall increasing across core markets.
Fitch BBB credit rating reaffirmed; €125m refinancing completed, including inaugural European Private Placement.
First Dutch joint venture established; Full Service Center transformations in Belgium and the Netherlands progressing on schedule.
Financial highlights
H1 2025 direct result per share rose 8.3% to €0.91; direct result for H1 was €49.3m, up 12.9% year-over-year.
Like-for-like net rental growth of 6% in H1 2025; gross rental income up 9.7% to €91.1m.
Net LTV at 44.9%, expected to fall to 42–43.7% after further disposals.
EPRA NTA per share increased 2.5% to €22.91; EPRA NIY at 6.2%.
Indirect result was €4.8m, mainly from €13.8m upward property revaluations.
Outlook and guidance
FY 2025 direct result per share guidance raised to €1.75–1.85; dividend per share guidance maintained at €1.30, below policy, until LTV target is reached.
Focus on further acquisitions in Belgium and Luxembourg, with a Belgian deal likely in H2 2025.
Expectation to reduce LTV to below 40% through disposals and equity-backed acquisitions.
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