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Wereldhave (WHA) investor relations material

Wereldhave Q3 2025 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 TU earnings summary4 Nov, 2025

Executive summary

  • FY 2025 direct result per share (DRPS) guidance raised to €1.80-1.85, up from €1.75-1.85, reflecting strong operational performance and stable expenses.

  • Like-for-like net rental income in core countries grew 4.3% year-over-year, driven by positive leasing spreads and growth in other rental income.

  • Strategic partnership with Ocean Outdoor in the Netherlands for a digital media network will add at least €0.03 to annualized DRPS from 2026.

  • First lease signed with TK Maxx for a 2,000 m² store in Tilburg, enhancing the retail mix and property value.

  • Completion of the 10th Full Service Center (FSC) transformation at Shopping Nivelles, now 100% let.

Financial highlights

  • Gross rental income for 9M 2025 was €137.3m, up 10.4% year-over-year; net rental income rose 10.1% to €113.8m.

  • Direct result per share increased 4.2% to €1.25; EPRA earnings per share up 3.2% to €1.28.

  • Net loan-to-value at 44.7%, down from 41.8% at year-end 2024.

  • EPRA cost ratio including direct vacancy costs improved to 20.8% from 22.4% year-end 2024.

  • Footfall in core countries grew 5.3% year-over-year in Q3.

Outlook and guidance

  • FY 2025 DRPS guidance raised to €1.80-1.85 due to strong business operations and stable expenses.

  • Sale of FSC Sterrenburg expected in Q4 at book value, supporting a year-end loan-to-value target of 42-43%.

  • Ongoing work on a potential Belgian acquisition, expected to close in Q4 2025, with more deals anticipated in 2026.

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Frequently asked questions

Wereldhave N.V. is a real estate investment company headquartered in the Netherlands, focusing primarily on the retail sector. Founded in 1930, Wereldhave invests in shopping centers and offices, with a property portfolio spread across Belgium, France, and the Netherlands. The company's strategy revolves around leasing investment property under operating leases, with property management executed by group management companies. The company is headquartered in Amsterdam, Netherlands, and its shares are listed on the Euronext Amsterdam.

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