Wereldhave (WHA) investor relations material

Financial performance and results

• Direct result per share for 2025 reached €1.86, exceeding guidance, with a proposed dividend of €1.30 per share (+4%).

• Occupancy rate hit 98%, the highest since 2013, and like-for-like rental growth was +6%.

• Total shareholder return for 2025 was +51%, with stable costs despite portfolio growth and inflation.

• Net LTV increased to 42.5% due to acquisitions, with a target to reduce it to 35-40%.

• Outlook for 2026 direct result per share is €1.85-1.95.

Portfolio developments and transactions

• Significant acquisitions included Knauf Shoppings (€167m), Ville2 Charleroi (€120m), and a JV in Zoetermeer (€165.6m).

• Disposals of Dutch assets (Sterrenburg, Winkelhof, De Roselaar) aligned with IRR thresholds and capital rotation strategy.

• Ongoing transformation of assets into Full Service Centers (FSCs), with new FSCs delivered in Nivelles and Kronenburg Phase 1.

• Mixed-use share in the portfolio increased to 16.4% of Benelux m².

Strategic initiatives and operational highlights

• LifeCentral strategy continues to drive outperformance, with FSCs showing higher tenant sales, footfall, and property returns.

• Other income targeted to grow to €10m by 2027, with €6.7m achieved in 2025.

• Leasing activity delivered average rent increases of 2.7% above previous rents and 6.4% above ERV.

• Cost base remained stable, with EPRA cost ratio at 20.6% in 2025.

• Management agenda focuses on capital reallocation, completing FSC transformations, and maintaining ESG leadership.