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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.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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