Warehouses Estates Belgium (WEB) H1 2026 earnings summary

Executive summary

• Achieved a high occupancy rate of 97.44% as of 30 June 2026, up from 96.51% at year-end 2025, driven by strong leasing activity and new lease signings.

• Net result increased by 40.12% year-over-year to €8,421k, supported by a rise in property portfolio value and effective cost control.

• Rental income declined 3.4% year-over-year due to tenant bankruptcies and departures, but is expected to stabilize following new lease agreements.

• Maintained prudent investment and growth strategy, focusing on selective development projects and asset quality.

Financial highlights

• Portfolio fair value rose 1.29% to €344.3m compared to 31 December 2025.

• Operating result from property was stable at €9,516k, down 0.60% year-over-year.

• EPRA earnings per share reached €1.82; EPRA NAV (NRV) was €54.67 per share.

• Debt ratio increased to 47.65% from 45.96% at year-end 2025, partly due to dividend payment.

• Adjusted result grew 1.72% year-over-year to €6,058k.

Outlook and guidance

• Earnings per share for the full year are forecasted to be in line with the previous year.

• Gross dividend is expected to match the prior year, barring major economic deterioration.

• Continued focus on proactive tenant management, prudent investment, and ESG commitments.