Wereldhave Belgium (WEHB) H1 2024 earnings summary

Executive summary

• Net rental income rose 2.1% year-over-year to €31.8M, despite retail bankruptcies and economic uncertainty.

• Net result surged to €62.5M from €16.2M, mainly due to a €41.5M positive revaluation of investment properties.

• Net result from core activities per share decreased 3.1% to €2.34, while net asset value per share increased 3.8% to €81.00.

• EPRA occupancy rate declined to 94.8% (from 96.1% at year-end), reflecting tenant bankruptcies.

• Debt ratio remained low at 29.4%, supporting financial resilience.

Financial highlights

• Net rental income: €31.8M (up from €31.2M year-over-year).

• Net result: €62.5M (vs. €16.2M year-over-year); net result per share: €7.03 (vs. €1.82).

• Net result from core activities: €20.8M (down from €21.5M); per share: €2.34 (down from €2.42).

• Net result from non-core activities: €41.7M (vs. -€5.3M), driven by property revaluations.

• Net asset value per share: €81.00 (up from €78.07 at year-end).

Outlook and guidance

• Net result from core activities for 2024 expected between €4.80 and €4.90 per share, guidance maintained.

• Management cautions that high interest rates, inflation, and market conditions could impact results.