Wereldhave Belgium (WEHB) H1 2025 earnings summary

Executive summary

• Achieved strong half-year results, confirming expected net result per share despite a 5.3% increase in shares from the optional dividend.

• Net rental income rose 15.2% year-over-year to €36.7M, driven by portfolio expansion and higher occupancy.

• Completed acquisition of Knauf Shopping Pommerloch in Luxembourg, diversifying the portfolio and supporting growth strategy.

• Maintained high occupancy rates and strict cost control, reflecting asset quality and operational resilience.

Financial highlights

• Net result for H1 2025 was €25.4M, down from €62.5M in H1 2024, mainly due to lower non-core activity gains.

• Net result from core activities increased to €24.6M (H1 2024: €20.8M); per share, up 16.2% to €2.72.

• Net rental income reached €36.7M, up 15.2% year-over-year.

• Fair value of investment property portfolio rose 11.3% since December 2024 to €1,100.2M.

• Debt ratio increased to 34.5% (Dec 2024: 28.4%) due to acquisition and investments.

Outlook and guidance

• Net result from core activities guidance maintained at €5.35–€5.45 per share for 2025.

• Guidance reflects underlying growth despite share dilution; caution advised due to macroeconomic uncertainties (tariffs, rates, inflation).