Wereldhave Belgium (WEHB) H1 2026 earnings summary

Executive summary

• Delivered a solid first half of 2026, with net rental income up 18.9% to €43.6M year-over-year, and a 1.7% uplift in investment property value.

• Successfully integrated Shopping Ville2 in Charleroi, including the acquisition of its supermarket unit, and continued strong operational momentum across the portfolio.

• Signed 43 leases/renewals at rents averaging 10% above market and 4% above previous levels, with footfall outperforming the Belgian market.

• Maintained a healthy EPRA debt ratio of 34.0% and confirmed full-year guidance for net result from core activities of €5.20–€5.30 per share.

Financial highlights

• Net rental income rose 18.9% to €43.6M (H1 2025: €36.7M); net result increased to €34.4M (H1 2025: €25.4M).

• Net result from core activities: €28.6M (H1 2025: €24.6M); non-core activities: €5.8M (H1 2025: €0.8M).

• Net result per share: €3.01 (H1 2025: €2.70); net asset value per share: €71.86 (Dec 2025: €73.00).

• EPRA occupancy rate: 96.7% (Dec 2025: 97.3%); retail portfolio occupancy: 97.9%.

• Shareholders’ equity: €821.6M; total investment properties: €1,242.5M.

Outlook and guidance

• Full-year 2026 guidance for net result from core activities maintained at €5.20–€5.30 per share.

• Guidance subject to caution due to macroeconomic uncertainties (geopolitical tensions, interest rates, inflation).