Wereldhave Belgium (WEHB) H2 2024 earnings summary

Executive summary

• Achieved strong operational and financial performance in 2024, with net result from core activities per share at €4.88, exceeding the upper end of guidance and up 3.8% year-over-year.

• Retail and office portfolios saw increased occupancy rates, with retail at 99.0% and office at 85.4% by year-end.

• Visitor numbers in shopping centers rose sharply, and commercialisation of assets remained dynamic, with rents above market levels.

• Sustainability initiatives advanced, including EU Taxonomy & CSRD readiness and investments in energy efficiency.

• Board proposes a gross dividend of €4.30 per share, up 4.9% from 2023, with an optional scrip dividend.

Financial highlights

• Net result from core activities: €43.4M (+3.8% year-over-year); net result: €71.9M (vs. €29.2M in 2023).

• Net rental income increased to €64.8M (+3.5% year-over-year).

• Net asset value per share: €82.02 (vs. €78.07 in 2023).

• Debt ratio improved to 28.4% (from 29.6%).

• Total investment properties valued at €994.9M (vs. €952.4M in 2023).

• Net result from non-core activities: €28.5M (vs. -€12.6M in 2023), mainly due to positive property revaluations.

Outlook and guidance

• Targeting net result from core activities of €5.00–€5.10 per share for 2025.

• In advanced discussions for an acquisition, potentially closing in Q1 2025.

• Will update guidance if market conditions or other factors warrant.