Wereldhave Belgium (WEHB) H2 2025 earnings summary

Executive summary

• Achieved exceptional growth in 2025, driven by strategic acquisitions and strong operational performance.

• Portfolio value increased by 22.8% year-over-year, supported by successful capital markets activity and investor confidence.

• Integration of Knauf Shopping Pommerloch and Shopping Ville2 expanded the retail footprint and contributed to results.

• Retail portfolio occupancy reached 98.5% and total footfall rose 1.3% year-over-year, outperforming the market.

• Sustainability initiatives, including solar panels and EV charging, generated new revenue streams and reduced CO₂ footprint.

Financial highlights

• Net result from core activities rose 17.4% to €50.9M (€5.25 per share), at the upper end of guidance.

• Net rental income increased 16.5% to €75.5M, with like-for-like growth of 4.6% excluding acquisitions.

• Net result (including non-core) was €42.4M, down from €71.9M in 2024 due to lower non-core gains.

• Net asset value per share was €73.00 (2024: €82.02), reflecting capital increase and portfolio revaluation.

• Dividend proposal of €4.15 gross (€2.905 net) per share, payout ratio 93.2%.

Outlook and guidance

• Forecast net result from core activities per share for 2026 is €5.20–€5.30.

• Expects 10–13% growth in core EPS over 2024–2026, driven by 2025 acquisitions and balanced funding.

• Will update guidance if market conditions require.