Wereldhave Belgium (WEHB) Q1 2025 TU earnings summary

Executive summary

• Operational results grew strongly in Q1 2025, driven by external growth of the investment property portfolio, notably the acquisition of Knauf Shopping Pommerloch in Luxembourg for €103M, with a net initial yield of 7.2%.

• 19 lease agreements and renewals were concluded at rents above market and previous levels, demonstrating asset quality and resilience in a volatile market.

• The company maintained a high occupancy rate and stable footfall, despite market turbulence and a strike impacting shopping center visits.

Financial highlights

• Net rental income increased by 11.4% year-over-year to €17.8M; excluding the acquisition, the existing portfolio saw a 5.0% increase.

• Net result from core activities per share rose 16.5% to €1.36; net asset value per share increased 2.0% to €83.62.

• Shareholders' equity rose to €743.0M from €728.8M at year-end 2024.

• Debt ratio increased to 33.7% from 28.4% due to the acquisition, but remains moderate.

Outlook and guidance

• Earnings guidance for 2025 revised upward to €5.35–€5.45 per share following the acquisition; guidance confirmed after Q1 results.

• Guidance subject to uncertainties from international economic conditions, tariffs, interest rates, and inflation.