Wereldhave Belgium (WEHB) Q3 2024 TU earnings summary

Executive summary

• Achieved solid operational performance in Q3 2024, maintaining guidance for net result from core activities despite tenant bankruptcies and high interest charges.

• Strong growth in footfall (+4% YoY in Q3), with key centers outperforming 2019 levels.

• Retail and office portfolios saw high occupancy rates, supported by new leases and successful asset repositioning.

Financial highlights

• Net rental income rose 5% YoY to €48.0M for the first nine months of 2024.

• Net result from core activities per share increased 0.5% YoY to €3.53.

• Net asset value per share up 4.3% to €81.46 compared to year-end 2023.

• Debt ratio improved to 28.8% from 29.6% at year-end 2023.

• Average interest rate on loans decreased to 2.70% for the first nine months.

Outlook and guidance

• Net result from core activities for 2024 expected between €4.80 and €4.90 per share, guidance maintained.

• Caution advised due to macroeconomic uncertainties, including high interest rates, inflation, and geopolitical risks.