Wereldhave Belgium (WEHB) Q3 2025 TU earnings summary

Executive summary

• Net rental income rose 16.3% year-over-year to €55.8M, driven by the acquisition of Knauf Shopping Pommerloch and improved occupancy rates.

• Net result from core activities per share increased 16.4% to €4.11, with total core activities result at €37.5M for the first nine months.

• Portfolio fair value grew 10.4% since December 2024, reaching €1,091.2M, mainly due to acquisitions.

• Retail portfolio occupancy remained high at 98.1%, with strong leasing activity and new tenant openings.

• Earnings guidance maintained at €5.35–€5.45 per share, trending towards the upper end.

Financial highlights

• Net rental income: €55.8M (+16.3% YoY); excluding acquisition, existing portfolio grew 5.3%.

• Net result from core activities: €37.5M (vs. €31.4M YoY); net result: €29.8M.

• Net asset value per share: €79.26 (down from €82.02 at year-end 2024) due to stock dividend dilution.

• Debt ratio increased to 34.3% (from 28.4% at year-end 2024), reflecting acquisition financing.

• Average interest rate on loans: 3.30% (vs. 2.70% YoY).

Outlook and guidance

• Earnings per share guidance confirmed at €5.35–€5.45, with results trending towards the upper end.

• Strong operational performance expected to offset share dilution from stock dividend.

• Caution advised due to macroeconomic uncertainties, including tariffs, interest rates, and inflation.