Wereldhave (WHA) AGM 2025 presentation summary

Financial performance and results

• Net profit for 2024 reached €140m, the highest since 2007, with direct result per share at €1.76, slightly above guidance.

• Core portfolio occupancy increased to 97.3% despite regional bankruptcies, and positive portfolio revaluations were driven by higher market rents.

• Dividend proposed at €1.25 per share for 2024, a 4.2% increase, with 2025 direct result per share guidance at €1.70-1.80.

• Cost savings in 2024 led to higher net rental income and lower general expenses.

• Tenant sales rose 4% versus 2023, with strong operational performance and rental growth.

Strategic acquisitions and disposals

• Acquired two shopping centers in Luxembourg for €167m, with a net initial yield of 8.0%, financed through a mix of debt and new shares.

• The acquisitions are expected to be accretive to direct result per share and align with the LifeCentral strategy.

• Disposed of Winkelhof asset in the Netherlands for €56m, reallocating capital to higher-yielding assets.

• Acquired retail units in Tilburg for €5.4m, increasing ownership in the city center.

LifeCentral strategy and operational highlights

• Continued transformation of assets into Full Service Centers (FSCs), with two major FSC deliveries planned for 2025.

• FSCs outperformed other assets in footfall, retail sales, and total property return.

• Tenant mix further diversified, with daily life retail now accounting for 68% of revenue.

• Nearly 80% of LifeCentral CAPEX program invested, focusing on assets with IRRs above 8%.