Wereldhave (WHA) H1 2025 earnings summary

Executive summary

• FY 2025 direct result per share (DRPS) guidance raised to €1.75–1.85, reflecting strong operational performance, cost management, and asset management initiatives, supported by acquisitions in Luxembourg and Tilburg.

• €108m of non-core assets sold at book value, completing Benelux portfolio clean-up and focusing on core assets.

• Like-for-like net rental income grew 6% year-over-year, with retailer sales up 2% and footfall up 4% in Q2 2025.

• First Dutch joint venture with Sofidy on Stadshart Zoetermeer and continued transformation of Full Service Centers (FSCs) on track.

• No significant bankruptcies in the portfolio; occupancy rates remain high, especially in Belgium at 98%.

Financial highlights

• H1 2025 direct result per share rose 8.3% to €0.91 compared to H1 2024; total result per share at €1.01.

• Gross rental income increased 9.7% to €91.1m and net rental income rose 10.6% to €75.3m year-over-year.

• Net LTV at 44.9%, expected to decrease to 42% after disposals; pro-forma LTV after disposals at 43.7%.

• EPRA NTA per share increased 2.5% to €22.91 year-over-year.

• EBITDA benefited from cost control and improved interest lines due to refinancing.

Outlook and guidance

• FY 2025 DRPS guidance increased to €1.75–1.85, up from €1.70–1.80, with like-for-like rental growth of ~6% expected to be sustainable for the full year.

• Dividend per share guidance maintained at €1.30, below policy range, until LTV target (<40%) is reached; dividend per share expected to be in line with direct result per share.

• Final steps to reach net LTV target of 35–40% include further disposals and equity-backed acquisitions.

• Focus on further acquisitions in Belgium and Luxembourg, with a significant Belgian deal targeted for H2 2025.