Wereldhave (WHA) H1 2026 earnings summary

Executive summary

• Positive property valuations in the Netherlands and Belgium, driven by higher passing rents and strong like-for-like gross rental income growth of 4.3% in the core portfolio.

• Direct result per share remained steady at €0.91 year-over-year, with guidance for FY 2026 maintained at €1.85–1.95.

• Major progress in Full Service Center transformations, notably at Cityplaza (Netherlands) and Knauf Schmiede (Luxembourg), with tenant mix diversification and enhanced customer experience.

• Two strategic acquisitions completed: Ville2 Supermarket in Charleroi and Hema in Overvecht, funded via equity contribution in kind, with no cost impact and a slight decrease in LTV.

• Other income initiatives, including digital media screens, pop-up stores, and EV charging points, exceeded targets and diversified revenue streams.

Financial highlights

• Like-for-like gross rental income in the core portfolio grew by 4.3% year-over-year; gross rental income rose 5.6% to €96.3m, net rental income up 4.0% to €78.2m.

• Net loan-to-value (LTV) decreased by 80 basis points year-over-year to 44.1%, above the 35–40% target.

• Occupancy rates remained high at 97.7%–98% for the core and total portfolio.

• EPRA cost ratio continued to decline, reaching 20.6%–23.2% in H1 2026.

• Direct result increased 3.1% to €50.9m; basic earnings per share declined to €0.86 from €1.01 year-over-year.

Outlook and guidance

• FY 2026 direct result per share guidance confirmed at €1.85–1.95.

• Dividend expectation for next AGM set at €1.35 per share, a 71% payout, below policy due to elevated LTV.

• Management targets LTV reduction to 35–40% and annualized total return above 10% by 2027.

• Management expects NOI margin to improve in H2 as non-recurring costs subside.

• Capital rotation and non-core asset disposals planned to further reduce LTV and enhance returns.