Wereldhave (WHA) H2 2024 earnings summary

Executive summary

• Net profit for 2024 reached €140 million, the highest since 2007, driven by operational strength, direct result above guidance, and positive property revaluations.

• Direct result per share was €1.76, slightly above guidance, with a proposed dividend of €1.25 per share, up 4.2% year-over-year.

• Core portfolio occupancy increased to 97.3% at year-end 2024, despite Benelux bankruptcies.

• Portfolio transformation continues, with nine Full Service Centers completed and two more set for 2025.

• Fitch upgraded the credit rating to BBB stable, reflecting a strengthened balance sheet.

Financial highlights

• Gross rental income rose 5.7% to €166.9m; net rental income up 9.5% to €138.4m; like-for-like NRI growth: Netherlands +6.7%, Belgium +1.2%, core portfolio +4.1%.

• EPRA NTA per share increased by 7% to €23.43; EPRA cost ratio improved to 22.4%.

• Dividend proposed at €1.25 per share, up 4.2% from last year.

• Loan to value (LTV) at 41.8%, pro forma 40.8% after asset disposal; target remains 35–40%.

• Debt/EBITDA multiple at 6.6x–7.2x; interest coverage ratio at 4.1x; cost of debt stable at 3.50%.

Outlook and guidance

• 2025 direct result per share guidance is €1.70–€1.80, reflecting stable performance amid new Dutch tax and asset disposals.

• Dividend for 2025 expected to rise another 4%.

• Like-for-like rental growth modeled at 2.5% in the Netherlands and about 3% overall.

• Exploring acquisitions in Benelux and continued focus on ESG investments.