Wereldhave (WHA) H2 2025 earnings summary

Executive summary

• Direct result per share for 2025 reached €1.86, exceeding guidance and up 6% year-over-year, with occupancy at 98%, the highest since 2013.

• Like-for-like rental growth was 6.3%, driven by a strong Dutch retail market and increased other income.

• Total shareholder return for 2025 was 51%, with a proposed dividend of €1.30 per share (+4%).

• Portfolio growth and transformation were supported by acquisitions in Luxembourg and Belgium, and the establishment of a joint venture in the Netherlands.

• Indirect result was slightly negative due to asset-specific write-downs and deferred tax charges.

Financial highlights

• Direct result totaled €101 million, a 10% increase year-over-year.

• Gross rental income rose 10.1% to €183.8m; net rental income increased 11.6% to €154.5m.

• EPRA NTA per share rose to €23.53, up 0.4%.

• EPRA cost ratio improved to 20.6% in 2025.

• Net loan-to-value (LTV) increased to 42.5% due to acquisitions.

Outlook and guidance

• Direct result per share guidance for 2026 is €1.85–1.95, implying 3%-4% growth.

• Dividend forecast for 2026 is €1.35 per share.

• Like-for-like rental growth expected to remain in the 5%–6% range, with indexation assumed at 1.75%.

• LTV target set at 35–40% through further disposals and equity-backed acquisitions.

• Cost of debt expected to be stable or slightly lower in 2026, depending on refinancing outcomes.