Wereldhave (WHA) Investor presentation summary

H1 2026 performance

• Direct result per share €0.91, unchanged YoY; EPRA NTA per share €23.11, up 0.9% YoY; net LTV 44.1%, down 0.8pp YoY.

• Core portfolio like-for-like gross rental income grew 4.3% YoY and net rental income 2.4%; drivers included indexation +2.5%, other income +2.0%, leasing +0.3% and property expenses (2.4%).

• Core shopping-center occupancy was 97.7%; leasing was signed 2.0% above previous rent and 12.0% above ERV.

• Direct result rose to €50.9m from €49.4m; acquisitions and rental growth more than offset higher interest costs and disposals.

Portfolio strategy and operations

• Daily Life represented 64% of rent in H1 2026, versus 51% at the 2019 LifeCentral launch; mixed-use reached 16.4% of Benelux portfolio area.

• Cityplaza and Knauf Schmiede Full Service Center transformations remained on track; Cityplaza’s health and fitness cluster opened in H1, on time and within budget.

• At Knauf Schmiede, work includes re-routing the ground floor, expanding Basic-Fit, increasing mixed use from 18% to 21%, and replacing an underperforming food and beverage operator.

• Other income had 26 new contracts signed in H1; 2026 and 2027 targets are €8.6m and €10.1m, respectively, with H1 income of €4.5m.

Transactions and capital allocation

• H1 acquisitions included a 2.7k m² Ville2 supermarket unit and a 3.3k m² Hema at Overvecht; each was expected to reduce LTV by 10bps and use existing operating teams.

• A conditional sale agreement for the 20k m² De Mael retail park was signed on 16 September 2026, with disposal scheduled for Q2 2027 and a 110bps group-level LTV reduction expected.

• Earnings-accretive capital rotation in the Benelux was in the letter-of-intent stage; residential plans cover 1,200–1,600 units and expected profit of €0.50–€0.80 per share.