Wereldhave (WHA) Investor presentation summary

Key messages and highlights

• Positive Dutch and Belgian valuations driven by higher passing rents and strong rental income growth of 4.3% in the core portfolio.

• Portfolio well protected against higher interest rates due to low capex, completed refinancing, and high daily-life exposure.

• Major progress in transforming Knauf Shopping Schmiede and Cityplaza with mixed-use additions.

• Fitch reaffirmed BBB credit rating with a stable outlook; €60m in new 10-year USPP agreed, further strengthening debt maturity.

• FY 2026 direct result per share forecast confirmed at €1.85-1.95; capital rotation in Benelux at LOI stage.

Financial and operational results

• Direct result per share steady at €0.91; EPRA NTA per share up 0.9% to €23.11; net LTV decreased to 44.1%.

• Like-for-like gross rental income growth of 4.3% in the core portfolio, with Belgium and Netherlands showing strong performance.

• Occupancy rates remain high at 97.7% across shopping centers.

• Costs remain stable despite portfolio growth; EPRA cost ratio at 29.4% in 2026.

• Tenant sales increased, especially in the Netherlands, with fashion and food categories leading.

Transactions and capital allocation

• Acquisitions: supermarket unit in Charleroi (completing Ville 2 ownership) and Hema in Overvecht, both with no negative LTV impact.

• Disposal: retail park De Mael, Bruges, expected to decrease LTV by 110bps and support capital rotation.

• Capital allocation guided by IRR framework, focusing on investments with returns above the continental European retail average.