Wereldhave (WHA) Investor presentation summary

Strategy and transformation

• Focus on transforming retail assets into Full Service Centers (FSCs) to meet daily consumer needs and drive long-term value creation.

• LifeCentral strategy emphasizes mixed-use, sustainability, and local community engagement, aiming for net zero carbon by 2030.

• Asset-by-asset transformation process includes red flag analysis, tailored blueprints, and business cases for each center.

• Successful transformation of 10 centers in phase 1, all exceeding internal IRR thresholds, with further growth through acquisitions and joint ventures.

• Expansion continues with new acquisitions in the Netherlands, Belgium, and Luxembourg, including joint ventures and residential development partnerships.

Portfolio and operational performance

• Portfolio consists of 21 commercial centers, 96% retail and 4% offices, with a total value of €2.4bn.

• Geographical split: Belgium 46%, Netherlands 39%, Luxembourg 8%, France 7%.

• High occupancy rate of 97.7% and average lease term of 5 years.

• Top 10 tenants account for 25.8% of annual rent, with a diversified mix across supermarkets, fashion, and services.

• Visitor numbers reached 96.8 million in 2025, with a 2% increase in Q1 2026 for FSCs.

Financial results and shareholder value

• Q1 2026 direct result per share (DRPS) rose 2% to €0.45; full-year DRPS guidance is €1.85–1.95.

• €12 million in strategic acquisitions completed, funded by new equity, improving loan-to-value by 0.2 percentage points.

• Refinanced €250 million revolving credit facility on improved terms, with a five-year maturity and extension options.

• Dividend policy is responsible and growing, with 2026 forecasted dividend per share at €1.35.

• Cumulative shareholder return has outperformed peers since the LifeCentral strategy launch.