Wereldhave (WHA) Q1 2025 TU earnings summary

Executive summary

• Direct result per share (DRPS) rose 7% year-over-year to €0.44, driven by operational improvements and Luxembourg acquisitions.

• All former Blokker and Casa units in the Netherlands were re-leased, with Casa achieving a 26% leasing spread.

• Daily life retail now constitutes about 70% of revenue, supporting resilience amid economic uncertainty.

• Footfall increased by 3% in Q1, though growth was slower than last year due to calendar and weather effects.

• Full Service Center (FSC) transformations are progressing on schedule and within budget.

Financial highlights

• Gross rental income grew 8.9% year-over-year to €45.6m; net rental income up 9.4% to €37.0m.

• Direct result increased 13.1% to €23.7m; indirect result was -€3.7m.

• Basic earnings per share fell 61.7% to €0.36 due to non-recurring items in the prior year.

• EPRA earnings per share rose 5.1% to €0.41.

• Net loan-to-value ratio increased to 44.0% from 41.8% at year-end 2024.

Outlook and guidance

• Guidance for FY 2025 DRPS confirmed at the higher end of €1.70–1.80, reflecting accretive Luxembourg acquisition.

• Priorities include closing the first Dutch joint venture and selling a second Dutch asset.

• Continued focus on joint ventures in the Netherlands and acquisitions in Belgium with higher yields.