Wereldhave (WHA) Q1 2026 TU earnings summary

Executive summary

• Direct result per share (DRPS) rose 2% year-over-year to €0.45, with occupancy at 97.5% (+1.0 pp).

• Footfall at Full Service Centers increased 2% year-over-year, and cash collection remained strong at 98%.

• €12m in strategic acquisitions closed, funded by new shares, improving loan-to-value by 0.2 pp.

• €250m revolving credit facility refinanced at improved terms, extending debt maturity and reducing near-term repayment risk.

• Portfolio strengthened by acquiring supermarket anchor in Charleroi and HEMA unit in Utrecht, enhancing bargaining power and asset control.

Financial highlights

• Gross rental income up 6.4% year-over-year to €48.5m; net rental income up 5.3% to €39.0m.

• Direct result increased 6.8% to €25.4m; indirect result declined 10.5% to -€4.1m.

• Basic earnings per share stable at €0.36; direct result per share up to €0.45.

• Net loan-to-value improved to 42.0% (-0.5 pp sequentially); interest coverage ratio at 4.1x.

• EPRA cost ratio including direct vacancy costs improved to 22.3% (-1.1 pp year-over-year).

Outlook and guidance

• Confident in reiterating full-year 2026 DRPS forecast of €1.85-1.95 despite geopolitical tensions.

• Plans to close one or two more joint ventures in the Netherlands and an acquisition in Belgium, aiming for earnings accretion and further LTV reduction.