Wereldhave (WHA) Q3 2025 TU earnings summary

Executive summary

• FY 2025 direct result per share (DRPS) guidance raised to €1.80-1.85, up from €1.75-1.85, reflecting strong operational performance and stable expenses.

• Like-for-like net rental income in core countries grew 4.3% year-over-year, driven by positive leasing spreads and growth in other rental income.

• Strategic partnership with Ocean Outdoor in the Netherlands for a digital media network will add at least €0.03 to annualized DRPS from 2026.

• First lease signed with TK Maxx for a 2,000 m² store in Tilburg, enhancing the retail mix and property value.

• Completion of the 10th Full Service Center (FSC) transformation at Shopping Nivelles, now 100% let.

Financial highlights

• Gross rental income for 9M 2025 was €137.3m, up 10.4% year-over-year; net rental income rose 10.1% to €113.8m.

• Direct result per share increased 4.2% to €1.25; EPRA earnings per share up 3.2% to €1.28.

• Net loan-to-value at 44.7%, down from 41.8% at year-end 2024.

• EPRA cost ratio including direct vacancy costs improved to 20.8% from 22.4% year-end 2024.

• Footfall in core countries grew 5.3% year-over-year in Q3.

Outlook and guidance

• FY 2025 DRPS guidance raised to €1.80-1.85 due to strong business operations and stable expenses.

• Sale of FSC Sterrenburg expected in Q4 at book value, supporting a year-end loan-to-value target of 42-43%.

• Ongoing work on a potential Belgian acquisition, expected to close in Q4 2025, with more deals anticipated in 2026.