Wereldhave (WHA) Q3 2026 TU earnings summary

Executive summary

• Q3 direct result per share (DRPS) rose to €0.49 from €0.46 in Q2, supported by positive leasing spreads, higher Other Income and lower costs.

• Sales of Bruges retail park and Eggert strengthened the balance sheet; pro forma LTV was 41.6% and net debt/EBITDA 7.1x post-disposals.

• FY 2026 DRPS guidance was reaffirmed at €1.85–€1.95.

Financial highlights

• 9M gross rental income rose 6.0% YoY to €145.5m; net rental income increased 4.7% to €119.2m.

• 9M result increased 20.5% YoY to €80.7m; basic EPS rose 8.7% to €1.37.

• 9M direct result was €78.5m versus €74.3m; DRPS was €1.40 versus €1.36, up 2.9% YoY.

• Q3 DRPS accelerated to €0.49 from €0.46 in Q2, driven by positive leasing spreads, higher Other Income and reduced costs.

Outlook and guidance

• FY 2026 DRPS forecast reaffirmed at €1.85–€1.95 despite geopolitical tensions and their impact on financial markets.

• Dutch structure transition is expected to complete in 2026; resulting operating efficiencies are expected to contribute positively to DRPS from 2027.

• Further growth in the Belgian portfolio is planned for the remainder of 2026 while maintaining the strengthened balance sheet.