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Wereldhave (WHA) investor relations material
Wereldhave H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Direct result per share for 2025 reached €1.86, exceeding guidance and up 6% year-over-year, with occupancy at 98%, the highest since 2013.
Like-for-like rental growth was 6.3%, driven by a strong Dutch retail market and increased other income.
Total shareholder return for 2025 was 51%, with a proposed dividend of €1.30 per share (+4%).
Portfolio growth and transformation were supported by acquisitions in Luxembourg and Belgium, and the establishment of a joint venture in the Netherlands.
Indirect result was slightly negative due to asset-specific write-downs and deferred tax charges.
Financial highlights
Direct result totaled €101 million, a 10% increase year-over-year.
Gross rental income rose 10.1% to €183.8m; net rental income increased 11.6% to €154.5m.
EPRA NTA per share rose to €23.53, up 0.4%.
EPRA cost ratio improved to 20.6% in 2025.
Net loan-to-value (LTV) increased to 42.5% due to acquisitions.
Outlook and guidance
Direct result per share guidance for 2026 is €1.85–1.95, implying 3%-4% growth.
Dividend forecast for 2026 is €1.35 per share.
Like-for-like rental growth expected to remain in the 5%–6% range, with indexation assumed at 1.75%.
LTV target set at 35–40% through further disposals and equity-backed acquisitions.
Cost of debt expected to be stable or slightly lower in 2026, depending on refinancing outcomes.
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