Warehouses Estates Belgium (WEB) H2 2025 earnings summary

Executive summary

• Annual statutory net income rose 42.25% year-over-year to €15.13 million, with rental income up 1.23% to €25.23 million.

• Portfolio value increased 1.02% to €339.9 million, driven by improvements, acquisitions, and market factors.

• High occupancy rate maintained at 96.51%, with 72 lease contracts signed during the year.

• Dividend of €3.35 gross per share proposed, representing 93.8% of adjusted earnings.

Financial highlights

• Operating income before portfolio result up 0.82% year-over-year to €18.19 million.

• Net financial result improved by 23.03%, with interest coverage at 83.59%.

• EPRA Earnings per share at €3.55; EPRA NAV (NRV) per share at €55.55.

• Debt ratio decreased to 45.96% from 46.11% year-over-year.

Outlook and guidance

• 2026 EPRA Earnings expected to be comparable to 2025, assuming stable economic conditions.

• Focus remains on selective sector strategy, prudent growth, and ESG commitments.