Wereldhave N.V. Q2 2025 Earnings | 07/22/2025

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Wereldhave N.V. delivered a resilient performance for the first half of 2025, marked by robust operational improvements, continued financial strengthening, and successful strategic portfolio management. The company raised its full-year direct result per share (DRPS) guidance to €1.75–€1.85, up from €1.70–€1.80, and achieved a Q2 DRPS of €0.47, a 7% increase from Q1 2025. Key operating metrics highlighted a 6% like-for-like net rental income growth and a 2% increase in retailer sales within the core portfolio, reflecting steady tenant demand and effective asset management across retail centers. Footfall growth in the core portfolio matched last year's pace at 4% for the quarter, with rising leasing spreads in the Netherlands signifying an improved retail environment and balanced market dynamics. Belgium maintained 98% occupancy and achieved nearly 95% occupancy at Shopping 1 in Genk following three key lease signings. Wereldhave advanced its Full Service Center transformation projects in Kronenburg (Netherlands) and Nivelles (Belgium), both of which remain on schedule and within budget, and continued to rotate capital by selling €108 million of non-core assets at book value. The company established its first Dutch joint venture with Sofidy for Stadshart Zoetermeer and completed additional non-core asset sales in both the Netherlands and Belgium. These steps contributed to a pro forma net loan-to-value (LTV) reduction to 43.7%, with further improvement anticipated from the pending sale of Sterrenburg in Dordrecht. Financially, H1 2025 gross rental income grew 9.7% year-over-year to €91.1 million, while net rental income rose 10.6% to €75.3 million. The direct result (recurring operating profit) for the half-year totaled €49.3 million, an increase of 12.9% from 2024. Basic earnings per share were €1.01, and the dividend per share increased 4.2% to €1.25. The EPRA vacancy rate held at a low 3.8%, while the net loan-to-value ratio improved on a pro forma basis to 43.7%. Strategically, Wereldhave focused on expanding its Belgian and Luxembourg portfolios, integrating recent acquisitions, and creating new joint ventures to support future growth. The company’s strong cost management, operational efficiency, and capital discipline have been recognized by Fitch, which reaffirmed its BBB credit rating with a stable outlook in May 2025. Looking ahead, management prioritizes further asset disposals, finalizing Full Service Center transformations, and strengthening earnings and property values as core objectives for the remainder of the year. About Inside Ticker: For up-to-date earnings analysis, market insights, and in-depth updates on Wereldhave N.V. (OTC: WRDEF) and other leading real estate investment trusts, follow Inside Ticker and visit InsideTicker.com for expert coverage and real-time financial news. #Wereldhave #WRDEF #Q22025 #Earnings #FinancialResults #NetRentalIncome #RetailCenters #AssetManagement #Refinancing #CreditRating #JointVenture #PortfolioManagement #Dividend #FullServiceCenter #Leverage #Belgium #Luxembourg #MarketUpdate #InsideTicker