Netherlands · Delayed Price · Currency is EUR Wereldhave Earnings Call Transcripts
Fiscal Year 2025
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Direct result per share for 2025 exceeded guidance at EUR 1.86, with occupancy at 98% and strong like-for-like rental growth. Portfolio expansion, stable costs, and increased other income drove a 10% rise in direct result, while guidance for 2026 anticipates continued growth.
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Guidance for direct result per share was raised to EUR 1.75–1.80, supported by 6% like-for-like net rent growth and strategic acquisitions in Luxembourg and Tilburg. Net LTV stands at 44.9%, with further disposals planned to reach the sub-40% target.
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Two Luxembourg shopping centers were acquired for EUR 167 million, boosting direct result per share and raising guidance. The deal offers high yields, strong occupancy, and significant value creation potential through rent growth, specialty leasing, and ESG initiatives.
Fiscal Year 2024
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Net profit hit €140 million, the highest since 2007, with strong rental growth and high occupancy despite retail bankruptcies. Portfolio transformation and cost savings drove improved margins, while asset disposals and capital rotation support a resilient outlook for 2025.
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Dutch and Belgian retail portfolios showed strong operational recovery, with positive revaluations, improved leasing spreads, and resilient footfall. Full-year guidance of EUR 1.75 per share is reiterated, supported by a strengthened balance sheet and ongoing asset disposals.