Wereldhave N.v. · EURONEXT:WHA
Wereldhave — FY 2024 Earnings Presentation
51 slides from Wereldhave's earnings presentation, Feb 11, 2025
Slide 1: Results FY 2024
Slide 2: Table of contents
Table of contents 1. Key Messages & Highlights 2. Results 3. Transactions 4. LifeCentral 5. Financing & Valuations 6. ESG 7. Management Agenda 8. Appendices 2 w Wereldhave
Slide 3: Key messages
Key messages * Net profit 2024 at € 140m, highest since 2007 * Direct result 2024 at € 1.76 per share, slightly above guidance of € 1.75 * Despite Benelux bankruptcies, occupancy rate of core portfolio increased to 97.3% * Disposal Dutch asset Winkelhof (€ 56m) around book value in 2025 * Positive c
Slide 4: FY 2023 vs FY 2024 key figures
FY 2023 FY 2024 Change Direct result per share (€) 1.73 1.76 +1.6% Indirect result per share (€) 0.24 0.90 +273.8% Total result per share (€) 1.97 2.66 +35.0% FY 2023 FY 2024 Change EPRA NTA per share (€) 21.90 23.43 +7.0% Net LTV (%) 42.7 41.8 -0.9pp EPRA Cost Ratio (%) 29.4 22.4 -7.0pp Proportion
Slide 5: Table of contents
Table of contents 1. Key Messages & Highlights 2. Results 3. Transactions 4. LifeCentral 5. Financing & Valuations 6. ESG 7. Management Agenda 8. Appendices 5 w Wereldhave
Slide 6: Highlights FY 2024
Highlights FY 2024 Rental growth driven by excellent operational performance Like-for-Like Net Rental Income Growth FY 2024 vs. FY 2023; % Impacted by bankruptcies 6.7% 1.2% Belgium Netherlands Core Portfolio Wereldhave
Slide 7: Leasing contracts, volume and occupancy by country
# of Leasing Occupancy Country MGR Uplift3 vs ERV Contracts1 Volume2 Rate Belgium 56 9.6% 7.8% 10.2% 99.0% Netherlands 188 18.7% (3.2%) 6.8% 96.2% Core Portfolio 244 15.0% (0.5%) 7.7% 97.3% France 16 10.4% (36.1%) (16.2%) 96.9% Total 260 14.7% (2.0%) 6.1% 97.3%
Slide 8: KPIs by center type
Traditional KPI Full Service Center In Transformation Shopping Center # Assets 9 4 3 Mixed Use Percentage 17.4% 14.7% 8.2% Direct Result 6.5% 6.4% 6.4% Valuation Result 4.8% 2.4% 5.3% Total Property Return1 (unlevered) 11.3% 8.8% 11.7% Operating Performance MGR Uplift2 0.0% (1.2%) (0.8%) MGR vs. ERV
Slide 9: Footfall growth in line with market
Footfall growth in line with market Footfall growth vs. same period 2023: Belgium Footfall growth vs. same period 2023: Netherlands FY 2024; % FY 2024; % 10 10 5 5 0 0) > > § £= F & > B® B&B BB B > 2 S$ £ FP & > B B & B&B GE e253 3 32 82 2 gs $B fF 2 32 5 3 8 5 5S 2 a2 6 8 @ cay 5s 5 = 2 g ov o G 5
Slide 10: Tenant Sales
Tenant Sales +4% increase in tenant sales versus 2023) Tenant sales delta: Belgium? FY 2024 vs. FY 2023; % 2023 was impacted 13% by Delhaize strikes Impacted by now bankrupt Lunch Garden 4% 4% 3% co oe | ox |_| (1%) Wereldhave Shoes Fashion Food & Groceries Health & Homeware Multimedia Belgium Bever
Slide 11: Further increase of Daily Life share in portfolio
Further increase of Daily Life share in portfolio 2019/Launch LifeCentral 2023 2024 % of rent % of rent % of rent Total Daily Total my | Total Daily Life: 51% Life: 66% @ Life: 68% < > ‘ > N% 1% Daily Life I Food Il Food & Beverage Fashion (discount) 1 Fashion (mainstream) |) Multimedia & Electronic
Slide 12: Benelux update
Benelux update Belgium * 56 retail deals signed, 10.2% above ERV and 7.8% above previous rent on average. For example: * Kortrijk: Courir, CKS & Histoire d’Or * Les Bastions: Adopt, Coprosain, Kiko & MS Mode * Liége: Juttu, Pearle, Haagen-Dazs & JOTT * Nivelles: Histoire d'Or, Jules & Pearle * Bankr
Slide 13: Stable OCRs in both countries
Stable OCRs in both countries OCR Wereldhave Belgium’ FY 2024, LTM; % 20% 17% 13% : 18% 4% 1% 10% 4% Wereldhave Fashion Shoes Food& Groceries Health & Homeware Multimedia Beverage Beauty & Belgium 1) Belgium OCRs calculated with tenant sales numbers based on 79% of rental value (sales data received
Slide 14: 2024 cost savings lead to higher NRI and lower GENEX
2024 cost savings lead to higher NRI and lower GENEX Focus on net service charges, property expenses and direct GENEX Net Service Charges Property Expenses €m €m -€ 1.6m -€ 1.5m -19.3% 6.4% 23.3 21.8 Direct GENEX em (€04m\ 2021A 2022A 2023A Inflation & Savings 2024A Inflation & Savings FC + 2025FC I
Slide 15: Direct result
Direct result _ 9% increase in Direct Result -€ 5.5m a €91.5m Actuals 2023 Acquisition Disposal Gent NRI Netherlands NRI NRI General Other income Interest Actuals Polderplein Overpoort Belgium France Cost and expense 2024 is Wereldhave
Slide 16: 2024 DRPS € 1.76 and outlook 2025 DRPS at € 1.70 - € 1.80
2024 DRPS € 1.76 and outlook 2025 DRPS at € 1.70 - € 1.80 Direct Result per Share Dividend per Share € € 173 1.76 1.70 - 1.80 1.30 1.25 : 2022 2023 2024 2025FC 2022 2023 2024P 2025FC '6 Wereldhave
Slide 17: Table of contents
Table of contents 7 Key Messages & Highlights Results Transactions LifeCentral Financing & Valuations ESG Management Agenda Appendices Wereldhave
Slide 18: Winkelhof asset disposal
Size (m2) 19,371 • Occupancy1) (% of Rent) 95.3 • NRI (€ m) 4.0 • Average rent per m2 let (€) 267.0 Everyday life retail (% of Total Rent) 83.1 • Mixed-use (% of Total m2) 8.5 • Tenants 68 Annual footfall (m visitors) 3.9
Slide 19: Table of contents
Table of contents 19 Key Messages & Highlights Results Transactions LifeCentral Financing & Valuations ESG Management Agenda Appendices Wereldhave
Slide 20: LifeCentral progress 2024
LifeCentral progress 2024 * Two Full Service Center deliveries planned for 2025: Kronenburg Phase 1, Arnhem (NL) and Shopping Nivelles (BE) * First Healthcare Cluster ‘health&fit’ opened in Presikhaaf, Arnhem (NL) * Signed toys store Intertoys and fitness Yellow Gym well above ERV (+13%) in FSC Vier
Slide 21: In transformation: Nivelles
In transformation: Nivelles Nivelles, Belgium A Full Service Center offering its visitors everything under one roof; from functional to fun shopping and an extensive F&B offering including outdoor terraces Key items of transformation: + Extension of F&B area spread over six covered terraces along th
Slide 22: In transformation: Kronenburg
In transformation: Kronenburg Arnhem, Netherlands A Full Service Center with a varied F&B, health, leisure and entertainment offering and strong connection to surroundings Key items of transformation phase 1 Right-sizing of the asset by increasing the daily life offering with addition of large Jumbo
Slide 23: LifeCentral strategy
LifeCentral strategy Significant outperformance of Full Service Centers Footfall Total Property Return’ % delta 2024 FY vs. 2023 FY Average FY 2022 - FY 2024 8% 9% IRR Hurdle B --4>====------------- 1% Full Service — Other Assets Full Service — Other Assets Centers Centers Note: core portfolio only
Slide 24: LifeCentral CAPEX program: almost 80% invested
LifeCentral CAPEX program: almost 80% invested Investments only done in --| NL & BE assets withIRRs Total LifeCentral investments’ in NL and BE, excl. FR - Notte € m, 2020-2026+ above threshold of 8. 291 226 25 OT os pis 40 LifeCentral CAPEX Spent 2020-2024 Remaining LifeCentral CAPEX 2025 2026+ [Un
Slide 25: Capital allocation decisions NL & BE assets
Capital allocation decisions NL & BE assets1
Slide 26: Continued evidence for strong FSC yield shift
Continued evidence for strong FSC yield shift Yield shift since start of FSC Transformation bps Vier Meren (122) Kronenburg Sterrenburg De Koperwiek Cityplaza Presikhaaf 13 Eggert 13 NL Market Yield! 90 Genk Shopping 1 (22) Shopping Belle-ile 54 Ring Kortrijk 83 Tournai 94 BE Market Yield? 100 26
Slide 27: Residential profits
Residential profits Development of residential units # Units {) In Progress Middenwaard lll Early Stage Koperwiek Total: 1,000 - Kronenburg Tilburg 1,400 units Winkelhof Nivelles 27 _ 1) Source pictures: Van SchijndelBouwgroep Geffen Residential development Tilburg’ Expected Cash Gains 2025-2027+; €
Slide 28: Table of contents
Table of contents 28 Key Messages & Highlights Results Transactions LifeCentral Financing & Valuations ESG Management Agenda Appendices Wereldhave
Slide 29: Portfolio value and revaluation FY 2024
Value (€ m) Revaluation FY 2024 EPRA NIY (%) Country FY 2023 FY 2024 €m % FY 2023 FY 2024 Belgium 850 892 31.7 3.7% 6.4% 5.9% Netherlands 1,034 1,083 26.2 2.5% 6.3% 6.3% Core Portfolio 1,884 1,975 58.0 3.0% 6.4%1 6.1%1 France 176 175 (4.9) (2.7%) 4.8% 5.1% Offices Belgium 102 103 (0.2) (0.2%) 7.5% 7
Slide 30: Net LTV
Net LTV Target Net LTV 43.9% 427% 42.4% M.8% 408% 35-40% FY 2022 H1 2023 FY 2023 FY 2024 — Pro-forma incl. Disposal 30 Target Pro-forma LTV decreased to 40.8% in 2024 + Non-core asset Winkelhof sold (€ 56m) in 2025 * Disciplined CAPEX spendings in 2024 Final steps to reach the LTV target of 35-40% *
Slide 31: Finance Profile
Finance Profile Investment Grade rating (Fitch: BBB stable) Net Loan to Value (LTV)' Debt vs. peers? Debt, % of value Debt/EBITDA t -4.9pp | 1.3X 44.8% 46.7% 101X gay 8.0X 7.2K : ; I 2021 2022 2023 2024 Peer1 Peer2 Peer3 Peer4 WH Peer5 Peer6 1) Source: Wereldhave Annual Reports Wereldhave 312) Peers
Slide 32: Debt, covenants and liquidity Q4 2024
Q4 2023 Q4 2024 Covenants Comments Debt increased following FSC capital expenditure, dividend Interest bearing debt1 (€) 943m 955m payments and debt-funded portion of Polderplein acquisition (30%) Average cost of debt 3.45% 3.50% Relatively stable cost of debt Undrawn committed (€) 127m 263m Cash po
Slide 33: Successful refinancings
Successful refinancings, Debt Mix Q4 2023 Debt Mix Q4 2024 Hl uspp 1 Bank loans (inl. RCF) I Treasury notes I Bonds Weighted average debt maturity 3.4 years weighted average term increased Debt Maturity Profile Inێm 300 200 100 ie} a. Drawn Undrawn 2025 33 Drawn Undrawn Drawn Undrawn Drawn Undrawn
Slide 34: Table of contents
Table of contents 34 Key Messages & Highlights Results Transactions LifeCentral Financing & Valuations ESG Management Agenda Appendices Wereldhave
Slide 35: Our Better Tomorrow strategy
Our Better Tomorrow strategy Our main commitments and results ESG performance Maintain GRESB 5-star rating Climate mitigation Reduce carbon emissions with 30% by 2030, and become Paris Proof in 2045 (incl. scope 3 emissions) Climate adaptation Mitigate physical climate risks by improving resilience
Slide 36: Maintaining our strong ESG position
Maintaining our strong ESG position ESG performance on sector, climate and investor benchmarks and ratings . 9 4 BREEAM Corporate ESG Very Good Performance ¢ y kkk RATED BY 85% of centers certified ISS ESG> GRES ‘Very Good’ or higher REAL ESTATE 11 consecutive years eT HORII | SUSTAINALY TICS MSCI &
Slide 37: Main ESG projects 2024
Main ESG projects 2024 EU legislation - CSRD & EU Taxonomy + Assessment of ESG topics through double materiality analysis completed * Gap analysis finalized to identify key compliance areas * Project Terra taskforce activated (workgroups for CSRD and EU Taxonomy implementation) * Independent readine
Slide 38: Sustainability partnership with Jumbo
Sustainability partnership with Jumbo Jumbo and Wereldhave have partnered up to make the Jumbo locations within the Wereldhave portfolio more sustainable The collaboration presents both a positive sustainability impact, as well as a return above our investment threshold and will have a positive impa
Slide 39: Table of contents
Table of contents 39 Key Messages & Highlights Results Transactions LifeCentral Financing & Valuations ESG Management Agenda Appendices Wereldhave
Slide 40: New Management Agenda
New Management Agenda Focus on Creating scale T get 2025-2027 Expand portfolio Current Status Exploring acquisitions; maintaining strong balance sheet Total Return Exceed 10% annualized Total Return (up from 8%) FY 2024: 11.3% Capital re-allocation 2 Dutch disposals and 3 JVs (equity light) Winkelho
Slide 41: Table of contents
Table of contents 4 Key Messages & Highlights Results Transactions LifeCentral Financing & Valuations ESG Management Agenda Appendices Wereldhave
Slide 42: Key Facts
Key Facts Number of retail assets1 21 Average size 29,931 m² Number of shopping center 97.6 m visitors in 2024 Net loan-to-value ratio 41.8 % Occupancy shopping 97.3 % centers 9 EPRA NIY shopping centers 6.0 % WALT2 5.1 years Development pipeline3 € 15 m 6
Slide 43: Portfolio split by country and type
Offices 5% Belgium Netherlands 44% 48% Retail Assets 95% France 8%
Slide 44: Top 10 Tenants
Top 10 Tenants % of rent Ahold Delhaize 5.6 % Jumbo Group 4.6 % C&A 3.1 % A.S. Watson Group 3.1 % Carrefour 2.3 % Bestseller 2.1 % The Sting 1.7 % H&M 1.5 % A.F. Mulliez (Decathlon, Kiabi) 1.5 % Ceconomy (Mediamarkt) 1.2 % Total top 10 26.7 %
Slide 45: Like-for-like NRI growth
Like-for-like NRI growth LFL NRI growth (% yoy) 14.4% 14.1% Belgium France Netherlands 45 MlFY 2022 MMFY 2023 BI FY 2024 Shopping centers Wereldhave
Slide 46: Occupancy rates
Occupancy rates EPRA Occupancy rate Shopping Centers 0.8% 99.0% Belgium France The Netherlands Shopping centers Ml FY 2022 MM FY 2023 MI FY 2024 4s Wereldhave
Slide 47: Footfall
Footfall Change in visitors versus the same period previous year (%) 20% 18% (8%) (8%) (28%) (28%) FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Hl Belgium MM France (i) Netherlands {MJ Full Service Centers gy _ Note: 2020, 2021 and 2022 nfuenced by Cond Measures Wereldhave
Slide 48: Breakdown of valuation results FY 2024
Breakdown of valuation results FY 2024 Yield vs Rent Belgium Netherlands Core portfolio France Offices Belgium Total HB Vield shift HB Market rent & other 48 37% Wereldhave
Slide 49: EPRA NTA
EPRA NTA EPRA NTA Bridge: YE 2023 to YE 2024 (€ per share) 0.90 (1.20) EPRA NTA YE 2023 49 Direct result Indirect result Dividend Other EPRA NTA YE 2024 Wereldhave
Slide 50: Reconciliation of EPRA value metrics YE 2024
Reconciliation of EPRA value metrics YE 2024 (€ per share) 3.31 26.74 331 2343-005 005 | 0.00 23.43 0.05 IFRS NAV Impact dilutive — Fair value RETT EPRANRV Exclude RETT Exclude EPRANTA Reverse NTA Fair value of +==EPRANDV YE 2024 shares financial YE 2024 Intangible YE 2024 adjustments _ fixed intere
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