Wereldhave N.v. · EURONEXT:WHA
Wereldhave — FY 2025 Earnings Presentation
60 slides from Wereldhave's earnings presentation, Feb 10, 2026
Slide 1: Results FY 2025
Results FY 2025 10 February 2026
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
Slide 3: Key Messages
Key Messages • Direct result 2025 at € 1.86 per share, above guidance of € 1.80 -1.85 • Occupancy rate at 98%, highest since 2013 • Like -for-like rental growth of +6%, driven by improved Dutch retail market and focus on Other income • Disposal of Dutch FSC Sterrenburg (€ 60m) at book value in Decem
Slide 4: Highlights FY 2025
Highlights FY 2025 Direct result increase driven by rental income and acquisitions FY 2024 FY 2025 Change Direct result per share (€) 1.76 1.86 +5.7% Indirect result per share (€) 0.90 (0.26) (128.9%) Total result per share (€) 2.66 1.60 (39.8%) EPRA NTA per share (€) 23.43 23.53 +0.4% Net LTV (%) 4
Slide 5: Highlights 2025
Highlights 2025 Strong like -for-like rental growth continuing Drivers 1 • Indexation: +2.5% Like -for-Like Net Rental Income Growth • Other income: +2.0% 2025 vs. 2024; % • Reduced property expenditures: +1.0% • Leasing: +0.6% 7.9% • Occupancy : +0.2% 6.3% 4.9% Belgium Netherlands Core Portfolio 5
Slide 6: Focus on Other income
Focus on Other income Revenue growth driver A growing income stream generated by capitalizing on our management platform, our assets and their 97 million annual visitors ESG Income Marketing JV asset & Media management Self -services Specialty leasing 6
Slide 7: Focus on Other income 2025 results and outlook
Focus on Other income 2025 results and outlook In 2025, we have initiated a new commercial effort to boost Other income With a strong dedicated team in place, we aim to grow Other income to € 10m in 2027 Other income development 2025 – 2027 1 In € m 10.1m 8.6m 6.7m 4.5m 7 2024 2025 2026 - Target 202
Slide 8: 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 8
Slide 9: Operations FY 2025
Operations FY 2025 Leasing on average 2.7% above previous rent and 6.4% above ERV Leasing Leasing Occupancy Country MGR Uplift3 MGR Uplift3 MGR vs. ERV Volume1 Volume2 Rate4 €m % €m % % % Belgium 10.6 19.3% 0.1 1.8% 7.5% 98.3% Netherlands 10.7 14.9% 0.3 3.7% 5.2% 97.4% Luxembourg 1.0 6.9% 0.0 0.0% 7
Slide 10: Track Record LifeCentral strategy
Track Record LifeCentral strategy Significant outperformance of Full Service Centers Cumulative Footfall delta Cumulative Tenant Sales delta Total Property Return 1 2021 = 100 2021 = 100 2021 = 100 150 125 150 125 125 100 100 100 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024
Slide 11: Continued strong FSC performance
Continued strong FSC performance Impacted by acquisitions in Luxembourg & Belgium and Dutch disposals Traditional KPI Full Service Center In Transformation Shopping Center # Assets1 9 4 4 Mixed-use Percentage 16% 17% 18% Direct Result Write-down Tilburg 6.3% 7.0% 6.1% accepted in return for Valuatio
Slide 12: Dutch leasing market continues to improve
Dutch leasing market continues to improve EPRA Occupancy NL MGR Uplift NL % % 100% 10% 97.1% 97.4% 96.5% 96.6% 96.1% 96.2% 95.8% 95.7% 95.5% 95.1% 95% 4% 5% 0% 90% 0% 0% (3%) (3%) (3%) (5%) (5%) (7%) (6%) (9%) (10%) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 NL MGR Uplift NL Occupancy 12
Slide 13: Footfall in our Belgian and Dutch portfolio outperforming the market
Footfall in our Belgian and Dutch portfolio outperforming the market Footfall growth 2025 1,2 : Belgium Footfall growth 2025 1,3 : Netherlands Footfall growth 2025 1: Luxembourg FY 2025; % FY 2025; % FY 2025; % 10 10 10 0 0 0 May May May March March March April April April July July July August Augu
Slide 14: 2% increase in tenant sales versus last year
2% increase in tenant sales versus last year 1 Tenant sales FY 2025 vs. last year: Belgium 2 Tenant sales FY 2025 vs. last year: Netherlands 3 % % 7% 7% 4% 4% 4% 3% 3% 3% 3% 1% 1% 1% 1% (1%) (2%) (4%) (5%) Wereldhave Fashion Health & Food & Super - Homeware Shoes Multimedia Food Wereldhave Fashion H
Slide 15: Daily Life as a solid base in an uncertain macro environment
Daily Life as a solid base in an uncertain macro environment 2019/Launch LifeCentral 2024 2025 % of rent % of rent % of rent 4% 3% 4% 5% 13% 6% 15% 6% 13% 6% 11% 13% 23% 14% Total Daily Total Daily 25% Total Daily Life: 51% 7% Life: 68% Life: 65% 34% 10% 9% 9% 11% 7% 4% 8% 13% 8% 11% 9% Changes beca
Slide 16: Commercial update
Commercial update Belgium Luxembourg Netherlands • € 11m MGR signed, 8% above ERV and 2% above • € 1m MGR signed, 8% above ERV and in line • € 11m MGR signed, 5% above ERV, and 4% above previous rent on average. Including: with previous rent on average. Including: previous rent on average. Including
Slide 17: International leasing
International leasing Delivering tangible results • Cross -border collaboration between the Wereldhave leasing teams resulted in international expansion of multiple retailers within our portfolio • A prime example is the Bestseller Group, opening stores throughout our Benelux portfolio with brands l
Slide 18: Slight increase in BE OCRs, NL OCRs stable
Slight increase in BE OCRs, NL OCRs stable OCR Wereldhave Belgium 1 OCR Wereldhave NL 2 FY 2025, LTM; % FY 2025, LTM; % 21% 18% 19% 15% 16% 15% 15% 14% 13% 13% 11% 12% 12% 11% 4% 2% 3% Wereldhave Fashion Health & Food & Super - Homeware Shoes Food Wereldhave Fashion Super - Health & Homeware Food &
Slide 19: Costs are stable, even with growing portfolio
Costs are stable , even with growing portfolio EPRA Cost Ratio (incl. direct vacancy costs) Direct GENEX % €m 40% 30 35.2% 32.2% 30.4% 29.4% 22.4% 20.6% 20% 15 11.4m 11.3m 11.7m 10.9m 10.5m 10.6m 0% 0 2020 2021 2022 2023 2024 2025 19 Direct GENEX EPRA Cost Ratio (including direct vacancy costs)
Slide 20: Direct result
Direct result Increase driven by acquisitions and rental growth +€ 9.4m +10% € 2.9m (€ 0.1m) (€ 0.4m) € 0.7m € 3.7m € 9.3m € 100.9m (€ 4.3m) € 98.4m (€ 2.4m) € 91.5m Actuals 2024 Acquisition Disposals Adj. Actuals NRI Belgium NRI France NRI General cost Interest Tax Actuals 2025 2025 FY 2024 Netherl
Slide 21: Outlook 2026 DRPS at € 1.85 - 1.95
Outlook 2026 DRPS at € 1.85 - 1.95 Direct Result per Share Dividend per Share € € 1.86 1.85 – 1.95 1.35 1.30 1.73 1.76 1.25 1.20 2023 2024 2025 2026FC 2023 2024 2025 2026FC 21
Slide 22: Relative performance since launch of LifeCentral
Relative performance since launch of LifeCentral Total Return Cumulative total shareholder return index; 7 February 2020 – 31 December 2025 200 150 Wereldhave Peer 6 Peer 5 Peer 4 100 Peer 3 Peer 2 Peer 1 50 0 2020 2021 2022 2023 2024 2025 2026 Peers: Carmilla, Citycon , ECP, Klepierre , Mercialys ,
Slide 23: 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 23
Slide 24: Disposed at book value – Sterrenburg, Dordrecht
Disposed at book value – Sterrenburg, Dordrecht Sterrenburg Disposal Rationale Book Value (€ m) 60.0 • Sterrenburg was one of our first completed Full Service Centers. The future proof FSC has shown a Size (k m2) 17.6 strong growth in footfall and tenant sales since the transformation and is fully l
Slide 25: Key terms acquisition Ville2, Charleroi
Key terms acquisition Ville2 , Charleroi, by Wereldhave Belgium Seller SCCB (Luxembourg family office) Acquisition price € 120m asset value 1 27.1k m2 GLA (21% Mixed Use) Asset KPIs 122 units 2,000 parking spaces Acquisition date 19 December 2025 Net rental income: € 9.54m Pricing Net initial yield:
Slide 26: We will add several FSC elements to Ville2
We will add several FSC elements to Ville2 • eat&meet • Fragrance • play & relax • Public seating • Recycle wall • Restrooms • the point • Wayfinding 26
Slide 27: 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 27
Slide 28: LifeCentral progress FY 2025
LifeCentral progress FY 2025 • Full Service Center Shopping Nivelles (BE) and Kronenburg Phase 1 (NL) delivered in H2 2025 • Ongoing Full Service Center transformations include Cityplaza (NL) and Knauf Schmiede (LUX) • Healthcare cluster ‘ health&fit’, including General Practioner , in Cityplaza, Ni
Slide 29: Completed: FSC Nivelles
Completed : FSC Nivelles Nivelles , Belgium A fully occupied 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 delivered: • Extension of F&B area: six covered terra
Slide 30: Completed: Kronenburg Phase 1
Completed : Kronenburg Phase 1 Arnhem, Netherlands An asset in transformation to become a Full Service Center with a varied daily life retail, F&B, health, leisure and entertainment offering and strong connection to surroundings Transformation Phase 1 completed • New and relocated Aldi and C&A opene
Slide 31: In transformation: Cityplaza
In transformation: Cityplaza Nieuwegein, Netherlands An asset in transformation to become a Full Service Center with diversified retail offering, outdoor all -day F&B, healthcare and fitness, with a strong connection to leisure and municipality services in the direct vicinity Key items of transforma
Slide 32: In transformation: Knauf Schmiede
In transformation: Knauf Schmiede Luxembourg Knauf Schmiede , acquired in 2025, will be transformed into a Full Service Center with a balanced offer including daily life, mixed -use and traditional retail in the heart of the Ardennes 2026 marks the start of the transformation of Knauf Schmiede into
Slide 33: Polderplein
Polderplein (acquired in 2023) Hoofddorp, Netherlands Polderplein , acquired in December 2023, is directly connected to Vier Meren, which was already part of our portfolio and delivered as a Full Service Center in September 2023 Since the acquisition, the focus has been on strengthening the tenant m
Slide 34: Stadshart Zoetermeer
Stadshart Zoetermeer (JV 2025) (Self -) Expression Health Zoetermeer, Netherlands The acquisition of Stadshart Zoetermeer in June 2025 marks the first Dutch joint venture, in close partnership with Sofidy Since Wereldhave took over the management of the asset • Snipes, Only & Sons and Gerry Weber ha
Slide 35: Knauf Pommerloch & Schmiede
Knauf Pommerloch & Schmiede Luxembourg ( acquired in 2025) Commercial • Pommerloch : New lease with Jack & Jones in former CASA unit (bankrupt) (+54% vs. old rent) while Jack & Jones Junior replaced the former Jack & Jones store • Schmiede : lease extensions with Medi-Market and Veritas Operational
Slide 36: LifeCentral transformations continue for acquired assets
LifeCentral transformations continue for acquired assets LifeCentral investments 1 in BE, LUX and NL 2 € m, 2026+ 61 15 7 8 21 36 21 25 25 25 LifeCentral CAPEX 2026 2027 2028+ Acquired Assets Uncommitted Initial Program Committed 3 1) Including Maintenance, Customer Experience and Commercial 36 2) E
Slide 37: Capital allocation discipline: IRR Framework
Capital allocation discipline: IRR Framework Capital allocation decisions Benelux assets1 Unlevered IRR Including 3 #6 acquired assets #9 FSC Sterrenburg sold, Completed FSCs Nivelles compl eted 8% #1 7.1% - Continental 7% #1 European Retail Average IRR 2 Invest Hold Sell 37 1) Excluding Belgian Ret
Slide 38: Continued evidence for strong FSC yield shift
Continued evidence for strong FSC yield shift Yield shift since start of FSC Transformation bps Vier Meren (99) De Koperwiek (62) Cityplaza (44) Kronenburg (41) Presikhaaf 4 Eggert 24 NL Market Yield 1 90 Nivelles (22) Genk Shopping 1 (9) Shopping Belle -Île 85 Ring Kortrijk 87 Tournai 96 BE Market
Slide 39: Residential profits
Residential profits Development of residential units Residential profit: € 0.50 -0.80 per share # Units We are now working on the residential opportunity on 4 locations Tilburg Completed & Sold in several stages of the development. In Progress In Tilburg the building rights have been sold, the payme
Slide 40: 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 40
Slide 41: Positive Benelux valuations, driven by Luxembourg
Positive Benelux valuations, driven by Luxembourg Value (€ m) Revaluation FY 2025 EPRA NIY (%) Country FY 2024 FY 2025 €m % FY 2024 FY 2025 Belgium 892 1,019 (5.6) (0.5%) 5.9% 6.3% Luxembourg - 188 21.9 13.1% - 7.3% Netherlands 1,083 958 (4.9) (0.5%) 6.3% 6.2% Core Portfolio 1,975 2,165 11.4 0.5% 6.
Slide 42: Net LTV Target
Net LTV Target Net LTV LTV increased to 42.5% in 2025 42.7% 42.5% • Increase due to acquisitions Luxembourg and Ville2 41.8% (Charleroi , Belgium ) 35 -40% • Partially offset by disposals De Roselaar, Sterrenburg and Winkelhof (Netherlands) Final steps to reach the LTV target of 35 -40% • Equity bac
Slide 43: Debt profile
Debt profile Q4 2024 Q4 2025 Covenants Comments Debt increased following the acquisitions in Luxembourg, Interest bearing debt1 (€) 955m 1,124m Zoetermeer (JV) and Charleroi, partly offset by proceeds disposals Average cost of debt 3.50% 3.62% Cost of debt increased as result of the newly issued lon
Slide 44: Diversification of funding sources
Diversification of funding sources with EUPP, increasing debt maturity Debt Mix Q4 2024 Debt Mix Q4 2025 4% 3% 3% USPP 3% EUPP 32% Bank loans (inl. RCF) € 1,124m € 955m 38% 49% Commercial Paper 61% Bonds 7% Debt Maturity Profile In € m 300 Refinancing of RCF in 200 progress 100 0 Drawn Undrawn Drawn
Slide 45: Refinancing activities increased maturity over the past years
Refinancing activities increased maturity over the past years Debt Maturity In years 4.2 4.0 3.8 3.7 3.5 3.4 3.4 3.3 2019 2020 2021 2022 2023 2024 2025 Pro -forma RCF refinancing 45
Slide 46: 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 46
Slide 47: ESG projects 2025
ESG projects 2025 Becoming future proof Further acceleration of solar Green Leases in Belgium & The Netherlands • A strong increase in solar power production, a total of 5.46 MWh generated in 2025 In % of total leases • Installation of 376 solar panels for anchor tenant Jumbo at De Koperwiek (NL) an
Slide 48: 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 48
Slide 49: Management Agenda
Management Agenda Focus on Target 2025 -2027 Current Status Acquired three assets and screening further Creating scale Expand portfolio acquisitions; maintaining strong balance sheet Exceed 10% annualized Total Return Total Return FY 2025: 6.7% (up from 8%) Capital re -allocation 2 Dutch disposals a
Slide 50: 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 50
Slide 51: Company Profile December 2025
Company Profile December 2025 Key Facts Number of retail assets1 21 Average size 32,200 m² Number of shopping center 96.8 m visitors in FY 2025 Net loan-to-value ratio 42.5 % Occupancy retail assets 97.7 % EPRA NIY retail assets 6.3 % 9 WALT2 5.0 years Development pipeline3 €8 m 6 1) Excluding Zoete
Slide 52: Company Profile December 2025
Company Profile December 2025 Portfolio Breakdown by value Portfolio Breakdown by value Offices 4% Netherlands 39% Belgium 46% € 2.4bn € 2.4bn Retail Assets Luxembourg 96% 8% France 7% 52
Slide 53: Tenant mix core portfolio
Tenant mix core portfolio Annualized contract rent by category Top 10 Tenants % of rent1 Supermarkets Ahold Delhaize 5.8 % Sports 9.9% Jumbo Group 4.0 % Special Goods & Others 2.5% Fashion C&A 3.1 % 4.0% Shoe & Accessoires 34.8% Bestseller 2.9 % & Leatherware 6.3% A.S. Watson Group 2.7 % Services 1.
Slide 54: Like-for-like NRI growth
Like -for-like NRI growth LFL NRI growth (% yoy ) 8.4% 8.2% 7.9% 6.7% 6.4% 4.9% 4.7% 3.7% 3.9% 2.1% 1.2% (10.2%) Belgium France Netherlands Shopping centers FY 2024 H1 2025 FY 2025 54
Slide 55: Occupancy rates
Occupancy rates EPRA Occupancy rate Shopping Centers 99.0% 98.2% 98.3% 97.8% 97.7% 97.4% 97.3% 97.2% 96.9% 97.0% 96.9% 96.4% 96.2% 95.8% Belgium France Luxembourg The Netherlands Shopping centers FY 2024 H1 2025 FY 2025 55
Slide 56: Footfall
Footfall Change in visitors versus the same period previous year (%) 13% 9% 8% 8% 7% 6% 4% 3% 2% 2% 2% 1% 0% FY 2023 FY 2024 FY 2025 Belgium France Netherlands Full Service Centers Luxembourg 56
Slide 57: Breakdown of valuation results FY 2025
Breakdown of valuation results FY 2025 Yield vs. Rent Belgium (0.5%) (0.7%) 0.2% Luxembourg 2.6% 10.5% 13.1% Netherlands (0.5%) (0.4%) (0.1%) Core portfolio 0.3% 0.5% 0.2% France (1.9%) (4.7%) 2.8% Offices Belgium (5.0%) (1.3%) (3.7%) Total (0.2%) 0.1% 0.3% Yield shift 57 Market rent & other
Slide 58: EPRA NTA
EPRA NTA EPRA NTA Bridge: YE 2024 to YE 2025 ( € per share) 1.86 (0.26) (1.25) 23.43 (0.39) 0.14 23.53 EPRA NTA Change resulting Direct result Indirect result Dividend Other EPRA NTA YE 2024 from issued shares YE 2025 58
Slide 59: Reconciliation of EPRA value metrics YE 2025
Reconciliation of EPRA value metrics YE 2025 EPRA value reconciliation bridge ( € per share) 2.95 26.61 (2.95) 0.24 (0.09) (0.13) 23.58 (0.07) 23.53 (0.02) (0.03) 23.48 IFRS NAV Impact Deferred tax Fair value RETT EPRA NRV Exclude RETT Deferred tax EPRA NTA Reverse NTA Fair value of EPRA NDV YE 2025
Slide 60: better everyday life, better business
better everyday life, better business