Wereldhave N.v. · EURONEXT:WHA
Wereldhave — Shareholder Meeting (May 2025)
57 slides from Wereldhave's shareholder meeting presentation, May 9, 2025
Slide 1: AGM 2025
Slide 2: Wereldhave
Wereldhave
Slide 3: 2a. Ver van de
2a. Ver van de Wereldhave
Slide 4: 2a. Verslag van de directie
2a. Verslag van de directie 1. Results: FY 2024 & Q1 2025 Trading Update 2. —LifeCentral Strategy Wereldhave
Slide 5: 5
5
Slide 6: Top 10 Tenants % of rent
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 7: Why invest in Wereldhave?
Why invest in Wereldhave? ‘O00 080 Strategy: First European retail real estate company with a transformation strategy and consequently with growth perspective for shareholders Dividend policy: Responsible yet growing dividend distributions in line with direct result Shareholder value: Strong focus o
Slide 8: Key messages FY 2024
Key messages FY 2024 * 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 * Po
Slide 9: Key Messages Luxembourg Acquisitions
Key Messages Luxembourg Acquisitions ¢ Wereldhave acquires two shopping centers in Luxembourg: ¢ Wereldhave Belgium acquires Knauf Shopping Pommerloch ¢ Wereldhave NV. acquires Knauf Shopping Schmiede * Significant upside identified by transforming the acquired assets into Full Service Centers * Tax
Slide 10: Key terms Knauf Shoppings
Key terms Knauf Shoppings transaction Seller Nextensa (through its Luxembourg subsidiary) € 167m (incl. € 1m transaction costs), for Acquisition price 62k m? retail space, 12k m? office, storage & gas station, 2,400 parking places and land plots Acquisition date 13 February 2025 NIY WH Bel Net Initi
Slide 11: Knauf Shopping Acquisition Rationale
Knauf Shopping Acquisition Rationale The assets are a good geographic match: Geography ¢ Luxembourg is a high-income country with regulated supply of retail space * Geographic expansion close to existing markets; no additional management staff required The assets are a good fit with our LifeCentral
Slide 12: Occupancy, NRI, Size
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 13: Key terms Tilburg acquisition
Key terms Tilburg acquisition Seller Dutch Family Office Acquisition price € 5.4m (incl. transaction costs), for 2,756k m? retail space adjacent to our existing properties Acquisition date 14 April 2025 Pricing characteristics Net Initial Yield: 11.0% Deal structure Share deal (contribution in kind)
Slide 14: FY 2023 FY 2024 Change
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 15: 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 15
Slide 16: Leasing contracts 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 17: KPI Full Service Center In Transformation
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 18: 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 19: 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 20: 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 Pn Wereldhave
Slide 21: Value, Revaluation FY 2024, EPRA NIY
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 22: Finance Profile
Finance Profile Investment Grade rating (Fitch: BBB stable) Net Loan to Value (LTV)' Debt vs. peers? Debt, % of value Debt/EBITDA C -4.9pp H ",3X 467% 10,1X 448% 42.7% 9,8X 8,0X : 72X 70x 66x 2021 2022 2023 2024 Peer! Peer2 Peer3 Peer4 WH_ Peer5 Peer6 1 Source: Wereldhave Annual Reports Wereldhave 2
Slide 23: Debt and liquidity Q4 2023 - Q1 2025
Q4 2023 Q4 2024 Q1 2025 Comments Debt increased in 2024 following FSC capital expenditure, dividend Interest bearing debt1 (€) 943m 955m 1,080m payments and debt-funded portion of Polderplein acquisition (30%) Average cost of debt 3.45% 3.50% 3.49% Relatively stable cost of debt Undrawn committed (€
Slide 24: Successful refinancings in 2024
Successful refinancings in 2024 Drawn Undrawn Debt Mix Q4 2024 Debt Mix Q1 2025 Hl uspp 1 Bank loans (inl. RCF) I Treasury notes I Bonds Debt Maturity Profile Q1 2025 In€ém 300 1 200 i H H *) of 8 1 te) Ct | — || Drawn Undrawn Drawn Undrawn Drawn Undrawn Drawn Undrawn | Drawn Undrawn 2025 2026 2027
Slide 25: 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 26: Q1 Trading Update
Q1 Trading Update * Quarterly direct result per share (DRPS) € 0.44, +7% compared to previous year * Successful completion of Knauf shopping center acquisitions in Luxembourg * Continued improvement in Dutch leasing market with flat leasing spreads; all former Blokker units re-leased * Daily life re
Slide 27: Dividend at € 1.25: increasing yet responsible
Dividend at € 1.25: increasing yet responsible 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 27 Wereldhave
Slide 28: 2a. Verslag van de directie
2a. Verslag van de directie 1. Results: FY 2024 & Q1 2025 Trading Update 2. LifeCentral Strategy Wereldhave 28
Slide 29: 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 30: 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 31: 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 32: 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 33: 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
Slide 34: Maintaining our strong ESG position
Maintaining our strong ESG position ESG performance on sector, climate and investor benchmarks and ratings ‘ @ £ 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 HORNNESIR | SUSTAINALY TICS MS
Slide 35: 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 36: A Better Tomorrow and CSRD scope
• Wereldhave no longer falls under CSRD scope. Although for 2025 high we will update our ‘Better Tomorrow’ strategy based on the outcomes of our updated Double Materiality Assessment • No formal assurance - only verification (as we currently do) on environmental indicators • The Double Materiality A
Slide 37: 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 38: Vragen
38 Wereldhave
Slide 39: 2b. Voorstel tot vaststelling jaarrekening 2024
2b. Voorste van de ja | tot{vaststelling ing 2024 stemming Wereldhave
Slide 40: AGM
AGM Wereldhave N.V. 9 May 2025
Slide 41: Our audit process
Our audit process 01. Our report 02. Materiality ort Financial statements rep 02 • EUR 16 million Our .M • Auditor’s report on consolidated and . • 0.68% of total assets 1 at • Lower materiality for: 0 company financial statements er • Our opinion: unqualified • results from net rental income: EUR 8
Slide 42: Audit findings
Audit findings Key audit matters Going concern • Valuation of investment property • No risk of going concern identified • Real estate transactions Fraud risks and approach • Fraud risk regarding management override of controls Internal control observations • Fraud risk related to real estate transac
Slide 43: Vragen
43 Wereldhave
Slide 44: Reserveringsbeleid and dividend proposal
reserveringsbeleid Voorstel tot vaststelliggG Vai Gen dividend voor 2024 per gewoon/danGeel Van <= 1,25 in contanten stemming Wereldhave
Slide 45: 2d. Voorstel tot het verlenen van kwijting aan de Directie
2d. Voorstel/tot het verlenen van kwijting aanide Directie stemming Wereldhave
Slide 46: 2e. Voorstel tot het verlenen van kwijting
2e. Voorstel tot het verlenen van a ting aan de stemming Wereldhave
Slide 47: 2f. Uitvoering van het
2f. Uitvoering van het Wereldhave
Slide 48: 3. Voordracht tot benoeming Deloitte Accountants B.V.
3. Voordracht tot benoeming Deloitte Accountants B.V. stemming Wereldhave
Slide 49: 4. Voorstel tot wijziging van
4. Voorstel tot wijziging van stemminc Wereldhave
Slide 50: 5a. Bevoegdheid tot uitgifte van aandelen
5a. Bevoegdheid tot uitgifte van aandelen Voorstel tot vernieuwing Van de bevoegdheid van de Directie tot heg uitgeven van aandelen en/of het verlenen van/#echten tot het nemen van die aandelen Stemming Wereldhave
Slide 51: 5b. Bevoegdheid tot uitgifte van aandelen
5b. Bevoegdheid tot uitgifte van aandelen Voorstel tot het verlenen van de bevoegdheid van de Directie tot hét beperkemof uitsluiten van voorkeursrechten Stemming Wereldhave
Slide 52: 5c. Bevoegdheid tot uitgifte van aandelen
5c. Bevoegdheid tot uitgifte van aandelen Voorstel tot het vérlenen yan cen additionele bevoegdheid aan d@ Directie tot het uitgeven van aandelen en/of hét verlenen yan rechten tot het nemée€n Yan die aandelen Stemming Wereldhave
Slide 53: 5d. Bevoegdheid tot uitgifte van aandelen
5d. Bevoegdheid tot uitgifte van aandelen Voorstel tot het verlenen van de bevoegdheid van de Directie tot hét beperkemof uitsluiten van voorkeursrechten Stemming Wereldhave
Slide 54: 6. Voorstel tot machtiging van de Directie om eigen aandelen in te kopen
6. Voorstel tot machtiging van de Directie Om eigen aandelen in te kopen Stemming Wereldhave
Slide 55: 7. Voorstel tot vaststellen remuneratie
aststellen aid Directie 7. Voorstel/tot remunerati stemming Wereldhave
Slide 56: Wereldhave
Wereldhave
Slide 57: Wereldhave
Wereldhave