Wereldhave N.v. · EURONEXT:WHA
Wereldhave — Shareholder Meeting (April 2024)
59 slides from Wereldhave's shareholder meeting presentation, Apr 24, 2024
Slide 1: Wereldhave AGM, 24 April 2024
24 April 2024 e Wereldhave
Slide 2: Wereldhave
Wereldhave
Slide 3: 2a. Verslag van de Directie
2a. Ver van de Wereldhave
Slide 4: 2a. Verslag van de Directie
2a. Verslag van de Directie 1. Results: FY 2023 & Q1 2024 Trading Update 2. —LifeCentral Strategy Wereldhave
Slide 5: 5
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Slide 6: Top 10 tenants % of rent
Top 10 tenants % of rent Ahold Delhaize 5.7 % Jumbo Group 4.6 % A.S. Watson Group (Kruidvat, 3.1 % Trekpleister) C&A 3.1 % Carrefour 2.2 % Bestseller (Jack & Jones, Only, Vero 2.0 % Moda, Name It, Vila, Only & Sons) Mirage Retail Group (Intertoys, Blokker) 2.0 % The Sting (Sting, Cotton Club, Costes
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: Relative performance since start LifeCentral until growth announcement
Relative performance since start LifeCentral until growth announcement Total return Cumulative shareholder return; 7 February 2020 — 30 November 2023 150 [Feet 1 My, ,/ Wereldhave 100 50 Peer 5 Q3 2020 Q1 2021 Q3 2021 Q12022 Q3 2022 Q1 2023 Q3 2023 se vesniys UR Wereldhave
Slide 9: Relative performance since growth announcement
Relative performance since growth announcement Total return Cumulative shareholder return; 1 November 2023 — 5 April 2024 150 /Peer 5 / Peer 2 Peer 3 100 \Peer 4 Peer 1 \Wereldhave ee Peer 6 50 T T T T 12/23 01/24 02/24 03/24 04/24 a con th Keplove Meb URW Wereldhave
Slide 10: Growth strategy as presented in the 2023 FY results
Growth strategy as presented in the 2023 FY results 10 Adjusting the tactics of LifeCentral Phase 2: Exploring broadening of the geographic scope fi Wereldhave in good position to grow * Unsecured financing structure * Best-in-class real-estate management * Track record in successful FSC transformat
Slide 11: Update on growth strategy and short-term focus points
Update on growth strategy and short-term focus points Short-term focus points * Disposal of remaining two French assets * Rotating capital out of The Netherlands + With the income we consider all options: + Reduce debt (lower LTV) * Buy back shares * Growth + Lower LTV has a positive impact on the c
Slide 12: Key Messages Full Year 2023 Results
Key Messages Full Year 2023 Results 12 Direct result 2023 at € 1.73 per share, well within guidance range of € 1.70-1.75 Proposed dividend for 2023 at € 1.20 per share (+3.4%) Tenant sales up 7% vs. 2022 Positive evolution of Dutch valuations Four Full Service Centers delivered in 2023; on time, wit
Slide 13: Key Messages Polderplein Acquisition
Key Messages Polderplein Acquisition 8 Wereldhave is now 100% owner of the Full Service Center Hoofddorp (Polderplein & Vier Meren) Hoofddorp, a suburb of Amsterdam, is the strongest location in the Dutch Wereldhave portfolio Acquisition price is € 74m (€ 82m incl. costs), with a Net Initial Yield o
Slide 14: Key terms Polderplein transaction
Key terms Polderplein transaction Seller DELA Vastgoed with an external asset manager € 74m (including costs € 82m), for 17k m? retail Acquisition price space and a parking with 417 parking places Acquisition date 5 December 2023 Net Initial Yield: 7.6% (including rental income from Pricing characte
Slide 15: FY 2022 vs FY 2023 key figures
FY 2022 FY 2023 Change Direct result per share (€) 1.63 1.73 +6.1% Indirect result per share (€) (0.20) 0.24 +220.0% Total result per share (€) 1.43 1.97 +37.8% FY 2022 FY 2023 Change EPRA NTA per share (€) 21.73 21.90 +0.8% Net LTV 42.4% 42.7% +0.3pp NPS (Benelux) +24 +24 0 Proportion of mixed-use
Slide 16: Highlights FY 2023
Highlights FY 2023 LFL NRI growth driven by FSC transformations and indexation Like-for-Like Net Rental Income Growth FY 2023 vs. FY 2022; % 10.0% 7.5% 5.0% Belgium Netherlands Core Portfolio ‘6 Wereldhave
Slide 17: Leasing activity by country
# of Leasing Occupancy Country MGR Uplift3) vs ERV Contracts1) Volume2) Rate Belgium 62 10.5% 3.9% 14.6% 98.2% Netherlands 211 24.1% (3.2%) 9.4% 95.5% Core Portfolio 273 18.3% (1.5%) 10.6% 96.6% France 12 7.1% (12.0%) (13.7%) 96.6% Total 285 17.4% (1.6%) 9.6% 96.6%
Slide 18: KPIs Full Service Centers vs other assets
KPI Full Service Center In Transformation Shopping Center # Assets 9 4 4 Mixed Use Percentage 16.8% 14.1% 7.7% Direct Result 6.1% 6.8% 6.4% Valuation Result 2.0% 3.1% 0.1% Total Property Return1) (unlevered) 8.1% 9.9% 6.5% Operating Performance MGR Uplift2) 0.0% (2.2%) (1.3%) MGR vs. ERV 15.1% 7.0%
Slide 19: Footfall matching core market performance
Footfall matching core market performance Footfall growth vs. same period 2022: Belgium FY 2023; % 20 10 0 -10 > > © = *> © DBD gS FS BB Fs 2s $2255 32 33 § s = 2 G o o 5 2 BO 8 wn Zz — Wereldhave Belgium — Belgium SC Market 19 Sot BLSC, V December Footfall growth vs. same period 2022: Netherlands F
Slide 20: Tenant Sales
Tenant Sales 7% increase in tenant sales versus 2022) Tenant sales 2023 vs. 2022: Belgium?) FY 2022 & FY 2023; % 21% Impacted by Delhaize strikes in Nivelles and Tournai 14% 6% 2% = :. 1% Wereldhave Fashion Food & <= Health & vane Multimedta Shoes Belgium Beverage Beauty Household Electronics 1) Ren
Slide 21: Healthy OCRs in both countries
Healthy OCRs in both countries OCR Wereldhave Belgium” OCR Wereldhave NL?) FY 2023, LTM; % FY 2023, LTM; % 15% 15% 14% 13% 13% 13% 13% 13% 1% 9% 9% 8% 4% 4% 3% LJ a Wereldhave Fashion Food& Groceries Health & Homeware Multimedia Shoes Wereldhave Fashion Food& Groceries Health & Homeware Multimedia S
Slide 22: Direct result
Direct result _ 6% Increase in Direct Result (+6%) €0.8m -E 76m a € 84.2m €798m Actuals 2022 NRI Netherlands NRI NRI General Interest Actuals Belgium France Cost 2023 22 Wereldhave
Slide 23: Property values and revaluation FY 2023
Value (€ m) Revaluation FY 2023 EPRA NIY (%) Country FY 2022 FY 2023 €m % FY 2022 FY 2023 Belgium 849 850 (4.1) (0.5%) 6.2% 6.4% Netherlands 876 1,034 31.8 3.2% 6.9% 6.3% Core Portfolio 1,725 1,884 27.7 1.5% 6.6%1) 6.4%1) France 175 176 (8.3) (4.5%) 4.7% 4.8% Offices Belgium 100 102 (1.8) (1.7%) 6.9
Slide 24: Finance
Finance We have an “Investment Grade credit profile” again Cumulative Capital Growth NL Net Loan to Value (LTV)” Debt vs. peers?) 2019 - 2022 Debt, % of value Debt/EBITDA 46.7% 40° | 7 44.8% aio% 42.4% 42.7% 10.9X 7.6X 6.8X -18.4% -38.0% 2019 2020 2021 +2022 = 2023 Peer 1 WH Peer2 Peer3 Peer4 MSCI R
Slide 25: Interest bearing debt and covenants
Q4 2023 Q1 2024 Covenants Comments Interest bearing debt1) (€) 943m 929m During Q1 2024, the 3 months EURIBOR remained almost stable Average cost of debt 3.45% 3.56% around 3.9%. Currently, the floating rate portion of our debt portfolio - priced on EURIBOR basis - is 22% Undrawn committed credit fa
Slide 26: Successful refinancings in 2023 and Q1 2024
Successful refinancings in 2023 and Q1 2024 Debt Mix Q4 2022 Debt Mix Q4 2023 Debt Mix Q1 2024 Hl uspp {0 Bank loans (incl. RCF) I Commercial Paper Hl Bonds Debt Maturity Profile In€ém \ Weighted average debt maturity ' 300 after 2024 refinancings ! 1 200 H H 1 - z= al 1 fe) Yd | — H = Drawn Undrawn
Slide 27: LifeCentral CAPEX program: almost 70% invested
LifeCentral CAPEX program: almost 70% invested Investments only done in -| NL & BE assets withIRRs. above threshold of 8.0% Total LifeCentral investments” in NL and BE, excl. FR ~~~ € m, 2020-2025+ 291 200 iz! 35 LifeCentral CAPEX Spent 2020-2024 Q1 Remaining 2024 2025 >2025 LifeCentral CAPEX [Uncom
Slide 28: Polarizing leasing market in the Benelux
• • • Polarizing leasing market in the Benelux with several expanding formulas but also some bankruptcies • • • • • •
Slide 29: Dividend at €1.20: increasing yet responsible
Dividend at €1.20: increasing yet responsible Direct Result per Share Dividend per Share Free Cash Flow Wereldhave € € €m 188 1.25 Responsible dividend 116 1.20 distribution 1.10 15 53 9 2021 2022 2023 2024FC 2025FC 2021 2022 2023P — 2024FC Direct Regular Dividend FCF Result CAPEX 2024FC 2024FC 2024
Slide 30: 2a. Verslag van de Directie
2a. Verslag van de Directie 1. Results: FY 2023 & Q1 2024 Trading Update 2. LifeCentral Strategy Wereldhave 30
Slide 31: LifeCentral progress 2023
LifeCentral progress 2023 * Delivered four additional FSCs: Vier Meren in Hoofddorp (NL), De Koperwiek in Capelle a/d lJssel (NL), Eggert Center in Purmerend (NL) and Genk Shopping 1 in Genk (BE) * Currently four ongoing transformations, all done in separate phases to spread CAPEX; full delivery pla
Slide 32: Kern Award
Kern Award Sterrenburg Wereldhave wins Kern annual development award for the second year in a row. This year with our recently transformed Full Service Center Sterrenburg, Dordrecht. Key reasons for awarding Sterrenburg: * Successful completion of complex development project * Tenant mix including m
Slide 33: Full Service Center transformation results
• • • • • 2023 Delta1) Occupancy (%) 95.7 0.7pp Mixed Use (%) 15.5 +9.0pp GRI (€ m) 7.0 +30.1% Footfall (m visitors) 5.7 +4.8% Sales growth (%) 11.2
Slide 34: Full Service Center transformation results
• • • • • • • 2023 Delta1) Occupancy (%) 94.7 +1.0pp Mixed Use (%) 16.4 +7.9pp GRI (€ m) 4.9 +15.8% Footfall (m visitors) 4.1 +3.2% Sales growth (%) 3.8
Slide 35: Full Service Center transformation results
• • • • • 2023 Delta1) Occupancy (%) 93.8 -2.8pp Mixed Use (%) 23.4 +6.6pp GRI (€ m) 6.5 +7.5% Footfall (m visitors) 5.3 +8.3% Sales growth (%) 12.8
Slide 36: LifeCentral strategy
LifeCentral strategy Significant outperformance of Full Service Centers Footfall Total Property Return? Retail Sales % delta 2023 FY vs. 2022 FY FY 2022 + FY 2023 % delta 2023 FY vs. 2022 FY 13% 15% 8% 6% IRR Hurdle —-======----—— 2% Full Service — Other Assets Full Service — Other Assets Full Servi
Slide 37: Continued evidence for strong FSC yield shift
Continued evidence for strong FSC yield shift Yield shift since start of FSC Transformation bps Vier Meren_ (117) De Koperwiek Cityplaza Sterrenburg Kronenburg Middenwaard Presikhaaf 8 Eggert 30 NL Market Yield’ 90 Shopping Belle-ile (15) | Ring Kortrijk (3) Genk Shopping 1 3 Tournai 68 BE Market Yi
Slide 38: Our Better Tomorrow strategy
Our Better Tomorrow strategy Our main commitments and results 2023 ESG performance rd] Maintain GRESB S-star rating KKK A e@ Climate mitigation -35%, Reduce carbon emissions with 30% by 2030, and . 7 become Paris Proof in 2045 (incl. scope 3 emissions) since 2018 Climate adaptation Mitigate physical
Slide 39: Better footprint
Better footprint CO2 emission - scope 1 + 2 CO2 emission - scope 1+2+3 In k tons CO2, 2018 – 20231) In k tons CO2 60 5 -35% Paris Proof in 2045 -11% 50 4 Value Chain 40 95% of total emissions 3 30 2 20 1 10 Own Emission 5% of total emissions 0 0 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022
Slide 40: Maintaining our strong ESG position
Maintaining our strong ESG position ESG performance on sector, climate and investor benchmarks and ratings F N » ¢% GRESB oe 202: 10 consecutive years 69 82 82 8290 91 93 91 9292 EPRA sBPR gov Fi 8 consecutive years BREEAM’, Very Good kk 9 new assets at least BREEAM Very Good Corporate ESG Performan
Slide 41: Vragen
41 Wereldhave
Slide 42: 2b. Voorstel tot vaststelling jaarrekening 2023
2b. Voorste van de Ja | totivaststelling ing 2023 stemming Wereldhave
Slide 43: AGM Wereldhave N.V. April 2024
AGM Wereldhave N.V. 24 April 2024
Slide 44: Our audit process
Our audit process 01. Our report 02. Materiality ort Financial statements rep 02 Materiality of EUR 15 million Our .M • Auditor’s report on consolidated and . • 0.72% of total assets 1 • at Lower materiality for results from net rental income: 0 company financial statements er • Our opinion: unquali
Slide 45: 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 Internal control observations override of controls • View of quality internal control environm
Slide 46: Vragen
46 Wereldhave
Slide 47: Voorstel vaststelling dividend
Stelling Van Gen dividend voor stemming Wereldhave
Slide 48: 2d. Voorstel tot het verlenen van kwijting aan de Directie
2d. Voorstel/tot het verlenen van kwijting aanide Directie stemming Wereldhave
Slide 49: 2e. Voorstel tot het verlenen van kwijting
2e. Voorstel tot het verlenen van a ting aan de stemming Wereldhave
Slide 50: 2f. Uitvoering van het remuneratiebeleid in 2023
2f. Uitvoering van het remuneratiebeleid in 2023 Adviserende Stemm Wereldhave
Slide 51: 2g. Naleving Corporate Governance Code
2g. Nalevi Governanc Corporate de 2022 in Wereldhave
Slide 52: 3. Voordracht tot herbenoeming van de heer Brand als Commissaris
3. Voordracht tot herbenoeminhg van de heer Brand als Gommissaris Stemming Wereldhave
Slide 53: 4a. Voorstel tot vaststellen beloningsbeleid Directie
4a. Voorstel tot vaststellen beloningsbeleid Directie stemming Wereldhave
Slide 54: 4b. Voorstel tot vaststellen beloningsbeleid Raad van Commissarissen
4b. Voorstel/tot vaststellen beloningsbeleid Raad van Commissarissen Stemming Wereldhave
Slide 55: 5a. Bevoegdheid tot uitgifte van aandelen
5a. Bevoegdheid tot uitgifte van aandelen Voorstel tot vernieuwing van de bevoegdheid van de Directie tot heé uitgeven van aandelen en/of het verlenen van/rechten tot het nemen van die aandelen Stemming Wereldhave
Slide 56: 5b. Bevoegdheid tot uitgifte van aandelen
5b. Bevoegdheid tot uitgifte van aandelen Voorstel tot het verlenen van de bevoegdheid van de Directie tot het beperkemof uitsluiten van voorkeursrechtcen Stemming Wereldhave
Slide 57: 6. Voorstel tot machtiging inkoop eigen aandelen
6. Voorstel tot machtiging van de Directie Om eigen aandelen in te kopen Stemming Wereldhave
Slide 58: Wereldhave
Wereldhave
Slide 59: Wereldhave
Wereldhave