Wereldhave N.v. · EURONEXT:WHA
Wereldhave — Investor Day (November 2023)
17 slides from Wereldhave's investor day presentation, Nov 2, 2023
Slide 1: Capital Markets Day 2023
Slide 2: Agenda
Agenda 1 Welcome Management update Matthijs Storm & Dennis de Vreede LifeCentral Strategy update Joost van der Zee ESG & Sustainability Mart van Kuijk Coffee break 15 min. Leasing market and commercial update Pieter Polman Operations update Jean-Philippe Pinteaux Lunch Full Service Center tours Cape
Slide 3: Wereldhave: better everyday life, better business
Slide 4: Agenda
Agenda 1 Welcome Management update Matthijs Storm & Dennis de Vreede LifeCentral Strategy update Joost van der Zee ESG & Sustainability Mart van Kuijk Coffee break 15 min. Leasing market and commercial update Pieter Polman Operations update Jean-Philippe Pinteaux Lunch Full Service Center tours Cape
Slide 5: Management update
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Slide 6: LifeCentral Strategy launched in 2020: Transform assets, Strengthen balance sheet and Expand
LifeCentral Strategy launched in 2020: Transform assets, Strengthen balance sheet and Expand Mission: help consumers fulfill everyday life needs any tts noode LifeCentral: much broader focus than retail o 0 6 Wereldhave
Slide 7: LifeCentral strategy
LifeCentral strategy Significant outperformance of Full Service Centers Total Property Return’) Retail Sales Footfall % delta 2023 YTD vs. 2019 YTD FY 2022 + H1 2023 % delta 2023 Q3 vs. 2022 Q3 21% 10% 13% IRR Hurdle B --======----~~ 9% -5% Full Service — Other Assets Full Service — Other Assets Ful
Slide 8: New, effective organizational structure
New, effective organizational structure Organization Pe Sm om I Wereldhave MT I Wereldhave BE MT Effective and efficient I Wecanave OT i Team Key improvements ? + Wereldhave Holding, NL and BE restructured + Business unit structure in Wereldhave NL removed + More efficient finance organization struc
Slide 9: Finance
Finance We have an “Investment Grade credit profile” again Despite a reset of values LTV still down by 3% Solid debt coverage ratio Cumulative Capital Growth NL__—Net Loan to Value (LTV)” Debt vs. peers?) 2019 - 2022 Debt, % of value Debt/EBITDA 13,1K fon 12,2x 43,6% 1X 410% 42.4% Tl 44,8% -18,4% -3
Slide 10: US Private Placement market open again
US Private Placement market open again Outstanding USPP In € millions. ¢ USPP has been a resilient source of funding for Wereldhave * Good match between Wereldhave’s long-term funding needs pets, and North American life insurers’ appetite for long dated fixed rate investments 81 =p 753 753 * Wereldh
Slide 11: Financing Structure
Financ ng Structure Interest bearing debt * € toon €922m . Average cost of debt & Undrawn committed € 266m €150m Fixed vs floating debt 82% vs 18% 76% vs 24% Net LTV Gross LTV “Encumbered Debt maturity" * Notional value of interest bearing debt “ Debt maturity incl. undrawn facilities is 3.4 years a
Slide 12: Shareholders
Shareholders Confidence restored Total short positions” down to 2.91% In % of ISC 42. 1) Only short positions larger dan 0.5% incorporated due to reporting legislation. Source: Shortsell.n! 2) Shareholder ID August 2023 3) Source: Wereldhave Press Release Dedicated Real Estate Investors?) All AGM 20
Slide 13: Growth: The Benelux challenge
Growth The Benelux challenge Benelux market characteristics are challenging + Pre-dominantly passive owners (pension, insurance) who rotate assets slowly + Low yields in Belgium, challenge to reach IRR hurdle * Private investors have entered institutional market and pushed up prices (e.g. Almere, Ei
Slide 14: Scale
Scale More important + Fixed cost increasing + Reporting (i.e. CSRD) * ESG * Digital transformation * Customer Experience + Financial landscape changing * Consolidation amongst banks * European PP market not coming off foot + Public debt market less developed in Benelux + Asset managers consolidatin
Slide 15: Update LifeCentral Phase will come in 2024
Update LifeCentral Phase 2 will come in 2024 Wereldhave
Slide 16: We aim to further close the NTA gap
We aim to further close the NTA gap Yet, we outperform most of our peers P/NTA 2019 2020 2021 2022 2023 16 Source: Bloomberg, Annual reports Wereldhave Peers: Carmilla, Citycon, Deutsche Euroshop, Eurocommercial, Klepierre, Mercialys, URW, Vastned
Slide 17: Slide 17