Slide 1: July 2024
23 July 2024
Slide 2: Table of contents
Table of contents 1. Key Messages & Highlights 2. Results 3. LifeCentral 4. Financing & Valuations 5. ESG 6. Management Agenda 7. Appendices Wereldhave
Slide 3: Key Messages
Key Messages * Dutch retail sales +4%, well above inflation * Footfall +5%, significantly outperforming the market * Positive valuation result core portfolio of +3%, driven by Full Service Centers ¢ Fitch credit rating BBB, immediate recurring savings effect on interest costs * Debt profile further
Slide 4: H1 2023 H1 2024 Change
H1 2023 H1 2024 Change Direct result per share (€) 0.89 0.84 (6.3%) Indirect result per share (€) 0.40 0.84 +111.6% Total result per share (€) 1.29 1.68 +30.3% EPRA NTA per share (€) 21.85 22.35 +2.3% Net LTV 43.9% 43.0% (0.9pp) NPS (Benelux) +25 +24 (1) Proportion of mixed-use Benelux (in m²) 13.3%
Slide 5: Highlights H1 2024
Highlights H1 2024 Strong Dutch Like-for-Like rental growth continuing Like-for-Like Net Rental Income Growth H1 2024 vs. H1 2023; % 5.0% Impacted by bankruptcies 0.8% Belgium Netherlands Core Portfolio 5 Wereldhave
Slide 6: Table of contents
Table of contents 1. Key Messages & Highlights 3. LifeCentral 4. Financing & Valuations 5. ESG 6. Management Agenda 7. Appendices Wereldhave
Slide 7: Leasing activity by country
# of Leasing Occupancy Country MGR Uplift3) MGR Vs. ERV Contracts1) Volume2) Rate Belgium 32 5.5% 7.4% 16.6% 96.6% Netherlands 81 8.1% (1.1%) 10.4% 95.2% Core Portfolio 113 7.0% 1.3% 12.3% 95.8% France 8 4.9% (72.3%) (30.7%) 94.6% Total 121 6.9% (1.1%) 8.7% 95.7% Based on two leases and expected tot
Slide 8: KPI by Full Service Center, In Transformation, Shopping Center
KPI Full Service Center In Transformation Shopping Center # Assets1) 9 4 4 Mixed-use Percentage 17.3% 13.7% 8.7% Direct Result 6.3% 6.4% 6.8% Valuation Result 4.3% 0.8% 4.2% Total Property Return2) (unlevered) 10.6% 7.2% 11.0% Operating Performance MGR Uplift3) 2.1% 2.3% (4.4%) MGR vs. ERV 12.2% 10.
Slide 9: Footfall outperforming the market
Footfall outperforming the market Footfall growth vs. same period 2023: Belgium H1 2024; % 10 °| > > 5 = 2 § 5 & a = 3 3 = — Wereldhave Belgium — Belgium SC Market 9 Se BLSC, V June Footfall growth vs. same period 2023: Netherlands H1 2024; % 10 January —J February March April — Wereldhave NL — Neth
Slide 10: 2% increase in tenant sales versus same period last year
2% increase in tenant sales versus same period last year’ Tenant sales H1 2024 vs. H1 2023: Belgium?) % 19% Strong bounce as H1 2023 was impacted by Delhaize strikes 8% 2% == as -f (3%) (4%) Wereldhave Fashion Food & Groceries Health & Homeware Multimedia Shoes Belgium Beverage Beauty & & Household
Slide 11: LifeCentral Strategy continues to make WH more resilient
LifeCentral Strategy continues to make WH more resilient in an uncertain macro environment 2019/Launch LifeCentral 2023 H1 2024 % of rent % of rent % of rent Total Daily Total Daily Total Daily Life: 51% = Life: 66 % @ Life: 67% 11% » J > a 8% 1% 10% Daily Life I Food Il Food & Beverage Fashion (dis
Slide 12: Benelux update
Benelux update Belgium * 32 retail deals signed, 16.6% above ERV and 7.4% above previous rent on average. Including: * Package deal with Histoire d’Or in Nivelles and Courtrai * Re-leased two Grand Optical units (bankruptcy) to Pearle above previous rent * Tournai: relocation & extension of Rituals,
Slide 13: Available household income per store increased significantly since 2015
Available household income per store increased significantly since 2015 Belgium The Netherlands Gross Income from employment vs. Number of stores") Gross Income from employment vs. Number of stores?) Indexed (2015 = 100) Indexed (2015 = 100) 160 160 r’ 140 120 G48pp> 7 100 @18pp) @18pp) sep) ox L 20
Slide 14: Polarization of the retail market has a positive impact on our portfolio
The further polarization of the retail market has a positive impact on our portfolio Bankruptcies Growth through new stores, expansions and lease extensions + The Belgian market is facing bankruptcies. Pro-active leasing mitigates the negative impact of these bankruptcies: * Grand Optical (all units
Slide 15: Healthy OCRs in both countries
Healthy OCRs in both countries OCR Wereldhave Belgium” OCR Wereldhave NL?) H1 2024, LTM; % H1 2024, LTM; % 16% 17% 15% 15% 15% 14% 13% 14% 13% 1% 9% 10% 4% 4% 4% U s Wereldhave Fashion Food & Groceries Health & Homeware Multimedia Shoes Wereldhave Fashion Food& Groceries Health & Homeware Multimedia
Slide 16: Direct result
Direct result Rental growth offset by higher interest expenses €27m seen -E 07m — 202M € 437m Co Bw Actuals H1 2023 Acquisition Disposal NRI Belgium NRI France NRI Interest Other Actuals Polderplein Gent Overpoort Netherlands H1 2024 ‘6 Wereldhave
Slide 17: Outlook 2024 DRPS re-confirmed at € 1.75
Outlook 2024 DRPS re-confirmed at € 1.75 Direct Result per Share Dividend per Share € € 1.88 120 1.25 173 175 175 1.16 : | | | 2021 2022 2023 2024FC 2025FC 2021 2022 2023 2024FC " Wereldhave
Slide 18: Table of contents
Table of contents 1. Key Messages & Highlights 2. Results 4. Financing & Valuations 5. ESG 6. Management Agenda 7. Appendices Wereldhave 18
Slide 19: LifeCentral progress 2024
LifeCentral progress 2024 * Started the transformation works at Kronenburg in Arnhem, focused on increasing daily life, a new entrance and strengthening the middle part of the center * Opened the Healthcare cluster in Presikhaaf in Arnhem + Added a new gym chain, Yellow Gym, to the tenant mix with n
Slide 20: Transformation Kronenburg
Transformation Kronenburg Arnhem Full Service Center transformation * Centralizing fashion and homeware & household tenants, e.g. Xenos, Specsavers, vanHaren and Holland & Barrett (delivered in Q2 2024) to strengthen the heart of the FSC + Expanding the convenience offering by adding a third superma
Slide 21: LifeCentral CAPEX program: >70% invested
LifeCentral CAPEX program: >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+ 291 206 LifeCentral CAPEX Spent 2020-2024 H1 Remaining 2024 2025 >2025 LifeCentral CAPEX [Uncommitted [J Com
Slide 22: Continued evidence for strong FSC yield shift
Continued evidence for strong FSC yield shift Yield shift since start of FSC Transformation bps Vier Meren (114) De Koperwiek Kronenburg Sterrenburg Cityplaza Middenwaard Presikhaaf 12 Eggert 17 NL Market Yield” 90 Genk Shopping 1 (22) 7) Shopping Belle-ile 57 Ring Kortrijk 86 Tournai 94 BE Market Y
Slide 23: Residential profits
Residential profits Development of residential units # Units Brugge 1) In Progress Middenwaard Il Early Stage Tilburg Kronenburg Winkelhof Total: 1,200 - 1,600 units Waterloo Koperwiek 23 Residential profit: € 0.50-0.80/share The macro environment has, for now, delayed the expected residential profi
Slide 24: Table of contents
Table of contents 1. Key Messages & Highlights 2. Results 3. LifeCentral 5. ESG 6. Management Agenda 7. Appendices Wereldhave 24
Slide 25: Value, Revaluation H1 2024, EPRA NIY
Value (€ m) Revaluation H1 2024 EPRA NIY (%) Country FY 2023 H1 2024 €m % FY 2023 H1 2024 Belgium 850 897 41.7 4.9% 6.4% 5.8% Netherlands 1,034 1,059 14.9 1.4% 6.3% 6.2% Core Portfolio 1,884 1,956 56.6 3.0% 6.4%1) 6.0%1) France 176 174 (3.3) (1.9%) 4.8% 4.4% Offices Belgium 102 102 (0.7) (0.7%) 7.5%
Slide 26: LTV decreased versus H1 2023
LTV decreased versus H1 2023 Net LTV Major LTV impact H1 2024 42.4% 43.9% 427% 43.0% Dividend paid of € 1.20 per share Positive valuations in Belgium and Netherlands Taking capital out of The Netherlands, looking at JVs and disposals Disposal of last two French assets Completion LifeCentral CAPEX pr
Slide 27: Interest bearing debt and covenants
Q4 2023 H1 2024 Covenants Comments Debt increased following FSC capital expenditure and dividend Interest bearing debt1) (€) 943m 986m payments Average cost of debt as at 3.45% 3.46% Pro-forma following new € 119m USPP and € 88m repayment Undrawn committed (€) 127m 218m undrawn committed: € 249m Cas
Slide 28: Debt composition and maturity profile
Debt composition and maturity profile Debt mix Q@4 2023 Debt mix H1 2024 Hl uspP {8 Bank loans (incl. RCF) Hl Commercial Paper Ml Bonds Debt maturity profile June 2024 3.4 years: Pro-forma debt maturity : including new USPP July 2024 Inێm 300 Refinancing i done 200 . z a fo) } es |_| a Drawn Undraw
Slide 29: Table of contents
Table of contents 1. Key Messages & Highlights 2. Results 3. LifeCentral 4. Financing & Valuations 6. Management Agenda 7. Appendices 29 Wereldhave
Slide 30: ESG projects 2024
ESG projects 2024 Becoming future proof Further acceleration of solar & EV strategy Green Leases in Belgium & The Netherlands + 4.6 MWh generated: 13% of total energy consumption (2023) In % of total leases * Completion of two solar panel projects expected in 2024, multiple projects in pipeline ‘ F
Slide 31: Table of contents
Table of contents 1. Key Messages & Highlights 2. Results 3. LifeCentral 4. Financing & Valuations 5. ESG 6. Management Agenda 7. Appendices Wereldhave 31
Slide 32: Management Agenda
Management Agenda Focus on Te get 2022-2024 Current Status Focus on earnings & dividend growth 4-6% CAGR as of 2023 4% annual growth on average” Focus on Total Return Exceed 8% annualized Total Return (Levered) 12024: 11.2% Successful FSC transformation Transformed 9 assets to FSC and started 4 9 FS
Slide 33: Table of contents
Table of contents 1. Key Messages & Highlights 2. Results 3. LifeCentral 4. Financing & Valuations 5. ESG 6. Management Agenda 7. Appendices 33 Wereldhave
Slide 34: Key Facts
Key Facts Number of retail assets1) 21 Average size (m2) 29,900 Number of shopping center visitors 47.2 in H1 2024 (m) Net loan-to-value ratio (%) 43.0 Occupancy shopping centers (%) 95.7 EPRA NIY shopping centers (%) 5.9 9 WALT2) (Years) 5.2 Development pipeline3) (€ m) 11 6
Slide 35: Portfolio split by country
Offices 5% Belgium Netherlands 45% 47% Retail Assets 95% France 8%
Slide 36: Top 10 Tenants % of rent
Top 10 Tenants % of rent Ahold Delhaize 5.7 Jumbo Group 4.7 C&A 3.1 A.S. Watson Group 3.0 Carrefour 2.3 Bestseller 1.9 Mirage Retail Group (Blokker) 1.9 The Sting 1.6 H&M 1.5 A.F. Mulliez (Decathlon, Kiabi) 1.3 Total top 10 27.0
Slide 37: Like-for-like NRI growth
Like-for-like NRI growth LFL NRI growth (% yoy) 271% -16.6% Belgium France Netherlands MH 2023 MB FY 2023 BB HY 2024 37 Shopping centers Wereldhave
Slide 38: Occupancy rates
Occupancy rates EPRA Occupancy rate Shopping Centers cy 98.2% Caa%) (0.9%) 96.6% 95.6% 95.5% | 95.2% 94.6% Belgium France The Netherlands Shopping centers MH 2023 MM FY 2023 MM H1 2024 28 Wereldhave
Slide 39: 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 H12024 Hl Belgium MM France (i) Netherlands {MJ Full Service Centers 59) ue 2020 2024 and 2022 nunca by Covel Measures Wereldhave
Slide 40: Breakdown of valuation results H1 2024
Breakdown of valuation results H1 2024 Rent vs. Yield Belgium 4.9% Netherlands Core portfolio France (URSE(99 (0.1%) (1.8%) Offices Belgium (0.7%) Total 2.4% HB Vield shift HB Market rent & other 40 Wereldhave
Slide 41: EPRA NTA
EPRA NTA EPRA NTA Bridge: YE 2023 to H1 2024 (€ per share) 0.84 (1.20) EPRA NTA YE 2023 4 Direct result Indirect result Dividend Other EPRA NTA H1 2024 Wereldhave
Slide 42: EPRA Value metrics are defined in the EPRA BPR Guidelines
EPRA Value metrics are defined in the EPRA BPR Guidelines dated February 2022
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