Wereldhave Nv (WRDEF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, good morning. Welcome to the WereldHaf first half 2025 results webcast. I'm here today with our CFO, Dennis de Vrede, and we'll take you through the highlights of the results via a presentation. Let me start with the key messages of the first half. I think, first of all, the direct result per share. We have increased the guidance from 170, 180 to 175 to 185. You'll see later in the presentations all the drivers of the increased guidance. But in short, I can tell you, of course, the acquisitions in Luxembourg and a small acquisition in Tilburg. But in addition to that, the strong operational results, amongst others, driven by plus 6% growth in like-for-like net rents. From a capital rotation perspective, we have sold 108 million of assets in the first half of the year. You've already noticed in the first quarter that we sold shopping center Winkelhof in Leiderdorp for 56 million euros. But in the second quarter, or basically after the 30th of June, after the reporting date, we have sold the Roselaar in Roosendaal and two non-core Belgian assets in total for 52 million, all in line with their latest book values. We'll get back to that later. I already talked about the operational strength. We noticed plus 2% growth in retail sales, which I think is nice. But even more nice, of course, is the plus 6% growth in like-for-like net rents. The debt profile, we already communicated this. We raised an additional 125 million. Dennis will get back to it later. The Fitch rating of BBB stable has been reaffirmed in the second quarter of this year, which is also good news, of course. Then, on the joint venture side, we announced in June our first Dutch joint venture together with Sophie D. Dikkerhout. And the full service center transformations for 2025, Krone...