Wereldhave Nv (WRDEF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the Wereldhaven webcast for the full year 2025 results. I'm here today with our CFO, Dennis de Vrede, and I'm Matthijs Storm, the CEO of Wereldhaven. We'll take you through a presentation, which you can also find on our website. Already during the presentation, you can type your questions in the text box at the bottom of your screen. Towards the end of the presentation, we will deal with all your questions as usual. So let's get started. Let's start with some key messages of the 2025 results. Direct result per share €1.86 which is well above the initial guidance that we provided about a year ago and also above the latest guidance with Q3 of €1.80 to €1.85. Zooming in on the results, and we'll give you some more color later, of course, during the presentation, but we see improving occupier markets costs have been relatively stable, which I think is also a good achievement of the company with a growing portfolio. And last but not least, we also see growth in what we call other income. We'll get back to that later. Occupancy rate at 98%. We had to dive into quite some older annual reports to find a number like this. That was in 2013. That was actually before the big wave of a lot of bankruptcies in retailer chains in the Netherlands and in Belgium and I think also in other European countries. So it's nice to see that we're back at this high level. Like-for-like rental growth plus 6%, improving Dutch retail market is helping a lot with that, but also the older income I just mentioned. We'll zoom in on the breakdown of this later. We sold the Dutch full service center Sterreburg at €60 million book value in December 2025, which I think is an interesting achievement because this is the first full service center we are selling with some compellin...