Wereldhave Belgium - Results 2025
AN EXCEPTIONAL YEAR OF GROWTH IN 2025
- Increase in net rental income by 16.5% to € 75.5M (€ 64.8M end 2024);
- Increase of the net result from core activities per share to € 5.25 (€ 4.69 end 2024);
- Solid balance sheet with an EPRA debt ratio of 31.9% (27.0% end 2024);
- Decrease in net asset value per share to € 73.00 due to dilution following the stock dividend and capital increase (-11.0% vs. 2024: € 82.02);
- Increase in EPRA occupancy rate of 0.3% to 97.3% for the entire portfolio (97.0% end 2024);
- Dividend proposal: € 4.15 gross - net € 2.905 per share;
- Increase of the fair value of the investment property portfolio (+22.8% compared to 31 December 2024);
- New financings amounting to € 170M (+ € 30M signed after 31 December 2025).
The net result from core activities increased by 17.4% compared to 2024, reaching € 50.9M. This strong increase is mainly attributable to the contribution of Knauf Shopping Pommerloch to the results since mid-February. As a result, the net result from core activities amounted to € 5.25 per share for 2025, at the upper end of the earnings guidance announced at the time of the capital increase.
The EPRA occupancy rate of the retail portfolio was 98.5% at 31 December 2025 compared to 99.0% at 31 December 2024. In the office portfolio, the EPRA occupancy rate increased from 85.4% as per 31 December 2024 to 87.4% by the end of 2025. For the whole investment property portfolio, the EPRA occupancy rate was 97.3% at 31 December 2025, compared with 97.0% a year earlier.
The net asset value per share before dividend distribution was € 73.00 as at 31 December 2025 (2024: € 82.02).
The EPRA debt ratio was 31.9% at 31 December 2025, compared to 27.0% at 31 December 2024.
In 2025, the Company secured new financings totalling € 170M to support two strategic acquisitions. In the first quarter, € 100M in new financing was raised for the acquisition of Knauf Shopping Pommerloch through credit facilities with BNP Paribas, Belfius, KBC and ING.
In the final quarter of 2025, the financing structure was further optimised in connection with the acquisition of Shopping Ville2. In this context, two new loans of € 20M each were concluded with KBC and BNP Paribas, with maturities until 2031 and 2030, respectively, and an existing € 25M credit facility with KBC was extended until 2030.
In addition, the Company completed a € 30M private placement (EUPP) with Royal London with a 10-year maturity, contributing to long-term stability and further diversification of its funding sources.
Finally, after 31 December 2025, a credit letter was signed on behalf of the Company in relation to the extension of the € 30M credit facility with BNP Paribas, whereby the original maturity date of 10 February 2028 was effectively extended to January 2031.
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