Warehouses Estates Belgium FY25 results below our estimates
WEB reports FY25 results below our expectations. Rental income was approximately 1.0% lower at €25.2m vs €25.5m KBCSe. The like-for-like rental growth was negative at -0.3% as a result of rent reversion and a drop in occupancy. The occupancy improved 148bps vs 1H25 but remains 112bps lower YoY. EPRA earnings were 3.0% lower than expected at €3.55 per share, -3.8% YoY. The portfolio corrections remained negative, -1.0% like-for-like, after correcting for €2.7m acquisitions and € 3.8m capitalized maintenance capex. WEB increases its payout ratio to 94.4% (88.2% in FY23, 90.8% in FY24) to give a stable dividend at lower EPRA EPS, a strategy we do not support at a relatively high debt ratio of 46.0%. Over FY26, it expects stable EPRA earnings vs FY25, hence a similar DPS could be expected. We reiterate our HOLD rating.Warehouses Estates Belgium SCA is a Belgium-based real estate investment trust, mutual fund. It mainly invests in commercial, office, semi-industrial and industrial buildings. The Company has rental agreements with public administrations, international and national companies. Warehouses Estates Belgium SCA has a property portfolio in Anderlues, Berchem, Binche, Charteroi, Couillet, Courcelles, Eupen, Fleurus, Gosselies, Jumet, Leuze, Lodelinsart, Marchienne-au-Pont, Nalinnes and Naninne, Jette and Ypres. The Company's tenants are Media Markt, Cedicora, Rackstore, Tractebel Engineering, Forever Products, Michelin Belux, Intercarrelages, Eupener Karting, Tercel Oilfield Products Belgium and Hainaut Caravaning Center, among others.
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