Wereldhave Belgium - Results 2024

STRONG RESULTS AND POSITIVE OUTLOOK

Increase in net rental income by 3.5% to € 64.8M (€ 62.6M end 2023);
Increase of the net result from core activities per share to € 4.88 (€ 4.71 end 2023);
Solid balance sheet with a debt ratio of 28.4% (29.6% end 2023);
Increase in net asset value per share to € 82.02 (+5.1% vs. 2023: € 78.07);
Increase in EPRA occupancy rate of 0.9% to 97.0% for the entire portfolio (96.1% end 2023);
Dividend proposal: € 4.30 gross - net € 3.01 per share, an increase of 4.9% compare to 2023;
Increase of the fair value of the investment property portfolio (+4.5% compared to 31 December 2023);
New financings amounting to € 80M (+ € 70M signed after 31 December 2024).

The net result from core activities increased by 3.8% to € 43.4M compared to 2023. This handsome increase is the combined effect of an increase in rental income, a decrease in bad debt provisions and a decrease of non-recoverable charges compared to last year. As a result, the net result from core activities came in at € 4.88 per share for 2024, at the upper end of the announced earnings forecast.

The EPRA occupancy rate of the retail portfolio was 99.0% at 31 December 2024 compared to 98.2% at 31 December 2023. In the office portfolio, the EPRA occupancy rate increased from 84.7% as per 31 December 2023 to 85.4% by the end of 2024. For the whole investment property portfolio, the EPRA occupancy rate was 97.0% at 31 December 2024, compared with 96.1% a year earlier.

The net asset value per share before dividend distribution was € 82.02 as at 31 December 2024 (2023: € 78.07).

The debt ratio was 28.4% at 31 December 2024, compared to 29.6% at 31 December 2023.

The Company has secured new financings amounting to € 80M in 2024. More specifically, the Company has replaced its € 50M credit facility with ING with two new facilities of € 40M each. In addition, the Company received a credit letter from Belfius for the extension of two credit lines for a total amount of € 50M as well as an additional extension of € 20M. This credit letter was signed on behalf of the Company after 31 December 2024.

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