Wereldhave N.V.

Wereldhave reported direct result per share of EUR 0.91 in H1 2026, unchanged versus last year. Like-for-like gross rental income increased 4.3% on a gross basis, and core portfolio revaluations were positive by EUR 17.3 million, or 0.8%, while France contributed nearly EUR 4 million of negative revaluation. Occupancy was almost 98% for both the core and total portfolio, and the core leasing spread versus ERV was plus 12%. LTV was 44.1% at half year, down 80 basis points versus H1 2025, and average cost of debt was 3.55%. Management reconfirmed full-year direct result guidance of EUR 1.85 to EUR 1.95 per share; Remco said that equates to an expected dividend of EUR 1.35, a 71% payout, below the 75% to 85% policy because LTV remains above the 40% target.

Matthijs Storm framed the business as defensive, pointing to low committed CapEx, a rent roll weighted about two-thirds toward daily-life/convenience retail, and completed refinancing for the year. He highlighted continued momentum in the transformation strategy, especially Cityplaza and Knauf Schmiede, and said the business is moving toward a higher mix of resilient retail over time. His tone was constructive and upbeat, especially on leasing, valuations, and the progress being made on mixed-use and full-service center projects.

Remco Langewouters said direct result improved 3% for the year, helped by EUR 1.3 million higher net rental income, mainly in the Netherlands from indexation, other income and parking income. He noted higher interest expense from matured swaps and caps in Belgium, plus some additional tax charges linked to Ville2’s entity conversion and higher Dutch income. On capital allocation, he said CapEx pipeline is EUR 61 million, with EUR 8 million expected for the remainder of the year, and emphasized limited commitments to preserve flexibility. He also detailed debt actions: the EUR 40 million July maturity was refinanced with a EUR 60 million USPP with 10-year tenor, lifting pro forma weighted average debt maturity from 3.8 to 4.3 years.

Analysts asked about the negative leasing spread in the Netherlands, and management said the minus 1.9% figure was mainly due to two leases forced by Dutch law under Article 303; excluding them, the spread would have been roughly flat. Questions also focused on acquisition funding and equity issuance: management said H1 acquisitions were funded via share issuance to sellers, but at current share levels they are not considering new equity and instead are focused on disposals and capital rotation unless the share price recovers. On costs, management said higher indirect GENEX reflected CFO-related departures, integration costs, and some adverse service cost settlements, while the NOI margin should improve in H2 because the current pressure was driven by nonrecurring items.