Wereldhave's Revaluation Turnaround and Benelux Capital Rotation Signal a Pivot

Positive valuations and a concrete JV pipeline overshadow a rising cost base.

WHA.AS · Earnings Call · 2026-07-21

Revaluation Turnaround Lifts the Core

After a slightly negative H2 2025, Wereldhave reported positive portfolio revaluations for H1 2026. Management attributed this to strengthening passing rents and a notable reference transaction in the Dutch retail market. “Some of you might remember that in the second half of 2025, we had slightly negative revaluations of the portfolio...” — Matthijs Storm, CEO · 2026-07-21 The CEO highlighted that the PULSE portfolio transaction at a tight yield supports their own valuations. This positive momentum is reflected in the 4.3% like-for-like gross rental growth, with Center transformations – particularly the full-service center conversions – helping drive the loan-to-value mix. Leasing remains robust; the core portfolio achieved a +12% spread versus ERV, and occupancy is a strong 98%.

The valuations. Some of you might remember that in the second half of 2025, we had slightly negative revaluations of the portfolio... that was one of the drivers why the revaluations in the first half of the year were positive.
Matthijs Storm, CEO · 2026-07-21

Strategic Capital Rotation and Equity Discipline

The most tangible change is the acceleration of the capital rotation program. Management is in the advanced stages of placing a Dutch asset into a joint venture, with proceeds earmarked for a Belgian acquisition. They are also pursuing the disposal of a Belgian noncore asset to support the balance sheet. Crucially, while shareholders approved a doubling of the equity issuance flexibility to 20%, management explicitly stated they will not tap it at current levels. “At the current share price, we're not considering to issue new equity.” — Matthijs Storm, CEO · 2026-07-21 The CFO reinforced the prudent approach, noting the payout ratio remains below policy to protect the capital rotation pipeline and drive down leverage.

We are working on a project, which is a capital rotation project, which is currently in the LOA stage in the Benelux.
Matthijs Storm, CEO · 2026-07-21

Costs, Refinancing, and the CFO Transition

The cost base rose EUR 3.5 million year-on-year, driven by one-offs including CFO departure costs and acquisition integration. Unusually, the CFO seat is in flux – Remco Langewouters remains interim, with a decision expected after summer. On financing, the company completed a EUR 60 million USPP with MetLife, extending average debt maturity to 4.3 years, while the average cost of debt stayed at 3.55%. Management reiterated its full-year guidance of EUR 1.85-1.95 direct result per share, and the dividend is expected to be EUR 1.35 (71% payout), reflecting the ongoing priority of de-leveraging toward a 40% LTV target. Prior calls have repeatedly emphasized this LTV discipline. “We are working to push our net LTV target down to below the 40%” — A. W. de Vreede, CFO · 2025-07-22 – a consistent refrain from the February 2026 call. Likewise, the CFO transition has been a topic; the prior CEO farewell to Dennis de Vreede set the stage: “It's been a great ride, Dennis. Thank you for that.” — Matthijs Storm, CEO · 2026-02-10 Now, the organization is waiting on a permanent appointment to provide stability. Overall, Wereldhave is executing its long-held strategy, but the combination of a revaluation turnaround, a concrete capital rotation pipeline, and new new equity flexibility marks a subtle inflection point for the company.