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.

Attachment

• Press release results 2025