Company ProfilePremiumNov 14, 2026

Wereldhave Belgium Naamloze vennootschap

Company Profile Analysis

Ticker: WEHB.BR

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Year Founded & Workforce

1972

72 Employees

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Wereldhave Belgium Naamloze vennootschap Overview

Wereldhave Belgium is a Brussels-listed RREC focused on dominant, mid-sized shopping centres and retail parks in Belgium and, since February 2025, the Grand Duchy of Luxembourg. It is controlled about 70% by Dutch retail landlord Wereldhave N.V. and runs that group's "LifeCentral" strategy. The strategy converts conventional malls into "Full Service Centers" that blend daily shopping, food and beverage, leisure, services and mobility.

At 30 June 2026 the portfolio was valued at €1.24bn across 13 retail assets and 5 office buildings. Retail accounted for 91.6% of value. EPRA occupancy was 96.7%, with retail at 97.9%.

After a long period without acquisitions (2019–2024), 2025 marked a step-change. WHB bought Knauf Shopping Pommerloch for €103.4M and Shopping Ville2 for €120.3M, funded through debt and an €82.1M equity raise. Net rental income rose 16.5% to €75.5M.

The company combines high occupancy, an 8%+ dividend yield and conservative leverage (EPRA LTV 34.0%). These sit against a structurally discounted share price (≈0.70× NAV), thin free float and governance dependence on its parent.

Company's own description (paraphrased from FY2025 and H1 2026 reports)

WHB describes its investment focus as shopping centres and retail parks that dominate their catchment area. It prefers assets with extension or renovation potential so they can be developed into Full Service Centers. It pursues a proactive approach to maintain and strengthen the market position of the retail portfolio.

Retail represents about 92% of portfolio value. The remainder is two modernised office parks ("The Sage") in Vilvoorde and Antwerp-Berchem. WHB also manages Knauf Shopping Schmiede (Luxembourg), which is owned by its parent Wereldhave N.V., on behalf of that parent.

Business model and revenue model

Revenue component	Nature	FY2025 (EUR Mn)	FY2024 (EUR Mn)	Source
Rental income	Contractual leases, mostly CPI-indexed (Belgian health index)	75.8	64.8	FY2025 PR
Rental-related expenses	Bad-debt provisions and write-offs	-0.3	0.0	FY2025 PR
Net rental income	Revenue proxy	75.5	64.8	FY2025 PR
Recovery of service charges and taxes	Pass-through to tenants	15.2	10.5	FY2025 PR
Service charges and taxes borne	Pass-through cost	-17.7	-12.8	FY2025 PR
Other revenue for letting	Specialty leasing (pop-ups, kiosks, events), "The Point" service hub, promo contributions, solar and EV income	6.1	5.6	FY2025 PR
Property result	—	79.1	68.2	FY2025 PR

Revenue mix:

About 92% "subscription-like" recurring lease income (multi-year commercial leases).
About 8% services and ancillary income (specialty leasing, service-hub income, energy).
No product sales.
No licensing, except an intra-group management relationship. WHB manages Knauf Schmiede for Wereldhave N.V.; fee terms were not separately disclosed.
WHB pays intra-group IT/ICT and other fees to Wereldhave N.V.: €1.0M excl. VAT in H1 2026, up from €0.8M in H1 2025.

Value chain position. WHB is an owner-operator. It acquires assets, (re)develops and repositions them, leases space, runs centre management and marketing in-house, and holds assets long-term. It does not develop for third parties. Under the RREC regime, WHB must distribute at least 80% of its adjusted statutory result, subject to legal limits, and is exempt from corporate income tax on qualifying property income.

Customer types.

National and international retail chains, e.g. the Bestseller group (ONLY, Vero Moda, Jack & Jones), H&M, C&A, New Yorker, Douglas, JD Sports, Kruidvat, Fnac, MediaMarkt.
Food retailers: Delhaize, Albert Heijn XL, Carrefour (historic).
F&B concepts: Le Pain Quotidien, Exki, Prego, Huggy's Bar.
Service tenants.
Office occupiers: Ford Belgium & Luxembourg, Rhenus Logistics, Odoo, Siemens Healthineers, Gevers.

End-markets. Belgian and Luxembourg consumer retail real estate (shopping centres and out-of-town retail parks) and Flemish periphery office markets (Vilvoorde, Antwerp-Berchem).

Independent characterisation

WHB is a concentrated, high-yield, regionally dominant mall landlord. It generates more than 70% of rental income from six regional centres: Belle-Île, Nivelles, Les Bastions, Ring Kortrijk, Ville2 and Pommerloch.

Its economic engine is indexation-driven rent growth on near-full occupancy. Leasing has repeatedly been signed above ERV: +3% vs market in 2025 and +10% in H1 2026. Ancillary income is growing on top. Financing is conservative by Belgian RREC standards.

Two features distinguish it from Belgian retail peers such as Retail Estates and Ascencio:

Asset format: enclosed regional centres rather than retail parks and standalone big-boxes.
Parent dependence: a controlling foreign parent that provides the CEO, IT, a commercial-paper back-up line and strategic direction.

The 2025 acquisitions signal a shift from defensive harvesting to external growth. The September 2026 De Mael sale shows WHB is now actively rotating capital out of non-core retail parks into "dominant mid-sized shopping centers."

Strategy

Stated strategy (themes from the FY2025 and H1 2026 reports)

1. LifeCentral and Full Service Centers. Transform dominant mid-sized shopping centres into convenience-led community hubs combining shopping, F&B, leisure, services, mobility and, where relevant, work.

2. Focus on dominant mid-sized shopping centers in Belgium and Luxembourg. This was reiterated in the De Mael disposal release. It implies continued pruning of retail parks and non-core assets.

3. Disciplined external growth. Acquisitions must meet strict criteria: location, value-creation and FSC potential, and yield above the internal hurdle. The 2025 deals were priced at 7.2% NIY (Pommerloch) and 8% NIY (Ville2).

4. Operational excellence and integration. Management cites the speed of on-boarding acquired centres as a core skill: very high process implementation at Ville2 within six months.

5. Financial discipline.

Balanced funding: Pommerloch was debt-funded, Ville2 mainly equity-funded.
Maintain LTV headroom for further acquisitions.
Diversify funding sources (banks, commercial paper, EUPP).
Hedge ratio above 75%.

6. Sustainability ("A Better Tomorrow" / "Road to Paris"). Carbon neutrality by 2045, EV charging, solar, data-driven energy management.

Initiatives in the last 24 months

Initiative	Date	Target / status
Knauf Shopping Pommerloch acquisition	Feb 2025	€103.4M; accretive by ~€0.38 annualised core EPS (pre-restatement)
Management of Knauf Schmiede for parent	Feb 2025	FSC transformation underway
350 EV charging points programme	Jun 2025 (2025–2027)	245 live at H1 2026
Solar PV programme across retail portfolio	2024–2026	Ring Kortrijk phase 1 done
Renewal of Green Finance Framework	3 Nov 2025	Completed
Ville2 acquisition plus €82.1M capital increase	Nov–Dec 2025	Completed; integration done H1 2026
First European private placement (Royal London, €30M, 10-year)	Dec 2025	Completed; matures Dec 2035
Ville2 supermarket unit purchase	Mar 2026	€5.8M; re-letting in discussion
Service Hub (lockers, laundry) plus IKEA partnership	H1 2026	Rollout planned
Visitor surveys across all centres	H1 2026	Feed 2027 marketing plans
Energy data warehouse and EMS	2025–2026	>95% tenant data coverage; ~1% energy saving
De Mael disposal (capital rotation)	Sep 2026	€49.2M; closing Q2 2027
Customer-journey projects (Pommerloch parking, wayfinding; Nivelles verandas; Kortrijk terraces)	2025–2026	Partly complete

Guidance and medium-term targets

Item	Guidance
FY2026 net result from core activities per share	€5.20–5.30 (set 5 Feb 2026; confirmed 16 Apr and 17 Jul 2026; De Mael sale stated to have no impact on 2026 outlook)
Core EPS growth 2024–2026	+10–13% cumulative vs restated FY2024 (€4.69), implying €5.16–5.30
Dividend	No explicit DPS guidance. Payout was 87–93% historically. The FY2025 DPS (€4.15) was framed as "at least equal" to FY2024 after the rights adjustment.
Leverage	No formal LTV target disclosed. Management emphasises preserving acquisition capacity.

Products & Services

WHB's "products" are its properties and the services layered on them. Figures are from the H1 2026 report portfolio tables at 30 June 2026. Contract rents are annualised.

Retail segment: asset by asset

Asset	Location	Year built / last renovated	% of portfolio value	GLA (m²)	Parking	Contract rent (EUR)	ERV (EUR)	EPRA occupancy	Notes
Shopping Belle-Île	Liège	2,020	16.5	30,880	1,641	13,235,487	12,851,221	98.7%	Largest asset; 30th anniversary 2025 (+3% footfall); F&B additions Le Pain Quotidien and Huggy's Bar (H1 2026). Historically benefits from an FSMA derogation from the RREC 20% single-asset concentration limit.
Shopping Nivelles	Nivelles	2,012	14.2	28,414	1,500	11,292,107	10,087,997	99.9%	50th anniversary 2025. New entrance, verandas, Delhaize entrance (Delhaize accounts for over 23% of footfall). Origin site of "The Point".
Shopping Les Bastions	Tournai	2,018	12.6	31,438	1,450	10,295,004	9,971,090	99.5%	Full Service Center; ONLY (789 m²) signed H1 2026; renewals with JD Sports, Delcambe, Kruidvat, New Yorker
Retail Park Les Bastions	Tournai	2,016	1.5	10,348	360	1,285,552	1,182,643	96%	BREEAM New Construction (2017)
7 Fontaines	Tournai	2,019	0.6	3,485	0	539,212	485,440	100%	—
Shopping 1	Genk	2,014	6.0	22,181	1,250	4,693,243	5,108,363	91.4%	Lowest-occupancy retail asset; re-letting with New Yorker, Vero Moda, Skechers; kids' zone and Eat & Meet food court; BLSC Marketing Award
Ring Kortrijk	Kortrijk	2,022	11.4	33,080	2,000	9,217,688	9,290,149	98.5%	Solar phase 1 (2025); terraces and playground (H1 2026); Prego F&B
Genk Stadsplein	Genk	2,023	2.8	15,594	44	2,286,654	2,684,640	92.7%	Douglas (first in portfolio, 2024); H&M and LolaLiza renewed
De Mael Retail Park	Bruges (Sint-Kruis)	2,024	3.7	20,036	650	2,113,291	2,825,410	100%*	Albert Heijn XL (3,300 m², opened 19 Nov 2025); MediaMarkt relocation; Dreamland. Sale agreed 17 Sep 2026 for €49.2M. *The report shows 100% occupancy alongside €926k vacancy value, likely due to redevelopment carve-outs; not reconciled.
Turnhout Retail Park	Turnhout	1,979	2.8	19,804	765	2,750,688	2,242,050	98.7%	Ex-Redevco (2018)
Knauf Shopping Pommerloch	Pommerloch (LU)	2,020	8.6	33,385	1,420	8,509,122	8,368,668	98.9%	Acquired Feb 2025; 70 tenants (Delhaize, New Yorker, C&A, H&M, Sportsdirect) plus a 3,100 m² business centre
Shopping Ville2	Charleroi	2,022	10.4	27,304	2,000	11,073,270	10,262,625	95.9%	Acquired Dec 2025; ~122 tenants; ~4M visitors/year; adjacent to Pathé IMAX; Douglas opened H1 2026
Ville2 Plus (supermarket unit)	Charleroi	1,990	0.5	2,712	0	0	420,360	0.0%	Acquired Mar 2026 (€5.8M); vacant, re-letting discussions ongoing
Retail total	—	—	91.6	278,662	13,080	77,291,317	75,780,655	97.9%	—

Office segment

Asset	Location	Built / renovated	% of value	GLA (m²)	Contract rent (EUR)	ERV (EUR)	Occupancy
The Sage Vilvoorde 28	Vilvoorde	2,022	1.1	13,010	1,333,238	1,842,410	77.9%
The Sage Vilvoorde 30	Vilvoorde (HQ)	2,023	0.6	5,838	644,352	852,765	72.3%
The Sage Antwerp I	Berchem	2,021	1.8	11,450	1,757,825	1,830,200	93.9%
The Sage Antwerp II	Berchem	2,021	2.5	16,829	2,383,688	2,627,343	82.7%
The Sage Antwerp III	Berchem	2,021	1.9	11,563	1,994,743	1,861,215	99.0%
Office total	—	—	7.8	58,690	8,113,846	9,013,933	86.5%

Portfolio total: 337,352 m² GLA; 14,363 parking spaces; contract rent €85.4M; ERV €84.8M; EPRA occupancy 96.7%.

Managed (not owned) asset

Knauf Shopping Schmiede (Huldange, LU). About 41,000 m² GLA. Owned by Wereldhave N.V. since 13 Feb 2025 and managed by WHB. A transformation into a Full Service Center is underway, including upper-floor reconfiguration for larger retailers and enhanced F&B (H1 2026 report). Management fee terms were not publicly disclosed.

Services and platform offerings

Offering	Description	Launch	Pricing / economics
Full Service Center concept	Repositioning malls into mixed shopping, F&B, leisure, services and mobility hubs (LifeCentral)	Group strategy (Wereldhave)	Embedded in rents and capex
"The Point"	In-house information and service hub (parcel pickup, services)	2016 (Nivelles), rolled out to all centres; Nivelles relocated to 160+ m² unit in 2024	Contributes to "other revenue for letting"; >5% of visitors use it daily (FY2024 PR)
Service Hub on parkings	24/7 parcel lockers and washing machines; partnership with IKEA for all retail sites	Announced H1 2026	—
Specialty leasing	Pop-ups, kiosks, events (car shows, Eco-Days, Christmas markets)	Ongoing	Material contributor; drives year-end occupancy spikes
EV charging	350-point three-year programme (2025–2027); 245 operational at H1 2026	2,025	>€350k revenue 2025; H1 2026 revenue already equal to FY2025
Solar PV	~8,500 panels; first phase at Ring Kortrijk 2025	Ongoing	>€500k revenue 2025 (injection, certificates, self-consumption)
Gift card	Mall gift card marketed to employers	Ongoing (news 1 Jul 2026)	—
Energy management	PowerPulse collaboration; Engie framework; EMS data warehouse	2025–2026	~1% energy reduction without capex

Financial Narrative

Sources: FY2023, FY2024 and FY2025 results releases (audited figures, consolidated IFRS); FY2022 results release headline figures; Q1 2023 release for 2022 portfolio value.

Margins (% of net rental income)

NRI CAGR (derived):

FY2022→FY2025: 8.6% p.a. (€58.9M → €75.5M)
FY2023→FY2025: 9.8% p.a.

Ratios

Cash conversion cycle: not applicable to a property lessor. Rents are invoiced quarterly in advance; at 30 Jun 2026, €19.0M of Q3 2026 rent was invoiced but not yet due.

Commentary on trends, inflections and drivers

FY2021–FY2022: post-COVID recovery. Core EPS rose from €4.56 to €4.87 (+6.8%) as COVID rent relief faded, office occupancy rose (76% → 81.5%) and 89 leases were signed on average 13% above ERV. Leverage was stable at about 28–29%.

FY2023: margin squeeze despite top-line growth. NRI grew 6.4%, but core EPS fell 3.3% to €4.71. Three drivers explain this:

Higher interest costs (average cost of debt 2.76%, net interest charges €13.4M).
Bad-debt provisions from retailer bankruptcies (€1.9M of rental-related expenses).
€5.6M of unrecovered office service charges.

A €4.97M negative revaluation and €5.6M negative derivatives swing cut IFRS net result to €29.2M.

FY2024: quality-of-earnings recovery and revaluation inflection. Bad-debt provisions reversed (net +€0.03M), service-charge leakage fell, and core EPS rose to €4.88 (restated €4.69). The external valuers structurally lifted ERVs, which had lagged contract rents, generating a +€32.5M revaluation. IFRS net result was €71.9M and ROE about 10%.

FY2025: step-change through external growth.

The two acquisitions lifted NRI 16.5% and core result 17.4%.
Like-for-like NRI growth of 4.6% reflected indexation and occupancy.
Revaluations turned slightly negative (-€5.9M), attributed to non-income-producing capex.
The equity raise and stock dividend diluted NAV/share by 11%, to €73.00. Issuance was at €39.50, a deep discount to NAV.
Net debt/EBITDA rose to 6.0x on the debt-funded Pommerloch deal, but remains moderate for a REIT.
Free cash flow (OCF less maintenance and repositioning capex) covered cash dividends easily in 2025, because 79% of 2024 dividends were taken in shares. In 2026 the full cash dividend (€47.5M) exceeded H1 FCF, lifting LTV to 34%.

H1 2026: digestion. NRI rose 18.9%, but core EPS per share fell 4% to €2.50 because the share count rose 22%. Full-year guidance of €5.20–5.30 implies a stronger H2 than H1, consistent with seasonality and full-period acquisition contribution. The H1 2025 run-rate of €2.61 included rent seasonality.

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Financial Detail

Segment Overview

Segment	Contents (30 Jun 2026)	Key products/services
Retail	6 regional shopping centres (Belle-Île, Nivelles, Les Bastions, Ring Kortrijk, Ville2, Knauf Pommerloch); 2 urban centres (Shopping 1 Genk, Genk Stadsplein); 3 retail parks (Les Bastions RP, De Mael, Turnhout); 7 Fontaines (Tournai); Ville2 Plus (supermarket unit)	Leasing of retail units, specialty leasing and pop-ups, "The Point" service hubs, EV charging, solar energy, parking
Offices	The Sage Vilvoorde 28 and 30; The Sage Antwerp I, II, III (Berchem)	Office leasing with amenities (flex/hospitality services)
Development	Nivelles land positions (€7.3M)	Land bank

Results by Segment

Segment	FY2023	FY2024	FY2025
Retail rental income (EUR Mn)	57.05	57.26	67.70
Offices rental income (EUR Mn)	7.45	7.56	8.08
Total rental income (EUR Mn)	64.51	64.81	75.78

Revenue by Segment

Segment	FY2023	FY2024	FY2025
Retail NRI (EUR Mn)	55.38	57.14	67.65
Offices NRI (EUR Mn)	7.26	7.71	7.86
Total NRI (EUR Mn)	62.64	64.84	75.51

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Results by Segment and Segment Margins & Growth (%)

Metric	FY2023	FY2024	FY2025
Retail property operating result (EUR Mn)	53.69	52.71	61.53
Offices property operating result (EUR Mn)	1.62	4.50	6.51
Retail margin (% of segment rental income)	94.1	92.1	90.9
Offices margin (% of segment rental income)	21.7	59.6	80.6
Retail share of rental income (%)	88.4	88.3	89.3
Offices share of rental income (%)	11.6	11.7	10.7
Retail rental income YoY growth (%)	—	0.4	18.2
Offices rental income YoY growth (%)	—	1.4	6.9

Revenue by Segment — Retail fair-value change

Segment	FY2023	FY2024	FY2025
Retail fair-value change (EUR Mn)	-3.30	32.60	-1.02
Offices fair-value change (EUR Mn)	-1.67	-0.07	-4.93

Revenue by Segment — Retail incl. development

Segment	FY2023	FY2024	FY2025
Retail incl. development (EUR Mn)	850.5	892.1	1,125.6
Offices (EUR Mn)	101.9	102.7	96.5

Segment Revenue

Metric	Retail	Offices	Total
Rental income H1 2026 (EUR Mn)	39.98	3.97	43.94
Rental income H1 2025 (EUR Mn)	32.92	3.97	36.88
Property operating result H1 2026 (EUR Mn)	35.41	3.36	38.76
Fair-value change H1 2026 (EUR Mn)	8.12	-0.12	8.00
Portfolio value 30 Jun 2026 (EUR Mn)	1,145.5	97.0	1,242.5
EPRA occupancy 30 Jun 2026 (%)	97.9	86.5	96.7

Income Statement and Per-Share Data

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Rental income (EUR Mn)	—	—	64.51	64.81	75.78
Net rental income, revenue proxy (EUR Mn)	—	58.9	62.64	64.84	75.51
Property result (EUR Mn)	—	—	64.34	68.24	79.08
Property operating result, gross profit proxy (EUR Mn)	—	—	55.30	57.21	68.04
General company costs (EUR Mn)	—	—	-7.48	-7.15	-8.08
Operating result before portfolio, EBIT proxy (EUR Mn)	—	—	49.77	52.10	62.27
EBITDA proxy, EBIT plus depreciation (EUR Mn)	—	—	50.11	52.50	62.68
Portfolio result (EUR Mn)	—	—	-7.03	31.86	-6.62
Financial result incl. derivatives (EUR Mn)	—	—	-13.44	-11.98	-11.49
Pre-tax income (EUR Mn)	—	—	29.29	71.99	44.17
Net result IFRS (EUR Mn)	—	—	29.22	71.89	42.38
Net result from core activities (EUR Mn; FY2022 derived)	—	43.3	41.82	43.40	50.93
Net result from non-core activities (EUR Mn)	—	—	-12.60	28.49	-8.55
EPS basic and diluted IFRS, as reported (EUR)	—	—	3.29	8.09	4.37
EPS IFRS restated per IAS 33 (EUR)	—	—	—	7.76	4.37
Core EPS, as originally reported (EUR)	4.56	4.87	4.71	4.88	5.25
Core EPS restated per IAS 33 (EUR)	—	—	—	4.69	5.25
Gross dividend per share (EUR)	4.10	4.20	4.10	4.30	4.15
Net dividend per share after 30% WHT (EUR)	2.87	2.94	2.87	3.01	2.905
Payout ratio, company-reported (%)	—	—	87	88	93.2

Margin Analysis (%)

Metric	FY2022	FY2023	FY2024	FY2025
Property operating ("gross") margin (%)	—	88.3	88.2	90.1
Operating (EBIT) margin (%)	—	79.5	80.4	82.5
EBITDA margin (%)	—	80.0	81.0	83.0
Core result margin (%; FY2022 derived)	73.5	66.8	66.9	67.4
Net IFRS margin (%)	—	46.7	110.9	56.1
NRI YoY growth (%)	—	6.4	3.5	16.5

Balance Sheet and Per-Share Data

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Investment properties at fair value (EUR Mn)	—	949.2	952.36	994.86	1,222.07
Total assets (EUR Mn)	—	—	1,014.87	1,046.97	1,295.67
Cash and equivalents (EUR Mn)	—	10.42	17.69	9.23	26.02
Non-current financial liabilities (EUR Mn)	—	—	237.07	224.42	334.27
Current financial liabilities (EUR Mn)	—	—	44.82	54.39	67.94
Total financial debt (EUR Mn)	—	—	281.89	278.81	402.21
Net financial debt (EUR Mn)	—	—	264.20	269.58	376.19
Shareholders' equity (EUR Mn)	—	701.94	693.70	728.82	834.72
Goodwill and intangibles (EUR Mn)	—	—	0	0	0
Working capital, current assets minus current liabilities (EUR Mn)	—	—	-29.90	-44.92	-54.14
IFRS NAV per share (EUR)	77.19	78.99	78.07	82.02	73.00
Consolidated legal debt ratio (%)	28.2	28.6	29.6	28.4	—
EPRA LTV (%)	—	—	—	27.0	31.9
Shares outstanding at year end (M)	—	8.886	8.886	8.886	11.434

Cash Flow

Metric	FY2023	FY2024	FY2025
Operating cash flow (EUR Mn)	45.46	49.27	59.91
Capex: investments in existing properties (EUR Mn)	18.31	9.02	20.11
Acquisitions incl. subsidiaries (EUR Mn)	3.94	0.44	206.00
Disposals proceeds (EUR Mn)	7.33	0	9.03
Free cash flow, OCF minus capex (EUR Mn)	27.15	40.25	39.80
Dividends paid in cash (EUR Mn)	37.32	36.43	17.03
Cash capital increase (EUR Mn)	0	0	80.88
Share buybacks (EUR Mn)	0	0	0

Margin Analysis (%) and Financial Ratios (x)

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
ROE, net IFRS on average equity (%)	—	—	4.2	10.1	5.4
Core ROE, core result on average equity (%)	—	—	6.0	6.1	6.5
ROA, net IFRS on total assets (%)	—	—	2.9	6.9	3.3
ROIC proxy, EBIT on average equity plus average net debt (%)	—	—	—	5.3	5.6
Current ratio (x)	—	—	0.60	0.48	0.54
Debt to equity (x)	—	—	0.41	0.38	0.48
Net debt to EBITDA (x)	—	—	5.3	5.1	6.0
Interest coverage, EBIT on net interest (x)	—	—	6.4	6.1	5.6
Asset turnover, NRI on total assets (%)	—	—	6.2	6.2	5.8
Average cost of debt (%)	—	—	2.76	3.02	3.32
Hedge ratio (%)	—	—	—	72.8	81.3
EPRA occupancy, total portfolio (%)	93.9	95.2	96.1	97.0	97.3
EPRA occupancy, retail (%)	97.2	97.7	98.2	99.0	98.5
EPRA occupancy, offices (%)	76.0	81.5	84.7	85.4	87.4

Cash Flow and Per-Share Data

Metric	H1 2025	H1 2026
Rental income (EUR Mn)	36.88	43.94
Net rental income (EUR Mn)	36.65	43.57
Property operating result (EUR Mn)	32.99	38.76
Operating result before portfolio (EUR Mn)	30.26	35.54
Net result IFRS (EUR Mn)	25.37	34.39
Net result core (EUR Mn)	24.57	28.59
Core EPS restated (EUR)	2.61	2.50
IFRS EPS restated (EUR)	2.70	3.01
Average number of shares (M)	9.41	11.43
Operating cash flow (EUR Mn)	29.26	39.69
Average cost of financing (%)	3.22	3.21
Hedge ratio (%)	66.2	76.2

Balance Sheet and Margin Analysis (%)

Balance sheet item	31 Dec 2025	30 Jun 2026
Investment properties (EUR Mn)	1,222.1	1,242.5
Equity (EUR Mn)	834.7	821.6
Drawn debt (EUR Mn)	396.1	409.3
EPRA LTV (%)	31.9	34.0
NAV/share (EUR)	73.00	71.86
Undrawn committed lines (EUR Mn)	116.0	70.8
Average remaining debt maturity (years)	3.7	3.6

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Results by Region

Region	FY2023	FY2024	FY2025
Belgium rental income (EUR Mn)	64.51	64.81	—
Luxembourg rental income (EUR Mn)	0	0	—
Total rental income (EUR Mn)	64.51	64.81	75.78

Results by Region (Half-Yearly)

Region	H1 2025	H1 2026	YoY growth (%)
Belgium rental income (EUR Mn)	33.74	39.42	16.8
Luxembourg rental income (EUR Mn)	3.14	4.52	43.9
Total (EUR Mn)	36.88	43.94	19.1

Revenue by Region

Region	31 Dec 2025	30 Jun 2026
Belgium (EUR Mn)	1,115.3	1,135.3
Luxembourg (EUR Mn)	106.8	107.2

Segment Overview — Retail rental income H1 2026

Segment	Belgium	Luxembourg
Retail rental income H1 2026 (EUR Mn)	35.46 (derived)	4.52
Offices rental income H1 2026 (EUR Mn)	3.97	0

Region Overview

Region	Main assets	Approx. share of portfolio value
Wallonia	Belle-Île, Nivelles, Les Bastions complex, Ville2	≈56% (derived from asset weights)
Flanders	Ring Kortrijk, Genk assets, De Mael, Turnhout, all offices	≈35%
Luxembourg	Pommerloch	≈8.6%

Valuation Snapshot

Metric	Value	Source
Last close (16 Oct 2026)	€50.60	MarketScreener
52-week range	€43.70 – €57.80	Google Finance
YTD 2026	-4.5%	MarketScreener
1-year	-5.9% (to 18 Sep 2026)	Trivano
3-year (end-2023 €48.30 → €50.60, price only)	+4.8% (derived)	FY2024 PR; MarketScreener
5-year (price only)	+11.6% (to 18 Sep 2026)	Trivano
Average daily volume	≈1,300–1,700 shares	Google Finance; Beursonline
Metric	FY2021	FY2022
Gross dividend per share (EUR)	4.10	4.20

Valuation Multiples

Multiple	WHB	Basis
Market cap (EUR Mn)	578.6	11,434,138 shares
Net financial debt (EUR Mn)	401.0	Drawn €409.3M less cash €8.2M (30 Jun 2026)
Enterprise value (EUR Mn)	≈979.6	Derived. MarketScreener shows EV equal to market cap, which appears to be a data error.
P / core EPS FY2026 guidance midpoint (€5.25)	9.6x	Derived
P / IFRS EPS FY2025 (€4.37)	11.6x	Derived
P / IFRS NAV (€71.86)	0.70x	Derived (≈30% discount)
EV / EBITDA FY2025 (€62.7M)	15.6x	Derived
EV / EBITDA H1 2026 annualised (€71.6M)	13.7x	Derived
EV / NRI FY2025	13.0x	Derived
Dividend yield (FY2025 DPS €4.15)	8.2%	Derived
Implied portfolio yield (contract rent €85.4M / EV)	≈8.7%	Derived; excludes costs

Dividend History

Fiscal year	Gross DPS (EUR)	Net DPS (EUR)	Ex-date	Payment	Form
2019	4.50	3.15	—	—	Optional
2020	4.00	2.80	—	—	Optional
2021	4.10	2.87	14 Apr 2022	9 May 2022	Optional (19 coupons = 1 share at €54.53)
2022	4.20	2.94	17 Apr 2023	19 Apr 2023	Cash
2023	4.10	2.87	15 Apr 2024	22 Apr 2024	Cash
2024	4.30	3.01	15 Apr 2025	12 May 2025	Optional (79.2% in shares)
2025	4.15	2.905	13 Apr 2026	24 Apr 2026	Cash (€47.5M)

Debt Maturity Profile

Maturity bucket	Committed (EUR Mn)	Drawn (EUR Mn)
2027	45.0	45.0
2028	60.0	45.6
2029	125.0	90.0
2030	130.0	122.7
2031	50.0	46.7
2035	30.0	30.0
CP programme (no fixed maturity; parent back-up)	40.0	29.3
Total	480.0	409.3

Analyst Conclusions

Management guidance

FY2026 core EPS €5.20–5.30, confirmed 17 Jul 2026, with explicit caution on geopolitical, rate and inflation risks.
The De Mael sale has no impact on 2026.
The 2024–2026 core EPS CAGR target is 10–13% cumulative.

Consensus: single-analyst coverage; target €56.50; Hold. MarketScreener-implied yields of 8.3% (2026E) and 9.2% (2027E) suggest the analyst expects DPS of about €4.20 for 2026 and €4.65 for 2027 at the current price. These are derived and low-confidence.

Bull case

Cheap, growing cash flows. At 9.6x guided core EPS and an 8.2% yield, the market prices WHB as ex-growth. Yet core EPS rose 12% in 2025, and the acquisitions contribute a full year in 2026.
Accretive capital rotation. Selling a retail park at 5.6% NIY (above book) after buying malls at 7.2–8% NIY demonstrates value creation. Recycling De Mael proceeds (€49.2M) into another 7–8% mall could add roughly €0.10–0.15 core EPS. This is an analyst estimate.
Operational momentum. Retail occupancy is about 98%, leasing is at +10% vs ERV and footfall outperforms the market. These support positive ERV revisions, which drove +€8.0M revaluations in H1 2026, and NAV recovery from €71.86.

Bear case

Per-share dilution and NAV erosion. NAV/share is down 12% since Dec 2024, and H1 2026 core EPS fell 4% despite +19% NRI. Further equity raised at a 30–45% NAV discount would destroy value.
Leverage and cash-dividend strain. LTV rose from 27% to 34% in 18 months. Net debt/EBITDA reached 6.0x. The full cash dividend absorbed more than H1 operating cash flow. Undrawn headroom fell to €70.8M.
Concentration and format risk. About 43% of value sits in three enclosed malls. A large fashion-tenant failure or a 25bp yield expansion (-€45M, ≈ -€4/share) would hit both earnings and NAV. Minority shareholders also lack influence, with only 30% free float.

Catalysts and monitorables (next 12 months)

Timing	Catalyst
29/30 Oct 2026	Q3 2026 update: guidance confirmation, LTV, Ville2 supermarket re-letting
Q4 2026	Re-deployment of De Mael proceeds; possible new acquisition (Belgium / Luxembourg)
Late 2026 / 2027	Wereldhave N.V. CFO appointment → WHB board seat filled
Feb 2027	FY2026 results; 2027 guidance; DPS proposal and possible scrip dividend
Q2 2027	De Mael transfer and LTV reduction
2,027	€45M debt maturities (ING €15M Jan 2027; Belfius €30M fixed Apr 2027) refinanced; swaps rolling
Ongoing	Office occupancy (Vilvoorde), Genk vacancy, Pommerloch footfall, EV/solar revenue ramp

Analyst verdict

Wereldhave Belgium has moved decisively from a defensive, under-levered landlord to an acquisitive regional-mall platform. The 2025 transactions were sensibly priced at 7.2% and 8% NIY and funded with a deliberate debt/equity balance. They were integrated cleanly and lifted net rental income from €64.8M to €75.5M. Operationally, the portfolio is in excellent shape: about 98% retail occupancy, leases signed well above ERV, and footfall consistently beating the Belgian shopping-centre index. The September 2026 sale of De Mael at a 5.6% yield and above book value is the most important recent signal. It shows management can harvest value from lower-yielding assets and recycle it into higher-yielding malls, which the market has not credited.

The valuation reflects scepticism. At about 0.70× NAV, 9.6x core earnings and an 8%+ yield, investors are discounting concentration risk, fashion-retail fragility, the office drag, and above all governance and liquidity. With 70% held by Wereldhave N.V., a 30% free float and a CEO shared with the parent, the shares behave more like a high-yield bond proxy than an equity growth story. The November 2025 equity issue at €39.50 crystallised NAV dilution, and per-share core earnings declined in H1 2026 despite strong rental growth.

On balance, the risk/reward is moderately positive for income-oriented investors who accept limited liquidity. Delivery of the €5.20–5.30 guidance, sustained DPS of about €4.15–4.30, and debt reduction from the De Mael proceeds should support a total return of roughly 8–12% p.a. without any re-rating. Upside requires a visible path to NAV-accretive growth, either through further asset rotation or, speculatively, a parent-led restructuring. Downside triggers are a yield shock or a major tenant failure in one of the top three centres.

Stance: Accumulate on weakness below €48; fair value range €54–58 (≈0.75–0.80× NAV). This is an analyst view, not investment advice.

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Executive Leadership

Executive Leadership Team

Name	Title	Tenure	Prior / concurrent roles	Compensation
Matthijs Storm	CEO and Managing Director; Effective Leader; executive director	Director/MD since 1 Aug 2019 (Simply Wall St); sole CEO since departure of N. Beaussillon (31 Mar 2023)	CEO and Management Board member of Wereldhave N.V.	WHB-level total ≈ €100k for FY2024 per Simply Wall St (secondary; most pay borne by Wereldhave N.V., where total FY2024 pay ≈ €1.81M).
Nicolas Rosiers	Deputy CEO; Effective Leader	Appointed 19 Jul 2023	—	—

Board of Directors

Name	Role	Independence	Notes
Brigitte Boone	Chair of the Board	—	Co-signed H1 2026 report as Chairwoman
Suzy Denys	Director	Independent	—
Luc Weverbergh	Director	Independent	—
Frederika Kruythoff	Director	—	—
Steven Boel	Director	Non-executive	—
Matthijs Storm	CEO / Managing Director	Executive	—

Board & Management Changes

Date	Change
25 Nov 2020	CEO Kasper Deforche resigns
17 Dec 2020	Nicolas Beaussillon appointed CEO; Ine Beeterens COO
3 Jun 2021	CFO Cédric Biquet resigns
4 Nov 2021	Ingrid Theuninck appointed CFO
7 Mar 2023	Beaussillon to step down (effective 31 Mar 2023)
19 Jul 2023	Nicolas Rosiers appointed Deputy CEO and Effective Leader
8 Apr 2026	Conditional board appointment of Marcel Eggenkamp; later lapsed

Major Shareholders

Holder	Stake (30 Jun 2026)
Wereldhave N.V.	36.11%
Wereldhave International N.V. (Wereldhave group)	33.50%
Free float (public)	30.39%

Competitive Landscape

Key Competitors

Competitor	Listing	Focus	Overlap with WHB
Retail Estates	Euronext Brussels (RET)	Out-of-town retail parks and clusters, Belgium and Netherlands (plus France)	Retail parks (Turnhout, De Mael, Les Bastions RP); tenant competition
Ascencio	Euronext Brussels (ASCE)	Peripheral retail parks and food stores, Belgium (mostly Wallonia), France, Spain	Wallonia catchments (Charleroi, Liège, Tournai)
Vastned (merged Vastned/Vastned Belgium)	Euronext Brussels / Amsterdam	High-street retail, Belgium, Netherlands, France, Spain	Retail tenants and leasing market
Nextensa	Euronext Brussels (NEXTA)	Mixed (Luxembourg retail, Belgian offices, development)	Sold Knauf centres to Wereldhave group in 2025; Luxembourg retail and offices
Wereldhave N.V.	Euronext Amsterdam (WHA)	Benelux Full Service Centers	Parent and sister; Belgian segment is WHB itself
Klépierre	Euronext Paris	Pan-European malls; Belgian exposure via L'esplanade (Louvain-la-Neuve), Wijnegem	Large-mall competitor
Unibail-Rodamco-Westfield	Euronext Paris / Amsterdam	Flagship malls; Belgian development history (Mall of Europe project)	Flagship retail
Equilis / Fidagh	Private	Belgian retail developers / owners (Docks Bruxsel etc.)	Sold Ville2 supermarket to WHB
Redevco	Private	Retail real estate investor (Ikea family-linked)	Sold retail parks to WHB in 2018
Ceusters / Ghelamco and private family offices	Private	Mixed retail and office	Acquisition competition
Office peers: Cofinimmo (offices), Befimmo (now private), Inclusio / Xior (n/a), Nextensa	Euronext Brussels	Flemish and Brussels office markets	The Sage office parks

Peer Comparison FY2026

Metric	WHB (FY Dec 2025)	Retail Estates (FY Mar 2026)	Ascencio (FY Sep 2025)	Wereldhave N.V. (H1 2026)
Net rental income / rental income (EUR Mn)	75.5 (NRI)	145.8 (NRI)	53.9 (rental income)	Not compared (group)
Revenue growth YoY (%)	16.5	2.5	1.0	—
Portfolio fair value (EUR Mn)	1,222	≈2070 (31 Mar 2025 base)	746.5	Group; Belgium segment €1,038M (H1 2026)
EPRA occupancy (%)	97.3	97.8	≈96.5–97.0	—
LTV / debt ratio (%)	31.9 EPRA LTV (34.0 at H1 2026)	—	40.7 EPRA LTV (44.8 at Jun 2026)	—
Earnings per share (EUR)	5.25 core	≈6.08 FY26/27 EPRA EPS estimate (KBC)	5.56 EPRA EPS	0.83 EPRA EPS (H1)
R&D intensity (%)	0	0	0	0
Analyst stance	Hold, TP €56.50 (1 analyst, MarketScreener)	Buy, TP €82 (KBC Securities)	—	Outperform, TP €21.60 (5 analysts)

Company Snapshot

Employees

1972

Founded

Vilvoorde, Belgium

Headquarters

SWOT Analysis

Strengths

Near-full retail occupancy: EPRA retail occupancy of 98.5% (Dec 2025) and 97.9% (Jun 2026); 99.0% at end-2024.
Pricing power: 93 leases in 2025 signed 8% above previous rent and 3% above ERV; H1 2026 deals at +4% and +10% respectively.
Footfall outperformance: Belgian centres +1.5% and +1.8% (Q1/Q2 2026) vs BLSC -0.5% and +1.4%. 2025 footfall 23.3M (+1.3%).
Conservative balance sheet: EPRA LTV 34.0% vs a 65% legal cap and Ascencio at 44.8%. Hedge ratio 76.2%. Average cost of debt 3.21%.
Earnings growth delivered: core EPS €4.69 (restated 2024) → €5.25 (2025, +12.1%), at the top of guidance. 2026 guidance confirmed twice.
Diversified funding: 85.5% bank, 7.2% CP, 7.3% private placement. Four relationship banks. First EUPP to 2035.
Proven integration capability: Pommerloch and Ville2 integrated within months. Pommerloch virtually fully let.

Weaknesses

Concentration: Belle-Île 16.5%, Nivelles 14.2% and Les Bastions 12.6%, so three assets make up 43.3% of value. Belle-Île historically needed an FSMA derogation from the 20% rule.
Office drag: 86.5% occupancy; Vilvoorde buildings at 72–78%. Office revaluations of -€4.9M in 2025.
NAV dilution: NAV/share fell from €82.02 to €71.86 (Dec 2024 → Jun 2026), largely from equity issued at €39.50, about 46% below the then-NAV.
Weak Genk assets: Shopping 1 at 91.4% and Stadsplein at 92.7% occupancy.
Rising leverage metrics: net debt/EBITDA 5.1x → 6.0x (2024–2025). Undrawn lines down from €116M to €70.8M in H1 2026.
Parent dependence and governance gaps: CEO shared with Wereldhave N.V.; IT outsourced to parent (€1.0M per half-year); vacant board seat tied to parent's CFO search.

Opportunities

Capital rotation: De Mael sold at 5.6% NIY vs 7.2–8% achieved on mall purchases, a positive yield spread for recycling.
Ville2 upside: 95.9% occupancy and a vacant supermarket unit (ERV €420k). Contract rent (€11.1M) sits above ERV (€10.3M), but the FSC transformation could lift it.
Ancillary income: EV charging (H1 2026 revenue already equal to FY2025), solar (>€500k in 2025), Service Hub with IKEA.
Luxembourg platform: management of Schmiede creates potential future drop-down or acquisition from the parent (speculative).
Lower rates: a falling Euribor and new swaps (e.g., KBC €15M to 2032) could reduce funding costs once older swaps roll.
Re-rating: at ≈0.70× NAV and 9.6x core earnings, delivery of growth could narrow the discount.

Threats

Retail insolvencies: 22 units lost to bankruptcies in 2024; bad-debt provisions hit €1.9M in 2023.
Valuation sensitivity: +25bp yield → -€45.3M (≈ -€4.0/share); -1% rent → -€12.4M (H1 2026 report).
Interest-rate risk: 23.8% unhedged at H1 2026. €45M of bank debt matures in 2027.
Macro and consumer weakness: management explicitly cites geopolitical tension, rates and inflation as risks to 2026 guidance.
Luxembourg footfall volatility: Pommerloch footfall -1.5% and -0.9% (Q1/Q2 2026), with weather sensitivity in a rural catchment.
Minority-shareholder risk: a 69.6% controlling holder could pursue related-party transactions or squeeze-out terms unfavourable to minorities. This is a general structural risk; no such proposal exists.

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Key Developments

Date	Event	Significance
17 Apr 2025	Q1 2025 trading update	First quarter including Pommerloch
17–18 Apr 2025	Optional dividend for FY2024 (€3.01 net) and information memorandum	Equity retention
8 May 2025	Optional dividend result: 79.2% uptake; €19.6M capital increase (469,203 shares)	Strong parent and retail support; cash saving
23 Jun 2025	350 EV charging points programme announced	New revenue line
18 Jul 2025	H1 2025: NRI +15.2% to €36.7M; core EPS €2.72 (+16.2%); NAV €78.79	Acquisition accretion visible
11 Sep 2025	CO₂ emissions down 50.5% since 2018; net zero by 2045	ESG positioning
28 Sep 2025	Sale of Waterloo Shopping	Non-core disposal
Oct 2025	Shopping Nivelles 50th anniversary (+4.1% footfall in October)	Asset marketing
31 Oct 2025	Q3 2025: NRI +16.3% to €55.8M; core EPS €4.11 (+16.4%)	Guidance top end
3 Nov 2025	Green Finance Framework renewed	Green funding eligibility
19 Nov 2025	Agreement to acquire Ville2 (€120M, ~8% NIY); €82.1M capital increase launched	Second acquisition of 2025
19 Nov 2025	Albert Heijn XL (Belgium's second) opens at De Mael	Value-add completion
5 Dec 2025	Capital increase completed: 2,078,934 shares at €39.50; total shares 11,434,138	Dilutive to NAV; LTV-neutral funding
Dec 2025	€30M 10-year EUPP with Royal London; KBC €20M (to 2031) and BNP €20M (to 2030) new loans; KBC €25M extended to 2030	Average maturity to 4.2 years (per 11 Dec release)
11 Dec 2025	Press release on three financing deals	Liquidity
17 Dec 2025	Ville2 acquisition closed (€120.3M incl. costs)	Portfolio above €1.2bn
24 Dec 2025	Sale of The Sage Vilvoorde 32	Office pruning
Jan 2026	€30M BNP facility extended from Feb 2028 to Jan 2031	Maturity extension
5 Feb 2026	FY2025 results: NRI €75.5M; core EPS €5.25; DPS €4.15; 2026 guidance €5.20–5.30	Guidance set
6 Mar 2026	Annual Financial Report 2025 and AGM convening	Filings
10–11 Mar 2026	Ville2 supermarket unit acquired (€5.8M)	Full control of Ville2
Q1 2026	New €15M IRS with KBC (31 Dec 2026 – 31 Dec 2032)	Hedging extended
31 Mar 2026	€32M fixed-rate bond (ING / Degroof Petercam) matured and repaid	Refinanced from bank lines
8 Apr 2026	AGM: dividend approved; conditional appointment of M. Eggenkamp	Governance
16 Apr 2026	Q1 2026: NRI +23.0% to €21.9M; EPRA occupancy 96.8%; LTV 31.1%	On track
16 Apr 2026	De Tijd: exceptional 2025 bonuses for CEOs of WHB, Vastned, Home Invest Belgium	Remuneration scrutiny
24 Apr 2026	FY2025 dividend paid in cash (€47.5M)	LTV up 2.1pp
H1 2026	43 leases / renewals at +10% vs ERV and +4% vs previous rent; Ford lease (1,452 m²) at The Sage Vilvoorde	Leasing strength
H1 2026	IKEA Service-Hub partnership	Services
Jun–Jul 2026	Wereldhave N.V. announces departure of designated CFO; Eggenkamp WHB board condition fails	Board seat vacant
17 Jul 2026	H1 2026: NRI +18.9% to €43.6M; NAV €71.86; LTV 34.0%; guidance confirmed	Steady
17 Sep 2026	De Mael sale for €49.2M (NIY 5.6%), above book; closing Q2 2027	Capital rotation; deleveraging
29–30 Oct 2026 (upcoming)	Q3 2026 trading update. Company calendar (Feb 2026) says Fri 30 Oct; MarketScreener lists 29 Oct.	Next catalyst

Financial Performance

Explore key financial metrics, segmented revenue, balance sheet health, and performance trends.

Revenue

7 charts

Income Statement: Revenue & Gross Profit: Net rental income, revenue proxy rose from EUR 58.9 Mn in FY2022 to EUR 75.5 Mn in FY2025.

Wereldhave Belgium Naamloze vennootschap — Income Statement: Revenue & Gross Profit
Series (EUR Mn)	FY2022	FY2023	FY2024	FY2025
Net rental income, revenue proxy	58.9	62.6	64.8	75.5

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Sources

Wereldhave Belgium, Half-Yearly Financial Report 30 June 2026 (17 Jul 2026), via GlobeNewswire and wereldhavebelgium.com
Wereldhave Belgium, Results 2025 press release (5 Feb 2026), GlobeNewswire / Euronext
Wereldhave Belgium, Results 2024 press release (11 Feb 2025), wereldhavebelgium.com
Wereldhave Belgium, Results 2023 (9 Feb 2024) and Results 2022 (8 Feb 2023) headline releases, GlobeNewswire / Euronext
Wereldhave Belgium, Q1 2026 results (16 Apr 2026), via MarketScreener summary
Wereldhave Belgium, Knauf Pommerloch acquisition PR (13 Feb 2025): Ville2 acquisition PR (19 Nov 2025); capital-increase / denominator PR (5 Dec 2025); financing PR (11 Dec 2025) · De Mael sale PR (17 Sep 2026) · CO₂ PR (11 Sep 2025)
Wereldhave Belgium website: Our History · Board of Directors; news archive (2009–2026)
FSMA party register: Wereldhave Belgium · OpenSanctions / PermID LEI record
Euronext PR, Resignation of N. Beaussillon (7 Mar 2023): VFB analyst archives (2018)
Wereldhave N.V., H1 2026 results release (21 Jul 2026)
Secondary: MarketScreener (price, consensus) · Trivano (price performance, De Tijd headlines) · Beursgenoten (dividend history) · Google Finance (employees, 52-week range) · Simply Wall St (CEO tenure and pay) · Quartr (H1 2026 summary) · Bolero / KBC Securities (Retail Estates) · Ascencio press releases via VFB / Euronext

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About the Author

Wantstats Research Team

Wantstats' research desk profiles Wereldhave Belgium Naamloze vennootschap as part of our ongoing coverage of the industry sector, drawing on public company data, filings, and market intelligence.

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Wereldhave Belgium Naamloze vennootschap

Company Profile Analysis

Year Founded & Workforce

Wereldhave Belgium Naamloze vennootschap Employee Contacts

Wereldhave Belgium Naamloze vennootschap Overview

Company's own description (paraphrased from FY2025 and H1 2026 reports)

Business model and revenue model

Independent characterisation

Strategy

Stated strategy (themes from the FY2025 and H1 2026 reports)

Initiatives in the last 24 months

Guidance and medium-term targets

Products & Services

Retail segment: asset by asset

Office segment

Managed (not owned) asset

Services and platform offerings

Financial Narrative

Margins (% of net rental income)

Ratios

Commentary on trends, inflections and drivers

Financial Detail

Segment Overview

Results by Segment

Revenue by Segment

Results by Segment and Segment Margins & Growth (%)

Revenue by Segment — Retail fair-value change

Revenue by Segment — Retail incl. development

Segment Revenue

Income Statement and Per-Share Data

Margin Analysis (%)

Balance Sheet and Per-Share Data

Cash Flow

Margin Analysis (%) and Financial Ratios (x)

Cash Flow and Per-Share Data

Balance Sheet and Margin Analysis (%)

Results by Region

Results by Region (Half-Yearly)

Revenue by Region

Segment Overview — Retail rental income H1 2026

Region Overview

Valuation Snapshot

Valuation Multiples

Dividend History

Debt Maturity Profile

Analyst Conclusions

Management guidance

Bull case

Bear case

Catalysts and monitorables (next 12 months)

Analyst verdict

Executive Leadership

Executive Leadership Team

Board of Directors

Board & Management Changes

Major Shareholders

Competitive Landscape

Key Competitors

Peer Comparison FY2026

Company Snapshot

SWOT Analysis

Strengths

Weaknesses

Opportunities

Threats

Key Developments

Financial Performance

Revenue

Sources

Sources

About the Author

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