Warehouses Estates Belgium

Source: WEB · half-year report 2026, annual report 2025 and general meeting resolutions

Half-year results dated 21 September 2026: the company expects a dividend equal to the previous financial year's (€3.35), barring a substantial deterioration in economic conditions. Not yet approved. Dividend source ↗

The valuation uses EPRA NTA of €51.76 at 30 June 2026. The prominently published €54.67 is EPRA NRV and is not used as NTA. The valuation uses reported TTM EPRA earnings: €3.55 + €1.82 − €1.69 = €3.68. No share split occurred in the period examined; factor 1. On 23 April 2024, 69,359 shares were issued for the acquisition of Le Beau Bien and 267,186 for Grafimmo, a total of 336,545 new shares. These are acquisition-related share issues, not a split; historical per-share amounts are not multiplied by the change in share count. There are currently 3,502,882 shares and no treasury shares. For 2026, WEB expects EPRA earnings and a gross dividend in line with 2025, assuming an unchanged portfolio and circumstances. No explicit numerical earnings range and no approved dividend yet.

Market capitalisation based on 3.502882 million shares. Interim earnings are not annualised.

Retrospective series using actual balance sheet dates, not a point-in-time backtest. Only formal EPRA NTA/NAV; IFRS net asset value and EPRA NRV do not replace missing NTA. Later comparative EPRA values retain their actual publication date. The first available NTA relates to 31 December 2021, published as a comparative on 24 March 2023. The EPRA value remains blank for earlier weeks. Selection rule for this chart: only NTA is used from the first confirmed NTA onwards; the last valid value is carried forward between reports.

IFRS NAV: the latest available balance sheet value, carried forward to the next observation, on the same share basis as the price. Both NAV series apply retrospectively from the balance sheet date rather than the publication date. Missing values are not estimated.

Premium / discount = (weekly closing price / EPRA value − 1) × 100. 562 completed trading weeks. Original closing prices without dividend adjustment; no share split (factor 1). In 19 weeks, the last day on which shares actually traded is used. All eleven official year-end reference points reconcile; this does not verify every individual weekly close. Snapshot from the WEB database; no automatic refresh of historical data.

Price / EPRA earnings: weekly closing price divided by reported EPRA earnings per share over the last four quarters (previous financial year + current YTD − previous YTD). Earnings apply retrospectively from the accounting period end, even if published later. This is not a point-in-time backtest. Changes in the share base make this an approximation. EPRA earnings are used retrospectively from the period end in December 2022; the report was published in March 2023. Older IFRS or adjusted earnings are not entered as EPRA earnings.

Gross dividend yield: announced annual dividend divided by the weekly closing price; otherwise the last known dividend is used. Dividend amounts apply from their announcement or availability. The dividend history is prepared for quarterly publications; interim announcements and payment status in the early years have not yet been fully checked. The dividend for the fifteen-month transitional financial year in 2018 is not used as an annual dividend.

Weekly closing prices to 09/10/2026. Database and company sources ↗

ROE: growth in net asset value per share plus gross dividends and any capital distributions paid during the financial year, divided by the opening value (total accounting return). Based on EPRA NTA or the available comparable NAV. This is not net profit divided by average equity.

ROE 2021: IFRS NAV (alternative). Sum of interim and final dividends actually paid during the financial year. Official dividend announcements support the payment dates. No formal historical EPRA figures; both opening and closing values use IFRS NAV.

Year-end share price: the reported closing price on the last trading day of the financial year, without dividend adjustment or adjustment for later capital transactions. NTA discount = (1 − year-end share price / EPRA NTA for the same year) × 100. Positive = discount; negative = premium. This compares year-end values, even if NTA was published later.

EPRA LTV: reported financial year-end figures. — = no reported EPRA LTV found. Sources: 2021 ↗ · 2022 ↗ · 2023 ↗ · 2024 ↗ · 2025 ↗.

The five financial years shown use statutory figures. EPRA EPS and NTA for 2021 come from the comparatives in the 2022 annual report, published on 24 March 2023; the original 2021 financial statements do not contain them. The full database also retains earlier changes between statutory and consolidated figures and the 15-month transitional financial year in 2018. Occupancy is based on rent, not floor area.

Property types based on investment value of €354.685186m, not fair value of €344.299647m. Regions based on rental income from the entire portfolio; tenant sectors based solely on rental income from retail property. Reference date: 30 June 2026. The half-year report states 327,315 m², whereas the areas by property type total 322,343 m². This source discrepancy of 4,972 m² has not been removed.