Wereldhave Belgium

Source: Wereldhave Belgium · Q3 2026, half-year report 2026 and annual report 2025

Paid on 24 April 2026. The half-year forecast for 2026 relates to core earnings, not a new specific dividend amount. Dividend source ↗

Valuation uses realised trailing twelve-month earnings at 30 September 2026: €5.25 + €3.82 − the IAS 33-restated comparative of €3.94 = €5.13. Different weighted share counts make this an approximation. EPRA NTA remains €72.47 at 31 December 2025; IFRS NAV is €73.79 at 30 September 2026. The 2026 core earnings forecast remains €5.20–€5.30 per share. The €4.15 dividend for 2025 has been paid; a new dividend amount for 2026 has not yet been announced.

Market capitalisation based on 11.434138 million shares. Interim earnings are not annualised.

Retrospective series using actual balance sheet dates, not a point-in-time backtest. Legacy EPRA NAV and subsequently EPRA NTA are taken only from explicit publications. IFRS NAV remains separate and does not fill gaps between EPRA balance sheet observations. Publication dates are retained separately. NTA for 2018 and 2019 was published retrospectively in the 2020 annual report on 11 March 2021. The more recent quarterly IFRS figures do not replace the last published NTA. 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 adjustments for dividends or rights returns; factor 1. The weekly close of 14 November 2025 has been corrected to €53.00 using Trading212 as a second source; the rejected Yahoo value is retained in the database. Ten of eleven annual reference prices match. Yahoo lacks the last trading day of 2015; the annual history uses the official €110.00. These reference prices do not confirm every individual weekly close. Historical snapshot, with no automatic refresh.

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. Interim core earnings are only used when the reported reconciliation confirms the same exclusions as the EPRA definition. Restated comparative figures and share changes are recorded in the database.

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.

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.

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: 2022 ↗ · 2023 ↗ · 2024 ↗ · 2025 ↗.

Consolidated annual figures as originally published. EPRA EPS for 2024 is €4.88 based on 8,886,001 weighted average shares; the 2025 annual report restates that comparative under IAS 33 to €4.69 based on 9,260,532 shares. EPS for 2025 of €5.25 uses 9,698,035 weighted average shares, compared with 11,434,138 at year-end. The original 2021 NTA of €77.29 is retained; a later report gives €77.12 as a comparative. Historical occupancy definitions and source discrepancies are recorded in the database.

Countries and property types based on fair value of €1,242.514m at 30 June 2026. Tenant sectors cover shopping centres only and are based on rental income; the city breakdown is based on fair value. The LifeCentral strategy combines retail with everyday services, hospitality and leisure in dominant medium-sized shopping centres. Knauf Shopping Pommerloch in Luxembourg and Shopping Ville2 in Charleroi were added in 2025. Knauf Schmiede is managed only and does not form part of Wereldhave Belgium's property portfolio. The portfolio is concentrated in a limited number of large shopping centres and is sensitive to consumer demand, tenant risk, interest rates and property valuations. A conditional agreement to sell De Mael for €49.2m was signed in September 2026. Completion is not expected until the second quarter of 2027; the asset remains in the reported portfolio at 30 June 2026. Published tenant percentages total 101% due to rounding; they have not been rescaled. A rounded 0% does not necessarily mean there is no exposure.