Wereldhave Belgium Records a 17.4% Increase in Net Result in 2025
On Thursday, Wereldhave Belgium released its 2025 results, marked by a significant increase in net result from key activities, particularly driven by the acquisition of Knauf Shopping Pommerloch. The group also carried out several financing operations to support its strategic acquisitions.
Strong Growth in Net Results
Wereldhave Belgium recorded a net result from key activities of 50.9 million euros in 2025, up by 17.4% compared to 2024. This increase was mainly due to the contribution of Knauf Shopping Pommerloch to the results since mid-February 2025. The net result from key activities was 5.25 euros per share for 2025, positioning at the higher end of the forecasted result range announced during the capital increase. On the operational front, the EPRA occupancy rate for the commercial real estate portfolio was 98.5% as of December 31, 2025, compared to 99.0% a year earlier. For office buildings, the EPRA occupancy rate increased from 85.4% to 87.4% by the end of 2025. For the entire investment property portfolio, the EPRA occupancy rate was 97.3% on December 31, 2025, compared to 97.0% on December 31, 2024.
Asset Value and Financing
The net asset value per share before dividend distribution stood at 73.00 euros on December 31, 2025, down from 82.02 euros in 2024. The EPRA debt ratio was 31.9% on December 31, 2025, an increase from 27.0% on December 31, 2024. In 2025, Wereldhave Belgium secured new financing totaling 170 million euros to support the completion of two strategic acquisitions. In the first quarter, 100 million euros of new financing were raised for the acquisition of Knauf Shopping Pommerloch through credit lines from BNP Paribas, Belfius, KBC, and ING. In the last quarter of 2025, as part of the acquisition of Shopping Ville2, two new loans of 20 million euros each were concluded with KBC and BNP Paribas, with respective maturities in 2031 and 2030. An existing credit line of 25 million euros with KBC was also extended until 2030.
Stabilization and Diversification of Financing Sources
Wereldhave Belgium carried out a private placement (EUPP) of 30 million euros with Royal London, with a maturity of 10 years, contributing to the long-term stability and diversification of its financing sources. After December 31, 2025, a letter of credit was signed on behalf of the Company regarding the extension of the 30 million euros credit facility with BNP Paribas. The original maturity date of February 10, 2028, was extended until January 2031.
