Wereldhave Belgium: net rental income up 17.9% over nine months, guidance maintained
Wereldhave Belgium published a business update on 30 October 2026 reporting net rental income up 17.9% over the first nine months of 2026, to €65.8 million. The property company maintained its guidance for recurring net result of between €5.20 and €5.30 per share.
According to the company, this growth relies primarily on the acquisitions made in 2025, which now contribute significantly to results, while the existing portfolio also progressed. Over the same period, the EPRA loan-to-value ratio rose from 31.9% to 33.0%, and the EPRA occupancy rate fell from 97.3% to 96.5%.
Net rental income up 17.9% to €65.8 million over nine months
Net rental income reached €65.8 million as at 30 September 2026, compared with €55.8 million as at 30 September 2025, an increase of 17.9%. The company attributes this change to the contribution of the 2025 acquisitions and to the growth of the existing portfolio.
Property indicators moved in the same direction, at a more moderate pace. The total value of the investment property portfolio increased by 1.9% compared with 31 December 2025.
Net asset value per share stood at €73.79, compared with €73.00 at year-end 2025, an increase of 1.1%. The main driver of the period therefore comes from rental income rather than asset valuation.
Occupancy at 96.5% and EPRA loan-to-value at 33.0%
The EPRA occupancy rate for the entire portfolio stands at 96.5%, compared with 97.3% at 31 December 2025, a decrease of 0.8 percentage points. The company explains this movement by a higher number of temporary pop-up contracts at year-end.
On the balance sheet side, the EPRA loan-to-value ratio rose from 31.9% at 31 December 2025 to 33.0% at 30 September 2026. Meanwhile, Wereldhave Belgium entered into two new five-year credit lines of €30 million each, with BECM and Caisse d'Epargne.
According to the property company, these two financings are part of the diversification of its funding sources. The company indicates that its financial position allows it to retain room for manoeuvre for targeted investments.
The context described by the group remains marked by geopolitical uncertainties and more cautious consumer confidence. The company highlights the combination of rising rental income, a high occupancy rate and rigorous capital allocation.
Recurring earnings guidance maintained at €5.20 to €5.30 per share
Wereldhave Belgium confirmed its guidance for recurring net result for fiscal year 2026, within a range of €5.20 to €5.30 per share. This confirmation follows nine months during which rental income grew by double digits.
The property company indicates that it continues to pursue an active rotation of its assets and greater diversification of its financing, with the stated objective of sustainable value creation for its shareholders.
The most structuring element of the publication remains the 17.9% increase in net rental income, to €65.8 million as at 30 September 2026, driven by the integration of the 2025 acquisitions, with unchanged annual guidance of €5.20 to €5.30 per share.
