Wereldhave: direct earnings per share at €0.49 in the third quarter, 2026 target confirmed
The Benelux shopping centre REIT published its third-quarter business update on 3 November 2026. Its quarterly direct earnings per share rose from €0.46 in the second quarter to €0.49 in the third, a increase the group presents as an acceleration.
Wereldhave also confirmed its direct earnings per share forecast for the 2026 financial year, between €1.85 and €1.95. This improvement in recurring earnings comes as the company reduces its debt: the disposals of Retail Park De Mael and the Eggert centre are expected to lower its loan-to-value (LTV) ratio by 250 basis points.
Direct earnings per share up from one quarter to the next
Direct earnings per share, the recurring earnings indicator tracked by the REIT, increased in the third quarter compared with the second. The document attributes this change to favourable operating indicators: a positive reletting spread in the Netherlands, i.e. signed rents higher than previous rents, and a stable occupancy rate.
The rent collection rate reached 99%. When it published its first-half 2026 results on 21 July 2026, the group had already reported a 4.3% growth in rental income from its core portfolio.
This quarterly level is consistent with the annual forecast that management maintained at between €1.85 and €1.95 per share. In its 2025 annual report, published on 7 April 2026, the group had expressed its confidence in its growth prospects.
Two centre disposals expected to reduce LTV by 250 basis points
The second part of the publication concerns the balance sheet. The sale of Retail Park De Mael and that of the Eggert centre are expected to bring the LTV ratio down by 250 basis points. After these disposals, the ratio of net debt to EBITDA stands at 7.1 times, a level that Wereldhave considers among the strongest in the sector.
The sale of Eggert, in Purmerend in the Netherlands, was finalised on 30 October 2026. The buyer is Transitions Europe, a real estate investment fund managed by Arkéa REIM, the management company of Crédit Mutuel Arkéa, at a yield of 7%.
The REIT has also put in place €60 million of new credit facilities in Belgium. It thus complements the refocusing of its portfolio with a financing component.
A new Dutch structure to recycle capital from 2027
On the commercial front, Wereldhave signed lease renewals with Q8, a fuel and services retailer, for its two centres located in Luxembourg. The group presents these as key renewals for these sites.
The REIT also announced a new structure in the Netherlands, intended to facilitate the recycling of its capital. According to the document, it is expected to contribute positively to direct earnings per share for the 2027 financial year.
The publication thus links two movements: the growth in direct earnings per share, supported by stable rents and occupancy, and asset disposals. These disposals reduce debt without management changing its annual target, now confirmed for 2026.
