Announcement • May 16
Wereldhave N.V. Approves the Appointment of Two Supervisory Board Members Wereldhave N.V. at the Annual General Meeting of Shareholders held on 13 May 2026, shareholders approved all resolutions on the agenda. Wereldhave announced the appointment of two new members to the Supervisory Board, as approved by the AGM. Ms. Anabelle Diepenhorst has been appointed as a member of the Supervisory Board for a term of four years. Ms. Diepenhorst is an experienced banker with extensive experience in corporate finance, and has served in various management roles. Mr. Pieter Hendrikse too has been appointed as a member of the Supervisory Board for a term of four years. Mr. Hendrikse brings extensive experience as a manager and director, including more than thirty years in real estate, with a background in retail real estate and mixed-use assets. Announcement • May 11
Wereldhave N.V. Announces Chief Financial Officer Changes Wereldhave N.V. announced that Marcel Eggenkamp will step down from his role as designated Chief Financial Officer (CFO) after joining Wereldhave earlier this year. Following this initial period, Wereldhave and Marcel concluded that the role and mutual expectations were not sufficiently aligned for the longer term. Wereldhave and Marcel have therefore agreed to end the appointment in an orderly manner. Wereldhave has initiated the process to appoint a successor and will provide further updates in due course. In the interim, the CFO responsibilities will be assumed by Remco Langewouters who is Group Controller of Wereldhave since 2018, ensuring continuity and stability. Announcement • Sep 12
Wereldhave N.V. Appoints Fleur Van Der Erve as Director Investor Relations & Investments Wereldhave N.V. has appointed Fleur van der Erve as Director Investor Relations & Investments. In this role, she will serve as the primary point of contact for shareholders and investment partners. Fleur brings extensive experience in the real estate sector, having previously worked at Unibail-Rodamco-Westfield and Orange Capital Partners in Amsterdam. Announcement • Sep 03
Wereldhave N.V., Annual General Meeting, May 13, 2026 Wereldhave N.V., Annual General Meeting, May 13, 2026. Announcement • May 26
Wereldhave N.V. (ENXTAM:WHA) and Sofidy SA agreed to acquire Stadshart Zoetermeer shopping centre from Unibail-Rodamco-Westfield SE (ENXTPA:URW) for €150 million. Wereldhave N.V. (ENXTAM:WHA) and Sofidy SA agreed to acquire Stadshart Zoetermeer shopping centre from Unibail-Rodamco-Westfield SE (ENXTPA:URW) for €150 million on May 26, 2025. A cash consideration of €150 million will be paid by Wereldhave N.V. and Sofidy SA. As part of consideration, €150 million is paid towards assets of Stadshart Zoetermeer shopping centre. The joint venture is partly (40% loan-to-value) financed through a secured green five-year loan from a leading Dutch bank. The transaction will have a positive annualized impact on Wereldhave’s Direct Result Per Share (DRPS) of €0.04. As part of the acquisition, Wereldhave will invest 15% equity stake and act as asset, property and leasing manager.
The transaction is scheduled to close at the end of the second quarter of 2025. Announcement • Feb 14
Wereldhave N.V. (ENXTAM:WHA) acquired Knauf Shopping Center in Schmiede from Nextensa NV/SA (ENXTBR:NEXTA) for €63.4 million. Wereldhave N.V. (ENXTAM:WHA) reached an agreement to acquire Knauf Shopping Center in Schmiede from Nextensa NV/SA (ENXTBR:NEXTA) for €63.4 million on February 13, 2025. The consideration consists of issue of 2,206,838 new ordinary Wereldhave shares and €28 million in cash. In a separate transaction, Wereldhave Belgium (ENXTBR:WEHB) reached an agreement to acquire Knauf Shopping Center in Pommerloch from Nextensa NV/SA (ENXTBR:NEXTA). The total purchase price for the two centers amounts to €167 million. The cash consideration of €28 million will be financed from existing credit facilities.
Wereldhave N.V. (ENXTAM:WHA) completed the acquisition of Knauf Shopping Center in Schmiede from Nextensa NV/SA (ENXTBR:NEXTA) on February 13, 2025. Announcement • Feb 12
Wereldhave N.V., Annual General Meeting, May 09, 2025 Wereldhave N.V., Annual General Meeting, May 09, 2025. New Risk • Oct 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 10% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (8.2% operating cash flow to total debt). Earnings are forecast to decline by an average of 10% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Shareholders have been diluted in the past year (8.9% increase in shares outstanding). Reported Earnings • Jul 29
First half 2024 earnings released: EPS: €1.68 (vs €1.29 in 1H 2023) First half 2024 results: EPS: €1.68 (up from €1.29 in 1H 2023). Revenue: €95.6m (up 6.0% from 1H 2023). Net income: €73.3m (up 42% from 1H 2023). Profit margin: 77% (up from 57% in 1H 2023). Revenue is expected to fall by 1.9% p.a. on average during the next 3 years compared to a 2.6% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Recent Insider Transactions • May 03
CEO & Member of the Management Board recently bought €830k worth of stock On the 29th of April, Matthijs Storm bought around 63k shares on-market at roughly €13.10 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Matthijs has been a buyer over the last 12 months, purchasing a net total of €329k worth in shares. Upcoming Dividend • Apr 19
Upcoming dividend of €1.20 per share Eligible shareholders must have bought the stock before 26 April 2024. Payment date: 03 May 2024. Trailing yield: 8.5%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (5.5%). Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: €1.97 (vs €1.43 in FY 2022) Full year 2023 results: EPS: €1.97 (up from €1.43 in FY 2022). Revenue: €184.2m (up 13% from FY 2022). Net income: €79.4m (up 39% from FY 2022). Profit margin: 43% (up from 35% in FY 2022). Revenue is expected to fall by 1.5% p.a. on average during the next 3 years compared to a 3.8% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 16
Dividend increased to €1.20 Dividend of €1.20 is 3.4% higher than last year. Ex-date: 26th April 2024 Payment date: 3rd May 2024 Dividend yield will be 9.1%, which is higher than the industry average of 5.6%. Reported Earnings • Feb 14
Full year 2023 earnings released: EPS: €1.97 (vs €1.43 in FY 2022) Full year 2023 results: EPS: €1.97 (up from €1.43 in FY 2022). Revenue: €184.2m (up 13% from FY 2022). Net income: €79.4m (up 39% from FY 2022). Profit margin: 43% (up from 35% in FY 2022). Revenue is expected to fall by 4.1% p.a. on average during the next 3 years compared to a 2.1% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Jan 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 9.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (8.7% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (9.0% increase in shares outstanding). Announcement • Dec 06
Wereldhave N.V. (ENXTAM:WHA) agreed to acquire shopping center Polderplein in Hoofddorp from DELA Vastgoed BV. Wereldhave N.V. (ENXTAM:WHA) agreed to acquire shopping center Polderplein in Hoofddorp from DELA Vastgoed BV for €74 million on December 5, 2023. The transaction is 70% equity financed and partially settled in 3.60 million newly issued ordinary shares of Wereldhave N.V. for €51.8 million at a issue price of €14.37 following a contribution in kind by DELA to Wereldhave. The remainder is paid in cash. Reported Earnings • Jul 23
First half 2023 earnings released: EPS: €1.29 (vs €0.84 in 1H 2022) First half 2023 results: EPS: €1.29 (up from €0.84 in 1H 2022). Revenue: €90.2m (up 11% from 1H 2022). Net income: €51.6m (up 54% from 1H 2022). Profit margin: 57% (up from 41% in 1H 2022). The increase in margin was primarily driven by lower expenses. Revenue is expected to fall by 3.3% p.a. on average during the next 3 years compared to a 3.2% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • May 04
CEO & Member of the Management Board recently sold €94k worth of stock On the 2nd of May, Matthijs Storm sold around 7k shares on-market at roughly €13.68 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Matthijs' only on-market trade for the last 12 months. Upcoming Dividend • Apr 18
Upcoming dividend of €1.16 per share at 7.7% yield Eligible shareholders must have bought the stock before 25 April 2023. Payment date: 02 May 2023. Trailing yield: 7.7%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (6.7%). Reported Earnings • Mar 14
Full year 2022 earnings released: EPS: €1.43 (vs €5.64 loss in FY 2021) Full year 2022 results: EPS: €1.43 (up from €5.64 loss in FY 2021). Revenue: €162.7m (down 15% from FY 2021). Net income: €57.3m (up €283.5m from FY 2021). Profit margin: 35% (up from net loss in FY 2021). The move to profitability was driven by lower expenses. Net asset value (NAV) per share: €22.12 (up 2.4% from FY 2021). The current share price is 36% lower than NAV per share. Revenue is forecast to stay flat during the next 2 years compared to a 2.4% growth forecast for the REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 10
Full year 2022 earnings released: EPS: €1.43 (vs €5.64 loss in FY 2021) Full year 2022 results: EPS: €1.43 (up from €5.64 loss in FY 2021). Revenue: €162.7m (down 15% from FY 2021). Net income: €57.3m (up €283.5m from FY 2021). Profit margin: 35% (up from net loss in FY 2021). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Oct 23
Wereldhave N.V. Announces Management Changes, Effective December 15, 2022 Wereldhave N.V. announced that as from 15 December 2022, Mrs. Franoise Dechesne will become the new Chair of the Supervisory Board of company. Mr. Adriaan Nhn, who currently chairs the Supervisory Board of company, has decided to retire from the Board for personal reasons, with effect from the same date. The Board of Management and the members of the Supervisory Board regret to see Adriaan Nhn leave, but respect his personal decision. company would like to express its gratitude towards Adriaan Nhn for the five and a half years of chairmanship, in which he guided company through a difficult transformation. Reported Earnings • Jul 23
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (up €34.4m from 1H 2021). Profit margin: (up from net loss in 1H 2021). Over the next year, revenue is expected to shrink by 23% compared to a 1.4% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Apr 22
Wereldhave Revises Earnings Guidance for the Fiscal Year 2022 Wereldhave revised earnings guidance for the fiscal year 2022. For the year, the company's direct result per share (DRPS) raised to €1.55 - 1.65 (previously €1.50 - 1.60). Upcoming Dividend • Apr 20
Upcoming dividend of €1.10 per share Eligible shareholders must have bought the stock before 27 April 2022. Payment date: 03 May 2022. Trailing yield: 6.1%. Within top quartile of German dividend payers (3.9%). Higher than average of industry peers (4.0%). Breakeven Date Change • Mar 01
Forecast breakeven date moved forward to 2022 The 2 analysts covering Wereldhave previously expected the company to break even in 2023. New consensus forecast suggests the company will make a profit of €27.0m in 2022. Earnings growth of 106% is required to achieve expected profit on schedule. Reported Earnings • Feb 12
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: €5.64 loss per share (down from €4.65 loss in FY 2020). Revenue: €190.8m (down 13% from FY 2020). Net loss: €226.3m (loss widened 21% from FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is expected to shrink by 31% compared to a 4.7% growth forecast for the reits industry in Germany. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Feb 10
Wereldhave N.V. Proposes Dividend for Fiscal Year 2021 Wereldhave N.V. has proposed a dividend of EUR 1.10 per share for fiscal year 2021 against EUR 0.50 paid for 2020. Reported Earnings • Jul 28
First half 2021 earnings released: €0.86 loss per share (vs €2.76 loss in 1H 2020) The company reported a decent first half result with reduced losses and improved control over expenses, although revenues were weaker. First half 2021 results: Revenue: €99.3m (down 10% from 1H 2020). Net loss: €34.4m (loss narrowed 69% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Announcement • Apr 25
Wereldhave N.V. Provides Earnings Guidance for the Year 2021 Wereldhave N.V. provided earnings guidance for the year 2021. For the year, the company expects direct result per share at the lower end of the previous guidance of €1.80 per share to €2.00 per share. Upcoming Dividend • Apr 21
Upcoming dividend of €0.50 per share Eligible shareholders must have bought the stock before 28 April 2021. Payment date: 03 May 2021. Trailing yield: 3.3%. Within top quartile of German dividend payers (3.1%). In line with average of industry peers (3.5%). Reported Earnings • Mar 16
Full year 2020 earnings released: €4.65 loss per share (vs €8.18 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: €220.4m (down 8.5% from FY 2019). Net loss: €186.9m (loss narrowed 43% from FY 2019). Net asset value (NAV) per share: €27.97 (down 15% from FY 2019). The current share price is 46% lower than NAV per share. Over the last 3 years on average, earnings per share has fallen by 87% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 16
New 90-day high: €12.51 The company is up 19% from its price of €10.51 on 18 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €16.36 per share. Reported Earnings • Feb 14
Full year 2020 earnings released: €4.65 loss per share (vs €8.18 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: €220.4m (down 8.5% from FY 2019). Net loss: €186.9m (loss narrowed 43% from FY 2019). Net asset value (NAV) per share: €27.97 (down 15% from FY 2019). The current share price is 58% lower than NAV per share. Over the last 3 years on average, earnings per share has fallen by 87% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 30
New 90-day high: €12.38 The company is up 46% from its price of €8.49 on 27 October 2020. The German market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €17.23 per share. Is New 90 Day High Low • Nov 11
New 90-day high: €9.82 The company is up 32% from its price of €7.47 on 13 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €13.94 per share. Is New 90 Day High Low • Oct 29
New 90-day high: €8.49 The company is up 16% from its price of €7.35 on 30 July 2020. The German market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €28.35 per share. Announcement • Jul 25
Wereldhave N.V. to Report Fiscal Year 2020 Results on Feb 12, 2021 Wereldhave N.V. announced that they will report fiscal year 2020 results on Feb 12, 2021