Integrated Annual Report 2025
Wereldhave N.V.
Integrated Annual Report 2025
LifeCentral progress:
Going for growth
Wereldhave Full Service Centers contribute to
a better everyday life for visitors and better business for tenants.
A one-stop location for groceries, shopping, leisure, relaxation, sports, health,
work and other daily needs – all supported by smart concepts and digital services.
By investing sustainably to meet the needs of customers and local areas,
we enrich communities, while caring for the environment, and have a positive
effect on the way people live, work and shop. Wereldhave Full Service Centers
play a vital role in people’s everyday lives in leading regional cities
in the Netherlands, Belgium, Luxembourg and France.
Annual Report 2025
Wereldhave N.V.
Appendix
Financial
statements
I
GovernanceOur strategyWereldhave in 2025Introduction
Our performance
and outlook
Additional
information
How this Report is structured
Our Integrated Annual Report comprises two main sections:
• In the first, our Board of Management describes our business and operating environment,
our strategy, performance, outlook and governance (pages 2-99).
• The second contains our formal disclosures, including our financial statements (pages 100-177).
Our Supervisory Board Report is included in the Governance section (from page 61).
Detailed sustainability disclosures may be found at the end of this Report (from page 168).
For more information about our approach to reporting, please see Basis of Preparation
(page 78).
If you have any questions regarding this report or its contents, please contact our Investor
Relations department at investor.relations@wereldhave.com.
Reporting standards used
This Integrated Annual Report has been prepared in accordance with the Integrated
Reporting <IR> Framework, as well as the latest standards issued by the Global Reporting
Initiative (GRI). It also complies with the EU’s voluntary sustainability reporting standards for
SMEs (VSME). All financial statements comply with the International Financial Reporting
Standards, as adopted by the European Union (EU-IFRS) and the Dutch Civil Code. For
further information, see page 78.
1 Wereldhave’s business activities fall under the following NACE codes:
• L68.10 (buying and selling of own real estate);
• L68.20 (renting and operating of own or leased real estate)
• L68.3.2 (Management of real estate on a fee or contract basis).
NACE codes are classification of economic activities used in the EU. Please note that, applying these NACE codes, all Wereldhave’s activities are classified as high climate-impact sectors.
Electronic reporting format
A European single electronic reporting format (ESEF) version of this Report is also available
on our website https://www.wereldhave.com/investor-relations/financial-reports. It should be
noted that, in case of any discrepancies, the ESEF version prevails.
Statement from our Board of Management
As Wereldhave’s Board of Management, we take responsibility for the content and accuracy
of this Integrated Annual Report. We believe this Report provides a fair and balanced picture
of Wereldhave’s business, strategy and performance, and its ability to continue creating
value for both stakeholders and wider society. This Report is intended for all our
stakeholders, particularly providers of financial capital.
About Wereldhave
Established in 1930, Wereldhave is headquartered in Amsterdam where it is registered as an
investment institution. Wereldhave’s principal activity is leasing investment property under
operating leases. Property management is carried out by our management companies.
1
Wereldhave N.V. is a limited liability company incorporated and domiciled in the Netherlands.
The registered office is located at:
Nieuwe Passeerdersstraat 1
1016 XP Amsterdam
Netherlands
Welcome to Wereldhave’s 2025 Integrated Annual Report where you will find an overview of the company’s business, strategy, performance and governance
during the year. The report also looks at the way the company endeavors to create long-term value for all its stakeholders: its tenants, investors, business
partners and employees as well as the millions of people who visit Wereldhave centers in the Netherlands, Belgium, Luxembourg and France every year.
Partner
About this Report
2025
Annual Report 2025
Wereldhave N.V.
Appendix
Financial
statements
2
GovernanceOur strategyWereldhave in 2025Introduction
Our performance
and outlook
Additional
information
Introduction
About this Report
Contents
Introduction
About this Report
Message from our CEO
Wereldhave in 2025
Our business
in Review
Our business environment
Our strategy
Our LifeCentral strategy
Value creation
Our value creation model
Our performance and outlook
Financial performance & investors
Direct & Indirect result
Key developments in our markets
- Netherlands
- Belgium
- Luxembourg
- France
Tenants and visitors
People and partners
A Better Tomorrow
Carbon flow analysis
Outlook
Governance
Governance
Managing risk
Supervisory Board report
Statement by the Board of
Management
Additional information
Basis of preparation
Compliance with EU voluntary
sustainability reporting standards
(VSME)
Qualifying notes ESG reporting
Property portfolio
Alternative performance measures
EPRA performance measures
Five-year key financials
Share performance
Financial statements
Consolidated financial statements
Notes to the consolidated
financial statements
Company financial statements
Notes to the company financial
statements
Other information
Auditor’s report
Appendix
List of abbreviations
Contribution to Sustainable
Development Goals
Social indicators
Environmental indicators
Annual Report 2025
Wereldhave N.V.
Appendix
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GovernanceOur strategyWereldhave in 2025Introduction
Our performance
and outlook
Additional
information
Message from our CEO
I am extremely proud of our teams, who have turned 2025
into a very successful year for all Wereldhave’s
stakeholders. Improved operations and external growth
have helped raise the direct result per share (DRPS) by 6%
to € 1.86, compared with € 1.76 in 2024. The DRPS would
have grown 11% to € 1.95 had we not been impacted by
Dutch corporate income tax, stemming from the abolition of
the Real Estate Investment Trust (REIT) exemption in the
Netherlands. We are now clearly acting on portfolio growth,
capital rotation and establishing joint ventures. There is still
little competition from core real estate buyers in the
Benelux region, whilst our access to funding is strong.
Meanwhile, occupier markets are continuing to improve,
underpinning our 98% occupancy rate, the highest since
2013.
The Dutch leasing market continues to improve. We
realized a +4% leasing spread, which is encouraging after
years of posting negative numbers. Growth was driven by
increased demand from retailers. We noticed this clearly in
the fast re-letting, at higher rents, of the seven former
Blokker units and five left vacant by Casa. Footfall and
retail sales are indeed continuing to grow, albeit at a
slower pace than in 2024.
Like-for-like rents across our total portfolio increased by
6% in 2025, driven by higher occupancy in the Netherlands,
indexation, lower property expenses and our commercial
focus on “other income”. This income stream is generated
by further commercializing our assets and their footfall
through, amongst others, solar panels, EV chargers in our
parking facilities, specialty leasing, brand partnerships and
digital screens. Growth in the latter is accelerating,
supported by rising advertising values and declining
equipment costs. We signed an important partnership for
our digital screen network in the Netherlands with Ocean
Outdoor in the third quarter. The deal will commence in
Wereldhave has had a very successful 2025
with improved direct result per share (DRPS),
portfolio growth, and high occupancy rates,
despite challenges following Dutch tax
changes. The company is focused on portfolio
expansion, joint ventures, and new business
models while maintaining cost efficiency.
“ The occupancy rate in
our portfolio reached
98% in 2025, the
highest level seen
since 2013.”
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GovernanceOur strategyWereldhave in 2025Introduction
Our performance
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Additional
information
Message from our CEO
2026 and will add at least € 0.03 to our DRPS on an
annualized basis.
Whilst we are growing our portfolio and establishing new
business models, such as joint ventures and other income
streams, we have maintained a stable cost base in terms of
general expenses compared to 2024. This has been
helped by growth being concentrated in regions where we
possess an existing high-quality platform. As a result, our
EPRA (European Public Real Estate Association) cost ratio
continued to decrease to 20.6% (22.4% in 2024). Looking
ahead into 2026, we aim to keep general expenses at
comparable levels, despite indexation and continued
portfolio growth.
In the second quarter of 2025 we established our first ever
joint venture. Together with our partner Sofidy (part of
Tikehau Group), we acquired the Stadshart Zoetermeer
shopping center in the Netherlands. Wereldhave acts as a
minority equity holder and the asset manager of the center
where we will implement our LifeCentral strategy, another
positive acknowledgement of our strategic success.
Meanwhile, we continue to complete more Full Service
Centers (FSCs). We delivered our transformed FSC
Shopping Nivelles in October, 100% let, and celebrated the
50th anniversary of the center, which has been part of
Wereldhave’s portfolio since opening in 1975. Additional
food & beverage (F&B) space, new operators and an
improved look and feel will enhance its performance. The
first phase of the Kronenburg FSC in Arnhem was delivered
fully let in December, with, among other features, a brand
new, full-size Jumbo supermarket. We have now started
preparation works for phase 2 of the center. In 2026, we
expect to complete FSC Cityplaza in Nieuwegein, where we
contracted healthcare tenants to create a healthcare cluster,
and several new F&B formats for our eat&meet concept.
Portfolio rotation and growth continued as promised, driven
first and foremost by fiscal changes in the Netherlands. We
successfully sold three Dutch assets at book value and
acquired two new centers in Luxembourg and shopping
center Ville2 in Charleroi, with initial yields above 8%. The
newly acquired assets will be converted into FSCs in line
with our LifeCentral strategy.
Part of the portfolio growth was successfully financed
through raising equity. The acquisition of two centers in
Luxembourg in February was partly funded through a
€ 35m equity raise. In addition, Ville2 in Charleroi was
equity financed by Wereldhave Belgium through an € 82m
rights issue (including a rump placement which was several
times oversubscribed). Our balance sheet was further
strengthened by € 75m of new private placements in the
US and our first European private placement of € 50m with
Aegon Asset Management, with a noticeable 10-year tenor.
In Belgium we signed a new € 30m private placement with
Royal London Asset Management with a 10-year term, and
extended maturities with BNP and KBC for existing facilities.
Consequently, the duration of our debt book continues to
increase. Fitch Ratings re-affirmed our BBB stable credit
rating in May 2025. Our net loan-to-value (LTV) ended at
42.5%, a touch above December 2024 but our focus
remains to further reduce the LTV, for example through
equity funded acquisitions, selected non-core asset
disposals and joint ventures.
Portfolio growth, improving occupier markets and an
increase in other income continue to drive higher earnings
in 2026. Although the refinancing of some older private
placements will dilute some of that growth, we expect to
arrive at a direct result per share of € 1.85-1.95. Despite
global uncertainty, we consider ourselves to be well
positioned for further portfolio growth in our core markets.
Meanwhile, with 65% exposure to resilient daily life retail,
potential economic headwinds should be well weathered.
For now, I’d like to express great respect and gratitude to
our departing CFO, Dennis de Vreede, who has been
instrumental in the recovery and success of Wereldhave
over the past eight years. Under Dennis’ leadership,
Wereldhave has combined a strong cost discipline with the
disposal of a significant number of non-core assets, rebuilt
solid financial foundations and has established excellent
teams in all our countries. In accordance with the 2026
AGM, Marcel Eggenkamp will take-over from Dennis and I
am confident we will continue to pursue our successful
LifeCentral strategy.
Matthijs Storm, CEO
Amsterdam, 1 April 2026
Scan this QR-code to watch our Full-year results 2025
highlights video.
Annual Report 2025
Wereldhave N.V.
Appendix
Financial
statements
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GovernanceOur strategyWereldhave in 2025Introduction
Our performance
and outlook
Additional
information
Our business
Wereldhave owns and operates commercial centers across the Netherlands, Belgium, Luxembourg and France.
At the heart of our business and key to our growth is Wereldhave’s LifeCentral strategy. This approach is about
transforming our locations into Full Service Centers, offering visitors an attractive one-stop destination for
shopping, leisure, relaxation, sports, health, work and other daily needs. In 2025, we completed our tenth FSC
transformation and more are planned for the coming years.
Our portfolio
With more than 675,000m across 21 centers
1
, as well as
over 58,000m in office space, Wereldhave welcomed 96.8
million visitors to its centers in 2025.
To attract tenants and visitors, we invest in prime sites in
regional cities that have strong links to the community and
local government. We seek locations that are well connected
to public transport and where we can offer free parking.
Our Dutch portfolio comprised eight locations at the end
of 2025, following the sale of centers during the year in
Dordrecht, Roosendaal and Leiderdorp. Other centers in the
Netherlands are located in Arnhem (two centers), Tilburg,
Capelle aan den IJssel, Purmerend, Heerhugowaard,
Hoofddorp and Nieuwegein. Further we acquired 15% of a
joint venture that invested in Stadshart center in Zoetermeer,
the Netherlands (gross lettable area 59,000m
2
).
1 Excluding Zoetermeer, in which we hold a minority stake.
Our recently acquired Ville2 shopping center in Charleroi
strengthens our Belgian market presence where we already
have Full Service Centers in Genk, Courtrai, Tournai and
Nivelles. Our other centers and retail parks in Belgium are
located in Liège, Bruges, Tournai and Turnhout.
Additionally, in 2025, we entered Luxembourg by acquiring
two shopping centers from Nextensa N.V., located in
Pommerloch and Huldange. Wereldhave’s two French
centers can be found in Bordeaux and in Argenteuil
near Paris.
Usually anchored around supermarkets or hypermarkets,
Wereldhave centers attract some of the best-known names
in European retail including Ahold Delhaize, C&A, Carrefour,
Hema and H&M. The popular off-price retailer TK Maxx
recently signed its first lease with us for 2,000m at our
City-Center Tilburg in the Netherlands.
Visitors to our centers also benefit from an extensive range
of stores catering to daily life such as food and groceries,
homeware & household, health & beauty, sports, leisure and
fitness. These daily life stores provided 65% of our annual
rental income at the end of 2025.
Our centers generally offer between 20,000m and
50,000m in lettable space. Wereldhave’s largest centers
are Cityplaza in Nieuwegein, Vier Meren in Hoofddorp,
Kronenburg in Arnhem and Les Bastions in Tournai. See
pages 85-87 for a full list of our locations.
At the end of 2025, investments in our commercial centers
were worth approximately € 2.3 billion.
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Our business
39%
46%
8%
7%
Portfolio value by country
(including oces, end 2025)
Netherlands
Belgium
France
Luxembourg
€ 2.4 billion
Leading tenants
(core portfolio by share of annual rental income, 2025)
% of rental income
1. Ahold Delhaize 5.8
2. Jumbo Group 4.0
3. C&A 3.1
4. Bestseller 2.9
5. A.S. Watson Group 2.7
6. H&M 1.8
7. Carrefour 1.4
8. A.F. Mulliez (Decathlon, Kiabi) 1.4
9. New Yorker 1.4
10. The Sting Companies 1.3
Total top 10 25.8
Our approach to business
At Wereldhave, we take a long-term view of business,
which we believe is essential for delivering value to all our
stakeholders – ranging from our tenants, employees,
and partners to the communities and visitors who frequent
our locations. We continually upgrade and modernize our
centers to ensure they remain vibrant destinations; this
drives footfall and secures attractive returns for our
shareholders.
Our purpose
Our purpose as a company is to support a better everyday
life for visitors and better business for our tenants. We do
this by creating centers that cater to visitors’ everyday life
– acting as one-stop destinations where people can meet
friends for a meal or enjoy leisure activities. Because we
value our local communities, we also commit to protecting
the environment and supporting local social projects.
(% of annual rental income, end 2025)
13
13
10
7
9
13
25
6
4
Tenant mix core portfolio by sector
*This includes, among others: Sport, Fitness, Personal care, Services,
Healthcare, Leisure, Serving the community.
Daily Life:
Other Daily life retail*
Food
Health & beauty
F&B (food & beverage)
Homeware & household
Fashion (discount)
Non-daily Life:
Fashion (mainstream)
Shoes
Multimedia & electronics
Other Non-daily life
Total
Daily life:
65%
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Additional
information
1. Investment
2. Location
4. Returns
3. Rent
1. We invest in commercial centers
and office space, mainly in the
Netherlands, Belgium and
Luxembourg.
2. We make sure we have the right
locations to attract tenants and the
right mix of shops and services to
bring visitors to our centers.
3. Tenants pay us rent either as a
fixed amount, a share of their
revenues, or a combination of both.
We also offer add-on services to our
tenants and invest to improve and
upgrade our locations.
4. We expect our centers to
generate a minimum rate of return
– and will divest centers that fail to
meet this rate. From our profits, we
work to provide attractive dividends
to our shareholders.
How our business works
Our
Business
Model
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9
21 2
Commercial centers Commercial center surface owned
675,628m
France
• Argenteuil (Côté Seine)
• Bordeaux (Mériadeck)
Luxembourg
•
Huldange (Knauf
Shopping Schmiede)
2
•
Pommerloch (Knauf
Shopping Pommerloch)
2
2 2
Netherlands
1
• Arnhem (Kronenburg,
Presikhaaf)
• Capelle aan den IJssel (De
Koperwiek)
• Heerhugowaard
(Middenwaard)
• Hoofddorp (Vier Meren)
• Nieuwegein (Cityplaza)
• Purmerend (Eggert Center)
• Tilburg (City-Center Tilburg)
8
1. List shows commercial centers at end-2025. Wereldhave had 11 centers at the
beginning of the year, before divestments of Winkelhof, Sterrenburg and Roselaar.
The minority-stake in Stadshart Zoetermeer is not included here.
2. Acquired in 2025.
Belgium
• Bruges
• Charleroi (Ville2)
2
• Courtrai (Ring Kortrijk)
• Genk (Shopping 1,
Stadsplein)
• Liège (Belle-Île)
• Nivelles (Shopping Nivelles)
• Tournai (Les Bastions)
• Turnhout
• Antwerp (The Sage)
• Vilvoorde (The Sage)
Office locations
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GovernanceOur strategyWereldhave in 2025Introduction
Our performance
and outlook
Additional
information
2025 in Review
First quarter
• Wereldhave acquires two shopping centers in
Luxembourg: Knauf Shopping Pommerloch and Knauf
Shopping Schmiede. The acquisitions mark an important
milestone in the growth phase of the company’s Life
Central strategy.
• We see continued improvement in retail rental markets
across our portfolio with sequential improvement in the
Netherlands. All seven former Blokker locations are now
under lease.
transaction of € 75 million is agreed as part of a
refinancing process for notes maturing in the second half
of 2025.
• In May, Fitch reaffirms Wereldhave’s BBB stable credit
rating.
• We launch new, mobile-optimized websites for all centers
in Belgium and the Netherlands on a shared platform.
• In Belgium, we open a renewed the point facility at Les
Bastions in Tournai while we complete upgrades at
Shopping Nivelles to parking facilities, play & relax areas,
public seating and the outdoor eat&meet zone.
• We sell the Winkelhof shopping center in Leiderdorp, the
Netherlands, to a Dutch investor around book value.
Second quarter
• Wereldhave acquires three adjacent retail units at Full
Service City-Center Tilburg for € 5.4 million, providing an
additional lettable space of 2,756 m.
• We take a 15% equity stake in the Stadshart Zoetermeer
shopping center, in Zoetermeer, the Netherlands. This
joint venture is in partnership with European real estate
investment and asset management firm Sofidy. The joint
venture partly financed the acquisition of Stadshart
Zoetermeer (€ 165.6 million) through a secured green
five-year loan from a leading Dutch bank.
• We further strengthen our financial position by securing a
€ 50 million loan over 10 years through an inaugural
European Private Placement (EUPP) with Aegon Asset
Management. The transaction marks further
diversification of our funding sources and reflects
continuing strong investor confidence in Wereldhave. In
addition, a new, seven-year US Private Placement (USPP)
Q1
Q2
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2025 in Review
• Our tenth Full Service Center transformation is
completed at Shopping Nivelles in Belgium to coincide
with the center’s 50th anniversary. Meanwhile, our
Belle-Île center in Liège celebrates its 30th anniversary.
• We sign our first lease with the popular and expanding
off-price retailer TK Maxx for 2,000m in Tilburg.
• Wereldhave sells the Roselaar center in Roosendaal, the
Netherlands, in line with its book value.
Fourth quarter
• Wereldhave Belgium acquires the Ville2 shopping center
in Charleroi, Belgium for € 120 million. The center offers
a total gross leasable area of more than 27,000 m.
• We sell our Full Service Center Sterrenburg in Dordrecht
at book value. The deal – together with the disposal of
centers at Roosendaal and Leiderdorp earlier in the year
– brings Wereldhave’s loan-to-value down closer to our
target rate.
• Marcel Eggenkamp is nominated as Wereldhave’s new
Chief Financial Officer. The appointment will be subject
to the approval of shareholders at the AGM in May 2026.
• Wereldhave Belgium strengthens its long-term financing
and improves liquidity with a private placement of
€ 30 million from Royal London Asset Management, and
the extension of two existing credit facilities to mature in
2031 – a € 25 million facility with KBC and a separate
€ 30 million with BNP Paribas Fortis.
Third quarter
• Wereldhave’s Chief Financial Officer and Executive
Board member Dennis de Vreede announces he will step
down in May 2026 after eight years at the company.
Dennis has played a key role in the company’s progress
and achievements, establishing a strong financial
foundation for the future.
• Ocean Outdoor Netherlands becomes our exclusive
media partner to install and operate over 150 new digital
advertising screens across 11 shopping and Full Service
Centers in the Netherlands. The new digital screens will
be launched in early 2026.
• In Belgium, our updated Green Finance Framework,
which promotes sustainable investments, receives
an “Excellent” rating from Sustainable Fitch.
Q3
Q4
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Additional
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Key performance indicators
Operations shopping centers 2025 2024
Like-for-like NRI growth (in %) 6.4 3.9
Occupancy (in %) 97.7 97.3
Visitors (in millions)
1
96.4 95.1
Leasing activities (# leases) 234 260
Proportion of mixed-use Benelux (in m
) 16.4% 14.7%
Customer satisfaction Benelux (NPS) 22 23
1 Adjusted for acquisitions and disposals.
Results & finance 2025 2024
Net rental income (in €m) 154.5 138.4
Direct result (in €m) 100.9 91.5
Indirect result (in €m) -14.6 48.3
Total result (in €m) 86.3 139.8
Direct result per share (in €) 1.86 1.76
EPRA Net Tangible Assets (NTA) per share (in €) 23.53 23.43
Dividend paid per share (in €) 1.25 1.20
Investment property (in €m) 2,439 2,252
Shareholders’ equity (in €m) 1,087 1,022
Net debt (in €m) 1,016 935
Net Loan-To-Value (LTV) (in %) 42.5 41.8
Outlook 2026
Direct result per share between € 1.85 and € 1.95
Sustainability 2025 2024
Building energy intensity retail (kwh/m/year) 42.34 42.65
Solar energy produced onsite (MWh, like-for-like) 4,191 3,737
Employee engagement 8.0 7.7
Green lease core portfolio (in %) 79% 74%
Society investments (in €m) 3.1 2.8
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Our business environment
Pressure on consumers and tenants eased further in 2025 as inflation continued to moderate, interest rates fell and economic growth
in the euro zone, though modest, proved to be more resilient than had been feared in the face of a sharp rise in US trade tariffs.
Even though household spending has been robust,
consumers remained cautious and cost conscious.
Continuing bankruptcies in retail – though lower in the
Netherlands than in Belgium and France – reflected rising
costs in a sector having to adapt to rapid change. Despite
this, Wereldhave had a good year, reinforced by the
strength of our financial position and the growing success
of our LifeCentral strategy.
Economic conditions
Economic growth in the Euro zone strengthened over the
past year, despite increased trade tensions with the US and
continuing geopolitical uncertainty, particularly the war in
Ukraine. GDP growth was forecast to be 1.3% in 2025,
slowing to 1.2% in 2026, both markedly firmer than the 0.8%
annual growth recorded in 2024.
1
Euro zone inflation
remained close to the European Central Bank’s (ECB) target
rate of 2.0%. The ECB’s policy interest rate was cut to 2%
June, having eased from 4% over the previous year.
1 Source: OECD Economic Outlook December 2025.
2 Sources: European Central Bank (ECB), and Statec, Luxembourg.
3 Source: National Bank of Belgium press release.
4 Source: Centraal Bureau voor de Statistiek.
5 Source: INSEE.
6 Source: INSEE: La situation du commerce on 2025.
2024
2025
2024
2025
2025
2024
2025
2024
GDP growth in the Netherlands, Belgium,
France and Luxembourg (2025 vs. 2024)
0%
Source: Organization for Economic Cooperation & Development (OECD),
Economic Outlook 2025 (December 2025).
France Luxembourg
Netherlands
Belgium
2%1%
Cost of living
Price rises of consumer goods and services remained
above the Euro zone average in the Netherlands, Belgium
and Luxembourg, but below it in France. Except for
Luxembourg where the removal of energy subsidies had an
impact, inflation in all countries in which Wereldhave
operates was lower in November 2025 than a year earlier.
2
Household spending remained firm in Belgium, supported
by the indexation of wages to inflation. New budget rules
implementing a temporary and partial capping of wage
indexation over € 4,000 in 2026 and 2028 will have a
weakening effect but are not expected to lead to a
significant drop in consumption, according to the National
Bank of Belgium.
3
In the Netherlands, growth in household
spending, particularly for durable goods, was stronger in
2025 than the previous year.
4
Dutch consumer and business
confidence improved, but both are still below long-term
average levels amid a generally uncertain economic
outlook. In France, consumer sentiment picked up slightly
toward the end of the year but remains weak and has
weighed on household spending.
5
French retail sales on
goods showed little progress from weak 2024 volumes,
though there was some improvement in consumer spending
on services.
6
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Inflation in the Netherlands, Belgium,
France and Luxembourg
(% annual rate of consumer price inflation)
January 2025 December 2025
Index: Harmonized HICP.
Sources: Centraal Bureau voor de Statistiek, National Bank of Belgium, Eurostat.
Netherlands
Belgium France
Luxembourg
0
2
4
6
1 Source: ING analysis.
Market conditions for tenants
Overall retail sales growth was more marked in the
Netherlands than in Belgium, but shoppers generally
remained highly price conscious. Discount retailers
continued to outperform and gain market share
1
while daily
life retail, which ranges from supermarkets to pharmacies
and is less exposed to economic fluctuations, provided
a higher proportion of our rental income than stores in
non-essential segments, such as mainstream fashion
or electronics.
Bankruptcies continue to be a fact of life in the retail sector
where cost rises of recent years are still being felt. Cautious
consumer spending and the need to innovate and adapt to
rapid change have added to the challenges faced by retail
tenants. Nevertheless, leasing demand for our centers has
remained strong. When the Belgian homeware chain Casa
ceased trading in March 2025, for example, we were able
to quickly re-lease all three of their locations, generating a
26% increase in rental revenue compared with the previous
lease (leasing spread). In Luxembourg, Casa closed its
doors later in the year, after which both affected units were
quickly relet as well.
Belgian consumer confidence
in 2025
(% consumer confidence indicator)
Source: National Bank of Belgium.
December 2024 December 2025
-20
-15
-10
-5
0
5
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Additional
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Dutch consumer confidence
in 202
5
(% consumer confidence indicator)
Source: Centraal Bureau voor de Statistiek.
December 2024 December 2025
-40
-30
-20
-10
0
10
1 Source: Landmark global.
2 The new rules exclude direct investments in real estate from the FBI (Fiscal investment institution - Fiscale beleggingsinstelling) tax regime.
Dutch household spending
in 2025
1
(% year-on-year change)
Source: Centraal Bureau voor de Statistiek.
November 2024 December 2025
1 Statbel (the Belgian Statistics Oce) does not publish monthly data on
household spending growth in our other core market Belgium.
0
1
2
3
4
Operational conditions
In 2025, we saw a continuation of recent growth trends
within the retail sector: online sales of services continued to
accelerate, while growth in e-commerce goods slowed.
Retailers have become more realistic about online margins,
and some reallocation of resources is taking place back to
physical stores - one example being SMTZ, originally an
online jewelry and accessories retailer, which opened
its second French store at our Mériadeck center in France.
In the Netherlands, online sales represent about one third
of the retail industry.
1
Demand from tenants to lease space in our centers has been
strong. The occupancy rate across our portfolio reached 98%
in 2025, its highest level in more than a decade.
For retail investors, the Dutch investment market became
more challenging in the past years with an increase in the
transfer tax to 10.4% and the government’s decision to
remove tax exemptions on real estate investments.
2
Together with a lack of attractive and available assets in the
region, Dutch investors are exploring other options, including
markets in other countries as well as other asset classes.
Overall, the fundamentals remain positive in our major
markets. Populations are growing, helped by increased
immigration, while incomes have risen – particularly in
Belgium. The trend away from physical shopping has
slowed and some brands are opening stores again after
years of closures. On the real estate side, supply is limited
as the era of major new shopping center construction
appears to be over, placing us in a strong position with
our existing assets. At the same time, our strengthened
balance sheet and access to capital also opens the way for
further acquisitions.
Sustainability
We are investing more in sustainability with the aim of
reducing our environmental impact. We also endeavor to
operate in a socially responsible way by, for instance,
promoting fairness and inclusion. Our centers act as vital
social hubs, deeply rooted in their local communities. With
the growing trend of working, shopping, and socializing
closer to home, our locations connect people while fulfilling
their everyday needs.
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Additional
information
Governments and regulators continue to closely monitor
companies’ social and environmental performance.
Businesses are expected to be open about any negative
impacts they have on society – and clearly demonstrate
how they are addressing them. Public opinion is also
shifting, as more consumers demand transparency from the
brands and services they choose. To meet these expectations,
our centers must support the shift to sustainable energy and
collaborate with tenants who align with evolving social
attitudes toward climate, diversity, and human rights.
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Additional
information
The transformation of Shopping Nivelles in Belgium into – at that time – our tenth Full Service
Center this year marks a milestone in our LifeCentral strategy, launched in 2020. We are on track
to transform three more traditional centers over the next two years, providing visitors with a one-
stop location where they can shop, enjoy leisure activities, meet friends over a meal or a drink as
well as benefit from other services such as healthcare or gyms.
Our LifeCentral strategy
Our strategy has evolved to take account of the changes to
our Dutch tax liabilities that came into effect in 2025. We are
now aiming to rotate capital out of the Netherlands, to focus
more on opportunities in other markets, and to expand the
range of our revenue sources. As part of this development,
we aim to lighten our equity in the Netherlands. Our disposal
of three Dutch commercial centers in the past year and our
decision to take a 15% equity stake in a joint venture
acquisition with Sofidy for the Stadshart shopping center in
Zoetermeer aligns clearly with this evolved strategy. We will
look to acquire additional assets in Belgium, but will also
consider further joint ventures in the coming two to three
years in the Netherlands, with targeted minority equity
stakes of 10-15%.
Full Service Center transformations
Launched as a new concept for retail real estate in
response to changing consumer behavior as a result of the
growth of online shopping, our LifeCentral strategy has
gone from strength to strength. The traditional shopping
centers that have been transformed into Full Service
Centers have outperformed the rest of our portfolio,
providing both the bedrock of our future business and –
with their broader range of tenants – added resilience in
case of an economic downturn. We aim to occupy at least
18% of the floorspace in our centers with mixed use tenants.
During 2025, our tenth center transformation was completed
at Nivelles in Belgium, where 28,141 m
2
of space comprises
more than 100 shops catering to everyday needs as well as
restaurants, fashion and household goods. In addition, the
center provides a range of practical services, such as our
parcel pick-up and delivery point the point, a play & relax
area for young children and parents, and car park charge
points for electric vehicles.
Alongside Nivelles, we also completed phase 1 of the
Kronenburg center transformation in Arnhem in the
Netherlands. Visitors now benefit from a range of new
facilities such as an eat&meet square, a large Jumbo
supermarket and a modernized entrance. Because of the
center's strong performance and the capital expenditure
requirements of the project, the remaining transformation
will be spread across further phases. Full completion of Full
Service Center Kronenburg is now expected in 2027 or
2028.
We have now invested more than 90% of our initially
planned LifeCentral capital expenditure of just over
€ 291 million. In the Netherlands, transformation work
continues as planned at our Cityplaza, Nieuwegein and
Middenwaard, Heerhugowaard centers as well as the next
phase of the Kronenburg center transformation in Arnhem.
Having sold Sterrenburg in Dordrecht in December 2025,
nine of our locations qualify as Full Service Centers, with
four more currently undergoing transformation.
The latest acquisitions at Ville2 in Charleroi, Belgium, at
Knauf Pommerloch and Knauf Schmiede in Luxembourg and
our minority-stake joint venture at Stadshart Zoetermeer in
the Netherlands all offer significant upside potential through
their transformation into Full Service Centers, not least by
expanding revenue streams beyond retail tenancies into
areas such as digital advertising and by providing other
services. The transformation of Knauf Schmiede started in
the first quarter of 2026.
Our successful € 60 million sale of Full Service Center
Sterrenburg in Dordrecht, further underscored the value of
the LifeCentral strategy. The sale, to a Belgian real estate
investment firm, also proved to the investment market the
value gained through our center transformation process
and that FSCs should trade at a lower yield than traditional
shopping centers. The deal, combined with our two other
Dutch disposals earlier in the year in Roosendaal and
Leiderdorp brings Wereldhave’s loan-to-value to 42.5%.
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Additional
information
Our LifeCentral strategy
Though capital expenditure on FSC transformations has
been lower than in recent years, our growth strategy
nevertheless moved up a gear in 2025. After the move into
the Luxembourg market and our acquisition in Charleroi, we
are currently investigating new acquisitions in Belgium. At
the same time, we aim to develop a more equity-light
approach to opportunities in the Netherlands, which will
help our loan-to-value ratio and strengthen our shareholder
base.
As we pursue growth through full or partial acquisitions, we
are also expanding revenue sources beyond rental income.
Other income streams provided € 6.7m in 2025 and we
have set a target for this category of revenue to grow to
€ 10.1m by 2027. Our deal with Ocean Outdoor to install and
operate a new network of digital advertising screens in our
centers across the Netherlands is one recent example of
diversifying our income. Others include supplying energy to
tenants from our centers’ solar panels and providing electric
vehicle chargers at our car parks. A dedicated team has
been set up within Wereldhave to identify and pursue such
opportunities.
Finance for growth
Further strengthening of our finances has given Wereldhave
the means to scale, so we can ensure future growth and
improve our cost of capital. In May, Fitch reaffirmed
Wereldhave’s Long-term Issuer Default rating of BBB with a
stable outlook, following our upgrade in 2024. This was in
recognition of the actions we have taken over recent years
to reinforce our finances. The upgrade led to immediate
recurring savings on interest costs in our Revolving Credit
Facilities.
1 Green finance guidelines include the ICMA Green Bond Principles (2025) and the LMA/APLMA/LSTA Green Loan Principles (2025). Further details about the guidelines can be found here, and here.
Wereldhave conducted several successful refinancing
operations in 2025, lengthening the company’s average
debt maturity. Longer maturities help provide a stable
foundation for growth and innovation and are an important
consideration in potential credit rating agency upgrades. In
June, the company secured a 10-year € 50 million loan
through its first European Private Placement (EUPP)
transaction. A US Private Placement (USPP) of € 75 million
over seven years was also agreed and followed a series of
successful USPP transactions in recent years. In December,
Wereldhave Belgium secured € 30 million through a private
placement with Royal London Asset Management for a
10-year term and extended € 55 million in existing bank
facilities from BNP Paribas Fortis and KBC – originally
maturing in 2026 and 2028 – to 2030 and 2031 respectively.
Wereldhave N.V. and Wereldhave Belgium successfully
issued new shares to partly finance the acquisitions in
Luxembourg and Charleroi, Belgium respectively,
underlining strong investor confidence in Wereldhave’s
LifeCentral strategy.
The LifeCentral strategy drove our strong financial
performance in 2025, providing resilience in the face of
recent changes to tax regulations in the Netherlands. Our
Direct Result Per Share (DRPS) rose to € 1.86, up 6% when
compared to the € 1.76 posted in 2024, despite the impact
of Dutch corporate tax (€ 4.6 million) for the first time.
Sustainability is an integral part of our business operations
and strategy. Our Green Finance Framework aims to attract
funding to develop sustainable and energy-efficient real
estate assets and contribute to closer engagement in local
communities. Proceeds are mapped to three of our strategic
UN Sustainable Development goals (SDG 7,11 and 13). The
framework provides a transparent set of criteria for the
instruments we issue and is consistent with recognized
voluntary guidelines such as the Green Bond Principles and
Green Loan Principles.
1
In November 2025, Wereldhave
Belgium renewed its Green Finance Framework which led
Sustainable Fitch to upgrade its rating of the strategy in the
‘reporting and transparency’ category from “Good” to
“Excellent”.
Wereldhave currently has three sustainability-linked loans in
place, one of which is specifically for our Belgian operations.
These loans are tied to our environmental, social and
governance performance and are used to finance specific
projects aimed at meeting our sustainability objectives.
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Additional
information
Our Full Service Center
Scorecard
All our Full Service Centers are benchmarked against
a scorecard we have developed to help us assess
center performance. This scorecard contains five
criteria:
• How much lettable space is devoted to mixed-use
tenants
• Which commercial clusters have been introduced;
e.g. every.deli, eat&meet or health and well-being
• What consumer services and facilities the center
offers visitors, such as the point (for practical
services), play & relax (for young children and
parents), home delivery or fast charging for electric
vehicles
• What services are provided to tenants including our
Flow by Wereldhave digital platform, Centermedia
marketing services and our Tenant Support Program
• Whether the center offers the right basics –
restrooms, parking and public seating as well as
good environmental management and support for
local environmental and social initiatives
To qualify as a Full Service Center, locations must
achieve a minimum score, but we allow flexibility in
how that score is made up, so that individual centers
can meet the needs of local consumers.
VANUIT WORD OVER
KOPIEREN !!!
Meeting consumer needs
Visitors to our Full Service Centers should find their core
daily needs under one roof. These needs, we believe, fall
into four main categories:
1. Fixing the basics – shopping for groceries and other
everyday-life essentials
2. Self-expression – looking good and making the right
impression through fashion, home decoration and
cosmetics & beauty
3. Enjoying life – being able to spend leisure time with
friends and family in restaurants, facilities and cinemas
etc.
4. Well-being – looking after your health and well-being
through healthcare, fitness and personal development
As part of LifeCentral, we continuously look to introduce
new services at our centers to meet consumer needs. We
have created commercial clusters of linked tenants such as
for healthcare and fitness where you may find, for instance,
a pharmacy, a gym, as well as well-being and medical
services. Food and beverage clusters are found at our
every.deli and eat&meet spaces, while the point provides
shoppers with a range of practical services such as parcel
pick-up and delivery, or a place to charge your phone or
borrow a child’s buggy.
We combine these services with more traditional retail and
daily life tenants, which continue to perform well within our
LifeCentral strategy. It’s a winning combination that enables
us to meet consumers’ needs more effectively.
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Additional
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A Better Tomorrow
As the company grows, so too does our responsibility
to operate sustainably, which is why we have made
sustainability an integral part of our LifeCentral
strategy. We believe we can continue to grow while
limiting our environmental impact and protecting our
centers and the communities they serve. We regard
sustainability as part of our value proposition to
tenants, by helping them to adopt more sustainable
working practices, for example, cutting emissions,
reducing waste going to landfill. We do this through
our A Better Tomorrow program, based on three
pillars:
• Better footprint – reducing our impact on the
environment and bringing our business in line with
the 2015 Paris Climate Agreement
• Better nature – making sure we adapt our centers to
the effects of climate change, particularly heavy
rainfall and extreme heat
• Better living – supporting our local communities and
maintaining high standards of health and safety in
our centers
VANUIT WORD OVER
KOPIEREN !!!
Residential property
We have an opportunity to develop new residential
properties at our locations as part of our LifeCentral
strategy, with the housing shortages in both the
Netherlands and Belgium continuing. We are in the process
of developing residential units at several of our locations,
targeting the completion of between 1,200-1,600
apartments over time. Residential development is already
completed and sold in Tilburg and underway at Kronenburg,
Shopping Nivelles and at an early stage at Middenwaard
and De Koperwiek. Research for residential development
opportunities in Zoetermeer will begin in 2026.
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Full Service Center potential in
Belgium
Shoppers at Ville2 in Charleroi, Belgium may not see
big changes immediately, but over time, the 27,100 m
2
commercial center will evolve into a Full Service
Center, providing not only a variety of shops but a
place to go for leisure and relaxation, for sports
activities as well as for health and fitness.
In Ville2, acquired by Wereldhave in December 2025,
we see significant upside potential for the center
through an FSC transformation, a reduction of the
current 8.5% vacancy rate and the development of
other income sources such as EV chargers and digital
advertising. The center welcomes around four million
visitors a year and ranks third in footfall density
among all Belgian shopping centers. Ville2 is
anchored by C&A, Fnac, H&M, New Yorker, ONLY,
Rituals and Sports Direct, with most tenants
generating sales above the average of the current
Wereldhave Belgium portfolio.
Now fully engaged in its growth phase, Wereldhave is
focusing particularly on the Belgian market for future
acquisitions where we see a more tax efficient
environment and attractive assets.
VANUIT WORD OVER
KOPIEREN !!!
Opportunities and risks
The clear choices we have made in developing our
LifeCentral strategy involve both opportunities and risks. We
take action to maximize the former and minimize the latter
to ensure we continue creating long-term value for our
stakeholders:
We see opportunities in creating attractive centers with the
right mix tenants. Operating results from our completed Full
Service Centers consistently outperform other centers in
terms of higher footfall and retail sales. This translates into
generally lower yields for FSCs, increased profits and
improved returns for shareholders.
Our LifeCentral strategy opens up other opportunities as
well – notably growth into new markets and expansion of
new revenue sources. Our move into Luxembourg in 2025
was an important step along this path. We are also utilizing
center space and facilities to diversify rental income by
hosting new digital advertising screens at our centers for
instance, supplying solar-powered energy to tenants and
providing EV charging stations at our visitors’ car parks.
Moreover, we see the changed tax landscape as an
opportunity to become more equity-light in the Netherlands.
Following our minority-stake acquisition at Zoetermeer, we
aim to sign other, similar joint ventures and will continue to
enhance stakeholder value by bringing our LifeCentral
strategy management platform and leasing expertise to
bear on minority-stake assets.
In implementing our strategy, we also face risks; these
range from an economic slowdown squeezing consumer
spending to failing to attract the right tenants to our centers.
That said, our mixed-use strategy provides resilience to a
potential drop in household spending. Demand for retail
space remains strong and we continue to attract tenants
from across the range of daily life and mixed-use segments.
A key consideration when we drew up our LifeCentral
strategy was also to meet the risk of online commerce
driving consumers away from physical shops. Since then
– with the exception of services, particularly the travel
sector – the rate of e-commerce growth has slowed as
operators have become more realistic about online margins.
Nevertheless, most retailers are having to develop a
comprehensive online presence, leading to multichannel
strategies becoming the norm. But some are also
redirecting resources from online back to physical shops,
which continue to appeal to consumers.
Higher financing costs and further possibly adverse
regulatory changes present other risks, though with 29% of
our debt on floating interest rates, the impact of any future
monetary tightening should be relatively contained. The tax
changes in the Netherlands in 2025 did have an impact, but
we have shown that Wereldhave can adapt and adjust
positively to regulatory changes.
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Additional
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Our approach to value creation
Our business operations generate value for our investors
and society as a whole. While this often takes a financial
form – such as shareholder dividends, employee salaries
and payments to our suppliers – we also deliver social and
environmental value by ensuring our centers serve as vital
social hubs where communities can come together,
supported by shops and services.
However, operating our business involves trade-offs that
can deplete value. For instance, our centers and tenants
use energy and materials and operate within broader value
chains that can negatively affect people and the planet.
We address these challenges through our LifeCentral
strategy, which is designed to minimize these negative
effects. We achieve this by cutting our energy consumption,
handling waste responsibly, and enforcing high standards
for our suppliers and business partners.
1 This model is based on the Integrated Reporting <IR> Framework.
Our stakeholders
We identify our stakeholders as individuals or organizations
that can influence our strategy and performance, or are
conversely impacted by our decisions as a company. Our
goal is to generate maximum value for these groups. We
understand that our social license to operate relies
fundamentally on delivering long-term value to our primary
stakeholder groups:
•
Tenants and visitors
•
Investors (including both shareholders and creditors)
•
Business partners, suppliers and employees
•
Society and community
Our value creation model
Our value creation model
1
shows the resources we need to
operate our business, our business model and outcomes for
our stakeholders – i.e., the value created or lost for each
stakeholder group during the past year.
Value creation
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Additional
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Value creation
Investment
Location
Returns
Rent
Our
business
model
Our value creation model
Tenants & visitors
Customer experience numbers remained more or less
unchanged compared with the previous year. In 2025, we
delivered one Full Service Center and four centers are in
transformation.
Investors
In 2025, our financial performance again improved.
We proposed an increase in dividends for shareholders and
reported a direct result per share above our guidance.
Business partners, suppliers and employees
Payments to suppliers and sub-contractors increased during
2025. Salaries and benefits increased due to acquisition of
new shopping centers. We took a cautious approach to new
capital expenditure, proceeding step-by-step to minimize price
risks.
Society and community
During 2025, we further reduced emissions when measured
per m
2
for retail assets (intensity). We continued to design
Paris-Proofing in blueprints for our Full Service Centers, and
support to social initiatives.
Resources Value created for stakeholders
Financial resources
Including equity and debt financing, rents and other forms of
income.
Our centers and offices
Including all locations in the Netherlands, Belgium, France and
Luxembourg.
Internal processes and systems
Including IT and data management systems, procurement,
leasing and facilities management.
Human capital
Including time, skills and personal engagement of employees,
temporary staff and outside suppliers and contractors.
Business relationships
Including relationships with tenants, visitors, business
partners, governments and local communities.
Use of natural resources
Including energy, water and building materials needed to cool,
heat and maintain our centers.
Gross Rental Income: € 184m
Net debt: € 1,016m
Shareholders’ equity: € 1,087m
Total lettable area: 734,318m
2
Value of portfolio: € 2,439m
Total capital expenditure: € 54m
Total purchases: € 303m
New shopping center leases
processed during the year: 234
Number of centers using Flow by
Wereldhave: 21
General expenses: € 14m
Total spent on training and
development: € 0.3m
Total number of employees (FTE): 131
Total number of current leases: 1.793
Total number of visitors to
centers: 96m
Number of suppliers and
contractors: 1.745
Grid energy consumption: 44,573 MWh
Energy production: 5,372 MWh
Water use: 206,790 m
3
Customer experience (NPS):
1
+22
(vs. +23)
Lettable area devoted to mixed-use:
16.4% (vs. 14.7%)
Number of Full Service Centers in
operation: 10 before sale of
Sterrenburg at year-end (vs. 9)
Total dividend payments to
shareholders: € 70m (vs. € 65m)
Direct result: € 101m (vs. € 91m)
Indirect result: € -15m (vs. € 48m)
Payments made to suppliers and
other sub-contractors: € 130m
(vs. € 102m)
Salaries, pensions and other
benefits paid to employees: € 18m
(vs. € 17m)
Carbon emissions: 1.994 tons
(vs. 1,707 tons)
2
Waste going to landfill: 138 tons
(vs. 66 tons)
Contributions to social initiatives:
€ 3.1m (vs. € 2.8m)
1 NPS - Net Promoter Score. Please note NPS covers centers in the Netherlands and Belgium only. See page 42 for further details.
2 Scopes 1 and 2 only.
Note: All figures above relate to 2025. Where relevant, comparable figures are provided in parentheses (to show value created or lost during the year).
Tons refers to metric tons. Resources on the left are based on the Integrated Reporting Framework’s six capitals (financial, manufactured, intellectual,
human, social & relationship and natural). The right side of the model shows value created by stakeholder group.
Annual Report 2025
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GovernanceOur strategyWereldhave in 2025Introduction
Our performance
and outlook
Additional
information
Our value creation model
Financial performance & investors
Direct & Indirect result
Key developments in our markets
- Netherlands
- Belgium
- Luxembourg
- France
Tenants and visitors
People and partners
A Better Tomorrow
Carbon flow analysis
Outlook
Our performance and outlook
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Additional
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Our performance and outlook
Our financial performance
Total result
Wereldhave reported a total result of € 86.3m for 2025,
compared to € 139.8m in 2024. The previous year's figure
was higher due to € 52.9m in revaluations.
Direct result
(in €m) 2025 2024
Net rental income 154.5 138.4
Share of result of associates 0.6 -
General costs -10.6 -10.5
Other income and expense 1.1 0.4
Net interest -40.2 -36.6
Taxes on result
-4.6 -0.3
Total direct result 100.9 91.5
Our direct result totaled € 100.9m, representing a direct
result per share (DRPS) of € 1.86. Gross rental income rose
to € 183.8m, up from € 166.9m in 2024, which, besides
indexation, was largely the result of the acquisition of the
two Luxembourg shopping centers in February 2025. The
EPRA (European Real Estate Association) cost ratio has
declined further from 22.4% in 2024 to 20.6%, reflecting
sustained progress in operational efficiency over recent
years. In line with the growth of the portfolio, property
expenses increased to € 23.7m from € 21.8m in 2024.
Our stake in the new Stadshart Zoetermeer joint venture
added € 0.6m to direct results, while related management
fees increased other income.
Direct general costs, at € 10.6m, were stable compared with
the € 10.5m reported in 2024, so maintaining the savings
that have been initiated in recent years.
Net interest expense increased to € 40.2m in 2025, from
€ 36.6m in 2024. Higher benchmark interest rates increased
the cost of refinancing of maturing debt and the cost of new
debt issued to finance our expanded balance sheet.
Indirect result
(in €m) 2025 2024
Valuation result 3.0 52.9
Result on disposal -2.3 -0.1
Share of result of associates 0.7 -
General costs -3.8 -3.7
Other income and expense -0.8 -4.7
Taxes -11.4 3.9
Total indirect result -14.6 48.3
Our indirect result for 2025 amounted to -€ 14.6m, of which
deferred tax charges in the Netherlands and Luxembourg
accounted for -€ 11.4m.
Positive valuation results amounted to € 3.0m. The
revaluation of our properties in 2025 represented 0.1% of
the portfolio’s total value, driven mainly by an increase in
the estimated rental value (ERV) component in the valuations.
By the end of 2025, our portfolio’s average EPRA Net Initial
Yield (NIY) stood at 6.3% compared with 6.1% a year earlier.
Indirect general costs cover long-term incentive plans for
board and staff, customer journey expenses, costs tied to
acquiring and integrating the joint venture in Zoetermeer
and the new assets in Luxembourg, and other projects.
Capital & financing
Our disciplined capital allocation framework is focused on
maintaining a strong balance sheet, delivering outperforming
long-term value growth for shareholders through investments
and returning appropriate dividends to shareholders. We are
continuing to target an LTV ratio of between 35-40%, by
disposing of our remaining two French assets and selected
other non-core assets.
To maintain acceptable leverage and long-term growth, our
management’s policy is to allocate our Company’s recurring
income in part to finance the investments needed under the
LifeCentral strategy, and in part in dividends to
shareholders.
Current debt position
As at 31 December 2025, interest-bearing debt totaled
€ 1,121.8m, which together with a cash balance of € 105.6m
resulted in a net debt position of € 1,016.2m. Wereldhave’s
undrawn borrowing capacity totaled € 227.0m.
Our net loan-to-value (LTV) was 42.5% in December 2025,
slightly above the 41.8% of previous year, as a result of
acquisitions, although partly offset by proceeds from the
disposals of the De Roselaar, Sterrenburg and Winkelhof
centers. We nevertheless remain committed to an LTV ratio
Financial performance & investors
Annual Report 2025
Wereldhave N.V.
Appendix
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Our performance
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Additional
information
Financial performance & investors
target of 35-40% which we can achieve, for instance,
through further equity-funded acquisitions, joint ventures
and selected non-core divestments in France and Belgium.
Debt position as at 31 December
(in €m unless otherwise stated) 2025 2024
Interest-bearing debt 1,121.8 953.1
Cash position 105.6 18.3
Net debt 1,016.2 934.8
Undrawn borrowing capacity 227.0 263.0
Net Loan-to-Value in % 42.5% 41.8%
Financing & credit facilities
Wereldhave further diversified its funding sources and
lengthened its debt maturity in 2025. For the Luxembourg
acquisitions, € 100m of new credit facilities were arranged
by Wereldhave Belgium in January 2025, with an average
term of 4.5 years. Wereldhave N.V. closed its inaugural
European Private Placement (EUPP) transaction, with Aegon
Asset Management, securing a € 50m loan with a term of
ten years. In addition, Wereldhave agreed a new USPP
transaction of € 75m, with a duration of seven years, with
an existing USPP investor refinancing its maturing notes.
Wereldhave Belgium financed the acquisition of the Ville2
shopping center in Charleroi, Belgium partially with € 40m
in new credit facilities. Moreover, Wereldhave Belgium
secured € 30m through a private 10-year placement with
Royal London Asset Management and extended € 55m in
existing bank facilities from BNP Paribas Fortis and KBC
– originally maturing in 2026 and 2028 – to 2030 and 2031
respectively.
All transactions are unsecured and illustrate strong investor
confidence in Wereldhave's operations and strong credit
profile, as reaffirmed by the BBB stable credit rating from
Fitch Ratings in May 2025.
The average cost of our debt has increased to 3.62%,
compared with 3.5% at the end of 2024, as a result of newly
issued long-term debt.
Our average debt maturity has increased to 3.7 years, which
from an investors’ perspective is good for growth as it helps
provide greater long-term financial stability. The pro-forma
debt maturity including refinancings signed in Q1 2025 is
4.3 years.
Equity & net asset value
Shareholders' equity – including non-controlling interests
– amounted to € 1,342.4m on 31 December 2025
(compared with € 1,264.5m on 31 December 2024). Due to
contributions in kind related to the acquisitions of Knauf
Schmiede in Luxembourg and three retail units in Tilburg,
the number of outstanding shares increased by 2,520,538
shares to 46,396,667 ordinary shares.
A total of 281,072 treasury shares were held by the
Company.
Dividend payment to investors
A dividend of € 1.30 per share, an increase of 4% compared
with 2024, will be proposed at Wereldhave’s Annual
General Meeting.
Dividend per financial year
2025 proposed20242021 2022 2023
(€ /share)
1.30
1.25
1.10
1.16
1.20
Share price performance
During 2025, our share price increased by 40.0%. Total
shareholder return for the year – including the € 1.25 per
share dividend – came to 51%. By comparison, our
benchmark index – the FTSE EPRA Nareit Developed
Europe Index – increased by 6.8% during 2025.
Annual Report 2025
Wereldhave N.V.
Appendix
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Our performance
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Additional
information
Communications with investors
We have a transparent process of capital allocation as
maintaining the trust of our investors is imperative. We met
frequently with equity and Private Placement investors
throughout 2025 in a mixture of one-to-one and group
meetings, face-to-face and online. We hosted webcasts
following the publication of our full-year and half-year
results and spoke at industry conferences to present our
financial results and strategy.
Investor Presentations and results webcast replays are
available on our website www.wereldhave.com.
Annual Report 2025
Wereldhave N.V.
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Direct & Indirect result
2025 2024
(in € 1,000) direct result indirect result direct result indirect result
Gross rental income 183,818 - 166,897 -
Service costs charged 32,041 - 25,224 -
Total revenues 215,859 - 192,121 -
Service costs paid -37,638 - -31,875 -
Property expenses -23,723 - -21,830 -
Total expenses -61,361 - -53,705 -
Net rental income 154,498 - 138,416 -
Share of the result of associates 618 650
Valuation results - 3,009 - 52,902
Results on disposals - -2,304 - -97
General costs -10,585 -3,759 -10,486 -3,688
Other income and expense 1,094 -1,709 380 -453
Operational result 145,625 -4,113 128,310 48,664
Interest charges -40,454 - -36,860 -
Interest income 280 - 276 -
Net interest -40,174 - -36,584 -
Other financial income and expense - 906 - -4,266
Result before tax 105,451 -3,207 91,726 44,398
Income tax -4,560 -11,385 -263 3,903
Result 100,891 -14,592 91,463 48,301
Profit attributable to:
Shareholders 84,992 -11,648 76,693 39,147
Non-controlling interest 15,899 -2,944 14,770 9,154
Result 100,891 -14,592 91,463 48,301
Basic earnings per share (€) 1.86 -0.26 1.76 0.90
Annual Report 2025
Wereldhave N.V.
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Direct & Indirect result
Market overview
Across our centers footfall grew by 1.8% in 2025.
Bankruptcies among our tenants, though fewer than in
recent years, continued to be a fact of life for a retail sector
undergoing rapid change, where cost pressures continue to
be felt. At the same time, solid demand for retail space has
allowed us to fill vacated units promptly. In doing so, we are
able to continue refining the tenant mix at our centers
between mixed-use and everyday needs. Moreover, with
traditional retail showing more resilience against online
shopping than we had originally anticipated when we first
drew up our Full Service Center blueprints, the pressure to
move quickly to more mixed-use has lessened, providing us
with more flexibility in how we manage our assets.
During the year, the retail market remained polarized as
some companies struggled to adapt to changing consumer
behavior and expectations, while others, such as off-price
fashion, benefited from shoppers’ continuing cost
consciousness.
Demand from food & beverage was consistently strong
across our centers and, once established, generally
performed well. This was particularly the case at Cityplaza
in Nieuwegein, where we successfully strengthened our
F&B and specialty fresh offering with seven new tenants.
An area of mixed use that reinforces footfall and where we
see considerable potential for further development is in
healthcare, fitness and well-being. An aging population in
our markets together with the growing awareness of the
importance of health and well-being across all generations
are factors behind the strong performance of gyms and
healthcare services at our centers (see page 42).
Tenant sales rose 2% in 2025 across centers in our core
markets of Belgium and the Netherlands. In Belgium, where
the rise was 1%, sales were firmest in the food and food &
beverage categories while the 3% rise in the Netherlands
was driven by a strong showing in health & beauty, fashion,
homeware & household, as well as by food & beverage.
Key developments in our markets
As our growth strategy moved up a gear in 2025, our centers continued to perform well. Rental income and visitor numbers rose
steadily, supported by improved consumer sentiment in our main markets, higher occupancy rates in the Netherlands and an
increase in other revenue sources. Bankruptcies among tenants, though still a concern, are down – and as leasing demand remains
strong, we were able to quickly re-let units, often at higher rents. With two Full Service Center transformations completed, our
successful LifeCentral strategy remains on track.
Annual Report 2025
Wereldhave N.V.
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Key developments in our markets
Occupancy rates
Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Belgium 99.0% 98.6% 98.2% 97.8% 98.3%
Luxembourg n.a. 95.2% 97.8% 97.3% 97.2%
Netherlands 96.2% 95.1% 95.8% 95.8% 97.4%
Core portfolio 97.3% 96.4% 96.9% 96.7% 97.8%
France 96.9% 96.9% 96.4% 96.8% 97.0%
Shopping centers 97.3% 96.5% 96.9% 96.7% 97.7%
Offices (Belgium) 85.4% 85.4% 85.2% 85.1% 87.4%
Total portfolio 96.6% 95.8% 96.2% 96.1% 97.2%
Operational performance (2025, shopping centers only)
Shopping Centers # of contracts
Leasing volume
(€m)
Leasing volume
(%) MGR uplift (€m) MGR uplift (%) MGR vs ERV LFL NRI growth
Belgium 88 10.6 19.3% 0.1 1.8% 7.5% 7.9%
Luxembourg 10 1.0 6.9% 0.0 0.0% 7.5% n.a.
Netherlands 115 10.7 14.9% 0.3 3.7% 5.2% 4.9%
Core portfolio 213 22.3 15.8% 0.4 2.7% 6.4% 6.3%
France 21 1.6 14.2% -0.1 -8.3% -6.5% 8.2%
Total Shopping Centers 234 23.9 15.7% 0.3 2.1% 5.5% 6.4%
Footfall growth (year-on-year change on like-for-like basis, shopping centers only)
Shopping centers Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Belgium 4.0% -0.2% 1.6% 1.5% 2.0%
Luxembourg n.a. -1.0% 3.1% -1.0% -0.5%
Netherlands 5.0% 2.8% 4.8% 3.9% 2.0%
Core portfolio 4.7% 1.9% 3.9% 3.0% 1.9%
France 9.9% -2.5% 2.4% 0.7% 0.5%
Overall 5.4% 1.3% 3.7% 2.7% 1.7%
Full Service Center Performance
In line with our LifeCentral strategy, we are continuing to
transform our shopping centers into Full Service Centers
(FSCs). Having sold Sterrenburg in Dordrecht in December
2025, nine of our locations qualify as Full Service Centers,
with four more currently undergoing transformation works.
We track the performance of our centers according to their
transformation status: ‘Full Service Center’ is used to refer
to centers that have already been transformed; ‘In
Transformation’ for those undergoing transformation works;
and ‘Traditional Shopping Center’ for the remaining
locations. The results show positive KPIs for our Full Service
Centers, for example on the leasing side, with new leases
signed significantly above previous rents, on top of
indexation (MGR - minimum guaranteed rent - Uplift), and
above the properties’ estimated rental value (ERV). The
good performance of the shopping centers in transformation
and traditional shopping centers reflects the impact of the
three newly acquired centers in Luxembourg and Belgium
and the assets disposed of in 2025.
Annual Report 2025
Wereldhave N.V.
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Additional
information
As the 2025 results show, our Full Service Centers
continued to perform well, vindicating our LifeCentral
strategy of blending mixed use and everyday needs. The
successful sale of our FSC at Sterrenburg in Dordrecht was
clear proof of how highly the market values our transformed
assets.
Total property return from our current nine Full Service
Centers was 6.3% in 2025.
Full Service Center Performance
KPI Core portfolio (excluding retail parks) Full Service Center In Transformation
Traditional
Shopping Center
Centers in Belgium and Netherlands excluding retail parks 9 4 4
Mixed Use Percentage 15.5% 16.8% 18.5%
MGR Uplift 3.7% 4.4% -0.9%
MGR vs. ERV 4.2% 11.0% 10.5%
Tenant Sales vs. 2024 1.5% 0.8% 1.2%
Footfall vs. 2024 2.3% 1.2% 3.2%
Direct Result 6.3% 7.0% 6.1%
Valuation Result 0.0% 5.7% 1.0%
Total Property Return 6.3% 12.7% 7.1%
1 According to MSCI definition.
Annual Report 2025
Wereldhave N.V.
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Additional
information
Key economic data (The Netherlands)
2024 2025E 2026E 2027E
GDP growth, yoy 1.1% 1.7% 1.4% 1.6%
Harmonized index of
consumer prices, yoy 3.2% 2.9% 2.2% 2.1%
Unemployment 3.7% 3.9% 4.0% 4.1%
Private consumption, yoy 1.0% 1.5% 1.0% 1.1%
1 E = estimated
Source: Organization for Economic Cooperation and Development (OECD), Economic
Outlook December 2025.
Progress with LifeCentral strategy
The completion of the first phase of the transformation of the
Kronenburg center in Arnhem to a Full Service Center in the
final weeks of 2025 rounded off an active year for
Wereldhave in the Dutch market. Visitors to the center can
now benefit from an enlarged and modernized entrance,
both indoor and outdoor eat&meet areas and a play & relax
children’s playground.
Our strategy of rotating capital out of the Netherlands
gathered pace with the sale of our Full Service Center in
Dordrecht, and shopping centers in Roosendaal and
Leiderdorp.
The Stadshart Zoetermeer joint venture in which we acquired
a 15% stake, reflects our evolving strategy in the Netherlands
to become more equity-light. Our growth focus in the coming
years will be aimed toward asset and tenancy management
with smaller equity stakes rather than full ownership.
As part of a broader initiative to increase other rental income,
we signed an exclusive media partnership with Ocean
Heerhugowaard
Purmerend
Hoofddorp
Capelle a/d IJssel
Tilburg
Nieuwegein
Arnhem
Top 10 tenants
1
Ahold Delhaize
2
Jumbo Group
3
A.S. Watson Group
4
C&A
5
The Sting Companies
6
Deichmann
7
Ceconomy
8
H&M
9
Bestseller
10
Xenos
311,800
Lettable space (m
2
)
59.0m
Footfall (total visitors)
8
Number of centers
Key developments
Netherlands
Centers
Full Service Centers
Annual Report 2025
Wereldhave N.V.
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Additional
information
- Netherlands
Outdoor Netherlands to install over 150 digital advertising
screens across all our shopping centers and FSCs. The new
network will launch in early 2026 and is expected to have a
positive annualized impact on Wereldhave’s DRPS of at
least € 0.03.
The transformation of Cityplaza in Nieuwegein into an FSC is
on track. During the year, we continued work on a new
healthcare center, due to open in the first quarter of 2026. The
concept, health & fit, is already well developed at Wereldhave’s
Presikhaaf center in Arnhem, which hosts physiotherapy
services, a laser clinic, blood bank and a dietician.
In developing Full Service Centers, we try to ensure that the
shops, services and activities they offer meet the needs of
local consumers. At our Middenwaard center in
Heerhugowaard, for example, the surrounding area is
already well supplied with leisure facilities – including a
theatre, cinema, restaurants and bars – so rather than
adding more mixed-use, our focus has been to consolidate
traditional retail. For example, we are strengthening our
fashion offering at Middenwaard though a five-unit lease
with New Yorker covering 1,547m.
Key data shopping center operations
2025 2024
Net rental income (in €m) 72.7 72.9
Occupancy 97.4% 96.2%
Investment properties in operations (in €m) 958.5 1,082.9
Investment properties under construction (in €m) - -
Acquisitions (in €m) 17.3 1.1
Disposals (in €m) 162.0 -
EPRA NIY 6.2% 6.3%
1 Including lease incentives.
Major market and operational developments
In 2025 we saw a clear resurgence of market confidence in
the Netherlands, reflected in growing demand and
improved leasing activity across our centers, with some
retailers and mixed-use tenants looking to expand their
footprint.
During the year, € 11m in new contracts were signed with
tenants at an average of 5% above market rent (ERV) and
4% above previous rent. Footfall at our Dutch centers in
2025 was 2.3% higher than in 2024. Tenants reported 3%
higher sales in 2025 compared with the previous year,
while the occupancy rate rose to 97.4% from 96.2% in 2024.
Footfall increased 2.3% compared with 2024.
Several new key tenants and retailer expansion
strengthened our portfolio in 2025. Highlights included the
signing of fashion anchors Only for Men (953 m) in our Vier
Meren FSC in Hoofddorp and a 10-year lease extension by
the Albert Heijn chain at the de Koperwiek FSC in Capelle
aan den IJssel, which now includes the 3,900 m former
Blokker unit.
At the Kronenburg FSC in Arnhem new units for C&A and
Aldi have also been created together with the addition of a
large Jumbo supermarket
At our FSC in Tilburg TK Maxx, a leading and fast-growing
off-price retailer, signed a 10-year lease for a 2,000 m
store. Set to open in the spring of 2026, TK Maxx will further
strengthen the center’s retail mix and enhance the value of
our property. Other new leases in Tilburg included Only &
Sons, Amac and the Phone Lab.
At Stadshart Zoetermeer, we quickly made our mark by
signing new leases with sneaker specialist Snipes and
fashion retailer Gerry Weber, and renewals with Mango and
Eye Wish.
In April, we acquired three additional retail units at Tilburg
with a total gross leasable area of 2,756 m for € 5.4m,
including transaction costs, reflecting a net initial yield of
11% – well above Wereldhave’s current internal threshold.
The transaction was financed by 313,700 new shares,
issued at market value, underlining continued investor
confidence.
Results & valuations
Net rental income grew 4.9% in the Netherlands in 2025
while the Minimum Guaranteed Rent (MGR) uplift on top of
indexation also improved to +3.7%. The revaluation of Dutch
properties was -0.5%.
(% of annual rental income, end 2025)
19
6
4
19
12
9
13
9
9
Tenant mix in the Netherlands
Food
Fashion (mainstream)
Health & Beauty
Food & Beverage
Homeware & Household
Fashion (discount)
Other Daily Life Retail
Shoes
Multimedia & Electronics
Daily Life:
Non-daily Life:
Annual Report 2025
Wereldhave N.V.
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Additional
information
Key economic parameters
2024 2025E 2026E 2027E
GDP growth, yoy 1.1% 1.1% 1.1% 1.2%
Harmonized index of
consumer prices, yoy 4.3% 3.0% 1.6% 1.7%
Unemployment 5.7% 6.0% 6.0% 5.9%
Private consumption, yoy 2.0% 1.9% 1.1% 9.0%
1 E = estimated
Source: Organization for Economic Cooperation and Development (OECD), Economic
Outlook December 2025.
Progress with LifeCentral strategy
Wereldhave’s purchase of the Ville2 shopping center in
Charleroi in December 2025 reflects our continuing
confidence in the Belgian market where we see strong
growth potential, a dynamic leasing market with attractive
supply, and a relatively favorable tax environment.
Ville2, which has the third highest footfall density of all
Belgium’s shopping centers, met our acquisition criteria in
terms of location, value creation opportunities and Full
Service Center potential. With an unlevered internal rate of
return (IRR) of 9.5%, the center is well above our 8%
threshold. The purchase price of € 120m, reflected a net
initial yield of 8.0%. In 2025, most Ville2 tenants generated
sales above the average of Wereldhave’s current Belgian
portfolio.
While the share of lettable space currently occupied by
mixed-use tenants is 21.4%, we see potential to optimize our
food and beverage, leisure, fitness and well-being and
healthcare offering at our Belgian centers by implementing
concepts developed successfully at our FSCs.
Genk
Liège
Nivelles
Tournai
Vilvoorde
Turnhout
Court rai
Brugge
Charleroi
Antwerp
Key developments
Belgium
Top 10 tenants
1
Bestseller
2
C&A
3
Carrefour
4
A.S. Watson Group
5
Ahold Delhaize
6
A.F. Mulliez
7
H&M
8
Brico
9
Claes Retail Group
10
Redisco
303,000
Lettable space (m
2
)
20.7m
Footfall (total visitors)
2
Number of office locations
Centers
Offices
Full Service Centers
9
Number of centers
Annual Report 2025
Wereldhave N.V.
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- Belgium
During 2025, we completed our tenth Full Service Center
transformation at Shopping Nivelles to coincide with the
center’s 50th anniversary. With more than 100 shops and
around four million visitors a year, the modernized center
also provides a range of practical services, a new children’s
play area, improved terraces and car parks, and electric
vehicle chargers.
Improving the customer experience has been a constant
endeavor across our centers in Belgium, as elsewhere – not
just through major transformation work, but also with
smaller projects such as installing new public seating at Les
Bastions in Tournai or the new outdoor eat&meet area at
our Genk FSC.
Key data shopping center operations
2025 2024
Net rental income (in €m) 55.0 50.9
Occupancy 98.3% 99.0%
Investment properties in operations (in €m) 1,012.4 885.2
Investment properties under construction (in €m) 7.0 7.0
Acquisitions (in €m) 120.3 0.4
Disposals (in €m) 8.0 -
EPRA NIY 6.3% 5.9%
1 Including lease incentives.
Major market and operational developments
Though affected by recent bankruptcies, our centers in
Belgium have made good progress in reletting – with
positive leasing spreads – vacant units left by the household
goods and furnishings group Casa, fashion accessories
retailer Claire’s and, at the beginning of the year, the Lunch
Garden restaurant chain.
Leasing across our retail and office spaces continued to be
dynamic. A total of € 11m in new leases were signed on
average at terms of 8% above market value (ERV) and 2%
above previous rents (MGR, minimum guaranteed rent, uplift).
The signing of new leases at Shopping 1 in Genk with New
Yorker, Skechers, Vero Moda and ONLY helped maintain a
98% occupancy rate at our Belgian centers. Other new
leases of note included Danish fashion brand Vila (Nivelles
and Liège), Vero Moda (Nivelles), fashion retailer Devred
(Belle-Île) and Prego!, the fresh food concept (Nivelles and
Les Bastions, Tournai). We also signed new leases with
Albert Heijn, MediaMarkt and Dreamland in Retail Park De
Mael in Bruges. Meanwhile, iServices opened new mobile
repair and refurbishment boutiques at Les Bastions and
Shopping Nivelles.
Other new leases included those with household goods
discounter Wibra at Genk Stadsplein and Courtrai, with
Levi’s at Les Bastions and with the perfume boutique Adopt
in Nivelles.
Footfall rose 1.5% compared with 2024.
Results & valuation
Net rental income rose 7.7% while the minimum guaranteed
rent (MGR) uplift on top of indexation was +1.8%. The 2025
revaluation of our Belgian properties was -0.5%.
(% of annual rental income, end 2025)
Tenant mix in Belgium
7
7
4
32
10
11
15
11
4
Food
Fashion (mainstream)
Health & Beauty
Food & Beverage
Homeware & Household
Fashion (discount)
Other Daily Life Retail
Shoes
Multimedia & Electronics
Daily Life:
Non-daily Life:
Annual Report 2025
Wereldhave N.V.
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Additional
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Key economic data (Luxembourg)
2024 2025E 2026E 2027E
GDP growth, yoy
2
0.3 0.8 1.9 2.0
Harmonized index of
consumer prices, yoy
2
2.3 2.5 2.1 1.9
Unemployment 5.8 5.9 5.8 5.7
Private consumption, yoy
2
3.2 1.6 2.0 2.0
1 E = Estimated.
2 Yoy = year over year.
Source: Organization for Economic Cooperation and Development, Economic Outlook
December 2025.
Major market and operational developments
We launched a new phase of our growth strategy in
February entering the Luxembourg market. We bought two
shopping centers – Knauf Shopping Pommerloch and Knauf
Shopping Schmiede – for a combined price of € 165m.
These acquisitions fit into our LifeCentral strategy as both
assets have the potential to create value through their
transformation into Full Service Centers.
The two locations met all our acquisition requirements with
Pommerloch already having a good mix of daily life, fashion,
food & beverage, leisure and services. Both centers operate
above our IRR threshold of 8% (8.9% at Pommerloch and
9.6% at Schmiede). More than half the visitors at both
centers come from Belgium.
Luxembourg is a high-income country with a regulated
supply of retail space. Its real estate market and associated
legislation is similar to neighboring Belgium. Because of the
country’s proximity to our existing markets, we can control
costs, for instance through the sharing of management
resources.
Huldange (Schmiede)
Pommerloch (Pommerloch)
Top 10 tenants
1
Ahold Delhaize
2
Q8
3
Sports Direct
4
Redisco
5
New Yorker
6
Bestseller
7
C&A
8
H&M
9
Cassis - Paprika
10
MS Mode
75,900
Lettable space (m
2
)
4.7m
Footfall (total visitors)
2
Number of centers
Key developments
Luxembourg
Centers
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Planning is already underway on implementing many of the
concepts that have proved successful at our FSCs, such as
eat&meet areas and the point. We will extend this to mapping
customer journeys through the centers. Of the two assets,
Schmiede requires more work to bring it up to our FSC
standards, and to rebalance the tenant-mix to lower the
percentage of traditional retail. At Schmiede, we have
already been looking at attracting anchor tenants, adding a
gym and improving the F&B offering. Meanwhile, we
secured important lease extensions with parapharmacy
Medi-Market in both centers and with fashion retailer Veritas
and Hema in Knauf Schmiede.
Key data on shopping center operations
2025 2024
Net rental income (in €m) 11.4 -
Occupancy 97.2% n.a.
Investment properties in operations (in €m) 188.4 -
Investment properties under construction (in €m) - -
Acquisitions (in €m) 165.0 -
Disposals (in €m) - -
EPRA NIY 7.3% n.a.
1 Including lease incentives.
The Luxembourg assets were acquired in 2025.
Results & valuation
We signed € 1m of new leases, which on average were 8%
above their estimated rental value (ERV) and in line with
previous rent. Since acquiring the two centers in
Luxembourg their valuation increased by 13% to € 22m.
(% of annual rental income, end 2025)
13
7
2
29
29
1
8
6
4
Tenant mix in Luxembourg
Food
Fashion (mainstream)
Health & Beauty
Food & Beverage
Homeware & Household
Fashion (discount)
Other Daily Life Retail
Shoes
Multimedia & Electronics
Daily Life:
Non-daily Life:
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Additional
information
Key economic data (France)
2024 2025E 2026E 2027E
GDP growth, yoy 1.1% 0.8% 1.0% 1.0%
Harmonized index of
consumer prices, yoy 2.3% 1.0% 1.3% 1.6%
Unemployment 7.4% 7.6% 7.7% 7.4%
Private consumption, yoy 1.0% 0.4% 0.7% 1.1%
1 E = estimated
Source: Organization for Economic Cooperation and Development (OECD), Economic
Outlook December 2025.
Major market and operational developments
In France, several important lease renewals have been
secured across both shopping centers, underlining
continued tenant commitment despite a challenging
macroeconomic backdrop. The French investment market
remains very subdued, largely due to ongoing political
uncertainty and limited economic growth prospects.
The combined occupancy rate of the French shopping
centers increased to a solid 97.0% at the end of 2025.
Visitor numbers in France were 0.5% higher than in 2024.
For comparison, the French market overall showed a 0.9%
increase in visitors. Tenant sales for 2025 at the two centers
were 2.2% down compared with the same period last year.
Côté Seine (Paris) delivered a strong operational
performance over the year. Footfall increased by more than
6% year-on-year, making it the second-best year on record
for the center. This positive momentum was supported by
the successful opening of New Yorker and several F&B
kiosks, plus key new leases with Adopt, Jack & Jones, and
Wingstop, amongst others, as well as renewals with
Générale d’Optique and Yves Rocher.
Argenteuil (Paris)
Bordeaux
Top 10 tenants
1
A.F. Mulliez
2
New Yorker
3
Sephora
4
GrandVision
5
Jumbo Group
6
Yves Rocher
7
Normal
8
Basic Fit
9
SFR
10
Nature & Decouvertes
43,600
Lettable space (m
2
)
12.4m
Footfall (total visitors)
2
Number of centers
Key developments
France
Centers
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- France
Mériadeck (Bordeaux) experienced a slight decline in
annual footfall, in line with a broader regional downturn in
the Bordeaux area. On the commercial side, the center
completed the upgrade of its F&B offering with the addition
of three new kiosks and secured new leases with Chaussea,
Franck Provost and La Boutique du Coiffeur among others.
Renewals with Générale d’Optique, Hema and Paul further
enhanced the centers’ offering.
Key data shopping center operations
2025 2024
Net rental income (in €m) 9.0 8.3
Occupancy 97.0% 96.9%
Investment properties in operations (in €m) 177.0 174.7
Investment properties under construction (in €m) - -
Acquisitions (in €m) - -
Disposals (in €m) - -
EPRA NIY 5.0% 5.1%
1 Including lease incentives.
Results & valuation
Net rental income grew by 8.2% year-on-year, due to a
stronger performance in the second half of 2025. The year
saw a -1.9% revaluation of our French centers.
(% of annual rental income, end 2025)
12
3
4
13
13
9
21
12
13
Tenant mix in France
Food
Fashion (mainstream)
Health & Beauty
Food & Beverage
Homeware & Household
Fashion (discount)
Other Daily Life Retail
Shoes
Multimedia & Electronics
Daily Life:
Non-daily Life:
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information
Tenants and visitors
The success of our LifeCentral strategy depends on having the right mix of tenants and services. Increasing the share of
mixed-use gives consumers new and more reasons to visit and helps us to ensure their experience is enjoyable, whether for
shopping or leisure.
Mixed-use and daily life growth
As consumer habits change, so do our centers. We believe
that our visitors expect more than just a place to buy
products. Meeting friends for a drink or a meal, working out
at a gym, or watching a movie – these activities exist
alongside shopping for necessities at our Full Service
Centers. As we transform and modernize more locations,
we aim to offer visitors a multitude of enjoyable reasons to
visit and thereby increase footfall for our tenants.
Within retail, daily life stores again performed well in 2025
as cost-conscious consumers continued to focus more on
essential purchases than on discretionary goods like
fashion. This segment now accounts for more than two-
thirds of our rental income. Our mixed-use share rose to
16.4% from 14.7% in 2024.
The Food & Beverage (F&B) category continues to fuel the
strong results of our mixed-use tenants. F&B sales rose 3%
year-on-year in Belgium and were up 4% in the Netherlands.
Tenant Support
Our relationship with our tenants is central to our business. Our
Tenant Support Program is aimed particularly at helping smaller
businesses in areas such as marketing and communications.
In 2025 we also introduced our marketing platform
Centermedia, which offers business partners proven media
and marketing support for a successful store launch,
seasonal campaign or product introduction. Centermedia
combines the power of in-center digital screens, targeted
advertising, brand activations, and live events with strong
local reach across websites, email and social media.
From an ESG perspective, we work closely with all tenants
in developing our sustainability policies (see pages 50-58
for more details).
Improving customer experience
To support our customer-oriented approach, our employees
engaged directly with visitors through “Customer Talks” to
gather feedback on specific features of our centers. For
instance, our teams have conducted surveys evaluating
customer satisfaction with play & relax, eat&meet, every.deli
and the point. We also introduced a custom scent to ensure
our centers provide a more welcoming atmosphere.
We also pay considerable attention to “customer journeys”
whereby we endeavor to ensure the design and layout of
our centers are not only attractive but also meet the needs
of our visitors, as well as increasing visibility of the stores
and facilities.
Visitor experience surveys are carried out regularly using a
Net Promoter Score (NPS) assessment, which asks people
to what extent they would recommend the experience of
shopping at our centers. We use these insights to shape our
decisions on tenant planning, center look and feel,
ambience, and new concepts and services. The final NPS
score for our core markets in 2025 was +22, compared with
+23 in 2024.
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Tenants and visitors
Net Promoter Score since launch
of our LifeCentral strategy
Net Promoter Score
20252021 2022 2023 2024
0
5
10
15
20
25
30
The chart above shows combined NPS for our centers in the Netherlands and Belgium.
NPS measures the likelihood that visitors would recommend Wereldhave centers to others.
Visitors rate their response on a scale of 0 to 10 (with 10 being extremely likely). NPS is
calculated by subtracting the percentage of detractors (those scoring 6 or below) from
promoters (those scoring 9 or above).
% mixed use tenants
(by m
2
at Wereldhave in Netherlands, Belgium and,
as of 2025, Luxembourg)
2026
(target)
2020 202320222021 2024 2025 Blueprint
0
5
10
15
20
25
Blueprint composition of mixed-use space
Netherlands
52%
11%
21%
6%
3%
4%
Total area: 46,000m
2
Food & beverage
Leisure & entertainment
Fitness & wellness
Healthcare
Co-working
Servicing community
Services - Mixed Use
3%
Blueprint composition of mixed-use space
Belgium
60%
11%
14%
3%
5%
1%
6%
Total area: 30,800m
2
Food & beverage
Leisure & entertainment
Fitness & wellness
Healthcare
Co-working
Servicing community
Services - Mixed Use
Blueprint composition of mixed-use space
Luxembourg
55%
23%
16%
1%
2%
3%
Total area: 11,500m
2
Food & beverage
Leisure & entertainment
Fitness & wellness
Healthcare
Servicing community
Services - Mixed Use
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Our customer experience
principles
Every decision we make when it comes to Full
Service Centers is guided by four basic principles;
these set out what tenants and visitors should
experience at our centers:
Convenience We make your everyday life
as easy as possible.
Hospitality We make sure you enjoy
spending time with us.
Better together We are better together every
day.
Local impact We have a positive impact
on our communities
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Healthy visitors, healthy
business
From 2026, visitors to Cityplaza in Nieuwegein can
benefit from a broad range of health services with
the opening of a new health center, including a
general practitioner, and eventually a dental, practice.
The development is the latest addition to the health,
fitness and well-being clusters we have created
across our Full Service Centers. Leases with Yellow
Gym and Basic-Fit have increased the number of
gyms at our premises over recent years while
physiotherapy, pharmacies, a laser clinic and a
dietician can be found at other centers.
The trend to integrate fitness and healthcare services
into retail centers has been growing in Europe,
particularly in Sweden, as its potential to benefit
consumers, retail landlords and tenants is being
increasingly recognized.
1
Driving this expansion are demographic factors such
as aging and increasing urban populations. Rising
interest in preventative health and well-being
suggests demand will grow further.
Revenue in the overall European fitness market grew
by 9.8% in 2024 while the accessibility of retail
assets with strong public transport links and free
parking makes them particularly appealing sites for
healthcare services.
1 CBRE Research December 2025.
Commercial clusters and concepts
During 2025, we sustained our investment in upgrading and
expanding our commercial clusters. These groupings of
complementary shops and services, such as for healthcare,
food and beverages or practical services, help to enhance
visitors’ experience and are central to how we conceive of
our centers as places not only to shop for everyday needs,
but where you can spend time socializing, or for example,
watching a movie or exercising at the gym. Updates in 2025
included:
•
every.deli (fresh food): Italian fresh food store Prego!
opened at Les Bastions and Nivelles centers in Belgium.
Prego! was already established at the integrated food
court at our new Ville2 center.
•
eat&meet (food and beverages): Our new eat&meet
square was completed at our Kronenburg center.
Meanwhile, recent tenants at the new F&B square at
Nieuwegein included Café de Burcht and De Pannenkoe.
Barista Café joined FSC Vier Meren, while a new outdoor
eat&meet area opened at Shopping 1, Genk.
•
health & fit (health and well-being): A new health center
is nearing completion at Nieuwegein, providing a range
of health services including a GP’s practice.
•
the point (service hub): Our the point hub at Les
Bastions was renewed, while iServices opened
new mobile repair shops at both Les Bastions and
Shopping Nivelles.
•
Other facilities and services: New play & relax facilities
as well as improved terraces and parking spaces with
EV chargers were completed at Shopping Nivelles.
Modernized car parking at our French centers have also
helped boost footfall.
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People and partners
Our workforce
Wereldhave employed 139 people at the end of 2025. Of
these, 91% were permanent staff, whereas 25% worked
part-time.
In addition to our own employees, we work closely with
suppliers and contractors to support operations and deliver
essential maintenance, cleaning and security services.
Throughout our business, we look to attract talent by
offering good salaries, benefits, a supportive workplace and
opportunities for career progression. Most employees work
either at our head office in Amsterdam, or at our regional
head office in Vilvoorde, Belgium.
We promote a healthy work-life balance. Employees may
work remotely with flexible working hours; they also benefit
from an additional hours of annual leave over and above
statutory requirements.
Please refer to ‘Social indicators’ beginning on page 169 for
data pertaining to our workforce in 2025.
Our Code of Conduct
All employees, including temporary staff, must abide by our
Code of Conduct. This Code - aligned with OECD Standards
and the UN Global Compact - is reviewed periodically by
the company’s Supervisory Board to ensure compliance and
effectiveness.
The Code addresses topics such as compensation,
company culture, health and safety, human rights, and
employee well-being, and is supported by a separate
Employee Handbook.
Wereldhave’s Code of Conduct also mandates that all
business should be conducted with honesty, integrity and
trust. It also commits us to providing a work environment
where all individuals are treated with respect, regardless of
race, religion, gender, sexual orientation, age or disability.
Employees have a responsibility to report suspected
violations to management. We maintain a complaints
procedure that allows employees to report in confidence
and without fear of retaliation.
Our Code of Conduct and Business Integrity Policy were
last updated in early 2026. Our Employee Handbook is also
regularly updated.
In addition, we have internal policies to support our
transition to a more sustainable business model. These
include environmental and waste management policies, as
well as policies on the use and impact of AI, and managing
workload and stress. Key policies are available on our
company website, while employees have access to internal
guidelines and policies via our intranet.
Collective bargaining and works council
•
In the Netherlands, Wereldhave has a Works Council,
representing all employees in our Dutch businesses.
Topics discussed by the Works Council with
the Board of Management in 2025 included the Code of
Conduct, human resources, environmental policies and
data security.
•
In Belgium, we have a union delegation, representing
employees on labor-related matters, and a separate
Committee for the Prevention and Protection at Work
focusing on safety, well-being and health.
Due to our relatively small workforce, we do not have
collective bargaining agreements in place.
Employee engagement and working environment
We conduct regular employee engagement surveys to
ensure we continue to meet employees’ needs and offer a
supportive work environment.
At Wereldhave we have a small but dynamic workforce, focused on creating value for our stakeholders and pursuing
our LifeCentral strategy. Engagement by all our employees is a crucial factor to how successful we are.
2. Assets 3. Vastgoed
ecosysteem
4. Stakeholders 5. KPI’s en feiten 6/7. Sustainability 8/9. Annual &
financial reports
9. Extra1. Landen
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People and partners
Results from these surveys are discussed by management,
and action plans are put in place to improve performance,
address any weaknesses and further strengthen relations
between employees and the company.
Our 2025 survey showed an overall engagement score of
8.0, compared with 7.7 the previous year. Our goal is to
achieve a score of at least 7.5 in each of our operating
countries and minimum participation rate of 80%. In 2025,
75% of our employees took part in the survey.
Learning and development
Employees have access to a range of learning opportunities
focusing on both technical skills and personal development.
We provide access to dedicated leadership programs for
current and future leaders and have invested in online
training in areas such as time management, communication,
personal effectiveness, and mental well-being. Workshops
and seminars aligned to our LifeCentral strategy have
covered topics such as sustainability, innovation and
operational excellence.
Each year, the company offers training and development
programs for all employees that are determined by the most
relevant topics for that period. In 2026, a company-wide AI
training was made available to all employees, ensuring
everyone has the opportunity to develop key digital skills.
Additionally, staff in the Netherlands received specialized
hospitality training to address local industry needs and
enhance customer service standards. Furthermore, job-
specific training is also available upon request, allowing
employees to further tailor their professional development
to their individual roles and responsibilities.
Wereldhave provides anti-corruption and anti-bribery
training programs through a third-party once every three
years. In 2025 all staff and management in Belgium and
Luxembourg have been trained.
All employees undergo annual performance evaluations,
and individual development plans are established where
relevant.
Training and professional development programs are a key
to the importance we place on retaining talented individuals
who make an exceptional contribution to the company. We
aim to attract young talent through our intern programs,
entry level positions for graduates and mentorship schemes
for career development.
Leadership development and succession planning
processes are in place for key roles. Training effectiveness
is monitored by HR and reported to senior management.
In 2025, 92.5% of our employees received training, with an
average of 53 training hours per employee.
Health and well-being
We aim to provide a safe and healthy workplace for
everyone. To do this, we support employee well-being
through our vitality program, available to permanent and
temporary employees. Through this program, we offer
non-pay benefits, including access to fresh fruit at work,
nutritious lunches, bike leasing, discounts on sports club
memberships, organized sporting events and optional
health screenings.
Wereldhave prioritizes employee safety and well-being. To
address workplace concerns, we have a formal Complaints
Policy with both informal and formal procedures. This policy
serves as a grievance mechanism, allowing employees to
raise issues or disputes in a structured manner. Employees
are encouraged to resolve issues directly or with support
from managers, HR, or confidential advisors. Formal
complaints can be submitted to independent or internal
confidential advisors, or to the Complaints Committee,
which investigates cases and makes recommendations to
the Executive Board. Corrective actions range from
warnings to dismissal, and all complaints are handled
confidentially with protection against retaliation. HR and
advisors monitor each case until resolution, while ongoing
follow-ups and training improvements help ensure the
policy's effectiveness.
All operational safety is managed through our mandatory
Risk Inventory and Evaluation (RI&E) systems and incident
registrations; this is supported by our Workplace Accident
Prevention Policy, which includes provision for regular
safety training.
Diversity, equality and inclusion
We continue to believe that strong diversity, equality and
inclusion practices are not only good for the well-being of
our employees but also benefit our business. These
practices help us attract and keep the best people, make
smarter business decisions, and deepen our connection to
the local communities we serve.
While regulatory pressure in the area of corporate
governance appears to be loosening, we are convinced that
our customers in particular and the public in general expect
a company like ours to act responsibly and fairly by
promoting diversity, equality and inclusion.
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We are dedicated to advancing gender balance in our
leadership. We recognize that further steps are required to
reach our target of 33% female representation in the
Executive Team. At the end of 2025, women made up 25%
of Wereldhave’s Executive Team. Company-wide, women
currently account for 48% of our workforce.
Wereldhave’s Diversity and Inclusion Policy is designed to
promote a workforce that reflects broader society, ensure
equal pay for equal work and equal access to recruitment
and opportunities for career advancement.
As a company, we do not use quotas, but instead focus on
ensuring objective criteria when recruiting, promoting and
selecting candidates. In addition, perceptions of inclusion
and respect are included in our regular employee
engagement surveys. We report annually on progress
regarding gender diversity, including in management teams.
48%
Gender diversity (all employees)
52%
Men
Women
75%
25%
Gender diversity at Executive Team
1
level
1 The Executive Team consists of the Chief Strategy Ocer & Commercial lead NL,
the Chief Commercial Ocer for Belgium and the Chief Operations Ocers for the
Netherlands and Belgium. It supports the Board of Management, which consists of
the Chief Executive Ocer and Chief Financial Ocer, both of whom are male.
The Supervisory Board consists of one woman and two men.
Men
Women
Our suppliers and sub-contractors
We rely on external suppliers mainly for maintenance,
cleaning and security. In 2025 – a busy year for acquisitions
and the completion of a new Full Service Center – we spent
€ 130m on goods and services, compared with € 102m in
2024.
All suppliers operate in accordance with our Sustainable
Supplier Code. The Code’s standards cover the following:
•
Compliance with all relevant laws and regulations
•
Compliance with recognized human and labor rights
(including no child or forced labor, living wage, anti-
discrimination, protection of freedom of association and
collective bargaining)
•
Health and safe working conditions
•
Anti-corruption and bribery
•
Environmental standards (minimize environmental effects
in transport, use of materials and waste)
•
Maintenance and product requirements
We hold our suppliers, contractors and business partners to
the same ethical standards as we apply to ourselves. To
maintain these high standards, we perform annual reviews
and regular business conduct evaluations.
As part of our Better Tomorrow program (see page 50), our
Sustainable Supplier Code is grounded in the principles of
the UN Global Compact, the in-use requirements under
BREEAM (Building Research Establishment Environmental
Assessment Method), and the conventions of the International
Labor Organization (ILO). Its standards apply across our
entire value chain, including second tier suppliers and
sub-contractors, as well as employees and agency workers.
Central to our governance is a strict anti-bribery and
corruption framework. Our Code of Conduct sets clear limits
on gifts and entertainment provided by outside parties;
these also require the prior approval of management. The
Code is supported by regular employee training sessions
and monitoring. In 2025, Wereldhave had no confirmed
convictions of corruption or bribery and no fines were
incurred.
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Supplier sustainability monitor
As for most small and medium-sized companies, identifying
and addressing potential human rights risks among third
party suppliers is challenging. Action taken in recent years
has included a survey of suppliers, together with a
collaborative workshop to assess risks across three main
areas:
•
Contracting
•
Procurement of services
•
Procurement of goods
We have developed a human rights policy. We also work to
comply with the UN Guiding Principles on Business and
Human Rights and the OECD’s Due Diligence Guidelines for
Responsible Business Conduct. Please also see page 80 for
further details of Wereldhave’s internal sustainability
policies and guidelines.
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A Better Tomorrow
Amid an evolving legislative landscape, we continued to
pursue our environmental, social and governance ambitions
in 2025, updating our sustainability roadmap and working
together with our tenants to meet our targets. Our aim is to
ensure our activities and assets, including at our newly
acquired centers, continue to progress in decarbonization,
climate change mitigation and across a range of socially
and environmentally responsible policies.
The Wereldhave Better Tomorrow strategy stands strong
despite uncertainty surrounding EU policy and regulations.
We revised some of our targets and updated our double
materiality assessment. We also remain committed to
maintaining and, where necessary, improving our
environmental benchmark certification ratings, such as
BREEAM. Work has continued at our centers to reinforce
their Paris Proof progress and ensure that their energy
footprint aligns with objectives set out in the 2015 Paris
Climate Agreement.
Voluntary sustainability reporting
Following the European Parliament's approval of the
Omnibus I simplification package in December 2025,
Wereldhave is no longer subject to mandatory reporting
under the EU’s Corporate Sustainability Reporting Directive
(CSRD) or the Corporate Sustainability Due Diligence
Directive (CSDDD). The updated regulations significantly
raised the thresholds for compliance to 1,000 employees for
CSRD and 5,000 employees for CSDDD. As Wereldhave
falls below these revised mandatory cutoffs, we are officially
out of scope for these requirements. Nevertheless, because
our preparation for the CSRD gave us valuable insights into
the parts of our strategy that could be strengthened, we
decided to adopt the EU’s VSME. The decision enables us
to continue to provide a comprehensive and transparent
view of our progress toward improved sustainability.
2. Assets 3. Vastgoed
ecosysteem
4. Stakeholders 5. KPI’s en feiten 6/7. Sustainability 8/9. Annual &
financial reports
9. Extra1. Landen
Sustainability lies at the heart of our business and of our vision for the future. It is central to our value proposition to retailers and an
essential element in our relationship not only with consumers and communities, but also with tenants, employees and suppliers.
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A Better Tomorrow
Healthy and sustainable centers
A Better Tomorrow, our 2030 environmental, social and
governance (ESG) program, has been designed on the
premise that our centers should be healthy and sustainable
– beneficial for people, businesses and the environment. It
is divided into three pillars, each containing specific goals:
BETTER FOOTPRINT
BETTER NATURE
BETTER LIVING
To reduce our scope 1 and 2 carbon emissions
by 30% by 2030 and reduce our building-related
footprint with 94% by 2050 (CRREM aligned).
To improve the climate resilience of our centers.
By 2030, all high-risk assets have adaptation
plans to mitigate physical effects of climate
change and double the surface of vegetation
roofs and green spaces.
Improving safety, employee engagement and
community impact.
1 Under the Greenhouse Gas Protocol, scope 1 covers emissions from operations we control directly, scope 2 relates to the gasses emitted from the generation of the energy we purchase, such as electricity, while scope 3 are those produced across our value chain.
2 We have installed 173 EV charging points at our centers in Belgium. A further 18 are operational in Luxembourg. We plan to add another 350 across our centers in 2026.
3 Combined, our Paris Proof roadmaps are the equivalent of a Climate Transition Plan (as described in the VSME and other EU sustainability reporting regulations).
Better footprint
Scope 1 and 2 emissions and Paris Proof centers: We set a
target to reduce scope 1 and 2 emissions
1
by 30% by 2030.
To do so, we electrified our heating systems, insulated
roofs, changed lighting to more efficient LED, transitioned
away from fossil fuels and installing roof-top solar panels at
our centers. In 2025, we have installed over 800 solar
panels at our center in Courtrai and 376 at De Koperwiek
where supermarket group Jumbo utilizes the energy. Other
measures included increasing awareness and controls on
refrigerants in air-conditioning units, switching company
cars to electrics and using only renewable energy at our
centers in the Netherlands, Belgium and Luxembourg.
2
Given progress on reducing emissions, Wereldhave defined
a new long-term target on carbon reduction. Wereldhave
aims to reduce building-related scope 1, 2 and 3 emissions
by 94% by 2050 (location-based), using 2024 as a baseline
year. Additionally Wereldhave aims to decrease the energy
intensity per square meter with 42%, using 2024 as a
baseline year again. Both of these targets are set by
applying the Carbon Risk Real Estate Monitor (CRREM)
methodology, which provide sector-specific decarbonization
pathways. To achieve these targets Paris Proof roadmaps
3
have been developed for all centers across our portfolio.
These roadmaps cover the path until 2050 and are
recalibrated every year and prioritize energy efficiency,
increased use of renewable energy and continued
collaboration with both tenants and suppliers to minimize
upstream and downstream emissions (see below).
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Additional
information
Paris Proof roadmaps are integrated into our business and
financial planning, and must be approved by the company’s
Executive Team, as well as its Management and Supervisory
Boards. Carbon offsets are not included in the roadmaps.
Paris Proof actions in 2025 included roof insulation at our
centers in Courtrai, Nieuwegein and Arnhem. Meanwhile, a
skylight renovation at the Presikhaaf center in Arnhem is
expected to reduce heat loss by more than 50%.
3
4
5
2
1
Building-related scope 1 & 2 CO
2
emissions
2019-2025
(1,000 t CO
2
e, market-based energy related)
full portfolio
2019
2020
2022
2023
2025
2024
2021
Scope 3 emissions: We are taking action to reduce our
scope 3 emissions – those that are produced across our
value chain. Scope 3 emissions may be divided into five
categories: downstream leased assets, capital goods,
purchased goods and services, waste generated in
operations and other emissions such as employee
commuting.
Reducing these scope 3 emissions depends on effective
dialogue with our tenants. Our aim is to gain greater insight
into their emissions, so we can work with them to help
reduce energy usage and costs. In 2025, our main
discussions in this area were with our larger tenants. Our
initiative to supply tenants with electricity from solar panels
installed at our centers also supports this program.
Green Leases help underpin collaboration with tenants in
line with our agreed CRREM pathways and targets. These
contain specific clauses to encourage improved
sustainability through, for instance, greater use of
renewable energy, better waste management and the
sharing of energy and water consumption data. We are
integrating Green Leases into almost all new contracts. By
end-2025, Green Leases made up just over 79.3% of all our
core lease portfolio.
Our environmental policies: To implement our approach, we
have an Environmental Policy, as well as a Waste
Management and Resource Policy. Wereldhave has not
been excluded from any EU Paris-aligned benchmarks.
Our Environmental Policy relates directly to our Better
Footprint and Better Nature pillars, and mandates
integration of climate resilience into our business planning.
As part of the policy, we manage climate-related risks to our
business, including both transition and physical risks such
as heat stress and flash flooding. Risks are managed
through prevention measures and smart design.
Environmental policies are overseen by Wereldhave’s
Group ESG & Sustainability department, which also ensures
progress against our strategy and goals is communicated
regularly to outside stakeholders.
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Building-related scope 3 emissions
(x 1,000 t CO
2
e)
2023
2024 2025
.
Downstream
Leased Assets
.
Capital Goods
.
Purchased
Goods & Services
.
Fuel & Energy
Related
Activities
not in S or S
.
Waste
Generated
in Operations
(operational)
.
Waste
Generated
in Operations
(construction)
.
Business Travel
.
Investments
.
Employee
Commuting
CRREM Carbon intensity targets
Base year (2024) Target year (2050)
Target year reduction %
(2050)
GHG intensity 26.8 kg CO
2
e/m
2
/year 1.69 kg CO
2
e/m
2
/year -94%
Energy intensity 147.10 kWh/m
2
/year 84.8 kWh/m2/year -42%
Please refer to ‘Environmental Indicators’ beginning on
page 172 for data pertaining to energy, electricity, and CO
2
emissions in 2025.
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LEGEND
Under 85 t CO
2
-eq
COUNTRY
(40,771 t CO
2
-eq)
SCOPE
(40,771 t CO
2
-eq)
EMISSION CATEGORIES
(40,771 t CO
2
-eq)
Belgium
12,411
France
1,097
SCOPE 1
2,329
SCOPE 2
3,923
SCOPE 3
34,519
3.1 Purchased Goods & Services
4,186
Netherlands
25,471
Luxembourg
1,793
3.5 Waste Generated in Operation
– Operational waste
444
3.5 Waste Generated in Operation
– Construction waste
1,061
3.6 Business Travel
79
3.7 Employee Commuting
51
3.15 Investments
7
1.1 Stationary Combustion
1,821
1.4 Fugitive Emissions
384
1.2 Mobile Combustion
124
2.1 Purchased Electricity
(location-based)
3,812
2.3 Purchased heating
(location-based)
111
3.2 Capital Goods
9,144
3.13 Downstream Leased Assets
16,486
3.3 Fuel & Energy Related Activities
not in S1 or S2 (location based)
3,061
1 Scope 1 refers to direct emissions from the company’s own energy sources, scope 2
to indirect emissions resulting from purchased energy and scope 3 to all other indirect
emissions occurring in the value chain, upstream and downstream, as a result of the
company’s activities. In 2025, we have recalculated Capital Goods and Purchased
Goods and services, which also has an impact on Waste generated in Operations.
This is now split to reflect Operational and Construction waste. See Qualifying notes
ESG reporting on page 82.
Carbon flow analysis, scope 1, 2 and 3 emissions per country
Our carbon flow analysis shows most emissions (just over
85%) come from our broader value chain (scope 3) –
generated as a consequence of our business relations with
suppliers, contractors and tenants. Only around 15% comes
from our own operations.
According to our analysis, the Netherlands accounts for
more than 63% of total emissions, Belgium for 30%,
Luxembourg for 4% and France for 3%.
VANUIT WORD OVER
KOPIEREN !!!
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Carbon flow analysis
Resource use and waste
Resource use and waste management have been a key part
of Wereldhave’s strategy since 2020. Our main objectives
are to divert waste from landfill, achieve accurate waste
separation and increase recycling of materials, including
paper, cardboard, plastics and waste food and drinks.
We have a waste management strategy across all
Wereldhave assets, and encourage our tenants to adopt
similar strategies. We also encourage visitors to recycle
waste through Recycle Points at several centers.
Our Waste Management Policy applies across all centers
and focuses on waste prevention and progress toward
closed-loop waste management. As part of our policy, we
use a Ladder of Lansink approach, ranking waste treatment
from the least preferred to the most optimal. By using this
approach, centers can reduce waste and increase resource
recovery.
In 2025, Wereldhave updated its targets relating to
resource use and waste. In addition to our long-standing
target of zero waste to landfill, we will also aim to increase
our recycling rate to 40% by 2030.
On recycling, we still have work to do, but are confident we
can achieve our target given measures planned and
continued support of tenants and visitors. Measures are
focused mainly on raising awareness of the importance of
waste management, and installing sorting infrastructure at
our centers, including central waste collection areas
equipped with adjustments to our storage facilities and
1 Physical climate risks were assessed using Representative Concentration Pathway scenarios for future emissions.
compactors. We also plan to move toward a polluter pays
model for waste management and introduce dedicated
organic waste streams.
To improve waste management, we have already
introduced recycling points in some our centers, allowing
visitors for example to dispose of used batteries, bulbs and
electrical appliances. External experts conduct audits to
highlight possible areas of improvement and ensure the
continued effectiveness of our waste collection processes.
Sorting standards are communicated to tenants at annual
meetings.
Please refer to ‘Environmental Indicators’ beginning on
page 172 for data pertaining to resource and waste in 2025.
Better nature
Our climate resilience plans aim to protect our centers
against the principal hazards of flooding, heat stress and
extreme weather. Our target is for all retail assets to have a
climate risk assessment by 2030, with an adaptation plan in
place for locations assessed as high risk.
We conducted a comprehensive portfolio climate risk
assessment based on the Framework for Climate Adaptive
Buildings (FCAB), a process using satellite data, and the
calculation of a detailed climate risk score for each center.
Physical risks were assessed against various scenarios
reflecting different greenhouse gas trajectories over various
timeframes.
1
Examples of mitigation action identified include installing
door and floor seals and relocating our installation rooms
out of reach of flood water.
We also assessed transitional risks and opportunities based
on a +1.5°C global warming scenario. They included the
possible emergence of stricter regulations affecting building
energy performance and carbon pricing mechanisms;
greater investor and tenant demand for low energy buildings;
and the reputational risk of a potential failure to meet
decarbonization targets, which could affect Wereldhave’s
access to sustainable finance. At the same time, transition
represents opportunities to improve our centers and create
shared goals with tenants through Green Leases.
Physical and transitional risks are embedded in financial
planning through maintenance and ESG capital expenditure
forecasts.
Our on-going risk assessments are conducted using two
methods: BREEAM (Building Research Establishment
Environmental Assessment Method) In-Use and CRREM. All
Full Service Centers should have a minimum “very good”
BREEAM rating.
The company does not undertake brownfield
developments. Environmental due diligence is performed,
where applicable, to assess potential contamination risks
prior to property acquisitions. The company does not
undertake greenfield developments. Its strategy focuses on
the management and refurbishment of existing assets. As
such, no green building certification commitments are
applicable to greenfield projects.
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We are also doubling the amount of green space at our
centers to enhance biodiversity and climate resilience. In
Purmerend, for instance, a large green wall of vegetation
has been created in collaboration with the municipality at
the Eggert Full Service Center. It will contribute to better air
quality, greater biodiversity and a more pleasant
environment.
12
52
35
1
BREEAM
1
certifications FSCs
(as % of total gross lettable area)
Excellent
Very good
In process of (re)certification
Not certified
1 All our Full Service Centers should have a minimum “very good” rating. Measures are
taken internally to improve this score in the next recertification. Some assets are not
certified as they do not apply to the BREEAM certification scope.
Better living
Our centers bring local communities together. They offer
more than just services; by creating a welcoming place to
meet and hosting events, they help reduce feelings of
loneliness and social exclusion. Through our Better living
goals, we aim to strengthen local community engagement,
with centers required to dedicate at least 1% of their annual
net rental income to good causes.
1 GRESB – Global Real Estate Sustainability Benchmark.
2 EPRA – European Public Real Estate Association.
By having a positive impact on the lives of residents within
the catchment area of each center, we not only raise the
public’s appreciation of our role in the community but also
reinforce our business model, by establishing strong
relations with local consumers.
We prioritize collaboration with local associations such as
employment organizations, food banks and municipalities,
but we also work with NGOs such as the Red Cross, which
organizes blood donation sessions, UNICEF and Médecins
Sans Frontières. Each center tailors its engagement to the
needs of its local community. Over a two-week period in
August 2025, for example, a school supply drive was
organized at Shopping Nivelles to support children in need
before the beginning of term. Visitors donated 210 kg of
new or as-good-as-new supplies at a drop-off point in the
center for collection by local charity Les Petits Riens. At a
blood donation and information bank set up at the same
center for a month, 483 visitors gave blood.
Some initiatives such as Closet Sales are widespread across
centers. Here, a space is provided at a center for a local
resident to sell clothing, accessories or home decorations.
Our centers also regularly facilitate fundraising events for
local charities or simply provide entertainment for young
children.
External benchmarks and certification
We continued to receive recognition from sustainability
benchmarks such as GRESB
1
, EPRA
2
and BREEAM,
underscoring that we are pursuing the right path and
highlighting the value of our ongoing investments. GRESB
allows us to measure our progress against the market and
help shape our future strategic course.
While nevertheless high, our GRESB rating slipped to 4
stars in 2025 from 5 stars in 2024. We are focused on
getting back to the top rating in 2026.
The table below shows our performance against our main
external ratings and benchmarks.
External benchmarks and certifications
2025 2024
GRESB 4 stars (88 points) 5 stars (92 points)
BREEAM (% centers rating ‘very good’ or excellent) 64% 85%
CDP B rating A rating
EPRA Gold award Gold award
Institutional Shareholder Services (ISS) ESG corporate rating Prime Prime
MSCI ESG BBB BBB
Sustainalytics 11.2 Low risk 13.0 Low risk
Energy Performance Certificates (EPC) (number of centers with A-grade EPCs) 41% 42%
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Please note that “A Better Tomorrow” – our sustainability program – is tied directly to a number of underlying SDG targets: 7.2, 7.3, 8.8, 11.5,
11.6, 11.7, 11.B, 12.2, 12.5, 13.1, and 17.16. For more information, see https://sdgs.un.org/goals. SDGs 7, 11, and 13 link directly to the EU’s
taxonomy for sustainable activities (to the taxonomy’s climate change mitigation objective and to three designated economic activities:
construction of new buildings, 26.2; renovation of existing buildings, 26.3; and acquisition and ownership of buildings, 26.5).
For more information on the EU’s taxonomy, please refer to:
https://finance.ec.europa.eu/sustainable-finance/tools-and-standards/eu-taxonomy-sustainable-activities_en.
Affordable and clean energy
We use renewable energy where possible; we also produce
solar energy from panels at our centers.
Our strategic
Sustainable Development
Goals (SDGs)
Decent work and economic growth
We have high standards of health and safety at our centers –
and work with tenants and sub-contractors to maintain them.
Sustainable cities and communities
We are improving climate resilience at our centers – and
providing public access to green spaces. We also support
local community initiatives.
Responsible consumption and production
We are working to cut back waste generation, increase
recycling and use circular solutions in our development projects.
Climate action
We are reducing our carbon footprint – and aiming to be
Paris Proof by 2050.
Partnerships for the Goals
We are working closely with tenants and visitors to reduce
emissions and waste across our value chain.
UN Sustainable Development Goals (SDGs)
As part of A Better Tomorrow, we’ve linked our ambitions directly to the
UN Sustainable Development Goals (SDGs). We’ve chosen six SDGs as
strategic ambitions, where we believe Wereldhave can contribute the
most to the international development agenda. Through our Full Service
Center transformations, SDGs are also tied directly to our LifeCentral
strategy. In addition, use of proceeds under our Green Finance
Framework is mapped to three of our strategic SDGs (SDGs 7, 11 and 13).
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Mapping a Better Tomorrow to UN SDGs
Better footprint
1 Carbon Risk Real Estate Monitor.
Relevant SDGs Priorities Ambitions Performance in 2025
Energy &
carbon
• Reduce carbon emissions by 30% by
2030 (combined scope 1 and 2)
• Be aligned with the CRREM
1
pathway
for 2050 to stay aligned with a +1.5°C
global warming scenario.
• Carbon emissions (CO
2
equivalent, scopes 1 and 2, market-based):
1994 metric tons (-54% vs. 2018)
• Onsite solar energy production: 5,372 MWh (2024: 3,736 MWh)
• Renewable energy use (as % of total electricity consumption: 12%
• (vs. 12% in 2024)
Materials • Achieve zero waste to landfill and
increase recycling rate to 40%.
• Percentage of waste going to landfill: 4% (vs. 2% in 2024)
• Percentage of waste recycled: 38% (vs. 35% in 2024)
• Water consumption: 192.046 m
3
(vs. 160,981 m
3
in 2024)
Value chain
Impact
• Partner with tenants and visitors to
reduce emissions
• Carbon emissions full scope 3 (CO
2
equivalent, scope 3): 34,519
metric tons CO
2
(+5% compared to 2024 (32,991 ton CO
2
)
• Carbon emissions building related scope 3 (CO
2
equivalent, scope 3):
16,486 metric tons CO
2
(-28% compared to 2024 (22,937 ton CO
2
)
Better nature
Relevant SDGs Priorities Ambitions Performance in 2025
Resilience • Ensure 100% of high-risk centers have
adaption plans to mitigate physical
effects of climate change.
• Percentage of centers with climate adaptation plans: 100% (vs. 77%
at end 2024)
Habitats • Double surface of vegetation on roofs
and green spaces by 2030 (compared
with 2018)
• Total green spaces at Wereldhave centers: 41,430 m2 (41,071m
2
in
2024)
Better living
Relevant SDGs Priorities Ambitions Performance in 2025
Well-being • Aim for zero safety incidents at
• Wereldhave centers
• There were no incidents of non-compliance in 2025 (2024: 0)
Employees • Employee engagement score of at
least 7.5 for each of our operating
countries
• Employee satisfaction score 2025 8.0 (vs. 7.7 in 2024)
Communities • Contribute at least 1% of Net Rental
Income to socio-economic and social
inclusion initiatives
• Support for social activities, charities and other good causes:
€ 3.1m (vs. € 2.28m in 2024)
• Social investment as percentage of Net Rental Income: 2.0% (vs.
2,0% in 2024)
Global Compact
Wereldhave is a member of the UN’s Global Compact,
which promotes ethical conduct in business. We strive to
apply the ten principles of the Global Compact concerning
human rights, labor, environment and anti-corruption. Our
organization also aims to make use of the experience of the
Global Compact network, educating our employees and
learning from peers.
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Outlook
Economic growth in our core markets, while continuing to show resilience amid increased trade tensions, is expected to remain subdued.
1
In the Euro
zone, GDP growth is projected to ease modestly in 2026 before picking up slightly the following year. The European Central Bank’s policy interest
rates are seen remaining unchanged until the end of 2027 with inflation staying close to its target of 2%. However, the uncertain geopolitical climate
is unlikely to help improve relatively lackluster levels of consumer confidence. With households expected to remain cautious in their spending
decisions, our LifeCentral strategy appears, more than ever, the right path to follow to drive business growth over the coming years.
1 Source: OECD Economic Outlook December 2025.
2 Source: Reuters news article.
Economic conditions
In the Netherlands, GDP growth is expected ease to 1.4% in
2026 before strengthening to 1.6% in 2027. Inflation is likely
to fall closer to the European Central Bank’s (ECB) target
rate, at 2.2% in 2026, from 2.9% in 2025. In Belgium,
household consumption is set to slow, though economic
growth should remain generally stable, albeit at weak levels
(projected at 1.1% in 2026 and 1.2% in 2027). Wage growth,
which has been an important driver of economic expansion
in recent years, is likely to moderate, due in part to a
temporary government mechanism limiting automatic
indexation of pay for the better-off. The move is expected to
contribute to Belgian inflation falling below 2% in 2026.
The economy in France, which has suffered recently from
both international and domestic political uncertainty, is
expected to strengthen slightly, with GDP growth seen at
1.0% in both 2026 and 2027, after 0.8% in 2025. Inflation is
projected to remain under control while domestic
consumption and private investment should gradually
recover once clarity over the government budget is re-
established. Prospects in Luxembourg appear more
dynamic with GDP growth projected to pick up from 0.8% in
2025, to 1.9% in 2026 and 2.0% in 2027, supported by
business investment and recovering financial sector activity.
Household consumption will remain firm as wage indexation
and receding inflation bolster real disposable income.
Retail market
Though inflation has fallen, easing pressure on both
retailers and households, the lingering effects of recent
price rises are still being felt. Shoppers are likely to continue
to focus on price – giving discounters an advantage in an
increasingly competitive sector. The wave of bankruptcies
that hit retailers over the past two to three years appears to
have broken, but consumer behavior and preferences may
change rapidly, requiring commercial agility, adaptation and
innovation for shops to thrive.
Even as the rapid growth in the e-commerce sector appears
to be slowing – particularly in goods – omnichannel
strategies are becoming increasingly important. Physical
retailers are also having to develop more sophisticated
digital strategies, for instance in the area of logistics,
forecasting, customer loyalty schemes and marketing.
Grasping the opportunities posed by AI adds a further
challenge, and could accelerate polarization between high
performing retailers with a solid customer base and those
who struggle to maintain margins.
Nevertheless, fundamentals remain strong with relatively
low levels of unemployment, growing populations and rising
wages across our markets. With their mixed-use tenancies,
our centers are well positioned to adapt to evolving
consumer trends.
A potentially positive impact on physical retail is the
imposition of taxes on e-commerce packages imported from
outside the EU, primarily from China. The EU has agreed to
set a € 3 customs duty on low-value parcels from 1 July
2026.
2
The move should generate more store traffic and
increase physical retailer sales, particularly in the low-cost
everyday life segment.
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Outlook
Financial & strategic performance
Healthy leasing activity and a tightening supply of high-
quality space should continue to put upward pressure on
rent levels.
1
At the same time, we will continue to expand
other revenue streams – management fees for third parties
in joint ventures for instance, or in advertising as the digital
value of footfall at our centers has increased. Our deal with
Ocean Outdoor for new screens across our Dutch centers is
a promising development in this area.
As our three recent acquisitions in Luxembourg and
Belgium have shown, Wereldhave is now fully engaged in
its growth phase. We are becoming more equity-light in the
Netherlands where we will consider other joint ventures and
intend to continue to rotate capital out of the Dutch market.
We are exploring further growth opportunities in Belgium –
a more tax efficient environment for us and where we also
see some attractive assets. We continue to assess the
potential for the sale of our two centers in France, to lower
our LTV.
At Wereldhave, we are preparing to further expand our
network of centers from a stronger position in terms of
access to finance, a lower cost of capital and increased
investor interest in our strategy.
DRPS outlook 2026
Despite global uncertainty, we consider ourselves to be well
positioned for further growth in our core markets. Portfolio
growth, improving occupier markets and an increase in
other income are expected to continue to drive higher
1 Source: JLL Research: European retail market outlook 2026.
earnings in 2026. Although the refinancing of some older
private placements will dilute some of that growth, we
forecast a direct result per share of € 1.85-1.95 in 2026.
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Legal structure
Wereldhave N.V. is a real estate investment company, listed
on Euronext Amsterdam and included in the AMS Next 20
index.
The Company was founded in 1930 and has been listed
since 1947. Wereldhave has the fiscal status of an investment
institution, so it was, until 1 January 2025, subject to a 0%
corporation tax rate in the Netherlands (other than for
development activities in the Netherlands). Effective
1 January 2025, the 0% corporate income tax rate cannot
be applied anymore to real estate income from the Dutch
operational activities, following a change in legislation.
Wereldhave’s Belgian investments consist of a 69.43%
interest in Wereldhave Belgium N.V., a tax-exempt investment
company with variable capital listed on the Euronext
Brussels Stock Exchange. The investments in France are
subject to the SIIC (Société d’Investissements Immobiliers
Cotée) regime.
Wereldhave has a two-tier board structure. Additional
regulations for the Boards are set out in the Governance
Charter of Wereldhave which can be downloaded from our
website.
Board of Management
The members of the Board of Management are jointly
responsible for the management and running of
Wereldhave N.V. and its subsidiaries, with due respect for
their roles and tasks. The CEO takes the lead in this and is
the main point of liaison for the Supervisory Board.
The Board of Management is accountable to the
Supervisory Board and to the General Meeting of
Shareholders.
The Board of Management consists of Mr. Matthijs Storm
(CEO) and Mr. Dennis de Vreede (CFO). The board is
supported by an Executive Team, consisting of the Chief
Strategy Officer (CSO), who is also the commercial lead for
the Netherlands, the Chief Commercial Officer for Belgium,
the Chief Operations Officer for Belgium, France and
Luxembourg and the Chief Operations Officer for the
Netherlands (COO), supported by the Company Secretary.
The Chief Commercial Officer for the Netherlands decided
to leave Wereldhave for a next step in her career, her tasks
were divided over the CSO and COO in the Netherlands.
The members of the Board of Management are the statutory
directors of the Group’s real estate companies and as such,
solely responsible for the decision making. The Board of
Management is appointed and dismissed by the General
Meeting of Shareholders, from a nomination to be drawn up
by the Supervisory Board. The members of the Board of
Management have been appointed for a period of four
years. The agreements contain a break option with a four
months’ notice and a maximum severance payment of one
year’s salary.
There were no changes in the composition of the Board of
Management during the year 2025. Mr. Matthijs Storm was
reappointed in 2023 for a period of four years, expiring in
April 2027 and Mr. Dennis de Vreede was reappointed in
2022 for a period of four years, expiring in April 2026. A
successor for Mr. de Vreede has been found, Mr. Marcel
Eggenkamp will be proposed to the AGM to be appointed
as CFO as from 2026 for a period of four years.
Governance
Wereldhave is committed to a high standard of Corporate Governance. We adhere to strict principles of business
ethics and the adequate provision of forward-looking information. Transparency is a key cultural value to us.
The Company’s business ethics are embedded in the Business Integrity Policy and the Code of Ethics for
employees, which is published on our website www.wereldhave.com.
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Governance
Supervisory Board
The role of the Supervisory Board is to supervise the strategy
and the business of the Company and its subsidiaries, as well
as to support the Board of Management by providing advice.
The Supervisory Board shall be guided by the interests of
the Company, taking the interests of the Company’s
stakeholders into account. The Supervisory Board has two
standing Committees, an Audit Committee and a
Remuneration and Nomination Committee.
The Supervisory Board consists currently of three members,
with Mrs. Françoise Dechesne as Chair of the Board and
Mr. Hein Brand and Mr. William Bontes as member. On
24 April 2024, Mr. Hein Brand was reappointed by the AGM
as member of the Supervisory Board of Wereldhave N.V. for
a period of two years, which means that his term will expire
at the AGM in 2026. The Supervisory Board wishes to
propose to appoint two new members for the Supervisory
Board during the AGM in 2026. Mrs. Diepenhorst and
Mr. Hendriks. In line with the growth strategy of the company,
the Supervisory Board considers it relevant to appoint two
new members and extend to a Board of four members.
The independence requirements referred to in best practice
provisions 2.1.7 to 2.1.9 inclusive of the Dutch Corporate
Governance Code have been fulfilled and all current and
proposed members meet the independence criteria.
The members of the Supervisory Board and its Committees
currently are Mrs. Françoise Dechesne (Chair Supervisory
Board, member Remuneration and Nomination Committee),
Mr. Hein Brand (Vice President Supervisory Board and Chair
Audit Committee) and Mr. William Bontes (Chair Remuneration
and Nomination Committee). The profile for members of the
Board as well as brief resumes can be found on the
Company’s website. Once the new Supervisory Board
member has been appointed, these tasks and roles will be
distributed again.
The Supervisory Board maintains regular contact with the
external auditor and focuses on the effectiveness of the
Company’s internal risk management and control systems
and the integrity and quality of the financial reporting. The
Supervisory Board has joint responsibility and acts without a
mandate and independently of any particular interests
associated with the company.
Committees of the Supervisory Board
The Audit Committee’s main role is to oversee financial
accounting and reporting, internal control and risk
management. In this context, the Audit Committee examines
and reports to the Supervisory Board on matters such as
(interim) financial reporting and accounts, asset valuations,
risk management, accounting methods, finance , tax, ESG.
and the relationship with the internal and external auditors.
The remuneration committee and the selection and
appointment committee have been combined in one
committee, the Remuneration and Nomination Committee.
The committee’s main role is to prepare the Board meetings
with respect to selections and nominations, evaluations and
remuneration levels and succession planning.
General Meeting of Shareholders
At least once a year, a General Meeting of Shareholders will
be held. The agenda of the Annual General Meeting of
Shareholders shall in each case contain the report of the
Board of Management, the dividend policy, the adoption of
the financial statements, the report of the Supervisory
Board, the remuneration report and the proposal to
distribute dividends or other distributions. Resolutions to
release the members of the Board of Management and
Supervisory Boards from liability for their respective duties
shall be voted on separately.
Requests of investors who solely or jointly represent 1% of
the issued capital to place items on the agenda of the
General Meeting of Shareholders shall be honored if such
requests are submitted to the Board of Management or the
Supervisory Board at least 60 days before the scheduled
date of the Meeting, unless, in the opinion of the Supervisory
Board and the Board of Management, there are vital
interests of the Company opposing the inclusion of such
item or items in the agenda. The resulting discussion in the
General Meeting should not affect the orderly course of the
Meeting.
The secretary of the Company will take minutes of the
proceedings at the meeting. The minutes will be signed by
the Chair of the Meeting and the Company Secretary. In
principle, the minutes will be published on the Wereldhave
website within one month after the Meeting and copies of
such minutes are available free of charge on request.
Wereldhave pursues increased shareholder participation at
its general meetings, by making proxy forms and voting
instructions available online, by enabling voting via internet
prior to the meeting and by contacting the known larger
shareholders to question them to attend or vote.
The attendance rate at the AGM on 9 May 2025 stood at
45.46% of the issued share capital.
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The meeting approved the proposal to appoint Deloitte
Accountants B.V. as external accountant for a period of
three years. The meeting adopted the proposal to repurchase
shares and the proposal to grant the authority to the Board
of Management to issue shares.
All voting results and the minutes of the AGM can be found
on the Company’s website.
The policy on communications between the Company and
its shareholders can be found on the website as well.
Protective devices
The protective devices consist of the possibility to issue
preference shares up to 50% of the issued share capital
(less one share), calculated after issue.
A contract between the Company and the Stichting tot het
houden van preferente aandelen Wereldhave (the
‘Foundation’) in relation to the preference shares entails the
granting to the Foundation of the right to, on a continuous
basis, take, if necessary in tranches, preference shares up
to a maximum of, after exercise, 50% of the issued capital
(less one share). Both parties have the interim right to
cancel the agreement. Following the issue and subsequent
repurchase or withdrawal of the preference shares, the
Company intends to discuss the protective devices with the
General Meeting of Shareholders.
The objective of the Foundation, in accordance with article
2 paragraph 1 of its articles of association, is to promote the
interests of Wereldhave, of the companies affiliated to
Wereldhave and all stakeholders, whereby the foundation
also takes into account maintaining the independence,
continuity and identity of the Company.
The Board of the Foundation consists of Mr. R. ter Haar, who
was appointed as Chairman, Mr. S. Perrick, and Mrs. K.
Bergstein.
The Foundation is independent from the Company within
the meaning of section 5:71 paragraph 1 under c of the
Financial Supervision Act. The foundation does not hold any
shares in Wereldhave at present.
The Foundation intends to take preference shares if,
amongst others, a threatening situation occurs where a
significant interest might come in the possession of legal
entities or persons who possibly aim to acquire control over
the Company without the involvement of the Board, without
guarantees with respect to the independency and continuity
of Wereldhave and its affiliates and without the possibility to
safeguard the interests of employees, other shareholders
and other parties related to Wereldhave or, affiliated
companies, or without the real value of the Wereldhave
shares being reflected in a take-over bid, or if power is, or
may be exercised with the intention to amend the strategic
policy which is determined by the Board and Supervisory
Board.
Wereldhave and the Foundation have agreed that the
Foundation can request the Company to withdraw or buy
back the shares six months after issuance of the preference
shares. In addition, Wereldhave is obliged to convene a
general meeting of shareholders within eighteen months
after the issuance date of the preference shares, where the
withdrawal or buyback of the preference shares will be put
on the agenda. These contractual clauses imply that the
issue of any preference shares is intended as a temporary
protective device.
ESG engagement
Wereldhave has dedicated governance in place for
Environmental, Social & Governance (ESG); this helps us to
achieve our sustainability goals. At board level, the CFO is
responsible for Wereldhave’s sustainability policy; the
Group ESG manager reports directly to the CFO. ESG
reporting is integrated into management reporting, with
quarterly updates from country units on sustainability
performance and progress against our KPIs. All data
collected through quarterly reports is verified to ensure the
quality of the information.
Implementation of our sustainability policy is overseen by
the Group ESG Manager in cooperation with individual
initiators in each country. Individual managers are
responsible for implementing sustainability in their own
departments.
Projects contributing to achievement of our targets are
integrated into Wereldhave’s budgets and business plans.
With this governance structure, Wereldhave is able to
embed sustainability more effectively into its daily operations.
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Diversity
Wereldhave promotes diversity and inclusion throughout
the workforce. With a Board of Management of only two
persons, both being male, there is room for improvement on
gender diversity.
With the departure of the female Chief Commercial Officer
in the Netherlands, the female gender representation in the
Executive Team is, with 25%, below the overall target of
33%. If we combine the Board of Management and this
sub-top, the diversity is at 17% female representation.
However, with a nearly equal gender representation in the
Company, there are sufficient future opportunities on
improvement.
The female gender representation within the Supervisory
Board is currently 33%, which is in line with the targets as
set in Wereldhave’s Governance Charter and with
requirements as set in the Dutch law.
Dutch Corporate Governance Code
Wereldhave is compliant with the Dutch Corporate Governance
Code 2025 applicable to the year 2025. In the scope of the
Dutch Corporate Governance Code, as amended in 2024,
the Company maintains a reconciliation table in which is set
out how the principles of the Dutch Corporate Governance
Code are complied with. This reconciliation table is
published on our website.
Remuneration
The remuneration policy for member of the Board of
Management has been approved by the General Meeting of
Shareholders on 24 April 2020. The updated remuneration
policy for member of the Supervisory Board has been
approved by the Annual General Meeting of shareholders
on 24 April 2024.
Supervisory Board members receive a fixed fee. Member of
the Board of Management receive a fixed income which
could be supplemented by a variable income. The variable
income amounts to a target variable income of 100% of the
fixed annual income, of which 40% comprises a short-term
incentive (STI) in cash and 60% comprises a long-term
incentive (LTI) in shares. The STI score is determined by a
financial target, accounting for 50% of the STI, two
qualitative and measurable targets that are directly
connected to the strategy, each accounting for 20% of the
STI, and one non-financial (individual) target, accounting for
10% of the STI. The LTI score is determined for 75% by
financial a financial performance target: the Total shareholder
return (“TSR”). The TSR is defined as the share price
increase, including reinvested dividends. TSR is measured
over a three-year period based on a three-month average
of the last three months of the year before the start and the
end of the performance period and compared with a peer
group of ten listed retail property companies The non-
financial performance target GRESB determines 25% of the
total LTI-award. Vesting of the LTI shares, three years after
grant, is subject to continuous employment and after
vesting a two-year holding period is applicable. A
shareholding guideline of 2.5 times fixed income is
applicable for members of the Board of Management.
The Remuneration report 2025 Wereldhave N.V. has been
published on the Company’s website.
Annual Report 2025
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Our ability to identify, assess and effectively manage risks is essential for sustainable long-term value creation for all of our stakeholders.
Risk management framework
Our risk management and internal control framework is
based on the Enterprise Risk Management (ERM) model and
supports the identification, evaluation and management of
the principal risks that can impact long-term value creation
and continuity. The framework integrates a top-down
strategic perspective with bottom-up operational processes.
The main objective is to manage risks within our defined
risk appetite. As our business and the environment in which
we operate evolves, we continuously review our risk
management procedures to ensure that they are fit for
purpose.
Governance
The Supervisory Board oversees the design, implementation
and effectiveness of the risk management and internal
control framework. The Audit Committee supports the
Supervisory Board in overseeing the integrity and quality of
our financial and sustainability reporting as well as the
performance of the internal controls and related systems.
The Board of Management is ultimately responsible for risks
management and maintaining a robust internal control
framework. It determines the nature and extent of the
principal risks the Company is willing to take to achieve its
strategic objectives. The identified risks are managed and
monitored in cooperation with senior management.
As a first line of defense, our operating country teams are
responsible for the day-to-day identification and mitigation
of risks. Our second line of defense consists of our Finance
and Control, Legal, IT, HR and Investor Relations departments.
These departments provide, amongst others, detailed
guidance and support for managing risks to the operating
country teams, assistance with the identification of principal
risks and monitoring risks and mitigating measures against
risk appetite. The third line of defense is Internal Audit
which is outsourced to a third-party assurance provider. The
Internal Audit serves as an objective assurance function that
is independently evaluating the effectiveness of our risk
management and internal control processes. Internal Audit
reports to the Board of Management and has a direct
escalation reporting line to the Audit Committee. The
internal audit plan is determined annually using a risk-based
approach, discussed with the Board of Management and
approved by the Audit Committee. The internal audit
findings are monitored by the Audit Committee that reports
to the Supervisory Board.
The internal audit plan priorities focused in 2025 on the
design and implementation of the processes and controls in
our control framework and operating effectiveness of
selected key controls in relation to leasing, revenues to
receivables and financial reporting process. In addition,
Internal Audit followed up on the implementation of findings
and recommendations from previous audits. Overall, no
significant findings were reported in the 2025 internal
audits.
Risk profile
As a property investor focused primarily on shopping
centers in the Netherlands, Belgium, Luxembourg and
France, the Company is particularly sensitive to factors that
impact demand for space from retailers. Changes to
customer behavior could cause declines in customer footfall
and spending which may lead to a lower demand for space.
These changes could impact the value of our assets,
occupancy rates, rental levels and subsequently rental
income as well as liquidity of property markets for
acquisitions and disposals.
Risk appetite
Our risk appetite is key to our risk management approach
as it guides scenario planning, decision making and
execution of our strategy. The risk appetite is assessed and
approved annually by the Board of Management and
integrated into our policies, procedures and internal
controls. Our overall risk appetite is balanced with low
appetite for financial and compliance related risks, a
balanced appetite for property and operational risks and
flexible appetite for strategic risks.
Managing risk
Managing risk
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Risk appetite levels
Low: A cautious approach, prioritizing risk avoidance and
mitigation.
Balanced: A moderate risk approach, accepting a controlled
level of risk with appropriate mitigation to pursue strategic
objectives.
Flexible: A greater risk-taking approach, justified by the
potential benefits in pursuit of strategic objectives, but
falling within acceptable tolerance levels.
Identifying and evaluating risk
The risk management approach starts with the operational
teams, Executive Team as well as the Audit Committee
identifying strategic, operational, financial and compliance
risk in their respective areas. The objectives are to identify,
assess and evaluate risks and their exposure to our strategy
and continuity. This includes understanding of the potential
gross impact of identified risks as well as mitigation measures
in place to reduce these risks. Risks are assessed using
likelihood of occurrence of each risk and potential impact of
the risk.
Climate-related risks, both physical as well as the transition
to a lower-carbon economy, are part of our risks assessments.
The main focus of our risk assessments is the direct effect
of transitional risks, such as the need to meet regulatory
standards or future tenant needs. Paris-Proof carbon
roadmaps address this risk and are integrated in the
redevelopment or maintenance planning of our assets to
achieve the 2030 emission reduction target of 30%. Direct
effects of physical risks are included in our BREEAM-in-use
assessments. Considering our asset base largely consists of
investment properties carried at fair value, we have
concluded that the effect of climate-related risks does not
have a material impact on accounts and disclosures,
including judgments and estimates in the financial statements.
Fraud risks form an integral part of our risk assessment. A
variety of controls is in place, ranging from a strict code of
conduct outlining our business integrity principles to
integrity awareness training and enforcing segregation of
duties for key operational and financial transactions.
Wereldhave is continuously working on automating its
business processes to ensure transactions are processed in
a more effective and efficient way. As part of these projects,
we always consider embedding internal controls in the IT
systems that we purchase or develop. The Board of
Management considers the controls in place sufficient and
adequate to control the fraud risk.
All identified risks are captured in our risk register and from
the risk register the principal risks are identified. Principal
risks are defined as current risks with relatively high impact
and probability and are periodically reviewed by the Board
of Management and Supervisory Board.
Our risk assessment review in 2025 did not identify new
principal risks in comparison to last year. Controls have
been designed, both preventive and detective, to mitigate
risks as far as possible. These controls are embedded in our
business processes and defined in our Internal Control
Framework. The principal risks are presented on the
following pages.
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The principal risks of the Group in relation to our strategy are:
Strategic
risks
Failure to find right
response to
changing market
conditions
Changes in the macroeconomic environment and shifts in fiscal and
monetary policy can pose risks to property and financing markets
which could impact the execution of our strategy or our financial
performance.
• Monitoring of key risk indicators by
management
• Geographical and tenant diversification
• Disciplined internal rate of return assessment
of portfolio with active capital recycling to
maintain financial strength
• Stress testing to assess flexibility and
resilience
• GDP growth
• Inflation
• Unemployment rates
• Private consumption
• Interest rates
• Geographical and tenant concentration
• Liquidity forecasts
• Cash collection rates
• Asset blueprints and internal rate of return
• Loan-to-value ratio
Property markets Weaker investor or occupier demand could negatively impact our
net rental income, growth and property values
• Stakeholder engagement with occupiers,
appraisers and investors
• Stress testing to assess flexibility and
resilience
• Bi-annual appraisal of portfolio
• Monitoring of market developments
• Average market rent
• Occupancy ratio
• Tenant sales
• Interest rates
• Net initial yield
Capital allocation Inappropriate capital allocation decisions and subsequent execution
could lead to income and capital underperformance. This could for
instance result from incorrect sector selection or weighting, poor
timing of investment or divestments, exposure to developments or
inadequate due diligence.
• Annual review of strategy by Board of
Management and Supervisory Board
• Stress testing as part of decision making
• Rigorous approval processes for acquisitions,
disposals and developments
• Loan-to-value
• Liquidity
• Development commitments
• Forecast of prospective returns on portfolio
Major events or
business disruption
Global or national events such as civil unrest, terrorism, pandemics,
cyber-attacks, extreme weather, environmental disasters or power
shortages can significantly impact our business, portfolio, customers,
people and supply chain. These events could result in sustained asset
value or income impairment, liquidity or business continuity
challenges, share price volatility, or loss of key customers or suppliers.
• Cyber-attack resilience testing
• Insurance covering property damage and
business interruption
• Climate risk assessment and transition plans
• Review and testing of emergency response
plans
• Terrorism threat levels
• Cyber security breaches
• Number of assets highly vulnerable
to climate change
Category Risk Description Mitigation Key Risk Indicators
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Strategic
risks
Environmental and
social sustainability
Environmental and social factors such as climate-related physical risk,
rising regulatory costs, declining demand for less sustainable
assets and social impact on communities could impact performance,
reputation, operations, assets and achievement of our
sustainability goals.
• Paris Proof roadmaps
• Monitoring of portfolio exposure to
physical climate risks and transition plans
• Energy efficiency
• Waste disposal
• Number of assets highly vulnerable
to climate change
• Renewable energy
• EPC ratings
Retail occupier
market
Our ability to generate income may be adversely affected by
non-payment of rent, evolving customer needs, leasing challenges
or poor customer service.
• Monitoring of key risk indicators by management
• Tenant and branch diversification
• Key tenant management
• Proactively address lease breaks and expiries
• Customer satisfaction surveys
• Lease forecast
• Occupancy ratio
• Weighted average lease term
• Exposure to ‘Red flag’ tenants
• Cash collection rates
• Net promotor score
• Tenant sales
People and skills Our ability to attract, retain and develop the right people and skills
to meet our strategic objects, deliver long-term value and meet
stakeholder expectations.
• Review of succession plans for senior or
critical roles
• Benchmarking of remuneration levels
• Long-term incentive plans
• Employee surveys
• Employee turnover ratio
• Employee engagement score
• Employee wellbeing indicators
Execution of
development
projects
Developments are aimed at increasing the value of the asset but is
subject to risks in regards of leasing, construction timing and costs,
contractor failures, adverse planning decisions and shifts in investor
or occupational markets.
• Rigorous approval process
• Project reports monitoring milestone
progression, risks and expenditure
• Bi-annual appraisal
• Engagement of highly experienced
development team
• Progress of key development
projects versus plan
• Liquidity
• Pre-letting ratio
Health and safety Failure to identify, mitigate or react effectively to major health
or safety incidents affecting both clients and employees.
• Review and testing of emergency
response plans
• Training
• Monitoring and inspections to ensure
compliance with rules and regulations
• Technical procedures in place aimed
at avoiding risk of accidents
• Number of reported health and
safety incidents
• Employee scores on safety
Operational
risks
Category Risk Description Mitigation Key Risk Indicators
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Laws & regulations Non-compliance with laws and regulations could impact our
reputation, lead to legal actions that could impact our financial
results and result in financial or criminal penalties
• Monitoring developments in tax regulations
• Training in changes in laws and regulations
• Internal Code of Conduct, Business Integrity
Policy and provision for reporting irregularities
• Legal risk report on exposure
• Compliance breaches
Financial and
sustainability
reporting
Inaccurate or non-reliable financial or sustainability reporting could
impact our reputation in financial markets, lead to legal actions
by investors or result in penalties and fines by regulatory bodies
• Annual consolidated and asset-by-asset
budget process and target setting
• Periodic monitoring of actuals versus budget/
targets by Board of Management and
Supervisory Board
• Liquidity forecast
• External audit or verification
• Training in changes in laws and regulations
• Significant findings from internal
or external audit or regulatory bodies
Taxation Changes in tax regulations or incorrect application of tax legislation
could negatively impact the financial results
• Monitoring developments in tax regulations
• Collaborate with industry bodies to influence
policy and regulatory discussions
• Liquidity forecast
• Stress testing of anticipated regulatory
changes
• Tax risk report on exposure
• Effective tax rate
Financing Failure to manage financing risks could result in shortage of funds
for operations or debt repayments and could include reduced
availability of debt, higher financing costs, impact on leverage or
covenant breaches.
• Diversified composition of debt portfolio
• Active stakeholder management with key
lenders and shareholders
• Review of debt and capital market conditions
for suitable financing opportunities
• Liquidity forecast
• Prudent treasury and dividend policy
• Annual credit rating assessment
• Loan-to-value
• Average maturity debt portfolio
• Undrawn committed facilities
• Financial covenant headroom
• Fixed versus floating debt ratio
• Hedging ratio for foreign currency
• Liquidity headroom over 24 months
Compliance
risks
Financial
risks
Category Risk Description Mitigation Key Risk Indicators
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Dear Stakeholders,
In 2025, the Supervisory Board oversaw the following key
matters:
The further progress of the growth phase of the LifeCentral
strategy, combined with portfolio rotation, leading to several
acquisitions and disposals. Further, Wereldhave debuted in
2025 with her first Joint Venture and focused on growth in
‘Other Income’. These initiatives of the Board of
Management resulted in a very successful year despite the
impact of the corporate income tax in The Netherlands as
from 1 January 2025.
Composition and meetings of the Supervisory
Board
The Supervisory Board consists of three members; with
Mrs. Françoise Dechesne as Chair and Mr. Hein Brand and
Mr. William Bontes as the other members. All three
members meet the requirements regarding independence.
The Supervisory Board is supported by the Company
Secretary, Keesjan Verhoog. In 2025, none of the members
acted as a delegated Supervisory Board member.
The Supervisory Board decided to maintain both the Audit
Committee as well as the Remuneration and Nomination
Committee of the Board, despite the small size of the Board.
In 2025, Mr. Brand remained Chair of the Audit Committee,
with Mr. Bontes being the other member of the Committee.
Mr. Bontes remained Chair of the Remuneration and
Nomination Committee, with Mrs. Dechesne as the other
member. Diversity within the Supervisory Board is currently
at 33%, which is in line with legal obligations and targets as
set in Wereldhave’s Governance Charter.
At the 2024 Annual General Meeting (AGM), Mr. Brand was
reappointed as member of the Supervisory Board for two
years, until the 2026 AGM. This enabled the Supervisory
Board to retain valuable knowledge of international real
estate and financial markets within the Board, and gave the
Company sufficient time to search for suitable successors.
With due regard to the growth phase the Supervisory Board
proposes the nomination of Mrs. A.E.L. Diepenhorst as well
as Mr. P.A. Hendrikse. They both perfectly match the profile
as member of the Board, having broad real estate, M&A and
finance experience in corporate managerial roles. In 2025,
no new Supervisory Board members have been installed.
As a result no introduction programs were followed. In
2026, the new members will follow an introduction
program.
Following the announcement of Mr. Dennis de Vreede he will
not be applicable for another term after the 2026 AGM, with
this replacement of a member of the Board of Management
there was the opportunity to improve the gender diversity
but unfortunately due to limited offer not accomplished. In
2025, one female member of the Executive Team left the
Company and was not replaced, her duties were taken over
by the other members of the Executive Team. Although the
Company as a whole has an almost equal gender balance,
there are still sufficient future opportunities to improve in
senior levels, therefore this continues to be a focus of the
Supervisory Board also in 2026.
A total of sixteen Supervisory Board and Committee meetings
was held in 2025, with an overall attendance rate of 100%.
Special meetings were held to discuss potential acquisitions,
Knauf Shopping Schmiede and Knauf Shopping Pommerloch
in Luxembourg and Ville2 in Belgium specifically. The chair
of the Supervisory Board ensures, at least annually, that the
requirements of principle 2.3.6 of the Dutch corporate
governance code are in place and are functioning properly.
The assessment and any resulting action points will be
documented and retained by the Company Secretary.
Financial statements
The Board of Management submitted the 2025 financial
statements and the Board’s Management Report to the
Supervisory Board. The Supervisory Board recommends the
adoption of these financial statements. The financial
statements have been audited by Deloitte Accountants,
who issued an unqualified auditor’s opinion. The
Supervisory Board discussed the audit report and the
auditor’s opinion with the auditor. The members of the
Supervisory Board approved the accounts and signed the
2025 financial statements. The Board of Management
assessed that the 2025 results and the current liquidity
position allow us to distribute a dividend of € 1.30 in cash
per share to the shareholders, in compliance with the fiscal
dividend distribution requirement for the year. This represents
4% dividend growth compared to last year and is slightly
below the Company’s dividend distribution policy, which is
75-85% of the direct result per share. The Supervisory
Board supports this proposal.
Supervisory Board report
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Supervisory Board report
Strategy
In a constantly changing geopolitical environment, the
Supervisory Board considers it important to discuss the
Company’s strategy twice a year. In 2025, Wereldhave made
additional progress in implementing the LifeCentral strategy.
In line with this strategy, Wereldhave continued to transform
its shopping centers into Full Service Centers (FSCs). Nine of
Wereldhave’s locations now qualify as Full Service Centers,
with four more currently undergoing transformation. Over
90% of the planned LifeCentral capital expenditure has been
spent. The completion of the Shopping Nivelles and
Kronenburg (phase 1) FSC transformations further strengthens
earnings and property values. Wereldhave now started
preparation works for phase 2 of FSC Kronenburg. In 2026
Wereldhave expect to complete FSC Cityplaza in Nieuwegein.
Besides the transformations, Wereldhave took further steps
within the growth phase that began in 2024 as part of
phase two of the LifeCentral strategy. On 13 February 2025
Wereldhave reached agreement with Nextensa N.V. on the
acquisition of two shopping centers in Luxembourg. The
acquisition marks the next step of the LifeCentral strategy
growth phase and perfectly fits Wereldhave’s acquisition
criteria, such as location, value creation opportunities and
Full Service Center transformation potential.
Primarily due to the changes in the FBI regime in the
Netherlands, and Belgium benefitting of a REIT regime
(GVV), Wereldhave developed a portfolio rotation strategy.
This resulted in the disposal of three Dutch assets in 2025,
Winkelhof, FSC Sterrenburg and De Roselaar.
In May 2025, Wereldhave announced her first Joint Venture,
with Sofidy (Tikehau Group), acquiring shopping center
Stadshart Zoetermeer in the Netherlands at a purchase
price of € 150m (€ 165.6m including transaction taxes) with
Wereldhave investing with a minority equity stake. This
marks the first joint venture as part of the management
agenda 2025-2027. This partnership allows Wereldhave to
leverage its management expertise while investing a
minority stake, in line with the strategy of value creation
through active asset management.
In December Wereldhave acquired shopping center Ville2
in Charleroi, Belgium, through Wereldhave Belgium, which
further strengthened our leading position in the Walloon
region. The center offers significant upside potential
through transformation into a Full Service Center.
Part of the portfolio growth was successfully financed
through equity raises. The acquisition of two centers in
Luxembourg in February was partly funded through a
€ 35m equity raise. In addition, Ville2 in Charleroi was
equity financed by Wereldhave Belgium through an € 82m
rights issue (including a rump placement which was several
times oversubscribed).
Additionally, Wereldhave further focused on Other Income,
an income stream that is generated by further commercializing
our assets and their footfall. Amongst other initiatives
Wereldhave signed a strategic partnership with Ocean
Outdoor in the Netherlands for a multimedia network with
over 150 digital screens in the Dutch portfolio, boosting this
Other Income as of 2026.
Furthermore, in today's digital age, the Supervisory Board
acknowledges that robust IT security is not just a technical
requirement; it's a fundamental aspect of our business's
resilience and trustworthiness. With AI developments,
increasing digital interactions and data exchanges, ensuring
the confidentiality, integrity, and availability of the data
infrastructure is crucial. The Board monitors the approach of
the Company to safe use of AI, cyber security, and the
protection of sensitive data.
Financing
The Supervisory Board actively monitors the financing of
the Company, including the balance sheet and the available
headroom against the loan covenants. The debt profile and
the financing strategy are discussed regularly with the
Board of Management. Other recurring financial items that
were discussed are dividend levels, the budget, the outlook
and guidance, the achievement of the financial objectives
from the 2025 budget, the management agenda and the
portfolio valuations.
In 2025, the Company has raised € 125m in (re) financings,
USPP and EUPP, with an average term of 8 years and at
competitive rates. These were unsecured and illustrate
strong investor confidence in Wereldhave’s solid operations
and strong credit profile, as reaffirmed by the BBB stable
credit rating from Fitch Ratings, as received in May 2025.
Furthermore, Wereldhave Belgium secured € 30m through a
private placement for a ten-year term and extended € 55m
in existing bank facilities originally maturing in 2026 and
2028 - to 2030 and 2031 respectively. This extended the
average debt maturity of Wereldhave Belgium to 4.2 years.
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Operations
Operational performance is a recurring topic on every
meeting of the Supervisory Board. The development
projects and the associated required capex investments are
also a standard topic. The country budgets form the basis
for the Groups consolidated budget, which is discussed and
approved in the December meeting of the Board. ESG
investments are part of the business plans per asset, which
ultimately lead to a bottom-up consolidated budget.
Sustainability
Wereldhave received the Sustainability Best Practices
Recommendations (sBPR) Gold Award for the 10th
consecutive year from the European Public Real Estate
Association (EPRA).
With a score of 88/100, Wereldhave was awarded a 4-star
rating from the Global Real Estate Sustainability Benchmark
(‘GRESB’). The reasons for the difference of 4 points
compared to last year (5-star) have been identified and
necessary actions will be taken to achieve the 5-star rating
again next year.
Wereldhave’s ESG program “A Better Tomorrow” was
developed to provide a roadmap from 2020 until the year
2030. It aligns with our Sustainable Development Goals
(SDGs) and includes elements from leading ESG
benchmarks such as GRESB and BREEAM.
The program is based on three focus areas:
•
Better Footprint - reduce carbon emissions with 30% in
2030 for all m under Wereldhave’s operational control
and reduce our building-related footprint with 94% by
2050 (CRREM aligned).
•
Better Nature – Ensure that 100% of high-risk assets
have adaptation plans to mitigate physical effects of
climate change and double the surface of vegetation
roofs and green spaces.
•
Better Living - Contribute at least 1% of net rental income
to socio-economic and social inclusion initiatives and aim
for zero safety incidents at Wereldhave centers.
In 2024 and 2025, several project teams within Wereldhave
fully prepared for the changes in sustainability reporting and
disclosure regulations, in line with the EU Taxonomy and the
Corporate Sustainability Reporting Directive (CSRD).
However, after the EU Commission adopted the Omnibus
package, which resulted in amendments to existing
sustainability regulations, Wereldhave is no longer obliged
to report under CSRD. Nonetheless, Wereldhave will
continue to provide sustainability reporting, albeit in a
simplified format.
Risk Management
In 2025 the Company performed a detailed review of the
risk management framework with the internal auditor and
discussed the outcome in the December meeting of the
Audit Committee. Subsequently, it was determined that
management will keep focusing on mitigating the identified
risks within the acceptable thresholds of Wereldhave’s risk
appetite.
The Internal Audit function is performed by BDO. In 2024 it
was decided that a key focus for the 2025 internal Audit
plan would be to review the effectiveness of Wereldhave’s
Internal Control Framework (ICF) against the risk
management statement requirements (VOR).
The internal audit report was discussed with the Audit
Committee in its December meeting.
Culture
The Supervisory Board continued the practice that Executive
Team members and key employees regularly attend its
meetings for a presentation and discussion of their key
focus points. Several heads of staff attended the meetings,
with presentations on HR, ESG, tax and legal risks and ICT.
Culture within the Group was regularly discussed by the
Supervisory Board. The Board of Management continued to
use livestream sessions with Q&A’s to update the entire
international staff.
Corporate Governance
Wereldhave is compliant with the Dutch corporate
governance code. A breakdown of Wereldhave’s position
per best practice recommendation of the Code can be
found on the website.
The Governance Charter describes the division of roles and
responsibilities of the Board members and the composition
of the Executive Team and can be found on the Company’s
website.
Evaluation of performance
In 2025, the Supervisory Board used a questionnaire to
review its performance and the functioning of the Board and
its members and any necessary training or development.
The answers were discussed February 2026, during a
Supervisory Board-only meeting.
It was noted that role consistency and clarity is still key in
the efficiency of processes within the Supervisory Board,
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further there is more and more an urge, with all development
within the company and the world, to involve timely expert
opinions to be able to fully fulfill the sounding board role the
Supervisory Board should have.
At least once annually, the Board of Management evaluates
its own functioning as a whole and that of the individual
Management Board members. Further, it identifies areas in
which members require training or development. One of the
key improvements for 2024, a more successful collaboration
between the Belgian and Dutch organizations, has been
further intensified in 2025 with the joint acquisition in
Luxembourg. Furthermore, the first Joint Venture requested
challenging organizational fine tuning that has been
handled by the Board of Management in an efficient, pro-
active, professional way.
Audit Committee
The Audit Committee currently consists of Mr. Brand (Chair)
and Mr. Bontes. The Audit Committee’s main role is to
oversee financial accounting and reporting, internal control,
risk management and the external auditor including auditor
independence. In this context, the Audit Committee
examines and reports to the Supervisory Board on matters
such as (interim) financial reporting and accounts, asset
valuations, risk management, accounting methods, finance
and tax planning and the relationship with the auditor.
The Audit Committee held six meetings in 2025, including
one combined with SB meeting to discuss the 2024 results,
the Annual Report for 2024, the quarterly results for 2025
and the budget for 2026. The meetings were attended by
the Company’s CFO and the Company Secretary, the
external auditor as well as, three times, by the internal
auditor. The attendance rate of Supervisory Board members
to the meetings was 100%. From time to time, when needed,
the Audit Committee invites the CEO to its meetings. Once
a year, the CEO, CFO and the full Supervisory Board meet
to discuss the financial statements and the auditor’s reports.
The Audit Committee regularly convened with the external
auditor, without the Board of Management. The regular items
on the agenda include the financial results and financial
statements, the annual accounts, the property valuations, the
internal and external audit plans, IT general controls, ESG
(and CSRD), findings and opinion, the liquidity profile and
financing of the Company, interest rate and currency risks,
legal risks and tax risks and the in control statements.
In addition, the Audit Committee monitors operational
performance against the budget and reviews investment
and divestment proposals. The external valuations for the
standing portfolio were discussed with the auditors twice a
year.
The Board of Management’s proposal to pay a dividend in
respect of 2025 at € 1.30 per share was approved by the
Supervisory Board in February 2026. This is slightly below
the pay-out ratio of 75-85% and the retained funds will be
used to lower the loan-to-value ratio and for the continued
transformation of the portfolio. This proposal will be
discussed in the AGM on 13 May 2026.
The audit plan 2025 by Deloitte Accountants was discussed
and approved in the July meeting of the Audit Committee.
Mr. J. Holland was the lead partner for the audit.
The Audit Committee ascertained that the internal audit
function performed well. The internal audit plan is updated
annually, tailored to the most recent developments, with input
of Deloitte. The materiality threshold as applied by Deloitte is
set out in the Audit opinion. The Audit Committee ascertained
that all audit findings in excess of the reporting threshold,
adjusted and unadjusted, will be reported by the auditor.
Internal Audit will test design and implementation of
valuation as well as acquisition and disposals processes;
and will test operating effectiveness of financial closing and
leasing processes.
Remuneration and Nomination Committee
The Remuneration and Nomination Committee consists of
Mr. Bontes (Chair) and Mrs. Dechesne. Three meetings were
held in 2025, in February, June, and September, with an
attendance rate of 100%. In December, Mrs. Dechesne
attended a Works Council meeting, upon invitation by the
Council.
During the 2025 AGM, the newly proposed remuneration
policy for the Board of Management has been voted down.
With more than 57% of the votes in favor, the required
qualified majority of 75% of the votes was nevertheless not
obtained. Considering this outcome, the Supervisory Board
reviewed all elements of the policy against market and best
practices in order to be able to table the propose the
(amended) renumeration policy at the AGM in 2026. The
Supervisory Board consulted several key stakeholders, such
as the Works Council, in preparation of the proposal of the
policy to the shareholders on the AGM to be held on 13 May
2026.
The state of diversity was posted on the portal for diversity
of the SER, the Dutch Social Economic Council. The
committee intends to monitor follow-up of the targets that
are set in the Company’s policy.
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In Belgium it has been agreed that board members of
Wereldhave Belgium who are appointed upon the proposal
of the majority shareholders receive a separate remuneration
in Belgium, which is to be in line with Belgian market practice.
The remuneration levels in Belgium were submitted to the
Supervisory Board for approval, prior to their adoption in
Belgium. The Supervisory Board has approved the separate
appointments, also in view of the contractual right of
members of the Board of Management to accept a limited
number of third-party board positions.
After Mr. Dennis de Vreede announced that he decided to
step down following the completion of his second term, at
the Annual General Meeting (AGM) in 2026 the
Remuneration and Nomination Committee initiated a search
for a successor. The Supervisory Board, after being advised
by the Remuneration and Nomination Committee, proposes
to appoint Mr. Marcel Eggenkamp as new CFO during the
AGM on 13 May 2026. He fits the profile very well, bringing
extensive international financial and real estate expertise.
He previously served as CFO at Edge (2019–2025) and
Redevco (2011–2019), following senior financial roles at
KPMG, Ballast Nedam and KPN Telecom. His career spans
family capital, private equity–backed growth and complex
organizations, with a strong track record in financial strategy,
corporate governance and business transformation.
Furthermore, the committee has commenced the search in
2025 for two new members for the Supervisory Board. The
Board proposes to appoint two new members for the
Supervisory Board during the 2026 AGM, expanding the
Supervisory Board from three to four members. This
expansion is considered appropriate in view of the intensive
growth phase, as outlined in the current LifeCentral strategy.
Related party transactions
In the year under review there have been no business
transactions with members of the Board of Management nor
the Supervisory Board in which conflicts of interest may
have played a role.
Any business transactions between the Company and
members of the Board are published in the Annual Report.
Finally
We look back at a very successful year and are proud on
our dedicated staff that has been guided by a savvy
entrepreneurial Board of Management. We are particularly
grateful to Mr. De Vreede for his contribution to the progress
Wereldhave has made in the last years and wish him all the
best in his further career.
On behalf of the Supervisory Board,
Françoise Dechesne,
Chair of the Supervisory Board
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The design of the Company’s internal risk management and
control systems has been described in the chapter Risk
Management above. The objective of these systems is to
manage, rather than eliminate, the risk of failure to achieve
business objectives and the risk of material errors to the
financial reporting. Accordingly, these systems can only
provide reasonable, but not absolute, assurance against
material losses or material errors.
The Board of Management reviewed and analyzed the main
strategic, operational, financial & reporting, and compliance
risks to which Wereldhave is exposed, and assessed the
design and operating effectiveness of the Wereldhave risk
management & control system. The outcome of this
assessment was shared with the Audit Committee and the
Supervisory Board, and was discussed with our internal and
external auditor.
Based on its assessment and with reference to Best
Practice Provision 1.4.3 of the 2025 Dutch Corporate
Governance Code, the Board of Management of
Wereldhave N.V. confirms to the best of its knowledge:
•
that the management report provides sufficient insights
into failings in the effectiveness of the internal risk
management and control systems;
•
that these systems provide reasonable assurance that
the financial reporting does not contain material
inaccuracies;
•
that these systems provide limited assurance that the
sustainability reporting in this report does not contain
material inaccuracies;
•
that the internal risk management and control systems
provide sufficient comfort that the strategic, operational
and compliance risks as mentioned in section Managing
Risk of this management report are effectively managed
in line with the Company’s risk appetite, where “sufficient
comfort” is to be read as: comfort in line with our risk
appetite, the complexity of our enterprise, inherent
limitations to these systems and other disclosures on
these systems in our management report;
•
that, based on the current state of affairs, it is justified
that the financial reporting is prepared on a going
concern basis; and
•
that the management report states the material risks, as
referred to in best practice provision 1.2.1, and the
uncertainties, to the extent that they are relevant to the
expectation of the Company’s continuity for a period of
twelve months after the preparation of the report.
Due to inherent limitations to risk management and control
systems, the above does not imply that these systems and
procedures provide certainty as to the realization of
strategic, operations, compliance and reporting objectives,
nor that they can prevent all misstatements, inaccuracies,
fraud, operational issues, and non-compliance with laws
and regulations.
Amsterdam, 1 April 2026
Matthijs Storm,
CEO
Dennis de Vreede,
CFO
The Company has identified the main risks it faces, including financial reporting risks. These risks can be found in the chapter Risk
management and internal controls above. In line with the Dutch Corporate Governance Code and the Dutch Act on financial supervision
(Wet op het financieel toezicht), the Company has not provided an exhaustive list of all possible risks. Furthermore, developments that
are currently unknown to the Board of Management or considered to be unlikely may change the future risk profile of the Company.
Statement by the Board of Management
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Statement by the Board of Management
Basis of preparation
Compliance with EU voluntary sustainability reporting standards (VSME)
Qualifying notes ESG reporting
Property portfolio
Alternative performance measures
EPRA performance measures
Five-year key financials
Share performance
Additional information
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Additional information
Basis of preparation
Wereldhave aims to provide a balanced overview of the
Company’s operations, strategy and performance, as well
as its approach to long-term value creation. This is an
integrated report, prepared in accordance with standards
published by the Global Reporting Initiative (GRI) and the
International Integrated Reporting Council (IIRC). The report
focuses on the operational, financial and sustainability
performance for the financial year 2025 of Wereldhave N.V.
and its subsidiaries. The purpose of the Annual Report is to
describe the group’s ability to create value over time for
stakeholders and society. Our new strategy focuses on how
to create value in a retail landscape that is scattered with
shop closures. This report highlights the themes that are
central in our strategy.
The consolidated financial statements of Wereldhave N.V.
have been prepared in accordance with the International
Financial Reporting Standards (IFRS) as adopted by the
European Union (EU-IFRS) and with Part 9 of Book 2 of the
Dutch Civil Code. The accounting policies are set out in
Note 2 and following notes to the Financial statements. The
consolidated financial statements have been prepared on a
going concern basis, applying a historical cost convention,
except for the measurement of investment property and
derivative financial instruments that have been measured at
fair value. The preparation of consolidated financial
statements in conformity with EU-IFRS requires the use of
certain critical accounting estimates. It also requires
management to exercise its judgement in the process of
applying the Group’s accounting policies. Changes in
assumptions may have a significant impact on the
consolidated financial statements in the period the
assumptions changed. Management believes that the
underlying assumptions are appropriate.
Wereldhave had its energy, carbon, water, waste and Green
Lease data verified by Lucideon. Wereldhave did not seek
external assurance for other non-financial information in this
report.
Risks are assessed in accordance with Wereldhave’s new
overall risk management approach. The financial data in this
report are based on the consolidated internal reporting
from Wereldhave’s entities in the Netherlands, Belgium,
Luxembourg and France. The non-financial data is collected
centrally. The production of this report is overseen by a
dedicated project team, with contributors from Finance,
Corporate Development, Investor Relations, Customer
Experience, Digital Transformation and Corporate Social
Responsibility. The report is reviewed and approved by the
Board of Management.
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Basis of preparation
Compliance with EU voluntary sustainability reporting
standards (VSME)
For our 2025 Integrated Annual Report, we have chosen to
align with the EU’s voluntary sustainability reporting
standards for SMEs (VSME). In doing so, we are applying
both the basic and comprehensive modules.
Disclosures against these modules have been incorporated
into this IAR. Most of are included in the Better Tomorrow
chapter (pages 50-58).
Our VSME disclosures relate to measures (either taken or
planned) to increase the long-term sustainability of our
business. No data or disclosures were excluded due to
commercial sensitivity.
With regard to the VSME reporting requirements, please be
advised of the following: subsidiaries are referenced
elsewhere in this report (see page 144), though registered
addresses are not provided. Operating locations are listed
under the ‘Property Portfolio’ section (pages 85-87);
however, address, postal code, and geolocation details are
not included. Address information is available on our
website.
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Compliance with EU voluntary sustainability reporting standards (VSME)
Our material topics
Waste management
Local community
engagement
Employee wellbeing
Climate change
mitigation
Climate change
adaptation
Business ethics
Impact materiality
Financial materiality
Sustainability policies and guidelines
The following table provides and overview of internal
sustainability policies and guidelines:
Do you have existing sustainability
practices/ policies/further initiatives
that address any of the following
sustainability issues? (Yes/No)
Are they publicly available?
(Yes/No)
Do the policies have any targets?
(Yes/No)
Climate change Yes Yes Yes
Pollution Not applicable
Water and marine resources Not applicable
Biodiversity and ecosystems Not applicable
Circular economy Yes No No
Own workforce Yes Ye s Ye s
Workers in the value chain Not applicable
Affected communities Not applicable
Consumers and end-users Not applicable
Business conduct Yes Ye s No
At the beginning of 2025, we updated our double
materiality assessment (DMA). This assessment identifies
our material sustainability impacts, risks and opportunities,
which form the basis of our VSME disclosures.
The following chart shows our material sustainability topics
(as confirmed by our updated 2025 DMA):
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VSME reference table
Our VSME disclosures may be found in the following
sections of this Integrated Annual Report:
Disclosure Disclosure name Section in IAR 2025 Page
Basic module disclosures
B1 Basis for preparation About Wereldhave 2
Compliance with EU voluntary reporting standards (VSME) 79
External benchmarks and certification 56
B2 Practices, policies and future initiatives for transitioning towards a more sustainable economy Better footprint 51
Better nature 55
Better living 56
People and partners 46
Our Code of Conduct 46
Our suppliers and sub-contractors 48
Sustainability policies and guidelines 80
B3 Energy and greenhouse gas emissions Better footprint 51
B7 Resource use, circular economy, and waste management Resource use and waste 55
Better nature 55
B8 Workforce – General characteristics People and partners 46
B11 Convictions and fines for corruption and bribery People and partners 46
Comprehensive module disclosures
C1 Strategy: Business model and sustainability-related initiatives Our business 7
A Better Tomorrow 50
Value creation 24
C2 Description of practices, policies and future initiatives for transitioning towards a more sustainable economy Better footprint 51
Better nature 55
People and partners 46
C3 GHG reduction targets and climate transition Better footprint 51
C4 Climate risks Better nature 55
C5 Additional (general) workforce characteristics People and partners 46
C8 Revenues from certain sectors and exclusion from EU reference benchmarks Better footprint 51
C9 Gender diversity ratio in the governance body People and partners 46
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Qualifying notes ESG reporting
We use the operational control approach for our sustainability
reporting. All energy, carbon, water and waste data reported
are consolidated on a 12-month rolling period rather than on
the financial year. This means the fourth quarter of 2024 and
the first three quarters for 2025 are reported on. The same
methodology is applicable for 2024 and 2023. Based on
these reporting boundaries, we report against two portfolio
definitions:
Absolute: The absolute portfolio includes all properties
where Wereldhave has operational control, where we
purchase energy, water or waste services. In 2024/25, 100%
of the total portfolio GLA was within the scope of our
reporting boundaries, and therefore included in the
absolute portfolio disclosures. For 2025 the absolute data
disclosed for all energy and greenhouse gas emissions
performance indicators is for 28 out of 29 retail properties
as reported in this Annual Report. Ville2 was acquired
outside of the reporting window and therefore no data is
disclosed. The data disclosed for water consumption refers
to 26 out of 29 properties and waste figures refer to 23 out
of 29 properties. For the Belgian offices, we disclose on all
assets. Wereldhave’s headquarter in the Netherlands has
consumed 41,518 kWh electricity in 2025.
Like-for-like: The like-for-like portfolio includes all
properties which have been in the portfolio for at least 12
months prior to the reporting period, but excluding those
which were acquired, divested or under significant (re)
development. In 2024/25, for the like-for-like figures, 21 out
of 329 retail assets are included.
Reporting on our joint venture Stadshart Zoetermeer is
based on the equity share method, i.e. 15% of its energy and
emissions data are reported on.
Energy and carbon emissions
We report on all energy procured by Wereldhave, including
that submetered to tenants, and the emissions associated
with this energy, which is reported separately. Energy
consumption procured by tenants is collected for the
Netherlands through third-party data (standardized annual
consumption data – SJV). This data is used to calculate
Scope 3 emissions, as illustrated in the Sankey diagram.
The figures reported in the EPRA sBPR tables are based
exclusively on energy procured by Wereldhave. To further
improve transparency and refine Scope 3 emissions
calculations, Wereldhave is committed to enhancing data
collection from tenants, aiming to bridge existing data
gaps. Currently gas or electricity which is supplied directly
to units/demises by utility suppliers is excluded. Energy
data is reported as is and not normalized for degree day
correction. District heating and gas consumption are
adjusted for comparison on one metric, kWh. All Dutch
sites have smart meters in place for common areas to
monitor energy consumption. All years prior to the current
reporting year Wereldhave has used CO2emissiefactoren.
nl as the source of the emission factors to calculate the
footprint. As our science-based target has shifted to
CRREM we have applied the CRREM based emission V2.07
factors for our location based emissions to harmonize our
methodology going forwards.
District heating is based on the Eneco’s, HVC’s and
Vattenfall’s “warmte-etiket” of the year prior. The emission
factors are selected for specific years of reporting, enabling
us to report as accurate data as possible.
Restatements were made at the following locations:
Eggert
An additional meter that was omitted in previous years has
been added leading to a substantial increase in electricity
data. This has also been corrected for 2024.
Cityplaza
We have added additional district heating meters in the
common areas.
Côté Seine
Additional electricity consumption has been added for both
2024 and 2025 due to the addition of energy meters from
cooling towers.
Belle-Île
Due to it being unclear whether gas was submetered to
tenants it has been corrected for both 2024 and 2025 to be
part of shared services fuels and emissions.
Belgium offices
For the Belgium offices scope 3 electricity was partially
double counted in 2024, this has been corrected in the
figures over 2024.
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Qualifying notes ESG reporting
Water and waste
Waste data is collected for properties where we directly
contract waste management services. No estimates have
been made for properties in Belgium, the Netherlands,
Luxembourg and France. Waste and water data is not
normalized. The water consumption in Belgium has
increased over the last year. Mostly due to receiving
additional data points from our tenants starting from the 1st
of January 2025.
Building Certifications
EU EPC labels have seen a decrease in label X due to
conversion to actual labels in Belgium, which is also the
reason of an increase in label D and E, G.
For our BREEAM certification cycle we started applying the
‘portfolio’ approach. This is more efficient but leads to a
temporary gap in valid labels. These assets are now labeled
as ‘In process of (re-)certification’.
Carbon flow analysis diagram 2025
The carbon flow diagram as shown on page 54, shows the
entire carbon footprint of Wereldhave. This overview is
calculated by an independent third party (Siluur).
Scope
Stationary Combustion: combustion of fuels in stationary
equipment such as boilers, furnaces, burners, turbines,
heaters, incinerators, engines, flares, etc. Data is reported
based on the fuel consumption of the assets on a broken
fiscal year as the energy data report. No data was estimated.
Mobile Combustion: combustion of fuels in transportation
devices such as automobiles, trucks, buses, trains,
airplanes, boats, ships, barges, vessels, etc. Data is reported
based on actual consumption data of gasoline petrol fuel
and electricity for EVs. No data was estimated.
Fugitive Emissions: leaked refrigerants from A/C units and
refrigerators, intentional and unintentional releases such as
equipment leaks from joints, seals. Data is reported based
on assumed refrigerant losses following the methodology of
IPCC and GHG protocol for the cooling installations within
the portfolio of Wereldhave.
Scope
Purchased Electricity: data is reported based on actual
consumption data of the assets on a broken fiscal year as
the energy data report. As well as Wereldhave’s headquarter
in the Netherlands. No data was estimated.
Purchased Heating: data is reported based on actual
consumption data of the assets on a broken fiscal year as
the energy data report. No data was estimated.
Scope
Purchased Goods & Services: all upstream (i.e., cradle-to-
gate) emissions from the production of products purchased
or acquired by the reporting company in the reporting year,
not otherwise included in categories 2 - 8. The reporting
methodology is spend-based, data was extrapolated for
assets where data was not available. In the reporting year
2025 the calculation methodology has been adjusted to
harmonize the calculations for all countries. This leads to a
higher coverage of purchased goods and services.
Capital Goods: capital goods are final products that have
an extended life and are used by the company to
manufacture a product, provide a service, or sell, store, and
deliver merchandise. In financial accounting, capital goods
are treated as fixed assets or as plant, property, and
equipment (PP&E). Examples of capital goods include
equipment, machinery, buildings, facilities, and vehicles.
This category includes the total cradle-to-gate emissions for
capital goods purchased in the reporting year. The reporting
methodology is spend-based, data was extrapolated for
assets where data was not available. The capital expenditures
in Belgium over 2024 were only partially (10%) calculated
and included due to lack of data, this year Wereldhave has
calculated with 100% of the capital expenditure for Belgium.
Fuel & Energy Related Activities not in S or S (location
based): includes four activities: a) upstream emissions of
purchased fuels; b) upstream emissions of purchased
electricity; c) T&D losses; and d) generation of purchased
electricity that is sold to end users. This category also
includes electricity applied to EV chargers for visitors.
Waste Generated in Operations – Operational waste:
Emissions from third-party disposal and treatment of waste
that is generated in the reporting company’s owned or
controlled operations in the reporting year. Waste
calculations are based on the total figures of waste
provided by Wereldhave for all countries. Since emission
factors are dependent on both waste stream as well as
waste type, an assumption has to be made in order to know
what type of waste is in each stream. For this, a general
assumption is made based on the Dutch waste report of
2024.
Waste Generated in Operations – Construction waste:
Emissions from third-party disposal and treatment of
construction waste that is generated in the reporting
company during renovations or the remodeling of assets.
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Waste calculations are based on Capital Goods spend. All
expenditures are matched to emission factor ‘Construction
work’ (Exiobase) and multiplied with a factor of 0.1 for NL
and a factor of 0.15 for BE, LU and FR.
Business Travel: emissions from the transportation of
employees for business-related activities in vehicles owned
or operated by third parties, such as aircraft, trains, buses,
and passenger cars. The total quantities of hotel nights and
kilometers travelled per mode of transport for the reporting
period were summed up and multiplied by the respective
impact factors. For flight transportation, the route distance
was used to determine the impact factor (short, medium or
long haul).
Employee Commuting: emissions from the transportation of
employees between their homes and their worksites.
Emissions may arise from Automobile travel, Bus travel, Rail
travel, Air travel or other modes of transportation. The
emissions of employee commuting are based on travel
distances from employees home address to the local offices
and headquarters. Assumptions have been made on their
work locations in the different countries.
Downstream Leased Assets: emissions from the operation
of assets that are owned by the reporting company (acting
as lessor) and leased to other entities in the reporting year
that are not already included in scope 1 or scope 2. This
category is applicable to lessors (i.e., companies that
receive payments from lessees). Companies that operate
leased assets (i.e., lessees) should refer to category 8
(Upstream leased assets) for emissions not already reported
in scope 1 and 2. Data reported quantity based and
extrapolated for several assets in France and Belgium
where tenant data is not fully available. Starting this
reporting year, we collected tenant energy data from
several Belgian assets. This reduced the need for
extrapolation and enhanced our coverage of scope 3 data.
Investments: emissions associated with the company’s
investments in the reporting year. This category is
applicable to investors (i.e., companies that make an
investment with the objective of making a profit).
Zoetermeer falls under this category as Wereldhave does
not have operational control. Wereldhave owns 15% of the
asset and this percentage of the scope 1 and 2 emissions
from Zoetermeer is allocated to Wereldhave.
Intensity
Intensity figures are calculated using ‘total landlord
obtained data’ as numerator and ‘total asset size’ as
denominator. The reported floor area corresponds to the
area served by the energy procured and its associated
carbon emissions, and includes common areas,
management offices and GLA, but excludes parking
garages. Wereldhave acknowledges that the intensity
indicator may be affected due to a mismatch between
numerator and denominator, as recommended in the EPRA
sustainability best practice recommendations.
Verification
Lucideon CICS independently verified Wereldhave’s
reported Scope 1, 2 and 3 emissions, water, and waste
consumption data and green leases pursuant to ISO 14064-
3 (the international standard for verification of greenhouse
gas inventories). More information is available as part of our
annual CDP submission.
Reporting guideline reference tables
Wereldhave aims to report in line with multiple
sustainability-related reporting guidelines, i.e. EPRA’s
Sustainability performance measures, the GRI Sustainability
Reporting Standards and the Principles of the Integrated
Reporting (IR) framework. The specific information
requested by these guidelines is reported in this Integrated
Annual Report. Wereldhave has published reference tables
for each of the guidelines (EPRA, GRI and IR) on https://
www.wereldhave.com/portfolio-strategy/sustainability/
sustainability-reports/.
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Property portfolio
The Netherlands
Shopping Centers
Lettable area
(m)
Parking spaces
Owned
Parking spaces
Total
Year of
acquisition
Year of
construction/
renovation
Annual
theoretical
rent (x € 1m)
1
Visitors (m)
Presikhaaf, Arnhem 32,393 - 1,244 2015 2021 5.7 5.6
Kronenburg, Arnhem 41,222 1,300 1,300 1988 2025 10.9 5.2
De Koperwiek, Capelle aan den IJssel 31,178 270 900 2010-2014 2023 8.7 6.3
Middenwaard, Heerhugowaard 35,754 1,345 1,850 2015 2018 9.6 6.4
Vier Meren, Hoofddorp 49,514 1,236 2,943 2014-2023 2023 13.8 9.2
Cityplaza, Nieuwegein 50,336 783 1,994 2015 2012 13.4 7.6
Eggert, Purmerend 20,711 274 274 2010 2023 4.8 4.4
City-Center Tilburg, Tilburg 50,681 - 1,080 2015-2025 2022 8.4 9.9
Total , , , . .
1 Excluding parking income.
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Property portfolio
Shopping Centers
Lettable area
(m)
Parking spaces
Owned
Parking spaces
Total
Year of
acquisition
Year of
construction/
renovation
Annual
theoretical
rent (x € 1m)
2
Visitors (m)
Ring Kortrijk, Courtrai 33,080 2,000 2,000 2014 2022 9.5 3.8
Shopping 1, Genk 22,181 1,250 1,250 2010 2023 5.3 4.7
Stadsplein, Genk 15,594 44 44 2012 2023 2.7 n.a.
Belle-Île, Liège 30,880 1,641 1,641 1994 2020 13.8 4.0
Shopping Nivelles, Nivelles 28,249 1,500 1,500 1984 2025 11.2 3.4
Les Bastions Retail Park, Tournai 10,348 360 360 2016 2016 1.3 n.a.
Les Bastions Shopping, Tournai 34,923 1,450 1,450 1988 2021 10.7 4.8
Turnhout Retail Park, Turnhout
1
19,804 765 765 2018 1979 2.7 n.a.
Retail Park de Mael, Bruges
1
21,957 650 650 2018 2025 3.1 n.a.
Shopping Ville2, Charleroi 27,304 2,000 2,000 2025 2021 12.2 4.0
Sub total 244,320 11,660 11,660 72.5 24.7
Offices
The Sage, Antwerp 39,842 766 766 1999 2021 6.6 n.a.
The Sage, Vilvoorde 18,848 517 517 1998 2023 2.7 n.a.
Sub total 58,690 1,283 1,283 9.3 -
Total , , , . .
1 Lettable area excludes petrol station.
2 Excluding parking income.
Belgium
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France
Shopping Centers
Lettable area
(m)
Parking spaces
Owned
Parking spaces
Total
Year of
acquisition
Year of
construction/
renovation
Annual
theoretical
rent (x € 1m)
1
Visitors (m)
Côté Seine, Argenteuil 18,857 - 1,350 2014 2018 5.4 5.8
Mériadeck, Bordeaux 24,727 - 1,300 2014 2014 6.8 6.6
Total , - , . .
1 Excluding parking income.
Luxembourg
Shopping Centers
Lettable area
(m)
Parking spaces
Owned
Parking spaces
Total
Year of
acquisition
Year of
construction/
renovation
Annual
theoretical
rent (x € 1m)
1
Visitors (m)
Knauf Schmiede, Huldange 42,550 950 950 2025 2022 6.7 2.1
Knauf Pommerloch, Pommerloch 33,385 1,420 1,420 2025 2020 8.6 2.6
Total , , , . .
Overall , . .
1 Excluding parking income.
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Core portfolio
This comprises all our shopping centers located in the
Benelux.
Customer satisfaction Benelux (Net Promoter
Score)
The Net Promotor Score is calculated as the 1-year moving
average Net Promoter Score (NPS), measured over the
entire portfolio of continued operating shopping centers in
the Benelux. Continued operating shopping centers exclude
developments and refurbishments.
Direct result
The direct result consists of net rental income, general
costs, other gains and losses (other than exchange rate
differences and non-recurring project related costs) minus,
financial income and expense (other than the interest
addition to the real value of the conversion rights of
convertible bonds, premiums paid on interest-bearing debt)
and tax charges on the direct result. Reference is made to
‘Direct & Indirect’ result, page 30.
Direct result per share (DRPS)
Direct result per share is calculated by dividing direct result
attributable to owners of the Group (excluding minority
interest), refer to ‘Direct & Indirect’ result (page 30) by the
weighted average number of ordinary shares outstanding
during the financial year, adjusted for bonus elements in
ordinary shares issued during the year and excluding
treasury shares (refer to page 145).
EPRA cost ratio including direct vacancy costs
The EPRA cost ratio including direct vacancy costs takes
total property expenses, net service charges and general
costs, divided by gross rental income from the IFRS income
statement. The gross rental income and total costs are
adjusted in case of income that is specifically intended to
cover overhead expenses.
EPRA earnings
EPRA earnings measures operational performance and the
extent to which dividend payments to shareholders are
underpinned by income generated from operational
activities. The measure is based on the result from the IFRS
income statement attributable to shareholders excluding
valuation results, results on disposals, and the fair value of
changes of financial instruments. Reference is made to the
EPRA tables on page 91.
This glossary includes definitions of measures used in our reporting. We use a variety of financial and non-financial measures to assess
and explain our performance. A number of the financial measures used, including net debt, direct result, direct result per share and the
measures in accordance with the industry best practices as published by the European Public Real Estate Association (EPRA), are not
defined under International Financial Reporting Standards (IFRS), and are therefore considered alternative performance measures
(APMs). APMs are not considered superior to the relevant IFRS measures, rather management uses them alongside IFRS measures to
monitor the Company’s financial performance as they help illustrate the performance and position of the Company. These measures are
determined on a consistent and comparable basis with our latest published annual report, unless otherwise stated. Wereldhave
considers the following metrics to constitute Alternative Performance Measures as defined in the European Securities and Markets
Authority Guidelines on Alternative Performance Measures.
Alternative performance measures
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Alternative performance measures
EPRA earnings per share
EPRA earnings per share is calculated by dividing EPRA
earnings by the weighted average number of ordinary
shares outstanding during the financial year, adjusted for
bonus elements in ordinary shares issued during the year
and excluding treasury shares. Reference is made to the
EPRA tables on page 91.
EPRA loan-to-value (EPRA LTV)
The calculation of the EPRA loan-to-value (LTV) is based on
net debt divided by net assets as defined by EPRA and
based on a proportional consolidation of non-controlling
interests. Reference is made to the EPRA tables on page 91.
EPRA net disposal value (EPRA NDV)
IFRS NAV including the fair value of the interest-bearing
liabilities attributable to shareholders.
EPRA net initial yield (EPRA NIY)
Annualized rental income based on cash rents passing at
the balance sheet date, less non-recoverable property
operating expenses, divided by the market value of the
property, including estimated purchasers’ cost (EPRA Net
Initial Yield = (Annualized rent passing + other income +
turnover rent -/- property expenses) / Gross Property Value).
Reference is made the EPRA tables on page 91 and to note
4 in the financial statements.
EPRA net reinstatement value (EPRA NRV)
IFRS NAV excluding the fair value of financial instruments
and deferred tax liabilities, and including real estate transfer
tax of the investment portfolio attributable to shareholders.
EPRA net tangible assets (EPRA NTA)
IFRS NAV excluding intangible assets, the fair value of
financial instruments, and 50% of the value of the deferred
tax liabilities attributable to shareholders.
EPRA vacancy rate
The EPRA vacancy rate is the estimated rental value of
vacant units as a percentage of the total estimated rental
value of the portfolio, excluding development units, units
under offer or occupied by the Group. Reference is made to
the table on page 91 and note 4 in the financial statements.
Estimated rental value (ERV)
The ERV is the Company’s external appraisers’ opinion at
valuation date of the market rent that could reasonably be
expected to be obtained on new letting or renewal of the
unit or property.
Footfall
Number of visitors in our shopping centers.
Footfall growth
The footfall growth is the change in footfall calculated as
the footfall in current period divided by the footfall in the
same period last year.
Gross loan-to-value (Gross LTV)
This is calculated based on the loan covenants and
excludes the cash and cash equivalents compared with the
Net LTV.
IFRS Net asset value per share (IFRS NAV)
IFRS NAV is equity attributable to shareholders divided by
the total number of ordinary shares for net asset value.
Indirect result
The indirect result consists out of the fair value movements
of investment properties, the impact of ineffectiveness on
hedges, exchange rate differences that are accounted for
under other financial income and expense, the interest
addition to leasehold obligations, the movement in deferred
tax liabilities, non-recurring project-related costs and
actuarial gains and losses on employee benefit plans.
Reference is made to page 30.
Indirect result per share
This is calculated by dividing indirect result attributable to
shareholders by the weighted average number of shares.
Interest coverage ratio
The interest coverage ratio is the ratio of the interest charge
in the direct result and the net rental income. The
calculation is as follows: net rental income of € 154.5m
divided by external interest expenses of € 37.2m gives an
interest coverage ratio of 4.1x. The external interest is part
of the net interest costs of € 40.2m as presented in note 28
in the financial statements.
Joint ventures
The term joint ventures relate to strategic business
arrangements where two or more parties agree to pool
resources, expertise and capital. Depending on the level of
control it is accounted for as a joint venture or associate under
IFRS. as disclosed in the notes to the financial statements.
Like-for-like net rental income growth
This is the change in net rental income of the portfolio that
has been consistently in operation during the two full
reporting periods. This excludes acquisitions, disposals and
developments.
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MGR vs ERV
This is the percentage change calculated as the MGR on
new or renewed contracts signed divided by the applicable
ERV during the period.
MGR Uplift
This is calculated as the percentage change in MGR from
renewed lease agreements signed during the reporting
period compared with the MGR before the renewal.
Minimum guaranteed rent (MGR)
This is calculated on reporting date based on the lease
agreements in place.
Net debt
Net debt is the sum of the non-current and current interest-
bearing liabilities of € 1,121.8m less cash and cash
equivalents of € 105.6m gives € 1,016.2m.
Net debt for LTV
Net debt for LTV is the sum of Net debt of € 1,016.2m and
the effect of the hedged foreign currency movements of the
debt of € 21.4m which totals € 1,037.6m.
Net loan-to-value (Net LTV)
Net loan-to-value (LTV) is the ratio of net debt for LTV to the
aggregate value of investment property including assets
held for sale, investments in associates as well as property
leased out under finance lease less the present value of
future ground rent payments. Reference is made to note 16
of the financial statements.
Number of ordinary shares for net asset value
This is the total number of ordinary shares in issue, less the
treasury shares held by the Company at the end of the period.
(EPRA) occupancy rate
The occupancy rate is calculated as 100%, less the EPRA
vacancy rate.
Occupancy cost ratio (OCR)
This is the total cost of occupation, which is calculated by
taking rent, service charges and marketing contributions
divided by the retail sales obtained from the tenant.
Proportion of mixed-use Benelux
This is the percentage of square meters devoted to tenants
that operate in branches that are considered mixed-use in
comparison with the total available square meters in our
Benelux shopping centers.
Solvency
Solvency Ratio means the ratio of: “Total equity” (less
“Intangible Assets” (if any)) and “Provision for Deferred Tax
Liabilities”; to “Balance Sheet Total” (less “Intangible
Assets”). Total equity of € 1,342.4m and Deferred Tax
liabilities of € 11.0m less Intangible assets of € 0.1m divided
by balance sheet total € 2,638.2m less Intangible assets of
€ 0.1m gives a solvency of 51.3%.
Retail sales
Retail sales are the sales figures provided by our tenants
from our shopping center portfolio.
Tenant satisfaction
The Tenant Satisfaction score is measured through tenant
surveys.
Theoretical rent
The theoretical rent is calculated as the total of passing
rent, expected turnover rent and the market rent (ERV) of
vacant units.
Total property return
Total property return is a measure of the unlevered return
for the portfolio and is calculated as the change in capital
value, less any capital expenditure incurred, plus net
income, expressed as a percentage of capital employed
over the period concerned, excluding land.
Total return based on EPRA net tangible assets
per share
Total return based on EPRA net tangible assets per share is
calculated as the total of the dividend paid per share and
the change in EPRA NTA per share compared with the prior
period.
Total shareholder return
Total shareholder return (“TSR”) is defined as the share
price increase, including reinvested dividends. TSR is
measured over a three-year period based on a three-month
average of the last three months of the year before the start
and the end of the performance period. The performance
period starts on 1 January of the year in respect of which the
LTI is to be granted.
Weighted average number of shares
Weighted average number of shares includes the weighted
average of the number of ordinary shares outstanding
during the period (excluding treasury shares).
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EPRA performance measures
The EPRA Best Practices Recommendations published on September 2024 by EPRA’s
Reporting and Accounting Committee contain recommendations for the determination of key
performance indicators of the investment property portfolio. The EPRA Best Practices
Recommendations enable standardization, transparency and comparability of listed real
estate companies across Europe.
Summary of EPRA performance measures
2025 2024 2025 2024
Page (€ /share) (€ /share)
1. EPRA Earnings (in € 1,000) 91 79,427 72,752 1.74 1.67
2. EPRA NAV Metrics 92
EPRA Net Reinstatement Value (in € 1,000) 26.61 26.74 26.61 26.74
EPRA Net Tangible Assets (in € 1,000) 23.53 23.43 23.53 23.43
EPRA Net Disposal Value (in € 1,000) 23.48 23.51 23.48 23.51
3. EPRA Net Initial Yield 92
EPRA Net Initial Yield 6.3% 6.1%
EPRA 'Topped-up' Net Initial Yield 6.5% 6.2%
4. EPRA Vacancy Rate 93 2.8% 3.4%
5. EPRA Cost Ratio 93
EPRA Cost Ratio including direct vacancy
costs 20.6% 22.4%
EPRA Cost Ratio excluding direct vacancy
costs 19.3% 20.4%
6. EPRA LTV 94 47.5% 46.8%
7. Investment Property Reporting 95
1. EPRA earnings
(in € 1,000 unless otherwise stated) 2025 2024
Earnings per IFRS income statement 86,299 139,764
Adjustments to calculate EPRA earnings, exclude:
(i) Changes in value of investment properties, development properties
held for investment and other interests -3,009 -52,902
(ii) Profits or losses on disposal of investment properties, development
properties held for investment and other interests 2,304 97
(iii) Profits or losses on sales of trading properties including impairment
charges in respect of trading properties. - -
(iv) Tax on profits or losses on disposals -4,783 -
(vi) Changes in fair value of financial instruments and associated close-out
costs -1,009 4,276
(x) Deferred tax in respect of EPRA adjustments 16,167 -3,903
(xi) Adjustments (i) to (viii) above in respect of joint ventures and
associates (unless already included under proportional consolidation) -650 -
(xii) Non-controlling interests in respect of the above -15,892 -14,580
EPRA Earnings 79,427 72,752
Weighted average number of shares outstanding during period 45,768,399 43,633,274
EPRA Earnings per share (in €) . .
Company specific adjustments:
(a) Non-current operating expenses 5,570 4,130
(b) Non-controlling interests in respect of the above -5 -189
Direct Result 84,992 76,693
Direct Result per share (in €) . .
Zero-line items were removed from the EPRA-table above.
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EPRA performance measures
2. EPRA NAV measures
(in € 1,000 unless otherwise stated) 31 December 2025 31 December 2025 31 December 2025 31 December 2024 31 December 2024 31 December 2024
EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV
IFRS Equity attributable to shareholders 1,087,242 1,087,242 1,087,242 1,021,916 1,021,916 1,021,916
Diluted NAV at Fair Value 1,087,242 1,087,242 1,087,242 1,021,916 1,021,916 1,021,916
Exclude:
v) Deferred tax in relation to the fair value gains of IP 10,989 5,494 - - - -
vi) Fair value of financial instruments -4,214 -4,214 - 2,247 2,247 -
vii.b) Intangibles per the IFRS balance sheet - -99 - - -169 -
Include:
ix) Fair value of fixed interest rate debt - - -1,186 - - 5,548
xi) Real estate transfer tax 136,943 - - 144,408 - -
NAV 1,230,960 1,088,423 1,086,056 1,168,571 1,023,994 1,027,464
Fully diluted number of shares 46,253,032 46,253,032 46,253,032 43,704,070 43,704,070 43,704,070
NAV per share (in €) . . . . . .
Zero-line items were removed from the EPRA-table above.
3. EPRA Net Initial Yield and ‘Topped-up’ Initial Yield
(in € 1,000 unless otherwise stated) 31 December 2025 31 December 2024
Investment property – wholly owned 2,415,877 2,229,581
Investment property - share of associates 26,205 -
Less: developments and parkings -45,841 -32,095
Completed property portfolio 2,396,241 2,197,486
Allowance for estimated purchasers' costs 139,275 141,064
Gross up completed property portfolio valuation (A) 2,535,516 2,338,550
Annualized cash passing rental income 175,803 157,596
Property outgoings -15,081 -14,879
Annualized net rents (B) 160,722 142,717
Add notional rent expiration of rent free periods or other lease
incentives 3,217 3,266
Topped-up net annualized rent (C) 163,939 145,983
EPRA Net Initial Yield (B/A) 6.3% 6.1%
EPRA 'topped-up' Net Initial Yield (C/A) 6.5% 6.2%
Zero-line items were removed from the EPRA-table above.
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4. EPRA Vacancy Rate
The EPRA vacancy rate decreased to 2.8% over 2025.
2025
(in € 1,000)
Gross
rental
income
Net rental
income
Surface
owned
Annualized
gross rent
Annual
theoretical
rent
Estimated
rental value
of vacant
space
Estimated
rental
value
EPRA
vacancy
rate
Belgium 74,501 61,302 303.0 75,218 81,776 2,260 75,326 3.0%
France 10,966 9,048 43.6 11,549 12,202 371 12,351 3.0%
Luxembourg 13,790 11,441 75.9 14,790 15,342 414 14,769 2.8%
Netherlands 84,561 72,707 311.8 72,353 75,277 1,860 71,523 2.6%
Total portfolio , , . , , , , .%
1 Excluding developments.
2 Excluding parking income.
2024
(in € 1,000)
Gross
rental
income
Net rental
income
Surface
owned
Annualized
gross rent
Annual
theoretical
rent
Estimated
rental value
of vacant
space
Estimated
rental
value
EPRA
vacancy
rate
Belgium 70,444 57,212 278.4 64,200 69,000 2,006 66,854 3.0%
France 10,968 8,340 43.7 11,700 13,450 389 12,558 3.1%
Luxembourg - - - - - - - n.a.
Netherlands 85,485 72,864 369.1 83,600 87,762 3,169 83,399 3.8%
Total portfolio , , . , , , , .%
1 Excluding developments.
2 Excluding parking income.
5. EPRA cost ratio
(in € 1,000) 2025 2024
Property expenses 23,723 21,830
General costs 14,344 14,174
Other income and expense 615 73
(i) Administrative/operating expense line per IFRS income statement 38,682 36,077
(ii) Net service charge costs / fees 5,597 6,651
(iii) Management fees less actual/estimated profit element -653 -
(iv) Other operating income/recharges intended to cover overhead
expenses less any related profits -7,957 -7,536
(v) Share of Joint Venture and associates expenses 335 -
Exclude (if part of the above):
(vii) Ground rent costs 1 -49
Costs (including direct vacancy costs) (A) 36,005 35,143
(ix) Direct vacancy costs -2,239 -3,063
Costs (excluding direct vacancy costs) (B) 33,766 32,080
(x.a) Gross rental income less ground rent costs - per IFRS 183,819 166,848
(x.b) Less: Other operating income/recharges intended to cover overhead
expenses -10,136 -9,701
(xii) Add: share of joint ventures and associates (Gross Rental Income less
ground rents costs) 1,364 -
Gross Rental Income (C) 175,047 157,147
EPRA Cost Ratio (including direct vacancy costs) (A/C) 20.6% 22.4%
EPRA Cost Ratio (excluding direct vacancy costs) (B/C) 19.3% 20.4%
Zero-line items were removed from the EPRA-table above.
Operating and general expenses directly attributable to properties under development are
capitalized during the period that the property is unavailable for letting. For 2025 an amount
of € 7.8m was capitalized (2024: € 6.8m).
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6. EPRA LTV
(in € 1,000 unless otherwise stated) 31 December 2025 31 December 2025 31 December 2025 31 December 2025 31 December 2024 31 December 2024 31 December 2024
Group (as reported)
1
Share of Material
Associates
Non-controlling
interests
2
Combined Group (as reported)
1
Non-controlling
interests
2
Combined
Borrowings from Financial Institutions
3
1,058,398 9,600 -100,897 967,101 887,402 -68,756 818,646
Commercial Paper
3
34,000 - -10,394 23,606 36,050 -11,997 24,053
Bond loans
3
32,000 - -9,782 22,218 32,000 -10,650 21,350
Foreign currency derivatives (futures, swaps, options, and forwards)
4
21,422 - - 21,422 2,288 - 2,288
Net payables
5
58,092 222 -5,456 52,858 40,859 -790 40,069
Exclude: Cash and cash equivalents -105,561 -1,624 7,954 -99,231 -18,316 3,070 -15,246
Net debt (a) 1,098,351 8,198 -118,575 987,974 980,283 -89,123 891,160
Investment properties at fair value
6
2,415,877 26,205 -369,475 2,072,607 2,229,581 -330,940 1,898,641
Properties under development
6
6,965 - -2,129 4,836 6,965 -2,318 4,647
Intangibles 99 - - 99 169 - 169
Financial assets
7
1,178 - -134 1,044 387 -125 262
Total Property Value (b) 2,424,119 26,205 -371,738 2,078,586 2,237,102 -333,383 1,903,719
EPRA Loan to Value (a/b) .% .% .% .%
1 In both 2025 and 2024, the Group did not have shares in Joint Ventures.
2 The Group’s % of non-controlling interest in Belgium was 30.57% and 33.28% at 31 December 2025 and 31 December 2024 respectively.
3 Refer to note 21 of the financial statements. Amortized costs (2025: € 2.6m and 2024: € 2.3m) were added back to arrive at nominal value.
4 Relates to the foreign currency portion of derivatives as included in the financial statements.
5 Net balance of current liabilities (excluding current interest-bearing liabilities and derivatives) plus pension plan obligations and tenant deposits as disclosed in note 17 of the financial statement less current assets (excluding cash and cash equivalents and derivatives) and less deposits
paid and other financial assets as disclosed in note 8 of the financial statements.
6 Refer to note 4 of the financial statements. Excludes the fair value of ground rent of € 16.3m (2024: € 15.8m).
7 Refer to loans as disclosed in note 8 of the financial statements.
Zero-line items were removed from the EPRA-table above.
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7. Investment Property Reporting
Investment property is carried at fair value in accordance with note 4 of the financial
statements. Further information on our property portfolio is disclosed on page 85 to 87.
Information in relation to ongoing transformations is provided on page 19.
Capital expenditure
(in € 1,000) 2025 2024
Acquisitions 302,516 1,582
Developments - -299
Investment properties 54,342 34,859
Capitalized interest 653 940
Total Capex 357,511 37,082
Conversion from accrual to cash basis -57,994 2,151
Total Capex on cash basis , ,
Zero-line items were removed from the EPRA-table above.
Investment property – lease data
Average lease length in years Annual rent (in € 1,000) of leases expiring in
to break to expiry Year 1 Year 2 Year 3-5
Belgium 2.6 5.5 5,078 6,801 24,284
France 1.8 4.2 85 549 3,498
Luxembourg 1.4 7.5 176 941 3,856
Netherlands 3.7 4.2 3,499 9,181 29,831
Total portfolio . . , , ,
1 Indefinite contracts are included for one year.
Zero-line items were removed from the EPRA-table above.
Investment property – like-for-like net rental income
(in € 1,000)
Fair value
31 December
2025
Net rental
income 2025
Net rental
income 2024
Change (in
€ 1,000) Change (%)
Like-for-like
Belgium 995,316 59,914 55,952 3,962 7.1%
France 176,976 8,276 7,652 624 8.2%
Netherlands 948,961 60,569 57,740 2,829 4.9%
Total ,, , , , .%
Acquired 317,890 12,259 - 12,259 -
Development - 3,920 3,608 312 8.7%
Disposals - 9,560 13,464 -3,904 -29.0%
Total portfolio 2,439,143 154,498 138,416 16,082 11.6%
Zero-line items were removed from the EPRA-table above.
(in € 1,000)
Fair value
31 December
2024
Net rental
income 2024
Net rental
income 2023
Change (in
€ 1,000) Change (%)
Like-for-like
Belgium 987,900 56,818 54,328 2,490 4.6%
France 174,657 7,890 7,728 162 2.1%
Netherlands 893,500 58,522 54,834 3,688 6.7%
Total ,, , , , .%
Acquired 79,970 5,274 349 4,925 1411.2%
Development 116,364 9,663 8,617 1,046 12.1%
Disposals - 249 562 -313 -55.7%
Total portfolio 2,252,391 138,416 126,418 11,998 9.5%
Zero-line items were removed from the EPRA-table above.
EPRA Like-for-like net rental income (NRI) growth for the total portfolio was 6.1% in 2025
(2024: 5.4%). EPRA Like-for-like NRI growth is determined by comparing NRI growth for the
part of the portfolio that has been consistently in operation, and not under development,
during the two full preceding periods that are described. This is determined on a unit-by-unit
basis.
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Summary investment properties
Shopping centers Offices Total
(in € 1,000)
market
value
annual
theoretical
rent
market
value
annual
theoretical
rent
market
value
annual
theoretical
rent
Belgium 1,018,794 72,552 96,522 9,224 1,115,316 81,776
France 176,976 12,202 - - 176,976 12,202
Luxembourg 188,380 15,342 - - 188,380 15,342
Netherlands 958,471 75,277 - - 958,471 75,277
Total portfolio ,, , , , ,, ,
1 Excluding parking and residential.
Summary of the valuation adjustments of the investment properties
(in €m)
market
value
revaluation
in 2025
Shopping
centers Offices Total
Belgium 1,115,316 -10,595 -0.5% -5.0% -0.9%
France 176,976 -3,398 -1.9% - -1.9%
Luxembourg 188,380 21,877 13.1% - 13.1%
Netherlands 958,471 -4,875 -0.5% - -0.5%
Total portfolio ,, , .% -.% .%
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Five-year key financials
Result (in €m)
2021 2022 2023 2024 2025
Net rental income 124.7 115.2 126.4 138.4 154.5
Result -213.3 76.0 89.3 139.8 86.3
Direct result 88.5 79.8 84.2 91.5 100.9
Indirect result -301.8 -3.8 5.1 48.3 -14.6
Net rental income geographical distribution (in %)
2021 2022 2023 2024 2025
Belgium 38% 46% 46% 41% 40%
France 18% 6% 6% 6% 6%
Luxembourg 0% 0% 0% 0% 7%
Netherlands 44% 48% 48% 53% 47%
Total % % % % %
Balance sheet (in €m)
2021 2022 2023 2024 2025
Investment property in operation 1,912.7 1,963.9 2,147.8 2,245.4 2,432.2
Investment property under construction 26.6 36.2 14.6 7.0 7.0
Shareholders’ equity 866.8 885.7 964.5 1,021.9 1,087.2
Interest-bearing debt 814.9 856.8 941.4 953.1 1,121.8
1 Including lease incentives.
Investment portfolio sector distribution (in %)
2021 2022 2023 2024 2025
Retail 95% 95% 95% 95% 96%
Offices 5% 5% 5% 5% 4%
Total % % % % %
Investment portfolio geographical distribution (in %)
2021 2022 2023 2024 2025
Belgium 48% 47% 43% 44% 46%
France 9% 9% 8% 8% 7%
Luxembourg n.a. n.a. n.a. n.a. 8%
Netherlands 43% 44% 49% 48% 39%
Total % % % % %
Acquisition of investment properties (in €m)
2021 2022 2023 2024 2025
Belgium -2 - 1 0 120
France 1 - - - -
Luxembourg - - - - 165
Netherlands 0 - 85 1 17
Total - -
1 2021 includes settlement which has been adjusted on acquisition price.
Disposal of investment properties (in €m)
2021 2022 2023 2024 2025
Belgium - - 7 - 12
France 507 - - - -
Luxembourg - - - - -
Netherlands 105 1 2 - 162
Total -
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Five-year key financials
Share performance
Wereldhave share price & trading volume 2025
(in €) (daily volume in shares (x 1,000)
Jan Dec
Share price Trading volume
750
375
0
10
15
20
25
IFRS Net asset value versus share price
(at 31 December in €)
40
30
20
10
0
2025202420232021 2022
IFRS Net asset value
Share price
0
10
20
30
40
Three-year total shareholder return vs EPRA index
(in €)
January ’23 December ’25
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10
15
20
25
Share data (in €)
2021 2022 2023 2024 2025
IFRS NAV 21.6 22.12 22.09 23.43 23.53
Direct result 1.88 1.63 1.73 1.76 1.86
Indirect result -7.52 -0.2 0.24 0.90 -0.26
Dividend 1.1 1.16 1.20 1.25 1.30
Pay-out 59% 71% 69% 71% 70%
Result per share -5.64 1.43 1.97 2.66 1.60
1 For 2025 the proposed dividend is shown.
Number of shares
2021 2022 2023 2024 2025
At 31 December 40,270,921 40,270,921 43,876,129 43,876,129 46,396,667
Average during the year 40,146,461 40,071,882 40,320,434 43,633,274 45,768,399
1 Excluding remuneration shares, number used to calculate basic earnings per share.
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Consolidated financial statements 101
Consolidated statement of financial position 101
Consolidated income statement 102
Consolidated statement of comprehensive income 103
Consolidated statement of changes in equity 104
Consolidated cash flow statement 105
Notes to the consolidated financial statements 106
Reporting entity
Material accounting policies
Segment information
Investment property
Investments in associates
Property and equipment
Intangible assets
Other financial assets
Trade and other receivables
Current tax assets
Cash and cash equivalents
Share capital
Share premium
Other reserves
Retained earnings
Interest-bearing liabilities
Other long-term liabilities
Trade and other payables
Current tax liabilities
Derivative financial instruments
Financial risk management
Fair value measurement
Gross rental income and service costs
Property expenses
Results on disposals
General costs
Other income and expenses
Net interest
Other financial income and expenses
Income tax
Summarized financial information on subsidiaries
Transactions with shareholders
Result and diluted result per share upon full conversion
Net asset value per share
Dividend
Related parties
Events after balance sheet date
Company financial statements 148
Company balance sheet 148
Company income statement 149
Notes to the company financial statements 150
General
Financial assets
Current assets
Equity
Interest-bearing liabilities
Short-term liabilities
Off-balance sheet assets and liabilities
General costs
Other income and expense
Net interest
Other financial income and expenses
Management and members of the Supervisory Board
Related parties
Contingencies
Events after balance sheet date
Other information 157
Auditor’s report 158
Financial statements
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Financial statements
Consolidated statement of financial position
at 31 December 2025
(x € 1,000) Note 31 December 2025 31 December 2024
Assets
Non-current assets
Investment property 4 2,439,143 2,252,391
Investments in associates 5 17,593 -
Property and equipment 6 4,920 5,601
Intangible assets 7 99 169
Deferred tax assets 30 - 3,903
Derivative financial instruments 20 5,847 10,640
Other financial assets 8 6,850 6,109
Total non-current assets 2,474,452 2,278,813
Current assets
Trade and other receivables 9 51,690 52,210
Current tax assets 10 3,350 3,478
Derivative financial instruments 20 3,189 3,777
Cash and cash equivalents 11 105,561 18,316
Total current assets 163,790 77,781
Total assets 2,638,242 2,356,594
(x € 1,000) Note 31 December 2025 31 December 2024
Equity and Liabilities
Equity
Share capital 12 46,397 43,876
Share premium 13 1,796,535 1,759,213
Other reserves 14 -1,225 -6,375
Retained earnings 15 -754,465 -774,798
Attributable to shareholders 1,087,242 1,021,916
Non-controlling interest 255,175 242,550
Total equity 1,342,417 1,264,466
Non-current liabilities
Interest-bearing liabilities 16 1,016,149 809,773
Deferred tax liabilities 30 10,989 -
Derivative financial instruments 20 24,155 13,314
Other long-term liabilities 17 31,525 29,802
Total non-current liabilities 1,082,818 852,889
Current liabilities
Interest-bearing liabilities 16 105,629 143,369
Trade and other payables 18 87,641 85,128
Current tax liabilities 19 19,737 7,503
Derivative financial instruments 20 - 3,239
Total current liabilities 213,007 239,239
Total equity and liabilities 2,638,242 2,356,594
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Consolidated financial statements
Consolidated income statement
for the year ended 31 December 2025
(x € 1,000) Note 2025 2024
Gross rental income 23 183,818 166,897
Service costs charged 23 32,041 25,224
Total revenue 215,859 192,121
Service costs paid 23 -37,638 -31,875
Property expenses 24 -23,723 -21,830
Net rental income 154,498 138,416
Share of the result of associates 5 1,268 -
Valuation results 4 3,009 52,902
Results on disposals 25 -2,304 -97
General costs 26 -14,344 -14,174
Other income and expense 27 -615 -73
Operating result 141,512 176,974
Interest charges -40,454 -36,860
Interest income 280 276
Net interest 28 -40,174 -36,584
Other financial income and expense 20, 29 906 -4,266
Result before tax 102,244 136,124
Income tax 30 -15,945 3,640
Result for the year 86,299 139,764
Result attributable to:
Shareholders 73,344 115,840
Non-controlling interest 12,955 23,924
Result for the year 86,299 139,764
Basic earnings per share (€) 33 1.60 2.66
Diluted earnings per share (€) 33 1.60 2.65
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Consolidated statement of comprehensive income
for the year ended 31 December 2025
(x € 1,000) Note 2025 2024
Result 86,299 139,764
Items that may be recycled to the income statement subsequently
Effective portion of change in fair value of cash flow hedges 21 9,754 -6,405
Changes in fair value of cost of hedging 21 -4,604 773
Items that will not be recycled to the income statement subsequently
Remeasurement of post-employment benefit obligations 17 -170 -337
Total comprehensive income 91,279 133,795
Attributable to:
Shareholders 78,376 109,983
Non-controlling interest 12,903 23,812
Total comprehensive income 91,279 133,795
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Consolidated statement of changes in equity
for the year ended 31 December 2025
Attributable to shareholders
(x € 1,000) Share capital Share premium Hedge reserve
Cost of hedging
reserve Retained earnings
Total attributable
to shareholders
Non-controlling
interest Total equity
Balance at 1 January 2024 43,876 1,759,213 -1,046 303 -837,865 964,481 234,752 1,199,233
Comprehensive income
Result - - - - 115,840 115,840 23,924 139,764
Remeasurement of post-employment obligations - - - - -225 -225 -112 -337
Effective portion of change in fair value of cash flow hedges - - -6,405 - - -6,405 - -6,405
Changes in fair value of cost of hedging - - - 773 - 773 - 773
Total comprehensive income - - -6,405 773 115,615 109,983 23,812 133,795
Transactions with shareholders
Proceeds from share issue - - - - - - - -
Purchase of treasury shares - - - - -3,237 -3,237 - -3,237
Equity-settled share-based payment - - - - 1,741 1,741 - 1,741
Dividends - - - - -52,466 -52,466 -12,329 -64,795
Change non-controlling interest - - - - 1,414 1,414 -3,685 -2,271
Balance at 31 December 2024 43,876 1,759,213 -7,451 1,076 -774,798 1,021,916 242,550 1,264,466
Balance at 1 January 2025 43,876 1,759,213 -7,451 1,076 -774,798 1,021,916 242,550 1,264,466
Comprehensive income
Result - - - - 73,344 73,344 12,955 86,299
Remeasurement of post-employment obligations - - - - -118 -118 -52 -170
Effective portion of change in fair value of cash flow hedges - - 9,754 - - 9,754 - 9,754
Changes in fair value of cost of hedging - - - -4,604 - -4,604 - -4,604
Total comprehensive income - - 9,754 -4,604 73,226 78,376 12,903 91,279
Transactions with shareholders
Proceeds from share issue 2,521 37,322 - - - 39,843 - 39,843
Purchase of treasury shares - - - - -3,026 -3,026 - -3,026
Equity-settled share-based payment - - - - 1,812 1,812 - 1,812
Dividends - - - - -57,779 -57,779 -12,605 -70,384
Change non-controlling interest - - - - 6,100 6,100 12,327 18,427
Balance at 31 December 2025 46,397 1,796,535 2,303 -3,528 -754,465 1,087,242 255,175 1,342,417
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Consolidated cash flow statement
for the year ended 31 December 2025
(x € 1,000)
Note
2025 2024
Cash flow from operating activities
Result 86,299 139,764
Adjustments:
Valuation results 4 -3,009 -52,902
Net interest 28 40,174 36,584
Other financial income and expense 29 -906 4,266
Results on disposals 25 2,304 97
Income tax 15,945 -3,640
Amortization 1,241 1,178
Other movements 977 2,117
Net cash from operating activities before changes in working capital 143,025 127,464
Movement in trade and other receivables 3,821 -3,713
Movement in trade and other payables -4,981 1,857
Interest paid -37,357 -33,270
Interest received 280 276
Income tax paid -151 -259
Net cash from operating activities 104,637 92,355
Cash flow from investing activities
Proceeds from disposals direct investment properties 25 168,808 -97
Acquisition of subsidiary, net of cash acquired 4 -230,218 -
Investments in investment property 4 -69,299 -39,233
Acquisition of interests in investments accounted for using equity method 5 -16,985 -
Dividends received 660 -
Investments in equipment -164 -103
Proceeds from financial assets - 110
Payments for financial assets -529 -
Investments in intangible assets -8 -74
Net cash from investing activities -147,735 -39,397
Cash flow from financing activities
Proceeds from interest-bearing debts 16 290,740 278,193
Repayment interest-bearing debts 16 -103,871 -267,220
Payments of lease liabilities 17 -1,489 -856
Payments for treasury shares -3,082 -3,237
Proceeds from transactions with non-controlling interests 31 19,882 -
Payments for transactions with non-controlling interests 31 -4,714 -2,271
Dividends paid to shareholders -57,779 -52,466
Dividends paid to non-controlling interests -9,344 -12,329
Net cash from financing activities 130,343 -60,186
Net change in cash and cash equivalents 87,245 -7,228
Cash and cash equivalents at 1 January 11 18,316 25,544
Cash and cash equivalents at 31 December 11 105,561 18,316
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17 Other long-term liabilities
(x € 1,000) 31 December 2025 31 December 2024
Pension plans 179 138
Tenants deposits 11,247 9,500
Lease liabilities 20,099 20,164
Total 31,525 29,802
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32 Transactions with shareholders
In 2025 there were no transactions with shareholders that affected profit and loss.
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34 Net asset value per share
Net asset value per share
The net asset value per share is calculated based on equity as presented in the balance
sheet as at 31 December and the number of shares issued as at that date.
2025 2024
Equity available for shareholders (x € 1,000) 1,087,242 1,021,916
Number of ordinary shares per 31 December 46,396,667 43,876,129
Purchased shares for remuneration -281,072 -256,164
Number of ordinary shares per 31 December
for calculation net asset value 46,115,595 43,619,965
Potential ordinary shares to be issued 137,436 84,105
Number of ordinary shares diluted per 31 December
for calculation net asset value 46,253,031 43,704,070
Net asset value per share (x € 1) 23.58 23.43
Net asset value per share diluted (x € 1) 23.51 23.38
35 Dividend
It is proposed to distribute to holders of ordinary shares a dividend of € 1.30 per share in
cash in order to meet the distribution obligations under Dutch tax law, subject to dividend
withholding tax.
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Company balance sheet
at 31 December 2025 (before profit appropriation)
(x € 1,000) Note 31 December 2025 31 December 2024
Assets
Non-current assets
Financial assets 2 1,766,533 1,560,062
Derivative financial instruments 690 4,515
Total non-current assets 1,767,223 1,564,577
Current assets
Group companies receivable 2 132,338 526,501
Short term derivatives 1,491 2,324
Accruals 4,543 5,596
Other receivables 1,791 2,159
Tax receivables 2,571 2,705
Cash and cash equivalents 707 445
Total current assets 3 143,441 539,730
Total assets 1,910,664 2,104,307
(x € 1,000) Note 31 December 2025 31 December 2024
Equity and liabilities
Equity
Share capital 46,397 43,876
Share premium 1,796,535 1,759,213
Hedge reserves -1,225 -6,375
Revaluation reserve 166,895 160,080
Retained earnings -994,704 -1,050,718
Result of the year 73,344 115,840
Total equity 4 1,087,242 1,021,916
Non-current liabilities
Interest bearing liabilities 5 686,638 587,999
Derivative financial instruments 24,135 12,947
Total non-current liabilities 710,773 600,946
Current liabilities
Group companies payable 29,856 105,548
Short term liabilities 6 82,793 375,897
Total current liabilities 112,649 481,445
Total equity and liabilities 1,910,664 2,104,307
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Company financial statements
Company income statement
for the year ended 31 December 2025
(x € 1,000) Note 2025 2024
General costs 8 -5,565 -759
Other income and expense 9 -785 -137
Operating result -6,350 -896
Interest income 32,798 31,970
Interest charges -28,928 -27,844
Net interest 10 3,870 4,126
Other financial income and expenses 11 1,262 -882
Result before tax -1,218 2,348
Income tax -63 -39
Result from subsidiaries 2 74,625 113,531
Result 73,344 115,840
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Notes to the company financial statements
1 General
1.1 Principles for the presentation of the Company accounts
The Company accounts have been made up in accordance with the provisions of Title 9,
Book 2 of the Dutch Civil Code. The option provided by article 2:362 paragraph 8 of the Civil
Code allows the Company to apply the same principles for determining profit and loss and
balance sheet items (including the principles of accounting for financial instruments under
shareholders’ equity or interest-bearing liabilities) as it applies in the consolidated accounts.
The consolidated financial statements of Wereldhave N.V. have been prepared in accordance
with the IFRS Accounting Standards as adopted by the European Union (EU-IFRS) and with
Part 9 of Book 2 of the Dutch Civil Code. Reference is made to the notes to the consolidated
annual accounts.
The annual accounts have been prepared before distribution of result with the exception
where distribution is determined by law.
1.2 Interests in Group companies
Investments in subsidiaries and other entities in which the Group either exercises voting
control or effective management responsibility are valued at net asset value. The initial
processing in the accounts and valuations at balance sheet dates is made at the net asset
value. The value is adjusted with the share of the Company in the results of the subsidiary,
based on the principles for determining results as applied in the consolidated accounts and
with the share in the other movements in equity of the subsidiary as from the date of
acquisition, which are attributable to the Company. The net asset value is determined by
valuing assets, provisions and liabilities and by determining results according to the principles
which have been used in the consolidated accounts. interests with a negative net asset
value are valued at nil. This measurement also covers any receivables provided to the
interests that are, in substance, an extension of the net investment. In particular, this relates
to loans for which settlement is neither planned nor likely to occur in the foreseeable future.
A share in the profits of the interest in Group companies in subsequent years will only be
recognized if and to the extent that the cumulative unrecognized share of loss has been
absorbed. If the Company fully or partially guarantees the debts of the relevant interest, or
has the constructive obligation to enable the interest to pay its debts (for its share therein),
then a provision is recognized accordingly to the amount of the estimated payments by the
Company on behalf of the interest.
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2 Financial assets
(x € 1,000)
Interests in Group
companies
Receivables from
Group companies Total
Cost of acquisition 941,556 1,479,125 2,420,681
Accumulated revaluations -226,133 - -226,133
Accumulated impairments - -107,985 -107,985
Balance at 1 January 2025 715,423 1,371,140 2,086,563
Movements:
Investments 73,668 277,555 351,223
Capitalized interest - 5,235 5,235
Result from subsidiaries 74,625 - 74,625
Dividends -29,971 - -29,971
Divestments -2,068 -588,250 -590,318
Impairments -2,363 2,363 -
Other 1,514 - 1,514
Total changes for the period 115,405 -303,097 -187,692
Cost of acquisition 1,013,156 1,173,665 2,186,821
Accumulated revaluations -182,328 - -182,328
Accumulated impairments - -105,622 -105,622
Balance at 31 December 2025 830,828 1,068,043 1,898,871
Financial assets 830,828 935,705 1,766,533
Group companies receivable - 132,338 132,338
Balance at 31 December 2025 830,828 1,068,043 1,898,871
List of subsidiaries
At 31 December 2025, the Company had direct shareholdings in the following companies:
Corporate Seat Name
Direct
shareholding (%)
Indirect
shareholding (%)
Amsterdam, Netherlands N.V. Wereldhave International 100.00 -
Vilvoorde, Belgium Wereldhave Belgium 35.93 33.50
Amsterdam, Netherlands Wereldhave Management Holding B.V. 100.00 -
Huldange, Luxembourg Knauf Shopping Schmiede SARL 100.00 -
Paris, France Wereldhave Retail France S.A.S. 100.00 -
Paris, France SCI du CC Bordeaux Prefecture 0.01 99.99
Paris, France SNC Marceau Coté Seine 0.01 99.99
3 Current assets
All current assets are due in less than one year. The fair value of the receivables coincides
with the balance sheet valuation.
4 Equity
Share capital
The authorized share capital of the Company at 31 December 2025 amounts to € 150m
divided over 75m ordinary shares of € 1 and 75m preference shares of € 1. The issued and
paid up share capital amounts to € 46m, formed by 46,396,667 ordinary shares.
The number of treasury shares increased in 2025 by 24.908 shares which is the net result of
shares granted, vested and forfeited in relation to the various share schemes of the Board of
Management and employees (2024: increase of 41.992 granted, vested and forfeited).
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The movements in equity during 2025 and 2024 were as follows:
(x € 1,000) Share capital
Share premium
reserve Hedge reserve
Cost of hedging
reserve
Revaluation
reserve
Retained
earnings
Result current
year Total
Balance at 1 January 2024 43,876 1,759,213 -1,046 303 160,648 -1,077,934 79,421 964,481
Result 2023 distribution - - - - -568 79,989 -79,421 -
Remeasurement of past employment obligations - - - - - -225 - -225
Effective portion of change in fair value of cash flow hedges - - -6,405 - - - - -6,405
Changes in fair value of cost of hedging - - - 773 - - - 773
Shares purchased for remuneration - - - - - -3,237 - -3,237
Equity-settled share-based payment - - - - - 1,741 - 1,741
Dividend over 2023 - - - - - -52,466 - -52,466
Change non-controlling interest - - - - - 1,414 - 1,414
Result for the year - - - - - - 115,840 115,840
Balance at 31 December 2024 43,876 1,759,213 -7,451 1,076 160,080 -1,050,718 115,840 1,021,916
Balance at 1 January 2025 43,876 1,759,213 -7,451 1,076 160,080 -1,050,718 115,840 1,021,916
Result 2024 distribution - - - - 6,815 109,025 -115,840 -
Remeasurement of past employment obligations - - - - - -118 - -118
Effective portion of change in fair value of cash flow hedges - - 9,754 - - - - 9,754
Changes in fair value of cost of hedging - - - -4,604 - - - -4,604
Proceeds from share issue 2,521 37,322 - - - - - 39,843
Shares purchased for remuneration - - - - - -3,026 - -3,026
Equity-settled share-based payment - - - - - 1,812 - 1,812
Dividend over 2024 - - - - - -57,779 - -57,779
Change non-controlling interest - - - - - 6,100 - 6,100
Result for the year - - - - - - 73,344 73,344
Balance at 31 December 2025 46,397 1,796,535 2,303 -3,528 166,895 -994,704 73,344 1,087,242
1 Legal reserves.
2 The annual accounts have been prepared before distribution of result. With regard to the proposed result distribution reference is made to the next page.
Share premium
Share premium is paid up share capital in excess of nominal value. Share premium increased
in 2025 by € 32.8m following the issuance of shares for the acquisition of Knauf Shopping
Schmiede and by € 4.6m following the issues of shares for the additional Tilburg units. There
were no other changes in share premium in 2025. The amount of share premium that is
recognized for tax purposes is € 1,802m (2024: € 1,764m).
Hedge reserves
Hedge reserve
The hedge reserve comprises the effective portion of the cumulative net change in fair value
of hedging instruments designated as cash flow hedges where the hedged transaction has
not yet occurred.
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Cost of hedging reserve
The cost of hedging reserve comprises changes in the fair value of cross-currency interest
rate swaps that are caused by the cross-currency basic spreads.
Revaluation reserve
The revaluation reserve relates to the cumulative positive valuation results on the property
investments held by subsidiary and is determined on an individual asset level. When
determining the revaluation reserve, an amount was deducted for deferred tax liabilities,
calculated at current tax rate.
Retained earnings
The General Meeting of Shareholders on 9 May 2025 determined the following allocation of
the profit over 2024:
(x € 1,000)
Distributed to holders of ordinary shares 54,525
Revaluation reserve 6,815
General reserve 54,500
Result after tax 115,840
Proposed distribution of results
It is proposed to distribute to the holders of 46,115,595 ordinary shares a dividend of € 1.30
per share in cash in order to meet the distribution obligations under Dutch tax law, subject to
dividend withholding tax. This results in a proposed dividend of € 60.0m for 2025. An
amount of € 18.7m will be added to the revaluation reserve and the remaining result is
withdrawn from the general reserve.
(in € 1,000) 2025
Proposed dividend 59,950
Revaluation reserve 18,669
General reserve -5,275
Total profit 73,344
5 Interest-bearing liabilities
The maturity of interest-bearing liabilities (non-current and current) shows as follows
(notional amounts):
31 December 2025 31 December 2024
(x € 1,000) < 1 year 1 - 5 year >5 year
Total long
term Total
Debt to financial institutions 39,642 453,219 233,419 686,638 726,280 678,707
Total 39,642 453,219 233,419 686,638 726,280 678,707
Capital repayments due within 12 months from the end of the financial year are included
under short-term interest-bearing liabilities.
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Average effective interest
2025 EUR GBP USD CAD Total
Short term interest bearing debt
Bank loans and private placement 3.1% - 4.4% - 3.4%
Interest rate swaps -2.0% - - - -2.0%
Long term interest bearing debt
Bank loans and private placement 3.8% 4.1% 7.2% 4.0% 4.3%
Cross currency interest rate swaps -0.7% - - - -0.7%
Average 3.7% 3.1% 5.6% 2.3% 3.9%
2024
Short term interest bearing debt
Bank loans and private placement 2.3% 4.1% 4.6% - 4.4%
Interest rate swaps -1.6% - - - -1.6%
Long term interest bearing debt
Bank loans and private placement 3.7% 4.1% 6.9% 4.0% 4.5%
Cross currency interest rate swaps -1.3% - - - -1.3%
Average 3.7% 3.0% 4.6% 2.3% 3.8%
Fair value
The carrying amount and the fair value of long-term interest-bearing debts are as follows:
31 December 2025 31 December 2024
(x € 1,000)
carrying
amount fair value
carrying
amount fair value
Bank loans and private placements 686,638 686,717 587,999 583,374
Total 686,638 686,717 587,999 583,374
Currencies
There are loans closed in euro, pound sterling, US dollars and Canadian dollars.
6 Short-term liabilities
(x € 1,000) 31 December 2025 31 December 2024
Short term portion of long term debt 39,642 90,708
Taxes on profit 55 -
Short term derivatives - 3,239
Other debts 43,096 281,950
Total 82,793 375,897
Other debts includes bank overdrafts for € 28 million relating to cash pooling agreements
with other group companies.
7 Off-balance sheet assets and liabilities
The Company has no off-balance sheets assets or liabilities.
8 General costs
(x € 1,000) 2025 2024
Salaries and social security contributions 3,323 2,476
Pension costs 177 170
Other employee costs 285 119
Audit and advisory fees 173 482
Office costs 191 183
Equity-settled share-based payments 969 989
IT Costs 89 170
Expenses recharged by group companies 493 666
Other general costs 361 1,003
6,061 6,258
Allocated and recharged -496 -5,499
-496 -5,499
Total 5,565 759
The allocation and recharges relate to expenses charged to allocation of costs to property
expenses and development projects.
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Employees
During 2025 the legal entity employed an average of 4 persons (2024: 4) of which 2 (2024:
2) worked in the Netherlands and 2 (2024: 2) abroad.
Remuneration of the members of the Supervisory Board and
the Board of Management
The Supervisory Board members and the members of the Board of Management are
considered to be key management personnel. The remuneration policy for the Board of
Management was last approved by the General Meeting of Shareholders on 24 April 2020.
The remuneration policy for members of the Supervisory Board has been approved by the
Annual General Meeting of shareholders on 24 April 2024. Remuneration is indexed
annually with the consumer price index.
9 Other income and expense
Other income and expenses € -0.8m (2024: € -0.1m) relate to investment and divestment
activities, project related and other costs that cannot be directly linked to the operational
activities.
10 Net interest
(x € 1,000) 2025 2024
Interest paid -28,281 -27,378
Amortized costs loans -647 -466
Total interest charges -28,928 -27,844
Interest received 32,798 31,970
Total 3,870 4,126
During 2025, the range of weighted average interest rates used was 3.4% - 3.7% (2024 3.4%
- 3.7%). The average nominal interest rate at year end 2025 was 3.7% (2024: 3.7%). The line
item ‘interest paid’ includes costs related to fees paid for undrawn parts of committed
financing facilities amounting to € 0.8m (2024: € 0.9m). Interest received mainly relates to
loans provided to subsidiaries.
11 Other financial income and expenses
(x € 1,000) 2025 2024
Exchange rate differences -108 21
Adjustments financial instruments 1,370 -903
Total 1,262 -882
12 Management and members of the Supervisory Board
For the remuneration of the members of the Board of Management and Supervisory Board
reference is made to note 36 in the consolidated annual accounts.
13 Related parties
All Group entities are treated as related parties. Reference is made to note 36 in the
consolidated annual accounts.
14 Contingencies
General guarantees as defined in Art. 403, Book 2 of the Dutch civil code have been given
by the Company for a number of subsidiaries in the Netherlands. Reference is made to note
31 of the consolidated financial statements for an overview of these subsidiaries.
The Company is the head of the corporate income tax and VAT units for which Dutch
subsidiaries are also included. The Company is also jointly and severally liable for the tax
units as a whole.
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15 Events after balance sheet date
Wereldhave N.V. refinanced on 2 March 2026 its € 250 million syndicated Revolving Credit
Facility (‘RCF’) with a multi-tranche € 250 million syndicated sustainability-linked RCF. The
effective term of the new facility is five years, with extension options up to two years,
pushing out the maturity to between 2031 and 2033. As a result, the weighted average term
of Wereldhave’s debt portfolio increases to 4.3 years (31 December 2025: 3.6 years).
Wereldhave Belgium acquired on 10 March 2026 a supermarket anchor unit in shopping
center Ville2 in Charleroi with a total gross lettable area of 2.712 m. Following the
acquisition, Wereldhave owns 100% of the shopping center. The acquisition was financed
through a contribution in kind in exchange for 263,061 in newly issued Wereldhave N.V.
shares.
Amsterdam, 1 April 2026
Supervisory Board
F. Dechesne
H. Brand
W. Bontes
Board of Management
M. Storm
A.W. de Vreede
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Other information
Rules for the distribution of results are set out in Article 26 of the Company’s Articles of
Association. The preference shareholders have a first call on results in the form of a dividend
distribution on the paid-up nominal share value at a percentage rate equal to the twelvemonth
money market rate (European Interbank Offered Rates), valid for the first exchange day of
the financial year concerned plus a surcharge of 1.5%, or if this amount is not available, as
much is available from the distributable result. Distribution of the remaining balance available
for distribution is determined by the Annual General Meeting of Shareholders.
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Deloitte Accountants B.V.
Gustav Mahlerlaan 2970
1081 LA Amsterdam
P.O. Box
58110
1040 HC Amsterdam
The Netherlands
Tel:
+31 (0)88 288 2888
www.deloitte.nl
Deloitte Accountants B.V. is registered with the Trade Register of the Chamber of Commerce under number 24362853. Deloitte
Accountants B.V. is a Netherlands affiliate of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited.
1
INDEPENDENT AUDITOR'S REPORT
To the Shareholders and the Supervisory Board of Wereldhave N.V.
Report on the audit of the financial statements 2025 included in the annual report
Our opinion
We have audited the financial statements 2025 of Wereldhave N.V., based in Gemeente Haarlemmermeer
(Schiphol). The financial statements comprise the consolidated and company financial statements.
In our opinion:
• The accompanying consolidated financial statements give a true and fair view of the financial position of
Wereldhave N.V. at 31 December 2025, and of its result and its cash flows for 2025 in accordance with
International Financial Reporting Standards as adopted by the European Union (EU-IFRS) and with Part 9
of Book 2 of the Dutch Civil Code.
• The accompanying company financial statements give a true and fair view of the financial position of
Wereldhave N.V. at 31 December 2025, and of its result for 2025 in accordance with Part 9 of Book 2 of
the Dutch Civil Code.
The consolidated financial statements comprise:
1. The consolidated statement of financial position at 31 December 2025
.
2. The following statements for the year ended 31 December 2025: the consolidated income statement, the
consolidated statement of comprehensive income, the consolidated statement of changes in equity and
the consolidated cash flow statement.
3. The notes comprising material accounting policy information and other explanatory information.
The company financial statements comprise:
1. The company balance sheet at 31 December 2025.
2. The company income statement for the year ended 31 December 2025.
3. The notes comprising a summary of the accounting policies and other explanatory information.
Basis for our opinion
We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. Our
responsibilities under those standards are further described in the ‘Our responsibilities for the audit of the
financial statements’ section of our report.
Deloitte Accountants B.V.
Gustav Mahlerlaan 2970
1081 LA Amsterdam
P.O. Box
58110
1040 HC Amsterdam
The Netherlands
Tel:
+31 (0)88 288 2888
www.deloitte.nl
Deloitte Accountants B.V. is registered with the Trade Register of the Chamber of Commerce under number 24362853. Deloitte
Accountants B.V. is a Netherlands affiliate of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited.
1
INDEPENDENT AUDITOR'S REPORT
To the Shareholders and the Supervisory Board of Wereldhave N.V.
Report on the audit of the financial statements 2025 included in the annual report
Our opinion
We have audited the financial statements 2025 of Wereldhave N.V., based in Gemeente Haarlemmermeer
(Schiphol). The financial statements comprise the consolidated and company financial statements.
In our opinion:
• The accompanying consolidated financial statements give a true and fair view of the financial position of
Wereldhave N.V. at 31 December 2025, and of its result and its cash flows for 2025 in accordance with
International Financial Reporting Standards as adopted by the European Union (EU-IFRS) and with Part 9
of Book 2 of the Dutch Civil Code.
• The accompanying company financial statements give a true and fair view of the financial position of
Wereldhave N.V. at 31 December 2025, and of its result for 2025 in accordance with Part 9 of Book 2 of
the Dutch Civil Code.
The consolidated financial statements comprise:
1. The consolidated statement of financial position at 31 December 2025
.
2. The following statements for the year ended 31 December 2025: the consolidated income statement, the
consolidated statement of comprehensive income, the consolidated statement of changes in equity and
the consolidated cash flow statement.
3. The notes comprising material accounting policy information and other explanatory information.
The company financial statements comprise:
1. The company balance sheet at 31 December 2025.
2. The company income statement for the year ended 31 December 2025.
3. The notes comprising a summary of the accounting policies and other explanatory information.
Basis for our opinion
We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. Our
responsibilities under those standards are further described in the ‘Our responsibilities for the audit of the
financial statements’ section of our report.
2
We are independent of Wereldhave N.V. in accordance with the EU Regulation on specific requirements
regarding statutory audit of public-interest entities, the ‘Wet toezicht accountantsorganisaties’ (Wta, Audit
firms supervision act), the ‘Verordening inzake de onafhankelijkheid van accountants bij assurance-
opdrachten’ (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence)
and other relevant independence regulations in the Netherlands. Furthermore, we have complied with the
Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code of Ethics for Professional
Accountants).
We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Information in support of our opinion
We designed our audit procedures in the context of our audit of the financial statements as a whole and in
forming our opinion thereon. The following information in support of our opinion was addressed in this
context, and we do not provide a separate opinion or conclusion on these matters.
Materiality
Based on our professional judgment we determined the materiality for the financial statements as a whole
at EUR 26,000,000. The materiality is based on 1% of total assets. We applied a specific materiality of
EUR 5,200,000 to all income statement line items (and related balance sheet items), except for ‘Revaluation
of investment property’, ‘Valuation results’ and ‘Other financial income and expenses’.
We have also taken into account misstatements and/or possible misstatements that in our opinion are
material for the users of the financial statements for qualitative reasons.
We agreed with the Supervisory Board that misstatements in excess of EUR 1,300,000, and EUR 260,000 (for
the accounts audited with the specific materiality), which are identified during the audit, would be reported to
them, as well as smaller misstatements that in our view must be reported on qualitative grounds.
Scope of the group audit
Wereldhave N.V. is at the head of a group of components. The financial information of this group is included
in the financial statements of Wereldhave N.V.
Based on our risk assessment, we determined the nature, timing and extent of audit procedures to be
performed, including determining the components at which to perform audit procedures.
Our group audit focused on group entity Wereldhave N.V. and its Dutch, Belgian, French and Luxembourgish
subsidiaries and/or interests.
In establishing the overall group audit strategy and plan, we determined the type of work that needed to be
performed at the components by the group engagement team and by component auditors from other
Deloitte Network firms. Where the work was performed by component auditors, we determined the level of
involvement we needed to have in the audit work at these components so as to be able to conclude whether
sufficient appropriate audit evidence had been obtained as a basis for our opinion on the group financial
statements as a whole.
Annual Report 2025
Wereldhave N.V.
Appendix
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statements
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Our performance
and outlook
Additional
information
Auditor’s report
2
We are independent of Wereldhave N.V. in accordance with the EU Regulation on specific requirements
regarding statutory audit of public-interest entities, the ‘Wet toezicht accountantsorganisaties’ (Wta, Audit
firms supervision act), the ‘Verordening inzake de onafhankelijkheid van accountants bij assurance-
opdrachten’ (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence)
and other relevant independence regulations in the Netherlands. Furthermore, we have complied with the
Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code of Ethics for Professional
Accountants).
We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Information in support of our opinion
We designed our audit procedures in the context of our audit of the financial statements as a whole and in
forming our opinion thereon. The following information in support of our opinion was addressed in this
context, and we do not provide a separate opinion or conclusion on these matters.
Materiality
Based on our professional judgment we determined the materiality for the financial statements as a whole
at EUR 26,000,000. The materiality is based on 1% of total assets. We applied a specific materiality of
EUR 5,200,000 to all income statement line items (and related balance sheet items), except for ‘Revaluation
of investment property’, ‘Valuation results’ and ‘Other financial income and expenses’.
We have also taken into account misstatements and/or possible misstatements that in our opinion are
material for the users of the financial statements for qualitative reasons.
We agreed with the Supervisory Board that misstatements in excess of EUR 1,300,000, and EUR 260,000 (for
the accounts audited with the specific materiality), which are identified during the audit, would be reported to
them, as well as smaller misstatements that in our view must be reported on qualitative grounds.
Scope of the group audit
Wereldhave N.V. is at the head of a group of components. The financial information of this group is included
in the financial statements of Wereldhave N.V.
Based on our risk assessment, we determined the nature, timing and extent of audit procedures to be
performed, including determining the components at which to perform audit procedures.
Our group audit focused on group entity Wereldhave N.V. and its Dutch, Belgian, French and Luxembourgish
subsidiaries and/or interests.
In establishing the overall group audit strategy and plan, we determined the type of work that needed to be
performed at the components by the group engagement team and by component auditors from other
Deloitte Network firms. Where the work was performed by component auditors, we determined the level of
involvement we needed to have in the audit work at these components so as to be able to conclude whether
sufficient appropriate audit evidence had been obtained as a basis for our opinion on the group financial
statements as a whole.
3
For each component we determined whether we required an audit of their complete financial information or
whether other procedures would be sufficient.
The group engagement team directed the planning, reviewed the work performed by component auditors and
assessed an discussed the results and findings with component auditors. The group consolidation, financial
statements and disclosures are audited directly by the group engagement team in addition to the other
procedures where the group engagement team is responsible for. The audit procedures for the Dutch and
French components in scope of the audit were performed directly by the group engagement team.
By performing the procedures mentioned above at components, together with additional procedures at
group level, we have been able to obtain sufficient and appropriate audit evidence about the group's financial
information to provide an opinion on the financial statements.
Audit approach fraud risks
We identified and assessed the risks of material misstatements of the financial statements due to fraud.
During our audit we obtained an understanding of the company and its environment and the components of
the system of internal control, including the risk assessment process and the Board of Management’s
process for responding to the risks of fraud and monitoring the system of internal control and how the
Supervisory Board exercises oversight, as well as the outcomes.
We evaluated the design and relevant aspects of the system of internal control and in particular the fraud risk
assessment, which is embedded in the overall internal control framework, as well as among others the code
of conduct and whistle blower procedures. We evaluated the design and the implementation and, where
considered appropriate, tested the operating effectiveness, of internal controls designed to mitigate fraud
risks.
As part of our process of identifying fraud risks, we evaluated fraud risk factors with respect to financial
reporting fraud, misappropriation of assets and bribery and corruption in close co-operation with our
forensic specialists. We evaluated whether these factors indicate that a risk of material misstatement due to
fraud is present.
We rebutted the presumed fraud risk on revenue recognition, as it relates to gross rental income, and we
assessed this risk to be remote due to the absence of significant pressure on management and limited
opportunity for fraud. We have assessed the accuracy of the gross rental income based on test of details and
substantive analytical procedures on the tenancy schedule and linked the completeness to the property
portfolio. Given the occupancy rate, we were able to complete an assessment of the recorded gross rental
income based on the substantive analytical procedures performed using the tenancy schedules and property
portfolio.
3
For each component we determined whether we required an audit of their complete financial information or
whether other procedures would be sufficient.
The group engagement team directed the planning, reviewed the work performed by component auditors and
assessed an discussed the results and findings with component auditors. The group consolidation, financial
statements and disclosures are audited directly by the group engagement team in addition to the other
procedures where the group engagement team is responsible for. The audit procedures for the Dutch and
French components in scope of the audit were performed directly by the group engagement team.
By performing the procedures mentioned above at components, together with additional procedures at
group level, we have been able to obtain sufficient and appropriate audit evidence about the group's financial
information to provide an opinion on the financial statements.
Audit approach fraud risks
We identified and assessed the risks of material misstatements of the financial statements due to fraud.
During our audit we obtained an understanding of the company and its environment and the components of
the system of internal control, including the risk assessment process and the Board of Management’s
process for responding to the risks of fraud and monitoring the system of internal control and how the
Supervisory Board exercises oversight, as well as the outcomes.
We evaluated the design and relevant aspects of the system of internal control and in particular the fraud risk
assessment, which is embedded in the overall internal control framework, as well as among others the code
of conduct and whistle blower procedures. We evaluated the design and the implementation and, where
considered appropriate, tested the operating effectiveness, of internal controls designed to mitigate fraud
risks.
As part of our process of identifying fraud risks, we evaluated fraud risk factors with respect to financial
reporting fraud, misappropriation of assets and bribery and corruption in close co-operation with our
forensic specialists. We evaluated whether these factors indicate that a risk of material misstatement due to
fraud is present.
We rebutted the presumed fraud risk on revenue recognition, as it relates to gross rental income, and we
assessed this risk to be remote due to the absence of significant pressure on management and limited
opportunity for fraud. We have assessed the accuracy of the gross rental income based on test of details and
substantive analytical procedures on the tenancy schedule and linked the completeness to the property
portfolio. Given the occupancy rate, we were able to complete an assessment of the recorded gross rental
income based on the substantive analytical procedures performed using the tenancy schedules and property
portfolio.
Annual Report 2025
Wereldhave N.V.
Appendix
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statements
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GovernanceOur strategyWereldhave in 2025Introduction
Our performance
and outlook
Additional
information
4
We identified the following fraud risks and performed the following specific procedures:
Fraud risk
How the fraud risk was addressed in the audit
Management override of controls
We presume a risk of material
misstatement due to fraud related to
management override of controls.
Management is in a unique position to
perpetrate fraud because of management’s
ability to manipulate accounting records
and prepare fraudulent financial
statements by overriding controls that
otherwise appear to be operating
effectively.
We obtained an understanding of the company’s financial
reporting process and controls over journal entries and other
adjustments, and the suitability of design and implementation
of such controls.
We tested the appropriateness of journal entries recorded in
the general ledger and other adjustments made in the
preparation of the financial statements.
We considered available information (amongst others minutes
of the Board of Management, the Supervisory Board and the
Annual General Meeting) and made inquiries of relevant key
personnel of Wereldhave N.V. (including Legal & Compliance,
the Board of Management and the Supervisory Board).
We evaluated whether the selection and application of
accounting policies by the Company, particularly those related
to subjective measurements and complex transactions, may
be indicative of fraudulent financial reporting.
We evaluated for significant transactions whether the business
rationale of the transactions suggests that they may have been
entered into to engage in fraudulent financial reporting or to
conceal misappropriation of assets.
We verified whether significant transactions should be
considered related-party transactions.
We evaluated the judgment and decisions made by
management in making the accounting estimates included in
the financial statements.
We incorporated an element of unpredictability in our audit.
We considered the outcome of our other audit procedures and
evaluated whether any findings were indicative of fraud or
non-compliance.
5
Valuation of investment property
Valuation of investment property is a
significant area to our audit as the
valuation is inherently judgmental in
nature, due to the use of assumptions that
are highly sensitive, any change in
assumptions may have a significant effect
on the outcome given the relative size of
the investment property balance. There is a
possible fraud risk that judgement and
decisions made by the Board of
Management in making the accounting
estimates are possibly biased.
Management insights, estimates and assumptions related to
valuation of investment property have a major impact on the
financial statements and are disclosed in note 4 of the financial
statements. Further reference is made to the section “Our key
audit matter” for audit procedures performed.
Incorrect recognition of acquisitions and
disposals of investment properties
In 2025 the Company sold and acquired
investment properties. Accurate and
complete recognition of these transactions
is an important area of emphasis in our
audit. We pay specific attention to fraud
risks in buying and selling properties, such
as ABC transactions.
In 2025, the Company disposed and acquired multiple
(parts of) properties.
We obtained an understanding of the acquisition and disposal
process, and tested the design and controls related to
Wereldhave’s relevant controls relating to acquisitions and
disposals.
We performed procedures on each material acquisition and
disposal of investment property. We reconciled the recognised
transactions with the relevant supporting documentation and
confirmed the accurate and complete recognition of
transaction results in the financial year.
We verified that the investment properties were not purchased
or sold immediately to/from a third party with a significantly
higher/lower transaction value.
We analysed the acquisition and disposal price of property
transactions in relation to the most recent valuation as
determined by the external appraiser. If applicable, we have
assessed the reasonableness of considerations received by the
buyers or sellers.
We evaluated whether the disclosures in the financial
statements were prepared in accordance with the
requirements of IFRS as adopted by the EU that are relevant to
the recognition of acquisitions and disposals of investment
properties.
Our audit procedures did not lead to indications for fraud potentially resulting in material misstatements.
5
Valuation of investment property
Valuation of investment property is a
significant area to our audit as the
valuation is inherently judgmental in
nature, due to the use of assumptions that
are highly sensitive, any change in
assumptions may have a significant effect
on the outcome given the relative size of
the investment property balance. There is a
possible fraud risk that judgement and
decisions made by the Board of
Management in making the accounting
estimates are possibly biased.
Management insights, estimates and assumptions related to
valuation of investment property have a major impact on the
financial statements and are disclosed in note 4 of the financial
statements. Further reference is made to the section “Our key
audit matter” for audit procedures performed.
Incorrect recognition of acquisitions and
disposals of investment properties
In 2025 the Company sold and acquired
investment properties. Accurate and
complete recognition of these transactions
is an important area of emphasis in our
audit. We pay specific attention to fraud
risks in buying and selling properties, such
as ABC transactions.
In 2025, the Company disposed and acquired multiple
(parts of) properties.
We obtained an understanding of the acquisition and disposal
process, and tested the design and controls related to
Wereldhave’s relevant controls relating to acquisitions and
disposals.
We performed procedures on each material acquisition and
disposal of investment property. We reconciled the recognised
transactions with the relevant supporting documentation and
confirmed the accurate and complete recognition of
transaction results in the financial year.
We verified that the investment properties were not purchased
or sold immediately to/from a third party with a significantly
higher/lower transaction value.
We analysed the acquisition and disposal price of property
transactions in relation to the most recent valuation as
determined by the external appraiser. If applicable, we have
assessed the reasonableness of considerations received by the
buyers or sellers.
We evaluated whether the disclosures in the financial
statements were prepared in accordance with the
requirements of IFRS as adopted by the EU that are relevant to
the recognition of acquisitions and disposals of investment
properties.
Our audit procedures did not lead to indications for fraud potentially resulting in material misstatements.
Annual Report 2025
Wereldhave N.V.
Appendix
Financial
statements
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GovernanceOur strategyWereldhave in 2025Introduction
Our performance
and outlook
Additional
information
6
Audit approach compliance with laws and regulations
We assessed the laws and regulations relevant to the company through discussion with amongst others, the
Director Legal & Company Secretary, the Board of Management and the Supervisory Board, reading minutes
and reports of internal audit.
We involved our forensic specialists in this evaluation.
As a result of our risk assessment procedures, and while realising that the effects from non-compliance
could considerably vary, we considered the following laws and regulations: (corporate) tax law, the
requirements under the International Financial Reporting Standards as adopted by the European Union
(EU-IFRS) and Part 9 of Book 2 of the Dutch Civil Code with a direct effect on the financial statements as an
integrated part of our audit procedures, to the extent material for the financial statements.
We obtained sufficient appropriate audit evidence regarding provisions of those laws and regulations
generally recognised to have a direct effect on the financial statements.
Apart from these, Wereldhave N.V. is subject to other laws and regulations where the consequences of
non-compliance could have a material effect on amounts and/or disclosures in the financial statements, for
instance, through imposing fines or litigation.
Given the nature of the company's business and the complexity of these other laws and regulations, there is
a risk of non-compliance with the requirements of such laws and regulations. In addition, we considered
major laws and regulations applicable to listed companies.
Our procedures are more limited with respect to these laws and regulations that do not have a direct effect
on the determination of the amounts and disclosures in the financial statements. Compliance with these
laws and regulations may be fundamental to the operating aspects of the business, to the Wereldhave N.V.'s
ability to continue its business, or to avoid material penalties (e.g., compliance with the terms of operating
licenses and permits or compliance with environmental regulations) and therefore non-compliance with
such laws and regulations may have a material effect on the financial statements. Our responsibility is
limited to undertaking specified audit procedures to help identify non-compliance with those laws and
regulations that may have a material effect on the financial statements. Our procedures are limited to
(i) inquiry of the Board of Management, the Supervisory Board, the Director Legal and Company Secretary,
and others within the company as to whether the company is in compliance with such laws and regulations
and
(ii) inspecting correspondence, if any, with the relevant licensing or regulatory authorities to help identify
non-compliance with those laws and regulations that may have a material effect on the financial statements.
Naturally, we remained alert to indications of (suspected) non-compliance throughout the audit.
Finally, we obtained written representations that all known instances of (suspected) fraud or
non-compliance with laws and regulations have been disclosed to us.
7
Audit approach going concern
The financial statements of Wereldhave N.V. have been prepared on the basis of the going concern
assumption. As indicated in the responsibilities of the Board of Management section below, the Board of
Management, together with the Supervisory Board are responsible for assessing the company's ability to
continue as a going concern. We refer to note 21 in the financial statements where in the paragraph ‘Liquidity
risk’ it is disclosed how Wereldhave N.V. can cover liquidity needs for the next 12 months.
We have evaluated the Board of Management's assessment of Wereldhave N.V.'s ability to continue as a
going concern by performing the following procedures:
• We inquired the Board of Management regarding any knowledge of events or conditions beyond the
period of the Board of Management's assessment.
•
We performed sensitivity analyses and concluded that material breaches of covenants are unlikely to
result in an early repayment obligation based on current market circumstances and head room in the
respective covenants. We did not indicate any hard material breaches.
•
We evaluated whether cash positions, undrawn credit lines and cash flows are expected to be sufficient
to meet future obligations.
•
We evaluated whether the tenant mix leads to concerns over dependency on a single tenant or limited
group of tenants in respect to the rental income and respective cash flows.
•
In our evaluation of management’s assessment, we have considered all relevant information of which we
are aware as a result of the audit.
Our audit work did not result in contradictory information about the Board of Management’s assessment of
the company’s ability to continue as a going concern.
Our key audit matter
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial statements. We have communicated the key audit matters to the Supervisory Board. The key
audit matters are not a comprehensive reflection of all matters discussed.
Key audit matter How the key audit matter was addressed in the
audit
Valuation of investment property
Refer to note 4 in the consolidated financial
statements.
Our audit procedures included, among others, the
following:
We have gained understanding of the valuation
process and tested design and implementation of
Wereldhave N.V.’s relevant controls in the valuation
of the property portfolio.
Annual Report 2025
Wereldhave N.V.
Appendix
Financial
statements
161
GovernanceOur strategyWereldhave in 2025Introduction
Our performance
and outlook
Additional
information
7
Audit approach going concern
The financial statements of Wereldhave N.V. have been prepared on the basis of the going concern
assumption. As indicated in the responsibilities of the Board of Management section below, the Board of
Management, together with the Supervisory Board are responsible for assessing the company's ability to
continue as a going concern. We refer to note 21 in the financial statements where in the paragraph ‘Liquidity
risk’ it is disclosed how Wereldhave N.V. can cover liquidity needs for the next 12 months.
We have evaluated the Board of Management's assessment of Wereldhave N.V.'s ability to continue as a
going concern by performing the following procedures:
• We inquired the Board of Management regarding any knowledge of events or conditions beyond the
period of the Board of Management's assessment.
•
We performed sensitivity analyses and concluded that material breaches of covenants are unlikely to
result in an early repayment obligation based on current market circumstances and head room in the
respective covenants. We did not indicate any hard material breaches.
•
We evaluated whether cash positions, undrawn credit lines and cash flows are expected to be sufficient
to meet future obligations.
•
We evaluated whether the tenant mix leads to concerns over dependency on a single tenant or limited
group of tenants in respect to the rental income and respective cash flows.
•
In our evaluation of management’s assessment, we have considered all relevant information of which we
are aware as a result of the audit.
Our audit work did not result in contradictory information about the Board of Management’s assessment of
the company’s ability to continue as a going concern.
Our key audit matter
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial statements. We have communicated the key audit matters to the Supervisory Board. The key
audit matters are not a comprehensive reflection of all matters discussed.
Key audit matter How the key audit matter was addressed in the
audit
Valuation of investment property
Refer to note 4 in the consolidated financial
statements.
Our audit procedures included, among others, the
following:
We have gained understanding of the valuation
process and tested design and implementation of
Wereldhave N.V.’s relevant controls in the valuation
of the property portfolio.
8
As at 31 December 2025, Wereldhave N.V. held a
direct portfolio of investment property with a fair
value of EUR 2,439.1 million (31 December 2024
EUR 2,252.4 million). The portfolio mainly consists
of shopping centres. At the end of each reporting
period, the Board of Management determines the
fair value of its investment property portfolio in
accordance with the requirements of IAS 40 and
IFRS 13.
Wereldhave N.V. uses external valuation reports
issued by external independent professionally
qualified valuers to determine the fair value of the
investment property. As the valuation of investment
property is inherently judgemental in nature, due to
the use of assumptions that are highly sensitive,
any change in assumptions may have a significant
effect on the outcome given the relative size of the
investment property balances. The most significant
assumptions and parameters involved, given the
sensitivity and impact on the outcome, are the
gross initial yield and market rent.
IFRS 13 seeks to increase consistency and
comparability in fair value measurements and
related disclosures through a ‘fair value hierarchy’.
The hierarchy categorises the inputs used in
valuation techniques into three levels. The
hierarchy gives the highest priority to (unadjusted)
quoted prices in active markets for identical assets
or liabilities and the lowest priority to unobservable
inputs. (Unobservable) inputs are used to measure
fair value to the extent that relevant observable
inputs are not available, thereby allowing for
situations in which there is little, if any, market
activity for the asset at the measurement date. Fair
value measurements categorised within Level 3
have the lowest priority as the valuation is
predominantly based on unobservable inputs and
those measurements have a greater degree of
uncertainty and subjectivity. This means that a
valuation at Level 3 has a fairly large measure of
estimation uncertainty and as a result a fairly large
bandwidth of valuation uncertainty in which a
valuation can been seen reasonable in the light of
IFRS 13.
We noted that the Board of Management involved
well-established parties to assist with the valuation
of the investment properties.
We evaluated the competence of
Wereldhave N.V.’s external appraisers, which
included consideration of their qualification and
expertise.
In relation to the significant assumptions in the
valuation of investment property, we have:
• Determined that the valuation methods as
applied by the Board of Management, as
included in the valuation reports, are
appropriate and consistent.
• Challenged the significant assumptions used
(such as initial yield and market rent) against
relevant market data. We have involved our
internal real estate valuation experts in these
assessments.
• Assessed the sensitivity analysis on the key
input data and assumptions to understand the
impact of reasonable changes in assumptions
on the valuation and other key performance
indicators.
• Assessed the appropriateness of the
disclosures relating to the assumptions used in
the valuations and sensitivity analysis in the
notes to the consolidated Financial
Statements.
Observation
We found that, with the (significant) assumptions
used in the valuation reports, the valuation of the
investment property is valued within a reasonable
range in the light of the valuation uncertainty for
level 3 valuations.
8
As at 31 December 2025, Wereldhave N.V. held a
direct portfolio of investment property with a fair
value of EUR 2,439.1 million (31 December 2024
EUR 2,252.4 million). The portfolio mainly consists
of shopping centres. At the end of each reporting
period, the Board of Management determines the
fair value of its investment property portfolio in
accordance with the requirements of IAS 40 and
IFRS 13.
Wereldhave N.V. uses external valuation reports
issued by external independent professionally
qualified valuers to determine the fair value of the
investment property. As the valuation of investment
property is inherently judgemental in nature, due to
the use of assumptions that are highly sensitive,
any change in assumptions may have a significant
effect on the outcome given the relative size of the
investment property balances. The most significant
assumptions and parameters involved, given the
sensitivity and impact on the outcome, are the
gross initial yield and market rent.
IFRS 13 seeks to increase consistency and
comparability in fair value measurements and
related disclosures through a ‘fair value hierarchy’.
The hierarchy categorises the inputs used in
valuation techniques into three levels. The
hierarchy gives the highest priority to (unadjusted)
quoted prices in active markets for identical assets
or liabilities and the lowest priority to unobservable
inputs. (Unobservable) inputs are used to measure
fair value to the extent that relevant observable
inputs are not available, thereby allowing for
situations in which there is little, if any, market
activity for the asset at the measurement date. Fair
value measurements categorised within Level 3
have the lowest priority as the valuation is
predominantly based on unobservable inputs and
those measurements have a greater degree of
uncertainty and subjectivity. This means that a
valuation at Level 3 has a fairly large measure of
estimation uncertainty and as a result a fairly large
bandwidth of valuation uncertainty in which a
valuation can been seen reasonable in the light of
IFRS 13.
We noted that the Board of Management involved
well-established parties to assist with the valuation
of the investment properties.
We evaluated the competence of
Wereldhave N.V.’s external appraisers, which
included consideration of their qualification and
expertise.
In relation to the significant assumptions in the
valuation of investment property, we have:
• Determined that the valuation methods as
applied by the Board of Management, as
included in the valuation reports, are
appropriate and consistent.
• Challenged the significant assumptions used
(such as initial yield and market rent) against
relevant market data. We have involved our
internal real estate valuation experts in these
assessments.
• Assessed the sensitivity analysis on the key
input data and assumptions to understand the
impact of reasonable changes in assumptions
on the valuation and other key performance
indicators.
• Assessed the appropriateness of the
disclosures relating to the assumptions used in
the valuations and sensitivity analysis in the
notes to the consolidated Financial
Statements.
Observation
We found that, with the (significant) assumptions
used in the valuation reports, the valuation of the
investment property is valued within a reasonable
range in the light of the valuation uncertainty for
level 3 valuations.
Annual Report 2025
Wereldhave N.V.
Appendix
Financial
statements
162
GovernanceOur strategyWereldhave in 2025Introduction
Our performance
and outlook
Additional
information
9
Report on the other information included in the annual report
The annual report contains other information, in addition to the financial statements and our auditor's report
thereon.
The other information consists of:
• Introduction;
• Wereldhave in 2025;
• Our strategy;
• Our performance and outlook;
• Governance;
• Additional information;
• Appendix;
• Other information as required by Part 9 of Book 2 of the Dutch Civil Code;
• Remuneration report.
Based on the following procedures performed, we conclude that the other information:
• Is consistent with the financial statements and does not contain material misstatements;
• Contains all the information regarding the Board of Management report and the other information as
required by Part 9 of Book 2 and Articles 135b and 145(2) of Book 2 of the Dutch Civil Code.
We have read the other information. Based on our knowledge and understanding obtained through our audit
of the financial statements or otherwise, we have considered whether the other information contains
material misstatements.
By performing these procedures, we comply with the requirements of Part 9 of Book 2, Article 135b(7) of
Book 2 of the Dutch Civil Code and the Dutch Standard 720. The scope of the procedures performed is
substantially less than the scope of those performed in our audit of the financial statements.
The Board of Management is responsible for the preparation of the other information, including the
management report in accordance with Part 9 of Book 2 of the Dutch Civil Code, and the other information as
required by Part 9 of Book 2 of the Dutch Civil Code and the remuneration report in accordance with Articles
135b and 145(2) of Book 2 of the Dutch Civil Code.
9
Report on the other information included in the annual report
The annual report contains other information, in addition to the financial statements and our auditor's report
thereon.
The other information consists of:
• Introduction;
• Wereldhave in 2025;
• Our strategy;
• Our performance and outlook;
• Governance;
• Additional information;
• Appendix;
• Other information as required by Part 9 of Book 2 of the Dutch Civil Code;
• Remuneration report.
Based on the following procedures performed, we conclude that the other information:
• Is consistent with the financial statements and does not contain material misstatements;
• Contains all the information regarding the Board of Management report and the other information as
required by Part 9 of Book 2 and Articles 135b and 145(2) of Book 2 of the Dutch Civil Code.
We have read the other information. Based on our knowledge and understanding obtained through our audit
of the financial statements or otherwise, we have considered whether the other information contains
material misstatements.
By performing these procedures, we comply with the requirements of Part 9 of Book 2, Article 135b(7) of
Book 2 of the Dutch Civil Code and the Dutch Standard 720. The scope of the procedures performed is
substantially less than the scope of those performed in our audit of the financial statements.
The Board of Management is responsible for the preparation of the other information, including the
management report in accordance with Part 9 of Book 2 of the Dutch Civil Code, and the other information as
required by Part 9 of Book 2 of the Dutch Civil Code and the remuneration report in accordance with Articles
135b and 145(2) of Book 2 of the Dutch Civil Code.
10
Report on other legal and regulatory requirements and ESEF
Engagement
We were engaged by the annual general meeting of Shareholders as auditor of Wereldhave N.V. on
9 May 2025, as of the audit for the year 2025 and have operated as statutory auditor since this financial year.
No prohibited non-audit services
We have not provided prohibited non-audit services as referred to in Article 5(1) of the EU Regulation on
specific requirements regarding statutory audit of public-interest entities.
European Single Electronic Format (ESEF)
Wereldhave N.V. has prepared its annual report in ESEF. The requirements for this are set out in the
Delegated Regulation (EU) 2019/815 with regard to regulatory technical standards on the specification of a
single electronic reporting format (hereinafter: the RTS on ESEF).
In our opinion, the annual report, prepared in XHTML format, including the (partly) marked-up consolidated
financial statements, as included in the reporting package by Wereldhave N.V. complies in all material
respects with the RTS on ESEF.
The Board of Management is responsible for preparing the annual report including the financial statements in
accordance with the RTS on ESEF, whereby the Board of Management combines the various components
into one single reporting package.
Our responsibility is to obtain reasonable assurance for our opinion whether the annual report in this
reporting package complies with the RTS on ESEF.
We performed our examination in accordance with Dutch law, including Dutch Standard 3950N ‘Assurance-
opdrachten inzake het voldoen aan de criteria voor het opstellen van een digitaal verantwoordingsdocument’
(assurance engagements relating to compliance with criteria for digital reporting).
Our examination included amongst others:
• Obtaining an understanding of the company's financial reporting process, including the preparation of
the reporting package.
• Identifying and assessing the risks that the annual report does not comply in all material respects with
the RTS on ESEF and designing and performing further assurance procedures responsive to those risks to
provide a basis for our opinion, including:
o obtaining the reporting package and performing validations to determine whether the reporting
package containing the Inline XBRL instance and the XBRL extension taxonomy files has been
prepared in accordance with the technical specifications as included in the RTS on ESEF;
o examining the information related to the consolidated financial statements in the reporting package
to determine whether all required mark-ups have been applied and whether these are in accordance
with the RTS on ESEF.
Annual Report 2025
Wereldhave N.V.
Appendix
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statements
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Our performance
and outlook
Additional
information
11
Description of responsibilities regarding the financial statements
Responsibilities of the board and the Supervisory Board for the financial statements
The board is responsible for the preparation and fair presentation of the financial statements in accordance
with EU-IFRS and Part 9 of Book 2 of the Dutch Civil Code. Furthermore, the board is responsible for such
internal control as the board determines is necessary to enable the preparation of the financial statements
that are free from material misstatement, whether due to fraud or error.
As part of the preparation of the financial statements, the board is responsible for assessing the company's
ability to continue as a going concern. Based on the financial reporting frameworks mentioned, the board
should prepare the financial statements using the going concern basis of accounting unless the board either
intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
The board should disclose events and circumstances that may cast significant doubt on the company's
ability to continue as a going concern in the financial statements.
The Supervisory Board is responsible for overseeing the company's financial reporting process.
Our responsibilities for the audit of the financial statements
Our responsibility is to plan and perform the audit engagement in a manner that allows us to obtain sufficient
appropriate audit evidence for our opinion.
Our audit has been performed with a high, but not absolute, level of assurance, which means we may not
detect all material misstatements, whether due to fraud or error, during our audit.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements. The materiality affects the nature, timing and extent of our audit procedures and the
evaluation of the effect of identified misstatements on our opinion.
We have exercised professional judgment and have maintained professional scepticism throughout the
audit, in accordance with Dutch Standards on Auditing, ethical requirements and independence
requirements. Our audit included among others:
• Identifying and assessing the risks of material misstatement of the financial statements, whether due to
fraud or error, designing and performing audit procedures responsive to those risks, and obtaining audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtaining an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the company's internal control.
• Evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the board.
11
Description of responsibilities regarding the financial statements
Responsibilities of the board and the Supervisory Board for the financial statements
The board is responsible for the preparation and fair presentation of the financial statements in accordance
with EU-IFRS and Part 9 of Book 2 of the Dutch Civil Code. Furthermore, the board is responsible for such
internal control as the board determines is necessary to enable the preparation of the financial statements
that are free from material misstatement, whether due to fraud or error.
As part of the preparation of the financial statements, the board is responsible for assessing the company's
ability to continue as a going concern. Based on the financial reporting frameworks mentioned, the board
should prepare the financial statements using the going concern basis of accounting unless the board either
intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
The board should disclose events and circumstances that may cast significant doubt on the company's
ability to continue as a going concern in the financial statements.
The Supervisory Board is responsible for overseeing the company's financial reporting process.
Our responsibilities for the audit of the financial statements
Our responsibility is to plan and perform the audit engagement in a manner that allows us to obtain sufficient
appropriate audit evidence for our opinion.
Our audit has been performed with a high, but not absolute, level of assurance, which means we may not
detect all material misstatements, whether due to fraud or error, during our audit.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements. The materiality affects the nature, timing and extent of our audit procedures and the
evaluation of the effect of identified misstatements on our opinion.
We have exercised professional judgment and have maintained professional scepticism throughout the
audit, in accordance with Dutch Standards on Auditing, ethical requirements and independence
requirements. Our audit included among others:
• Identifying and assessing the risks of material misstatement of the financial statements, whether due to
fraud or error, designing and performing audit procedures responsive to those risks, and obtaining audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtaining an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the company's internal control.
• Evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the board.
12
• Concluding on the appropriateness of the board's use of the going concern basis of accounting, and
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the company's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to
the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report.
However, future events or conditions may cause the company to cease to continue as a going concern.
• Evaluating the overall presentation, structure and content of the financial statements, including the
disclosures.
• Evaluating whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
We are responsible for planning and performing the group audit to obtain sufficient appropriate audit
evidence regarding the financial information of the entities or business units within the group as a basis for
forming an opinion on the financial statements. We are also responsible for the direction, supervision and
review of the audit work performed for purposes of the group audit. We bear the full responsibility for the
auditor’s report.
We communicate with the Supervisory Board regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant findings in internal control that we
identified during our audit. In this respect we also submit an additional report to the Audit Committee in
accordance with Article 11 of the EU Regulation on specific requirements regarding statutory audit of
public-interest entities. The information included in this additional report is consistent with our audit opinion
in this auditor's report.
We provide the Supervisory Board with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Supervisory Board, we determine the key audit matters: those
matters that were of most significance in the audit of the financial statements. We describe these matters in
our auditor's report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, not communicating the matter is in the public interest.
Amsterdam, 1 April 2026
Deloitte Accountants B.V.
Signed on the original: J. Holland
10
Report on other legal and regulatory requirements and ESEF
Engagement
We were engaged by the annual general meeting of Shareholders as auditor of Wereldhave N.V. on
9 May 2025, as of the audit for the year 2025 and have operated as statutory auditor since this financial year.
No prohibited non-audit services
We have not provided prohibited non-audit services as referred to in Article 5(1) of the EU Regulation on
specific requirements regarding statutory audit of public-interest entities.
European Single Electronic Format (ESEF)
Wereldhave N.V. has prepared its annual report in ESEF. The requirements for this are set out in the
Delegated Regulation (EU) 2019/815 with regard to regulatory technical standards on the specification of a
single electronic reporting format (hereinafter: the RTS on ESEF).
In our opinion, the annual report, prepared in XHTML format, including the (partly) marked-up consolidated
financial statements, as included in the reporting package by Wereldhave N.V. complies in all material
respects with the RTS on ESEF.
The Board of Management is responsible for preparing the annual report including the financial statements in
accordance with the RTS on ESEF, whereby the Board of Management combines the various components
into one single reporting package.
Our responsibility is to obtain reasonable assurance for our opinion whether the annual report in this
reporting package complies with the RTS on ESEF.
We performed our examination in accordance with Dutch law, including Dutch Standard 3950N ‘Assurance-
opdrachten inzake het voldoen aan de criteria voor het opstellen van een digitaal verantwoordingsdocument’
(assurance engagements relating to compliance with criteria for digital reporting).
Our examination included amongst others:
• Obtaining an understanding of the company's financial reporting process, including the preparation of
the reporting package.
• Identifying and assessing the risks that the annual report does not comply in all material respects with
the RTS on ESEF and designing and performing further assurance procedures responsive to those risks to
provide a basis for our opinion, including:
o obtaining the reporting package and performing validations to determine whether the reporting
package containing the Inline XBRL instance and the XBRL extension taxonomy files has been
prepared in accordance with the technical specifications as included in the RTS on ESEF;
o examining the information related to the consolidated financial statements in the reporting package
to determine whether all required mark-ups have been applied and whether these are in accordance
with the RTS on ESEF.
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Our performance
and outlook
Additional
information
12
• Concluding on the appropriateness of the board's use of the going concern basis of accounting, and
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the company's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to
the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report.
However, future events or conditions may cause the company to cease to continue as a going concern.
• Evaluating the overall presentation, structure and content of the financial statements, including the
disclosures.
• Evaluating whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
We are responsible for planning and performing the group audit to obtain sufficient appropriate audit
evidence regarding the financial information of the entities or business units within the group as a basis for
forming an opinion on the financial statements. We are also responsible for the direction, supervision and
review of the audit work performed for purposes of the group audit. We bear the full responsibility for the
auditor’s report.
We communicate with the Supervisory Board regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant findings in internal control that we
identified during our audit. In this respect we also submit an additional report to the Audit Committee in
accordance with Article 11 of the EU Regulation on specific requirements regarding statutory audit of
public-interest entities. The information included in this additional report is consistent with our audit opinion
in this auditor's report.
We provide the Supervisory Board with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Supervisory Board, we determine the key audit matters: those
matters that were of most significance in the audit of the financial statements. We describe these matters in
our auditor's report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, not communicating the matter is in the public interest.
Amsterdam, 1 April 2026
Deloitte Accountants B.V.
Signed on the original:
J. Holland
Annual Report 2025
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statements
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Our performance
and outlook
Additional
information
BREEAM Building Research Establishment Environmental Assessment Method ISS Institutional Shareholder Services
CDP Formerly Carbon Disclosure Project KPI Key performance indicator
CEO Chief Executive Officer kWh Kilowatt-hour
CFO Chief Financial Officer IIRC International Integrated Reporting Council
CSR Corporate Social Responsibility LTV Loan-to-Value
CRREM Carbon Risk Real Estate Monitor MWh Megawatt-hour
EPRA European Public Real Estate Association N/A Not available
EPS Earnings per share NIY Net initial yield
ERV Estimated rental value NPS Net Promoter Score
EU European Union OECD Organization for Economic Cooperation & Development
FSMA Financial Services & Markets Authority SIIC Société d’investissement immobilier cotée
FTE Full-time equivalent VBDO Dutch Association of Investors for Sustainable Development
IRR Internal rate of return VSME EU Voluntary Sustainability Reporting Standards
List of abbreviations
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List of abbreviations
Contribution to Sustainable Development Goals
Sustainable Development Goal Sustainability focus area Alignment
7. Affordable and clean energy Better footprint • Reduce carbon emissions 30% by 2030 – for those areas in our centers under our operational control and reduce our building-related
footprint with 94% by 2050 (CRREM aligned).
• Partner with tenants and visitors to reduce carbon and waste (ambition: net zero value-chain by 2050)
8. Decent work and economic growth Better living • Aim for zero safety incidents in our centers
11. Sustainable cities and communities Better nature, Better living • Increase m of green areas on and around our centers with ecological value and climate resilience
• 1% NRI-equivalent contribution to socio-economic and social inclusion initiatives
12. Responsible consumption and production Better footprint • Increase recycling to 40% and zero waste to landfill
• Reduce water consumption
• Partner with tenants and visitors to reduce carbon and waste (ambition: net zero value-chain by 2050)
13. Climate action Better nature • Increase % of Wereldhave buildings with plans in place to mitigate physical effects of climate change (extreme heat, flooding, storms etc.)
17. Partnership for the goals All pillars • Partnering with suppliers, tenants & society
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information
Appendix
Contribution to Sustainable Development Goals
Workforce
Workforce - employment (GRI 102-7; 102-8)
(in FTE) Total Belgium Luxembourg Netherlands
2025 Number of FTE 131.2 67.8 5.0 58.4
2024 Number of FTE 117.8 58.7 n/a 59.1
2025 Part-time employees 24.5% 20.8% 0% 30.7%
2024 Part-time employees 22.6% 19.4% n/a 25.8%
2025 Full-time employees 75.5% 79.2% 100.0% 69.4%
2024 Full-time employees 77.4% 80.7% n/a 74.2%
2025 Employees with fixed contract 8.6% 4.2% 0.0% 14.5%
2024 Employees with fixed contract 6.5% 1.6% n/a 11.3%
2025 Employees with permanent contract 91.4% 95.8% 100.0% 85.5%
2024 Employees with permanent contract 93.6% 98.4% n/a 88.7%
Workforce - employment (GRI 405-1, EPRA Diversity-Emp)
2025 2024
(number)
% of total
employees Male Female
% of total
employees Male Female
Age group < 30 15.1% 57.1% 42.9% 15.3% 68.4% 31.6%
Age group 30-40 32.4% 57.8% 42.2% 33.9% 47.6% 52.4%
Age group 40-50 30.9% 37.2% 62.8% 31.5% 43.6% 56.4%
Age group > 50 21.6% 60.0% 40.0% 19.4% 54.2% 45.4%
Total numbers of employees 139 51.8% 48.2% 124 50.8% 49.2%
Employees Board of Management
and Executive Team 4.32% 83.3% 16.7% 5.60% 71.4% 28.6%
Non-executive board 67% 33% 67% 33%
Social indicators
Employee turnover
Total number and rates of new employee hires and employee turnover by age group,
gender and region (GRI 401-1, EPRA Emp-Turnover)
2025 2024
(number) New hires Departures New hires Departures
Male 15 9 14 7
Female 14 12 4 11
Age group < 30 10 4 9 3
Age group 30-40 10 9 6 7
Age group 40-50 6 6 2 5
Age group > 50 3 2 1 3
Total 29 21 18 18
Reasons for departure
(number) 2025 2024
Resignations 9 4
Dismissals 6 4
Mutual agreements 4 6
Retirements 0 1
Departure during probation period 0 0
Expiry contracts 2 3
Deaths 0 0
Totals 21 18
Employee turnover 19% 15%
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Appendix
Social indicators
New employee hires
New employees hired by gender 2025 2024
Male employees 51.7% 77.8%
Female employees 48.3% 22.2%
New employees hired by age group 2025 2024
Age group < 30 34.5% 50.0%
Age group 30-40 34.5% 33.3%
Age group 40-50 20.7% 11.1%
Age group > 50 10.3% 5.6%
Sickness ratio
Sickness ratio and total number of work-related fatalities
Units Total Belgium Luxembourg Netherlands
2025 Absentee rate % 3.5 4.5 0.2 2.7
2024 Absentee rate % 2.1 2.6 n.a 1.7
2025 Injury rate % 0.0 0.0 0.0 0.0
2024 Injury rate % 0.0 0.0 n.a 0.0
2025 Work-related fatalities Number 0 0 0 0
2024 Work-related fatalities Number 0 0 n.a 0
Training & development
Average hours of training per employee, by gender
Units Total Belgium Luxembourg Netherlands
2025 training hours total Number 7,801 3,656 246 3,900
2025 training hours per employee Number 53 44 49 66
2025 training costs total in Euro 268,640 65,884 3,615 199,141
2025 training costs per employee in Euro 1,815 784 723 3,375
2024 training hours total Number 4,315 2,435 n.a. 1,880
2024 training hours per employee Number 34 40 n.a. 28
2024 training costs total in Euro 274,914 134,037 n.a. 140,877
2024 training costs per employee in Euro 2,165 2,197 n.a. 2,135
2025 2024
Units Male Female Male Female
Educational training % 0.3% 0.0% 0.9% 2.7%
Skills & development training % 39.9% 58.4% 46.5% 28.8%
Wereldhave training % 0.9% 0.4% 7.5% 13.6%
Training works council % 0.0% 0.0% 0.0% 0.0%
Training hours per employee Number of hours 43.0 60.0 39.0 28.0
Number of training hours split per category (GRI 404-2)
(number of hours) 2025 2024
Educational training 24 158
Skills & development training 7,672 3,246
Wereldhave training 105 911
Training works council 0 0
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Appendix
Employee category
Breakdown of employees by employee category (GRI 102-8)
(Number) 2025 2024
Board of Management and Executive Team 6 7
Staff & Operations 133 113
Total internal staff 139 120
Non-executives 3 3
Total 142 123
Remuneration
Ratio of Base Salary and remuneration of women to men by employee category
(GRI 405-2, EPRA Diversity-pay)
2025 2024
Total male
Female
diversity% Total male
Female
diversity%
Board of Management and
Executive Team n/a 43.3% n/a 39.1%
Operations and staff n/a 68.9% n/a 69.0%
Annual increase in base salary
excluding individual STI 5.1% 4.6% 5.9% 4.0% 3.9% 4.1%
Employee satisfaction
Employee satisfaction by aspect measured (GRI 102-43)
(Number) 2025 2024
E-NPS score 24 17
Rating employer 8 7.7
Response rate 75.0% 78.0%
Incidents of discrimination
Total numbers of incidents of discrimination and corrective actions (GRI 406-1)
(Number) 2025 2024
Number of incidents of discrimination reported 0 0
Employee performance appraisals
2025 2024
Percentage of employees with an appraisal 100% 100%
Community engagement
Social performance indicators retail portfolio 2025 2024
Local engagement program in place (% of assets) 100% 100%
Local community investments - absolute (€) 3,140,001 2,837,967
Local community investments - relative to NRI (% of NRI) 2.0% 2.0%
Health and safety assessments
2025 2024
Health & Safety - assessment undertaken (in %) 54% 77%
Health & Safety - incidents of non-compliance occurred 0 0
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Appendix
Environmental indicators
Environmental performance indicators - Retail
EPRA, GRI 302-1, 302-2, 303-1, 305-1, 305-2, 305-3, 306-2
Absolute portfolio Like-for-like portfolio
Belgium France Luxembourg Netherlands
Impact areas 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Energy (MWh)
Electricity shared services 24,873 23,965 5,667 6,710 2,998 2,523 - - 9,246 9,277
Electricity submetered to tenants 1,819 1,811 - 18 1,819 1,793 - - - -
Electricity consumption EV charging 464 - 277 - - - - - - -
Total landlord obtained electricity 27,156 25,776 5,944 6,728 4,817 4,316 - - 9,246 9,277
Proportion of electricity from renewable sources (market-based) 82% 90% 100% 100% 0% 0% - - 100% 100%
Proportion of electricity from self-generated renewable sources 12% 12% 30% 26% 0% 0% - - 10% 9%
District heating and cooling shared services 2,071 2,028 - - - - - - 2,071 2,028
District heating and cooling submetered to tenants - - - - - - - - - -
Total landlord obtained district heating 2,071 2,028 - - - - - - 2,071 2,028
Proportion heating and cooling from renewable sources 0% 0% 0% 0% 0% 0% - - 0% 0%
Fuels shared services 7,609 6,287 2,495 2,870 225 168 - - 1,773 1,610
Fuels submetered to tenants - - - - - - - - - -
Total landlord obtained fuels 7,609 6,287 2,495 2,870 225 168 - - 1,773 1,610
Proportion of fuels from renewable sources 0% 0% 0% 0% 0% 0% - - 0% 0%
Total energy from shared services 34,553 32,280 8,162 9,580 3,224 2,691 - - 13,090 12,915
Total energy submetered to tenants 1,819 1,811 - 18 1,819 1,793 - - - -
Total landlord obtained energy 36,836 34,091 8,439 9,598 5,042 4,484 - - 13,090 12,915
Total renewable energy produced on-site 5,372 3,736 2,761 2,122 - - - - 1,430 1,269
Greenhouse gas emissions from energy (tCO
2
e)
Total direct GHG emissions Scope 1 (market-based) 1,477 1,145 459 523 41 31 - - 325 293
Total direct GHG emissions Scope 1 (location-based) 1,477 1,145 459 523 41 31 - - 325 293
Total indirect GHG emissions Scope 2 (market-based) 171 228 - - 60 116 - - 111 113
Total indirect GHG emissions Scope 2 (location-based) 3,285 4,800 489 817 60 116 - - 1,859 2,458
Total indirect GHG emissions Scope 3 (market-based) 37 85 - 3 36 82 - - - -
Total indirect GHG emissions Scope 3 (location-based) 81 85 29 3 36 82 - - - -
Total GHG emissions - landlord obtained/submetered (market-based) 1,685 1,458 459 526 138 229 - - 436 406
Total GHG emissions - landlord obtained/submetered (location-based) 4,843 6,030 978 1,343 138 229 - - 2,184 2,751
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Environmental indicators
Absolute portfolio Like-for-like portfolio
Belgium France Luxembourg Netherlands Total
Impact areas 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Water (m
3
)
Water from municipal water supplies or other public 160,998 131,468 75,728 60,547 26,218 22,522 - - 39,597 38,928 141,543 121,997
Water from rainwater collected directly and stored 5,390 9,794 5,390 9,794 - - - - - - 5,390 9,794
Water from groundwater 29,695 7,014 29,695 7,014 - - - - - - 29,695 7,014
Water from surface water - - - - - - - - - - - -
Waste water (from other organization) - - - - - - - - - - - -
Total landlord obtained water consumption 182,321 148,276 98,968 77,355 26,218 22,522 - - 39,597 38,928 164,783 138,805
Water submetered to tenants 46,283 38,838 46,283 38,838 - - - - - - 46,283 38,838
Tenant obtained water consumption 13,762 - 11,845 - - - - - - - 11,845 -
Waste (metric tonnes)
Hazardous waste - - - - - - - - - - - -
Non-hazardous waste 3,944 3,690 1,496 1,512 446 316 - - 1,716 1,404 3,658 3,232
Total weight of waste by disposal route (metric tonnes)
Recycling 1,500 1,286 590 596 221 225 - - 357 351 1,168 1,172
Composting 3 31 3 30 - 1 - - - - 3 31
Energy from Waste 2,247 2,093 832 608 225 87 - - 881 1,053 1,939 1,748
Incineration without energy recovery - - - - - - - - - - - -
Landfill 138 66 15 63 - 3 - - - - 15 66
Other 55 212 55 212 - - - - - - 55 212
Proportion of waste by disposal route (%) -
Recycling 38% 35% 39% 39% 50% 71% - - 21% 25% 32% 36%
Composting 0% 1% 0% 2% 0% 0% - - 0% 0% 0% 1%
Energy from Waste 57% 57% 56% 40% 50% 28% - - 51% 75% 53% 54%
Incineration without energy recovery 0% 0% 0% 0% 0% 0% - - 0% 0% 0% 0%
Landfill 4% 2% 1% 4% 0% 1% - - 0% 0% 0% 2%
Other 1% 6% 4% 14% 0% 0% - - 0% 0% 1% 7%
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Appendix
Environmental intensity indicators - Retail
EPRA Sustainability performance measures (GRI 302-1, 302-2, 303-1, 305-1, 305-2, 305-3, 306-2)
Absolute portfolio
Impact areas 2025 2024
Building energy intensity kWh/m
2
/year 42.34 42.65
Greenhouse gas intensity from building energy kgCO
2
e/m
2
/year 1.94 1.94
kgCO
2
e/revenue(€)/year 0.01 0.01
Building water intensity m
3
/m
2
/year 0.21 0.20
Environmental performance indicators - Office
Absolute portfolio Like for like portfolio
Belgium Total
Impact areas 2025 2024 2025 2024 2025 2024
Energy (MWh)
Electricity shared services 3,998 4,688 3,998 4,688 3,998 4,688
Electricity submetered to tenants 1,670 978 1,670 978 1,670 978
Electricity consumption EV charging stations 181 - 181 - 181 -
Total landlord obtained electricity 5,848 5,666 5,848 5,666 5,848 5,666
Proportion of electricity from renewable sources 100% 100% 100% 100% 100% 100%
District heating and cooling shared services - - - - - -
District heating and cooling submetered to tenants - - - - - -
Total landlord obtained district heating - - - - - -
Proportion heating and cooling from renewable sources - - - - - -
Fuels shared services 1,888 1,835 1,888 1,835 1,888 1,835
Fuels submetered to tenants - - - - - -
Total landlord obtained fuels 1,888 1,835 1,888 1,835 1,888 1,835
Proportion of fuels from renewable sources 0% 0% 0% 0% 0% 0%
Total energy from shared services 5,886 6,523 5,886 6,523 5,886 6,523
Total energy submetered to tenants 1,670 978 1,670 978 1,670 978
Total landlord obtained energy 7,737 7,501 7,737 7,501 7,737 7,501
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Absolute portfolio Like for like portfolio
Belgium
Total
Impact areas 2025 2024 2025 2024 2025 2024
Greenhouse gas emissions (tCO
2
e)
Total direct GHG emissions Scope 1 346 334 346 334 346 334
Total indirect GHG emissions Scope 2 (market-based) - - - - - -
Total indirect GHG emissions Scope 2 (location-based) 405 773 405 773 405 773
Total indirect GHG emissions Scope 3 (market-based) - - - - - -
Total indirect GHG emissions Scope 3 (location-based) 196 156 196 156 196 156
Total GHG emissions (market-based) 346 334 346 334 346 334
Total GHG emissions (location-based) 947 1,263 947 1,263 947 1,263
Water (m
3
)
Water from public water supplies - shared services 10,707 12,705 10,707 12,705 10,707 12,705
Water from public water supplies - submetered - - - - - -
Water from rainwater collected directly and stored - - - - - -
Water from groundwater / surface water - - - - - -
Total landlord obtained water consumption 10,707 12,705 10,707 12,705 10,707 12,705
Waste (metric tonnes)
Hazardous waste - - - - - -
Non-hazardous waste 133 145 133 145 133 145
Total weight of waste by disposal route (metric tonnes)
Recycling 43 44 43 44 43 44
Composting - - - - - -
Energy from Waste 85 78 85 78 85 78
Incineration without energy recovery - - - - - -
Landfill - - - - - -
Other 5 23 5 23 5 23
Proportion of waste by disposal route (%)
Recycling 33% 30% 33% 30% 33% 30%
Composting 0% 0% 0% 0% 0% 0%
Energy from Waste 64% 54% 64% 54% 64% 54%
Incineration without energy recovery 0% 0% 0% 0% 0% 0%
Landfill 0% 0% 0% 0% 0% 0%
Other 4% 16% 4% 16% 4% 16%
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Environmental intensity indicators - Office
Absolute portfolio
Impact areas
2025 2024
Building energy intensity kWh/m
2
/year 79.9 77.5
Greenhouse gas intensity from building energy kgCO
2
e/m
2
/year 3.6 3.5
kgCO
2
e/revenue/year 0.1 0.1
Building water intensity m
3
/m
2
/year 0.11 0.13
BREEAM certificates
Total Netherlands Belgium Luxembourg France
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
BREEAM certifications in place % of retail GLA
Outstanding 0% 0% 0% 0% 0% 0% 0% n.a 0% 0%
Excellent 12% 15% 10% 10% 0% 0% 0% n.a 100% 100%
Very Good 52% 70% 65% 65% 65% 100% 0% n.a 0% 0%
Good 0% 6% 0% 10% 0% 0% 0% n.a 0% 0%
Pass 0% 0% 0% 0% 0% 0% 0% n.a 0% 0%
In process of (re-)certification 35% 0% 25% 0% 35% 0% 100% n.a 0% 0%
Percentage of GLA which is BREEAM rated 54% 77% 64% 73% 47% 78% 0% n.a 100% 100%
Percentage of eligible centers GLA which is BREEAM rated 64% 91% 75% 85% 65% 100% 0% n.a 100% 100%
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Energy Performance Certificates (EU EPC)
2025
EU EPC labels in place % of total GLA
A 41%
B 0%
C 3%
D 8%
E 11%
F 0%
G 3%
X
1
23%
No label 11%
100%
1 An energy label ‘X’ means that the label is ‘undefined.’ This is a common initial label for commercial assets in
Belgium. The renewable share will be measured over a full reporting year, and after one year, defined labels
will be assigned.
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and outlook
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Integrated Annual Report 2025
Wereldhave N.V.
WERELDHAVE N.V.
Nieuwe Passeerdersstraat 1
1016 XP Amsterdam
The Netherlands
P.O. Box 14745, 1001 LE Amsterdam
T: +
www.wereldhave.com