Warehouses Estates Belgium (WEB) H1 2025 earnings summary

Executive summary

• Achieved appreciable economic performance in H1 2025, with higher operating results despite a challenging macroeconomic environment marked by inflation, geopolitical conflicts, and financial market volatility.

• Strong leasing activity with 32 new leases and renewals, maintaining a high occupancy rate and demonstrating portfolio resilience.

• Continued ESG initiatives, including significant investments in energy efficiency and carbon emission reductions.

Financial highlights

• Rental income rose 3.75% year-over-year to €12,643k, driven by rent indexation, acquisitions, and high occupancy.

• Operating income from buildings increased 1.02% to €9,574k compared to H1 2024.

• Net rental income reached €12,613k, up 2.62% year-over-year.

• Property result grew 1.98% to €12,270k, reflecting effective expense control.

• EPRA earnings per share at €1.69; EPRA NAV (NRV) at €53.27 per share.

Outlook and guidance

• Objectives for 2025 financial year confirmed, with a focus on maintaining occupancy, debt control, and ESG strategy.

• Cautious approach to economic development in light of ongoing uncertainties.

• Anticipates proposing a gross dividend equivalent to the previous year, barring major economic deterioration.