Warehouses Estates Belgium (WEB) H2 2024 earnings summary

Executive summary

• Achieved a 22.74% increase in net result to €10.64m for 2024, driven by higher rental income, portfolio growth, and cost control, despite inflation and macroeconomic uncertainties.

• Portfolio fair value rose 6.06% year-over-year to €336.47m, with occupancy rate at 97.63% and a debt ratio of 46.11%.

• EPRA earnings increased 3.99% to €12.53m, with EPRA EPS at €3.69; Board proposes a stable gross dividend of €3.35 per share, yielding 8.85%.

• Mergers with Le Beau Bien and Grafimmo added €15.46m in assets and 336,545 shares, supporting rental income growth.

• ESG policy advanced with internal team and external partners; SBTI commitments to reduce GHG emissions by 42% by 2030.

Financial highlights

• Rental income up 10.42% year-over-year to €24.93m; net rental result up 8.74% to €24.92m.

• Operating result before portfolio result up 9.21% to €18.05m; operating result up 7.33% to €17.41m.

• Net result increased 22.74% to €10.64m; shareholders' equity up 8.25% to €181.33m.

• Debt ratio improved to 46.11% from 47.52%; average debt cost 3.60% with 88.18% interest rate risk hedged.

• EPRA LTV at 46.11%; EPRA NIY at 6.69%; EPRA vacancy rate at 3.19%.

Outlook and guidance

• 2025 EPRA earnings projected at €13.9m, assuming stable conditions.

• Board to propose a gross dividend of €3.35 per share for 2024, maintaining a high payout ratio of 93.65%.

• Focus remains on selective growth, maintaining high occupancy, and cautious investment amid economic uncertainty.