Slides
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TITLE SLIDE + IMAGE Wereldhave N.V. Jefferies Conference 2026 6 October 2026
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AGENDA #1 + IMAGE 1. Wereldhave Introduction 2. Key Messages & Highlights 3. Results 4. Transactions 5. LifeCentral 6. Financing & Valuations 7. ESG 8. Management Agenda 9. Appendices Table of contents 2
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IMAGE + TEXT #2 3 Company profile June 2026 Key Facts Number of retail assets1 21 Average size 32,500 m² Number of shopping center visitors in H1 2025 46.8 m Net loan-to-value ratio 44.1 % Occupancy shopping centers 97.7 % EPRA NIY shopping centers 6.4 % WALT2 5.2 years Development pipeline3 € 4 m 6 9 1) E xcluding Zoetermeer 2) Lease end date of shopping centers. Indefinite contracts counted as 1 year lease term 3) Future capex of total committed projects (excl. France)
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TEXT FULL Company profile June 2026 4 Belgium 46% France 7% Luxembourg 8% Netherlands 40% Retail Assets 96% Offices 4% € 2.5bn € 2.5bn Portfolio Breakdown by value Portfolio Breakdown by value
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IMAGE + TEXT #2 5 Tenant mix core portfolio Top 10 Tenants % of rent1 Ahold Delhaize 6.2 % Jumbo Group 4.7 % Bestseller 3.6 % C&A 3.1 % A.S. Watson Group 2.6 % H&M 1.8 % Carrefour 1.4 % NewYorker 1.4 % A.F. Mulliez (Decathlon, Kiabi) 1.3 % The Sting 1.3 % Total top 10 27.4 % Annualized contract rent by category Fashion & Accessoires 3.2% Food Fresh Health & Beauty Homeware & Household Mixed - Use Multimedia & Electronics 1.1% Services Shoe & Leatherware 3.5% Special Goods & Others 2.6% Sports Supermarkets 0.5% Series 35.0% 11.1% 6.4% 16.9% 3.4% 6.2% 10.0% 1) C ontractual annual rent
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LifeCentral Strategy launched in 2020: Transform assets, Strengthen balance sheet and Expand 6
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TEXT + IMAGE #1 INSERT/EDIT AN IMAGE 1 If necessary, delete the existing image by using the ‘Backspace key’. Click on the pictogram to insert a new image (see example below). 2 Select the preferred image and click on ‘Insert’. Insert 3 Click with the right mouse button on the thumbnail display of the slide on the left side of the screen and choose ‘Reset slide’. 4 To scale or drag the image, go to the tab ‘Picture Tools - Format’ and click on the button ‘Crop’. Scale the image itself with the spheres and scale the image frame with the brackets. Crop Layout Reset slide CHOOSING TEXT LEVELS 1 • Bullet 2 Under the tab ‘Home’, use the list level-buttons to choose a text level. Choose from: • Sub - bullet 3 Default text 4 Subheading #1 5 Subheading #2 6 • Sub - bullet7 Default text8 Subheading #19 • Bullet Home Text level up Text level down 7 Added to LifeCentral in 2025: Other Income A growing income stream generated by capitalizing on our management platform, our assets and their 97 million annual visitors ESG Income Marketing & Media JV asset management Specialty leasing Self - services
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Third - party a sset management key driver of Other Income 8 Capital re - allocation is part of our Management Agenda • Following the abolishment of the Dutch FBI, Wereldhave developed a third - party asset management platform as an additional growth opportunity • We see two different options for a partnership: disposal of existing Dutch portfolio assets, or acquisition of new assets • Our structure is flexible, allowing for third - party financing while retaining “skin in the game” through a minority co - investment stake (~ 0 - 25% ) Our first partnership was launched in June 2025 with Tikehau: - €165.6m shopping center acquired from URW - 15% equity stake maintained by Wereldhave - 40% LTV - 15% cash - on - cash for Wereldhave (asset cash yield incl. AM fee ) Existing Assets New Assets Financial Beneficial • Reduced LTV • Re - allocated capital abroad at higher returns • Partially compensated rental income loss through asset management fees Beneficial • Enhanced returns through management fees • Secured earnings through partnerships and long - term management contracts Management Platform Neutral impact • Maintained management platform size and bargaining power Beneficial • Increased management platform size and bargaining power = + + +
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AGENDA #1 + IMAGE 1. Wereldhave Introduction 2. Key Messages & Highlights 3. Results 4. Transactions 5. LifeCentral 6. Financing & Valuations 7. ESG 8. Management Agenda 9. Appendices Table of contents 9
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TEXT FULL Key Messages • Positive Dutch and Belgian valuations, mainly supported by higher passing rents • Like - for - like gross rental income growth of +4.3% in our core portfolio • Well protected against higher interest rates through low capex, completed refinancing and 6 4 % daily - life exposure • Major steps forward in transformations of Knauf Shopping Schmiede and Cityplaza with mixed - use additions • € 60m in new 10 - year US Private Placement (USPP) agreed; further strengthening the debt maturity profile • Fitch reaffirmed Wereldhave’s BBB credit rating with a stable outlook • May AGM approved all resolutions, strengthening access to new equity • Forecast FY 2026 direct result per share (DRPS) confirmed at € 1.85 - 1.95 • Earnings accretive capital rotation in LOI stage in the Benelux 10 JZ
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TABLE FULL 11 Highlights H1 2026 H1 2025 H1 2026 Change Direct result per share (€) 0.91 0.91 +0.0% Indirect result per share (€) 0.10 (0.04) (140.0%) Total result per share (€) 1.01 0.86 (14.9%) EPRA NTA per share (€) 22.91 23.11 +0.9% Net LTV (%) 44.9 44.1 (0.8pp) Proportion of mixed-use Benelux (in % of m²) 15.6 16.4 +0.8pp Direct result steady despite ongoing external challenges JZ
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TABLE FULL 12 Highlights H1 2026 Strong like - for - like gross rental growth of +4.3% 1) Approximation Belgium Netherlands Core Portfolio 0.5% 3.3% 4.1% 5.2% 2.4% 4.3% Like - for - Like Rental Growth H1 2026 vs. H1 2025; % Drivers of like-for-like Net Rental Income1: • Indexation: + 2.5% • Other income: + 2.0% • Leasing: + 0.3% • Property expenditures (mostly Belgium): (2.4%) Net Rental Income Gross Rental Income RL
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AGENDA #1 + IMAGE 1. Wereldhave Introduction 2. Key Messages & Highlights 3. Results 4. Transactions 5. LifeCentral 6. Financing & Valuations 7. ESG 8. Management Agenda 9. Appendices Table of contents 13
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TABLE FULL 14 Operations H1 2026 Leasing core portfolio 2% above old rent and 12% above ERV 1) New leases and renewals; excluding other commercial activities such as temporary leases and pop - up contracts 2) As % of the annualized contract rent excluding discounts (MGR) 3) On top of indexed passing rents 4) EPRA Occupancy Country Leasing Volume1 Leasing Volume2 MGR Uplift3 MGR Uplift3 MGR vs. ERV Occupancy Rate € m % € m % % % Belgium 4.8 7.2% 0.2 4.4% 13.4% 97.8% Netherlands 4.5 6.0% (0.1) (1.9%) 10.8% 97.4% Luxembourg 0.5 3.2% 0.0 14.0% 10.4% 98.2% Core Portfolio 9.8 6.2% 0.1 2.0% 12.0% 97.7% France 0.4 3.5% (0.0) (47.7%) 2.7% 97.8% Total 10.2 6.1% 0.1 1.8% 11.6% 97.7% Caused by two renewals that were driven by Dutch law, without these deals spread would have been flat JZ
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TEXT FULL Track Record LifeCentral strategy Cumulative Footfall delta 2021 = 100 15 Significant outperformance of Full Service Centers Cumulative Tenant Sales delta 2021 = 100 Note: core portfolio only 1) According to MSCI definition; unlevered 100 125 150 2021 2022 2023 2024 2025 2026 H1 100 125 150 2021 2022 2023 2024 2025 2026 H1 Total Property Return 1 2021 = 100 FSC Shopping Center 100 125 150 2021 2022 2023 2024 2025 2026 H1 JZ
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TABLE FULL 16 Dutch portfolio continues to outperform the market 0 10 January February March April May June Wereldhave Belgium Belgium SC Market Footfall growth vs. same period 2025: Belgium H1 2026; % Footfall growth vs. same period 202 5 : Netherlands H1 2026; % 0 10 January February March April May June Wereldhave Netherlands Netherlands SC Market Source: PFM, Vemcount , BLSC, Wereldhave 0 10 January February March April May June Wereldhave Luxembourg Footfall growth vs. same period 2025: Luxembourg H1 2026; % JZ
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TEXT FULL Wereldhave Belgium Fashion Food & Beverage Health & Beauty Super - markets Homeware & Household Shoes Multimedia & Electronics 1% 2% 1% 1% 0% (5%) (2%) 3% Tenant sales increased, especially of largest categories 17 Tenant sales H1 2026 vs. H1 2025: Belgium 2 % Tenant sales H1 2026 vs. H1 2025: Netherlands 3 % 1) Rent based weighted average Wereldhave Belgium and Wereldhave Netherlands 2) Belgium tenant sales numbers based on 79% of rental value (sales data received at time of publication), sorted on weight of b ran ch in terms of rental income 3) Netherlands tenant sales numbers based on 44% of rental value (sales data received at time of publication), sorted on weight of branch in terms of rental income Source: Tenant sales data; Wereldhave Wereldhave Netherlands Fashion Super - markets Homeware & Household Health & Beauty Food & Beverage Shoes Food Other Multimedia & Electronics 2% 2% 8% 1% (4%) 1% 2% (0%) 1% JZ
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TABLE FULL 18 Daily Life as a solid base in an uncertain macro environment 13% 11% 7% 9% 4% 8% 34% 6% 5% 4% Total Daily Life: 51% Non - daily Life Daily Life 2019/Launch LifeCentral % of rent Food Health & Beauty Food & Beverage Homeware & Household Fashion (discount) Other Daily Life Retail 1 Fashion (mainstream) Shoes Multimedia & Electronics Other Non - Daily Life Retail Total Daily Life: 64% 2025 FY % of rent 2026 H1 % of rent 1) Includes amongst others Sport, Fitness, Personal Care, Services, Healthcare, Leisure, Serving the community 13% 13% 9% 6% 9% 13% 26% 6% 3% Total Daily Life: 65% 13% 13% 10% 7% 9% 13% 25% 6% 4% JZ
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TEXT FULL • € 0.5m MGR signed, 10.4% above ERV and 14% above previous rent on average. Including: • Signed Basic - Fit (1,435 m²) and Women’s secret (180m²) in Schmiede • At Knauf Schmiede, the transformation into a Full Service Center is underway, with visible upgrades to the center and the customer journey already in place • The Medi - Market has moved and opened at the new location (Knauf Schmiede ) • Footfall increased 2.4% vs. H1 2025 Core portfolio update • € 5.9m MGR signed, 13.4% above ERV and 4.4% above previous rent on average. Including: • New lease with Only in Shopping Bastions – Tournai (789 m²) • New lease with Le Pain Quotidien (158 m²) and Huggy's (125 m²) in Shopping Belle - Île - Liège • New lease with PREGO In Shopping Ring Kortrijk (85 m²) • Vero Moda expanded in Ville 2 Charleroi while Douglas opened a brand - new store • Footfall increased 1.3% vs. H1 2025 19 Belgium Luxembourg • € 4.5m MGR signed, 10.8% above ERV but 1.9% below previous rent on average. Delta vs. previous rent driven by Dutch “303 - law”. Main deals: • New leases with fashion retailers Lager 157 ( 2,670 m 2 ) in Tilburg, Cotton Club (515 m 2 ) in Zoetermeer and Van Uffelen (704 m 2 ) in Middenwaard • New lease with international sports retailer Decathlon (1,654 m 2 ) in Hoofddorp • Relocation of Norah (350 m²) in Hoofddorp • Footfall increased 2.3 % vs. H1 2025 Netherlands JZ
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TEXT FULL Stable Belgian and Dutch OCRs 20 OCR Wereldhave Belgium 1 H1 2026, LTM; % OCR Wereldhave NL 2 H1 2026, LTM; % 1) Belgium OCRs calculated with tenant sales numbers based on 81% of rental value (sales data received at time of publication ), sorted on weight of branch in terms of rental income 2) Netherlands OCRs calculated with tenant sales numbers based on 51% of rental value (sales data received at time of publica tio n), sorted on weight of branch in terms of rental income 3) Dutch Supermarkets’ OCR is based on a limited sample and includes tenant feedback Source: Tenant turnover data, Wereldhave 13% 16% 2% 12% 15% 14% 15% 14% 3% Wereldhave Netherlands Fashion Super - markets 3 Health & Beauty Homeware & Household Food & Beverage Shoes Food Other Multimedia & Electronics 15% 17% 12% 11% 4% 19% 21% 9% 13% Wereldhave Belgium Fashion Food & Beverage Health & Beauty Super - markets Homeware & Household Shoes Multimedia & Electronics Food Other Belgian tenants healthy with OCRs above Dutch levels due to higher sales productivities JZ
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TITLE ONLY Costs are stable, even with growing portfolio 21 0 15 30 0% 20% 40% 2020 2021 2022 2023 2024 2025 2026 (FC) 11.4m 35.2% 11.3m 32.2% 11.7m 30.4% 10.9m 29.4% 10.5m 22.4% 10.6m 20.6% 10.1m 21.7% Direct GENEX EPRA Cost Ratio (including direct vacancy costs) EPRA Cost Ratio (incl. direct vacancy costs) % Direct GENEX €m RL
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TABLE FULL 22 Direct result Increase driven by acquisitions, rental growth, partly offset by increased interest expenses and disposals Actuals H1 2025 Acquisition Luxembourg, Ville 2 & various units Disposal Winkelhof, Roselaar, Sterrenburg and Waterloo NRI Belgium NRI Luxembourg NRI France General cost Interest € 49.4m ( € 2.8m) ( € 0.5m) ( € 0.2m) ( € 1.3m) ( € 0.6m) € 50.9m € 0.3m € 1.2m € 0.3m NRI Netherlands Actuals H1 2026 Tax € 5.1m + € 1.5m +3% Temporary vacancy due to Schmiede transformation RL
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GRAPH FULL EDIT CHART DATA 1 Click with the right mouse button on the chart and choose ‘Edit data’. Change chart type Edit data INSERT/EDIT A CHART 1 If necessary, delete the existing chart by using the ‘Backspace key’. Click on the pictogram to insert a new chart (see example below). 2 Select the preferred chart and click on ‘Insert’. Insert 3 Change the format of the chart by clicking on various parts of the chart and using the various options under the tab ‘Chart Tools’ - ‘Format’. 23 Outlook 2026 DRPS confirmed at € 1.85 - 1.95 2023 2024 2025 2026FC 1.85 – 1.95 1.73 1.76 1.86 2023 2024 2025 2026FC 1.20 1.25 1.30 1.35 Direct Result per Share € Dividend per Share € RL
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AGENDA #1 + IMAGE 1. Wereldhave Introduction 2. Key Messages & Highlights 3. Results 4. Transactions 5. LifeCentral 6. Financing & Valuations 7. ESG 8. Management Agenda 9. Appendices Table of contents 24
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TEXT Despite macro uncertainty, we continue our growth strategy • Global tensions continue to weigh on the international economy and investment market, but our portfolio remains resilient due to our focus on non - cyclical Daily Life retail and Mixed Use • The resilience of our existing assets, allows us to continue the LifeCentral growth phase • In addition, all resolutions were approved during our 2026 AGM • Our shareholders trust us with the ability to issue 20% new shares, which provides us flexibility to continue the Growth Phase of our LifeCentral strategy with equity backed acquisitions • During H1, we have strengthened our portfolio with two acquisitions: • Supermarket unit in Charleroi that completes our ownership of shopping center Ville 2 • Hema in Overvecht that strengthened our position in the asset • Earnings accretive capital rotation in LOI stage in the Benelux 25 - JZ
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TEXT + SUBTITLE + IMAGE 26 - Key terms acquisition Ville2 Supermarket, Charleroi Seller Equilis on behalf of Fidagh SA Acquisition characteristics 2.7k m 2 GLA Acquisition date 11 March 2026 Deal structure WH NV Share deal (contribution in kind in portfolio WHB) Cost impact No impact, as the asset will be managed by the existing Wereldhave BE Team LTV Impact A decrease of 10bps Deal rationale Wereldhave Belgium is now 100% owner of Ville2, Charleroi Leasing terms agreed with Delhaize, contractual process ongoing JZ
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TEXT + SUBTITLE + IMAGE 27 - Key terms acquisition Hema, Shopping Center Overvecht Seller Crossroads Real Estate on behalf of a group of investors Acquisition characteristics 3.3k m 2 GLA Acquisition date 9 April 2026 Deal structure WHNV Share deal (contribution in kind) Cost impact No impact, as the asset will be managed by the existing Wereldhave NL Team LTV Impact A decrease of 10bps Deal rationale Strengthening existing position of circa 2.9k m² in a strong - performing retail asset in a key Dutch market
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TEXT + SUBTITLE + IMAGE 28 - Key terms disposal retail park De Mael, Sint - Kruis (Bruges) Buyers Consortium of private buyers Acquisition characteristics 20k m 2 GLA Transaction dates 16 September 2026 ( Conditional private sale agreement ) Q2 2027 (Disposal date) Deal structure Asset deal Cost impact All transaction cost for buyers LTV Impact A decrease of 110bps (Impact on group level) Deal rationale Capital rotation
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AGENDA #1 + IMAGE 1. Wereldhave Introduction 2. Key Messages & Highlights 3. Results 4. Transactions 5. LifeCentral 6. Financing & Valuations 7. ESG 8. Management Agenda 9. Appendices Table of contents 29
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IMAGE + TEXT #1 • Ongoing Full Service Center transformations including Cityplaza (NL) and Knauf Schmiede (LUX) are on track • Healthcare cluster ‘ health&fit ’, including medical center with more than five tenants, opened in Cityplaza, Nieuwegein (NL) • Strengthening the tenant mix with daily life retailers like Lager 157, New Yorker, TK Maxx and Basic - Fit continues • Tenant base further diversified with an increase of mixed - use to 16.4% LifeCentral progress H1 2026 2019 2020 2021 2022 2023 2025 2026 H1 2026 Target 9% 10% 14% 16% 2024 13% 15% 16% 11% 17% 30 Mixed - use development 2019 - 2025 In % of total GLA JZ
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TEXT + IMAGE #1 [BLUE] An asset in transformation to become a Full Service Center with diversified retail offering, outdoor all - day F&B, healthcare and fitness, with a strong connection to leisure and municipality services in the direct vicinity Key items of transformation delivered so far: • Right - sizing of retail: • Transformation of 1,100 m 2 retail into a Basic - Fit (2022) • Transformation of 1,440 m 2 retail into F&B, resulting in a 2,350 m 2 outdoor eat&meet square (2025) • Disposal of 700 m 2 retail for a residential development located on the west side of the center (2025) • Creation of an every.deli fresh food cluster facing the Albert Heijn supermarket (2023) Ongoing items of transformation: • Realization of a health&fit cluster, including healthcare center Roerdomp , EsthétiQ , and Hair & Beauty Lavin (delivered on time and within budget in H1 2026) • Look & feel upgrade of galleries and entries – in design phase 31 In transformation: Cityplaza Nieuwegein, Netherlands JZ
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TEXT + IMAGE #1 [BLUE] Knauf Schmiede , in transformation to become a Full Service Center with a balanced offer including daily life, mixed - use and traditional retail in the heart of the Ardennes Key items of transformation delivered so far: • Adding LifeCentral elements • Fragrance, commercial signing, public seating & green and Wayfinding Ongoing items of transformation: • Re - routing ground floor by adding one unit: improving visitor flows and creating additional leasable area. Contract signed with Women’secret • Optimizing first floor by moving retail tenants to ground floor, creating a larger unit for Basic - Fit (signed) increasing mixed use from 18% to 21%. • Replacement of unsuccessful F&B operator by established F&B and leisure name • Adding LifeCentral elements • A kiosk version of the point, play & relax and restrooms 32 In transformation: Knauf Schmiede Luxembourg OPTICIAN SHOP Previously a corridor Previously a corridor JZ
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TABLE FULL 33 LifeCentral transformations continue for acquired assets LifeCentral investments 1 in BE, LUX and NL 2 € m, 2026+ 1) Including Maintenance, Customer Experience and Commercial 2) Excluding France, JVs, Offices and Retail Parks 3) Internally committed 25 25 36 7 4 21 LifeCentral CAPEX Spent H1 2026 2026 2027 2028+ 61 8 21 25 4 Acquired Assets Initial Program Spent Uncommitted Committed 3 Low CAPEX commitments suitable for current market uncertainties
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TEXT #9 Completed FSCs #6 Invest #1 Hold #1 Sell Capital allocation discipline: IRR Framework 34 Capital allocation decisions Benelux assets1 1) Excluding Belgian Retail Parks & Offices 2) Returns shown are weighted averages based on Green Street’s analysis of European retail companies under coverage, calculated as: Economic Cap Rate + Long term LFL NOI growth (source: Green Street Advisors (Global Property Allocator, 15 June 2026)) 8% 7% 7.4% - Continental European Retail Average IRR 2 Unlevered IRR
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TEXT + IMAGE #1 35 Continued evidence for strong FSC yield shift Yield shift since start of FSC Transformation bps (92) (49) (43) (27) 6 32 90 (22) (9) 85 87 96 100 Vier Meren Cityplaza De Koperwiek Kronenburg Presikhaaf Eggert NL Market Yield 1 Genk Shopping 1 Shopping Belle - Île Ring Kortrijk Tournai BE Market Yield 2 Nivelles 1) NL Market Yield: Prime net initial yield Shopping Centers Q2 2026 vs. Q2 2020; source: JLL 2) BE Market Yield: Prime yield Shopping Centers Q2 2026 vs. Q2 2020; source: Cushman & Wakefield
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TABLE FULL Middenwaard Tilburg Kronenburg Nivelles Koperwiek 36 Residential profits Residential profit: € 0.50 - 0.80 per share • We are now working on the residential opportunity on 4 locations in several stages of the development • Residential development in Arnhem with Amvest is ongoing • Research for potential residential development in Zoetermeer will start in 2026 28 2026+ Expected Cash Gains 2026+; € m Development of residential units # Units In Progress Early Stage Completed & Sold Total: 1,200 - 1,600 units
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TEXT + IMAGE #1 37 Other income progress H1 2026 In 2026, we have built the foundation for further growth of our Other income streams • Media screens network fully implemented before May 2026 • Blueprints created for all Dutch assets identifying Other income opportunities • 26 new Other income contracts signed in H1 2026 in NL and successful Paradontax Mall Takeover in Hoofddorp (NL) Other income development 2025 – 2027 1 In € m 2024 2025 2026 H1 2026 - Target 2027 - Target 4.5m 6.7m 4.0m 8.6m 10.1m 1) Benelux | Core portfolio only Half - year income, on track for 2026 target JZ
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AGENDA #1 + IMAGE 1. Wereldhave Introduction 2. Key Messages & Highlights 3. Results 4. Transactions 5. LifeCentral 6. Financing & Valuations 7. ESG 8. Management Agenda 9. Appendices Table of contents 38
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TABLE FULL 39 Positive Benelux valuations, primarily driven by passing rent 1) Weighted average Value (€ m) Revaluation H1 2026 EPRA NIY (%) Country FY 2025 H1 2026 € m % FY 2025 H1 2026 Belgium 1,019 1,038 7.2 0.7% 6.3% 6.3% Luxembourg 188 189 0.1 0.0% 7.3% 7.3% Netherlands 958 982 10.0 1.0% 6.2% 6.6% Core Portfolio 2,166 2,209 17.3 0.8% 6.4%1 6.5%1 France 177 175 (3.9) (2.2%) 5.0% 5.1% Offices Belgium 97 97 (0.2) (0.2%) 7.2% 7.9% Total 2,439 2,481 13.2 0.5% 6.3%1 6.5%1 RL
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TEXT FULL Debt/EBITDA remains amongst lowest of peer group 40 Net Loan to Value (LTV) Debt, % of value Debt vs. peers 1 Debt/EBITDA 1) Peers: Eurocommercial , Hammerson, Klepierre , Mercialys , URW. Source: Green Street, July 2026 (Values normalized by Green Street, may differ from reported results) Peer 1 Peer 2 Peer 3 Peer 4 WH Peer 5 8.7x 8.5x 7.7x 6.9x 6.4x 6.1x H1 2024 FY 2024 H1 2025 FY 2025 H1 2026 Target 35 - 40% 43.0% 41.8% 44.9% 42.5% 44.1% LTV decreased to 44.1% compared to H1 2025 • Increased compared to FY 2025 following dividend payments in Q2 2026 Final steps to reach the LTV target of 35 - 40% • Equity backed acquisitions • Disposal of last two French assets • Disposal Belgium non - core assets • JV existing Dutch assets RL
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TABLE FULL 41 Debt profile Q4 2025 H1 2026 Covenants Comments Interest bearing debt1 (€) 1,124m 1,092m Debt decreased, following debt repayments with the disposal proceeds that were received end of December Average cost of debt 3.62% 3.55% Cost of debt decreased following the maturity of a € 32m bond in Belgium, together with its associated interest rate swap Undrawn committed (€) 227m 227m Cash position (€) 106m 11m Cash decreased, following debt repayments with the disposal proceeds that were received end of December Fixed vs. floating debt 81% / 19% 83% / 17% Including macro-hedges Net LTV 42.5% 44.1% Net LTV increased, following dividend payment Gross LTV 46.8% 44.5% ≤ 60% Gross LTV decreased, following debt repayments with the disposal proceeds that were received end of December ICR 4.1x 4.1x > 2.5x Solvency 51.3% 51.7% > 40% Debt maturity (years) 3.7 3.8 Syndicated € 250m RCF was refinanced with a five-year term with extension options. In conjunction with refinancing of a € 30m Wereldhave Belgium facility, debt maturity increased 1) Nominal value of interest - bearing debt RL
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TABLE FULL 42 Successful H1, including refinancing of RCFs and USPP refinancing agreed for H2 € 1.12bn Debt Mix Q4 2025 0 100 200 300 Drawn Undrawn Drawn Undrawn Drawn Undrawn Drawn Undrawn Drawn Undrawn Drawn Undrawn Commercial Paper RCF Bank loans Private Placements 2026 2027 2028 2029 2030 >2030 Debt Maturity Profile In € m Weighted average debt maturity 3.8 years (pro - forma post USPP refi 4.3 years) 50% 7% 40% 3% 0% Debt Mix H1 2026 € 1.09bn USPP EUPP Bank loans (inl. RCF) Commercial Paper Bonds 49% 7% 38% 3% 3% Refinancing agreed for H2 RL
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TITLE ONLY Debt maturity increased further following RCF and USPP refinancing 43 2019 2020 2021 2022 2023 2025 2026 H1 Pro - forma post USPP refinancing 4.0 4.3 3.8 3.8 2024 3.4 3.4 3.7 3.3 3.5 Debt Maturity In years RL
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AGENDA #1 + IMAGE 1. Wereldhave Introduction 2. Key Messages & Highlights 3. Results 4. Transactions 5. LifeCentral 6. Financing & Valuations 7. ESG 8. Management Agenda 9. Appendices Table of contents 44
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TEXT + SUBTITLE ESG projects 2026 EV charging points • In the Netherlands we have identified potential for another 140 charging points. Of which 14 have been realized in shopping center Middenwaard BREEAM • Complete recertification of the Dutch portfolio, including tenants will be completed Q4 2026 Green Lease agreements • Green Lease increased to 75% in H1 2026 Paris Proof • In shopping center Vier Meren (NL) we will replace 8 gas boilers for a hybrid system that includes a heat pump. This leads to a total yearly reduction of 35 tons of CO2 per year Green Financing • The syndicated €250 million RCF was refinanced with sustainability - linked components, reinforcing Wereldhave’s commitment to reducing emissions throughout its own operations and those of its tenants 45 Becoming future proof 74% 75% FY 2024 FY 2025 H1 2026 74% 1) Green Leases in BENELUX portfolio In % of total leases 1) S light decrease due to inclusion of two new assets in Luxemburg and Ville 2. RL
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AGENDA #1 + IMAGE 1. Wereldhave Introduction 2. Key Messages & Highlights 3. Results 4. Transactions 5. LifeCentral 6. Financing & Valuations 7. ESG 8. Management Agenda 9. Appendices Table of contents 46
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TABLE FULL 47 Management agenda Focus on Target 2025 - 2027 Current Status Creating scale Expand portfolio Earnings accretive capital rotation in LOI stage in the Benelux; maintaining strong balance sheet Total Return Exceed 10% annualized Total Return (up from 8%) H1 2026: 7.7% (annualized) Capital re - allocation 2 Dutch disposals and 3 JVs (equity light) Dutch disposals done, screening further JVs Finalizing FSC transformations Complete last six transformations 1 FSC completed in 2025, 1 completion scheduled for 2026 ESG GRESB 5 - star rating 4 - star rating Phase out France Dispose last two French assets Waiting for improved French investment market Last phase of balance sheet de - risking Reduce LTV to 35 - 40% Reduced from 46.7% to 44.1% Other income 2027 Other income: € 10.1m On track to meet target JZ
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AGENDA #1 + IMAGE 1. Wereldhave Introduction 2. Key Messages & Highlights 3. Results 4. Transactions 5. LifeCentral 6. Financing & Valuations 7. ESG 8. Management Agenda 9. Appendices Table of contents 48
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TABLE FULL 49 Like - for - like NRI growth LFL NRI growth (% yoy ) Belgium France Netherlands Shopping centers 8.4% 7.9% 0.5% (10.2%) 8.2% 5.9% 3.7% 4.9% 4.1% 4.7% 6.4% 2.6% H1 2025 FY 2025 H1 2026
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TABLE FULL 50 Occupancy rates EPRA Occupancy rate Shopping Centers 97.8% 98.2% Belgium 97.7% France Luxembourg The Netherlands Shopping centers 98.2% 98.3% 96.4% 97.0% 95.8% 97.4% 96.9% 97.7% 97.8% 97.2% 97.8% 97.4% H1 2025 FY 2025 H1 2026
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TABLE FULL 51 Note: 2022 influenced by Covid Measures 13% 7% 4% 2% 1% 12% 3% 8% 1% (1%) 20% 9% 6% 2% 2% 13% 13% 8% 2% 2% 0% 2% FY 2022 FY 2023 FY 2024 FY 2025 H1 2026 Change in visitors versus the same period previous year (%) Footfall Belgium France Netherlands Full Service Centers Luxembourg
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TABLE FULL 52 Breakdown of valuation results H1 2026 Belgium 0.0% Luxembourg Netherlands Core portfolio (1.3%) France Offices Belgium Total 0.7% 0.0% 1.0% 0.8% (2.2%) (0.2%) 0.5% 0.5% 0.2% 1.1% (0.1%) 1.1% (0.3%) (0.9%) 0.2% (0.4%) 0.8% (0.3%) Yield shift Market rent & other Yield vs. Rent
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TABLE FULL 53 EPRA NTA EPRA NTA YE 2025 Direct result Indirect result Dividend Other EPRA NTA H1 2025 23.53 (0.04) (1.30) 23.11 0.91 0.01 EPRA NTA Bridge: YE 2025 to H1 2026 ( € per share)
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TABLE FULL 54 Reconciliation of EPRA value metrics H1 2026 EPRA value reconciliation bridge ( € per share) Impact issue shares Deferred tax in relation to IP Fair value financial instruments RETT EPRA NRV H1 2026 Exclude RETT EPRA NTA H1 2026 Reverse NTA adjustments Fair value of fixed interest rate debt (0.04) (0.04) 0.38 0.04 23.00 (3.00) (0.19) IFRS NAV H1 2026 26.30 23.11 Deferred tax in relation to IP (0.15) 3.00 EPRA NDV H1 2026 23.00 Note: EPRA Value metrics are defined in the EPRA BPR Guidelines dated September 2024
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