Wereldhave Nv

Good morning and welcome to the Wereldhaven webcast for the full year 2025 results. I'm here today with our CFO, Dennis de Vrede, and I'm Matthijs Storm, the CEO of Wereldhaven. We'll take you through a presentation, which you can also find on our website. Already during the presentation, you can type your questions in the text box at the bottom of your screen. Towards the end of the presentation, we will deal with all your questions as usual. So let's get started. Let's start with some key messages of the 2025 results. Direct result per share €1.86 which is well above the initial guidance that we provided about a year ago and also above the latest guidance with Q3 of €1.80 to €1.85. Zooming in on the results, and we'll give you some more color later, of course, during the presentation, but we see improving occupier markets costs have been relatively stable, which I think is also a good achievement of the company with a growing portfolio. And last but not least, we also see growth in what we call other income. We'll get back to that later. Occupancy rate at 98%. We had to dive into quite some older annual reports to find a number like this. That was in 2013. That was actually before the big wave of a lot of bankruptcies in retailer chains in the Netherlands and in Belgium and I think also in other European countries. So it's nice to see that we're back at this high level. Like-for-like rental growth plus 6%, improving Dutch retail market is helping a lot with that, but also the older income I just mentioned. We'll zoom in on the breakdown of this later. We sold the Dutch full service center Sterreburg at €60 million book value in December 2025, which I think is an interesting achievement because this is the first full service center we are selling with some compelling KPIs. Dennis will talk about that later. Stable cost base, I've mentioned. Total shareholder return last year of plus 51%. The dividend per share, we proposed €1.30 for 2025. That will be decided on the AGM of May 2026. It's an increase of 4%. With that, we remain quite conservative. It's a payout of 70%, a little bit below. The targeted payout range, but as long as our loan-to-value is above 40%, Dennis will talk more about that later, we think we should remain conservative. Outlook for 2026, 185 to 195. Zooming in on some of the key numbers of 2025, the direct result I've already mentioned. The indirect result, unlike last year, was slightly negative. We'll zoom in on that later. We saw slightly negative valuations in the Netherlands and in Belgium. It's more asset-specific. We'll talk more about it later. On the LTV side, you see a slight increase over the last year from 41.8 to 42.5. Again, I want to stress it is our priority to reduce this below 40%. The French disposals, equity-funded acquisitions, but also JVing existing Dutch assets, for example, will all help to reduce the LTV ultimately below 40%. We're now at 16.4% mixed use, so we also made nice progression on that side. The like-for-like rental growth, I'll zoom in on the call-out box on the top right of your screen. 6.3% driven first and foremost by indexation, logical, other income. Thirdly, reduction of property expenses, which was a key priority already in 24, but also in 25. which is yielding some very nice results amongst others, recouping some older bad debt. I think a very nice performance of our finance team. Leasing plus 0.6%, combination of positive leasing spreads, slightly positive leasing spreads of about 3%, but also some sales-based rent. Occupancy, small increase with 20 basis points contributing to the like for like. Then zooming in on what we call other income, which is becoming a more and more important revenue driver. When we talk about other income, we're not talking about rental income from the shops we are renting out or from the parking. For us, it's important to mention that in the definition. Parking income is not other income. It's real estate. So it's real estate income. It's rental income. We talk about ESG income, for example, solar panels, EV chargers on the parkings. As you know, we own, in most of the cases, we own the parkings, either underground, but in Belgium, for example, mostly outside. And those are interesting opportunities. Think about Vilde, we bought in Charleroi with about 2,500 parking spaces, all outside, ground floor level. Very interesting opportunity to roll out EV chargers. Marketing and media, digital screens. We signed an important deal in September last year with Ocean Outdoor for the Netherlands, boosting our direct result per share by at least 3% per annum. We'll be working on Belgium and Luxembourg this year. We signed our first joint venture with Sofide for Stadszaak Soutermeer in June 2025. The management income from that JV is included in the other income. Of course, we also have a profit share in the entity where we are investing in Soutermeer, but here we're talking about the management fees. Self-services, for example, vending machines in our centers. And lastly, specialty leasing. I think that is a well-known concept, but that is also increasing. So let's talk about some numbers. In 2025, we had 6.7 million euros of our income and we think we can increase to 10.1 million in 2027. Of course, this number does not yet include additional joint ventures. If we're able to sign, and we're working on several projects in the Netherlands, if we're able to sign more joint ventures, of course, the figure will increase. Then we focus on the results itself. Operations, we're very happy with the results, particularly with the Netherlands. Finally, a positive leasing spread. You'll see more about that later. If I focus on the core portfolio, Netherlands, Belgium and Luxembourg, you can see an MGR uplift of 2.7%, which I think is compelling. but also the occupancy rate of 98, as mentioned before. France is still a negative figure, but less negative at least than last year. And we also think that our NRI from France will be relatively stable to slightly up in 2026, despite, as you probably know, the very low inflation and indexation forecasted for 26 for France. The Life Central strategy, we already have about four or five years of track record, so we thought it would be nice to show you some aggregated results. Food fall, full service centers nicely above traditional shopping centers. Also tenant sales, but also the total property return. Our key indicators, I think many of you know this, but I think the charts speak for themselves. Then we also published a table with some details results. I'm not going to mention it all. As you might know, in the first half of 25, we had about an 8 million write-down on our Tilburg asset because we extended some leases. We chose for longer lease maturities that had some impact, of course, on the valuation results of the full service centers. But other than that, if you focus on the bottom of the slide, you can see some nice outperformance. Dutch leasing market, I mentioned it already. We see it improving. 2013, 14, 15, 16, a lot of bankruptcies, as we've mentioned previously. Then came the COVID period, which was also tough, of course. But now we see an improving market. What you can see here on the chart is, first of all, the leasing spread. New rent versus old rent has been negative for a lot of years, but has now turned positive to plus 4%. And also the occupancy rate of the portfolio at 97.4% is actually at the highest since 2013, which is not even on this chart. We see an improving market. I'd also like to mention, for example, the vacancy of Blocker and Casa. The reletting of the units that took place in the first half of 2025 went pretty quick and occurred in total at a slightly higher rent than the previous rent. We could choose amongst several concepts And that was a while ago, so we're quite positive and constructive on that. The footfall, I think you can see here in all the three charts that in the Netherlands, Belgium, Luxembourg, our core markets were nicely outperforming the market. Tenant sales. Plus 2%, a little bit slower growth than last year, particularly in Belgium. You can see, for example, in the shoes segment in both countries, actually, but in Belgium that is a bigger segment in our portfolio. That dragged down the sales growth a bit. What's also impacted is the bankruptcy of Lunch Garden, the larger F&B concept, in 2024. Some of those units were vacant in 2025, so that, of course, impacts the like-for-like sales growth in Belgium. In the Netherlands, plus 3% is above inflation indexation, which I think is a good result, except for multimedia and electronics, minus 5%. We had a tougher year, although the COVID years and the post-COVID years were a little bit stronger in this segment. Daily life, as you know, we use this as a gauge here. For the resilience of our revenue stream, we now have 65% daily life exposure, convenience retail, non-discretionary. It's a little bit lower than last year, and this is all because of, and you can see this in the call-out, because of the acquisitions in Luxembourg, but also Ville d'Or in Charleroi. Of course, these shopping centers will also be turned into full-service centers, and once that is completed, the daily life exposure will go up again. Then on the commercial update, first of all, Belgium, we've signed about 11 million of MGR, 8% above ERV and slightly above old rent. It's a little bit lower than the last couple of years. That is also because we did a lot of leases in Genk, which is in the north of Belgium, in Flanders. It is a more difficult location, a city with higher unemployment and tougher economics and demographics overall. There was a lot of leasing activity in that city in 25. That's why the leasing spread was a bit lower. I think for 26, we expect a higher figure than plus 2% for leasing versus old rent. Luxembourg, it's only the start, of course, because these assets were acquired in 2025, but we've leased some units at 8% above ERV. We've extended, for example, MediMarket, which is a very strong parapharmaceutical concept in Belgium that we've actually also now brought to the Netherlands. MediMarket signed their first lease in Zoetermeer in our assets that we jointly own with Sofidee. In the Netherlands, very importantly, signed in Tilburg with TK Maxx for 2,000 square meters. This was after the first half results, so that had a small positive impact again. It's a very strong anchor and I think also a very suitable tenant for a city like Tilburg, which already had some positive impact on the footfall on that part of the city. International leasing, I already mentioned the example of Mayday Market coming from Belgium to the Netherlands, but we also have some other examples, for example, Bestseller Group, which is becoming one of the largest tenants in our portfolio with brands like Only, Only & Sons, Jack & Jones, Viramoda, that we have in all countries and is expanding rapidly and is showing very good turnovers in our portfolio. Before I hand over to Dennis, lastly on the occupancy cost ratio, in the Netherlands, relatively stable, that is logical, because the sales growth was in line with the rental growth. In Belgium, we see a slight increase. We have about 1% retail sales growth, but we also noticed in Belgium a small uptick in the service cost, and as a result, the OCR is up from 14% to 15%. I still believe... That is a very sustainable level. Our sales productivity per square meter in Belgium is higher. So this is a level we should maintain. And as I commented earlier already, we forecast for 26 a more positive leasing spread in Belgium than in 25. With that, I'd like to hand over to Dennis.

Thank you Matthijs, and also a warm welcome from my side. My first slide is showing our cost reduction efforts over the past six, seven years. As you can see here, we've been reducing and stabilizing iDirect GenX, and at the very same time we've also been focusing very much on our other cost buckets. And that results in a 20.6% APRA cost ratio in 2025. And I think we have a stable cost basis, meaning that if we grow the portfolio further, if we grow our top line further, I would expect our APRA cost ratio to go even below the 20% mark. On the direct result side, Matthijs mentioned already the 186 per share, which is equating into 101 million of direct results. A 10% growth, a nice growth, I think. If I would exclude the acquisitions and disposal effects of 2025, it would come down to close to 3% growth. But if I would also mention, and you can see it on the very right-hand side of the chart, the tax buckets, this is the first year that we have been paying corporate income tax in the Netherlands, almost 4.5 million. That would equate into another 9 to 10 cents direct results per share. So all in all, I think a very stable and a very solid year this year on our direct result side. Here again, a little bit of a color of over the past few years. On the left-hand side, we are looking to grow the direct result per share to 185 to 195 in 2026. That is, again, that is another 3% to 4% growth if I would take the 190 as the mid-range of that. For 2025, Matthijs just mentioned, we will be proposing €1.30 per share for dividends and we would see that going into €1.35 for 2026 as a forecast, as a guidance for our dividends. Moving on to the relative performance, I would say we announced our life central strategy back in 2020, to be exact, almost six years ago. And as you can see here, we have achieved on the very right-hand side, we've achieved an 80%, 81% total return over those six years. So again, I think a very nice achievement if I compare ourselves to the six other peers which are closest to us. We are number one, number two, as you can see on this chart. Also for this year, for 2026, I think year to date we are already at a 16% return as per now. Moving into a few of the transactions which we haven't mentioned already in the first half or the third quarter of the year. I think the two most important ones in Q4 are the disposal of our full service center Sterrenburg in Dordrecht. A very important one for us. I think this was one of our nicest assets and one asset where we have been, I think, demonstrating that the full service center strategy really works. All in all, we have been realizing almost 10%, 9.3% IRR on the transformation and the disposal of this asset. At a 6% net initial yield, we have been able to sell this asset, and I think it also demonstrates the fact that the full service center strategy is working. I mean, the values are real, as you can see here, proving by this first transaction of a full service center. Moving on to one of our latest acquisitions as part of our capital rotation strategy. We have acquired the Vilde shopping center in Charleroi in Belgium. We are very happy with this asset. Again, here we've been able to raise quite some equity in Belgium to partly finance this transaction. And we believe this asset will be a very good contribution to the Belgium team and to, of course, to Beelhaven as a group. Net rental income almost 10 million. We bought it at a net initial yield of 8%. So I think there's quite some work we can do there to further enhance the value of this asset. Demonstrated on this slide, we will be pushing Vilde into the full service center, to the life center strategy. We've been already scanning through the asset. What can we do? What can we add to enhance the value? And on the right-hand side, you see all the different buckets that we're looking at to make sure that we are increasing the value of this property. Moving back to Matthijs.

Yes, thank you, Dennis. On the LifeCentral strategy, and Dennis already gave some examples for Vildeun, Charleroi. As you can see, the bottom right of this chart, our mixed-use percentage is continuing to increase 15% to 16% this year, and we forecast another increase to 17% for 2026. And with that, I think it's also good to talk about the completions for 2025. Nivelle in Belgium, we've mentioned this earlier in October, when we celebrated the opening of the redevelopment of Nivelle. It was fully led, first and foremost, I think the most important metric, but also some nice new concepts, for example, in F&B. In Arnhem, in the Netherlands, we've completed the first phase of the transformation, phase one, also fully led with a new Jumbo supermarket. I'm looking at the pictures, but it's difficult to see here, but we have some on the website. It's another strong anchor to this center, but also the eat and meet square that you can see on the top left of the pictures. is working very well with some interesting turnovers from the first month of operations. So we're happy with the first phase, and we're now working actually on the plans for phase two of Kronenberg. 2026 will be a year of study and desktop work, and then I think in 2027 we can commence the works on phase two of this center. A launch for transformation is City Plaza. We already did some smaller things in this shopping center over the past years. On the top right hand side you can see several elements. We're adding a health and fit zone. The operator, a larger healthcare operator, Huurom, has already signed the lease. That's done and dusted and at the moment we're doing the works. We already included the new gym with basic fit on the right hand side. In the middle, you can see the new Eat and Meet Square, for which several tenants have already signed up. We communicated on that already. A fresh street, every deli on the left-hand side, and also a little bit of right-sizing. We sold some units to a residential developer. We'll build housing on that part, which is, I think, beneficial for both, because, again, the Life Center strategy is not only about turning retail into mixed use. Sometimes it's also about right-sizing the retail. In Luxembourg, we have started to work on the transformation of Knauf-Schmiede. That's one of the two centers we bought back in February 2025. Also here, there will be some right sizing. We're adding mixed-use, for example, a fitness on the first floor. We're improving the visitor flows through a new layout of the center, and then we're adding several live central elements. You can see some examples like the point, our service desk on the top right-hand side, but you can also read some other examples that we will be adding in 2026 to turn Knauf-Schmiede into a full service center. Polderplein, that's an asset we acquired in Hoofddorp back in 2023. It was the missing part of the shopping center in Hoofddorp that we added back then. Now we own the complete shopping center for 100% and we've now started the works to also turn the acquired part into a full service center. You can see some examples on the bottom left-hand side of the slide. Hoofddorp is one of our best locations in the Netherlands from an economic and demographic point of view. So we're happy with the results so far. Statsart Soutermeer we acquired in June 25. We already communicated on that. And also Statsart Soutermeer will be turned into a full-service center. Even though this asset is in a joint venture, we're the manager of that asset. And also this asset, you can see it in the map on the top right-hand side of this sheet, will be turned over the coming years into a full-service center with, amongst others, addition of health, a fresh cluster, and self-expression. Then some numbers on Knauf Pommerloch and Schmiede. We bought those in the beginning of 2025. For example, in Pommerloch, we signed a new lease with Jack and Jones in the former Casa unit. When we acquired this center, we already talked with analysts and investors about the reversionary potential. Well, you can see here, plus 54% versus old rent. I'm not sure if this is indicated for all the leases we will be doing in Pomerloch, but I think it's a nice example. In Sweden, we've extended with MediMarket and Veritas. And last but not least, we realized a very nice valuation uplift in 2025. Dennis will tell you more later. Then on the CAPEX, we changed this slide a little bit. Until now, we always showed you the initial about 300 million CAPEX program for the Life Central Strategy, as Dennis said, starting in 2020. But most of those transformations, the original ones, have been completed. What you can see in the dark blue bar on the left-hand side, the 25 million, That is the last part of the original 300 million program, but we've added about 36 million for the acquired assets in the meantime. That is Boulderplein, that's the two centers in Luxembourg, and that is also Vilde in Charleroi. And this is why the number has gone up a bit to 61 million, but you can see over the coming years it's nicely spread, and most of it is still uncommitted, so if something happens, If a big event happens in the global market or in the global economy, we're well prepared to scale down the capex. Capital allocation, our IRR framework, which we base on the Green Street Unleveraged European Retail IRR, which now stands at 7.1%. We still set the bar at 8, almost 100 basis points above that threshold. What you can see is that most of our assets, also the acquired assets, of course, tick the box. We have one asset on hold. One asset is at the moment in the cell bucket. That is in Genk because it's not reaching the required IRR, so we're working hard on that. The yield shift, as you can see, most of the assets, most of the completed full service centers have outperformed the market in terms of yield development. And then lastly, on residential profits, this is, as we've mentioned earlier, it's the icing on the cake, a little bit of icing on the cake. Last year, we realized a payment of 3 million for the building rights in Tilburg, as you can see on the right-hand side. So that is a nice achievement. In the coming years, we expect the payments for Nivelle, which is a larger one of about 7 to 8 million euros, which will be coming. And also, of course, Kronenburg, which is our biggest project I just mentioned, Phase 1. With that, I'd like to hand over back to Dennis.

Thank you Matthijs. Valuations to start with. As you can see here, a positive valuation result for the full year for our core portfolio of about 11 million, mostly driven by Luxembourg in this case. As Matthijs already mentioned before, I think we mentioned already where the negative, the slightly negative numbers came from the Netherlands. That was already mentioned in our first half-year deal where we did this Tilburg deal. We secured a nice 10-year deal. lease extension, but we were faced with an 8 million write-off on that specific asset. In Belgium, again, they're also almost stable. The negative valuation is mostly part of one single asset. Matthijs mentioned that already, Genk, which is a more difficult asset and which we are holding now in the cell, Ducat basically, as demonstrated on the slide before. All in all, stable yields, net initial yields in the Netherlands, slightly up in Belgium. But all in all, we look back at a nice year. The net LTV and the net LTV targets, I'm not going to spend much time on this. I think we mentioned this already. We want to push this down still to the 35% to 40% mark. We have plans to do so in 26 and 27, very concrete plans. You can see on the right-hand bottom side what steps we will be taking to get it down to below the 40%. And as we are working our way through that, we will be cautious on the dividend side. So a slight increase next year for the dividend, as mentioned, but below our 75% dividend policy. Our debt profile was a busy year on the debt side for 2025. You could see that our interest-bearing debt increased, obviously, following the acquisitions we had in Luxembourg and in Charleroi, mostly. the average cost of debt slightly up, really because we have been looking to acquire quite some new long-term debt, which was US pp, but also our first, we mentioned that before, our first European pp in the Netherlands, and at the very end of the year also the European pp in Belgium. So I think we're happy with that to extend the maturities of our debt. You can see that on the bottom. It went up from 3.4 to 3.7 years. And as we are working our way towards refinancing our big corporate RCF, a 250 million RCF, which I am expecting to finalize this quarter, we will be moving up that 3.7 average maturities up well above the four years. A nice debt mix as you can see at the right hand side for 2025. So again, mostly 49% driven by the USPP, but you could also see that EUPP starts to get hold in our debt book. The rest is mostly bank loans. One bond, which is a Belgium bond, that is the 3%. We are on our way to refinance that. It is maturing in the second quarter of 2026, but we're almost there to have that also refinanced. This gives you a little bit of a view over the past seven, six, seven years of the maturities. That's the average debt maturity. We started off around four years. That went down to about 3.3 years two years ago. We're back at 3.7. And if we are pushing the RCF, the 250 million RCF over the finishing line this quarter, we should be well over four years. And I think that is an important metric also for our credit agency, which is requesting us basically to focus on that and push that more towards the five years. On the ESG side, also a busy year. I've been putting a number of our projects here on this slide. I'm not going to read them all out to you, but focus points for us have been to keep increasing the solar panels. We also included last year the first, or we signed the first leasing deal on our solar panels, which was with Jumbo. EV charging points, certainly in Belgium we are rolling out at a very fast pace. You see the numbers right there, but also we are trying to make sure we copy the efforts in Belgium, in the Netherlands, and enhance our other income with that. Green leases, which is part also of the interest of our RCF. So basically we get a bonus and a minus on our RCF with some green KPIs. This is one of them. We've been pushing that towards the 79%, which is also demonstrating the willingness of our tenants to help us on that part. And we keep focusing on that for the next number of years. So, all in all, if you look at a number of projects on the bottom side, Paris-proof projects, we've been insulating and renewing new roofs in City Plaza Kronenburg. And again, also on Presikhaaf, our full-surface center in Arnhem, we are replacing the roof right here, a glass roof. And that should be expected to reduce the heat loss by 54%. Moving on, I would say to the final part of this presentation, I hand it over to Matthijs.

Thank you, Dennis. Let's go to the management agenda, and then we can go to the Q&A. I already see some questions coming in. Thank you for that. Creating scale, I think we did quite some work last year, but we have a lot of interesting projects in the pipeline. Of course, I cannot be concrete at the moment, but... As I said also during the last roadshows, there's quite some product on the market in the Netherlands and in Belgium that is interesting for us. Again, in Belgium, we would acquire full equity. In the Netherlands, it would be through a joint venture like we did in Zoetermeer. Total return, slightly below the target last year, also driven by slightly negative valuations. I also see some questions about this. I think Dennis already commented on Genk and Tilburg specifically, but there are also some indirect expenses like deferred taxes. We'll get back to that. Capital reallocation speaks for itself. Finalizing the last transformations, but of course we've started new ones like Schmiede, we have one completion scheduled for 2026. ESG, Dennis focused on it already. Phase-out France, we're targeting to sell of course the last two French assets, we see some slight improvement in the French transaction market. There have been some deals, so hopefully that is helping the momentum to finally dispose these. Last phase of the balance sheet de-risking, LTV below 42.5%. Dennis already mentioned the four different streams that we are working on in order to get there. And lastly, other income. As I mentioned earlier, we now have 6.7 million other income, and the target is to grow that to 10.1 million in 2027. With that, we go to the questions, and I think Dennis' first question you could answer is a question from Steven Baumans from ABN AMRO-Odo. He is asking, what are the key components of the indirect general cost for 2025?

Yeah, okay, Steven, thank you for asking. Obviously, well, you could see the components are typically the same. These are the valuations. Obviously, we have the indirect GenX. The indirect GenX is one of GenX hits that we're taking. Slightly above last year, we've been spending quite a bit on acquisitions and the disposals which we have been writing off on some of the projects which did not go through. But also this year we have seen a big number which is the indirect tax, which is part of the indirect expenses obviously. And that is mostly driven by the value increases in Luxembourg. You've seen a 22 million value increase there. But also on the Dutch side, on some of the assets, we've seen a value increase and we have been taking the deferred tax liability on that value increase. So those are the elements driving the indirect expenses.

Okay, second question from Steven is the key components of the other income in 25. This 6.7 million, Steven, in 25 is mostly for the moment coming out of the Belgian market, where this has already been a larger figure for years, mostly driven by specialty leasing, a lot of the kiosks and pop-up stores, but also in Belgium coming from the point, our service desk, where we take and deliver parcels from several operators, but also sell several items. It's coming from ESG income in Belgium. So that country is the largest contributor, but the Netherlands is growing rapidly, as you noticed on the slide. The ocean outdoor deal will start this year, 2026, so that's not yet a contributor to 2025. And, of course, the management income from the joint venture with Sophie D., which is counting for about half a year in 2025, because we commenced in June 2025. And, of course, we'll have a full year contribution in 2026. Steven is also asking what you can expect from these items in 26. I think the growth, Steven, is coming from a full year contribution of the Sofidi deal, the ocean outdoor deal on the digital screens, but also several smaller initiatives like the specialty leasing and the kiosks in the Netherlands additional, the point desks, but also additional solar panel and EV charging projects. That's all contributing to the income in 26. Steven is also asking if we assume acquisitions or disposals within that number. Answer is no, Steven, because the disposals we are working on is in assets. For example, the Belgian offices or the French assets where there is no other income. So there will not have an impact. And we're not assuming new acquisitions. Of course, if we acquire new assets, the figure could go up. Then Stephen is also asking about the full year 2026 outlook, the 185 to 195, what are our key assumptions behind this? Like for like rental growth, indexation, well to go into this Stephen we assume indexation of about 1.75% for 2026 which I think is quite conservative. Property expenses will be relatively stable and the occupancy rate we also believe will be relatively stable. The last question from Steven is about the average cost of debt, so maybe Dennis can give some views on that.

Yeah, Steven, average cost of debt is 3.62% at the end of 2025, as mentioned before. I think a few large things will be happening in 26, as I was just mentioning. That is the refinancing of our corporate RCF, the 250 million corporate RCF. And I would expect, let me put it like this, that we will be looking at a lower margin. a substantial lower margin than we were paying before. So that will be driving our average cost of debt down a little bit. On the other hand, we are still looking to refinance some USPP maturities this year, which is, I think, about 40 million this year. And in Belgium, we are also looking to include or increase the long-term financing a little bit. So that will be driving up the cost of debt a little bit. So, all in all, I would expect it to be stable for 26, maybe slightly lower depending on how much we draw from the RCF.

Maybe important for you as well, Steven, the refinancing, the expected refinancing of the bonds in Belgium and the US is more expensive. That is included in the outlook. Yeah. But a potential reduction in the cost of debt coming from the new RCF is not yet in the 185 to 195. So, that would be driving some additional growth if that happens. Lastly, your expectation about like-for-like rental growth, I think we should still be in the 5% range. The components behind it I've already mentioned, but with the growth and other income, we should certainly achieve a number in that territory. Then we go to Francesca Ferragina from ING. Guidance, what are the hypothesis about like for like and cost of debt for 26? I think we've answered that. Can we expect more partners and more JVs for 26? Yeah, that is our expectation from Jessica. We certainly want to do at least one more joint venture like Soutermeer in the Netherlands this year, potentially also JVing one or two of our existing Dutch assets, but continuing to manage it. Of course, nothing of that is included in our guidance. Are you open to new joint venture partners? Certainly. Can you make a comment about the asset valuations in H2? Yeah, I think Dennis already mentioned that with Genk Stadsplein and Tilburg, we had some write downs also in the Belgian offices in Veelvoorde, our more difficult office location outside Brussels. If you would take those out, the valuations would be relatively flat. Of course, they have an impact, but it is more asset specific. I think also it's logical that valuators increase the ERVs, but also the yields have gone up slightly. You can see that in an increased APRA net initial yield. We've been buying Vildoe at 8%. We've been buying Zutameer at almost 10%. Then, of course, the valuators move out their yields a little bit. So that's Belgium and Netherlands. You talked about little competition among buyers in the Benelux regions. I see there's more in this. What type of assets do you see on the market? Yeah, we mostly focus on the larger shopping centers. So I think the criteria for us is at least 20,000, 25,000 square meters in terms of size in order to establish a full-service center concept. We have more criteria that you can find in the materials online. Of course, there should be the potential to transform into a full-service center. Again, there are several assets on the market in Belgium and the Netherlands that we think are interesting. We're working on that. A lot of activity at the moment, so we'll talk more about that later for sure. Do you notice any difference versus 12 months ago in the transaction markets? No, I think it's still a buyer's market. Could you provide an update on the French assets? I think we did that. We're working on the disposals, but nothing concrete to mention as we speak. Do you expect more write-offs? No, not for now. Of course, if we did expect some write-offs, we would have taken them in the full year 2025 results. I think going forward for this year, we expect a continuous improvement in the ERVs. We keep leasing well above ERV. I don't have any assumption about the yields, to be honest, so let's see. In the past, we talked about entering new countries. That is true, Francesca. I think in the long term, that will happen eventually. But again, there's so much interesting product on the market in our core markets. There's no need to do that this year. Do you expect other disposals? I think Dennis already mentioned the type of disposals we are working on. So, for example, the Belgian offices, some equity out of Dutch assets through JVs and the French disposals. All right, then I need to go back. Yeah, there we go. Then we go to a question of Amal Abulkoatem from the GovPaper.com. Thanks for the question, Amal. Good morning, gentlemen. Congratulations on these impressive results. Thank you for that, Amal. A few questions on my side. Could you comment on the negative revaluation in Belgium and the Netherlands? I think we did that. What is your outlook for the cost of debt in 26? Dennis answered that. And how do you intend to continue the expansion strategy? Would that be in existing markets or in the new markets? Sorry, Amaldi, I think we've dealt with your questions, but again, still, thanks for asking them. And again, a new market is not something we are working on at the moment. It's something for the longer term. Then we have a question from Raoul Koussel from Green Street. Congrats on the great results and thank you for the presentation. Thank you, Raoul. Can we expect further acquisitions this year? Certainly. We're working on, again, a lot of projects, so you can expect that. Are you looking at markets outside the Benelux? We've answered that. That is, at the moment, a no. In terms of disposals, can we expect further divestment in the Netherlands? The answer is no if we talk about entire assets. We only consider this with existing assets and then selling part of the equity in a joint venture. And could you provide a timeline for the disposal of the French assets? I'd love to, Raoul. At the moment, it's not concrete enough to talk about this. I have mentioned that we see some transactions in the French retail market, also in more secondary cities. Hopefully, that will continue and will allow us to sell one or two French assets. Finally, this year. I'm going through the list. I don't see... Any additional questions for the moment? So with that, I'd like to thank you. I'd also like to thank Our CEO, Dennis de Vrede, who, as most of you know, is unfortunately leaving Wereldhaven as per the AGM of 2026. It's been a great ride, Dennis. Thank you for that. And we all know Dennis did a fantastic job in re-establishing Wereldhaven, particularly financially. If you look at the balance sheet, if you look where we stand today, if you look where the share price is, yeah, I think Dennis did a great job. And I'm very grateful on behalf of the management team, but basically all the stakeholders for Dennis, for this fantastic work. This will be Dennis' last webcast, but you will certainly see him in the future. And, of course, he will be attending our AGM. So thank you, Dennis, for that. It's been a great ride. And as most of you know, Marcel Eggekamp will be proposed to the AGM as our new CFO. You'll see him in the coming webcast. Thank you so much for listening. Thanks for your questions. And see you with the first half results for the ride show. Thank you.