Wereldhave Nv

Good morning ladies and gentlemen and welcome to the Wereldhaven webcast for the first half 2026 results. I'm here today with our CFO Remco Langewouters and myself, I am Matthijs Storm, the CEO of Wereldhaven. I think most of you know me. We'll take you as usual through the slide deck of the first half results. If you have any questions you can already start typing them in the chat box at the bottom of your screen. Towards the end of the presentation we will deal with all the questions as usual and we will go into the details. So with that I'd like to start with the key messages of the first half results. First of all the valuations. Some of you might remember that in the second half of 2025 We had slightly negative revaluations of the portfolio and I think in particular the Dutch investment market if you talk about retail in our press release we also make reference to a pretty large recent transaction at in my view a pretty tight yield is improving significantly. That was one of the drivers why the revaluations in the first half of the year were positive but also driven by higher passing rents. And that you can see in the next bullet, like for like gross rental income increased by plus 4.3%. We'll get back to that in a second. I think as Wereldhaven, we regard ourselves as pretty defensive. We're well protected in the current macroeconomic environment against higher interest rates because we have pretty low committed capex. Remco will go into more detail later. But in addition to that, we completed the refinancings for the year. We'll give you more detail later. And last but not least, we have about two thirds exposure in our rent roll to the more resilient daily life or convenience retail, if you wish. Also with regards to our transformations, we achieved some major steps in the mixed use. Please recall that mixed use is an important element of the full service center transformations in Knaus, Shopping, Smide in Luxembourg that we acquired last year and also City Plaza in Uwegein. In the USPP market, we completed the refinancing with a MetLife of 60 million euros and Fitch, the credit rating agency, reaffirmed our BBB credit rating. In May, I'm not sure if all of you have followed our recent AGM, because it's in Dutch, but all the resolutions were passed, so I think that's very positive. And mostly with regards to potential new equity, we now have the approval from our shareholders to issue up to 20% of new equity without prior consent of the shareholders, because we already received it. As you might recall, in the past this was only 10%. If we then look at the forecast for the year, we are looking at a direct result per share of 185 to 195 that is unchanged versus the forecast that we provided in the first quarter and with the full year 2025 results. And lastly we are in pretty advanced stages of capital rotation of a Dutch asset to be put into a joint venture, an existing Wereldhaven asset, with the proceeds being reinvested into a Belgian asset. That could be quite compelling. We'll get back to that after the summer, but also with regards to the potential disposal of a Belgian non-core asset, which will help the loan-to-value, which indeed increased a bit in the first half of the year, as I saw in some of your notes. But please bear in mind that that is always the case because we pay the dividend in Q2. Remco will also elaborate on that further in the presentation. With that, I'd like to go to the numbers itself. I'm not going to read it all out as usual. What you can see is that the direct result per share is unchanged versus last year. But because of the seasonality, we do expect to land somewhere in the middle of the 185, 195, as we already forecasted in the previous quarters. So it's mathematically not correct to multiply that 91 cents figure by two. If you have any questions about that, then Remco is very happy to answer them. Loan-to-value already mentioned, it actually decreased versus the first half of 2025 by 80 basis points and if you look at the mixed use percentage we had a nice improvement of about one percentage point amongst others driven by the leases in the full service center transformations. If we then look at the like-for-like rental growth, important metric for us, increase of plus 4.3% on a gross basis, particularly the Netherlands here stands out, as you can see. What you can see in the call-out box on the top right is that, of course, indexation is a major driver of that, but also other income, as we elaborated intensively during the full year 2025 results back in February. Leasing slightly positive, however, particularly in Belgium, there were some items in the property expenditures. We'll get back to that later. That's why the net like for like rental growth is quite a bit below the gross figure in this first half of the year. Going further into the results, the operational business, occupancy rate 98% almost for the core portfolio, but also the total portfolio. Actually, usually in the first half of the year, because of the seasonality, the occupancy declines a little bit from the 98%, because you have less temporary leases, which are always gaining traction in the fourth quarter. But actually, we managed to maintain an occupancy rate of 98%, which I think is a good performance. Leasing spread versus ERV significantly positive at plus 12% for the core portfolio. That's quite an improvement versus the previous quarters. The only negative figure you can see here is the minus 1.9% in the Netherlands. That's driven by two major leases which were caused by law. We call that article 303 in the Netherlands. I think during some of the roadshows we also discussed this with you. Yeah, that's unfortunately one of the negatives in the Dutch market that you sometimes have cases where you are forced by law to go into a new lease agreement. Those two leases caused a negative figure. If you would take them out, and you can see we had a lot more activity than that, we did 4.5 million euros of leases, then the spread would have been roughly neutral. If we then focus on the life central strategy from a footfall, also tenant sales, but also total return perspective, you can see that the full service centers continue to outperform the traditional shopping centers in the portfolio. Football, particularly in the Dutch market, we have some quite nice outperformance. I think in Belgium we're more or less in line with the market. Football continues to grow at a pace of around plus two, plus two and a half percent, which I think is quite good, particularly given the fact that in March the Iran situation, of course, occurred and some other global political tensions remain. but despite that we don't see a change in the footfall pattern. In Luxembourg you can see there's no figures for the market because there is no market reference but we're also positive year-to-date. If we then focus on the tenant sales, in Belgium plus 1% growth and in the Netherlands plus 2%. I think here you can see a little bit of the effect of the macroeconomic situation, not in the total figure, but if you zoom in, in Belgium, home, earn, household and shoes, are more cyclical categories, of course, than the convenience retail. If you look at the Netherlands, you see health and beauty also a little bit more cyclical than some other categories. And for example, you see that the supermarkets in the Netherlands are plus 8%. That is, of course, a very resilient category, which is still performing very well. If we then look at the rent rule as a total, we always focus on the percentage exposure we have to daily life retail, the convenience retail, the resilient retail, which is still around 65, 64, 65%. Of course, when we do an acquisition or a disposal that can have some impact as well, we still believe with all the transformations that we are working on, we will be at 70, 75% in the future. Then a short update on the leasing. In Belgium we signed about a little bit shy than 5 million euros of new rents, significantly above ERV and old rents. One to mention is a new lease with Only from the bestseller group in Tourne-le-Bastion. That's a former JDC store where we achieved a significant rental uplift, which is helping and contributing to the overall result. But also some new leases in the Ville 2 shopping center in Charleroi that we acquired last year. You can read it here yourself, but I think it's encouraging to see that The leasing has a lot of traction in that center. And that is also the case for Luxembourg, the two assets that we acquired last year. I think the lease that is most remarkable to mention is the basic fit lease in Knaufschmiede, adding mixed use to the center, 1400 square meters. We're in advanced stage also with a new FMB operator to expand the FMB area there as well. So we're taking significant steps in the transformation of Knaufschmiede to a full service center. Also in the Netherlands, a very active quarter. We signed a lease with Lager 157. You can see that 2670 square meters in Tilburg. Also the TK Maxx opened in Tilburg. So our leasing team has done a fantastic effort to improve, particularly the area of the Pieter Vredeplein. Also new leases with the Kottenclub in Zoetermeer. That's the asset we hold in joint venture with Sofidee. And also Van Uffelen in Middenwaard. Decathlon in Hofdorp is also a very important addition we had in the full service center development only one unit left a pretty large unit to be leased initially we thought it would be a gym but now we've leased it to Decathlon which i think is an improvement versus the initial business case so we're very happy with that and yeah if you look at the leasing market and all the deals we are negotiating if we dive into the the salesforce system If you look at the pipeline and you don't see the impact actually of the Iran situation, there's a lot of larger deals under negotiation. None of them have been put on hold. And I think also in the third quarter, we're actually working on that already. We agreed a new package deal with a major discounter of three new leases actually last week, which is not in the set of results, but will be in Q3.

So we don't see any changes there.

If we then focus on the occupancy cost ratio, as you noticed in the second quarter, the rents increased slightly more than the retail sales. So for that reason, there is a slight, but only a slight, uptick in the OCRs. We still believe that the OCR of 13% in the Netherlands is perfectly suited for our retailers, and also in Belgium, a little bit higher, as you can see in the call-out. That's driven by the fact that the sales productivity of the Belgian portfolio is higher than our Dutch portfolio. And with that, I'd like to hand over to Remco.