Wereldhave N.V./€WHA
1D1W1MYTD1Y5YMAX
Capital at risk
About Wereldhave N.V.
Wereldhave N.V. is a real estate investment trust (REIT) based in the Netherlands, specializing in the development and management of retail properties. The company's portfolio primarily includes shopping centers, with a focus on creating convenient, full-service retail environments for everyday needs. Founded in 1930, Wereldhave has adapted its business model over the years to align with changing consumer preferences, including an emphasis on community-driven shopping experiences. The company operates primarily in the Netherlands but also has significant operations in Belgium. Wereldhave's strategic approach includes enhancing the sustainability and digital capabilities of its properties, leveraging its longstanding presence in core markets to maintain a strong local footprint. The headquarters is located in Schiphol, Netherlands.
- Ticker
- €WHA
- Sector
- Real Estate
- Primary listing
- AEX
- Employees
- 122
- Headquarters
- Amsterdam, Netherlands
- Website
- www.wereldhave.com
Wereldhave N.V. Metrics
BasicAdvanced
€841M
12.43
€1.44
0.92
€1.30
7.24%
Price and volume
Market cap
€841M
Beta
0.92
52-week high
€23.50
52-week low
€17.88
Average daily volume
56K
Dividend rate
€1.30
Financial strength
Current ratio
0.343
Quick ratio
0.332
Long term debt to equity
0.753
Total debt to equity
0.84
Dividend payout ratio (TTM)
71.55%
Interest coverage (TTM)
3.42%
Profitability
EBITDA (TTM)
143.703
Gross margin (TTM)
73.68%
Net profit margin (TTM)
30.13%
Operating margin (TTM)
64.17%
Effective tax rate (TTM)
18.62%
Revenue per employee (TTM)
€1,830,000
Management effectiveness
Return on assets (TTM)
3.49%
Return on equity (TTM)
6.34%
Valuation
Price to earnings (TTM)
12.43
Price to revenue (TTM)
3.719
Price to book
0.78
Price to tangible book (TTM)
0.78
Price to free cash flow (TTM)
8.673
Free cash flow yield (TTM)
11.53%
Free cash flow per share (TTM)
2.071
Dividend yield (TTM)
7.24%
Forward dividend yield
7.24%
Growth
Revenue change (TTM)
9.75%
Earnings per share change (TTM)
-27.09%
3-year revenue growth (CAGR)
9.18%
10-year revenue growth (CAGR)
-1.59%
3-year earnings per share growth (CAGR)
-8.33%
10-year earnings per share growth (CAGR)
16.31%
3-year dividend per share growth (CAGR)
3.87%
10-year dividend per share growth (CAGR)
-8.17%
Bulls say / Bears say
Underlying leasing momentum remains constructive: H1 2026 like-for-like gross rental income grew 4.3% in the core portfolio, core occupancy remained around 98%, and footfall increased 2.3% in the Netherlands. Management reaffirmed FY 2026 direct result per share guidance of €1.85–€1.95. (Wereldhave H1 2026 results)
The balance sheet has gained funding visibility through the refinancing of the €250 million revolving credit facility and a new €60 million, 10-year US private placement. The weighted-average debt term increased to 4.3 years, and Fitch reaffirmed Wereldhave’s BBB rating with a stable outlook. (Wereldhave refinancing announcement; Wereldhave H1 2026 results)
The LifeCentral strategy is generating potential external-growth and redevelopment catalysts: Wereldhave completed ownership of the Ville2 shopping center in Charleroi, acquired a fully let HEMA unit at Overvecht at a reported 9% net initial yield, and is advancing mixed-use and tenant-upgrade projects at Cityplaza and Knauf Shopping Schmiede. These initiatives could support rental growth, asset values and other-income expansion if execution remains on track. (Wereldhave Q1 2026 trading update; Wereldhave H1 2026 results)
Leverage remains above management’s target: net loan-to-value was 44.1% at June 30, 2026 versus a 35–40% target, while net debt increased 6.0% from year-end 2025. Management is considering equity-backed acquisitions, joint ventures and disposals to reduce leverage, creating execution and potential dilution risk. (Wereldhave H1 2026 results)
Higher financing costs are weighing on earnings: H1 net interest expense rose to €20.9 million from €19.2 million, while basic EPS fell 14.9% year over year to €0.86. This pressure could persist if benchmark rates remain elevated or refinancing costs rise further. (Wereldhave H1 2026 results)
Management continuity is a near-term risk after designated CFO Marcel Eggenkamp departed in May 2026 after only joining earlier in the year; the role is being covered on an interim basis while a successor is sought. Separately, Wereldhave Belgium reported a decline in total-portfolio occupancy to 96.7% and NAV per share to €71.86 at June 30, 2026. (Wereldhave CFO announcement; Wereldhave Belgium H1 2026)
Data summarised monthly by Lightyear AI. Last updated on 9 Sept 2026.
Upcoming events
No upcoming events
Funds containing Wereldhave N.V.
AllEURGBPUSD
Fund name | Fund size | €WHA weighting |
|---|---|---|
iShares European Property Yield€IPRP | €813M | 0.55% |
iShares European Property Yield£IPRP | £698M | 0.55% |
iShares Developed Markets Property Yield$IDWP | $1.2B | 0.05% |
iShares Developed Markets Property Yield£IWDP | £859M | 0.05% |
Xtrackers MSCI Europe Small Cap€DX2J | €3.2B | 0.05% |
Data displayed above is indicative only and its accuracy or completeness is not guaranteed. Actual execution price may vary. Past performance is not indicative of future results. Your return may be affected by currency fluctuations and applicable fees and charges. Capital at risk.
Market data provided by CBOE Europe and Deutsche Börse.