Warehouses Estates N.v. · EURONEXT:WEB

Warehouses Estates — Warehouses Estates Belgium — Investor Presentation (October 2024)

38 slides from Warehouses Estates's investor presentation, October 2024

  1. Slide 1: Warehouses Estates Belgium SA - October 2024

    1 WAREHOUSES ESTATES BELGIUM SA . October 2024

  2. Slide 2: I. Governance

    2 I. Governance

  3. Slide 3: Board of Directors

    I. Governance BOARD OF DIRECTORS 3 Members’ gender Daniel WEEKERS President, Director Valérie WAGNER 43% Vice-President, Executive Director 57% Jean-Jacques CLOQUET Independent Director Jacques PETERS F M Members’ age Independent Director 70-79 Cléonice MASTROSTEFANO Independent Director 60-69 43% 5

  4. Slide 4: Other Committees

    I. Governance OTHER COMMITTEES 4 AUDIT COMMITTEE NOMINATION AND REMUNERATION COMMITTEE Jacques PETERS Daniel WEEKERS President, Independent Director President, Director Jean-Jacques CLOQUET Jean-Jacques CLOQUET Independent Director Independent Director Cléonice MASTROSTEFANO Jacques PETERS Independe

  5. Slide 5: Other Functions

    I. Governance OTHER FUNCTIONS 5 COMPLIANCE RISK Caroline WAGNER Antoine TAGLIAVINI Compliance Officer Risk Manager INTERNAL AUDIT Jean-Jacques CLOQUET Internal audit responsible BDO

  6. Slide 6: Effective Management

    I. Governance EFFECTIVE MANAGEMENT 6 Laurent WAGNER Antoine TAGLIAVINI Chief Executive Officer (CEO) Chief Financial Officer (CFO) Caroline WAGNER Laurent VENSENSIUS Chief Administration Officer (CAO) Chief Technical Officer (CTO)

  7. Slide 7: Shareholders

    I. Governance SHAREHOLDERS 7 Total number of shares issued by WEB SA as on 30-06-2024 3.502.882 100% Number of shares held by Shareholders acting in concert 1.909.103 54,50% Divided as follows: 1. Stichting Administratie Kantoor Valaur 1.274.361 36,38% 2. WEPS SA 2.000 0,06% 3. Robert Jean WAGNER 10

  8. Slide 8: II. Company information

    8 II. Company information

  9. Slide 9: History of Share Capital from 1998 to 2024

    II. Company information HISTORY OF SHARE CAPITAL FROM 1998 TO 2024 9 Number of Total balance Share capital Share premium Net assets Comments shares sheet 17/09/1998 4.969.837 € - 2.028.860 50.343.249 € 70.735.977 € Initial public offering - Euronext Bruxelles 30/06/2024 11.062.886 € 39.821.638 € 3.5

  10. Slide 10: History of Share Capital from 1998 to 2024 (chart)

    II. Company information HISTORY OF SHARE CAPITAL FROM 1998 TO 2024 10 11.062.886 € 14.000.000 10.000.000 € 9.212.498 € 12.000.000 6.700.000 € 10.000.000 5.000.000 € 4.973.268 € 4.969.837 € 8.000.000 3.502.882 3.166.337 3.166.337 6.000.000 2.302.791 2.028.860 2.028.996 2.029.982 4.000.000 2.000.000 -

  11. Slide 11: Real Estate Portfolio (valued by independent external valuator)

    II. Company information REAL ESTATE PORTFOLIO (VALUED BY INDEPENDENT EXTERNAL VALUATOR) 11 30/06/2024 31/12/2023 Investment value 343.588.270 € 327.192.814 € Fair Value 333.256.311 € 317.233.727 € Investment value Passing rent 25.691.024 € 24.227.307 € Occupancy rate (1) 97,64% 96,54% 307.002.864 €

  12. Slide 12: Real Estate Portfolio - Built surfaces

    II. Company information REAL ESTATE PORTFOLIO 12 Built surfaces 340.000 331.972 330.000 320.000 310.000 300.000 290.000 284.863 280.000 270.000

  13. Slide 13: Real Estate Portfolio - Absorptions and acquisitions

    II. Company information REAL ESTATE PORTFOLIO 13 Absorption Absorption Acquisition Absorption Shopping Saint-Georges SPI Espace 98 Grafimmo Saint-Georges-sur-Meuse La Louvière Auvelais Heppignies 13.377 m² 5.918 m² 10.767 m² 16.371 m² ... 2018 2019 2020 2021 2022 2023 2024 Absorption Absorption Busi

  14. Slide 14: Real Estate Portfolio on 30/06/2024 - Diversification

    II. Company information REAL ESTATE PORTFOLIO ON 30/06/2024 – DIVERSIFICATION 14 Segment Sectorial distribution of commercial buildings Commercial 68,7% Logistics 20,8% Leisure 12,86% Household equipment 35,56% Hotel/Restaurant 6,75% Land 0,8% Miscellaneous 3,03% Health and beauty 5,26% Offices 9,7%

  15. Slide 15: Real Estate Portfolio - Geographical Diversification

    II. Company informations REAL ESTATE PORTFOLIO ON 30/06/2024 – GEOGRAPHICAL DIVERSIFICATION 15 Anderlues 0,15% Binche 0,34% Charleroi 1,19% Couillet 1,01% Courcelles 7,58% Dampremy / Lodelinsart 1,49% Fleurus / Heppignies 1,98% Gerpinnes / Nalinnes 5,40% Gosselies 52,40% Goutroux 1,72% Houdeng-Goegn

  16. Slide 16: Tenants Top

    II. Company information TENANTS TOP 10 16 Pharma Forever Belgium Products 1,67% Jacops Sud 1,89% 1,63% Media Markt 2,31% Intersports 1,59% Others Verdon Michelin 78,14% 21,86% 2,32% 1,58% Basic Fit Belgium 1,57% Pro Bail (Rackstore) 2,34% Ikanbi 4,96%

  17. Slide 17: Real Estate Portfolio on 30/06/2024

    II. Company information REAL ESTATE PORTFOLIO ON 30/06/2024 17 Occupancy rate Return on passing rent + ERV 97,64% 94,77% 94,58% 97,06% 96,54% 7,69% 6,93% 6,98% 7,41% 7,59% 12/2020 12/2021 12/2022 12/2023 06/2024 12/2020 12/2021 12/2022 12/2023 06/2024

  18. Slide 18: III. Highlights

    18 III. Highlights

  19. Slide 19: Year 2024 (6 months) - EPRA performance

    III. Highlights YEAR 2024 (6 MONTHS) 19 EPRA performance • EPRA earnings for the first 6 months of 2024 amount to 5.927.353 € (1,80 € / share*) increasing compared to the same period prior year (1,69 € / share) • Like-for-like growth of rental income of 4,5% (+ 480.532 €) compared to same period las

  20. Slide 20: Year 2024 (6 months) - ESG

    III. Highlights YEAR 2024 (6 MONTHS) 20 ESG • Decrease of head office greenhouse gas emissions (Scope 1 and 2) by 23% in 2023 compared to 2022 (SBTi target is a decrease of 42% by 2030) • New partnerships concluded to continue the placement of electrical charging stations • CAPEX carried out to insu

  21. Slide 21: Year 2024 (6 months) - Equity strengthening, financing costs

    III. Highlights YEAR 2024 (6 MONTHS) 21 Equity strengthening • Following mergers by absorption of two companies in April 2024: • Capital has been increased from 10.000.000 € to 11.062.886 € and 336.545 new shares have been issued (issue price 41,48 €) • Share premium has been increased by 12.879.528

  22. Slide 22: Year 2024 (6 months) - Acquisitions and investments

    III. Highlights YEAR 2024 (6 MONTHS) 22 Acquisitions (via mergers) • Two properties acquired through mergers by absorption (cf. previous point) • Retail properties (2.500 sqm) located in City Nord, Gosselies (fair value of 3,9 Mio €) • Logistic property (16.371sqm) located in Fleurus (fair value of

  23. Slide 23: IV. Financials

    23 IV. Financials

  24. Slide 24: EPRA BPR's

    IV. Financials EPRA BPR’S 24 EPRA BPR 30/06/2024 30/06/2023 € 5.927.353 5.340.864 EPRA Earnings € / share* 1,80 1,69 EPRA Like-for-Like rental income € 11.105.171 10.624.639 EPRA BPR 30/06/2024 31/12/2023 € 184.752.861 176.551.935 EPRA Net Reinstatement Value (NRV) € / share** 52,74 55,76 € 174.420.

  25. Slide 25: Balance Sheet - Assets

    IV. Financials BALANCE SHEET 25 (in €) 30/06/2024 31/12/2023 Variation ASSETS I. Non-current assets 323.617.343 307.087.308 16.530.035 Investment property 323.617.343 307.087.308 16.530.035 II. Current assets 16.627.994 15.357.585 1.270.409 Assets held for sale 9.638.968 10.146.421 -507.453 Current

  26. Slide 26: Balance Sheet - Equity and Liabilities

    IV. Financials BALANCE SHEET 26 (in €) 30/06/2024 31/12/2023 Variation SHAREHOLDERS' EQUITY 176.167.841 167.507.577 8.660.264 Share Capital 9.291.297 8.403.938 887.359 Share premium 39.821.638 26.924.110 12.897.528 Reserves 127.054.906 132.179.529 -5.124.623 LIABILITIES l. Non-current liabilities 12

  27. Slide 27: Balance Sheet - External Financing

    IV. Financials BALANCE SHEET – EXTERNAL FINANCING 27 30/06/2024 31/12/2023 Average cost of financial debts (IRS hedging included) 3,35% 2,96% Average cost of financial debts (IRS hedging excluded) 4,76% 3,90% Fixed rates * 85,4% 94,1% Debt ratio according to Royal Decree 47,92% 47,52% Investment cap

  28. Slide 28: Balance Sheet - Debt Ratio

    IV. Financials BALANCE SHEET – DEBT RATIO 28 Evolution of debt ratio 47,92% 46,09% 45,97% 45,13% 47,52% 12/2020 12/2021 12/2022 12/2023 06/2024

  29. Slide 29: Debt Maturity

    IV. Financials DEBT MATURITY 29 Debt maturity 40.000.000 35.000.000 30.000.000 25.000.000 20.000.000 15.000.000 10.000.000 5.000.000 0 2024 2025 2026 2027 2028 2029 2030 2031 > 2031 Straight loans Nominal Undrawn

  30. Slide 30: Hedging Profile

    IV. Financials HEDGING PROFILE 30 100% 15% 11% 14% 90% 31% 80% 70% 59% 73% 60% 50% 71% 78% 72% 52% 40% 30% 34% 20% 27% 10% 17% 14% 12% 14% 6% 0% 30-06-24 31-12-24 31/12/N+1 31/12/N+2 31/12/N+3 31/12/N+4 Fixed rate debt Hedged floating rate debt (SWAP / COLLAR) Undedged floating rate debt

  31. Slide 31: Profit and Loss

    IV. Financials PROFIT AND LOSS 31 (in €) 30/06/2024 30/06/2023 Variation Rental income 12.186.153 11.017.333 1.168.820 Rental charges 105.043 47.883 57.160 NET RENTAL RESULT 12.291.196 11.065.216 1.225.980 Non recoverable costs -259.118 -359.655 100.537 PROPERTY RESULT 12.032.078 10.705.561 1.326.51

  32. Slide 32: Evolution of Quoted Market Price Compared to Intrinsic Unit Value

    IV. Financials EVOLUTION OF QUOTED MARKET PRICE COMPARED TO INTRINSIC UNIT VALUE 32 Evolution of quoted market price Evolution of intrinsic unit value 53,46 € 52,90 € 51,46 € 42,40 € 42,00 € 50,14 € 50,29 € 37,80 € 36,70 € 36,40 € 12/2020 12/2021 12/2022 12/2023 06/2024 12/2020 12/2021 12/2022 12/20

  33. Slide 33: Dividend Return

    IV. Financials DIVIDEND RETURN 33 Dividend per share and annual gross return 9,19% 3,6 9,50% 8,54% 3,4 9,00% 8,50% 3,2 6,97% 8,00% 3 7,50% 2,8 6,49% 6,34% 7,00% 2,6 6,50% 2,4 6,00% 3,35 € 3,50 € 3,15 € 2,84 € 3,29 € 2,2 5,50% 2 5,00% 2019 2020 2021 2022 2023 Gross dividend / share Gross return on av

  34. Slide 34: V. Projects under development

    34 V. Projects under development

  35. Slide 35: Gosselies - Demolition of warehouses and construction of offices, flats and leisure

    V. Projects under development GOSSELIES - DEMOLITION OF WAREHOUSES AND CONSTRUCTION OF OFFICES, FLATS AND LEISURE FACILITIES 35 Estimated delivery date 1Q 2026

  36. Slide 36: Jumet - Warehouse Conversion

    V. Projects under development JUMET - WAREHOUSE CONVERSION 36 Estimated delivery date 31/10/2024

  37. Slide 37: VI. Conclusions

    37 VI. Conclusions

  38. Slide 38: A Strong Investment Case

    VI. Conclusions A STRONG INVESTMENT CASE 38  Proven track record of sustainable growth  High dividend yield  Resilient portfolio characteristics  Focused strategy of « local expertise »  Highly diversified client portfolio  Leading market position in dynamic area around Charleroi Airport  Exp

Warehouses Estates Belgium — Investor Presentation (October 2024) on 6ix