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Retail Estates (RET) investor relations material
Retail Estates Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved stable operational results in H1 2025-2026, with rental income up 2.26% year-over-year to €72.84 million and EPRA earnings up 0.25% to €45.46 million.
Occupancy rate increased to 97.40%, and the fair value of the real estate portfolio rose 0.85% to €2,087.06 million.
Maintained a low debt ratio at 42.80% and confirmed a gross dividend forecast of €5.20 per share, a 2% increase year-over-year.
Financial highlights
Net rental income grew 2.95% year-over-year to €72.69 million, driven by acquisitions and rent indexations.
Operating property result reached €62.93 million, with an operational margin of 80.21%.
Net result (Group share) for H1 was €47.15 million, with EPRA earnings per share at €3.06 (down from €3.12 due to share dilution).
EPRA NTA per share was €78.99, down from €80.87 at the end of March 2025.
Outlook and guidance
Dividend forecast of €5.20 gross per share maintained, representing a 2% increase.
Expected net rental income for FY 2025-2026 is €145 million, slightly lower due to tenant bankruptcies and rent-free periods for new tenants.
No further asset rotation expected in H2; macroeconomic uncertainties may impact property values and interest rate hedging.
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