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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.
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Q2 2026 earnings summary17 Nov, 2025

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.

Outlook for re-letting Leen Bakker/Carpetright units
Criteria for divesting atypical properties
Impact of Kampenhout permit appeal on project timeline
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Frequently asked questions

Retail Estates N.V. is a Belgian-based public regulated real estate company, operating as a Belgian REIT (Real Estate Investment Trust), that specializes in investing in out-of-town retail properties. The company primarily focuses on acquiring, managing, and expanding a portfolio of retail properties located on the peripheries of residential areas or along access roads to urban centers. These properties are strategically situated mainly in the Flemish and Wallonia regions of Belgium, as well as in the Netherlands. The company is headquartered in Ternat, Belgium, and its shares are listed on the Brussels stock exchange.

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