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Vastned (VASTB) investor relations material

Vastned Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary27 Oct, 2025

Executive summary

  • Fair value of the real estate portfolio increased by €26.4 million (+2.1%) compared to 31 December 2024 (pro forma), reaching €1,262.4 million as of 30 September 2025.

  • Occupancy rate remains high and stable at 98.6% as of 30 September 2025.

  • EPRA earnings per share for the first nine months of 2025 were €1.67.

  • Net result for the first nine months of 2025 was €36.3 million, a significant improvement from €-6.2 million in the same period last year.

  • Vastned completed a reverse cross-border merger, expanding activities to the Netherlands, France, and Spain.

Financial highlights

  • Rental income for the first nine months was €50.5 million, down from €51.9 million year-over-year, mainly due to divestments in the Netherlands, but like-for-like gross rental income increased by 2.1%.

  • Positive revaluation of investment properties contributed €19.4 million to the net result.

  • Property charges and general expenses decreased by €1.6 million year-over-year.

  • EPRA earnings totaled €27.0 million for the first nine months, nearly stable compared to €27.2 million last year.

Outlook and guidance

  • EPRA earnings per share guidance raised to €2.10–€2.20 (from €2.00–€2.10) for 2025.

  • Dividend outlook for 2025 increased to €1.80 gross per share (from €1.70).

  • Focus remains on achieving operational synergies of €2.0–€2.5 million per year.

  • Management highlights ongoing economic uncertainties due to geopolitical instability and trade policy volatility.

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Frequently asked questions

Vastned Belgium NV is a public regulated real estate company (RREC) that specializes in investing in high-quality retail properties. Its portfolio includes inner-city retail locations, retail warehouses, and mixed-use properties. The company primarily focuses on commercial real estate assets situated in premium shopping streets and urban centers. Vastned Belgium NV aims to manage and optimize its property portfolio through active asset management and long-term leasing strategies. The company is headquartered in Antwerp, Belgium, and its shares are listed on the Euronext Brussels.

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