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Vastned (VASTB) investor relations material

Vastned Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary23 Feb, 2026

Executive summary

  • Achieved stable EPRA result for 2025, with EPRA earnings per share rising to €2.22 from €2.18 year-over-year.

  • Completed reverse cross-border merger, resulting in a single listed entity, simplified governance, and operational synergies of €2.0 million.

  • Proposed gross dividend increased to €1.85 per share for 2025.

  • Entered Euronext BEL Mid index and received 2025 BEL MID Company of the Year award.

Financial highlights

  • Net rental income was €67.7 million, nearly unchanged from the previous year.

  • Net result improved to €49.1 million from a pro forma loss of €7.0 million in 2024.

  • Fair value of the real estate portfolio increased by €32.4 million (+2.6%) to €1,268.4 million.

  • Debt ratio (EPRA LTV) reduced to 39.1% from 42.3% year-over-year.

  • Occupancy rate remained high at 98.6%.

Outlook and guidance

  • EPRA result per share for 2026 expected between €2.05 and €2.15, reflecting higher average interest rates.

  • Focus on disciplined investment in strategic locations and active portfolio management, including potential divestments of non-strategic assets.

  • Guidance subject to macroeconomic and geopolitical uncertainties.

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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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