Retail Estates (RET) Q1 2025 earnings summary

Executive summary

• Net rental income rose 4.55% year-over-year to €35.22 million in Q1 2024-2025, driven by prior year acquisitions.

• EPRA earnings increased 0.78% to €22.49 million, with EPRA profit per share at €1.56, slightly diluted by new share issuance.

• Real estate portfolio fair value remained stable at €2,031.06 million (+0.14% sequentially), with a high occupancy rate of 97.70%.

• 39.23% of dividend rights were exchanged for 331,748 new shares, reflecting strong shareholder confidence.

Financial highlights

• Net result reached €27.87 million, including €0.60 million positive fair value variation and €5.03 million gain on financial instruments.

• Net asset value per share (IFRS) was €77.71, and EPRA NAV was €74.37 as of 30 June 2024.

• Weighted average interest rate decreased to 2.10% from 2.30% sequentially; interest rate risk 97.68% hedged.

• Debt ratio increased to 45.97% from 44.62% at 31 March 2024, partly offset by the €19.74 million capital increase.

Outlook and guidance

• Macroeconomic uncertainties limit visibility on property and hedging instrument valuations.

• Expected gross dividend maintained at €5.1 per share.