Retail Estates (RET) Q1 2026 earnings summary

Executive summary

• Net rental income rose 3.28% year-over-year to €36.38 million for Q1 2025-2026.

• EPRA earnings were €22.41 million, down 0.35% year-over-year; EPRA EPS declined 2.56% to €1.52.

• Equity strengthened by over €18 million via a capital increase from an interim optional dividend, with 34.7% of dividend rights converted to new shares.

• Nicolas Beaussillon will join as co-CEO in October 2025.

Financial highlights

• Net rental income increased by €1.16 million year-over-year, with like-for-like growth of 2.63%.

• Net result was €12.10 million, with group net result (excl. minorities) at €11.90 million.

• Net asset value per share (IFRS) was €78.27; EPRA NTA per share was €76.64.

• Weighted average interest rate decreased to 2.04% from 2.10% a year earlier.

Outlook and guidance

• Macroeconomic uncertainties prevent predictions on fair value evolution of properties and hedging instruments.

• Expected gross dividend maintained at €5.2 per share.