Retail Estates (RET) Q2 2025 earnings summary

Executive summary

• Achieved stable operational results in H1 2024-2025, with rental income up 4.99% year-over-year to €71.23 million and EPRA earnings up 1.87% to €45.35 million.

• Net rental income rose 4.3% to €70.61 million, driven by acquisitions and rent indexations.

• Real estate portfolio value increased 0.94% since March 2024 to €2,047.30 million, with 1,022 properties and 97.57% EPRA occupancy.

• Dividend forecast maintained at €5.10 gross per share, a 2% increase over the previous year.

• Dirk Vanderschrick to succeed Paul Borghgraef as chairman in April 2025.

Financial highlights

• EPRA earnings per share at €3.12, nearly flat year-over-year due to share dilution from a capital increase.

• Net result (Group share) for H1 2024-2025 was €41.88 million.

• Debt ratio stable at 44.59%, with average interest rate reduced to 2.13% from 2.30% in March 2024.

• EPRA NTA per share at €76.70, down from €78.15 in March 2024 due to increased share count.

• Net asset value per share (IFRS) at €78.63; share price at €65.50, representing a 16.7% discount.

Outlook and guidance

• Dividend guidance of €5.10 gross per share maintained, assuming stable consumer spending and positive rent evolution.

• Macroeconomic uncertainties and volatility in interest rates and real estate values may impact future results.

• Interest rate hedging agreements provide protection for about 1.5 years on the current credit portfolio.