Retail Estates (RET) Q2 2026 earnings summary

Executive summary

• Achieved stable operational results in H1 2025-2026, with rental income up 2.26% year-over-year to €72.84 million and EPRA earnings up 0.25% to €45.46 million.

• Occupancy rate increased to 97.40%, and the fair value of the real estate portfolio rose 0.85% to €2,087.06 million.

• Maintained a low debt ratio at 42.80% and confirmed a gross dividend forecast of €5.20 per share, a 2% increase year-over-year.

Financial highlights

• Net rental income grew 2.95% year-over-year to €72.69 million, driven by acquisitions and rent indexations.

• Operating property result reached €62.93 million, with an operational margin of 80.21%.

• Net result (Group share) for H1 was €47.15 million, with EPRA earnings per share at €3.06 (down from €3.12 due to share dilution).

• EPRA NTA per share was €78.99, down from €80.87 at the end of March 2025.

Outlook and guidance

• Dividend forecast of €5.20 gross per share maintained, representing a 2% increase.

• Expected net rental income for FY 2025-2026 is €145 million, slightly lower due to tenant bankruptcies and rent-free periods for new tenants.

• No further asset rotation expected in H2; macroeconomic uncertainties may impact property values and interest rate hedging.