Retail Estates (RET) Q3 2025 earnings summary

Executive summary

• EPRA earnings reached €68.79 million, up 3.10% year-over-year, surpassing last year's record performance.

• Net rental income for the first three quarters was €106.17 million, a 3.05% increase compared to the same period last year.

• Real estate portfolio value rose for the 27th consecutive year, now at €2,056.15 million (+1.37% since March 2024).

• High occupancy rate maintained at 98.01% as of 31 December 2024.

• Dividend forecast of €5.10 gross per share is upheld.

Financial highlights

• EPRA earnings per share were €4.71, up from €4.68 year-over-year.

• Net result (group) was €69.63 million, including €16.34 million positive fair value changes and €-15.99 million from financial instruments.

• Net asset value per share (IFRS) was €80.47; EPRA NTA per share was €78.63.

• Weighted average interest rate decreased to 2.12% from 2.21% year-over-year.

• Debt ratio improved to 43.49% from 44.62% at the end of March 2024.

Outlook and guidance

• Dividend guidance of €5.10 gross per share is maintained.

• Fourth quarter will see higher building maintenance costs (€0.10 per share) and a €0.05 per share impact from loss of Dutch FBI tax status.