Retail Estates (RET) Q3 2026 earnings summary

Executive summary

• Net rental income rose 2.40% year-over-year to €108.72 million for the first nine months of 2025-2026, reflecting resilience despite increased tax pressure in the Netherlands.

• EPRA earnings declined slightly by 0.73% to €68.28 million, mainly due to higher taxes following the abolition of the FBI statute in the Netherlands.

• High occupancy rate of 97.79% as of 31 December 2025, up from 97.26% at the end of March 2025.

• Dividend guidance maintained at €5.20 gross per share.

Financial highlights

• Net result increased by 10.77% to €76.28 million, driven by positive fair value adjustments and capital gains on property sales.

• EPRA earnings per share fell 2.97% year-over-year to €4.57, impacted by share dilution from a capital increase.

• Debt ratio improved to 41.49% from 42.52% at the end of March 2025.

• Fair value of the real estate portfolio increased 0.66% to €2,083.24 million.

Outlook and guidance

• Dividend forecast for the year remains at €5.20 gross per share.

• Funds from the capital increase will be invested in portfolio expansion.