Retail Estates (RET) Q4 2025 earnings summary

Executive summary

• EPRA result rose to €90.86 million, up 2.82% year-over-year, with EPRA earnings per share at €6.21 versus €6.18 last year.

• Net rental income increased 2.41% to €142.18 million, driven by rent indexation and new acquisitions.

• Real estate portfolio value grew 2.03% to €2,069.54 million, with 1,023 properties and 1,231,205 m² lettable area.

• Operating margin remained stable at 80.41%, reflecting strong operational efficiency.

• Dividend of €5.10 gross per share proposed, with an optional dividend to be offered in June 2025.

Financial highlights

• Net result for the year was €108.47 million, with €106.70 million attributable to shareholders.

• EPRA NTA per share increased to €80.87 from €78.15 year-over-year.

• Debt ratio improved to 42.52% from 44.62% last year.

• Weighted average interest rate decreased to 2.08% from 2.30% year-over-year.

• EPRA occupancy rate slightly declined to 97.26% from 98.10% last year.

Outlook and guidance

• Net rental income for 2025-2026 expected at €146 million, factoring in modest inflation and planned transactions.

• Gross dividend target for 2025-2026 set at €5.20 per share, a 2% increase.

• Active portfolio arbitration of approximately €50 million planned for 2025-2026.