Retail Estates (RET) Q4 2026 earnings summary

Executive summary

• Achieved stable EPRA earnings and strengthened the balance sheet, supporting further growth initiatives.

• Net rental income rose 2.54% year-over-year to €145.79 million, driven by rent indexation and acquisitions.

• Portfolio expanded to 1,006 retail properties across Belgium and the Netherlands, with the first acquisition in France post-balance sheet date.

• Maintained a high occupancy rate of 97.82% for FY 2025-2026, with a 0.55 percentage point increase year-over-year.

• Sustainability investments totaled €13.3 million, including solar panels and renovations.

Financial highlights

• Net rental income for FY 2025-2026 was €145.79 million, up 2.54% year-over-year.

• EPRA earnings reached €91.90 million (+1.14%), with EPRA earnings per share at €6.15 (-1.04%).

• Fair value of the property portfolio increased to €2,102 million (+1.55%).

• Operational margin improved to 80.97% (+0.56 pp).

• Debt ratio decreased to 40.39% from 42.52% year-over-year.

Outlook and guidance

• Net rental income for 2026-2027 is projected at €149 million, assuming 2.5% inflation.

• Gross dividend per share guidance is €5.25, with a net dividend of €3.675 per share.