Vastned (VASTB) Q1 2025 earnings summary

Executive summary

• Real estate portfolio fair value increased by €16.3 million (1.3%) to €1,252.3 million compared to 31 December 2024, driven by positive revaluations, especially in Spain, Belgium, and France.

• Net rental income for Q1 2025 was €16.8 million, down from €18.0 million year-over-year, mainly due to divestments in the Netherlands and lower lease terms, partially offset by indexation and new acquisitions.

• Net result for Q1 2025 was €32.4 million (€2.01 per share), up from €7.7 million in the prior year, mainly due to positive property revaluations and a €11.5 million deferred tax provision reversal.

• EPRA earnings for Q1 2025 were €7.7 million (€0.48 per share), slightly down from €8.2 million, impacted by Dutch property tax timing and lower net rental income.

• Occupancy rate remained high at 98.5%, with minor declines in France and the Netherlands offset by full leasing in Belgium.

Financial highlights

• Fair value of the real estate portfolio rose by €16.3 million (1.3%) since 31 December 2024.

• Net rental income decreased by €1.2 million year-over-year, mainly due to asset sales and lease renewals at lower rates.

• Net result increased to €32.4 million, driven by property revaluations and tax provision reversal.

• EPRA earnings per share were €0.48 for Q1 2025; would have been €0.53 if Dutch property tax was spread over the year.

• Net asset value per share increased to €36.39, with the share trading at a 19.2% discount to NAV.

Outlook and guidance

• EPRA earnings per share guidance for 2025 confirmed at €1.95–€2.05.

• Targeted operating synergies of €2.0–€2.5 million per year are on track.

• Focus remains on achieving a maximum debt ratio of 40% by year-end.

• Ongoing monitoring of macroeconomic volatility, consumer confidence, and tenant activity.