Vastned (VASTB) Q1 2026 earnings summary

Executive summary

• EPRA earnings reached €0.49 per share for Q1 2026, up from €0.48 per share year-over-year.

• Net result for Q1 2026 was €22.2 million, down from €32.4 million in the prior year period.

• Real estate portfolio fair value increased by €12.1 million (+1.0%) to €1,280.5 million compared to 31 December 2025.

• Occupancy rate remained high and stable at 98.6%.

Financial highlights

• Rental income for Q1 2026 was €17.1 million, up from €16.8 million year-over-year, mainly due to indexation.

• EPRA earnings totaled €7.8 million for Q1 2026, compared to €7.7 million in Q1 2025.

• Net value (fair value) per share was €38.40 as of 31 March 2026, up from €37.26 at year-end 2025.

• Share price at quarter-end was €28.90, representing a -24.7% discount to net value.

Outlook and guidance

• EPRA earnings per share for 2026 are expected to be between €2.05 and €2.15, assuming an unchanged portfolio.

• Management highlights macroeconomic uncertainties and geopolitical tensions impacting energy prices and consumer confidence.