Vastned (VASTB) Q2 2026 earnings summary

Executive summary

• The real estate portfolio's fair value rose by €17.8 million (+1.4%) compared to 31 December 2025, reaching €1.29 billion, driven by higher market rents and successful redevelopment projects.

• EPRA earnings per share for H1 2026 were €1.02, with net rental income up to €34.1 million (+1.6% like-for-like), and a high occupancy rate of 99.0%.

• The optional dividend had a 74.5% participation rate, strengthening financial capacity and balance sheet flexibility.

Financial highlights

• Net rental income increased to €34.1 million from €33.6 million year-over-year, mainly due to indexation and lower vacancy.

• Operating result reached €42.8 million, up from €42.2 million in H1 2025.

• Net result was €33.1 million, up from €26.2 million year-over-year.

• EPRA earnings totaled €17.0 million, with an EPRA NTA per share of €39.73.

• Debt ratio (EPRA LTV) improved to 38.9% from 39.1% at year-end 2025.

Outlook and guidance

• EPRA earnings per share for 2026 are expected between €2.05 and €2.15, assuming a stable portfolio and new share count post-dividend.

• Dividend forecast for 2026 is €1.90 gross per share.

• Management maintains a focus on prudent growth, risk management, and attractive returns.