Vastned (VASTB) Q3 2026 earnings summary

Executive summary

• Portfolio fair value increased €18.6m, or 1.5%, like-for-like from 31 December 2025; occupancy remained high at 99.0%.

• 9M EPRA earnings were €26.2m, or €1.56 per share; net result reached €47.8m, or €2.85 per share.

• FY2026 EPRA EPS guidance of €2.05–€2.15 and gross dividend forecast of €1.90 per share were reaffirmed.

Financial highlights

• 9M rental income was €51.5m, up 1.9% from €50.5m YoY, driven mainly by indexation and lower vacancy in the Netherlands.

• 9M EPRA earnings declined to €26.2m from €27.0m; €2.3m higher net interest charges were partly offset by €1.6m growth in operational result.

• 9M net result rose to €47.8m from €36.3m, including a €9.9m positive fair-value revaluation of financial instruments and €4.4m lower deferred taxes.

• Real estate portfolio fair value was €1,287.0m at 30 September 2026, up €18.6m from 31 December 2025; investment property revaluation contributed €14.4m and investments €4.2m.

Outlook and guidance

• FY2026 EPRA EPS guidance remains €2.05–€2.15, assuming an unchanged real estate portfolio and reflecting shares entitled to dividend after the optional dividend.

• FY2026 gross dividend forecast remains €1.90 per share, versus €1.85 for FY2025.

• Strategy targets prudent, sustainable growth through efficient capital deployment and selective investment, balancing growth, risk management and returns.