Vastned (VASTB) Q4 2024 earnings summary

Executive summary

• Completed a reverse cross-border merger on 1 January 2025, unifying operations under a single entity headquartered in Belgium with dual Euronext listings.

• Achieved operational synergies of €2.0–2.5 million annually, optimized debt financing, and increased share liquidity.

• Maintained a high-quality, diversified retail property portfolio across the Netherlands, France, Belgium, and Spain, with a 98.7% occupancy rate at year-end.

• Focused on value creation within the existing portfolio and cautious, sustainable growth.

Financial highlights

• Gross rental income was €68.5 million in 2024, down from €72.1 million in 2023, mainly due to divestments.

• Net result for 2024 was €10.6 million, compared to €11.3 million in 2023.

• EPRA earnings per share were €2.38 (2023: €2.81).

• Dividend per share remained stable at €2.30, with an additional exceptional interim dividend of €1.00 paid in January 2025.

• Share price at year-end was €27.60, reflecting a -10.4% decrease year-over-year and a 36% discount to net asset value.

• Debt ratio increased to 31.5% (2023: 25.3%), with a loan-to-value of 32.1%.

Outlook and guidance

• EPRA result per share for 2025 is expected between €1.95 and €2.05.

• 2025 will focus on full integration post-merger, organizational adjustment, and confirmation of strategic objectives.

• Refinancing completed for €345 million in credit lines, with interest rate hedges in place to stabilize future financing costs.