Vastned (VASTB) Q4 2025 earnings summary

Executive summary

• First annual results following a reverse merger, with operational and financial integration completed, resulting in a single listed entity and €2.0 million in synergies.

• Portfolio value increased by €32.4 million year-over-year, driven by sustainability investments and value appreciation, reaching €1,268.4 million.

• High occupancy rate maintained at 98.6%, with Spain at 100% and stable performance across countries.

• 126 lease contracts signed, with like-for-like rental growth of 3.2%, led by strong performance in Spain (12.6%) and France (7.9%).

• Entered Euronext BEL Mid index and received BEL MID Company of the Year award for 2025.

Financial highlights

• EPRA earnings per share rose from €2.18 to €2.22 year-over-year (pro forma basis).

• Net rental income was €67.7 million, nearly unchanged from the previous year.

• Net result improved to €49.1 million from a pro forma loss of €7.0 million in 2024.

• Portfolio value increased by €46.6 million, reversing last year’s decline.

• EPRA NTA per share: €38.85; share price closed at €31.1, narrowing the discount to 16.5%.

Outlook and guidance

• EPRA result per share for 2026 expected between €2.05 and €2.15, reflecting higher average interest rates (rising from 3.2% to 3.8%).

• Guidance assumes no acquisitions or disposals; focus on disciplined investment in strategic locations and active portfolio management.

• Dividend policy aims for stability and indexation compensation, with proposed gross dividend increased to €1.85 per share for 2025.

• Additional €1.1 million in cost synergies targeted for 2026 as one-off merger costs roll off.

• Guidance subject to macroeconomic and geopolitical uncertainties.