Vastned (VASTB) Q1 2025 earnings summary

Executive summary

• Real estate portfolio value increased by €15.4 million (+1.2%) compared to December 31, 2024 (pro forma).

• EPRA result per share for Q1 2025 was €0.48; would be €0.53 if Dutch property tax were spread over the year.

• Occupancy rate remained high at 98.5%.

• Net result for Q1 2025 was €32.4 million, up from €7.7 million in the comparable period last year.

• Vastned joined the BEL Mid Index on March 24, 2025, with a market capitalization over €500 million.

Financial highlights

• Net rental income for Q1 2025 was €16.8 million, down from €18.0 million year-over-year, mainly due to disposals in the Netherlands.

• Like-for-like gross rental income increased by 1.7%.

• Net asset value per share was €36.39 at March 31, 2025, up €1.51 from December 2024.

• Share price at quarter-end was €29.40, trading at a 19.2% discount to net asset value.

Outlook and guidance

• Expected EPRA result per share for 2025 confirmed between €1.95 and €2.05.

• Targeted EPRA LTV of 40% by year-end remains on track.

• Focus remains on achieving operational synergies of €2.0–2.5 million per year.

• Macro-economic developments and tenant activity will be closely monitored for potential impact.