Vastned (VASTB) Q2 2025 earnings summary

Executive summary

• Real estate portfolio fair value rose by €16.1 million (+1.3%) like-for-like compared to 31 December 2024 (pro forma), reaching €1.26 billion at 30 June 2025.

• EPRA Earnings per share for H1 2025 were €1.05; net result was €26.2 million, a turnaround from a €10.4 million loss in H1 2024 (pro forma).

• Occupancy rate remained high at 98.6%, with stable or improved rates in most countries.

• Debt ratio (EPRA LTV) improved to 40.6% from 42.5% at year-end 2024 (pro forma), with a target of 40% by year-end.

• Successful completion of the cross-border merger on 1 January 2025, expanding activities to the Netherlands, France, and Spain.

Financial highlights

• Rental income for H1 2025 was €33.6 million, down from €35.1 million in H1 2024 (pro forma), mainly due to 2024 divestments in the Netherlands.

• Like-for-like gross rental income increased by 2.3%, with Spain up 16.2%, France up, Belgium slightly down, and the Netherlands up 0.9%.

• Net rental income was €33.6 million; operating result was €42.2 million, up from €11.1 million in H1 2024 (pro forma).

• Property charges increased to €5.0 million, mainly due to internal cost allocations; general expenses fell to €2.4 million due to synergy realization.

• Net interest charges decreased to €7.9 million, with an average interest rate of 3.0%.

• Changes in fair value of investment properties contributed €16.1 million to results.

Outlook and guidance

• EPRA earnings per share guidance for 2025 raised to €2.00–€2.10 (from €1.95–€2.05) due to cost control, project completions, and new leases.

• Dividend outlook confirmed at €1.70 gross per share for 2025.

• Ongoing focus on operational synergies (€2.0–€2.5 million/year) and monitoring of geopolitical and economic risks.