Vastned (VASTB) Q3 2025 earnings summary

Executive summary

• Fair value of the real estate portfolio increased by €26.4 million (+2.1%) compared to 31 December 2024 (pro forma), reaching €1,262.4 million as of 30 September 2025.

• Occupancy rate remains high and stable at 98.6% as of 30 September 2025.

• EPRA earnings per share for the first nine months of 2025 were €1.67.

• Net result for the first nine months of 2025 was €36.3 million, a significant improvement from €-6.2 million in the same period last year.

• Vastned completed a reverse cross-border merger, expanding activities to the Netherlands, France, and Spain.

Financial highlights

• Rental income for the first nine months was €50.5 million, down from €51.9 million year-over-year, mainly due to divestments in the Netherlands, but like-for-like gross rental income increased by 2.1%.

• Positive revaluation of investment properties contributed €19.4 million to the net result.

• Property charges and general expenses decreased by €1.6 million year-over-year.

• EPRA earnings totaled €27.0 million for the first nine months, nearly stable compared to €27.2 million last year.

Outlook and guidance

• EPRA earnings per share guidance raised to €2.10–€2.20 (from €2.00–€2.10) for 2025.

• Dividend outlook for 2025 increased to €1.80 gross per share (from €1.70).

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

• Management highlights ongoing economic uncertainties due to geopolitical instability and trade policy volatility.