Vastned (VASTB) Q4 2025 earnings summary

Executive summary

• Achieved stable EPRA result for 2025, with EPRA earnings per share rising to €2.22 from €2.18 year-over-year.

• Completed reverse cross-border merger, resulting in a single listed entity, simplified governance, and operational synergies of €2.0 million.

• Proposed gross dividend increased to €1.85 per share for 2025.

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

Financial highlights

• 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.

• Fair value of the real estate portfolio increased by €32.4 million (+2.6%) to €1,268.4 million.

• Debt ratio (EPRA LTV) reduced to 39.1% from 42.3% year-over-year.

• Occupancy rate remained high at 98.6%.

Outlook and guidance

• EPRA result per share for 2026 expected between €2.05 and €2.15, reflecting higher average interest rates.

• Focus on disciplined investment in strategic locations and active portfolio management, including potential divestments of non-strategic assets.

• Guidance subject to macroeconomic and geopolitical uncertainties.