Retail Estates SA

RET

Equity

ISIN BE0003720340 / Valor 861102

Euronext - Euronext Brussels (2026-02-19)

EUR 68.50-0.58%

Retail Estates SA
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About company

Retail Estates SA is a public regulated real estate company that focuses on assembling, managing, and expanding a portfolio of peripheral retail properties in Belgium and the Netherlands. The company's strategy is to invest in retail properties located on the outskirts of residential areas or along access roads to urban centers, with a diverse range of tenants from various retail sectors. By maintaining a well-diversified tenant mix, Retail Estates aims to mitigate risks associated with economic downturns and ensure steady, long-term growth through asset value appreciation and rental income.

Summarized from source with an LLMView SourceSector: Finance

Key financials

Net rental income: €72.69m (H1 2025/26) vs €70.61m (H1 2024/25), +2.95%. EPRA earnings (Group): €45.46m (3.06 €/share) vs €45.35m prior-year; Net result (Group): €47.15m. Operating result: €66.29m. Net interest charges about €10.26m; financial result impacted by -€6.43m change in fair value of financial assets/liabilities.

Portfolio value and NAV

Estimated fair value of investment properties (incl. projects under construction): €2,087.06m on 30 Sep 2025, +0.85% vs 31 Mar 2025. EPRA NTA per share: €78.99 (down from €80.87); IFRS NAV per share: €80.60 (from €83.02). Share price closed at €63.50 on 30 Sep 2025.

Occupancy and leasing

EPRA occupancy rate 97.40% (vs 97.26% on 31 Mar 2025). Average rent €124.77/m². EPRA vacancy low at 2.60%. Management reports new LOIs and lease starts (several leases expected from 1 Jan 2026) and active optimisation/extension work at selected sites.

Debt, financing and interest

Debt ratio (RREC) 42.80% (30 Sep 2025). Average interest rate reported at 2.05% (vs 2.08% on 31 Mar 2025). Commercial paper programme in place (€100m limit) with €38.55m used at period end. Average credit maturity ~3.39 years.

Transactions, investments and disposals

Acquisitions include units in Woonmall Alexandrium (Rotterdam) and smaller purchases; investments in PV and sustainability works (~€0.46m in PV during H1). Investment properties under construction total €12.78m. Divestments: net sales €19.84m in H1 (result on disposals -€0.21m); example sale: Veenendaal (NL) for €12m.

Tenant developments / concentration

Exposure to tenant distress: Leen Bakker Belgium and Carpetright Netherlands faced insolvency processes. Combined annual rental income from these tenants ~€1.05m (≈0.71% of total annual rent). Leen Bakker rents paid through November; Carpetright paid through August. Management is re-leasing and pursuing reorganisation outcomes.

Capital and dividends

Shares: 15,026,370 outstanding after issuance of 319,035 new shares on 27 June 2025. Interim optional gross dividend of €5.10 paid; management maintains FY dividend guidance of €5.20 gross per share (≈+2% vs prior year).

Outlook and guidance

Management maintains a cautious outlook given macro uncertainty. Expected net rental income for FY to 31 Mar 2026 revised to ~€145m (previously €146m) mainly reflecting tenant bankruptcies and rent-free periods; no significant events after period end were reported.

Summarized from source with an LLMView Source

Key figures

18.5%1Y

2.54%3Y

15.3%5Y

Performance

18.9%1Y

19.9%3Y

22.5%5Y

Volatility