Inclusio is a Belgian public regulated real estate company investing in affordable rental housing, housing and day centres for people with disabilities, and social infrastructure. Its portfolio is in Belgium and, at 30 June 2026, comprises 224 buildings across 91 locations, with around 157,000 m² of lettable area. Social rental agencies, social housing companies and specialist organisations are important rental partners. Many contracts require payment by the rental partner even when a property is vacant or the end resident defaults.
Earnings: TTM to 30/06/2026 · Dividend: Financial year 2026 · minimum forecast
Source: Inclusio · half-year report 2026 and annual report 2025
Half-year report dated 27 August 2026: a minimum gross dividend of €0.94 for financial year 2026. The table uses this announced lower bound. Dividend source ↗
EPRA NTA: €31.50; IFRS NAV: €31.66. The statutory consolidated debt ratio is 42.64%, compared with EPRA LTV of 42.98%. FY2025 EPRA earnings: €1.19 per share; distributable earnings of €1.14 are a different measure. In H1 2026, these are €0.54 and €0.55 respectively; these half-year figures are not annualised. Market capitalisation uses all 7,807,532 issued shares; NAV uses 7,791,879 shares after deducting treasury shares. Inclusio expects a dividend of at least €0.94 for 2026; this dividend has not yet been paid. Current TTM earnings: €1.19 + €0.54 − €0.54 = €1.19. On 28 October 2026, Inclusio arranged €13.5 million of new financing: €8 million with vdk bank and €5.5 million with a Belgian pension fund, both for five years. Drawn amounts and interest rates have not been published; reported EPRA LTV and financing cost therefore remain unchanged.
Market capitalisation based on 7.807532 million shares. Interim earnings are not annualised.
Weekly closing prices · updated to 09/10/2026
positive = premium · negative = discount
The latest confirmed balance sheet date determines the EPRA value. Formal EPRA NTA is available only from the balance sheet at 31 December 2022; before that date, the EPRA value and premium/discount remain blank. IFRS NAV is not a substitute. FY2022 NTA was not published retrospectively until 12 April 2024. The chart uses values from their balance sheet date: this is not a point-in-time backtest. For quarters without a published NTA, the latest confirmed NTA remains in force. Selection rule for this chart: only NTA is used from the first confirmed NTA onwards; the last valid value is carried forward between reports.
IFRS NAV: the latest available balance sheet value, carried forward to the next observation, on the same share basis as the price. Both NAV series apply retrospectively from the balance sheet date rather than the publication date. Missing values are not estimated.
Premium / discount = (weekly closing price / EPRA value − 1) × 100. 305 completed trading weeks since the IPO on 10 December 2020. Original Euronext closing prices, without dividend or rights adjustments. No share splits since the IPO. All weekly closes have been independently checked against Yahoo; one difference on 21 October 2025 does not affect a weekly close. The financial figures and weekly history are a verified snapshot and do not refresh automatically.
Price / EPRA earnings: weekly closing price divided by reported EPRA earnings per share over the last four quarters (previous financial year + current YTD − previous YTD). Earnings apply retrospectively from the accounting period end, even if published later. This is not a point-in-time backtest. Changes in the share base make this an approximation. The series starts at the accounting period end in December 2023, reported in April 2024. Older distributable earnings are not used as EPRA earnings.
Gross dividend yield: announced annual dividend divided by the weekly closing price; otherwise the last known dividend is used. Dividend amounts apply from their announcement or availability. The dividend history is prepared for quarterly publications; interim announcements and payment status in the early years have not yet been fully checked. Where a minimum dividend is announced, that lower bound is used.
Weekly closing prices to 09/10/2026. Database and company sources ↗
Financial years 2021–2025 · year-end balance sheet figures
| Key figure | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Year-end share price (€) | 18.50 | 13.75 | 13.10 | 13.60 | 17.85 |
| Year-end NTA discount (%) | — | 43.3 | 53.7 | 55.4 | 42.9 |
| Net rental income (€m) | 7.1 | 10.3 | 13.3 | 15.4 | 16.8 |
| EPRA earnings / share (€) | — | 0.85 | 0.92 | 1.00 | 1.19 |
| EPRA NTA / share (€) | — | 24.27 | 28.31 | 30.47 | 31.27 |
| IFRS NAV / share (€) | 22.59 | 25.08 | 28.73 | 30.61 | 31.43 |
| Gross dividend / share (€) | 0.50 | 0.70 | 0.75 | 0.82 | 0.92 |
| ROE (%) | 9.7 | 13.2 | 19.5 | 10.3 | 5.3 |
| EPRA LTV (%) | — | 36.5 | 38.2 | 41.4 | 42.1 |
| Occupancy rate (%) | 99.4 | 99.2 | 98.4 | 99.0 | 99.2 |
| Source | Annual report 2021 ↗ | Annual report 2023 (2022 comparative) ↗ | 2023 annual report ↗ | Annual report 2024 ↗ | Annual report 2025 ↗ |
ROE: growth in net asset value per share plus gross dividends and any capital distributions paid during the financial year, divided by the opening value (total accounting return). Based on EPRA NTA or the available comparable NAV. This is not net profit divided by average equity.
ROE 2021: IFRS NAV (alternative). No pair of comparable EPRA values is available; both values are on an IFRS basis. Dividend for financial year 2020, paid during the financial year ending in 2021; the gross scrip dividend is included.
ROE 2022: IFRS NAV (alternative). No pair of comparable EPRA values available; both values are on an IFRS basis. Dividend for financial year 2021, paid during the financial year ending in 2022; scrip dividend included at its gross amount.
Year-end share price: the reported closing price on the last trading day of the financial year, without dividend adjustment or adjustment for later capital transactions. NTA discount = (1 − year-end share price / EPRA NTA for the same year) × 100. Positive = discount; negative = premium. This compares year-end values, even if NTA was published later.
EPRA LTV: reported financial year-end figures. — = no reported EPRA LTV found. Sources: 2022 ↗ · 2023 ↗ · 2024 ↗ · 2025 ↗.
Formal EPRA earnings and EPRA NTA are confirmed only from FY2022. The 2022 figures were published retrospectively in the 2023 annual report on 12 April 2024. Missing EPRA figures remain blank; IFRS NAV and distributable earnings are not substitutes. IFRS NAV for FY2022 follows the original publication (€25.08); a later historical overview reports a different figure of €25.04. Rental income and net rental income follow the consolidated IFRS income statement. The database contains annual figures from 2019, with the pre-IPO comparison identified separately, source notes and differences in financing costs.
Latest published breakdowns · reference date per component
30 June 2026 · property value including projects and assets held for sale; excluding finance lease receivable and joint venture
31 December 2025 · operating property and property held for sale; excluding projects and the joint venture
All consolidated property is in Belgium. The regional breakdown uses property value of €416.012465m from the 2026 half-year report (pp. 24–25). Sector percentages come from the 2025 annual report (p. 76) and have a different reference date and basis. Published percentages are used directly; rounded sector amounts total approximately €374m.
Announced dates in the next 12 months
Last checked on . Dates may change.
Inclusio
Inclusio has bought a fully let complex with 72 homes and the same number of parking spaces in Sint-Jans-Molenbeek. The two buildings date from 2015 and 2017 and have average primary energy consumption of 93 kWh per m² per year. Inclusio lets the homes directly to households on modest incomes, at below-market rents. The acquisition increases its supply of affordable rental homes by approximately 5%.
Inclusio reports first-half net rental income of €8.7 million, up 3.5% on a year earlier. The total property portfolio, including developments and assets held for sale, amounts to €416 million. Occupancy is 99.2% and the average remaining lease term is 11.7 years. Seven projects and acquisitions represent €57 million of investment. Housing capacity rises to 5,959 people as Inclusio gradually replaces less energy-efficient buildings.
Solant crossed the 5% shareholding threshold on 16 July. The partnership reports 393,448 voting rights, representing 5.04% of Inclusio, compared with 385,948 previously. Solant is owned by Antoine, Olivia and Sophie van Outryve d’Ydewalle. The calculation is based on 7,807,532 outstanding shares. The release concerns a change in share ownership and contains no new operational forecasts.
Following the transfer of all assets and liabilities of SFPIM Real Estate to SFPIM, Inclusio reports a new shareholding structure within the Belgian state-owned group. SFPIM holds 14.68% directly; together with Belfius Insurance and Capline, the reported stake is 28.11%, or 2,194,708 voting rights. The notification follows the transaction of 30 June. It therefore also involves an internal restructuring, rather than solely purchases on the stock market.
Inclusio has bought a former care home of 4,960 m² in Ukkel. The building, which dates from 2015, is being let to Samusocial and converted into a reception centre for up to 230 applicants for international protection. It has a large garden and good energy performance. This will be the eighth such reception centre in the portfolio, further expanding Inclusio’s social infrastructure activities.