Qrf is a Belgian public regulated real estate company that acquires, redevelops and lets commercial property in Belgian city centres. Its portfolio focuses on retail, leisure and hospitality, complemented by assets including the State Archives in Bruges. Since June 2026, Qrf has also held a 50% stake in The Mint shopping hub in Brussels.
Earnings: TTM to 30/09/2026 · Dividend: Financial year 2026 · forecast
Source: QRF · results at 30 September 2026
2026 dividend forecast confirmed in the Q3 report; payable in 2027, subject to approval. Dividend source ↗
EPRA NTA and IFRS NAV are the actual balance sheet values at 30 September 2026. TTM EPRA earnings per share: FY 2025 + 9M 2026 − 9M 2025 (0.86 + 0.69 − 0.63 = 0.92). TTM is an approximation because the weighted share base has changed. EPRA LTV remains 60.7% at 30 June 2026, before the July share issue: the Q3 update contains no new EPRA LTV.
Market capitalisation based on 12.998142 million shares. Interim earnings are not annualised.
Weekly closing prices · updated to 09/10/2026
positive = premium · negative = discount
The historical chart uses actual balance sheet dates: first EPRA NAV, then EPRA NTA; NTA takes precedence. This is a retrospective balance sheet series, not a point-in-time backtest. The latest actual NTA is €15.90 at 30 June 2026. The current valuation card separately uses the published pro forma €14.70 following the share issue of 10 July; this does not replace the historical June balance sheet. 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. 562 completed trading weeks. Original closing prices without adjustments for dividends or rights returns; factor 1. All eleven official annual reference prices match, but do not confirm each individual weekly close. Historical source corrections and original values are recorded in the database. The balance sheet chart contains no pro forma figures.
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. Ordinary EPRA earnings per share. Adjusted EPRA earnings are not mixed with the ordinary definition.
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.
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 (€) | 11.00 | 9.14 | 10.10 | 10.35 | 10.40 |
| Year-end NTA discount (%) | 30.5 | 41.6 | 33.1 | 34.7 | 32.2 |
| Net rental income (€m) | 11.5 | 12.5 | 14.2 | 12.4 | 13.2 |
| EPRA earnings / share (€) | 0.96 | 1.00 | 1.00 | 0.93 | 0.86 |
| EPRA NTA / share (€) | 15.83 | 15.65 | 15.09 | 15.84 | 15.33 |
| IFRS NAV / share (€) | 15.83 | 16.53 | 15.25 | 15.85 | 15.37 |
| Gross dividend / share (€) | 0.80 | 0.80 | 0.80 | 0.84 | 0.84 |
| ROE (%) | -0.5 | 3.9 | 1.5 | 10.3 | 2.1 |
| EPRA LTV (%) | — | 53.6 | 53.9 | 47.2 | 46.2 |
| Occupancy rate (%) | 98.2 | 99.4 | 99.2 | 100.0 | 98.1 |
| Source | Annual report 2021 ↗ | Annual report 2022 ↗ | 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.
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 ↗.
Eleven full financial years, 2015–2025. Calendar years since 2018. FY2015 and FY2016 end on 30 December; FY2017 includes the transition day to 31 December. Original figures and the share basis applicable at the time are retained. From H1 2026, the combined portfolio includes JV property proportionately, including 50% of The Mint. Comparative 2025 figures: property of €292.816m and occupancy of 97.45%; original 2025 figures of €271.066m and 98.12% remain in the annual history. Sector percentages total 99% due to rounding; not rescaled. Historical source corrections are recorded separately in the NAV tables.
Combined portfolio · 30 June 2026
Fair value of the combined property portfolio (EUR) · 30 June 2026
Annual contractual rents of the combined portfolio (%) · 30 June 2026
Combined portfolio at 30 June 2026, including JVs in proportion to QRF's stake. Property types are based on fair value; tenant sectors on contractual annual rent. The different bases are kept separate. The property is in Belgium. Published tenant-sector percentages total 99% due to rounding; they have not been rescaled to 100%.
Announced dates in the next 12 months
Last checked on . Dates may change.
QRF
QRF is convening an extraordinary general meeting on 10 November 2026. The board is seeking a new authorisation to increase capital over a five-year period. The capital increases of October 2025 and July 2026 have used approximately two thirds of the previous authorisation. The renewal is intended to enable the company to respond quickly to property opportunities.
QRF makes the notarial deed of its merger with Arioso Investments Belgium available. The deed is dated 3 July 2026. The wholly controlled subsidiary is absorbed without issuing new shares. As a result, the property on the Korenmarkt in Ghent is held directly by QRF and the group's legal structure is simplified.
QRF's EPRA earnings rise to €4.81 million in the first half, or €0.46 per share. The acquisition of a 50% stake in The Mint expands the portfolio. Following the July capital increase, the pro forma debt ratio stands at 47.86% and EPRA NTA at €14.70 per share. QRF maintains its dividend forecast of €0.84.
AXA reports that its stake in QRF fell below the 5% notification threshold on 10 July 2026. This is a passive crossing below the threshold. The notification does not give an exact new percentage, which is permitted when a holding falls below the lowest notification threshold. The calculation is based on 12,998,142 voting rights.
QRF completed its capital increase on 10 July 2026. A total of 2,599,628 new shares were issued for €25.74 million, including the share premium. The total number of shares and voting rights rises to 12,998,142. This number will also serve as the denominator shareholders use to calculate their holdings for transparency notifications.