Retail Estates

Source: Retail Estates · Q1 2026/27 update and annual report 2025/26

Dividend target for the financial year April 2026–March 2027, confirmed in the quarterly update of 27 July 2026. Not yet approved. Dividend source ↗

The Q1 balance sheet precedes the ex-dividend date of 23/07/2026 and payment of EUR 5.20 on 27/07/2026. NTA of EUR 85.16 remains as reported; the current share price is after the distribution. Debt ratio of 39.85%; the company reports a pro forma 43.41% after the dividend. FY2025/26 earnings of EUR 6.15 use 14,950,326 weighted shares; EUR 6.11 on dividend-entitled year-end shares uses a different basis. Q1 earnings of EUR 1.61 are not annualised. Statutory Belgian REIT debt ratio of 39.85% at 30/06/2026, before the dividend. EPRA LTV of 39.61% at 31/03/2026 is older and uses a different definition. FY2026/27 forecast dividend of EUR 5.25 and net rental income of EUR 149m. No confirmed EPRA EPS guidance; quarterly earnings have not been multiplied. Current TTM earnings: €6.15 + €1.61 − €1.52 = €6.24.

Market capitalisation based on 15.026370 million shares. Interim earnings are not annualised.

Latest confirmed balance sheet date; NTA takes precedence over NAV for the same date. Applied retrospectively from the balance sheet date, not a point-in-time backtest. No interpolation. Formal NTA reported for its own period begins at 31/03/2021; older legacy NAV has not been relabelled as NTA. Retrospective NTA comparatives for earlier periods are kept separately in the annual history. June NTA of €85.16 precedes the July dividend payment; the later share price is after the payment. No dividend has been deducted from reported NTA. 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 Euronext closing prices without dividend reinvestment or retrospective rights adjustments. No share split. The provider factor before 12 April 2018 has been reversed using official reference prices. All 562 weekly closes have been independently confirmed; two daily price discrepancies do not affect any weekly close. The 25 official price checks yield 24 matches and one explained difference: the 2017/18 annual report gives a rights-adjusted price of €71.45; the original closing price is €72.50. Fundamentals 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. Financial year from April to March. Weighted EPRA earnings per share; capital changes may affect comparability.

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 ↗

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: 2021/22 ↗ · 2022/23 ↗ · 2023/24 ↗ · 2024/25 ↗ · 2025/26 ↗.

The financial year runs from April to March. EPRA EPS of EUR 6.34 includes EUR 7.702m in one-off Dutch tax refunds; excluding these items it is EUR 5.79. Reported and adjusted values are kept separately. The original series is based on floor area through FY2023/24; from FY2024/25 it uses estimated rental value (ERV). Later restatements of older values are recorded separately. Q1 occupancy is 97.71% by rental value. NAV is the original balance sheet value before deducting dividends. Historical amounts have not been restated to the current number of shares. The full database covers twelve financial years from 2014/15.

Full breakdowns at 31/03/2026: geography by property value, sectors by retail floor area, tenants by rent. French assets acquired from April are not yet included in these breakdowns. Sector percentages in the source total 99.92%; they have not been normalised. The source discrepancy of 0.08 percentage points remains visible; sectors have not been rescaled to 100%. Rounded geographical source amounts differ from the total by €1,000. The first French acquisition took place in Osny on 9 April 2026.