Vastned is a Belgian public regulated real estate company with retail property in strong locations in Dutch, French, Belgian and Spanish cities. Homes or offices are often located above the shops. Since the reverse cross-border merger on 1 January 2025, the Belgian listed company also includes the former Dutch parent group.
Earnings: TTM to 30/09/2026 · Dividend: Financial year 2026 · forecast
Source: Vastned · quarterly update at 30 September 2026, published on 26 October 2026
The dividend forecast of €1.90 for 2026 was reaffirmed in the trading update of 26 October 2026. Not yet approved. Dividend source ↗
Nine-month EPRA earnings of €1.56 per share; not annual earnings. Calculated TTM of €2.09, with both comparative EPS amounts converted to the same dividend-entitled share basis. Derived TTM on a comparable dividend-entitled share basis: current YTD + (original FY2025 − original comparable YTD2025) × 16,151,514/16,734,247. The FY2025 source, p. 5, confirms dividend-entitled shares as the EPS denominator; the H1/Q3 source links the IAS 33 restatement to the changed share count following the scrip dividend. Both older EPS figures are normalised together; EPS inputs are rounded and the final result is rounded to 2 decimal places. Not directly reported TTM. NTA and IFRS NAV use all 19,469,032 issued shares; economic market capitalisation remains based on 16,734,247 dividend-entitled shares. The 2026 earnings guidance of €2.05–2.15 and dividend forecast of €1.90 remain forecasts.
Market capitalisation based on 16.734247 million shares. Interim earnings are not annualised.
Weekly closing prices · updated to 09/10/2026
positive = premium · negative = discount
Retrospective series using actual balance sheet dates, not a point-in-time backtest. Belgian balance sheet values through 2024; European merged group from 2025. NTA takes precedence over legacy EPRA NAV for the same date. At the merger, no former Belgian NAV is carried forward as a group value; any missing opening value remains blank until the first published group 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 on the original Belgian share basis, without dividend adjustment; factor 1. The exchange ratio of 0.839 applied only to former Dutch shares. Eleven official year-end reference points reconcile, but do not confirm each individual weekly close. EPRA valuation remains blank from January until the first group balance sheet on 31 March 2025. A reliable balance sheet source is missing for Q1 2016; the last known balance sheet is carried forward. Historical source corrections are recorded in the database.
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. Through 2024: Vastned Belgium; from 2025: the merged group. After the merger, the earnings chart remains interrupted until the period end of a comparable full twelve-month figure. Pro forma earnings for 2024 are not used as reported group history.
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 explicit dividend ranges are given, the lower bound is used. Special distributions are excluded.
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 (€) | 28.80 | 29.70 | 30.80 | 27.60 | 31.10 |
| Year-end NTA discount (%) | 36.4 | 34.4 | 32.5 | 36.6 | 19.9 |
| Net rental income (€m) | 17.0 | 17.5 | 18.5 | 18.2 | 67.7 |
| EPRA earnings / share (€) | 2.56 | 2.59 | 2.81 | 2.38 | 2.22 |
| EPRA NTA / share (€) | 45.28 | 45.29 | 45.66 | 43.56 | 38.85 |
| IFRS NAV / share (€) | 45.04 | 45.69 | 45.66 | 43.16 | 37.26 |
| Gross dividend / share (€) | 2.20 | 2.25 | 2.30 | 2.30 | 1.85 |
| ROE (%) | 1.4 | 4.9 | 5.8 | 5.5 | -8.5 |
| EPRA LTV (%) | — | 26.3 | 25.7 | 32.1 | 39.1 |
| Occupancy rate (%) | 99.3 | 99.5 | 99.9 | 99.0 | 98.6 |
| 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.
ROE 2025*: EPRA NTA. Merger year: Vastned Belgium at the start, the new European group at the end. The €1.00 payment was only for pre-merger Belgian shareholders. The result follows an existing Belgian share; it is not a homogeneous group series. Pro forma NTA of 35.95 was not used as a realised opening value.
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* ↗.
Calendar year. History for 2015–2024 relates to Vastned Belgium; from 2025, to the combined European group. The merger on 1 January 2025 creates a break in portfolio size; the jump is not organic growth. 2025* = merged European group; the chart line is interrupted at this break. The dividend row shows the ordinary dividend: €2.30 for 2024; the special dividend of €1 is recorded separately in the database. Pro forma 2024 figures do not replace the Belgian history.
Countries: 30 September 2026 · tenant sectors: 31 December 2025
Fair value of the property portfolio (EURm), including property held for sale and IFRS 16 · 2026-09-30
Annual rent; published sector breakdown · 2025-12-31
Country breakdown at 30 June 2026 based on rounded property values in millions of euros. Tenant sectors at 31 December 2025 based on annual rent. Different dates and bases are kept separate.
Announced dates in the next 12 months
Last checked on . Dates may change.
Vastned
Vastned generated EPRA earnings of €1.02 per share in the first six months. The occupancy rate was 99.0% and property values rose 1.4% on a like-for-like basis. The group maintained its full-year forecast of EPRA earnings of €2.05–2.15 and a gross dividend of €1.90 per share. EPRA LTV stood at 38.9%.
Vastned announced that Westersingel II holds more than 15% of the voting rights following a purchase on 1 July. The notification was received on 2 July and published on 6 July. The announcement reflects a change in this shareholder's holding; it contains no new earnings forecast or property transaction.
Lebaras Invest has crossed the threshold of 10% of the voting rights in Vastned. According to the transparency notification, this followed a purchase on 19 June. Vastned received the declaration on 24 June. The publication updates information on a major shareholder of the combined Vastned group.
Following the transfer of treasury shares on 21 May, Vastned itself owns less than 15% of its shares. The voting and profit rights attached to the remaining treasury shares remain suspended. Isabelle de Jonge also reported that her stake crossed above the 3% threshold through the conversion of dividend rights into shares.
Shareholders exchanged 74.5% of their 2025 dividend entitlements for 581,175 existing Vastned treasury shares. This retained approximately €15.6 million within the company and increased equity. According to Vastned, this makes EPRA LTV 1.21 percentage points lower than if the dividend had been paid entirely in cash.