Retail Estates Sa · EURONEXT:RET
Retail Estates Sa — FY2024-2025 Earnings Presentation
40 slides from Retail Estates Sa's earnings presentation, May 26, 2025
Slide 1: Annual results 2024-2025
Annual results 2024-2025 Period 01.04.2024 - 31.03.2025 26 May 2025
Slide 2: Retail Estates in a nutshell
Retail Estates in a nutshell Retail Estates invests in out-of-town retail properties in Belgium and the Netherlands with the objective of creating long-term growth Properties for its shareholders by increasing its dividend. 1,023 The growth stems from the value of the portfolio as well as the increa
Slide 3: Highlights, Our portfolio, ESG, Financials, Financing, Outlook, Appendix
Shop in Stock, Fosses-la-ville Highlights Our portfolio ESG Financials Financing Outlook Appendix
Slide 4: Full year 2024-2025 (ended March 2025)
Full year 2024-2025 (ended 31 March 2025) EPRA earnings EPRA NTA EPRA earnings per share per share € 90.86 m € 6.21 € 80.87 €100.00m €7.50 €100.00 €90.86m €88.20m €88.37m €6.34 €6.18 €6.21 €78.15 €80.87 €75.27m €5.84 €73.78 €75.00m €75.00 €68.46 €5.00 €50.00m €50.00 €2.50 €25.00m €25.00 €0.00m €0.00
Slide 5: Full year 2024-2025 (ended March 2025)
Full year 2024-2025 (ended 31 March 2025) Debt-to-assets Fair value Occupancy rate ratio € 2,070 m 97.26% 42.52% 2,200m 100.00% 60.00% 98.47% 98.10% 2,070m 97.81% 97.26% 2,028m 49.15% 2,000m 50.00% 1,889m 44.77% 44.62% 95.00% 42.52% 1,800m 1,760m 40.00% 1,600m 90.00% 30.00% 1,400m 20.00% 85.00% 1,20
Slide 6: Echoes from the retailers
Echoes from the retailers What happened in the past quarter? Period up to 31 March 2025 – Consumer mood: indexation of wages and residential property market – Food retailers – Non-food retailers – Weather – Travel and horeca – Increased savings / government deficit / geopolitical issues 6
Slide 7: Echoes from the retailers
Echoes from the retailers What do we expect in the upcoming period? Inflation – Evolution contractual rent versus ERV – Rent reviews: renewals/break date – Price leaders versus price followers: hard to increase prices following first inflation wave Salary costs Logistics Circular economy – Increasin
Slide 8: Retail Estates: past period and looking ahead
Retail Estates: past period and looking ahead Profitability – Rental income and debt collection – Vacancy – Maintenance costs – Personnel costs – Interest costs – Taxes – Dividend 8
Slide 9: Retail Estates: past period and looking ahead
Retail Estates: past period and looking ahead Balance sheet – Property value – Investment capacity – Financing capacity – Capital markets Mitigating factors – Low unemployment (however, increasing in industrial areas/rust belt) – Indexation of wages and real wage growth – High saving rates – All tim
Slide 10: Our portfolio
Boulevard Cruquius Highlights Our portfolio ESG Financials Financing Outlook Appendix
Slide 11: Portfolio KPIs
Portfolio KPIs 1,023 retail properties 119 locations with retail parks or clusters 1,231,205 m² surface area EPRA NIY (Net Initial Yield) 6.68% Belgium The Netherlands Retail properties Retail properties 718 305 Locations with retail Locations with retail parks or clusters parks or clusters 103 16 A
Slide 12: Portfolio valuation
Portfolio valuation Belgium The Netherlands – EPRA Net Initial Yield – EPRA Net Initial Yield 6.61% 6.82% – Average contractual – Average contractual rent per m² rent per m² 126.08 EUR 120.21 EUR 12
Slide 13: Purchasing power guides choice of location: Belgium
Purchasing power guides choice of location Belgium Bredabaan (Merksem, Schoten) Kampenhout “Gouden Kruispunt” Retail Estates selects its Tielt-Winge properties based on objective criteria of which purchasing power is one Blegny (Liège) of the most important. Sint-Denijs-Westrem The heat map shows th
Slide 14: Purchasing power guides choice of location: The Netherlands
Purchasing power guides choice of location The Netherlands Retail Estates selects its properties based on objective criteria of which Cruquius purchasing power is one of the most important. Utrecht Rotterdam The heat map shows the average income per Middelburg Apeldoorn municipality in the Netherlan
Slide 15: Quality and diversification of tenants
Partner Quality and diversification of tenants of choice Geographical distribution Flanders (Belgium) 34.52% Wallonia (Belgium) 27.57% The Netherlands 37.91% Type of building Retail parks 77.00% Retail clusters 18.51% Individual 4.26% Other 0.23% Commercial activities of tenants Home improvement 58.
Slide 16: Quality and diversification of tenants: Top tenants
Partner Quality and diversification of tenants of choice Top tenants 6.1% Gilde Equity Management (Kwantum/Leen Bakker) 4.6% De Mandemakers Groep 81.0% 3.2% Maxeda (Brico / Praxis) Colruyt Group 2.8% Auchan Group 2.3% Others Based on rental income on 31 March 2025 16
Slide 17: Evolution of occupancy rate
Partner Evolution of occupancy rate of choice – Properties at prime location in high demand: reletting – Extensive retail market knowledge: know your customers 100.00% Current 99.00% occupancy rate 98.00% 97.00% 96.00% 97.26% 95.00% 94.00% 93.00% 92.00% 91.00% 90.00% 12-13 13-14 14-15 15-16 16-17 17
Slide 18: ESG
Retailcluster Sint- Denijs-Westrem Highlights Our portfolio ESG Financials Financing Outlook Appendix
Slide 19: ESG improvements in 2024-2025
ESG improvements in 2024-2025 Going forward after Omnibus – Develop a Robust Sustainability Framework (leveraging on the CSRD Framework) – Build further on a Credible & Actionable Continuing our Roadmap investments in – Financial Planning & Capex Forecasting solar panels Opportunity = substance over
Slide 20: Financials
Frunpark, Wetteren Highlights Our portfolio ESG Financials Financing Outlook Appendix
Slide 21: Key figures
Key figures EPRA earnings Net rental income Like-for-like EPRA earnings per share € 142.18 m +0.4% € 90.86 m € 6.21 Operational EPRA NTA Net debt / Debt ratio margin per share EBITDA 42.52% 80.41% € 80.87 7.65 21
Slide 22: Key figures
Key figures REAL ESTATE PORTFOLIO 31.03.2025 31.03.2024 31.03.2023 31.03.2022 31.03.2021 Number of properties 1,023 1,020 1,013 987 992 Total lettable area in m² 1,231,205 1,228,576 1,211,004 1,177,577 1,153,448 Estimated fair value (in €) 2,069,537,304 2,028,317,000 1,888,562,000 1,759,879,000 1,71
Slide 23: Consolidated income statement
Consolidated income statement INCOME STATEMENT (in € 000) 31.03.2025 31.03.2024 Rental income 143,414 139,533 Rental related expenses -1,238 -705 Net rental income 142,176 138,829 Recovery of property expenses Recovery of rental charges and taxes normally payable by tenants on let properties 15,531
Slide 24: Consolidated balance sheet: assets
Consolidated balance sheet ASSETS (in € 000) 31.03.2025 31.03.2024 Non-current assets 2,116,630 2,089,636 Goodwill Intangible non-current assets 8,697 8,874 Investment properties3 2,069,537 2,028,317 Other tangible non-current assets 6,163 6,450 Financial non-current assets 31,172 44,924 Financial i
Slide 25: Consolidated balance sheet: equity and liabilities
Consolidated balance sheet SHAREHOLDERS’ EQUITY AND LIABILITIES (in € 000) 31.03.2025 31.03.2024 Shareholders’ equity 1,230,021 1,174,361 Shareholders’ equity attributable to the shareholders of the parent company 1,221,040 1,167,356 Capital 322,499 315,035 Issue premiums 396,559 384,498 Reserves 39
Slide 26: EPRA Key Performance Indicators (KPIs)
EPRA Key Performance Indicators (KPIs) 31/3/2025 31/3/2024 (in € 000) € / share (in € 000) € / share EPRA earnings 90,859 6.21 88,366 6.18 EPRA NTA (Net Tangible Assets) 80.87 78.15 Closing share price 60.30 65.00 26
Slide 27: Financing
Woonboulevard Breda XXL Highlights Our portfolio ESG Financials Financing Outlook Appendix
Slide 28: Debt maturity
Debt maturity Overview debt maturity (in m€) €300m Average interest rate 2.08% €200m €100m Average debt €0m maturity FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 3.46 years Bank loans Bonds and alternative financing Commercial paper 28
Slide 29: Debt ratio
Debt ratio Debt ratio Evolution debt ratio 42.52% 55% 50% Net debt / EBITDA 42.52% 7.65 45% 40% 20-21 21-22 22-23 23-24 24-25 Investment capacity (debt rate max 45%) € 89.56 m 29
Slide 30: Hedging
Hedging Overview debt hedging (in %) 100% Hedge ratio 90% 80% 100.7% 70% 60% 50% 40% 30% 20% Interest cover 10% ratio (min 2) —% -10% 7.03 31/3/2025 31/3/2026 31/3/2027 31/3/2028 31/3/2029 Fixed rate debt Hedged floating rate debt Unhedged floating rate debt 30
Slide 31: Structure of debt
Structure of debt Structure of the financial debt Unused credit facilities 5% (excl. back-up for commercial paper) 22% € 163.16 m New or extended credit lines 74% € 220 m Funding with major banks Bond loans and alternative financing Commercial paper 31
Slide 32: Outlook
Be-MINE Boulevard, Beringen Highlights Our portfolio ESG Financials Financing Outlook Appendix
Slide 33: Outlook and guidance 2025-2026
Outlook and guidance 2025-2026 Net rental income € 146 m Net dividend per share Gross dividend per share € 3.64 € 5.20 33
Slide 34: Calendar
Calendar Ex-dividend date Monday 2 June 2025 Record date dividend Tuesday 3 June 2025 Dividend made available for payment Not yet known at this time Publication Annual report Monday 16 June 2025 General Assembly Tuesday 22 July 2025 Announcement first quarter results Monday 28 July 2025 2025-2026 An
Slide 35: Contact
Contact Jan De Nys Kara De Smet Chief Executive Officer Chief Finance Officer +32 2 568 10 20 +32 2 568 10 20 Jan.DeNys@retailestates.com Kara.DeSmet@retailestates.com Retail Estates was again included in the EPRA annual report survey and received a gold award for its financial reporting and a silve
Slide 36: Appendix
Alexandrium Megastores, Rotterdam Highlights Our portfolio ESG Financials Financing Outlook Appendix
Slide 37: Shareholder structure
Shareholder structure 9.2% 5.2% 35.0% 4.9% Nextensa AXA 4.5% FPIM / Belfius Blackrock 4.0% Vleterinvest 2.9% Degroof Petercam Asset Management Other institutionals Retail investors 34.4% 37
Slide 38: Growth portfolio Retail Estates between 1998 and 2025
Growth portfolio Retail Estates between 1998 and 2025 €2.0bn Entry in the Netherlands Fair value € 2,070 mln €1.5bn Retail Estates focuses on continuously strengthening the quality of its property and expanding its property portfolio €1.0bn €0.5bn €0.0bn ‘98 ‘99 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘
Slide 39: Growth portfolio Retail Estates between 1998 and 2025
Growth portfolio Retail Estates between 1998 and 2025 Entry in the Netherlands 1,250,000 m² Retail area 1,231,205 m² 1,000,000 m² Retail Estates expands its portfolio through acquisitions, project developments and optimisation of the property portfolio 750,000 m² 500,000 m² 250,000 m² 0 m² ‘98 ‘99 ‘
Slide 40: Retail Estates nv contact and disclaimer
Retail Estates nv Public BE-REIT Industrielaan 6 1740 Ternat (Belgium) T: +32 2 568 10 20 info@retailestates.com www.retailestates.com This presentation has been prepared by the management of Retail Estates NV, Belgian public real estate investment company (“Retail Estates” or the “Company”), solely