Vastned · EURONEXT:VASTB
Vastned — Shareholder Meeting (April 2025)
54 slides from Vastned's shareholder meeting presentation, Apr 30, 2025
Slide 1: Ordinary Shareholders' Meeting Vastned
Ordinary Shareholders’ Meeting Vastned 30 April 2025 2.30 p.m. Paris – 29 Rue des Francs Bourgeois - Nespresso − 30 April 2025 Ordinary Shareholders’ Meeting 1
Slide 2: Agenda
Agenda Introduction by the Chairman of the Board of Directors 3 Key highlights 2024 4 Operational results – Vastned group 6 Financial results – Vastned group 10 Financing position 14 Reverse cross-border legal merger 16 Market situation: retail 18 Dividend 2024 21 Outlook 23 Resolutions Vastned NV 2
Slide 3: Introduction by the Chairman of the Board of Directors
Introduction by the Chairman of the Board of Directors Brugge – Steenstraat 80 – H&M − 30 April 2025 Ordinary Shareholders’ Meeting 3
Slide 4: Key highlights 2024
Key highlights 2024 Paris – 12 Rue des Francs-Bourgeois - Maje − 30 April 2025 Ordinary Shareholders’ Meeting 4
Slide 5: 2024 – a year of transition
2024 – a year of transition Relocation to new offices in Antwerp Obtain commitments for the refinancing of existing credit lines post-merger (€ 345.0 million) Acquisition of 2 retail Shareholders of properties in Louvain Vastned Retail N.V. & Namur and Vastned (Belgium) approve the cross- border leg
Slide 6: Operational results Vastned group
Operational results Vastned group Madrid – Calle José Ortega y Gasset 15 – Jimmy Choo − 30 April 2025 Ordinary Shareholders’ Meeting 6
Slide 7: Portfolio spanning four countries
Portfolio spanning four countries Netherlands France Belgium Spain Lille Antwerp 29 19 León 2 Leuven Amsterdam 5 4 Zwolle Paris Ghent 2 3 13 5 Madrid 3 39 4 Brussels 2 6 Utrecht 2 Liège 2 2 6 17 5 5 7 2 3 Lyon 3 Nijmegen 2 8 5 16 Málaga 3 2 Breda Nice Bordeaux 2 6 Maastricht # Number of assets (or 1
Slide 8: Rental activities
Rental activities Like-for-like 2024 2023 2022 Lease contracts Netherlands 1.7% 7.7% 7.2% 128 France 5.4% 9.0% 9.7% Belgium 0.1% 6.5% 5.3% Spain -13.8% 27.2% 12.7% Total 1.2% 8.6% 7.5% Like-for-like 1.2% New rent vs ERV 2024 Netherlands 7.5% France 7.7% Growth compared to ERV Belgium 6.7% 7.1% Spain
Slide 9: Investment property – valuation movements (like-for-like)
Investment property – valuation movements (like-for-like) Appraisal value (In million EUR) 31/12/2024 Movement 30/06/2024 Movement 31/12/2023 Netherlands 454.1 -0.4% 455.8 -0.9% 460.1 France 365.8 0.1% 365.4 -3.5% 378.7 Belgium 320.5 0.1% 320.2 0.4% 318.7 Spain 85.2 4.1% 81.8 3.0% 79.5 Total 1,225.6
Slide 10: Financial results Vastned group
Financial results Vastned group Antwerp – Leysstraat – Armani, Hairdis − 30 April 2025 Ordinary Shareholders’ Meeting 10
Slide 11: Key financials per 31 December 2024 (Belgium)
Key financials per 31 December 2024 (Belgium) In thousands EUR In EUR 2024 EPRA earnings / Rental income Property charges General expenses Net interest charges Net result EPRA earnings share 18,441 -2,132 -1,205 -3,160 10,642 12,103 2.38 2023 EPRA earnings / Rental income Property charges General ex
Slide 12: Key financials per 31 December 2024 (Pro-forma group)
Key financials per 31 December 2024 (Pro-forma group) In thousands EUR In EUR 2024 EPRA earnings / Rental income Property charges General expenses Net interest charges Net result EPRA earnings share 68,559 -8,113 -7,236 -17,631 -6,999 35,272 2.18 Based on 16,143,072 shares 2023 EPRA earnings / Renta
Slide 13: Key figures per share – pro forma statements
Key figures per share – pro forma statements 31 December 2024 Number of shares 19,469,032 Number of shares entitled to dividend 16,143,072 Net value (fair value) (€) 34.88 Net value (investment value) (€) 39.45 EPRA NRV (€) 40.53 EPRA NTA (€) 35.95 EPRA NDV (€) 35.03 Share price on closing date (€)
Slide 14: Financing position
Financing position Amsterdam - Ferdinand Bolstraat 120-126 − 30 April 2025 Ordinary Shareholders’ Meeting 14
Slide 15: Overview financing commitments
Overview financing commitments Financing for the period 2025-2030 Financing 2025-2030 in million EUR Credit commitment (€ 345 million) have been obtained in December 2024 for the refinancing of 200 180 the credit facilities that became due in 2025. 165 Credit contracts were signed in the course
Slide 16: Reverse cross-border legal merger
Reverse cross-border legal merger Amsterdam – P.C. Hooftstraat 50 - Burberry − 30 April 2025 Ordinary Shareholders’ Meeting 16
Slide 17: Simplified group structure
Simplified group structure Simplified current structure Simplified structure post reverse merger Current Vastned Current Vastned Minority Listed on Vastned Retail Retail Belgium shareholders Euronext Amsterdam shareholders shareholders 89% 11% Vastned Listed on Euronext Brussels 35% 65% 100% 100% &
Slide 18: Market situation Retail
Market situation Retail Bordeaux – 60 Cours de l’Intendance – Louis Vuitton − 30 April 2025 Ordinary Shareholders’ Meeting 18
Slide 19: Market situation – retail renaissance?
Market situation – retail renaissance? Location is key Secondary or less desirable locations are expected to face ongoing challenges: higher vacancy rates and lower rental prices. Customer experience Physical stores are once again central to retail strategies, acting as hubs to enhance the customer
Slide 20: Market situation – retail renaissance?
Market situation – retail renaissance? Yield decompression ended? Repricing appears to have stabilised, with prime yields remaining steady and no further depreciation expected for prime assets Be cautious for bankruptcies Inflation remains high, which might put additional pressure on profitability o
Slide 21: Dividend 2024
Dividend 2024 Bruges – Steenstraat 38 – Massimo Dutti − 30 April 2025 Ordinary Shareholders’ Meeting 21
Slide 22: Dividend 2024
Dividend 2024 Interim-dividend Payment date FINAL € 2.30 22 November 2024 Interim-dividend Payment date € 1.70 6 December 2024 Intermediary dividend Payment date € 1.00 7 January 2025 − 30 April 2025 Ordinary Shareholders’ Meeting 22
Slide 23: Outlook
Outlook Antwerp – Steenhouwersvest 44/48 – Pain Quotidien − 30 April 2025 Ordinary Shareholders’ Meeting 23
Slide 24: Outlook
Outlook Abolishment FII in the Netherlands Operational synergies € 2.6 million tax expense € 2.0 million - € 2.5 million Interest rate 2025 Operational excellence Approximately 3.2% Integrated approach cross-border EPRA result € 1.95 - € 2.05 − 30 April 2025 Ordinary Shareholders’ Meeting 24
Slide 25: Presentation report EY – Vastned NV
Presentation report EY – Vastned NV Antwerp – Meir 99 – Etam − 30 April 2025 Ordinary Shareholders’ Meeting 25
Slide 26: Presentation report Deloitte Vastned Retail N.V.
Presentation report Deloitte Vastned Retail N.V. The Hague – Wagenstraat 3 – JD Sports − 30 April 2025 Ordinary Shareholders’ Meeting 26
Slide 27: Resolutions Vastned NV
Resolutions Vastned NV Utrecht – Oudegracht 161 – Kruidvat − 30 April 2025 Ordinary Shareholders’ Meeting 27
Slide 28: Resolutions: annual accounts and annual report acknowledgement
Resolutions Ordinary Shareholders’ Meeting 1.1. Acknowledgement and discussion of the annual and consolidated annual accounts of Vastned NV as per 31 December 2024, the annual report of the Board of Directors of Vastned NV (including the remuneration report) relating to the annual and consolidated a
Slide 29: Resolutions: statutory auditor report acknowledgement
Resolutions Ordinary Shareholders’ Meeting 1.2. Acknowledgement and discussion of the report of the statutory auditor of Vastned NV regarding the aforementioned annual accounts As this is a mere acknowledgment, no proposal of resolution is included. − 30 April 2025 Ordinary Shareholders’ Meeting 29
Slide 30: Resolutions: approval of annual accounts
Resolutions Ordinary Shareholders’ Meeting 1.3. Approval of Vastned NV’s annual accounts for the financial year ended on 31 December 2024 Proposed resolution: The general meeting decides to approve the annual accounts relating to the financial year ended on 31 December 2024. − 30 April 2025 Ordinary
Slide 31: Resolutions: allocation of the result
Resolutions Ordinary Shareholders’ Meeting 1.4. Approval of the allocation of the result for the financial year ended on 31 December 2024 Proposed resolution: The general meeting decides not to grant a dividend, taking into account the interim dividend granted by the Board of Directors and paid on 2
Slide 32: Resolutions: approval of remuneration report
Resolutions Ordinary Shareholders’ Meeting 1.5. Approval of the remuneration report for the financial year ended on 31 December 2024 Proposed resolution: The general meeting decides to approve the remuneration report, part of the corporate - governance statement in the annual report, for the financi
Slide 33: Resolutions: discharge to the directors
Resolutions Ordinary Shareholders’ Meeting 1.6. Discharge to the directors of Vastned NV Proposed resolution: The general meeting decides, by separate vote, to grant discharge to the directors of Vastned NV, who were in office during the 2024 financial year, for the execution of their mandate during
Slide 34: Resolutions: discharge to the statutory auditor
Resolutions Ordinary Shareholders’ Meeting 1.7. Discharge to the statutory auditor of Vastned NV Proposed resolution: The general meeting decides to grant discharge to the statutory auditor of Vastned NV and its permanent representative for the execution of the statutory auditor's mandate during the
Slide 35: Resolutions: reappointment of statutory auditor
Resolutions Ordinary Shareholders’ Meeting 1.8. Reappointment of the Company's statutory auditor for the statutory audit of the Company's annual accounts Proposed resolution: The general meeting decides to appoint Ernst & Young Bedrijfsrevisoren/Réviseurs d'Entreprises BV/SRL, represented by Christo
Slide 36: Resolutions: statutory auditor remuneration
Resolutions Ordinary Shareholders’ Meeting 1.9. Determination of the statutory auditor's annual remuneration for the statutory audit of the annual accounts Proposed resolution: The general meeting decides to set the statutory auditor's remuneration for the statutory audit of the annual accounts at E
Slide 37: Resolutions: revised remuneration policy
Resolutions Ordinary Shareholders’ Meeting 1.10. Approval of the Company's revised remuneration policy Proposed resolution: The general meeting decides to approve the revised remuneration policy. − 30 April 2025 Ordinary Shareholders’ Meeting 37
Slide 38: Resolutions: one-off payment per independent director
Resolutions Ordinary Shareholders’ Meeting 1.11. Approval of an additional one-off payment of EUR 25,000 per independent director for the financial year ended on 31 December 2024 Proposed resolution: The general meeting decides to approve an additional one-off fee of EUR 25,000 per independent direc
Slide 39: Resolutions: authorisation to use treasury shares
Resolutions Ordinary Shareholders’ Meeting 1.12. Authorisation to the Board of Directors to use a limited number of treasury shares in the framework of the revised remuneration policy Proposed resolution: The general meeting decides to authorise the Board of Directors to allocate up to a maximum of
Slide 40: Resolutions Vastned Retail N.V.
Resolutions Vastned Retail N.V. Utrecht – Oudegracht 136 – McDonald's − 30 April 2025 Ordinary Shareholders’ Meeting 40
Slide 41: Resolutions: Vastned Retail N.V. annual accounts acknowledgment
Resolutions Ordinary Shareholders’ Meeting 2.1. Acknowledgment and discussion of the annual accounts of Vastned Retail N.V. as per 31 December 2024 Proposed resolution: As this is a mere acknowlegdment, no proposal of resolution is included. − 30 April 2025 Ordinary Shareholders’ Meeting 41
Slide 42: Resolutions: approval of Vastned Retail N.V. annual accounts
Resolutions Ordinary Shareholders’ Meeting 2.2. Approval of the annual accounts of Vastned Retail N.V. for the financial year ended on 31 December 2024 Proposed resolution: The general meeting decides to approve the annual accounts of Vastned Retail N.V. for the financial year ended on 31 December 2
Slide 43: Resolutions: discharge to directors of Vastned Retail N.V.
Resolutions Ordinary Shareholders’ Meeting 2.3. Discharge to the directors of Vastned Retail N.V. Proposed resolution: The general meeting decides, by separate vote, to grant discharge to the directors of Vastned Retail N.V., who were in office during the 2024 financial year, for the execution of th
Slide 44: Resolutions: discharge to supervisory board members
Resolutions Ordinary Shareholders’ Meeting 2.4. Discharge to the members of the supervisory board of Vastned Retail N.V. Proposed resolution: The general meeting decides, by separate vote, to grant discharge to the members of the supervisory board of Vastned Retail N.V., who were in office during th
Slide 45: Resolutions Vastned Retail Nederland B.V.
Resolutions Vastned Retail Nederland B.V. Amsterdam – PC Hooftstraat 46 - 501 – Burberry & Mulberry − 30 April 2025 Ordinary Shareholders’ Meeting 45
Slide 46: Resolutions: Vastned Retail Nederland annual accounts acknowledgment
Resolutions Ordinary Shareholders’ Meeting 3.1. Acknowledgment and discussion of the annual accounts of Vastned Retail Nederland B.V. as per 31 December 2024 Proposed resolution: As this is a mere acknowlegdment, no proposal of resolution is included. − 30 April 2025 Ordinary Shareholders’ Meeting 4
Slide 47: Resolutions: approval of Vastned Retail Nederland annual accounts
Resolutions Ordinary Shareholders’ Meeting 3.2. Approval of the annual accounts of Vastned Retail Nederland B.V. for the financial year ended on 31 December 2024 Proposed resolution: The general meeting decides to approve the annual accounts of Vastned Retail Nederland B.V. for the financial year en
Slide 48: Resolutions: discharge to directors of Vastned Retail Nederland
Resolutions Ordinary Shareholders’ Meeting 3.3. Discharge to the directors of Vastned Retail Nederland B.V. Proposed resolution: The general meeting decides, by separate vote, to grant discharge to the directors of Vastned Retail Nederland B.V., who were in office during the 2024 financial year, for
Slide 49: Resolutions Vastned Retail Monumenten B.V.
Resolutions Vastned Retail Monumenten B.V. Amsterdam – Leidsestraat 2 – Amsterdam Cheese Company − 30 April 2025 Ordinary Shareholders’ Meeting 49
Slide 50: Resolutions: Vastned Retail Monumenten annual accounts acknowledgment
Resolutions Ordinary Shareholders’ Meeting 3.4. Acknowledgment and discussion of the annual accounts of Vastned Retail Monumenten B.V. as per 31 December 2024 Proposed resolution: As this is a mere acknowlegdment, no proposal of resolution is included. − 30 April 2025 Ordinary Shareholders’ Meeting
Slide 51: Resolutions: approval of Vastned Retail Monumenten annual accounts
Resolutions Ordinary Shareholders’ Meeting 3.5. Approval of the annual accounts of Vastned Retail Monumenten B.V. for the financial year ended on 31 December 2024 Proposed resolution: The general meeting decides to approve the annual accounts of Vastned Retail Monumenten B.V. for the financial year
Slide 52: Resolutions: discharge to directors of Vastned Retail Monumenten
Resolutions Ordinary Shareholders’ Meeting 3.6. Discharge to the directors of Vastned Retail Monumenten B.V. Proposed resolution: The general meeting decides, by separate vote, to grant discharge to the directors of Vastned Retail Monumenten B.V., who were in office during the 2024 financial year, f
Slide 53: Disclaimer
Disclaimer This presentation is not to be considered as an incentive to invest or as an offer to acquire or sell Vastned NV shares. This presentation is for information purposes only. The information is subject to any additions, updates, revisions, or other changes and may undergo substantial amendm
Slide 54: Vastned NV contact details
Vastned NV Generaal Lemanstraat 61 2018 Antwerpen +32 33 61 05 90 Vastned NV info@vastned.be www.vastned.be Generaal Lemanstraat 61 2018 Antwerpen info@vastned.be www.vastned.be − 30 April 2025 Ordinary Shareholders’ Meeting 54