Vastned · EURONEXT:VASTB
Vastned — H1 2025 Earnings Presentation
21 slides from Vastned's earnings presentation, Jul 29, 2025
Slide 1: Half Year Results 2025
Vastned Half Year Results 2025 29 July 2025 Paris – 29 Rue des Francs Bourgeois - Nespresso 29 July 2025 Half Year Results 2025 1
Slide 2: Agenda
Agenda Operational results 3 Financial results 7 Financing position 11 Reverse cross-border legal merger 14 Retail real estate market 16 Outlook 19 Gent – Zonnestraat 6/8 – AS Adventure 29 July 2025 Half Year Results 2025 2
Slide 3: Operational results
Operational results Madrid – Calle José Ortega y Gasset 15 – Jimmy Choo 29 July 2025 Half Year Results 2025 3
Slide 4: 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 5: Rental activities
Rental activities Like-for-like 30/06/2025 30/06/2024 Lease contracts Netherlands 0.9% 2.0% 59 France 5.0% 7.9% Belgium -0.3% 2.0% Spain 16.2% -6.1% Total 2.3% 2.9% Like-for-like 2,3% New rent vs ERV* 30/06/2025 31/12/2024 Netherlands 2.0% 7.5% France 16.0% 7.7% Growth compared to ERV Belgium 3.7% 6
Slide 6: Investment property – valuation movements (like-for-like)
Investment property – valuation movements (like-for-like) Appraisal value (In million EUR) 30/06/2025 Movement 31/12/2024 Movement 31/12/2023 Netherlands 458.5 1.0% 454.1 -0.9% 460.1 France 371.7 1.6% 365.8 -3.5% 378.7 Belgium 334.3 1.0% 330.9 3.8% 318.7 Spain 91.3 7.2% 85.2 7.2% 79.5 Total 1,225.8
Slide 7: Financial results
Financial results Antwerp – Leysstraat – Armani, Hairdis 29 July 2025 Half Year Results 2025 7
Slide 8: Key financials per 30 June 2025
Key financials per 30 June 2025 In thousands EUR In EUR 2025 EPRA earnings / Rental income Property charges General expenses Net interest charges Net result EPRA earnings share 33,628 -4,992 -2,355 -7,854 26,198 16,936 1.05 Based on 16,151,514 shares 2024* EPRA earnings / Rental income Property char
Slide 9: Key financial figures – Vastned group
Key financial figures – Vastned group (in thousands) 2025 2024 Movement Net rental income Net rental income 33,567 35,135 Net rental income has been impacted by the divestments that took place in the course of -1,568 2024 (impact of € -2.3 million), partially offset by the indexation of rental incom
Slide 10: Key figures per share
Key figures per share 30 June 2025 31 December 2024 Number of shares 19,469,032 19,469,032 Number of shares entitled to dividend 16,151,514 16,143,072 Net value (fair value) (€) 36.07 34.88 Net value (investment value) (€) 40.75 39.45 EPRA NRV (€) 42.15 40.53 EPRA NTA (€) 37.47 35.95 EPRA NDV (€) 36
Slide 11: Financing position
Financing position Amsterdam - Ferdinand Bolstraat 120-126 29 July 2025 Half Year Results 2025 11
Slide 12: Financing situation per June 2025
Financing situation per 30 June 2025 Financing 2025-2030 Financing for the period 2025-2030 250 225 Credit commitment : 200 € 345 million obtained in December 2024 165 € 325 million was signed in Q1 2025 and € 20 million in Q2 2025. 150 € 50 million additional credit facility signed in July
Slide 13: Overview hedging contracts
Overview hedging contracts IRS – maturity dates (incl. forward staring IRS) 200 180 180 160 150 140 120 100 80 75 80 60 40 15 20 0 2025 2026 2027 2028 2029 2030 Hedging for the period 2025-2030 € 395 million of active interest rate swaps. € 105 million forward starting interest rate swaps in Sep
Slide 14: Reverse cross-border legal merger
Reverse cross-border legal merger Amsterdam – P.C. Hooftstraat 50 - Burberry 29 July 2025 Half Year Results 2025 14
Slide 15: Reverse cross-border legal merger – status
Reverse cross-border legal merger – status Organizational simplification Operational synergies One listed entity, one management and a Achieved savings of € 0.4 million in general simplified governance. expenses and € 0.4 million in property charges. One-off post-Mergers costs recognized in 2025 for
Slide 16: Retail real estate market
Retail real estate market Bordeaux – 60 Cours de l’Intendance – Louis Vuitton 29 July 2025 Half Year Results 2025 16
Slide 17: Retail real estate market
Retail real estate market Omnichannel Pure online retailers are opening brick-and- mortar stores on prime locations in order to enhance the brand experience. Growth of e-commerce stabilized. Investment market The price discrepancy between and supply and (institutional) demand remains at this moment
Slide 18: Retail real estate market
Retail real estate market Geopolitical instability Geopolitical instability combined with high volatility in trade policy is contributing to uncertainties in the economic landscape. Be cautious for bankruptcies Impact of trade tariffs might put pressure on profitability of retailers and increase the
Slide 19: Outlook
Outlook Antwerp – Steenhouwersvest 44/48 – Pain Quotidien 29 July 2025 Half Year Results 2025 19
Slide 20: Outlook
Outlook Abolishment FII in the Netherlands Operational synergies € 2.1 million tax expense € 2.0 million - € 2.5 million Interest rate 2025 Operational excellence Approximately 3.2% Integrated approach cross-border EPRA result increased Dividend outlook € 2.00 - € 2.10 € 1.70 29 July 2025 Half Year
Slide 21: Vastned NV
Vastned VastnedNV NV Generaal Lemanstraat 61 Generaal Lemanstraat 61 2018 Antwerpen 2018 Antwerpen +32 3 361 05 90 info@vastned.be info@vastned.be www.vastned.be www.vastned.be 29 July 2025 Half Year Results 2025 21