22/05/2026 - Annual results 2025-2026: Stable EPRA earnings and a strengthened balance sheet support further growth at Retail Estates

Periodic statement - regulated information Ternat, 22 May 2026, 7 a.m. CET

Announcement of annual results for the 2025-2026 financial year (period 01.04.2025 until 31.03.2026)

Net rental income of € 145.79 million (+2.54%).

EPRA result (Group)1 of € 91.90 million (+1.14% compared to 31 March 2025).

EPRA result per share (Group) of € 6.15 (compared to € 6.21 EUR on 31 March 2025) (based on the weighted average number of shares)2.

Slight increase of the fair value of the real estate portfolio to € 2,101.66 million (+1.55% compared to 31 March 2025).

EPRA NTA (attributable to the shareholders of the parent company) of € 83.41 (versus € 80.87 on 31 March 2025).

Continued sustainability improvements to the real estate portfolio with € 13.02 million invested in insulation and green energy.

Occupancy rate of 97.82% (versus 97.26% on 31 March 2025).

Debt ratio decreased to 40.39% (versus 42.52% on 31 March 2025).

First acquisition of a retail park in France (post-balance sheet date). This acquisition is in line with the property company's growth and internationalisation strategy.

USPP concluded (post-balance sheet date), enabling Retail Estates to strengthen its access to international capital markets and spread its financing risk across various sources and maturities.

Proposed dividend of € 5.20 gross per share.

Outlook for 2026-2027: net rental income of € 149 million and gross dividend of 5.25 EUR per share.

1 The EPRA earnings is calculated as follows: net result excluding changes in fair value of investment properties, exclusive the result on disposal of investment properties, exclusive other portfolio income, and exclusive changes in fair value of financial assets and liabilities, and excluding minority interests relating to the aforementioned elements

2 Taking into account the issue of 319,035 new shares as a result of the capital increase within the context of the optional interim dividend on 27 June 2025. The weighted average number of shares is 14,950,326.

Financial year 2025-2026 in a nutshell

Retail Estates (Euronext Brussels: RET), a specialist in the letting of out-of-town retail property in Belgium and the Netherlands, reported a slight increase in results for the 2025-2026 financial year compared with the previous financial year.

The Group's EPRA earnings (i.e. profit excluding portfolio gains and losses and changes in the fair value of financial assets and liabilities) rose to € 91.90 million, an increase of +1.14% compared with the same period last year

(€ 90.86 million). The past financial year 2025-2026 was the first in which Dutch taxes were paid in all quarters. This additional impact of € 1.98 million was largely offset.

On a per-share basis, this resulted in an EPRA earnings of € 6.15 compared to € 6.21 as at 31 March 2026. This represents a slight decrease compared to the previous financial year, mainly due to the issue of new shares in connection with the capital increase following the interim optional dividend in June 2025. The calculation of EPRA earnings per share takes into account the weighted average number of shares as at 31 March 2026, being 14,950,326 shares. Due to the issue of 319,035 new shares in connection with the capital increase following the interim optional dividend, the weighted average number of shares increased in 2025-2026. Based on the total number of shares entitled to dividend, the EPRA earnings amount to € 6.11 per share, compared with € 6.18 as at 31 March 2025.

The EPRA net tangible asset (NTA) value of the share (including the result for the past financial year, of which € 5.20 is proposed as a gross dividend) stood at € 83.41 on 31 March 2026, compared with € 80.87 on 31 March 2025.

In 2025-2026, the operating margin rose slightly to 80.97% (compared with 80.41% in the previous financial year). The operating margin reflects the profitability of the property portfolio without taking into account changes in property values, taxes, depreciation, financing costs and one-off items.

Rental income amounted to € 146.12 million (+1.89% compared with 31 March 2025) and increased by +2.0% on a like-for-like basis. The increase is mainly due to indexations of existing rents.

The occupancy rate rose to 97.82%. This high occupancy rate shows that tenants at Retail Estates locations continue to achieve good results and few shops are closing. Where this did happen, Retail Estates managed to re-let most properties quickly thanks to the quality of the locations. This was the case, for example, after Leen Bakker in Belgium and Carpetright in the Netherlands filed for bankruptcy. For a large number of the Belgian Leen Bakker shops concerned, the liquidator found a new tenant, meaning there was no loss of rent due to vacancy. In the Netherlands, seven of the eight Carpetright properties were re-let by Retail Estates at higher rents. Furthermore, the property company had reduced its exposure to several of these retail chains in recent years.

Retail Estates continues to invest in sustainability and has carried out roof and façade renovations on various properties and installed solar panels for a total sum of € 13.02 million. These investments are in line with the strategic objectives for sustainable investments and demonstrate that Retail Estates continues to take concrete steps to reduce the carbon footprint of its property portfolio. Furthermore, the property company is making space for electric vehicle charging points, which are being installed by external partners in the car parks of its retail properties.

In the 2025-2026 financial year, the value of the property portfolio increased again to € 2,101.66 million (+1.55% compared with 31 March 2025). This is mainly due to the positive revaluation of the existing property portfolio amounting to € 27.54 million. As at 31 March 2026, the property portfolio comprised 1,006 properties with a lettable area of 1,191,234 m². The modest increase in the value of the property portfolio is partly due to a catch-up in estimated rental values, which are now closer to the contractual rents.

Asset rotation

In 2025-2026, there was clearly more activity in the market for out-of-town retail property, with a significant increase in the number of transactions in Belgium and, to a lesser extent, in the Netherlands. In line with its strategy, Retail Estates focused primarily on asset rotation in both countries. In the Netherlands, the property company sold a residential mall in Veenendaal (€ 12 million) at the start of the financial year. On the other hand, it acquired three retail units in Woonmall Alexandrium in Rotterdam (Netherlands). With this purchase, Retail Estates increased its stake via Alex Invest to 49.52% of the voting rights in the co-ownership. In Belgium, Retail Estates sold a site in Zaventem as part of the widening of the Brussels Ring Road (€ 11.63 million). Retail Estates recorded a capital gain of € 1.19 million on this transaction. In addition, it sold the remaining retail units at the Keerdok site in Mechelen, properties in Sint-Martens-Latem, Jodoigne, Kuurne, Fléron and various smaller units at just above book value.

Growth through France

After the end of the financial year, Retail Estates acquired its first retail park in France: L'Oseraie in Osny (Val-d'Oise). This acquisition is in line with the property company's growth and internationalisation strategy. Following this initial acquisition in Île-de-France, Retail Estates will focus on investments on the outskirts of Paris and other major French cities.

Retail Estates pays close attention to renewing its current bank financing and hedging interest rate risks. Equity was strengthened by a capital increase of € 18.22 million in June 2025 and the retention of undistributed profits. As a result, the debt ratio remains low at 40.39% (compared to 42.52% as at 31 March 2025). Retail Estates retains an investment capacity of € 125 million, within the target debt ratio of 45% that it has set for itself. The average interest rate stood at 2.12% on 31 March 2026.

Following the end of the financial year, Retail Estates concluded a US Private Placement (USPP) with a US institutional investor for USD 150 million with a maximum term of 12 years. The terms will be determined at a later date. With this transaction, Retail Estates secures its access to financing to realise its growth plans. Furthermore, the property company is strengthening its access to international capital markets and spreading its financing risk across various sources and maturities.

The Board of Directors of Retail Estates will propose to the General Meeting of Shareholders, to be held on 20 July 2026, propose the payment of a gross dividend of € 5.20 (or € 3.64 net, i.e. the net dividend per share after deduction of 30% withholding tax) per share for the 2025-2026 financial year (which represents a share in the profit for the 2025-2026 financial year). The dividend will be paid in cash at the end of July 2026. In view of the available investment capacity and the objectives to safeguard earnings per share, an optional dividend will not be offered.

Outlook for the 2026-2027 financial year

The outlook described below has been drawn up on the basis of the information available as at 31 March 2026. The forecasts regarding net rental income and the dividend are projections, the actual realisation of which depends on developments in the economy, the financial markets and the property markets.

For the 2026-2027 financial year, on the basis of the planned composition of the real estate portfolio and barring unforeseen events, the company expects the net rental income to amount to € 149 million. This figure takes into account inflation of about 2.5%, and purchases and sales for which a sales contract was signed and investments that were tendered and for which the required permits were obtained.

Retail Estates aims at a gross dividend of € 5.25 (€ 3.675 net) for the 2026-2027 financial year (compared to € 5.20 in 2025-2026).

Operational activities

Investments - retail parks

Acquisition of shop unit in home decoration mall Woonmall Alexandrium (Rotterdam, the Netherlands)

In the first half of the financial year, Retail Estates purchased three retail units in Woonmall Alexandrium (Rotterdam, the Netherlands) for a total amount of € 5.1 million (including costs), slightly higher than the fair value (€ 4.7 million). The units were purchased through Alex Invest nv, a 50% subsidiary incorporated under Dutch law. With this purchase, Retail Estates increased its interest in the joint ownership to 49.52% of the voting rights through Alex Invest.

The home decoration mall Woonmall Alexandrium features 55 home decoration retail units spread over a surface area of approximately 60,000 m2. There are 900 parking spaces on the roof. The location can be reached perfectly by car as well as by train, the underground railway and by bus from the city of Rotterdam and the surrounding area.

The property was purchased by Alex Invest N.V., a company under Dutch law. The investment is funded by loans granted by Retail Estates (60%) and by a capital injection by Retail Estates and its partner Westpoort Alexandrium

B.V. (40%).

Westpoort Alexandrium B.V. is controlled by the Roobol family, who has acquired a 50 per cent participating interest in N.V. Alex Invest via a € 6 million capital increase.

Non-current assets under construction

On 31 March 2026 the total amount of the non-current assets under construction is € 19.54 million.

Non-current assets under construction - prospection (€ 12.92 million)

In 2014, Retail Estates acquired the retail park at Wetteren (Belgium) with 14 retail units and a gross retail area of 10,423 m². The retail park, which opened in 2008, is known as Frunpark Wetteren. It is very successful and attracts consumers from far and wide.

In 2016, Retail Estates acquired, by way of speculation, an adjacent plot of land with two SME properties (investment of approx. € 9 million). According to the Spatial Implementation Plan, a permit can in principle be obtained for retail properties destined for large-scale retail as well as for SME properties.

Retail Estates will build a home furnishings park as an extension of the existing retail park. In order to obtain planning permission, it became apparent that a mobility adjustment was required beforehand, for which there was no support from the wider community or local authorities. A solution was subsequently found in the form of a new entrance and exit, which resolves the mobility issues.

To this end, an alternative redevelopment scenario was drawn up whereby additional shops will be built alongside the existing retail park (5,000 m² for large-scale, high-volume retail), supplemented by the redevelopment of another section into an SME park. In the first half of the financial year, Retail Estates submitted a planning application for this. Retail Estates has no experience with SME projects and has found a partner to realise the SME park.

Non-current assets under construction - pre-development

There are no projects in pre-development within the consolidation perimeter. For more information about Kampenhout, please refer to Investments in associated companies.

Non-current assets under construction - development (€ 5.39 million)

In Denderleeuw (Belgium), Retail Estates has received a planning permission to replace two older retail properties by a new building, which will again house two retail properties. Work has started in the second half of 2025.

Completion is scheduled for the summer of 2026. The expected investment amounts to € 2.87 million. The total annual rent will amount to € 0.40 million.