Retail Estates (RET) Q1 2027 earnings summary

Executive summary

• Net rental income rose 4.04% year-over-year to €37.85 million for Q1 2026-2027, driven by portfolio growth and stable occupancy.

• EPRA earnings increased 7.68% year-over-year to €24.13 million, with EPRA earnings per share up 5.92% to €1.61.

• The fair value of the real estate portfolio reached €2,137.45 million, up 1.70% from the previous quarter, reflecting new acquisitions and value appreciation.

• Occupancy rate remained high at 97.71%, nearly unchanged from the prior quarter.

• First investment in France completed with the acquisition of a fully let retail park in Osny for €29 million, supporting international growth strategy.

Financial highlights

• Net rental income increased by €1.47 million year-over-year, with like-for-like growth of 2.56%.

• EPRA NTA per share rose to €85.16 from €76.64 year-over-year.

• Net result improved to €17.59 million from €12.10 million year-over-year, reflecting higher rental income and positive fair value adjustments.

• Debt ratio decreased to 39.85% from 40.39% sequentially.

• Dividend guidance maintained at €5.25 gross per share.

Outlook and guidance

• Dividend expected to remain at €5.25 gross per share.

• Rising financing costs anticipated to temper EPRA earnings growth in coming quarters.

• Macroeconomic uncertainties limit visibility on fair value evolution of properties and hedging instruments.