Vastned Annual results 2024

Vastned Retail Belgium SICAFI

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Antwerp, 24 February 2025 - Vastned, a Belgian regulated real estate company, publishes its annual results for financial year 2024 in which it achieved an EPRA earnings of € 12.1 million. Vastned went through a transition in 2024 as a result of the reverse cross-border legal merger (the Merger) with Vastned Retail N.V. that was completed on 1 January 2025. As the press release reflects the situation as at 31 December 2024 and the Merger was completed only one day later, this press release includes the consolidated figures of the Belgian companies. However, in the subsequent events the pro-forma figures for financial year 2024 were shown as if the Merger had already occurred.

Vastned has prepared itself for the future in transition year 2024

• 2024 was a transition year for Vastned with the announcement and preparation of the reverse cross-border legal merger of Vastned Retail N.V. with and in Vastned Belgium NV. The Merger was completed on 1 January 2025 at 00:00 CET. At that time, the name was also changed from ‘Vastned Belgium’ to ‘Vastned’ and the company became the parent company of the Vastned group.

• Vastned maintains a high occupancy rate of 99.0% for the Belgian real estate portfolio and 98.7% across the Vastned group.

• Vastned assured its financing:
     – Refinancing of the existing credit lines worth € 125.0 million in January 2024 for the Belgian real estate portfolio; and
     – € 345.0 million in December 2024 for the entire Vastned group with respect to the Merger.

• Acquisition of retail properties in Louvain and Namur in order to strengthen the Belgian real estate portfolio.

• On 22 November 2024, Vastned paid an interim dividend of € 2.30 per share, which will be considered as a final dividend. The same applies to the interim dividend of € 1.70 paid by Vastned Retail on 6 December 2024.

2025: the year of confirmation

• For Vastned, 2025 will be a year of full integration of the organisation, adjustment of the group structure and confirmation of the defined objectives of the merger.

• For 2025, Vastned expects an all-in financing cost of approximately 3.2% and then stabilizes at approximately 3.9% from 2026.

• Vastned expects an EPRA earnings per share between € 1.95 and € 2.05 for 2025.

Full press release:

Attachment

• Vastned Annual results 2024