Earnings release
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Press release Regulated information / embargo until 27 October 2025, 6.00 pm Antwerp, 27 October 2025 ✔ Fair value of real estate portfolio increases by € 26.4 million (+ 2.1% compared to 31 December 2024 – pro forma1 ). ✔ The occupancy rate of 98.6% remains at a stable and high level. ✔ EPRA earnings of € 1.67 per share for the first nine (9) months of 2025. ✔ The debt ratio (EPRA LTV) is 39.9%, compared to 42.5% per 31 December 2024 (pro forma). This implies that Vastned achieved its target of an EPRA LTV below 40.0%. ✔ The past months, Vastned has continued to work on realizing the targeted synergies. By closely monitoring costs, Vastned can further increase its forecast for the EPRA earnings per share from € 2.00 – € 2.10 to € 2.10 – € 2.20. ✔ Due to the increase in the expected EPRA earnings per share, Vastned’s board of directors is raising the dividend outlook from € 1.70 to € 1.80 gross per share for the financial year 2025. ✔ Vastned obtains the SOCIMI status for its Spanish subsidiary. Vastned remains on track to achieve its stated objectives 1) TheproformafinancialinformationhasbeenpreparedinaccordancewithDelegatedRegulation2019/980topresenttheimpactoftheMerger(whereby VastnedRetailN.V .mergedwithandintoVastnedNV)onthefinancialinformationasiftheMergerhadalreadytakenplaceinthecomparablepriorperiod. 1 / 8
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Press release Regulated information / embargo until 27 October 2025, 6.00 pm Antwerp, 27 October 2025 Explanatory note: On1January2025,VastnedNVsuccessfullycompletedthereversecross-borderlegalmerger withVastnedRetailN.V .(referredtoasthe‘Merger’).Fromthatmomenton,VastnedNVnolongeronlycarries outitsactivitiesinBelgium,butalsointheNetherlands,FranceandSpain.AsaresultofthisMergerthefinancial resultsarenotdirectlycomparabletothoseofthepreviousfinancialyear.Therefore,VastnedNVhasoptedto useunauditedproformafiguresatthegrouplevelasacomparablebasisfordiscussingthefinancialresultsofthe financialyear2024throughoutthispressrelease. 1. Real estate activities over the first nine months of 2025 1.1. Rental income Rentalincomeamountedto€ 50.5millionforthefirstnine monthsofthefinancialyear,comparedto€ 51.9millionfor thesameperiodlastfinancialyear.Grossrentalincome increasedby2.1%onalike-for-likebasis.Thisincrease istheresultoftheindexationofrentalincomeandlease renewalsatimprovedterms.Theincreaseemphasizesthe resilienceoftherealestateportfolioandthegoodlocation oftheretailproperties. Inabsoluteterms,thedecreaseinrentalincomeismainly duetothedivestmentprogramcarriedoutprimarilyinthe Netherlandsin2024. 1.2. Fair value of real estate portfolio Thefairvalueoftherealestateportfolio(includingIFRS16right-of-useassets)amountsto€ 1,262.4million,which representsanincreaseof€ 26.4million(2.1%)comparedtothefairvalueper31December2024(€ 1,236.0million). Thefairvalueasof30September2025correspondstothefairvaluedeterminedbytheindependentvaluationexperts,who carryoutavaluationoftheentirerealestateportfolioonaquarterlybasisinaccordancewiththeBE-REITregulations. Portfolio breakdown by country 2 Fairvalue 30September2025 (in€million) Fairvalue 31December2024 (in€million) Movement (in€million) Movement (in%) Netherlands 462.9 454.1 8.8 1.9 France 372.9 365.8 7.1 1.9 Belgium 334.4 330.9 3.5 1.1 Spain 92.2 85.2 7. 0 8.2 TOTAL 1,262.4 1,236.0 26.4 2.1 2) IncludingassetsheldforsaleandIFRS16right-of-useassets. 2 / 8
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Press release Regulated information / embargo until 27 October 2025, 6.00 pm Antwerp, 27 October 2025 Theincreaseintherealestateportfolio(€ 26.4million)is thecombinedeffectof: • Increaseinthefairvalueofinvestmentproperties (€ 19.5million).TheIncreaseisrelativelystrongestin Spainduetothedemandforhigh-qualityretailproperties. Inthethree(3)othercountries,thisincreaseismainly duetoafurtherimprovementofthecapitalizationrates (yields). • Investmentsintheexistingrealestateportfolio (€ 7 .6million).Theseinvestmentsmainlyrelateto redevelopmentprojectsandsustainabilityinvestments. Oftheseinvestments,€ 1.3millionwasreclassifiedfrom projectdevelopments(alreadyprocessedinprevious financialyears). • SaleofparkinglotsinNamur(€ -0.6million). • ImpairmentofIFRS16right-of-useassets(€ -0.1million). 1.3. Redevelopments within the real estate portfolio Vastnedcontinuestoactivelyinvestigateredevelopmentopportunitieswithinitsrealestateportfoliotocreateadditional shareholdervalue.Attheendofthethirdquarterof2025,thefollowingredevelopmentprojectsareinprogress: • Utrecht (Netherlands):Vastnediscurrentlydeveloping residentialapartmentsontheupperfloorsofthe propertieslocatedatSteenweg31-33andOudegracht 153-159.Thisprojecthasapotentialofsixteen(16) apartmentsandisdividedintofour(4)phases.Inthefirst phase,four(4)apartmentswerecreatedandtheexisting retailunitlocatedatSteenweg31-35wasoptimized.This phasewascompletedinJuly2025andallunitshave beenleasednow. Thesecondphaseconsistsofthedevelopmentofsix (6) newapartmentsandtheoptimizationoftwo(2)retail unitsatOudegracht153-159.Thisphasewasinitiatedat theendofthesecondquarter.Thetwo(2)retailunits willbedeliveredbeforetheendoftheyear,whilethe six (6)newapartmentswillbedeliveredbytheendof thefirstquarterof2026.Thethirdandfourthphasesare scheduledtocommencelateron,assoonasVastnedis abletorequestthenecessarypermits. • Brussels (Belgium): Vastnedobtainedthepermitin 2024forthedevelopmentofthree(3)apartmentsonthe upperfloorsforthepropertylocatedat98RueNeuve, wherebytheexistingretailunitisalsooptimized.The redevelopmentwillbecompletedinthefirsthalfof2026, withtheretailunitbeingdeliveredfirst. Inaddition,inJune2025,Vastnedsubmittedapermit applicationfortheredevelopmentoftheupperfloors ofthepropertylocatedatElsensesteenweg41-43in Brussels.Advancednegotiationsareongoingforthe signingofalong-termleaseholdagreementwitha gym-&wellnessclub. • Namur (Belgium): Inthefirsthalfof2025,Vastned startedtheredevelopmentoftheGalerieJardin d’Harscampwiththeaimofcreatingone(1)largeretail unitconsistingofthevacantretailunitsandtheunlettable corridor.Theworkwillbecompletedduringthefourth quarter. Inthecomingmonths,Vastnedwillcontinuetoinvestigate theremainingredevelopmentopportunities. 3 / 8
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Press release Regulated information / embargo until 27 October 2025, 6.00 pm Antwerp, 27 October 2025 1.4. Occupancy rate 3 Theoccupancyrateremainsat98.6%atahighandstablelevel. Occupancy rate per country 30September2025 31December2024 Netherlands 98.8% 9 7. 6 % France 9 7. 3 % 99.7% Belgium 99.4% 99.0% Spain 100.0% 100.0% TOTAL 98.6% 98.7% Inthefirstninemonthsof2025,aslightdeclineof -0.1%wasobservedintheoccupancyratecomparedto December2024.Thisdeclineisexplainedasfollows: • IntheNetherlands,theoccupancyrateincreased duetothesigningofnewleaseagreementsforretail propertieslocatedinAmsterdam(Leidsestraat64–66 andHeiligeweg 37),aswellasaretailunitinUtrecht (Vredenburg9A). • InFrance,theoccupancyratedecreasedcomparedto December2024followingtwobankruptcies. • InBelgiumandSpain,theoccupancyrateremainedstable comparedtothepreviousfinancialyear. Whendeterminingtheoccupancyrate,project developmentswithintherealestateportfoliowerenottaken intoaccount,astheseunitsarenotavailableforleasing. 3) Theoccupancyrateiscalculatedbydividingthecontractualrentbythetheoreticalrent. 4 / 8
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Press release Regulated information / embargo until 27 October 2025, 6.00 pm Antwerp, 27 October 2025 2. Financial results over the first nine months of 2025 2.1 Net result Overthefirstninemonthsof2025,Vastnedrealizedanet resultof€ 36.3millioncomparedto€ -6.2millioninthe sameperiodlastyear.Thenetresultpersharetherefore amountsto€ 2.25forthefirstninemonthsof2025.This increaseismainlydueto: • Apositiverevaluationofinvestmentproperties (€ 19.4 million)fortheentireportfolio.Inthecomparable periodofthepreviousfinancialyear,adecreaseof € -15.8millionwasrecorded. • Adecreaseinpropertychargesandgeneralexpensesof € 1.6millioninthefirstninemonthsof2025comparedto thesameperiodlastfinancialyear. • Adecreaseinthefinancialresultof€ 2.9milliondue toachangeinthefairvalueoffinancialinstruments (€ 2.1million)andadecreaseinnetinterestcharges (€ 0.8million). • Finally,aprovisionfordeferredtaxesof€ 11.5million wasrecognizedinthepreviousfinancialyeardueto thereinvestmentobligationresultingfromthesaleof theRokinPlazabuilding.Deferredtaxesinthecurrent financialyearrelatetomovementsintheprovisionfor deferredtaxesonchangesinthevalueofrealestate portfolioandthebranchtaxinFrance. 2.2 EPRA earnings TheEPRAearningsamountto€ 27 .0millionforthefirst ninemonthsof2025(€ 1.67pershare)comparedto € 27 .2 millioninthecomparableperiodoftheprevious financialyear.ThestableEPRAearningsaretheresult ofaclearfocusonrealizingsynergies(€ 1.6millionfor thefirstninemonthsof2025)andanoptimizationofthe organizationalstructure.Theseoptimizationspreparethe organizationforthefutureandoffsetthedeclineinnet rentalincome(duetothedivestmentprogramin2024)and thechangesintaxregimes. 2.3 Information per share Information per share 30September2025 31December2024 Numberofshares 19,469,032 19,469,032 Numberofsharesentitledtodividends 16,151,514 16,143,072 Netvalue(fairvalue)(€) 36.59 34.88 EPRANTA(€) 38.07 35.95 Sharepriceonclosingdate(€) 30.00 27 .60 Premium(+)/Discount(-)withregardtonetfairvalue(%) -18.0 -20.9 Debtratio(%)accordingtoBE-REITschedule 40.3 42.9 EPRAL TV(%) 39.9 42.5 Thenetvalue(fairvalue)oftheVastnedshareamountsto€ 36.59per30September2025,comparedto€ 34.88per 31 December2024.GiventhatthesharepriceofVastned(VASTB)was€ 30.00asper30September2025,thesharewas listedatadiscountof-18.0%toitsnetvalue(fairvalue). 5 / 8
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Press release Regulated information / embargo until 27 October 2025, 6.00 pm Antwerp, 27 October 2025 2.4 Financial structure of Vastned Vastned’sdebtratio–calculatedinaccordancewith BE-REITregulations–was40.3%asper30September 2025anddecreasedby-2.6%comparedto31 December 2024(42.9%).Thisdecreasewas,ontheonehand,dueto arepaymentofexistingcreditlinesand,ontheotherhand, duetoanincreaseinthefairvalueofinvestmentproperties. On31December2024,Vastnedhadalreadypaidthe dividendsforthe2024financialyear,meaningthesewere alreadyincludedinthedebtratio. TheEPRAL TVwas39.9%comparedto42.5%on 31 December2024.ThisimpliesthatVastnedachieved itstargetofanEPRAL TVbelow40.0%. Thefinancialstructurecanbesummarisedasfollows: • Withdrawnfinancialdebt(excludingleaseobligations): € 501.6million. • Undrawncreditlinesfor€ 83.4million. • Weightedaveragematurityofthecreditfacilities: 2.8 years.Ifwetakeintoaccountextensionoptionsona numberofcreditlines,theaveragematurityincreasedto 3.2years. • Averageinterestrateforthefirstninemonthsof2025: 3.05%includingbankmargins. • Fairvalueoffinancialderivatives:€ -0.2million. • 79.8%ofthewithdrawncreditlinesarefixedthrough interestrateswapsorfixedinterestrates,while20.2% hasavariableinterestrate.Ofthetotalavailablecredit lines,68.4%isfixed. • Interestcoverratio:3.4. 2.5 Taxation – SOCIMI VastnedhasappliedfortheSOCIMIstatusforitsSpanishsubsidiary.Theapplicationwassubmittedbeforetheendof September2025,meaningthattheSpanishsubsidiarywillbenefitfromtheSOCIMIstatusasof1January2025.ASOCIMI hasafavorabletaxregimecomparabletootherforeignREITregimes.Thetransitionfromthenormaltaxregimetothe favorabletaxregimeinSpainwillfurtherincreasethereturnontheSpanishrealestateportfolio.Theapplicationofthis regimehasadirectimpactontheEPRAearningsamounting€ 0.2million. 6 / 8
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Press release Regulated information / embargo until 27 October 2025, 6.00 pm Antwerp, 27 October 2025 3. Outlook Vastnedremainsontracktoachieveitsobjectives. Significantcostsavingshavealreadybeenrealized inrecentmonthsandVastnedwillcontinuetofocus onachievingthetargetedoperationalsynergiesof € 2.0 millionto€ 2.5millionperyearinthecomingmonths. Furthermore,theSOCIMIstatushasbeenobtained,which willslightlyincreasethereturnontheSpanishrealestate portfolioandtheEPRAearningspershare.Finally,withthe EPRAL TVbelow40%,Vastnedcanpresentasolidbalance sheetstructurethatpreparesthecompanyforthefuture. Asaresultofthisstrongperformance,Vastnedis raisingitsoutlookfortheEPRAearningspersharefrom € 2.00 – € 2.10to€ 2.10–€ 2.20.TheincreaseinEPRA earningspersharemeansthatVastnedcanraiseits dividendoutlookforthe2025financialyearfrom€ 1.70to € 1.80grosspershare. Vastnedemphasizesthattherearestilluncertaintiesinthe economyduetothecombinationofgeopoliticalinstability andhighvolatilityintradepolicy.However,inthecoming months,Vastnedwillcloselymonitortheimpactonthe economy,particularlyfocusingonconsumerconfidence andtenantactivity.Duetothisvolatility,Vastnedisunable topredictchangesinthefairvalueofitspropertiesorthe fluctuationsinthefairvalueofinterestrateswaps. 7 / 8
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Press release Regulated information / embargo until 27 October 2025, 6.00 pm Antwerp, 27 October 2025 4. Financial calendar Disclaimer OnlytheDutchversionisvalid.Thisversionisforinformationpurposes. For more information, please contact: VASTNED NV investorrelations@vastned.be Chief Executive Officer SvenBosman +3233610590 Chief Financial Officer BarbaraGheysen +3233610590 About the Vastned Group TheVastnedgroupcomprisesaBelgianpublicregulatedrealestatecompany(EuronextBrusselsandEuronextAmsterdam:VASTB)andits(directorindirect) subsidiariesinBelgium,theNetherlands,FranceandSpain.TheVastnedgroupfocusesonthebestpropertiesinthepopularshoppingareasofselectedEuropean citieswithahistoriccitycentrewhereshopping,living,workingandleisuremeet.TherealestateclustersoftheVastnedgrouphaveastrongtenantmixof internationalandnationalretailers,food&beverageentrepreneurs,residentialtenantsandofficetenants. Forward-looking statements Thispressreleasecontains,amongotherthings,outlooks,forecasts,opinionsandestimatesmadebyVastnedwithregardtothefutureperformanceofVastned andofthemarketinwhichVastnedoperates("outlook"). Althoughpreparedwiththeutmostcare,suchoutlooksarebasedonestimatesandprojectionsprovidedbyVastnedandarebynaturesubjecttounknownrisks, uncertainelementsandotherfactors.Thismeansthattheresults,financialposition,performanceandeventualoutcomesmaydifferfromthoseexpressedor impliedinoutlook.SomeeventsaredifficulttopredictandmaydependonfactorsbeyondVastned’scontrol.Giventheuncertainties,Vastneddoesnotgiveany guaranteeabouttheseforecasts. Statementsinthispressreleaserelatingtopastactivities,achievementsortrendsshouldnotbetakenasanindicationorguaranteeoftheircontinuationinthe future.Moreover,theforecastsareonlyvalidasofthedateofthispressrelease. Vastneddoesnotcommititselfinanyway–unlessitislegallyobligedtodoso–toupdateoramendtheseforward-lookingstatements,eveniftherearechangesin theexpectations,events,conditions,assumptionsorcircumstancesonwhichsuchforward-lookingstatementsarebased.NeitherVastned,northemembersof theboardofdirectorsorthemembersofitsmanagementguaranteethattheassumptionsonwhichtheforward-lookingstatementsarebasedarefreefromerror, andnoneofthemcanrepresent,guaranteeorpredictthattheresultsexpectedbysuchforward-lookingstatementswillactuallybeachieved. Mon 23 February 2026 Publicationof annualresultsasat 31December2025 October November December January February March April May June July August September October Wed 29 April 2026 at 2.30 pm GeneralMeetingof Shareholders Mon 11 May 2026 Interimstatement ontheresultsasat 31March2026 Tue 28 July 2026 Half-yearlyfinancial reportasat30June2026 Mon 26 October 2026 Interimstatement ontheresultsasat 30September2026 Dividend payable Mon 4 May 2026 Ex-dividenddate2025 Tue 5 May 2026 Recorddatedividend2025 Fri 8 May 2026 Paymentofdividend2025 8 / 8