Upcoming Dividend • Apr 28Upcoming dividend of €2.35 per shareEligible shareholders must have bought the stock before 05 May 2026. Payment date: 07 May 2026. Trailing yield: 7.6%. Within top quartile of Belgian dividend payers (6.5%). Higher than average of industry peers (5.2%).
New Risk • Mar 22New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 9.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Earnings are forecast to decline by an average of 9.1% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.
Reported Earnings • Mar 22Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behindFull year 2025 results: EPS: €4.32 (up from €3.13 in FY 2024). Revenue: €29.3m (up 1.3% from FY 2024). Net income: €15.1m (up 42% from FY 2024). Profit margin: 52% (up from 37% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 16%. Revenue is expected to decline by 1.0% p.a. on average during the next 3 years, while revenues in the REITs industry in Europe are expected to grow by 1.4%. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year.