Reported Earnings • May 24
Full year 2026 earnings released Full year 2026 results: Revenue: €143.1m (up 1.9% from FY 2025). Net income: €123.0m (up 15% from FY 2025). Profit margin: 86% (up from 76% in FY 2025). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.9% decline forecast for the Retail REITs industry in Europe. Buy Or Sell Opportunity • Jan 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.1% to €61.50. The fair value is estimated to be €77.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has declined by 29%. Announcement • Oct 30
Retail Estates N.V. to Report First Half, 2026 Results on Nov 14, 2025 Retail Estates N.V. announced that they will report first half, 2026 results on Nov 14, 2025 Announcement • Jun 20
Retail Estates N.V., Annual General Meeting, Jul 22, 2025 Retail Estates N.V., Annual General Meeting, Jul 22, 2025, at 10:00 Romance Standard Time. Announcement • May 30
Retail Estates N.V. announces Annual dividend, payable on June 26, 2025 Retail Estates N.V. announced Annual dividend of EUR 3.5700 per share payable on June 26, 2025, ex-date on June 02, 2025 and record date on June 03, 2025. New Risk • Jun 05
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 90% Last year net profit margin: 146% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (8.8% operating cash flow to total debt). Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (90% net profit margin). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Announcement • Jun 02
Retail Estates N.V., Annual General Meeting, Jul 22, 2024 Retail Estates N.V., Annual General Meeting, Jul 22, 2024. Buy Or Sell Opportunity • May 16
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to €68.70. The fair value is estimated to be €57.09, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.6% over the last 3 years. Earnings per share has grown by 36%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to decline by 39% in the next 2 years. New Risk • Jan 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 22% 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 (9.3% operating cash flow to total debt). Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Reported Earnings • Nov 24
First half 2024 earnings released: EPS: €6.10 (vs €7.72 in 1H 2023) First half 2024 results: EPS: €6.10 (down from €7.72 in 1H 2023). Revenue: €66.6m (up 11% from 1H 2023). Net income: €86.6m (down 18% from 1H 2023). Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 2.7% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Aug 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 28% 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 (11% operating cash flow to total debt). Earnings are forecast to decline by an average of 28% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (8.7% increase in shares outstanding). Announcement • Jun 21
Retail Estates N.V., Annual General Meeting, Jul 24, 2023 Retail Estates N.V., Annual General Meeting, Jul 24, 2023, at 10:00 Central European Standard Time. Location: Industrielaan 6, B-1740 Ternat Belgium Belgium Agenda: To discuss the annual report with regard to the statutory and consolidated annual accounts of the Company; to discuss the reports of the statutory auditor with regard to the statutory accounts of the Company; to discuss the consolidated annual accounts of the Company for the financial year; to Approval of the statutory annual accounts of the Company for the financial year; to approval of the remuneration report for the financial year; to discuss Discharge to the directors of the Company; and to discuss other matters. Reported Earnings • May 28
Full year 2023 earnings released: EPS: €12.99 (vs €10.23 in FY 2022) Full year 2023 results: EPS: €12.99 (up from €10.23 in FY 2022). Revenue: €123.9m (up 9.0% from FY 2022). Net income: €180.6m (up 37% from FY 2022). Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 2.8% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Mar 28
Now 21% undervalued Over the last 90 days, the stock is up 5.7%. The fair value is estimated to be €81.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has grown by 44%. Board Change • Mar 28
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. 3 independent directors (6 non-independent directors). Non-Executive Independent Director Ann Gaeremynck was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 22
First half 2023 earnings released: EPS: €7.72 (vs €3.49 in 1H 2022) First half 2023 results: EPS: €7.72 (up from €3.49 in 1H 2022). Revenue: €59.9m (up 6.3% from 1H 2022). Net income: €106.0m (up 140% from 1H 2022). Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. 3 independent directors (6 non-independent directors). Non-Executive Independent Director Ann Gaeremynck was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €61.70, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the REITs industry in Europe. Total loss to shareholders of 14% over the past three years. Reported Earnings • May 25
Full year 2022 earnings released: EPS: €10.23 (vs €4.86 in FY 2021) Full year 2022 results: EPS: €10.23 (up from €4.86 in FY 2021). Revenue: €113.7m (up 13% from FY 2021). Net income: €131.8m (up 115% from FY 2021). Over the next year, revenue is forecast to grow 5.8% compared to a 1.4% decline forecast for the reits industry in Germany. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Non-Executive Independent Director Ann Gaeremynck was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 24
First half 2022 earnings: EPS in line with expectations, revenues disappoint First half 2022 results: EPS: €3.49 (up from €1.95 in 1H 2021). Revenue: €56.3m (up 11% from 1H 2021). Net income: €44.2m (up 79% from 1H 2021). Profit margin: 79% (up from 48% in 1H 2021). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 2.7%. Over the next year, revenue is forecast to grow 10%, compared to a 5.1% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • May 28
Full year 2021 earnings released: EPS €4.86 (vs €4.70 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: €100.9m (down 5.2% from FY 2020). Net income: €61.4m (up 5.7% from FY 2020). Profit margin: 61% (up from 55% in FY 2020). The increase in margin was driven by lower expenses. Net asset value (NAV) per share: €63.81 (flat on FY 2020). The current share price is 9.1% higher than NAV per share. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 4% per year. Is New 90 Day High Low • Feb 25
New 90-day high: €63.80 The company is up 6.0% from its price of €60.00 on 26 November 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 3.0% over the same period. Is New 90 Day High Low • Jan 11
New 90-day high: €60.70 The company is up 11% from its price of €54.60 on 13 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 11% over the same period. Reported Earnings • Nov 22
First half 2021 earnings released: EPS €1.95 The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: €50.9m (down 2.4% from 1H 2020). Net income: €24.6m (up 12% from 1H 2020). Profit margin: 48% (up from 42% in 1H 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 5% per year. Is New 90 Day High Low • Oct 16
New 90-day low: €50.80 The company is down 16% from its price of €60.60 on 17 July 2020. The German market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €73.76 per share. 