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    Real estate investment trusts
Retail Estates SA

Retail Estates SA

68.00
EUR
+0.70
(+1.04%)
985.73MMarket Cap
Nov 13Next Earn
Retail Estates SA
DUS:R6N
(Dusseldorf Stock Exchange)

Recent

price

68.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
EUR
6.62
7.07
7.77
7.4
7.93
7.88
8.19
9.17
9.39
9.71
8.95
9.91
9.98
10.78
10.87
10.81
- -
Revenue per Share
5.28
5.01
5.03
4.01
4.77
4.87
5.85
5
4.84
4.7
4.86
10.23
12.99
8.6
7.29
8.22
- -
Basic EPS, GAAP
-0.51
3.62
2.59
0.65
4.47
3.24
3.64
5.33
3.97
3.91
4.87
6.04
6.52
5.02
7.82
6.32
- -
Free Cash Flow per Basic Share
2.3
2.46
1.2
2.37
2.96
2.72
3.19
3.19
3.64
2.06
4.22
4.42
4.37
4.83
3.58
3.81
- -
Dividend per Share
44.13
43.18
45.12
47.58
49.06
53.48
57.17
59.89
61.98
63.26
63.81
69.63
77.9
81.2
83.02
85.64
85.64
Book Value per Share
44.12
43.17
45.11
47.57
49.04
53.46
57.13
59.88
61.96
63.17
63.69
69.33
77.46
80.59
82.43
85.07
85.07
Tangible Book Value per Share
5
5
6
7
7
9
9
9
11
12
13
13
14
14
15
15
15
Basic Weighted Avg Shares
33
39
46
53
59
68
73
86
106
120
113
128
139
154
159
162
- -
Sales/Revenue/Turnover
119.15
80.19
79.35
78.47
79.05
79.64
79
77.42
76.38
76.35
75.75
75.89
72.77
72.41
71.93
73.06
- -
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
1
- -
- -
- -
1
1
1
2
2
- -
Depreciation Expense
27
27
30
29
35
42
52
47
54
58
61
132
181
123
107
123
- -
Net Income, GAAP
1.05
- -
2.23
1.57
0.92
1.84
0.52
2.02
2.61
4.98
3.76
2.47
- -
0.59
2.12
3.47
- -
Effective Tax Rate (%)
79.75
70.8
64.78
54.22
60.23
61.86
71.46
54.54
51.49
48.4
54.27
103.21
130.07
79.78
67.13
76.1
- -
Profit Margin (%)
-3
-11
-32
-24
-77
-72
-49
-20
-94
-39
-130
-106
-66
-45
-55
-182
-182
Working Capital
262
257
330
328
340
428
485
746
707
805
765
764
790
867
829
669
669
LT Debt
230
241
270
357
381
474
515
568
708
799
808
921
1,104
1,174
1,230
1,298
1,298
Total Equity
8.45
- -
7.7
6.61
6.99
7.23
7.09
5.33
5.98
5.08
4.57
6.65
- -
7.99
6.7
6.56
- -
Return on Invested Capital (%)
8.55
- -
7.78
6.7
7.05
6.8
7.12
5.35
5.09
4.73
4.73
8.59
- -
7.16
6.64
6.99
- -
Return on Capital (%)
12.71
11.62
11.58
9.13
9.55
9.83
10.54
8.62
8.54
7.71
7.65
15.25
17.9
10.86
8.93
9.8
- -
Return on Common Equity (%)

Capital Structure

EUR

•

in mil. unless spec.
Mar'25
Sep'26
Mar'26
ST Debt
61
104
192
LT Borrowings
824
794
664
LT Finance Leases
5
5
5
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
15
15
15
Market Capitalization
871
935
986

Working Capital

EUR

•

in mil. unless spec.
Mar'25
Sep'26
Mar'26
Total Current Assets
42
32
43
Cash, Cash Equivalents & STI
3
3
2
Accounts Receivable, Net
17
18
18
Inventories
- -
- -
- -
Total Current Liabilities
97
142
225
Payables & Accruals
- -
- -
- -
ST Debt
61
104
192
Deferred Revenue
- -
- -
- -

Growth Rates

EUR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
10.8%
10.09%
5.53%
Free Cash Flow
15.88%
12.81%
-17.43%
Net Income, GAAP
16.43%
24.33%
15.23%
Sales/Revenue/Turnover
9.34%
7.46%
1.65%
Total Cash Common Dividend
14.69%
2.29%
8.68%

Semi-annual Revenue

EUR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
154
2025
- -
- -
159
2026
- -
- -
162

Semi-annual Earnings Per Share

EUR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
8.6
2025
- -
- -
7.29
2026
- -
- -
8.22

Semi-annual Dividends Per Share

EUR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
4.83
2025
- -
- -
3.58
2026
- -
- -
3.81
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Business
Retail Estates N.V. (RET.BR) is a Belgian public regulated real estate company (RREC), or Belgian REIT, that specializes in owning, acquiring, developing, and managing out-of-town retail properties located on the periphery of residential areas or along main access roads to urban centers in Belgium and the Netherlands; its portfolio comprises 1,022 properties with a total lettable retail area of 1,226,000 square meters and a fair value of €2.05 billion as of September 30, 2024, encompassing individual peripheral retail properties, retail clusters, retail parks, and supermarkets primarily let to diversified tenants in commodities and food (59%), fashion (27%), home improvement (16%), leisure (12%), and other sectors including horeca. Founded on July 12, 1988, and headquartered at Industrielaan 6 in Ternat, Belgium, the company generates steady rental income from high-occupancy assets (EPRA occupancy rate of 97.6%) with an average rent of €122 per square meter, supported by internal management and external valuations from experts such as Cushman & Wakefield, CBRE, Stadim, and Colliers International. In recent developments during the 2024-2025 financial year, Retail Estates acquired an additional retail unit in Woonmall Alexandrium (Rotterdam, Netherlands) for €1.8 million via its 50%-owned subsidiary Alex Invest N.V., increasing its voting stake to 43.7%, purchased two Belgian properties for €0.8 million and extra certificates in Immobilière Distri-Land N.V. for €0.16 million (bringing ownership to 88%), and completed or advanced projects including new retail units in Eupen, Ghent, Houthalen-Helchteren, and Aiseau-Presles while investing €1.5 million in photovoltaic panels across sites like Arlon, Merksem, and Jambes to generate over 2,000 MWh of green energy annually; these moves, offset by selective divestments yielding €7.9 million, enhanced portfolio quality amid a constrained market, driving net rental income to €70.6 million (up 4%) and fair value growth of 0.9%.