Full Year Results 2025
Belgian Real Estate Investment Trust (BE-REIT)
Invest, redevelop and rent out commercial properties in dominant cities in Belgium
283.77 MEUR in real estate assets, of which 4.97% are currently in redevelopmentActive and opportunistic diversification strategy towards mixed-use real estate assets and balanced portfolio of retail, culture and leisure tenants
Qrf in 2025
Redevelopment update
Financials
Q&A
Brugge (BE) - state archives Acquired 2020
Qrf in 20255
Solid operational results further strengthen EPRA result - with a balance sheet ready for growth
FY2025 FY 2024
Net rental income
13.15 MEUR 12.41 MEUR
EPRA result
7.22 MEUR 7.23 MEUR
EPRA result per share
0.86 EUR 0.93 EUR
EPRA NTA per share
15.33 EUR 15.82 EUR
Occupancy rate
98.12%
100%
Casa Meirbrug, Antwerp
Debt ratio
43.53% 43.60%
+6.00 %
-0.16 %
-6.96 %
-3.23 %
-0.16 %
Additional rental income in Q4 from acquisitions
Impact bankruptcy Casa -0.09 EUR
Uplift in valuation offsets capital raise at significant 35% discount to NTA
High quality portfolio consisting of 42 Belgian properties for a total value of ± 283.7 MEUR ... Inner City Retail OOO Retail Government22%
21%
14%
12% 8% 6% 5% 4% 8%
Antwerpen
Gent
Hasselt
Oostende Brugge Aalst
Huy
Brussel
Other
BACKUP
Portfolio has proven resilience in turbulent times thanks to unique and opportunistic diversification, within commercial real estate remitInner-city
Historic core of the Qrf portfolio
Focus on like-for-like rental income and maintaining high occupancy rate
Out of town
Positioning of Shopping Mosan in lower retail segment in Wallonia
Opportunistic view on holding period
State archives Bruges
Long term lease with Regie der Gebouwen (2037) without pressure on indexation or contractual break possibilities
Focus on building quality and long-term view
Redevelopment projects
Qrf focuses on optimizing its portfolio through targeted re-developments within its real estate portfolio when
(i) redevelopment capex has a higher incremental rent growth than the gross rental yield or (ii) redevelopment is required to relet the location at Estimated Rental level
Century Center (Ardeno)
Mixed use realised development by Baltisse (70%) in joint venture with Qrf (30%)
Office and retail mix with occupancy rate of 95%
Exposure to one of Flanders most important and prominent inner-city mixed-use locations
Antwerpen | 22% |
Gent | 21% |
Hasselt | 14% |
Brugge | 8% |
Brussel | 4% |
Luik | 1% |
As a percentage of Fair Value of real estate assets, including redevelopment projects (both fixed assets and financial assets)
∑ 70%
9
... with a balanced concentration of top ten tenants representing 52.8% of Rental Income...3,3% 3,1%
2025
INNO
H&M
ZARA
HEMA
NIKE
Other
10,2%
7,1% 7,0% 5,5% 5,4% 4,9% 3,4%
2,8% 47,2%
Top 10 = 52.8%
2024
REGIE DER GEBOUWEN
REGIE DER GEBOUWEN
KRUIDVAT
INNO
THE STING
THE STING
CASA
H&M
KRUIDVAT
STELLANTIS
HEMA
PME LEGEND
STELLANTIS
NIKE
PME LEGEND
Other
13,1% 8,9% 7,0% 6,9% 6,1% 5,2% 4,3% 4,2% 4,0% 3,6% 36,7%
Top 10 = 63.3%
... and a good representation of all retail categories...
34.28%
3.19%
3.74%
5.55%
5.82%
13.01%
6.78%
10.16%
10.34%
Fashion Beauty & CareDepartment Store Culture
Shoes Food Leisure Car Services
Interior & Decoration Office
Convenience Store Residential
... maintaining high occupancy rate as a key driver for EPRA...-2% in occupancy rate represents vacant units: 'Meirbrug Antwerp' and 'Maastrichterstraat Tongeren'
97,32%
98,02%
97,59%
97,39%
98,20%
98,90%
99,35%
99,01%
99,24%
99,74%
100,00%
98,00%
98,12%
31/12/2025
30/06/2025
31/12/2024
30/06/2024
31/12/2023
30/06/2023
31/12/2022
30/06/2022
31/12/2021
30/06/2021
31/12/2020
30/06/2020
31/12/2019
Occupancy rate excluding redevelopment projects 12
... and best in class dealability through off market and discrete acquisitionsRijksarchief - Brugge
Off market transaction
Seller: Leasinvest (Nextensa)
Korenmarkt - Gent
Limited process Seller: Redevco
Olphibel portfolio
Limited process
Seller: Private ownership
12 2021
12 2022
12 2023 2024 9
2025
9
Veldstraat 88 - Gent
Off market transaction Seller: Redevco
Feest & Cultuurpaleis - Oostende
Off market transaction Seller: Union Investments
[Summary] Portfolio statistics 2024 vs 2025Like-for-like Rental Income increased with 2.55%, while acquisitions contributed further to the overall rise in rental income (+6.00%).
Net Rental Income in kEUR
+2,55%
+6,00%
873 -579
111
-415
351
86
13.154
261
56
12.727
12.410
Q4 2024
Indexactions
Change in rental conditions
Like-for-like
Acquisitions
Change in occupancy
New tenant
Doubtful debt
Divestments
Other
Q4 2025
Substantial impact of Casa bankruptcy on 2025 profitability. Total FY impact 765k EUR or 0.09 EUR per shareAll CASA locations Relet properties
Remaining vacant unit (Meirbrug)
-228
-328
2026
-257
-77
-203
Vacancy costs 2025
Reletting costs
-334
Temporary vacancy 2025
-765
Total 2025 impact
For 2026 Qrf has signed a pop up contract with a telco player for at least two months - Qrf weighing strategic options in function of redevelopment of public domain in 2027-2028
Century Center: Pelican (left - sold in February 2024), Ardeno (right) Qrf (30% ownership) and Baltisse (70%)
Redevelopment strategy
Feest & Cultuurpaleis Oostende has been redeveloped with handover to Inditex in February
Acquired on 30/09/2025
Total investment when all capex will be realized (Q1 2026) = ˜17 MEUR
Rental income of 1.38 MEUR (currently 0.55 MEUR till end of Q3 2026)
8% Yield on Cost drives revaluation of asset
Feest & Cultuurpaleis Oostende
Additional portfolio redevelopment in Gent
Lange Munt 61-63, 9000 Gent Korenmarkt 1, 9000 Gent
Structural renovation
Rental agreement with McDonalds signed
Works started Q1 2026
Expected delivery Q2 2027
Capex: 3m EUR
Rental Income: 325 kEUR
Visual and accessibility enhancement
Unlock existing rental uplift of additional surface
Permit in process
20
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Qrf Comm. VA published this content on April 24, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 24, 2026 at 12:27 UTC.
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