Nextensa has reinstated a cash dividend of €1.00 per share following a materially stronger set of results for the 2025 fiscal year, the company said. Management framed the payout as a response to improved earnings and a healthier balance sheet, even as reported rental income declined year-on-year.
Rental income fell 21.4% to €56.7 million. The drop was largely the result of the disposal of the Knauf Shopping Centre, an asset that had contributed roughly €13 million of annual rent. A number of smaller divestments also reduced rental receipts, although the company noted a 3% like-for-like uplift in rental income across the remaining portfolio.
Profitability swung sharply into positive territory. Net profit attributable to the group increased to €33.2 million from a loss of €10.8 million in 2024, and earnings per share improved to €3.27 from -€1.06. Net asset value per share rose 4.1% to €83.15.
Nextensa used non-core asset sales to materially strengthen its financial structure. The company reduced its financial debt ratio from 45.39% to 38.80% and lowered net financial debt by 22.3% to €593 million. Part of the proceeds were deployed to fund the €80 million acquisition of the BEL Towers from Proximus.
Risk management steps included increasing the hedge ratio from 61% to 100%, which helped hold the group's average cost of debt at 2.90%. The company highlighted that it now has sufficient headroom to manage its next refinancing obligation - a €100 million bond maturing in Q4 2026.
Operationally, development activity delivered stronger results, with operating contributions from projects rising 12.7% to €16.5 million. Nextensa said development performance was robust across both Belgium and Luxembourg. Subject to permitting and successful commercialization, the firm plans to commence work on two headline projects, Lake Side and BEL Towers, in 2026.
The Board will put forward a proposal at the upcoming annual general meeting to distribute €1.00 per share in dividend, reflecting management’s assessment of the group’s improved finances and liquidity position.
Contextual note - The company’s fiscal improvements were achieved while actively reshaping the portfolio through disposals and targeted acquisitions, and by locking in funding costs via hedging. The combination of lower leverage and a stabilized cost of debt underpins the Board’s decision to propose the dividend.