Qrf 1Q26 trading update: no surprises

QRF reports in line with our and market expectations. No major events took place in 1Q26. On an EPRA results basis the results are 100% in line with our expectations. There has been a fair value uplift of approx. 1%, fully driven by NRI growth as the cap rate stayed flat. Something we expect for most REITs at 1Q26 reporting due to the ongoing Iran war. The occupancy is flat at 98,12%. EPS recovery after the CASA bankruptcy is going as expected and will be further supported by the newly signed tenant deals of Action, Wibra and McDonalds in Ghent. On a 1-year forward looking basis QRF trades expensive vs its retail peers however FY27 is the real year to look for as new tenant deals will result in a significant EPS uplift.