NEPI ROCKCASTLE
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NEPI ROCKCASTLE (NRP) investor relations material

NEPI ROCKCASTLE Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary25 Feb, 2026

Executive summary

  • Achieved 3.1% growth in distributable earnings per share for 2025, exceeding guidance, driven by operational performance, acquisitions, and strategic developments including Silesia City Center and Magnolia Park integration.

  • Portfolio balanced between Poland and Romania (each 35%) after major 2024 acquisitions, with 60 assets across 8 countries.

  • Maintained market leadership in Central Eastern Europe, benefiting from regional economic growth, low unemployment, and high-quality retail and mixed-use properties.

  • Continued expansion into renewable energy, with significant investments in PV and battery storage projects.

  • Leadership transition with new CEO and management team in place, supporting succession and growth.

Financial highlights

  • Net operating income (NOI) grew 11.2% overall, reaching €618m in 2025; like-for-like NOI up 4.4% year-over-year.

  • Distributable earnings per share (DEPS) grew 3.1% to 62.03 € cents; H2 2025 dividend of 27.88 € cents per share with a 90% payout ratio.

  • Two major acquisitions contributed €58 million additional NOI, representing 9.4% of total NOI.

  • Portfolio valuation increased by €162 million, reaching €8.2 billion in assets.

  • Four-year growth: NOI up 78%, property value up 41%, distributable earnings up 110% since 2021.

Outlook and guidance

  • 2026 distributable earnings per share expected to grow by 3%, double the anticipated Eurozone inflation rate.

  • Guidance reflects ongoing development costs, refinancing of bonds at higher rates, and delayed income from major projects.

  • Medium-term growth expected at 3–5% per year, fueled by organic growth, developments, acquisitions, and energy business.

  • Focus on organic NOI growth, M&A opportunities, new developments, and expanding green energy business.

  • Indexation and rental uplifts for 2026 expected between 1.5%–2%.

Energy business NOI contribution by 2028
Future GLA expansion for Silesia/Magnolia
Funding strategy for development pipeline
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Q1 202614 May, 2026
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Frequently asked questions

NEPI Rockcastle N.V. is a leading commercial property investor and developer in Central and Eastern Europe. The company primarily owns and manages shopping centers across nine countries, including Romania, Poland, Hungary, Slovakia, Bulgaria, Croatia, Czech Republic, Lithuania, and others. The company's operations include asset management, development, investment, and leasing activities, with a focus on serving major retailers targeting Central and Eastern European markets. NEPI Rockcastle's strategic approach includes maintaining conservative financial practices and leveraging a diverse debt structure that combines both secured and unsecured financing options. NEPI Rockcastle N.V. is headquartered in Amsterdam, The Netherlands, and its shares are listed on the Johannesburg Stock Exchange, Euronext Amsterdam, and A2X.

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