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NEPI ROCKCASTLE (NRP) investor relations material
NEPI ROCKCASTLE Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net operating income for the first nine months of 2025 rose 12.3% year-over-year to €461.3 million, with like-for-like NOI up 4.4% year-over-year, driven by indexation, rental uplifts, and cost control.
Tenant turnover increased 3.5% like-for-like, while footfall declined 0.6%; average spend per visitor rose 9% overall and 4.6% like-for-like.
Occupancy cost ratio improved to 12.7% for 9M 2025, and EPRA retail vacancy rate remained low at 1.6%; collection rates were robust at 99%.
Recent acquisitions in Poland and investment in renewable energy contributed to growth, with the energy business delivering double-digit returns.
Financial highlights
Net operating income reached €461.3 million for 9M 2025, up from €410.6 million in 9M 2024.
Revenue from the renewable energy business was €9 million, a 23% increase year-over-year.
EPRA Net Reinstatement Value per share at 30 September 2025 was €7.74, up 4.81% from €7.38 at 31 December 2024.
Outlook and guidance
Distributable earnings per share for 2025 are expected to be 2.5% to 3% higher than 2024, with a 90% dividend pay-out ratio maintained.
Guidance assumes stable trading trends and excludes potential impacts from political instability or major macroeconomic disruptions.
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