NEPI ROCKCASTLE (NRP) CMD 2026 summary

Strategic direction

• Strategy remains focused on quality retail assets, prudent finances, in-house expertise and sustainability, with Spain opening a new geographic growth platform.

• Spain was selected for stronger growth and demographics, attractive risk-adjusted returns and lower funding costs; further Iberian acquisitions are under consideration.

• Target GAV of EUR 12bn-EUR 14bn in 3-5 years, with a five-year ambition of about EUR 13bn; target NOI of EUR 800m and 20% of income from Iberia.

• Growth pillars: active asset management, M&A, development and energy; development is expected to moderate over time as greenfield opportunities and market capacity are finite.

• Capital allocation remains flexible across acquisitions, equity and disposals; temporary LTV above 35% may be acceptable with a credible path below 35%, not sustained leverage near 43%.

Portfolio and operating priorities

• Portfolio comprises 60 assets across CEE and Spain, averaging over 45,000 sq m; 354m visits in the last 12 months and 61% of assets refurbished, extended or significantly improved in the past decade.

• Flagships are a priority: 14 generated 51% of income; nearly EUR 500m invested in assets over five years, with flagship assets growing 20% faster than the base portfolio.

• Over five years, 62% of GLA was renewed or relet; traffic rose 20%, spend per visit 31%, and occupancy reached 98.5%. Base rents increased 2.5%-5% above indexation.

• Active management and acquisitions supported 57% NOI growth since 2022; GLA grew 11% and portfolio value 27%, with value gains also attributed to improvements in existing assets.

• Energy strategy: 150 MW installed capacity covers 31% of needs; planned coverage rises to 41% by end-next year, with EUR 190m combined CapEx through year-end and projected IRR of 17%-18%.

Financial position and capital returns

• LTV was 33.1%, against a self-imposed 35% strategic limit; two-thirds of the balance sheet is equity-financed.

• EUR 3.6bn raised over five years; average cost of debt 3.8%, liquidity EUR 1.2bn and BBB+ ratings from Fitch and S&P.

• EUR 1.8bn generated from operations over five years, matching distributable earnings returned to shareholders; payout was 90%.

• Recent funding included EUR 300m equity and a EUR 500m bond issue that was six times oversubscribed for Polish acquisitions; the Spanish transaction was funded with nearly EUR 550m from loans and other facilities.