NEPI ROCKCASTLE (NRP) Q2 2025 earnings summary

Executive summary

• Achieved 12.1% year-over-year NOI growth to €307 million in H1 2025, with distributable earnings per share up 3.1% to 31.05 euro cents, driven by strong organic growth and successful integration of major acquisitions in Poland.

• Portfolio value reached a record €8.1 billion, with 34% in Poland and 35% in Romania, and a diversified presence across 60 assets in 8 countries.

• Maintained high occupancy (98.2%) and collection rates (99%), with a low vacancy rate of 1.6% and robust leasing activity.

• Retailer turnover increased 3.9% year-over-year, basket size up 9.7%, and footfall stable at 168 million visitors.

• Included in FTSE EPRA NAREIT Global Emerging Index, enhancing visibility and liquidity.

Financial highlights

• NOI reached €307 million in H1 2025, up 12.1% year-over-year; like-for-like NOI up 4.4%, both above inflation.

• Distributable earnings per share grew 3.1% to 31.05 euro cents; distributable earnings totaled €221 million on 710.7 million shares.

• Acquisitions of Magnolia Park and Silesia City Center contributed €29 million in NOI and €60 million in valuation uplift.

• Investment property value increased to €8.1 billion (+1.8% vs Dec 2024), with a €108 million fair value gain (+1.4%).

• Loan-to-value ratio stable at 32.1%; cost of debt at 3.2%.

Outlook and guidance

• Upgraded full-year distributable earnings per share growth guidance to 2.5%-3%, likely at the upper end, assuming current trading trends continue.

• Pipeline of nearly €800 million in developments, including retail, energy, and limited residential projects, expected to deliver significant GLA and income growth through 2028.

• Energy business expected to cover up to 48% of portfolio electricity needs, with staged revenue ramp-up starting in 2026.