NEPI ROCKCASTLE (NRP) Q3 2025 earnings summary

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.