Nepi Rockcastle N.v · JSE:NRP
Nepi Rockcastle — H2 2024 Earnings Presentation
39 slides from Nepi Rockcastle's earnings presentation, February 2025
Slide 1: Excellence. Innovation. Experience
February 2025 Excellence. Innovation. Experience
Slide 2: Slide 2
Slide 3: Albert Einstein quote
Logic will get you from A to Z; Imagination will get you everywhere. Albert Einstein
Slide 4: Building Tomorrow's Retail
Overview Lithuania Building Tomorrow’s Retail Poland Czech Republic Slovakia Hungary Croatia Romania Bulgaria By market value
Slide 5: CEE at a glance
Overview CEE at a glance 2025F Economic Growth Key Drivers in 2025 CEE GDP growth above Western Europe Low rate of unemployment in 2024 and relatively young population Resilient growth of CEE countries where the Group operates, outpacing Western European countries CEE* Euro area GDP growth 2025 fore
Slide 6: Delivering on Strategy
Overview Delivering on Strategy Driving Growth HIGH-QUALITY STRATEGIC VALUE NEW BUSINESS PORTFOLIO OF DEVELOPMENTS ENHANCING STREAMS PERFORMING ASSETS ASSETS ROTATION RENEWABLE ENERGY growth in DEPS new GLA under construction acquisitions of dominant revenue in 2024 & permitting assets (Magnolia Par
Slide 7: Delivering on Strategy
Overview Delivering on Strategy Driving Growth FINANCIAL ESG ENGAGED TEAMS STABILITY PROGRESS and STRONG EXPERTISE Fair valuation uplift of portfolio electricity In-house expert teams in all consumption is self generated core functions – 19 assets internalization completed Loan-to-value professional
Slide 8: CEE Market Leader
Overview CEE Market Leader Record-high operational results NOI Turnover/m2** +13.2% +3.6% 2023: €491m 2023: €2,912 Collection Rate* EPRA Occupancy € cents Distributable earnings - +0.5pp per share 2023: 99% 2023: 97.8% +5.6% 2023: 56.98€ cents Occupancy Cost Ratio - 2023: 12.2% (*) Collection rate a
Slide 9: Strengthening Foundations for Future Growth
Overview Strengthening Foundations for Future Growth EPRA NAV per share Share price Total Shareholder Investment property value Return +5.7% +22.6% 2023: €6.98 2023: €6.11^ In first quartile +16.2% 2023: €6.8bn (*) Share price as of mid February 2025 and 2024.
Slide 10: Operations
Slide 11: Solid NOI Growth across portfolio
Operations Solid NOI Growth across portfolio Lithuania Poland Czech Republic Slovakia NOI Growth Like-for-like Portfolio Hungary +13.2% Croatia Romania NOI Overall Growth Bulgaria
Slide 12: Rising number of visitors, growing conversion
Operations Rising number of visitors Growing Conversion Turnover HICP 2.6%** Footfall Basket size Retail EPRA Vacancy 347 million visitors in 2024 €13.7 average spent per visit BRU*** Occupancy Cost Ratio Operational Costs Recovery stable (*) LfL properties. (**) 12 months average consumer price ind
Slide 13: Strong growth across all retail segments
Operations Strong growth across all retail segments Turnover year to date LFL variation (%) Weight in year to date turnover (%) Total 8.5% Fashion 7.0% 41% Health & Beauty 14.8% 13% Food Service 10.3% 11% Electronics 4.8% 11% Other Retail 7.5% 8% Fashion Complements 10.8% 5% Services 12.5% 5% Entert
Slide 14: Strong retailers' performance supporting further growth
Operations Strong retailers’ performance supporting further growth 2024 leasing activity Split of signed leases 2024 65% Renewals 1,326 signed leases 35% New leases Blended BRU on 282,000m2 GLA, By GLA out of which 37% Dec 2024 85% Only indexed in 2024 represent new leases 15% New leases and renewal
Slide 15: Leading to record low EPRA vacancy
Operations …..leading to record low EPRA vacancy Overall EPRA vacancy at 1.7% Overall (%) Total GLA 2.7% 97.3% Retail 2.2% 2.7% Office + Industrial 1.7% By type Dec 2024 Dec 2023 Jun 2024 Dec 2024 Retail (%) 2.3% 2.1% 1.4% Dec 2023 Jun 2024 Dec 2024
Slide 16: Balanced tenant profile
Operations Balanced tenant profile Partnering with the best-in-class LPP* 13 new stores 5.3% Inditex** 10 new stores 4.2% Carrefour 3.5% Auchan 2.7% Flexible leasing opportunities % of expiry by gross rentals^ CCC 5 new stores 2.5% 17.2% H&M 1.8% 14.1% 13.9% 13.5% 13.1% 12.2% New Yorker 3 new stores
Slide 17: Successful stores openings
Operations Successful stores openings Paradise Center, Bulgaria Shopping City Ploiesti, Romania Paradise Center, Bulgaria Bonarka City Center, Poland Mega Mall, Romania Arena Mall, Hungary
Slide 18: Expanding successful retail concepts
Operations Expanding successful retail concepts 4,118m2 in Arena Mall, 3,828m2 in Forum Gdansk 2,438m2 in Arena Mall, 763m2 in Arena Mall, Hungary Shopping Centre, Poland Hungary Hungary 737m2 in Shopping City 335m2 Drive Thru in 235m2 in Paradise Center, 222m2 in Magnolia Park, Timisoara, Romania A
Slide 19: Successful market entries through NEPI Rockcastle
Operations Successful market entries through NEPI Rockcastle Primark in Arena Mall Rituals in Mega Mall JD in Forum Liberec Shopping Centre First store in Hungary First store in Romania First store in Czech Republic Sport Direct in Promenada Craiova Wendy's in Mega Mall First store in Romania First
Slide 20: We are Shaping the Future of Retail
> We are Shaping the Future of Retail Ne
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Slide 22: Distributable earnings, Funding, Valuation
01. 02. 03. “Distributable “Funding | Valuation earnings ae ae
Slide 23: Strong financial performance supporting growth
Finance Strong financial performance supporting growth amounts in € cents (+2.3%) (+1.2%) (+5.6%) Revenue (+3.7%) (+2.1%) NOI 2024 from energy 2023 NOI organic NOI Net Distributable activity Distributable growth developments acquisitions Earnings earnings Actual DEPS growth / guidance in August (-3.
Slide 24: H2 2024 Dividend Distribution
Finance H2 2024 Dividend Distribution 27.05 € cents per share Total shareholder return In first quartile Settlement options 70% pay-out of Distribution Tax treatment in the Tax treatment in South Africa average European peers Netherlands Repayment of capital (default) 0% WHT Return of capital* Distr
Slide 25: Funding strategy - Intensive Capital Markets activity
Finance Funding strategy - Intensive Capital Markets activity Debt Bond issue ▪ €500 million bond issue for 7.25 year maturity ▪ 6 times oversubscribed to €3 billion ▪ Mid-swap +205 (vs. 240 initial pricing) ▪ enlarged bond holders base - over 140 investors Enhancement of RCF extensions NEPI Rockcas
Slide 26: Funding strategy - securing stability and growth
Finance Funding strategy - securing stability and growth Investment grade rating Debt maturity profile (€m) 600 500 400 Liquidity* 300 200 100 Net cost of debt** Loan-to-value - 2025 2026 2027 2028 2029 2030 2031 2032 Loans Bonds (*) Consisting of cash (€448m) and undrawn committed revolving facilit
Slide 27: Portfolio valuation increase driven by performance
Finance Portfolio valuation increase driven by performance Investment property value EPRA NIY +16% increase Fair value gain Fair value increase LfL
Slide 28: By strategic portfolio management and development
by strategic portfolio management and development
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Slide 30: Sustainability highlights
ESG Sustainability highlights Externally recognised Energy transition PV deployment overview 2022 2023 2024 2025-2026 Installed capacity (MW)^ 4 36 38 212 % of total electricity consumption - 1% 6% 48%* (Expected) Avoided CO2 emissions - 1% 5% 39%** ▪ 84% renewable electricity consumption across por
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Slide 32: Magnolia Park
Developments & Acquisitions Magnolia Park Wroclaw, Poland Cash outflow Fair value NOI *expected after completing integration • 100,000m2 GLA • Dominant asset • Situated in Wroclaw, one of the richest and the third largest city in Poland
Slide 33: Silesia City Center
Developments & Acquisitions Silesia City Center Katowice, Poland Cash outflow Fair value NOI *expected after completing integration • 88,400m2 GLA • Regional dominant asset • Katowice is one of the strongest cities in Poland economically
Slide 34: Building for the Future
Developments & Acquisitions Building for the Future Strategic Development Projects Driving Expansion and Solid Portfolio €631m new retail and mixed use GLA ✓ 2 greenfield developments, 4 extensions and refurbishments in 4 countries ✓ 187,900m2 GLA €110m new photovoltaics projects ✓ €10 million inves
Slide 35: Developments and Extensions
Developments & Acquisitions Developments and Extensions Highlights Promenada Bucharest Ploiesti Shopping City PV panels roll-out and acquisition Extension Extension of the plots for the green fields 55,400m2 new mixed use retail, hotel and office GLA 5,900m2 extension completed in Q4 2024, currently
Slide 36: Looking into the future
Developments & Acquisitions Looking into the future 2025 distributable earnings NOI enhancement Retail and through asset mixed-use projects management initiatives Relative to 2024 2025 DEPS guidance Opportunities for Expand green acquisitions of core energy business assets and strategic disposals Re
Slide 37: We are Solid as a ROCK
We are Solid as aROCK We Consistently Deliver We are NEPI Rockcastle
Slide 38: Excellence. Innovation. Experience
February 2025 Excellence. Innovation. Experience
Slide 39: Appendix 1
Appendix 1 Target opening Country Type Category date GLA of development Total cost Total Spent to Date m2 €m €m Developments under construction 64,900 513 187 Promenada Bucharest Romania Mixed-use Extension Q4 2026 55,400 282 129 Bonarka City Center Poland Mall Refurbishment Q2 2026 4,700 79 45 Pogo