Nepi Rockcastle N.v · JSE:NRP
Nepi Rockcastle — H1 2025 Earnings Presentation
39 slides from Nepi Rockcastle's earnings presentation, August 2025
Slide 1: Leading the commercial real estate market in CEE
NEPI ROCKCASTLE Leading The commercial real estate market in CEE August 2025 NR Excellence. Innovation. Experience
Slide 2: Overview
Slide 3: Rudiger Dany, Chief Executive Officer
NEPI ROCKCASTLE Rudiger Dany Chief Executive Officer
Slide 4: Goethe quote on direction
“The greatest thing in this world is not so much where we stand as in what direction we are moving.” Johann Wolfgang von Goethe
Slide 5: Overview: CEE market leader with 60 assets in 8 countries
2% Overview Lithuania Building Tomorrow’s Retail CEE Market Leader 7% with 60 Assets 7% . . 90 in 8 countries 4% 35% 8%, By market value June 2025
Slide 6: CEE at a glance
Overview 9 CEE* at a glance 2.2% 2025F Economic Growth CEE GDP growth above Western Europe 0 4.3% Low rate of unemployment in 2024 and relatively young population Resilient growth of CEE countries where the Group operates, outpacing Western European countries % CEE Euroarea + 9 O 9 (0) GDP growth 20
Slide 7: Delivering on Strategy: Driving Growth
Overview Delivering on Strategy Driving Growth HIGH-QUALITY PORTFOLIO OF PERFORMING ASSETS 3.1% growth in DEPS* 12.1% growth in NOI* (4.4% on a comparable portfolio basis) 9 3.9% growth in tenant sales like-for-like* (+) H1 2025 vs HI 2024. (**) Including green energy investment. VALUE ENHANCING ASS
Slide 8: Delivering on Strategy: Engaged teams and strong expertise
Overview Delivering on Strategy Driving Growth ENGAGED TEAMS and STRONG EXPERTISE 100% In-house expert teams in all core functions Over 670 professionals across all countries (*) Relative to the 2025 estimated needs including theannualised needs for the acquisitions done in @4 2024).
Slide 9: CEE Market Leader
Overview CEE Market Leader “307m £2,847 Nol Turnover/m*** A A 99% 98.2% Collection Rate* EPRA Occupancy A v 43.1% A ) HI 2024: 30.12 € cents 13.1% | Occupancy Cost Ratio as i Investment property value +1.8% Dec 2024: €7.9bn (+) Collection rate as of mid-August 2026. (*) Tenant sales, excluding hyper
Slide 10: Operations
Slide 11: Marek Noetzel, Chief Operations Officer
NEPI ROCKCASTLE Marek Noetzel Chief Operations Officer
Slide 12: Solid NOI growth across portfolio
Operations 5.8% Solid NOI growth across portfolio +4.4% NOI Growth Like-for-like Portfolio +12.1% NOI Overall Growth Lithuania 9.1% Poland 4.2% Czech Republic 0 Slovakia 0.6% -1.1% | Hungary 3.0% 2.6% Croatia Romania 4.8% Bulgaria * Overall NOI growth
Slide 13: Improved conversion rate, consistent number of visitors
Operations Improved conversion rate, consistent number of visitors -0.2%* V Footfall 168 million visitors in H1 2025 53% A BRU*** (*) LAL properties. (*) @2 2025 consumer price index. (**] On top of the indexation of 2.2%. +9.7%A Basket size €14.2 average spent per visit 13.1% Occupancy Cost Ratio +
Slide 14: Strong performance of the retail segments
Operations Strong performance of the retail segments Turnover* year to date LfL variation (%) Total 3.0% Fashion Bf o7% Health & Beauty 02% Food Service | Electronics -2.1% | Other Retail | a Fashion Complements ee Services | Entertainment ee 7: Furnishings & DIY | RS Sporting Goods -2.3% [EE Ger ea
Slide 15: Strong retailers' performance supporting further growth
Operations Strong retailers’ performance supporting further growth H1 2025 leasing activity 53% Blended BRU IH 92% Only indexed in HI 2025 I 8% New leases and renewals in HI 2025 ByGRI HI 2025 Split of signed leases H1 2025 I 74% Renewals 727 signed leases on I 26% New leases 167,000? GLA, out 4 ByG
Slide 16: Enabling low EPRA vacancy
Operations ....e@nabling low EPRA vacancy Overall EPRA vacancy at 1.8% Overall (%) Total GLA 2.7% HE 97.3% Retail 1.7% 1.8% I 2.7% Office + Industrial By type H1 2025, 12024 H2 2024 12025 Retail (%) 2.3% 1.4% 1.6% 12024 H2 2024 H1 2025
Slide 17: 2024 acquisitions deliver additional 9.3% NOI
Operations 2024 acquisitions deliver additional 9.3% NOI (*] +8.6% vs Dec 2024. (")+2.6% vs Dec 2024.
Slide 18: Balanced tenant profile
Operations Balanced tenant profile Partnering with the best-in-class Group’s top 10 tenants out of total annual rent LPP* Inditex** Carrefour Auchan ccc H&M 1.8% New Yorker 1.6% 1.4% Peek&Cloppenburg 1.3% Cinema City Deichmann 11% {*} Cropp Town, House, Mohito, Reserved, Sinsay. (¢*) Bershka, Massim
Slide 19: Successful store openings
Operations Successful stores /openings s &TOUS i Promenada Craiova, Paradise Center, SerdikaCenter, Romania Bulgaria Bulgaria CHANEL Forum Gdansk Shopping Center, Arena Mall, Forum Liberec Shopping Centre, Poland Hungary Czech Republic
Slide 20: Retailers Day 2025, Sofia, Bulgaria
SS ——- - p-notch, and the afternoon business meetings ‘for our teams to connect and.share ideas. Operations Retailers Day 2025 Sofia, Bulgaria a 150 guests, 116 retailers, representing over 70 brands and covering 1,466 stores a Key speakers from ING and from Insider Trends UK an iy _“Lwould like to
Slide 21: Driving growth through innovation, efficiency, and customer focus
> Driving growth through innovation, efficiency, NR and customer focus. IN
Slide 22: v
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Slide 23: Eliza Predoiu, Chief Financial Officer
NEPI ROCKCASTLE Eliza Predoiu Chief Financial Officer
Slide 24: Funding
02. Funding
Slide 25: Solid financial results
Finance Solid financial results Consolidating and integrating the high growth acquisitions from 2024 amounts in € cents 30.12 +1.68 H1 2024 Distributable NO! earnings like-for-like +319 +012 NOI Revenue from net acquisitions energy activity -1.65 -2.34 Increase in net finance costs Increase in numbe
Slide 26: H1 2025 Dividend Distribution
Finance H1 2025 Dividend Distribution o% 90% PAY-OUT 27.95 € cents per share Settlement options Distribution Tax treatment in the Netherlands Tax treatment in South Africa Repayment of capital (default) 0% WHT Return of capital* Distribution out of profits (election) 15% WHT (unless some exemptions)
Slide 27: Funding strategy - securing stability
Finance Funding strategy - securing stability Ongoing solid liquidity and prudent management of maturities Stable/ BBB/+ Debt maturity profile (Em) Investment grade rating Cost of debt 2025 2026 2027 2028 2029 2030 2031 2032 mLoans = Bonds (+) Consisting of cash (€386m) and undrawn committed revolvi
Slide 28: Portfolio valuation increase driven by performance
Finance Portfolio valuation increase driven by performance €8.1bn 6.97% Investment EPRA NIY property value €108mM A +1.4% A Fair value gain Valuation increase
Slide 29: Consistent delivery of strong results
Consistent delivery of strong results a tare | NOI growth Prudent LTV Solid liquidity
Slide 30: v
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Slide 31: Rudiger Dany, Chief Executive Officer
Rudiger Dany Chief Executive Officer
Slide 32: Developments: Building for the Future
Developments Building for the Future Strategic Development Projects Driving Expansion and Solid Portfolio €638m new retail and mixed-use GLA ¥ 2greenfield developments, 4 extensions and refurbishments in 4 countries ¥ 187,900m? GLA €110m new photovoltaics projects ¥ €10 million investment in 23 gree
Slide 33: Developments and Extensions
Developments Developments and Extensions Highlights Promenada Bucharest Extension 55,400m? new mixed-use retail, hotel and office GLA Terms signed and agreed for 68% of retail GLA Estimated completion date Ql 2027 Promenada Plovdiv Greenfield development 60,500? new retail GLA Strong positive feedba
Slide 34: Developments and Extensions
Developments Developments and Extensions Highlights Vulcan Residential Brasov Residential and Craiova Residential All 254 units sold 21,200m? new GSA for Brasov Residential 11,800? new GSA for Craiova Residential Estimated delivery date Q4 2026 PV panels roll-out and greenfield projects 23 PV projec
Slide 35: Looking forward
Looking forward
Slide 36: Looking into the future
Looking forward Looking into the future Organic Growth Developments NOI enhancement Retail and through asset mixed-use projects management initiatives Acquisitions and New income asset rotation streams Opportunities for Expand green acquisitions of core assets energy business and strategic disposals
Slide 37: Solid business
Solid business Trust with stakeholders Strong team of experts NEPI Rockcastfle
Slide 38: Thank You!
NEPI ROCKCASTLE Thank You! August 2025 NR Excellence. Innovation. Experience
Slide 39: Appendix: Developments under construction and permitting
Appendix 1 Developments under construction 64,900 520 2214 Promenada Bucharest Romania Mixed-use Extension Q1 2027 55,400 290 129 Bonarka City Center Poland Mall Refurbishment Q2 2026 4,700 79 47 Pogoria Shopping Center Poland Mall Extension QI 2026 4,800 10 2 Arena Mall Hungary Mall Refurbishment Q