Nepi Rockcastle N.v · JSE:NRP
Nepi Rockcastle — H1 2024 Earnings Presentation
41 slides from Nepi Rockcastle's earnings presentation, August 2024
Slide 1: Shaping the Future of Retail – Results Presentation
Shaping the Futur of Retail RESULTS PRESENTATION June 2024 () NEPI ROCKCASTLE e Real Estate \ Excellence. - Innovation. perience. astlecom Ockc epi ©2024 AllRights Reserved. §. ———————>
Slide 2: The NEPI Rockcastle Journey to Future
The NEPI Rockcastlé Journey to: Future Overview With) Rudiger Dany | Operations | Finance | ESG | Developments | Looking into the Future
Slide 3: NEPI
NEPI ROCKCASTLE > e fo} Qo fo} oe
Slide 4: Success is not final
Success is not final Failure is not fatal tis the courage to continue that counts Winston S. Churchill
Slide 5: Building Tomorrow's Retail Market Leader
Building Tomorrow's Retail Market Leader with 59 Assets in 9 countries (*) Includes Promenada Novi Sad classified as asset held for sale © EU Countries © non-EU Country % by Market Value nepirockcastle.com ©2024 All Rights Reserved.
Slide 6: CEE at a glance
CEE ata glance Key Drivers in 2024 Resilient growth of CEE countries where the Group operates, outpacing Western European countries CEE* Euro area GDP growth 2024 forecast 2.62% 0.70% GDP growth 2025 forecast 3.16% 1.20% Economic Growth Unemployment CEE GDP growth Low rate of unemployment (3.16%, 20
Slide 7: Driving Growth
Driving Growth Delivering on Strategy r HIGH-QUALITY STRATEGIC VW VALUE ENHANCING NEW BUSINESS PORTFOLIO OF DEVELOPMENTS ASSETS ROTATION STREAMS PERFORMING ASSETS RENEWABLE ENERGY 5.6% 9% €800million €4.Amillion growth in DEPS new GLA under acquisitions pipeline revenue in H1 2024 13.5% growth in NO
Slide 8: Delivering on Strategy
Delivering on Strategy —__ Ensuring Sustainability FINANCIAL ESG ENGAGED TEAMS and STABILITY PROGRESS STRONG EXPERTISE €134 million 21% 100% Fair valuation uplift (+2% vs Dec 2023) 32.2% Loan-to-value No debt maturities in2024 and 2025 of Romanian portfolio consumption is self - generated solar ener
Slide 9: Market Leader – excellent operational results
Market €274m | €2,721 NOI Turnover/m2** Leader 413.5% & +2,.8% A 5 Excellent operational results H1 2023 - €241m H1 2023 - €2,647 2 30.12 97% 97.3% a Collection rate* EPRA Occupancy € cents Distributable earnings +Ipp « -O.5pp Vv per share H1 2023 - 96% Dec 2023 - 97.8% Occupancy Cost Ratio : : meal
Slide 10: H1 2024 dividend yield note
(^^) H1 2024 dividend yield computed based on the H1 2024 and H2 2023 distribution using 30 June 2024 share price. H1 2023 dividend yield computed based on the H1 2023 and H2 2022 distribution using 30 June 2023 share price
Slide 11: The NEPI Rockcastle Journey to Future
4 The NEPI Rockcastle Journey to: Future | Overview with Rudiger Dany Operatio! | Finance | ESG | Developments | Looking into the future
Slide 12: Operations
NEPI ROCKCASTLE > e fo} Qo fo} oe
Slide 13: Acting on emerging consumer trends
FANEPIRockcastleNews Acting on emerging consumer trends RETAILERS DAY Se LET'S BLOOM! ‘ Portfolio Clustering Strategic clustering to reflect consumer profiling and trends Differentiated leasing and marketing strategies Portfolio economies of scale Growth of European eSports segment 10 events to date
Slide 14: Strategic decisions for Growth
Strategic decisions for Growth Extracting value Acquiring from existing best-in-class portfolio assets +10% a Forum Gdansk PL NOI increase like-for-like portfolio +27% NOI increase post-acquisition +3.6% 4 Base Rental Unit Build new business lines Energy business 27 photovoltaic installations alread
Slide 15: Solid NOI Growth across portfolio
Solid NOI Growth across portfolio +10%a NOI Growth Like-for-Like Portfolio +13.5% NOI Growth Overall Portfolio ©2024 AllRights Reserved, §. ———— >_> rnepirockcastle.com
Slide 16: Rising number of visitors
Rising number of visitors faa 5 ie) D B 0 o 3 a 2 Growing Conversion +1.0%a +8.2% A Footfall Basket size 12.9% Occupancy Cost Ratio
Slide 17: Tenants' sales increase outpacing inflation
Tenants’ sales increase outpacing the inflation* Monthly turnover change (%) January February March © 12023 © H12024 (9) Sales for Like-for-Like properties, excluding Hypermarkets April +S.7% A 2.6% HICP A +9.3% May A +7.3% June nepirockeastle.com ©2024 AllRights Reserved, §_§_ —————>
Slide 18: Strong Growth across all retail segments
Strong Growth across all retail segments Turnover year to date LFL variation (%) Weight in year to date turnover (%) Total EE Fashion me ee: Health and Beauty [EEE 16.2% | a Food Service Hs .s« | a Electronics To ccx Hox Other Retail Hs | FashionComplements [ED 103% | ie a & . ra Services a: sx a 8
Slide 19: Balanced tenant profile
Balanced tenant profile Partnering with the best-in-class 1 LPP* 54%] Flexible leasing opportunities Inditex a 4.17. | Year %of expiry Carrefour a 3.77 | 2024 26% 2025 19% Ach) a 2.775 | Oe 2026 16.2% CCC EE 2 4°. | 2027 18.9% 2028 13.0% EE 1.57 HEM. 18%] 2020 14.06% New Yorker SI 1.99% | 2030 61% 2
Slide 20: Successful Stores Openings
Successful Stores Openings wISTAYETGYM Shopping City Sibiu, Romania Peek. Cloppenburg VICTORIA'S SECRET Mega Mall, Romania Paradise Center, Bulgaria PRIMARK’ martés WACTION Arena Mall, Pogoria Shopping GaleriaMlyny Hungary Centre, Shopping Centre, Poland Slovakia G g 5 3 $ a io a z yt a oO a ©
Slide 21: Expanding successful retail concepts
Expanding successful retail concepts HalfPrice NewyYorkeA Stl Ne STRADIVARIUS Solaris Shopping PogoriaShopping Arena Centan, Karolinka Shopping Centre, Poland Centre, Poland Croatia Centre, Poland RtiT 7AIOME @ UAL CHANEL Serdika Center, Ozas Shopping Mega Mall, Forum Gdansk. Bulgaria and Entertainm
Slide 22: We are Shaping the Future of Retail
— Weare Shaping the Future of Retail nepirockcastle.com
Slide 23: The NEPI Rockcastle Journey to Future
4 The NEP! Rockcastle Journey to: Future | Overview with Rudiger Dany | Operations with Marek Noetzel InAnGe | ESG with Eliza Predoiu | Developments with Riidiger Dany | Looking into the future
Slide 24: Finance with Eliza Predoiu
Finance with ELIZA PREDOIU Chief Financial Officer ROCKCASTLE ms. ©2024 All Rights Reserved.
Slide 25: Distributable earnings, Funding, Valuation
~~ a Distributable earnings NEPI ROCKCASTLE Funding Valuation nepirockcastle.com ©2024 All Rights Reserved.
Slide 26: Distributable Earnings
DISTRIBUTABLE EARNINGS Strong financial performance supporting growth amountsin€ cents 30.12 (+5.6%) Hi2024 Distributable Earnings 30.12 € cents Distributable earnings per share +5.6%4 H1 2023 - 28.52 € cents €199m Distributable earnings nepi Reserved,
Slide 27: Distribution
d Distribution vs. Average European peers 70% Settlement options Distribution Tax treatment in the Netherlands = Tax treatment in South Africa 0% WHT Repayment of capital (default) Distribution out of profits 15% WHT (unless some exemptions) Dividend classification (election) Scrip dividend (electio
Slide 28: Funding Strategy
FUNDING STRATEGY Securing Stability S$ Growth Debt maturity profile €445m _ 2.6% IFC loan covering : Net cost of debt* 90% ofthebond | |} maturity in 2024 : ! 4 | 2024* 2025 2026 2027 2028 2029 20380 (e) Loans (6) Bonds Stable BBB/+ €1.3 bn** 32.2% Investment grade Liquidity LTV rating nepirockcast!
Slide 29: Portfolio Valuation
PORTFOLIO VALUATION Increasing Valuation Drivenby strong asset performance €7.0bna 6.95% Investment property value EPRA NIY €134m +2% Fair value gain Valuation increase
Slide 30: Exceeding Expectations
Exceeding Expectations Through Consistent & Strong Commitment to Excellence nepirocks © 2024 AllRights Reserved, § > ott
Slide 31: The NEPI Rockcastle Journey to Future
The NEPI Rockcastlé Journey to: Future | Overview with Rudiger Dany | Operations with Marek Noetzel | Finance with Eliza Predoiu i Wi Ze) Deeyele)iuh | Developments with Riidiger Dany | Looking into the Future
Slide 32: ESG is a priority
4 ‘ tExternall nN ESG is a priority Green energy * Reducing carbon footprint * 27 properties in Romania with photovoltaics installed * 21% of the expected Romanian’s portfolio needs covered with self generated energy * Minimum 75% renewable energy ensured for H1 to full year across all the portfolio
Slide 33: The NEPI Rockcastle Journey to Future
4 The NEP! Rockcastle Journey to: Future | Overview with Rudiger Dany | Operations with Marek Noetzel | Finance with Eliza Predoiu | ESG with Eliza Predoiu iti RUCIGer Dan | Looking into the Future
Slide 34: Developments
ROCKCASTLE 8 > e o ® © a
Slide 35: Building for the Future
Building for the Future Strategic Development Projects Driving Expansion and Solid Portfolio €817m Total investments under permitting & construction 2024-2028 €655m new retail and mixed use GLA v 2 greenfield developments, 5 extensions and refurbishments in 4 countries ¥ 195,200m? GLA €115m new phot
Slide 36: Developments & Extensions Highlights
Developments & Extensions Highlights comm tle, IcKCas! nepiro 124 All Rights Reserved. 20: ©2c
Slide 37: Developments & Extensions Highlights
Developments & Extensions Highlights iy 1“ g Ig o i y «
Slide 38: Looking into the future
Looking into the future Organic Growth Developments NOI enhancement through asset management initiatives Retail and mixed-use projects Acquisitions and asset rotation New income streams Opportunities for acquisitions of core assets and strategic disposals Expand green energy business revised 2024 DE
Slide 39: Capital Markets Day
Capital Markets Day Investing? CEE 1st of October, Bucharest, Romania Be our guests! NEPI ) ROCKCASTLE
Slide 40: We are Rockcastle – Solid as a Rock
Weare @) ROCKCASTLE Solid as aROCK We Consistently Deliver Weare > nepirockcastle.com
Slide 41: Appendix
Appendix 1 Country Type Category Target opening date GLA of development Total cost Total Spent to Date m2 €m €m Developments under construction 72,300 542 179 Promenada Bucharest Romania Mixed-use Extension 4 2026 55,400 282 17 Bonarka City Center Poland Mall Refurbishment 2 2026 4,700 79 44 Ploiest