Ronesans Gayrimenkul Yatirim A.s. · BIST:RGYAS
Ronesans Gayrimenkul Yatirim A.s — Rönesans Gayrimenkul Yatırım A.Ş. — Q3 2025 Earnings Presentation
35 slides from Ronesans Gayrimenkul Yatirim A.s's earnings presentation, Nov 5, 2025
Slide 1: 3Q 2025 Earnings Presentation
3Q 2025 Earnings Presentation 5 Nov, 2025
Slide 2: Disclaimer
Disclaimer This presentation contains information and analysis on financial statements as well as forward-looking statements that reflect the Company management’s current views with respect to certain future events. Although it is believed that the information and analysis are correct and expectatio
Slide 3: Content
Content 1. Macro Outlook 2. RGY Overview 3. Operations 4. Investments 5. Financials & Strategy 6. Appendices
Slide 4: Türkiye Economic Environment
Macro Outlook Türkiye Economic Environment One of the clear beneficiaries of the disinflationary period is the real estate sector GDP Growth(1) Policy Rate & CPI Expectations(1) 4.0% 76% 76% 3.7% 3.3% 0.9% 1.3% 1.0% 33% 38.5% 23% 2024 2025E 2026E Türkiye Eurozone 38% 32.7% 30% Consumer Indicators (3
Slide 5: Content
Content 1. Macro Outlook 2. RGY Overview 3. Operations 4. Invetments 5. Financials & Strategy 6. Appendices
Slide 6: RGY at a Glance (1/2)
Overview RGY at a Glance (1/2) Commercial Real Estate with #1 Retail Real Estate Platform in Turkey LEADING SHOPPING 12 shopping malls CENTER INVESTOR 650k m2 total GLA(1) (735k m2 total GLA with offices) Occupancy rate reached 99.5% in 9M 2025, HIGH ASSET QUALITY Number of visitors reached 85 milli
Slide 7: RGY at a Glance (2/2)
Overview RGY at a Glance (2/2) Sound Capitilisation & Strong Shareholders EUR 3.5bn Gross Asset Value and EUR 495m Net Debt imply SOUND CAPITALISATION EUR 2.9bn NAV and 14% LTV, reflecting a strong capital structure. EUR 135m EBITDA, with a solid Net Debt/EBITDA ratio of FREE CASH FLOW 2.5x and an i
Slide 8: Content
Content 1. Macro Outlook 2. RGY Overview 3. Operations 4. Invetments 5. Financials & Strategy 6. Appendices
Slide 9: Footfall & Occupancy
Operations Footfall & Occupancy Malls remained fully occupied in 2025, with footfall holding steady despite economic challenges Despite seasonal challenges and a volatile political and economic climate, As of Sep 2025, majority of the shopping malls in the portfolio are at full the total footfall fo
Slide 10: Generating Strong and Recurring Rental Income
Operations Generating Strong and Recurring Rental Income Current OCR levels are below historical and sustainable levels suggesting further upward adjustment potential Over the first 9 months of 2025, RGY tenants increased their turnovers Due to the increase in tenant turnovers above inflation, the P
Slide 11: Robust Tenant Base
Operations Robust Tenant Base % in LTM Total Sustained tenant turnover growth above inflation, driven Tenant/Group Category Income by a strong mix of leading local and international brands, with 27% international and 73% local brands Apparel 5,3% Income generated from the Top 10 tenants over the las
Slide 12: Re-leasing Activities & Rental Income
Operations Re-leasing Activities & Rental Income Rental Income in 9m 2025: 7.2bn TL representing a real annual lfl growth of 9%. Re-leasing in 22,378 m2 9M 2025 117 openings Newly Opened Stores 12
Slide 13: Office Portfolio and Office Market in Istanbul
Operations Office Portfolio and Office Market in Istanbul Almost fully occupied office portfolio due to increasing office demand As of September 2025, majority of the offices in the portfolio are at full occupancy. In 2025, 8,562 m² of office space was sold at Maltepe Piazza Office. Recent sales hav
Slide 14: Content
Content 1. Macro Outlook 2. RGY Overview 3. Operations 4. Investments 5. Financials & Strategy 6. Appendices
Slide 15: Acquisition of Optimum İzmir
Investments Acquisition of Optimum İzmir Unique acquisition opportunity supporting earnings growth Acquisition of 50 % stake in İzmir Optimum Key Metrics Purchase price (50% equity) m EUR 63.6 EBITDA 2025 Estimation m EUR 32 OCR % 8,8 Occupancy % 100 GLA m2 83.397 Footfall (Yearly) k 14.206 Certific
Slide 16: MaltepePark Residential & Office Project
Investments MaltepePark Residential & Office Project A project located on the E-5 highway, adjacent to the metro line and two major shopping centers on the Asian side MaltepePark Project is designed to integrate residential units, offices, commercial spaces, and a shopping mall. The project is antic
Slide 17: Content
Content 1. Macro Outlook 2. RGY Overview 3. Operations 4. Investments 5. Financials & Strategy 6. Appendices
Slide 18: Financial Overview
Financials Financial Overview EBITDA generation fully inline with guidance Adjusted EBITDA (TL bn)(1,3,4) Adjusted Gross Asset Value (TL bn)(1,3,4) € 155m € 195m € 180m € 3.5b € 2.6b € 3.2b € 111m € 2.2b € 89m 8,5 9,4 7,9 6,6 172,4 5,5 153,4 154,4 133,3 2022 2023 2024 9M 2025 9M 2025 (Annualized) (A
Slide 19: Sustained Real Growth in EBITDA
Financials Sustained Real Growth in EBITDA EBITDA in 9MoTD reached EUR 135m – up by 20% By the end of 2025, the company expects to exceed budgeted EBITDA In 9M 2025, EBITDA rose by approximately 9% above inflation in TL target of EUR 180m with the completion of the İzmir acquisition. terms, reaching
Slide 20: Strong Balance Sheet with Low LTV and Net Debt to EBITDA
Financials Strong Balance Sheet with Low LTV and Net Debt to EBITDA Improved Capital structure and reduced LTV ratio resulted in a credit rating upgrade Strong EBITDA figures, IPO proceeds, the sale of non-core assets, and Equity has grown strongly in EUR terms over the past four years. Only success
Slide 21: Strategic Outlook
Strategy Strategic Outlook Solid Real Return Strong Position in Market Free Cash Flow Generation Opportunity #1 in retail real estate in Turkey Low OCR ratio suggests Excess cash generation further real growth potential above c. EUR 120m after Strong shareholder structure Turnover rents capture the
Slide 22: Content
Content 1. Macro Outlook 2. RGY Overview 3. Operations 4. Investments 5. Financials & Strategy 6. Appendices
Slide 23: Türkiye's #1 in Retail Real Estate
Appendices Türkiye’s #1 in Retail Real Estate Owner, developer and operator of new generation shopping malls & offices in central locations across 7 cities. Market Leader w/ 12 Shopping Malls (650k m2 GLA) + 4 Office Buildings (85k m2 GLA) Ankara • Optimum Ankara İstanbul İzmir • Hilltown Küçükyalı
Slide 24: Overview of Real Estate Properties
Appendices Overview of Real Estate Properties GLA(1)/Land Area 30 June 2026 Value(2) # Asset Partner Location Opening Date Asset Type (k m2) (TL m) 1 Karşıyaka Hilltown - İzmir October 2019 Shopping Center 64 25,394 2 Küçükyalı Hilltown - İstanbul October 2017 Shopping Center / Office 61 / 11 14,688
Slide 25: Plots of Land Suitable for Project Development
Appendices Plots of Land Suitable for Project Development The Company's current portfolio includes two plots of land suitable for future project development Beachtown Project, located in Konyaaltı, Antalya, presents a significant opportunity to develop a shopping mall project in the medium to long t
Slide 26: Portfolio Revenue Breakdown
Appendices Portfolio Revenue Breakdown Portfolio Revenue Breakdown (2025 Sep YTD) FOOD & OTHER BEVERAGE 4% 10% CORE STORES PERSONEL CARE 21% 10% APPAREL 31% HOUSEHOLD ACCESSORIES 24% 26
Slide 27: Türkiye's Largest Shopping Mall Investor
Appendices Türkiye's Largest Shopping Mall Investor (by GLA(2) and Number of Malls) Karşıyaka Hilltown Key Customers Küçükyalı Hilltown Key Customers Asset Type Shopping Center Asset Type SC & Office Location Karşıyaka / İzmir Location Maltepe / İstanbul Opening October 2019 Opening October 2017 Par
Slide 28: Türkiye's Largest Shopping Mall Investor
Appendices Türkiye's Largest Shopping Mall Investor (by GLA(2) and Number of Malls) Maltepe Piazza Key Customers Kahramanmaraş Piazza Key Customers Asset Type SC & Office & Residence Asset Type Shopping Center Location Maltepe / İstanbul Location Onikişubat / K.maraş Opening April 2018 Opening April
Slide 29: Türkiye's Largest Shopping Mall Investor
Appendices Türkiye's Largest Shopping Mall Investor (by GLA(2) and Number of Malls) Optimum İstanbul Key Customers Optimum İzmir Key Customers Asset Type Shopping Center Asset Type Shopping Center Location Ataşehir / İstanbul Location Gaziemir / İzmir Opening November 2008 Opening March 2012 Partner
Slide 30: Türkiye's Largest Shopping Mall Investor
Appendices Türkiye's Largest Shopping Mall Investor (by GLA(2) and Number of Malls) Optimum Adana Key Customers Optimum Ankara Key Customers Asset Type Shopping Center Asset Type Shopping Center Location Yüreğir / Adana Location Etimesgut /Ankara Opening April 2011 Opening October 2004 Partner - Par
Slide 31: Türkiye's Largest Shopping Mall Investor
Appendices Türkiye's Largest Shopping Mall Investor (by GLA(2) and Number of Malls) Samsun Piazza Key Customers Şanlıurfa Piazza Key Customers Asset Type SC & Hotel Asset Type Shopping Center Location Canik / Samsun Location Eyyübiye / Şanlıurfa Opening March 2013 Opening October 2013 Partner - Part
Slide 32: Türkiye's Largest Shopping Mall Investor
Appendices Türkiye's Largest Shopping Mall Investor (by GLA(2) and Number of Malls) Maltepe Park Key Customers Kozzy Key Customers Asset Type SC / Office Asset Type Shopping Center Location Maltepe / İstanbul Location Kadıköy / İstanbul Opening January 2005 Opening April 2010 Partner - Partner - DS
Slide 33: Office Portfolio
Appendices Office Portfolio A strong office portfolio in high demand by numerous well-known and prominent institutions RönesansBiz Office Maltepe Piazza Office RönesansBiz Küçükyalı, with a Gross Leasable Area of c. 52k m2, houses With a Gross Leasable Area of 8k m2, the young and dynamic Maltepe th
Slide 34: Office Portfolio
Appendices Office Portfolio A strong office portfolio in high demand by numerous well-known and prominent institutions MaltepePark Office Küçükyalı Hilltown Office The Maltepe Park Office, part of the RGY portfolio with a Gross Leasable Hilltown Office, with a Gross Leasable Area of c. 11k m2, is lo
Slide 35: Contact Investor Relations
Contact Investor Relations investor.relations@rgy.com.tr Phone: +90 312 430 6114 Rönesans Gayrimenkul Yatırım A.Ş. Piazza Ofis, Cevizli Mahallesi, Tugay Yolu Caddesi, No:69/A Maltepe, İstanbul 34846 Türkiye Phone: +90 312 430 6000 Fax: +90 312 430 6901 Çankaya Mahallesi, Atatürk Bulvarı, No:144/146
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