Nepi Rockcastle N.v · JSE:NRP
Nepi Rockcastle — Investor Presentation (June 2025)
39 slides from Nepi Rockcastle's investor presentation, June 2025
Slide 1: Shaping the Future of Retail Real Estate
Shaping the Future of Retail Real Estate June 2025 Property Tour
Slide 2: Company overview
Company overview
Slide 3: CEE Market Leader with 60 Assets in 8 countries
3 Company overview Building Tomorrow’s Retail March 2025 2% Lithuania by market value € 7.9 billion Investment property value 34% Poland CEE Market Leader 2.4 million 3% Czech Republic with 60 Assets m2 of GLA in 60 properties 7% Slovakia in 8 countries 7% 9 Hungary % 4 % Croatia 35% Dividend yield*
Slide 4: CEE at a glance
4 Company overview CEE at a glance 2.9% 2025F Economic Growth CEE GDP growth above Western Europe 4.4%* Low rate of unemployment in 2024 and relatively young population Resilient growth of CEE countries where the Group operates, outpacing Western European countries CEE* EU27 GDP Growth 2025 forecast
Slide 5: Delivering on Strategy
5 Company overview Delivering on Strategy December 2024 Driving Growth HIGH-QUALITY STRATEGIC VALUE NEW BUSINESS PORTFOLIO OF DEVELOPMENTS ENHANCING STREAMS PERFORMING ASSETS ASSETS ROTATION RENEWABLE ENERGY 5.6% 8% € 760 million** € 9 million growth in DEPS new GLA under construction & acquisitions
Slide 6: Delivering on Strategy
6 Company overview Delivering on Strategy December 2024 Driving Growth FINANCIAL ESG ENGAGED TEAMS STABILITY PROGRESS and STRONG EXPERTISE € 195 million 6% 100% Fair valuation uplift of portfolio electricity consumption In-house expert teams in all core is self generated functions – 19 assets intern
Slide 7: Stable footfall with consistent turnover growth
7 Company overview Stable footfall with consistent turnover growth April 2025 Solid basket size increase Turnover* variation Footfall* variation Basket size** variation (€m) (million visits) (€/visitor) -0.2% 1,500 100 +4.6% 16 +10.2% 14 80 +5.5% 12 Add on from 1,000 Magnolia and 60 Silesia 10 8 40
Slide 8: Health and beauty outperforming other categories
8 Company overview Health and beauty outperforming other categories April 2025 Turnover year to date LFL variation Weight in 2025 turnover by segments (%) by segments (%) Total 4.6% Fashion 1.8% 39.5% Health & Beauty 11.0% 13.3% Food Service 7.5% 12.0% Electronics -1.3% 10.1% Other Retail 7.0% 7.8%
Slide 9: Strong rental uplifts and occupancy
9 Company overview Strong rental uplifts and occupancy March 2025 Enhanced by continuous tenants' expansion 5+95 Retail vacancy evolution (%) Leasing activity 3 by Gross Rental Income 4.80% 2.3% 2 1.7% 1.4% Blended BRU 1 5% New leases and renewals Q1 2025 0 95% Only indexed in Q1 2025 H1 2024 H2 202
Slide 10: Retailers Day 2025 – Sofia, Bulgaria
10 “The presentations were top-notch, and the afternoon business meetings Company overview were a fantastic chance for our teams to connect and share ideas. The Retailers Day 2025 – Sofia, Bulgaria venue and overall vibe made the experience even better - great atmosphere and a really inspiring setup
Slide 11: Business growth with a prudence mindset
11 Company overview Business growth with a prudence mindset € 1.3bn NOI DEPS 35 15 Property portfolio (+20%) Acquisitions % % € 760m Developments Fair value gain 360m Disposals € 340m € € 160m Prudence LTV Cost of debt Available liquidity 35.7% 32.1% 2.3% 2.7% 670m € 1.1bn € 2022 2024
Slide 12: Investors' trust in our business
12 Company overview Investors' trust in our business (since last Property Tour) Debt Equity Unsecured loan Secured Scrip Equity Bond syndicated loan take up raise €500m €445m €220m €220m €300m 42% average total debt contracted (16% refinancing and 26% new debt) € 1.7bn Equity research -> target shar
Slide 13: Strategic Development Projects driving expansion
13 Company overview Strategic Development Projects driving expansion Increasing GLA by 8% and installed energy capacity production by almost 5 times €631m new retail and mixed use GLA • 2 greenfield developments, 4 extensions and refurbishments in 4 countries • 187,900m2 GLA €110m new photovoltaics
Slide 14: Looking into the future
14 Company overview Looking into the future 2025 distributable earnings Organic Growth NOI enhancement through asset Developments Retail and mixed-use projects +5% management Relative to 2024 initiatives 2025 DEPS guidance Acquisitions and New Income asset rotation Opportunities for acquisitions of
Slide 15: Property Tour
Property Tour
Slide 16: Tour map
16 Property Tour Tour map Silesia City Center Mega Mall 6 7 Magnolia Park 5 Promenada Bucharest Arena Mall 4 2 1 3 Arena Centar and Retail Park Promenada Craiova
Slide 17: Property tour itinerary
17 Property Tour Property tour itinerary All figures related to the properties presented in the next slides are as at 31 December 2024 if not otherwise stated Monday 09 June - Arrival in Bucharest, Romania Arrival in Bucharest and transfer to Radisson Hotel Welcome dinner at Maison des Arts Restaura
Slide 18: Romania - Bucharest
18 Property Tour Romania - Bucharest 104 % purchasing power per inhabitant above national average 2.29 millioninhabitants 2.8% low unemployment rate (5.6% national average) Source: GfK, EURES
Slide 19: Mega Mall - key data
19 Property Tour Mega Mall - key data 75,900m2 GLA Excellent 333.4m 99.7% Valuation EPRA Occupancy Key tenants € 24.6 € 22.3m Average rental (€/m2/month) Passing rent 2015 Latest openings Opening date
Slide 20: Mega Mall catchment area
20 Property Tour Mega Mall catchment area 51,000 5-minute drive 616,000 15-minute drive 1,701,000 30-minute drive
Slide 21: Promenada Bucharest - key data
21 Property Tour Promenada Bucharest - key data 39,300m2 GLA Excellent 211.3m 99.5% Valuation EPRA Occupancy Key tenants € 31.5 € 14.7m Average rental (€/m2/month) Passing rent 2013 2014 Latest openings Opening date Acquisition date
Slide 22: Promenada Bucharest catchment area
22 Property Tour Promenada Bucharest catchment area 5,000 5-minute drive 309,000 15-minute drive 1,046,000 30-minute drive
Slide 23: Promenada Bucharest 55,400m2 GLA, ongoing extension
23 Property Tour Promenada Bucharest 55,400m2 GLA, ongoing extension
Slide 24: Romania - Craiova
24 Property Tour Romania - Craiova 14 % purchasing power per inhabitant above national average 234,000 inhabitants 1.8% low unemployment rate (5.6% national average) Source: GfK, EURES
Slide 25: Promenada Craiova - key data
25 Property Tour Promenada Craiova - key data 63,700m2 GLA Excellent 158.3m 99.0% Valuation EPRA Occupancy Key tenants € 15.1 € 11.4m Average rental (€/m2/month) Passing rent 2023 Latest openings Opening date
Slide 26: Promenada Craiova catchment area
26 Property Tour Promenada Craiova catchment area 203,000 15-minute drive 267,000 30-minute drive 370,000 45-minute drive
Slide 27: Croatia - Zagreb
27 Property Tour Croatia - Zagreb 22 % purchasing power per inhabitant above national average* 768,000 inhabitants 4.4% low unemployment rate (6.1% national average) Source: GfK, EURES
Slide 28: Arena Centar and Retail Park - key data
28 Property Tour Arena Centar and Retail Park - key data 75,300m2 GLA Excellent 287.6m 92.6% Valuation EPRA Occupancy Key tenants € 25.5 € 21.6m Average rental (€/m2/month) Passing rent 2010 2016 Latest openings Opening date Acquisition date
Slide 29: Arena Centar and Retail Park catchment area
29 Property Tour Arena Centar and Retail Park catchment area 423,000 15-minute drive 862,000 30-minute drive 1,119,000 45-minute drive
Slide 30: Hungary - Budapest
30 Property Tour Hungary - Budapest 30 % purchasing power per inhabitant above national average* 1.67 millioninhabitants 2.3% low unemployment rate (4.1% national average) Source: GfK, EURES
Slide 31: Arena Mall
31 Property Tour Arena Mall 65,900m2 GLA Very Good 300.3m 98.7% Valuation EPRA Occupancy Key tenants € 25.2 € 19.8m Average rental (€/m2/month) Passing rent 2007 2017 Latest openings Opening date Acquisition date
Slide 32: Arena Mall catchment area
32 Property Tour Arena Mall catchment area 10,000 5-minute drive 690,000 15-minute drive 2,006,000 30-minute drive
Slide 33: Poland - Wroclaw
33 Property Tour Poland - Wroclaw 36 % purchasing power per inhabitant above national average* 673,000 inhabitants 2,868,000 inhabitants in the voivodeship 1.4% low unemployment rate (5.1% national average) Source: GfK, EURES
Slide 34: Magnolia Park
34 Property Tour Magnolia Park 100,300m2 GLA Excellent 375.1m 98.8% Valuation EPRA Occupancy Key tenants € 20.9 € 25.0m Average rental (€/m2/month) Passing rent 2007 2024 Latest openings Opening date Acquisition date
Slide 35: Magnolia Park catchment area
35 Property Tour Magnolia Park catchment area 45,000 5-minute drive 413,000 15-minute drive 844,000 30-minute drive
Slide 36: Poland - Katowice
36 Property Tour Poland - Katowice 20 % purchasing power per inhabitant above national average* 279,000 inhabitants 4,291,000 inhabitants in the voivodeship 1.0% low unemployment rate (5.1% national average) Source: GfK, EURES
Slide 37: Silesia City Center
37 Property Tour Silesia City Center 88,400m2 GLA Excellent 421.5m 99.7% Valuation EPRA Occupancy Key tenants € 28.3 € 30.0m Average rental (€/m2/month) Passing rent 2005 2024 Latest openings Opening date Acquisition date
Slide 38: Silesia City Center catchment area
38 Property Tour Silesia City Center catchment area 335,000 15-minute drive 1,716,000 30-minute drive 2,437,000 45-minute drive
Slide 39: Slide 39