Ronesans Gayrimenkul Yatirim A.s. · BIST:RGYAS
Ronesans Gayrimenkul Yatirim A.s — Rönesans Gayrimenkul Yatırım A.Ş. — H1 2026 Earnings Presentation
36 slides from Ronesans Gayrimenkul Yatirim A.s's earnings presentation, Aug 13, 2026
Slide 1: Earnings Presentation
Earnings Presentation 13 Aug, 2026
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 01 Who We Are 02 Macro Environment 03 Operational Excellence 04 Financial Results 05 Growth Prospects 06 Appendices
Slide 4: Who We Are
Who We Are
Slide 5: Türkiye's #1 in Retail Real Estate
Türkiye’s #1 in Retail Real Estate Owner, developer and operator of 12 new generation shopping malls1 & 4 offices across 7 cities w/a total GLA of 737K m2 EUR 3.6bn Net Asset Value EUR 116m 1H26 NOI (+25% yoy)2 Proactive & Institutionalized Asset & Lease Management 99,1% Occupancy Rate 114m Annual F
Slide 6: Generating Long Term Shareholder Value
Generating Long Term Shareholder Value REAL EARNINGS GROWTH RECURRING REVENUES OPERATIONAL EXCELLENCE Dynamic lease structure with Strong tenant relationships & Full Local expertise combined with international indexations to CPI and tenant sales occupancy on the back of asset management standards tu
Slide 7: Macro Environment
Macro Environment
Slide 8: A Tougher Macro Backdrop - however Resilient Consumption Continues to Anchor Growth
A Tougher Macro Backdrop - however Resilient Consumption Continues to Anchor Growth Intensified geopolitical conditions have lifted inflation and rate expectations by ~ 6-7pp for Year End 2026 GDP Growth1 Policy Rates & CPI Expectations1 Private consumption remains the engine in TR – 2.7-2.9pp of th
Slide 9: Operational Excellence
Operational Excellence
Slide 10: Generating Inflation Protected Rental Income - Dual Rent Model
Generating Inflation Protected - Rental Income - Dual Rent Model Lease structure indexed to both LTM CPI and Tenant Sales Turnover. OCR compares in line w/ global peers’ range of 9%-10% Tenant Sales Turnover Growth Portfolio OCR (1) vs CPI(1,2) & Sector(2) Last 12 months 39% 38% 15,5% 38% 35% 13,4%
Slide 11: Continuing Tenant Engineering to Maximize Earnings
Continuing Tenant Engineering to Maximize Earnings Dynamically managed assets and tenant mix despite full occupancy Re-leasing and re-development activity in 1H26 alone 14,250 m2, 75 openings New store New store New store 11
Slide 12: Balanced and Diversified Brand Portfolio Delivers Consistent Performance
Balanced and Diversified Brand Portfolio Delivers Consistent Performance % in LTM Total RGY Tenants’ Sales Turnover in 1H26 by Category Tenant/Group Category Income Services 57,1% Apparel 5.4% Hobbies / Gifts 52,1% Electronics 2.8% Apparel 2.6% Culture / Art / Entertainment / Sports 45,0% Food & 2.3
Slide 13: Office Portfolio and Office Market in Istanbul – Suggest Significant Upside
Office Portfolio and Office Market in Istanbul – Suggest Significant Upside Average office rental income in our portfolio is c.USD Office NOI(m EUR) 20/m²/month. By the end of 2027, lease terms covering c.64k m² will expire1, 23% Growth in HoH with an average rent of USD 10 /m²/month, implying a pot
Slide 14: Financial Results
Financial Results
Slide 15: Financial Overview
Financial Overview Robust NOI momentum, asset appreciation and disciplined deleveraging created powerful equity growth story Adjusted NOI Adjusted Gross Asset Value (TL bn)(1,3,4) (TL bn)(1) € 4.1b € 3.6b € 212m 25% Growth (EUR) € 155m € 116m € 3.3b € 116m € 2.6b € 93m 224,0 12,4 220,3 8,5 9,8 5,2 6
Slide 16: Conservative Approach in Leverage – Solid Balance Sheet
Conservative Approach in Leverage – Solid Balance Sheet Change in LTV & Interest Coverage Ratio1 Change in Net Debt and Net Debt to EBITDA (m EUR) (m EUR) 26% 10,6x 6,0x 15% 14% 6.4x 3,2x 11% 668 2,5x 2,7x 502 513 1,9x 1,5x 442 2023 2024 2025 1H 2026 2023 2024 2025 1H 2026 LTV Interest Coverage Rati
Slide 17: Sustained Real Growth in Free Cash Flow Generation Capacity
Sustained Real Growth in Free Cash Flow Generation Capacity Free Cash Flow Generation (FCF) Free Cash Flow Generation (FCF) (m EUR) (m EUR) 3 82 23 116 -3 -11 58 82 -23 1H 2025 NOI Decrease in Increase in 1H 2026 1H 2026 NOI Net Interest Capex & Opex & Free Cash Free Cash Growth Interest Opex Free C
Slide 18: Budgeted vs Actual - Better than Projected NOI
Budgeted vs Actual - Better than Projected NOI NOI growth of 25% yoy is due to better than expected start to the year and the two acquisitions done in 2H25 Budgeted vs Actual NOI (m EUR) NOI Variance (m EUR) 12,2 116,0 1,1 1,2 116,0 5,4 2,6 11,0 105,7 92,8 Budgeted Assumptions TO Rent OPEX, Actual 1
Slide 19: Growth Prospects
Growth Prospects
Slide 20: MaltepePark Residential Project
MaltepePark Residential Project A project located on the E-5 highway, adjacent to the metro line and two major shopping centers on the Asian side Residential sales, for a total gross sellable area of c. 35k m², 229 units and 11 retail (1.8k m²), comprise 62 sold units covering around 6.2k m², with 2
Slide 21: MaltepePark Office Project
MaltepePark Office Project A project located on the E-5 highway, adjacent to the metro line and two major shopping centers on the Asian side Construction permit application submitted. Office component of the project consists of 111 independent units with a total GLA of c. 32k m2 , in addition to 2.2
Slide 22: Land Plots Suitable for Project Development
Land Plots Suitable for Project Development The Company's current portfolio includes two land plots suitable for future project development Beachtown Project, located in Konyaaltı, Antalya, presents Beachtown a significant opportunity to develop a shopping mall Project project in the medium to long
Slide 23: Appendices
Appendices
Slide 24: Clear Differentiation in Strong Corporate Governance and Sustainability
Clear Differentiation in Strong Corporate Governance and Sustainability 15 properties with distinction earned by less than 1% of buildings worldwide 15 22 Renewable Energy Target • Exemplary agreement between RGY and Rönesans Renewable Energy: to supply energy from renewable sources, and provide RGY
Slide 25: Differentiating Factors
Differentiating Factors System Excellence Efficient Execution Robust Outcome International asset management Dynamic retail management Revenue maximization & standards Leakage control Tenant mix engineering & Active leasing strategy In – House technology platform Sustained high occupancy Turnover aud
Slide 26: Overview of Real Estate Properties
Overview of Real Estate Properties GLA/Land Area 30 June 2026 Value(1) # Asset Partner Location Opening Date Asset Type (k m2) (EUR m) 1 Karşıyaka Hilltown - İzmir October 2019 Shopping Center 64 664 2 Küçükyalı Hilltown - İstanbul October 2017 Shopping Center / Office 61 / 11 380 3 Maltepe Piazza -
Slide 27: Türkiye's Largest Shopping Mall Investor (by GLA and Number of Malls)
Türkiye's Largest Shopping Mall Investor (by GLA and Number of Malls) Karşıyaka Hilltown Küçükyalı Hilltown Asset Type Location Opening Asset Type Location Opening Shopping Center Karşıyaka/İzmir October 2019 SC & Office Maltepe/İstanbul October 2017 Distance Station GLA(m2) Certificate Distance Sta
Slide 28: Türkiye's Largest Shopping Mall Investor (by GLA and Number of Malls)
Türkiye's Largest Shopping Mall Investor (by GLA and Number of Malls) Maltepe Piazza Kahramanmaraş Piazza Asset Type Location Opening Asset Type Location Opening SC & Office Maltepe/İstanbul April 2018 Shopping Center Onikişubat/K.Maraş April 2013 & Residence Certificate Certificate Distance Station
Slide 29: Türkiye's Largest Shopping Mall Investor (by GLA and Number of Malls)
Türkiye's Largest Shopping Mall Investor (by GLA and Number of Malls) Optimum İstanbul Optimum İzmir Asset Type Location Opening Asset Type Location Opening Shopping Center Ataşehir/İstanbul November 2008 Shopping Center Gaziemir/İzmir March 2012 Certificate Certificate Partner Distance Station GLA(
Slide 30: Türkiye's Largest Shopping Mall Investor (by GLA and Number of Malls)
Türkiye's Largest Shopping Mall Investor (by GLA and Number of Malls) Optimum Adana Optimum Ankara Asset Type Location Opening Asset Type Location Opening Shopping Center Yüreğir/Adana April 2011 Shopping Center Etimesgut/Ankara October 2004 Certificate Certificate Distance Station GLA(m2) Partner D
Slide 31: Türkiye's Largest Shopping Mall Investor (by GLA and Number of Malls)
Türkiye's Largest Shopping Mall Investor (by GLA and Number of Malls) Samsun Piazza Şanlıurfa Piazza Asset Type Location Opening Asset Type Location Opening SC & Hotel Canik/Samsun March 2013 Shopping Center Eyyübiye/Şanlıurfa October 2013 Certificate Certificate Distance Station GLA (m2) Distance S
Slide 32: Türkiye's Largest Shopping Mall Investor (by GLA and Number of Malls)
Türkiye's Largest Shopping Mall Investor (by GLA and Number of Malls) Maltepe Park Kozzy Asset Type Location Opening Asset Type Location Opening SC & Office Maltepe/İstanbul January 2005 Shopping Center Kadıköy/İstanbul April 2010 Certificate Certificate Distance Station GLA(m2) Distance Station GLA
Slide 33: Office Portfolio
Office Portfolio RönesansBiz Office Maltepe Piazza Office RönesansBiz Küçükyalı, with a Gross Leasable Area of c. 52k m2, houses the With a Gross Leasable Area of 8k m2, the young and dynamic Maltepe Piazza headquarters of major companies like Turkcell and Bosch. The campus also Office building is s
Slide 34: Office Portfolio
Office Portfolio MaltepePark Office Küçükyalı Hilltown Office The Maltepe Park Office, part of the RGY portfolio with a Gross Leasable Area Hilltown Office, with a Gross Leasable Area of c. 11k m2, is located near of c. 15k m2, is one of the leading and most prestigious office buildings in the promi
Slide 35: European Office Market
European Office Market1 Vacant Area City Prime Rent €/m² (k m²) London West End 141 5,762 Milan 54 7,811 Rome 39 7,448 Amsterdam 41 6,043 v Rotterdam 20 3,488 Berlin 43 19,650 Munich 45 14,445 Madrid 36 8,799 Brussels 20 13,890 Barcelona 28 4,569 Lisbon 21 2,969 (1) Catella 35
Slide 36: Contact
Contact Investor Relations 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 Ankara, Türkiye Phone: +90 312
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