Ronesans Gayrimenkul Yatirim A.s. · BIST:RGYAS
Ronesans Gayrimenkul Yatirim A.s — Rönesans Gayrimenkul Yatırım A.Ş. — H1 2025 Earnings Presentation
32 slides from Ronesans Gayrimenkul Yatirim A.s's earnings presentation, Aug 14, 2025
Slide 1: 1H 2025 Earnings Presentation
1H 2025 Earnings Presentation Aug 14, 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. Financials & Strategy 5. Appendices
Slide 4: Türkiye Economic Environment
Macro Outlook Türkiye Economic Environment One of the clear beneficiaries of the loosening cycle is expected to be the real estate sector Disinflation process supported by tight financial conditions, cautious monetary stance and moderating domestic demand. Accordingly, inflation eased by more than G
Slide 5: Content
Content 1. Macro Outlook 2. RGY Overview 3. Operations 4. Financials & Strategy 5. Appendices
Slide 6: Türkiye's #1 in Retail Real Estate
RGY Overview 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 (92k m2 GLA) Ankara • Optimum Ankara İstanbul İzmir • Hilltown Küçükyal
Slide 7: High Asset Quality
RGY Overview High Asset Quality Rising Portfolio with Strengthening Operational Metrics The company’s occupancy rate reached 99.2% as of May 2025 OCCUPANCY , maintaining the highest occupancy rate of all time. Number of visitors reached 56.5 million as of Jun 2025 and 113 FOOTFALL million for last t
Slide 8: Strong Shareholders and Tenant Base
RGY Overview Strong Shareholders and Tenant Base Strong Shareholders Rönesans Holding; integrated investment and construction conglomerate with assets more than EUR 9bn. Majority owner with 68,12% share in RGY. Providing Stability and GIC; Sovereign Wealth Fund of Singapore and Real Estate arm1 has
Slide 9: Financial Overview: robust capital structure reinforced by declining debt
RGY Overview Financial Overview A robust capital structure reinforced by declining debt Adjusted EBITDA(1,3,4) Adjusted Gross Asset Value(1,3,4) (TL bn) (TL bn) € 155m € 3.1b € 2.6b € 3.2b € 111m € 89m € 89m € 2.2b € 74m 7,3 147 6,1 143 144 5,1 3,6 3,8 124 2022 2023 2024 1H 2024 1H 2025 2022 2023 20
Slide 10: Content
Content 1. Macro Outlook 2. RGY Overview 3. Operations 4. Financials & Strategy 5. Appendices
Slide 11: Footfall & Occupancy
Operations Footfall & Occupancy Malls remained nearly fully occupied in 2025, with footfall holding steady despite economic challenges Despite seasonal challenges and a volatile political and economic climate, the As of June 2025, majority of the shopping malls in the portfolio are at full total foo
Slide 12: Generating Strong and Recurring Rental Income
Operations Generating Strong and Recurring Rental Income Current OCR levels are below historical and sustainable levels suggesting implying adjustment and further upside in rental income. Over the first 6 months of 2025, RGY tenants increased their turnovers by an average of 39%, in line with CPI gr
Slide 13: Re-leasing Activities & Rental Income
Operations Re-leasing Activities & Rental Income Rental Income in 1H 2025: 4.6bn TL representing a real annual growth of 12%. Rent Income Movement Re-leasing in 14,391 m2 (m EUR) 1H 2025 67 openings 2 2 107 7 Newly Opened Stores 13 83 1H 2024 LTM 2024 2025 Other 1H 2025 Avg. Ind Improvements Improve
Slide 14: MaltepePark Residential Project
Operations MaltepePark Residential Project A residential project located on the E-5 highway, adjacent to the metro line and two major shopping centers on the Asian side MaltepePark Residential Project is designed to integrate residential units, offices, commercial spaces, and a shopping mall. The pr
Slide 15: Content
Content 1. Macro Outlook 2. RGY Overview 3. Operations 4. Financials & Strategy 5. Appendices
Slide 16: 2025 EBITDA Generation
Financials 2025 EBITDA Generation RGY EBITDA, which is EUR 74m in 1H 2024, increased by 20% and reached EUR 89m In 1H 2025, EBITDA rose by approximately 5% above inflation in TL By the end of 2025, the company expect to reach budgeted EBITDA target of terms, reaching TL 3.8bn. In EUR terms, this cor
Slide 17: Net Financial Debt
Financials Net Financial Debt Deleveraging continues and funding strategy secures stability and growth. Strong NOI figures, IPO proceeds, the sale of Change in Net Debt and Net Debt to EBITDA(1,2) (TL bn) non-core assets, and successful financial management have dramatically reduced net debt to EUR
Slide 18: Strong Balance Sheet with Low LTV
Financials Strong Balance Sheet with Low LTV As a result, strengthening the capital structure and reducing the LTV ratio contribute to an improvement in RGY’s credit rating. Equity has grown strongly in TL terms over the past four years. Only 14% of As a result of RGY’s strengthened capital structur
Slide 19: Strategic Outlook
Strategy Strategic Outlook Solid Real Return Strong Position in Market Free Cash Flow Generation Opportunity Market leader in commercial Excess cash generation Low OCR ratio demonstrates above c. EUR 120m after real estate capital expenditures and real growth potential Strong shareholder structure i
Slide 20: Content
Content 1. Macro Outlook 2. RGY Overview 3. Operations 4. Financials & Strategy 5. Appendices
Slide 21: 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 22: Office Portfolio and Office Market in Istanbul
Appendices Office Portfolio and Office Market in Istanbul Almost fully occupied office portfolio due to increasing office demand While office supply has remained stable in the Istanbul office market, the As of June 2025, majority of the offices in the portfolio are at full vacancy rate has significa
Slide 23: 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 24: Karşıyaka Hilltown and Küçükyalı Hilltown
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 25: Maltepe Piazza and Kahramanmaraş Piazza
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 26: Optimum İstanbul and Optimum İzmir
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 27: Optimum Adana and Optimum Ankara
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 28: Samsun Piazza and Şanlıurfa Piazza
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 29: Maltepe Park and Kozzy
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 30: 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 15k m2, the young and dynamic Maltepe t
Slide 31: 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 32: 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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