Ronesans Gayrimenkul Yatirim A.s. · BIST:RGYAS
Ronesans Gayrimenkul Yatirim A.s — Rönesans Gayrimenkul Yatırım A.Ş. — Investor Presentation (February 2026)
39 slides from Ronesans Gayrimenkul Yatirim A.s's investor presentation, Feb 26, 2026
Slide 1: Investor Presentation
Investor Presentation 26 Feb, 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 1. RGY Overview 2. Market Position 3. Differentiating Factors in Retail Real Estate 4. Investments 5. Financial Results & Guidance 6. Appendices
Slide 4: Türkiye’s #1 in Retail Real Estate
Türkiye’s #1 in Retail Real Estate Market Leader w/ 12 Shopping Malls (650k m2 GLA) + 4 Office Buildings (112k(1) m2 GLA) İstanbul Ankara • Hilltown Küçükyalı SC • Optimum Ankara & Office İzmir • Kozzy • Hilltown Karşıyaka • Maltepe Park SC & • Optimum İzmir Office • Maltepe Piazza SC & Adana Office
Slide 5: RGYAS at a Glance
RGYAS at a Glance LEADER IN COMMERCIAL REAL ESTATE ROBUST TENANT BASE STRONG SHAREHOLDERS EUR 3.1bn Net Asset Value 68,1% Rönesans Holding 38% Tenant turnover(2) EUR 212m NOI(1) (22% Lfl 13,8% GIC growth and 37% Non – Lfl yoy 15,9% Free Float growth) 35% Avg. CPI 30% Avg. Sector SUSTAINABLE CASH FLO
Slide 6: RGYAS - Key Drivers of Long Term Shareholder Value
RGYAS - Key Drivers of Long Term Shareholder Value REAL EARNINGS GROWTH RECURRING REVENUES OPERATIONAL EXCELLENCE Strong tenant relationship & Local expertise combined with Dynamic lease structure Full occupancy international asset management with indexations to CPI and Supply Constraints & Lack of
Slide 7: Content
Content 1. RGY Overview 2. Market Position 3. Differentiating Factors in Retail Real Estate 4. Investments 5. Financial Results & Guidance 6. Appendices
Slide 8: Retail Real Estate Evolution Over The Years Suggest There is No New Supply
Retail Real Estate Evolution Over The Years Suggest There is No New Supply Shopping Mall numbers have declined due to repurposing, while Households grew 12% versus only 5% retail supply growth since inflation has limited new supply. Leasable space growth slowed 2018. Among roughly 140 shopping malls
Slide 9: Outperforming Footfall & Occupancy
Outperforming Footfall & Occupancy Strong and resilient footfall levels enabled RGY to outperform Majority of the shopping malls in the portfolio are at full the market by 4% on average monthly footfall growth in 2025. occupancy. Footfall Growth RGY vs Market Shopping Center Occupancy (2024 vs 2025)
Slide 10: Generating Inflation Protected - Rental Income - Dual Rent Model
Generating Inflation Protected - Rental Income - Dual Rent Model RGY tenant turnover growth of 38% on average outperforms CPI Portfolio OCR stands at 9.2% for 2025, below the historical 12– (35%) and the sector average (30%). 13% range, indicating a 30% growth potential. Separately, rent uplift also
Slide 11: Office Portfolio and Office Market in Istanbul – Suggest Significant Upside
Office Portfolio and Office Market in Istanbul – Suggest Significant Upside Prime Office Market in Istanbul(1) Most offices are fully occupied. 2024 2025 Average office rental income in our portfolio is c.USD 20/m². Office Supply 7.4 m sqm 7.4 m sqm Recent leasing deals have been signed at c.USD 30/
Slide 12: Content
Content 1. RGY Overview 2. Market Position 3. Differentiating Factors in Retail Real Estate 4. Investments 5. Financial Results & Guidance 6. Appendices
Slide 13: 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 14: Strong Brand and Tenant Mix Representation Earns Us The Title ‘Success Partner’
Strong Brand and Tenant Mix Representation Earns Us The Title ‘Success Partner’ Turnover Category Based LFL Turnover Change Change(%) Turnover Volume 180 % 80% Department Apparel Food & Beverage General Retail Homewares & Bulky Store Goods 160 % CPI: 60% %34,8 140 % 52% 52% 46% 46% 48% 45% 120 % 43%
Slide 15: Well Balanced & Diversified Tenant Mix
Well Balanced & Diversified Tenant Mix Tenant/Group Category % in LTM Total Sustained tenant turnover growth above inflation, driven by a Income strong mix of leading local and international brands, with 27% owned by international and 73% by local groups. Apparel 5.3% Income generated from the Top 1
Slide 16: Rent Uplift from Re-leasing Activities Alone Generated EUR 4m in 2025
Rent Uplift from Re-leasing Activities Alone Generated EUR 14m in 2025 Re-leasing in FY 2025 26,153 m2, 142 openings Newly Opened Stores New store New store New store 16
Slide 17: Content
Content 1. RGY Overview 2. Market Position 3. Differentiating Factors in Retail Real Estate 4. Investments 5. Financial Results & Guidance 6. Appendices
Slide 18: 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. 33k sqm and 229 units, comprise 41 completed units covering around 4k sqm, with 18% of the units
Slide 19: 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 Office component of the project consists of 111 independent units with a total GLA of c. 32k m2. The project is still under development, and office sales/leasi
Slide 20: Acquisition of Optimum İzmir & Ankara
Acquisition of Optimum İzmir & Ankara Disciplined and selective growth strategy İzmir Optimum Ankara Optimum A 50% stake in Optimum İzmir & Ankara was acquired in Sep ’25 and Nov ’25, respectively. GLA: 83k m2 GLA: 39k m2 EUR 22m annual incremental NOI Footfall: 6.7m increase. Footfall: 14.1m Occupa
Slide 21: 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 22: Content
Content 1. RGY Overview 2. Market Position 3. Differentiating Factors in Retail Real Estate 4. Investments 5. Financial Results & Guidance 6. Appendices
Slide 23: Financial Overview
Financial Overview Robust NOI momentum, asset appreciation and disciplined deleveraging created powerful equity growth story Adjusted Net Operating Income (NOI) Adjusted Gross Asset Value (TL bn)(1,3,4) (TL bn)(1,3,4) CAGR: 35.6 % (EUR) 62% Growth (EUR) € 212m € 3.6b € 2.6b € 3.2b € 155m € 2.2b € 11
Slide 24: Delivered Real Growth in NOI
Delivered Real Growth in NOI(1) NOI variance is mainly composed of CPI indexation (EUR Our NOI performance in TL terms (w/o IAS 29) between +20.4m) along with rent uplift and redev/releasing 2022 and 2025 has significantly exceeded inflation and operations (EUR +14.1m). FX movements. NOI Variance 20
Slide 25: Conservative Approach in Leverage – Solid Balance Sheet
Conservative Approach in Leverage – Solid Balance Sheet Net interest expense improved from EUR 75m to EUR Net debt stands at EUR 513m, with an average 32m over the last two years, a 57% reduction, and remaining maturity of c. 3.5 years (vs 2.9 years in the net interest coverage ratio increased to 6.
Slide 26: Sustained Real Growth in Free Cash Flow Generation Capacity
Sustained Real Growth in Free Cash Flow Generation Capacity Above EUR 150m cash flow generation capacity In 2025, supported by organic and inorganic NOI provides visibility and flexibility to fund dividends, growth and lower interest expenses, free cash flow selective investment, further deleveragin
Slide 27: 2026 Guidance
2026 Guidance The Guidance assumes that revenue growth will broadly track inflation, with macroeconomic assumptions aligned with prevailing market expectations. Macro assumptions: • Year End EUR/TL: 60.9 • Average EUR/TL: 56.4 • Average CPI: 26.5% • Year End CPI: 23.7% In 2026, NOI is expected impro
Slide 28: Content
Content 1. RGY Overview 2. Market Position 3. Differentiating factors in Retail Real Estate 4. Investments 5. Financial Results & Guidance 6. Appendices
Slide 29: Overview of Real Estate Properties
Overview of Real Estate Properties GLA(1)/Land Area 31 December 2025 Value(2) # Asset Partner Location Opening Date Asset Type (k m2) (TL m) 1 Karşıyaka Hilltown - İzmir October 2019 Shopping Center 64 29,739 2 Küçükyalı Hilltown - İstanbul October 2017 Shopping Center / Office 61 / 11 16,875 3 Malt
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) 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 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) 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 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) 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 38
Slide 39: 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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