Nepi Rockcastle N.v · JSE:NRP
Nepi Rockcastle — H2 2025 Earnings Presentation
46 slides from Nepi Rockcastle's earnings presentation, February 2026
Slide 1: Leading the commercial real estate market in CEE
Leading the commercial real estate market in CEE February 202 6 Excellence. Innovation. Experience
Slide 2: Overview
Overview
Slide 3: Rüdiger Dany, Chief Executive Officer
Rüdiger Dany Chief Executive Officer
Slide 4: The best way to predict the future is to create it
“The best way to predict the future is to create it” Abraham Lincoln
Slide 5: CEE Market Leader with 60 Assets in 8 countries
Overview 2% Lithuania Building Tomorrow’s Retail 35% Poland CEE Market Leader 2% Czech Republic Slovakia 7% with 60 Assets 7% in 8 countries 4% Croatia Hungary 35% Romania 8% Bulgaria By market value Dec 2025
Slide 6: CEE at a glance
Overview CEE at a glance 2.3% 2026F Economic Growth* Key Drivers in 2026 CEE GDP growth above Western Europe 4.5% Low rate of unemployment in 2025 and relatively young population Resilient growth of CEE countries where the Group operates, outpacing Western European countries CEE Euro area GDP growth
Slide 7: Delivering on Strategy
Overview Delivering on Strategy Driving Growth HIGH -QUALITY STRATEGIC VALUE NEW BUSINESS PORTFOLIO OF DEVELOPMENTS ENHANCING STREAMS PERFORMING ASSETS ASSETS ROTATION RENEWABLE ENERGY 3.1% 8% €57.8 million/ 38 MW operating/ growth in DEPS* new GLA under construction & permitting 9.4% €9.6 million N
Slide 8: Delivering on Strategy
Overview Delivering on Strategy Driving Growth FINANCIAL ESG ENGAGED TEAMS STABILITY PROG R ESS and STRONG EXPERTISE €162 million 85% 100% In-house expert teams Fair valuation gain Renewable in all core functions electricity 32.8% Loan -to -value ensured across the portfolio Over 6 80 professionals
Slide 9: CEE Market Leader
Overview CEE Market Leader Record -high operational results € 618m € 3,137 NOI Turnover/m 2 ** +11.2% +3.9% 202 4: € 556m 202 4: €3,018 62.0 3 99.5 % Collection Rate* 98.8% EPRA Occupancy € cents Distributable earnings +0.5pp +0.5 pp per share 202 4: 99 % 202 4: 98.3 % +3.1% 202 4: 60.17 € cents 12.
Slide 10: Operations
Operations
Slide 11: Marek Noetzel, Chief Operations Officer
Marek Noetzel Chief Operations Officer
Slide 12: Solid NOI growth across portfolio
Operations 5% Lithuania Solid NOI growth across portfolio 2025 vs 2024 5% 40%* Poland 6% +4.4% Czech Republic 2% Slovakia NOI Growth Like -for -like Portfolio 1% Hungary + 11.2% 5% Croatia 3% Romania NOI Overall Growth 9% Bulgaria * Overall NOI growth
Slide 13: Improved conversion rate, constant number of visitors
Operations Improved conversion rate, +3.6% Turnover constant number of visitors HICP 2.5%** - 0.5%* +8.0% 1.2% Footfall Basket size EPRA Vacancy 354 million visitors in 2025 €14.9 average spent per visit 4.6% 12.4% 94.8 % BRU *** Occupancy Cost Ratio Operational Costs Recovery (*) LfL properties. (*
Slide 14: Strong performance of the retail segments
Operations Strong performance of the retail segments Turnover* year to date LfL variation (%) Weight in year to date turnover* (%) Total 3.6% Fashion 1.5% 41.2% Health & Beauty 9.5% 13.3% Food Service 5.8% 11.1% Electronics -2.3% 10.0% Other Retail 4.4% 7.8% Fashion Complements 8.8% 5.6% Services 7.
Slide 15: Strong retailers' performance supporting further growth
Operations Strong retailers’ performance supporting further growth 2025 leasing activity Split of signed leases 2025 4.6% 1,451 signed Blended BRU leases on above indexation* 339,000m 2 GLA, 67% Renewals out of which 83% Only indexed in 2025 33% represent 21% New leases - international tenants 17% N
Slide 16: Enabling record low EPRA vacancy
Operations …..enabling record low EPRA vacancy Overall EPRA vacancy at 1.2% Overall (%) Total GLA 97.3% Retail 2.7% Office + Industrial 1.7% 1.8% By type 1.2% Dec 2025 H2 2024 H1 2025 H2 2025 Retail (%) 1.6% 1.4% 1.0% H2 2024 H1 2025 H2 2025
Slide 17: One year later ...
Operations One year later ... Integration finalised Improvements under assessment Silesia City Center Magnolia Park ▪ € 31.7 million NOI contributed in 2025 (5.2% of total 2025 NOI) ▪ € 26.1 million NOI contributed in 2025 (4.2% of total 2025 NOI) ▪ 0% Operational vacancy ▪ 0% Operational vacancy ▪
Slide 18: Balanced tenant profile
Operations Balanced tenant profile Partnering with the best -in-class Group’s top 10 tenants out of total annual rent LPP* 5.4% Inditex** 4.1% Carrefour 3.5% CCC*** 2.7% Flexible leasing opportunities % of expiry by gross rentals^ Auchan 2.6% 15.4% 15.5% 1.8% 14.6% H&M 14.1% 11.7% 12.0% New Yorker 1
Slide 19: Successful stores openings
Operations Successful stores openings Magnolia Park, Arena Centar, Arena Mall, Poland Croatia Hungary Arena Mall, Promenada Craiova, Arena Centar, Hungary Romania Croatia
Slide 20: New concepts
Operations New concepts Curated commercial strategies attract innovative retail concepts. Growing partnerships with top global brands 6locations signed 5 stores opened in 2025 in 2025 Bonarka City Center, Poland Magnolia Park, Poland 4new stores signed 4 stores opened unique concept combining digita
Slide 21: Bold ideas, Operations that deliver, Customer at the center
Bold ideas Operations that deliver Customer at the center
Slide 22: Finance
Finance v
Slide 23: Eliza Predoiu, Chief Financial Officer
Eliza Predoiu Chief Financial Officer
Slide 24: Distributable earnings, Funding, Valuation
Distributable earnings Funding Valuation
Slide 25: Consistent growth trajectory
Finance Consistent growth trajectory amounts in € cents +3.1% 60.17 2024 Distributable +3.34 (+5.6%) NOI +5.98 (+9.9%) NOI net acquisitions +0.08 (+0.1%) Revenue from energy activity 62.03 (+3.1%) 2025 Distributable D EPS growth earnings like -for -like earnings 2025 vs 2024 - 2.50 - 2.34 (-4.2%) (-
Slide 26: A dividend you can count on
Finance A dividend you can count on H2 2025 Dividend 27.88 90% € cents per share PAY - OUT Settlement options: Consistently exceeding Repayment of capital (0% WHT) real estate peers benchmark Distribution from profits (15% WHT) (70% pay -out)
Slide 27: Funding strategy: diversified and optimised
Finance Funding strategy: diversified and optimised Dec 2025 RCF Capacity +€70m increase, extended to 2028 -2029, fully undrawn €740m 7th Bond issuance Unsecured energy loan €45m available limit, 10 -year, Romania €21m €500m Secured loan top -up €32m 8-year maturity, Green bond Q4 2025, Romania Coup
Slide 28: Funding strategy: balance sheet strength
Finance Funding strategy: balance sheet strengh Positive /Stable Debt maturity profile ( €m) € 1.1bn 600 BBB/+ Liquidity* Investment grade rating 500 400 300 3.2% 32.8% Cost of debt** Loan -to -value 200 100 FTSE EPRA NAREIT Global Emerging Index - since June 2025 2026 2027 2028 2029 2030 2031 2032
Slide 29: Operational excellence reflected in valuation
Finance Operational excellence reflected in valuation €8.2bn 6.98% Investment EPRA NIY property value ~6.98% Dec 2024 €162m 2.1% Fair value gain Growth* (*) Relative to December 2024 portfolio.
Slide 30: ESG
ESG v
Slide 31: Eliza Predoiu, Chief Financial Officer
Eliza Predoiu Chief Financial Officer
Slide 32: Green energy: a growing revenue stream
ESG Green energy: a growing revenue stream Green energy pipeline Total PV Capacity 22 on -site PV projects 15 MW across 6 countries €10m 92MW Greenfield PV Romania 105 MW capacity expansion* €70m Installed Across Portfolio Battery Energy Storage 100 MW total capacity / New strategic project €47m 38
Slide 33: Sustainability: leading the way in CEE
ESG Sustainability: leading the way in CEE Renewable electricity in our assets by market 85% Romania 99% Croatia 100% Hungary 100% Slovakia 100% Renewable Electricity Czech Rep. 100% Lithuania 100% Bulgaria 100% Poland 53% Average across portfolio 100% EPRA Gold GRESB 5-Star MSCI AAA CDP Disclosure
Slide 34: Rüdiger Dany, Chief Executive Officer
Rüdiger Dany Chief Executive Officer
Slide 35: Building for the future
Developments Building for the future Strategic Development Projects Driving Expansion and Solid Portfolio € 671m new retail and mixed -use GLA ✓ 2 greenfield developments, 5 extensions and refurbishments in 4 countries ✓ 194,000m 2 GLA €127m photovoltaics and battery energy storage projects ✓ €70 mi
Slide 36: Developments and extensions
Developments Developments and extensions Promenada Bucharest Extension ▪ 55,400m 2 new mixed -use retail, hotel and office GLA ▪ Total investment of €290 million ▪ Terms signed and agreed for 77% of retail GLA ▪ Estimated completion date Q1 2027
Slide 37: Developments and extensions
Developments Developments and extensions Highlights Promenada Plovdiv Galati Retail Park Pogoria Shopping Centre Greenfield development Greenfield development Extension 60,500m 2 new retail GLA 38,300m 2 new retail GLA and 21,500m 2 new residential GSA 4,800m 2 new retail GLA Terms agreed for 46% of
Slide 38: Developments and extensions
Developments Developments and extensions Energy projects ▪ 22 PV projects in 6 countries 15 MW planned capacity ▪ Greenfields projects 54 MW completed (currently under testing) 105 MW under development (2026 -2028) ▪ Battery Energy Storage System project 100 MW storage capacity €47 million
Slide 39: A mandate that delivered
A mandate v that delivered
Slide 40: Four years of value creation: 2021 – 2025
Finance Four years of value creation: 2021 – 2025 NOI Property Value Distributable Earnings DEPS 2025 2025 2025 2025 €618m €8.2bn €441m 62.03 €c +78% +41% +110% +80% 2021 2021 2021 2021 €347m €5.8bn €210m 34.42 €c Total capital raised since 2021: €3.1bn (€2.5bn debt + €0.6bn equity) Acquisitions: €1
Slide 41: Looking forward
Looking forward v
Slide 42: Top management
Looking forward Top management Effective 1 April 2026 Marek Noetzel Eliza Predoiu Chief Executive Officer Chief Financial Officer ▪ 20+ years in leasing & commercial real estate ▪ 19+ years in finance and real estate ▪ COO since June 2022, driving Group's leasing ▪ CFO since June 2022, growing Group
Slide 43: Looking into the future
Looking forward Looking into the future Organic Growth Developments NOI enhancement Retail and through asset mixed -use projects 2026 DEPS guidance management initiatives 3% M&A New income Relative to 2025 streams Opportunities for Expand green acquisitions of core assets energy business and strateg
Slide 44: NEPI Rockcastle
Solid business Trust with stakeholders Strong team of experts NEPI Rockcastle
Slide 45: Thank You!
Thank You! February 202 6 Excellence. Innovation. Experience
Slide 46: Appendix 1: Developments under construction and permitting
Appendix 1 GLA Total Spent as at Target Country Type Category of development Total cost 31 December 2025 opening date m2 €m €m Developments under construction 64,900 490 268 Promenada Bucharest Romania Mixed -use Extension Q1 2027 55,400 290 163 Bonarka City Center Poland Mall Refurbishment Q1 2027