Nepi Rockcastle N.v · JSE:NRP
Nepi Rockcastle — H1 2026 Earnings Presentation
39 slides from Nepi Rockcastle's earnings presentation, August 2026
Slide 1: Leading CEE Commercial Real Estate. Growing Beyond its Borders.
Leading CEE Commercial Real Estate. Growing Beyond its Borders. August 202 6
Slide 2: Overview
Overview
Slide 3: Marek Noetzel, Chief Executive Officer
Marek Noetzel Chief Executive Officer
Slide 4: NEPI Rockcastle. New Europe Property Investments.
NEPI Rockcastle. New Europe Property Investments.
Slide 5: CEE Market Leader Expanding in Spain
Overview Lithuanian asset Building Tomorrow’s Retail held for sale 2% Lithuania 35% Poland 2% Czech Republic CEE Market Leader 7% Slovakia 7% Expanding in Spain 4% Croatia Hungary 35% Romania 60+1 assets 8% 8+1 countries Bulgaria By market value June 2026
Slide 6: NR geographies at a glance
Overview NR geographies at a glance Key Drivers in 2026 Resilient growth of CEE countries where the Group operates, outpacing Western European countries GDP growth GDP growth Annual growth 2026F 2027F in purchasing power in 2025 € 416bn / € 89bn CEE* 1.85% 2.44% +13.3% European funds proposed to be
Slide 7: Delivering on Strategy
Overview Delivering on Strategy Driving Growth HIGH -QUALITY VALUE NEW BUSINESS PORTFOLIO OF STRATEGIC ENHANCING STREAMS PERFORMING ASSETS DEVELOPMENTS M&A RENEWABLE ENERGY € 252m € 5.7m/97MW 3.8 % 8% growth in NOI* (+3.3% on a new GLA under construction Net investment in MegaPark NOI from comparabl
Slide 8: CEE Market Leader: Record-high operational results
Overview CEE Market Leader Record -high operational results € 318m € 2,944 NOI Turnover /m 2 ** +3.8% +3.4% H1 202 5: € 306m H1 202 5: €2,847 32.14 99% Collection Rate* 98.2% EPRA Occupancy € cents Distributable earnings per share H1 202 5: 99 % H1 202 5: 98.2 % +3.5 % H1 202 5: 31.05 € cents 13.2%
Slide 9: Operations
Operations
Slide 10: Marius Barbu, Chief Operations Officer
Marius Barbu Chief Operations Officer
Slide 11: Net Operating Income: Every market contributing to a strong H1
Operations 2.1% Net Operating Income Property NOI* Lithuania Every market contributing to a strong H1 H1 2026 vs H1 2025 4.4% Poland Property 2.4% Czech Republic +3. 3% NOI Growing to € 312m (Like -for -like) 3.8% Slovakia Energy 2.5% 1.7% +37.6% Hungary Romania NOI Growing to €5.7m 3.4% +3.8 % Bulg
Slide 12: Sales growth and increased conversion drive rental uplifts
Operations Sales growth and increased conversion drive rental uplifts +2.7% - 0.4% +3.3% +3.0% Higher tenant sales* Stable footfall Bigger basket Base Rent uplift*** HICP 2.6%** €14.7 average spent per visit +3.9% excl. incentives (*) LfL properties. (**) H1 2026 average consumer price index. (***)
Slide 13: Consumer driven leasing strategy
Operations Consumer driven leasing strategy H1 2026 leasing activity 93% Indexed in H1 2026 7% New leases and renewals Base Rental Uplift +3.0% 7% Split of signed leases H1 2026 above indexation* +3.9% excl. incentives 39% new leases 61% renewals of successful concepts 613 signed leases on 162,900m
Slide 14: Focus on improving the performing retail segments
Operations Focus on improving the performing retail segments Convenience replaced with Consumer experience Weight in turnover* Turnover variation* year to date (%) year to date (%) Total 2.7% Fashion (41%) 1.6% Health & Beauty (13%) 8.4% Food Service (12%) 2.4% Electronics (9%) -3.5% Other Retail (7
Slide 15: Consumer-focused leasing. Flagship and concept store openings
Operations Consumer -focused leasing. F lagship and concept store openings Shopping City Timisoara, Silesia City Center, Silesia City Center, Promenada Sibiu, Romania Poland Poland Romania Bonarka City Center, Ozas Shopping and Promenada Bucharest, Arena Mall, Poland Entertainment Centre, Lithuania
Slide 16: Consumer-focused leasing. Strong pipeline of upcoming openings
Operations Consumer -focused leasing. Strong pipeline of upcoming openings Best -in-class retailers across today's most dynamic segments - secured and opening soon 1,629m 2 in Braila Mall, 445m 2 in Shopping City 1,400 m 2 in FORUM Usti 522m 2 in Focus Mall Romania Timisoara, Romania nad Labem, Czec
Slide 17: Best-in-class EPRA vacancy
1.8% Operations Best -in-class EPRA vacancy EPRA Vacancy Overall (%) Total GLA 1.8% 1.8% 98.2% Retail 1.2% 1.8% Office + Industrial By type H1 2026 H1 2025 H2 2025 H1 2026 Retail (%) 1.6% 1.7% 1.0% H1 2025 H2 2025 H1 2026
Slide 18: Solid tenant base. Low risk execution
Operations Solid tenant base. Low risk execution Partnering with the best -in-class Group’s top 10 tenants out of total annual rent LPP* 5.4% Inditex** 4.0% Carrefour 3.5% CCC/Modivo*** 3.0% Flexible leasing opportunities % of expiry by gross rentals^ Auchan 2.7% 15.8% 1.7% 14.4% 14.8% H&M 13.9% 13.
Slide 19: Efficient operations maintain healthy OCR
Operations Efficient operations maintain healthy OCR Group Occupancy Cost Ratio* (%) and Trade density (€/m 2 ) 20% 3000 2500 96% 15% Operational Costs Recovery 13.2% 2000 12.9% 13.1% 10% 1500 5% 1000 99.2% 0% 500 Collection rate H1 2024 H1 2025 H1 2026 OCR Trade density (Turnover/m 2 /year ( €/m 2
Slide 20: Leverage the potential of the market
Leverage the potential of the market Consumer at the center Operations that deliver
Slide 21: Finance
Finance v
Slide 22: Eliza Predoiu, Chief Financial Officer
Eliza Predoiu Chief Financial Officer
Slide 23: Four questions. Four answers
Finance Four questions. Four answers How did we build the GROWTH ? +3.5% in distributable earnings, organically generated What do we RETURN to shareholder? 90% pay -out · Envisaged REIT structure to match our peers How do we FUND the business? €550m of new committed capital · €1.2bn of liquidity · 2
Slide 24: Distribution built up on a solid business
Finance Distribution built up on a solid business 28.93 € cents H1 2026 dividend per share · 90% pay -out ratio DISTRIBUTION what shareholders receive 32.14 € cents +3.5% H1 2026 distributable earnings per share vs H1 2025 EARNINGS what the business generated +3.3% +38% 98%+ Property NOI, like -for
Slide 25: Growth powered by operations
Finance Growth powered by operations amounts in € cents +1.83 +0.22 - 0.16 - 0.12 +3.5% - 0.68 32.14 31.05 D EPS growth H1 2026 vs H1 2025 31.05 32.14 € cents € cents H1 2025 DEPS H1 2026 DEPS +5.9% +0.7% (-0.5%) (-0.4%) (-2.2%) +3.5% H1 2025 The portfolio Our own power Larger funds and Doing it pro
Slide 26: 90%. Twice a year. Every year
Finance | Dividend 90%. Twice a year. Every year The highest pay -out in European listed real estate 90 % 28.93 PAY - OUT ratio H1 2026 dividend € cents per share European real estate peers distribute up to 70%. Settlement options Unbroken track record (€ cents per share) Repayment of capital 0% WHT
Slide 27: Funding strategy - balance sheet strength
Finance | Funding Funding strategy - balance sheet strength Strategic partnerships with trusted financial institutions Debt maturity profile (€m) 600 €549m 500 400 Funding raised in H1 2026 300 200 €225m 100 Unsecured green term loan Group · Drawn March 2026 · Matures February 2031 · - Consortium of
Slide 28: Value created by operations and quality of portfolio
Finance | Valuation Value created by operations and quality of portfolio €126m €8.4bn Fair value gain Investment property value +1.6% * LFL growth 30 June 2026 · 60 assets, 8 countries EPRA Net Initial Yield (%) 6.98% 6.98% flat December 2025 June 2026 (*) Relative to property portfolio value at Dec
Slide 29: Development & Acquisitions
Development & Acquisitions
Slide 30: Marek Noetzel, Chief Executive Officer
Marek Noetzel Chief Executive Officer
Slide 31: Building for the future
Developments Building for the future Strategic Development Projects Driving Expansion and Solid Portfolio € 652 m new retail and mixed -use GLA ✓ 2 greenfield developments, 4 extensions and refurbishments in 4 countries ✓ 187,000m 2 GLA €127m photovoltaics and battery energy storage projects ✓ €70 m
Slide 32: Developments and extensions
Developments Developments and extensions Highlights Promenada Bucharest Galati Retail Park Karolinka Shopping Centre Extension Greenfield development Extension 55,400m 2 new mixed -use retail, hotel and office GLA 35,900m 2 new retail GLA and 21,500m 2 new residential GSA 8,800m 2 new retail GLA Ter
Slide 33: First move beyond CEE
Expanding in new market First move beyond CEE Bilbao, Spain Population Purchasing power Retail density GDP growth (%) (million) (€/inhabitant) (m 2 /inhabitant) 2026F 2027F 20,134 2.4% 2.44% 95 344 1.9% 320 1.85% 12,575 1.2% 49 0.9% CEE Spain CEE Spain Euro Area MegaPark Barakaldo Spain 2025 rating
Slide 34: MegaPark Barakaldo
Expanding in new market MegaPark Barakaldo Leading retail destination in Basque region, the second most affluent region in Spain € 252m 6.8% Net transaction Net initial yield with price reversion potential 97.3% 12.75m 183m Occupancy Footfall* Turnover* 81,000 1.1 million m 2 GLA people catchment (*
Slide 35: Looking forward
Looking forward v
Slide 36: Looking into the future
Looking forward Looking into the future Organic Growth Developments NOI enhancement Retail and 2026 DEPS guidance through asset mixed -use projects management initiatives 3.5% -4% Relative to 2025 New income M&A Expanding into new market streams Expand green Opportunities for acquisitions energy bus
Slide 37: NEPI Rockcastle
Solid business Trust with stakeholders Strong team of experts NEPI Rockcastle
Slide 38: Thank You!
Thank You! August 202 6
Slide 39: Appendix 1: Developments under construction and permitting
Appendix 1 GLA Total Spent as at Target Country Type Category of development Total cost 30 June 2026 opening date m2 €m €m Developments under construction 69,100 504 295 Promenada Bucharest Romania Mixed -use Extension Q1 2027 55,400 290 185 Bonarka City Center Poland Mall Refurbishment Q1 2027 4,90