Ronesans Gayrimenkul Yatirim A.s. · BIST:RGYAS
Ronesans Gayrimenkul Yatirim A.s — Rönesans Gayrimenkul Yatırım A.Ş. — Q1 2026 Earnings Presentation
37 slides from Ronesans Gayrimenkul Yatirim A.s's earnings presentation, May 7, 2026
Slide 1: Earnings Presentation
Earnings Presentation 07 May, 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 malls & 4 offices across 7 cities w/a total GLA of 737K m2 EUR 3.5bn Net Asset Value EUR 54m Q126 NOI (+19% yoy) Proactive & Institutionalized Asset & Lease Management 99,4% Occupancy Rate 114m Annual Foot
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: Clear Differentiation in Strong Corporate Governance and Sustainability
Clear Differentiation in Strong Corporate Governance and Sustainability 15 properties in the portfolio have achieved BREEAM In-Use “Outstanding” certification, a distinction earned by less than 1% of buildings worldwide. • Renewable Energy Target Exemplary agreement between RGY and Rönesans Renewabl
Slide 8: Macro Environment
Macro Environment
Slide 9: Global Economic Outlook has Shifted, however Retail Sales Resilience Continue to Anchor Growth in Türkiye
Global Economic Outlook has Shifted, however Retail Sales Resilience Continue to Anchor Growth in Türkiye Ongoing war conditions have elevated inflation and rate expectations by about 4pp for the end of 2026 GDP Growth1 Policy Rate & CPI Expectations1 3,6% 3,5% 3,2% 76% 1,5% 0,9% 0,9% 50% 38% 2024 2
Slide 10: Operational Excellence
Operational Excellence
Slide 11: Proven Resiliency Throughout Cycles: Sustained Real Earnings
Proven Resiliency Throughout Cycles: Sustained Real Earnings Despite the multiple currency crises, regulatory changes, closures due to the COVID-19 pandemic and major natural disasters, the portfolio has continued to produce strong financial results. NOI (m EUR) 2018 Maltepe 2019 Karşıyaka 2020–2021
Slide 12: Tenant Engineering to Maximize Earnings and Footfall
Tenant Engineering to Maximize Earnings and Footfall Dynamically managed assets and tenant mix to attract increasing footfall, despite the full occupancy Re-leasing and re-development activity in Q126 alone Market Share Gain in Footfall 7,783 m2, 36 openings On average 2.1% market outperformance in
Slide 13: Balanced Brand Portfolio Delivers Consistent Outperformance
Balanced Brand Portfolio Delivers Consistent Outperformance % in LTM Total Tenant/Group Category RGY Tenants’ Sales Turnover in Q126 by Category Income Apparel 5.4% Culture / Art / 47,6% Entertainment / Sports Electronics 2.7% Hobbies / Gifts 46,4% Apparel 2.6% General Retail 43,1% Food & 2.2% TOTAL
Slide 14: 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 (3) vs CPI(1,2) & Sector(2) Last 12 months 15,5% 45% 13,4% 12,6% 11,9%
Slide 15: 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 (EUR m) 20/m²/month. 11,2 By the end of 2027, lease terms covering c.64k m² will expire, 4.7 % Growth in QoQ with an average rent of USD 10 /m²/month, implyin
Slide 16: Financial Results
Financial Results
Slide 17: Financial Overview
Financial Overview Robust NOI momentum, asset appreciation and disciplined deleveraging created powerful equity growth story Adjusted NOI (TL bn)(1,3,4) Adjusted Gross Asset Value (TL bn)(1) € 4.0b € 212m € 3.6b € 155m € 3.2b € 116m 19% Growth (EUR) € 2.5b 11,6 206,2 205,9 7,9 9,1 € 54m 177,5 € 46m
Slide 18: Conservative Approach in Leverage – Solid Balance Sheet
Conservative Approach in Leverage – Solid Balance Sheet Change in LTV & Interest Coverage Ratıo1 Change in Net Debt and Net Debt to EBITDA (m EUR) (m EUR) 6,0x 26% 9,6x 6,4x 15% 3,2x 14% 668 2,5x 12% 2,1x 502 513 2,7x 470 1,5x 2023 2024 2025 Q1 2026 LTV Interest Coverage Ratio 2023 2024 2025 Q1 2026
Slide 19: 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) 54 -6 6 39 39 -9 2 9 23 Q1 2026 NOI Interest Capex & Opex & Free Cash Q1 2025 NOI Decrease in Decrease in Q1 2026 Expense Corp Tax Flow Generation Free Cash Gro
Slide 20: Budgeted vs Actual - Better than Projected NOI
Budgeted vs Actual - Better than Projected NOI NOI growth of 19% 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) 0,1 54,3 3,5 54,3 0,4 1,5 5,2 0,6 51,5 45,6 Budgeted Assumptions TO Rent OPEX, Actual Q1 25
Slide 21: Growth Prospects
Growth Prospects
Slide 22: 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 53 completed units covering around 5.2k sqm, with 23% of the unit
Slide 23: 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. The project is stil
Slide 24: 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 25: Appendices
Appendices
Slide 26: 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 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: 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 37: 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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