Wrap Text
Reviewed interim condensed consolidated financial statements for the six months ended 30 June 2025
NEPI Rockcastle N.V.
Incorporated in the Netherlands
Registration number: 87488329
Share code: NRP
ISIN: NL0015000RT3
("NEPI Rockcastle" or "the Group" or "the Company")
REVIEWED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2025
"The first half (H1) of 2025 saw a consolidation of the growth generated by NEPI Rockcastle's strategy of consistently investing
in premium properties with strong fundamentals. The transactions completed in 2024 and the continuous improvement in the
existing portfolio through active asset management led to a 12.1% growth in net operating income (NOI), against a challenging
macroeconomic background. The strong operating performance of our properties lifted the value of NEPI Rockcastle's
investment property portfolio to more than EUR8 billion for the first time in its history. The high demand for our quality retail
assets translated also into a low vacancy rate of 1.6%. We continue to add value through developments, not least in the
renewable energy sector, which has the potential to become an important growth segment for the Group once the current
ongoing major investments therein are completed.
In H1 2025, we delivered a 3.1% growth in distributable earnings per share relative to H1 2024. Our loan-to-value (LTV) ratio
is very conservative by industry standards at 32.1%, which allows NEPI Rockcastle to pay 90% of its earnings as dividends, a
higher distribution rate than most of our peers. I am proud to see that NEPI Rockcastle today combines an established portfolio
with a rock-solid balance sheet and a sustainable growth story, all driven by our highly knowledgeable people, which should set
the stage for future success and strong results for our shareholders for many years to come."
Rudiger Dany, Chief Executive Officer (CEO)
DISTRIBUTABLE EARNINGS
- Distributable earnings per share (DEPS) were 31.05 euro cents for the six months to 30 June 2025, 3.1% higher than in H1
2024.
DIVIDEND DECLARATION
The Board has declared a dividend of 27.95 euro cents per share for H1 2025, corresponding to a 90% dividend pay-out ratio,
to be settled in cash, as a capital repayment (default option). Shareholders can also elect for the settlement of the same dividend
amount as a cash dividend out of distributable profits.
In line with Dutch legislation, the capital repayment will be paid to shareholders unless they elect to receive the cash dividend.
A circular containing full details of the dividend settlement, accompanied by announcements on the Stock Exchange News
Service (SENS) of the JSE, A2X and Euronext Amsterdam will be issued in due course.
OUTLOOK
The Board has revised the guidance released in February 2025, based on the good operational results, and now expects DEPS
for the year to be 2.5-3% higher than the DEPS of 60.17 cents per share in 2024.
This guidance does not consider any impact of potential geopolitical instability, or major macroeconomic disruptions, and
assumes current trading trends continue. This guidance can be modified or withdrawn in the future if material changes unfold.
This guidance has not been reviewed or reported on by NEPI Rockcastle's auditors and is the responsibility of the Board of
Directors.
KEY FINANCIAL INFORMATION
30 June 2025 30 June 2024 % Change
Net rental and related income (EUR thousand) 306,723 273,713 12.1%
Distributable earnings (EUR thousand) 220,695 199,044 10.9%
Distributable earnings per share (EUR cents) 31.05 30.12 3.1%
Distribution declared (EUR thousand) 198,626 179,140 10.9%
Distribution declared per share (EUR cents) 27.95 27.11 3.1%
Basic earnings per share (EUR cents) 39.15 45.51 (14.0%)
Diluted earnings per share (EUR cents) 39.04 45.41 (14.0%)
Headline earnings per share (EUR cents) 26.52 28.49 (6.9%)
Diluted headline earnings per share (EUR cents) 26.45 28.43 (7.0%)
BUSINESS HIGHLIGHTS
- NOI increased by 12.1% to EUR307 million in H1 2025 (H1 2024: EUR274 million). On a like-for-like (LFL) basis, NOI was 4.4%
higher in H1 2025 compared to H1 2024, excluding the impact of acquisitions (Magnolia Park and Silesia City Center) and
disposals (Promenada Novi Sad) completed after 30 June 2024.
- Revenue from energy activities was EUR4.9 million in H1 2025, up 19.7% from the comparative period.
- The collection rate for H1 2025 reported revenues was over 99% by mid-August.
- European Public Real Estate Association (EPRA) occupancy rate was 98.2% on 30 June 2025.
- The property portfolio was independently valued by external appraisers on 30 June 2025, resulting in a fair value gain of
EUR108 million (+1.4% compared to 31 December 2024).
- The Company has no significant debt maturities until October 2026.
- The Group has an investment grade credit rating of BBB+ from Fitch (stable outlook) and BBB from S&P (positive outlook,
updated from stable).
- LTV was 32.1% on 30 June 2025, the same as of 31 December 2024 and comfortably below the 35% strategic threshold.
INDEPENDENT AUDITOR'S REVIEW REPORT
The review report on the Group's interim condensed consolidated financial statements has been issued by Ernst & Young Inc.
(EY South Africa), who expressed an unmodified review report thereon.
A copy of the review report, together with the underlying interim condensed consolidated financial statements is available on
the Company's website at:
https://nepirockcastle.com/wp-content/uploads/2025/08/Interim-Financial-Report-H1-2025.pdf
This results announcement is the responsibility of the Board of Directors of NEPI Rockcastle. This results announcement is only
a summary of the information in the full announcement and does not contain complete details. Any investment decision should
be based on consideration of the reviewed interim condensed consolidated financial statements published on the Company's
website at:
https://nepirockcastle.com/wp-content/uploads/2025/08/Interim-Financial-Report-H1-2025.pdf
and on the full announcement of the reviewed interim condensed consolidated financial statements available on the Company's
website at:
https://nepirockcastle.com/wp-content/uploads/2025/08/Interim-Condensed-Consolidated-Financial-Statements-H1-
2025.pdf
and on the JSE's website at: https://senspdf.jse.co.za/documents/2025/JSE/isse/NRPE/H12025.pdf
Stakeholders may follow the results presentation via webcast or conference call commencing at 10:00 Central European time /
10:00 South Africa time on Wednesday, 20 August 2025. Webcast registration link and dial in details are available on the home
page of the Company's website at: https://nepirockcastle.com/.
For further information please contact:
NEPI Rockcastle N.V.
Rudiger Dany/Eliza Predoiu +31 20 237 4770
JSE sponsor
Java Capital +27(0)60 572 2299
Euronext Listing Agent
ING Bank +31 20 563 6685
Media Relations mediarelations@nepirockcastle.com
19 August 2025
Date: 19-08-2025 05:30:00
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