NEPI Rockcastle Delivers Record 2025 as NOI Surges 11.2%, Yet NRP Share Price JSE Tumbled
NEPI Rockcastle N.V. reported record 2025 results, highlighted by double-digit NOI growth and resilient consumer demand across Central...
Quick overview
- NEPI Rockcastle N.V. achieved record financial results in 2025, with net operating income rising 11.2% year over year.
- The company maintains a strong market position as the largest owner and operator of shopping centers in Central and Eastern Europe.
- Robust consumer demand and strategic acquisitions contributed to near-full occupancy and steady income growth.
- Looking ahead, NEPI Rockcastle is poised for sustainable expansion with a solid capital structure and a planned leadership transition.
NEPI Rockcastle N.V. reported record 2025 results, highlighted by double-digit NOI growth and resilient consumer demand across Central and Eastern Europe.
Record Financial Performance in 2025
NEPI Rockcastle posted a record year, with net operating income (NOI) rising 11.2% year over year. The performance reflects a combination of portfolio expansion, disciplined operational execution and steady consumer spending across its core Central and Eastern European (CEE) markets.
The company remains the largest owner, operator and developer of shopping centres in the CEE region and one of Europe’s fastest-growing retail real estate platforms. Near-full occupancy, rental indexation and strong tenant demand supported steady income growth, while prudent cost control reinforced profitability.
With a robust capital structure and consistent dividend policy, NEPI Rockcastle enters 2026 positioned for continued, sustainable expansion.
2025 Earnings Overview – NEPI Rockcastle N.V.
💶 Record Financial Performance
- Portfolio Value: €8.2 billion (new high)
- Distributable Earnings: €441 million
- +6.7% year-over-year
Net Operating Income (NOI): €618 million
- +11.2% year-over-year
Key Growth Drivers:
- Major Polish shopping centre acquisitions (late 2024)
- Reduced vacancy levels
- Inflation indexation and rental uplifts
- Higher consumer basket spend
- Strong cost discipline
📈 2026 Guidance
- Distributable earnings per share expected to rise ~3% in 2026
- 2025 distributable EPS: 62.03 euro cents
- Dividend payout ratio maintained at 90%
- Performance landed at the top end of revised 2025 guidance, underscoring operational resilience.
🛍 Consumer & Tenant Strength
- Tenant turnover: +3.6% like-for-like
- Average spend per visit increased again
- Portfolio occupancy: 98.8% (near full capacity)
Retailer demand remained robust:
- ~500 new leases signed in 2025
- 113,000 m² (4.7% of total GLA)
- 63% driven by international brands entering or expanding in CEE
- 951 leases successfully renewed
💰 Balance Sheet & Liquidity
- Total liquidity: Over €1 billion
- Green bond issuance: €500 million (September)
- Revolving credit facilities expanded to €740 million
- Loan-to-value (LTV): 32.8%
- Below long-term strategic threshold of 35%
- Conservative leverage and strong liquidity provide flexibility for further expansion.
NRP Share Price Performance and Technical Outlook
NEPI Rockcastle’s share price has undergone a dramatic turnaround over the past decade. From 2017 until early 2020, the stock lost more than 75% of its value, with NRP shares on the JSE plunging to R50. However, the trend shifted in the years that followed. Over the past five years, the stock has surged by 300%, reaching R155 early this week, supported by steadily improving fundamentals.
NRPJ Chart Weekly- MAs Are Acting As Support
Technical indicators reinforced the uptrend, with moving averages flipping from resistance into support. After a pullback in Q1 2025, the stock found support at the 100 SMA (green) on the monthly chart, before resuming its upward trajectory. The release of the 2025 earnings report sent the stock down below R150 but the uptrend remains strong.
Strategy Execution and Leadership Transition
CEO Rüdiger Dany described the results as a reflection of disciplined strategy and consistent execution. Over the past four years, the group has actively recycled capital through acquisitions and disposals, optimized assets, delivered large-scale developments and unlocked additional revenue through renewable energy initiatives.
The company has also maintained a strong balance sheet, allowing it to pursue growth opportunities while preserving financial flexibility. Dany emphasized that CEE markets continue to outperform Western Europe in economic growth and disposable income expansion, supporting the long-term attractiveness of leading retail destinations.
As part of a planned leadership transition, Marek Noetzel will assume the role of CEO on 1 April 2026. Dany expressed confidence in the company’s future direction, citing Noetzel’s operational expertise and deep knowledge of the business as key strengths for the next phase of growth.
Retail Momentum and Brand Expansion
Consumer activity remained resilient throughout 2025, supporting retailer confidence and expansion plans. Several international brands made debut entries into countries where NEPI Rockcastle operates, including Notino at Arena Centar in Croatia, Rituals at Mammut Shopping Centre in Hungary, TOUS at Paradise Center in Bulgaria, and BIPA and Tatuum at Mega Mall in Romania.
Flagship openings further reinforced the quality of the portfolio. Notable additions included Half Price in Magnolia Park (Poland), Zara and Nike in Arena Centar (Croatia), Zara and Reserved in Arena Mall (Hungary), and Sports Direct in Promenada Craiova (Romania).
These developments highlight continued demand for premium retail space and the enduring appeal of well-managed shopping centres in the region.
Positioned for Sustainable Growth
NEPI Rockcastle’s 2025 results underline the resilience of its business model and the structural strength of CEE retail markets. With record earnings, high occupancy levels and disciplined financial management, the company appears well-positioned to deliver stable dividends and measured growth into 2026 and beyond.
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