For the first nine months (9M) of 2025, net operating income (NOI) rose 12.3% year-on-year to €461.3 million (9M 2024: €410.6 million). Like-for-like (LFL), NOI increased by 4.4% year-on-year, supported by indexation, rental uplifts, higher short-term income and disciplined control of costs.
Performance was further underpinned by revenue from the renewable energy business of €9 million (+23% increase from €7.3 million for 9M 2024).
Tenant turnover increased by 3.5% LFL for the period, while footfall was slightly lower (-0.6%). Average spend per visitor rose 9% overall — supported by the higher basket size in the two large properties acquired in Poland last year – and by 4.6% LFL.
The occupancy cost ratio was 12.7% for 9M 2025 (down from 13.1% during first half (H1) 2025) and the EPRA retail vacancy rate remained low at 1.6% at quarter-end. Collection rates were strong at 99% for the period.
As Rüdiger Dany, NEPI Rockcastle’s CEO, sums it up:
“The Group’s performance over the first nine months of 2025 underscores the strength of our platform and the quality of our assets across Central and Eastern Europe. We delivered healthy rental growth, maintained very low vacancy, and we continued to focus on enhancing the experience of customers visiting our properties. The successful €500 million green bond issue in September, which was heavily oversubscribed, also further strengthened the balance sheet and positions us well to manage our debt maturity profile. Our late-2024 acquisitions of Magnolia Park and Silesia City Center in Poland have proved excellent additions to the portfolio and are clear drivers of our growth story. Our investment in the energy business is already delivering double-digit returns, with significant growth and expansion potential over the coming years.
Looking ahead, our development pipeline, strong retailer demand and disciplined capital allocation will support continued earnings growth and sustainable value creation, and we remain confident that the Group will reach its full-year guidance.”
Solid Financial Position with strong Liquidity
In September 2025, the Group completed a €500 million unsecured eight-year green bond at a 3.875% coupon and an issue price of 99.353%. Demand exceeded €4 billion from more than 200 investors.
Net proceeds were used to proactively manage the upcoming maturities in October 2026 and July 2027, with €250 million of each tranche refinanced. The allocations of the proceeds were aligned to the Group’s Green Finance Framework. The transaction achieved broad institutional distribution across the UK, France, Benelux and DACH regions.
As of 30 September 2025, the Group maintained a strong liquidity position, with over €421 million in cash and €690 million in undrawn committed revolving facilities.
The Group’s loan-to-value ratio (LTV) was 31.4% as of 30 September 2025, comfortably below the Company’s 35% strategic threshold (estimated LTV of 33.9% following the payment of distribution for the first half of 2025).
The value of the investment portfolio was €8.1 billion as at 30 September 2025, similar to June 2025, as the property portfolio was not revalued post 30 June. In line with the Company’s policy, independent valuations are carried out twice a year and are included in the half-year and year-end financial reports.
EPRA Net reinstatement value at 30 September 2025 was €7.74 per share, 4.81% higher than €7.38 per share as at 31 December 2024.
Steady Leasing Activity
indexation. Demand for space remained robust across CEE, with flagship openings and pipeline agreements concentrated in the Sport, Fashion and Health & Beauty categories.
Significant new leases signed in Q3 2025 include Primark (Shopping City Sibiu, Romania), Just Gym (Pogoria Shopping Centre, Poland), Sports Direct (Shopping City Targu Mures, Romania), Nike (Arena Centar, Croatia), Medicine (Galeria Warminska, Poland) and BIPA (Mega Mall, Romania).
New units opened in Q3 2025 include Half Price (Magnolia Park, Poland), Zara (Arena Centar, Croatia and Arena Mall, Hungary), Rituals (Mammut Shopping Centre, Hungary), Notino (Arena Centar, Croatia) and Adidas (Bonarka City Center, Poland).
Corporate Changes — New Leadership
On 6 November 2025, the Board concluded the CEO succession process and appointed Mr. Marek Noetzel as Chief Executive Officer, effective 1 April 2026. Mr. Noetzel has served as COO since 2022, with responsibility for operations across 60 properties in eight CEE countries. He has been instrumental in directing a disciplined occupancy strategy, as well as asset management and leasing operations, underpinning the Company’s tenant-led growth, as well as supporting key acquisitions in Poland.
He succeeds Mr. Rüdiger Dany, whose mandate concludes on 31 March 2026. The Board commends Mr. Dany’s leadership during which the Group acquired several flagship assets, while distributable earnings per share increased significantly, underpinned by robust operational performance and balance sheet strength. The appointment ensures continuity and supports the next phase of the Group’s growth.
