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NEPI ROCKCASTLE (NRP) investor relations material
NEPI ROCKCASTLE Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net rental and related income rose 3.4% year-over-year to €157.7 million in Q1 2026, with property NOI up 3.2% to €155.4 million.
Like-for-like tenant sales increased 3.8% year-over-year, outpacing inflation, with stable footfall and higher average basket size.
EPRA vacancy remained low at 1.8%, and cash collection rates were strong at 98% for Q1 2026.
Investment property value reached €8.26 billion as of 31 March 2026.
CEO transition completed, with Marek Noetzel assuming the role on 1 April 2026.
Financial highlights
Cash and cash equivalents increased to €565 million from €314 million at year-end 2025.
Loan-to-value (LTV) ratio stood at 32.4%, below the 35% long-term threshold.
EPRA Net Reinstatement Value per share rose to €7.84 from €7.68 at year-end 2025.
Average effective interest rate on debt was 3.8% for Q1 2026.
Outlook and guidance
Management maintains 2026 earnings guidance at approximately 3% growth over 2025 distributable EPS, subject to trading conditions.
Guidance excludes potential impacts from political instability or major macroeconomic disruptions.
- 2025 EPS up 3.1% with record NOI and acquisitions; 2026 guidance set at 3% growth.NRP
Q4 202525 Feb 2026 - NOI up 13.5%, EPS up 5.6%, and guidance raised to 5.5% growth, supported by strong liquidity.NRP
Q2 202423 Jan 2026 - Record earnings, major acquisitions, and green energy drive strong 2024 growth and returns.NRP
H2 202417 Dec 2025 - NOI up 12.1%, DEPS up 3.1%, €8.1bn portfolio, 32.1% LTV, 2.5–3% DEPS growth expected.NRP
Q2 202523 Nov 2025 - NOI up 12.3% to €461.3M, strong liquidity, and 2.5–3% EPS growth expected for 2025.NRP
Q3 202519 Nov 2025 - Strong NOI and tenant sales growth, low vacancy, and major capital actions drive 2024 outlook.NRP
Q3 202413 Jun 2025 - Q1 2025 NOI up 12.6%, strong liquidity, and positive distributable earnings outlook.NRP
Q1 20255 Jun 2025
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