NEPI ROCKCASTLE (NRP) Q1 2026 earnings summary

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.