Slides
Page 1
February 202 6 Excellence. Innovation. Experience Leading the commercial real estate market in CEE Eyedropper palette
Page 2
Overview
Page 3
Eyedropper palette “The best way to predict the future is to create it” Abraham Lincoln
Page 4
Building Tomorrow’s Retail CEE Market Leader with 60 Assets in 8 countries Lithuania 2 % Poland 35 % Czech Republic 2 % Slovakia 7 % Hungary 7 % Romania 35 % Bulgaria 8 % Croatia 4 % By market value Dec 2025 Eyedropper palette Overview
Page 5
Key Drivers in 2026 Sources: European Commission, GfK . (*) Weighted Average of NEPI Rockcastle Portfolio. (**) EU budget 2028 - 2034 Member states draft allocation and SAFE (Security Action for Europe) allocation adopted by the Council of the European Union. CEE Euro area GDP growth 2026 forecast* 2.3% 1.2% GDP growth 2027 forecast* 2.3% 1.4% Resilient growth of CEE countries where the Group operates, outpacing Western European countries Eyedropper palette CEE at a glance Overview 2.3% 2026F Economic Growth* CEE GDP growth above Western Europe 4.5% Low rate of unemployment in 2025 and relatively young population +13.3% Annual growth in purchasing power in 2025 € 410 billion European funds proposed to be available for CEE **
Page 6
HIGH - QUALITY PORTFOLIO OF PERFORMING ASSETS 3 .1% growth in DEPS* 3.6% growth in tenant sales like - for - like* 11.2% growth in NOI* (+4.4% on a comparable portfolio basis) STRATEGIC DEVELOPMENTS 8% new GLA under construction & permitting €845 million pipeline to be delivered during 2026 - 2028** VALUE ENHANCING ASSETS ROTATION NOI from assets acquired (Magnolia Park and Silesia City Center) €57.8 million/ 9.4% NEW BUSINESS STREAMS RENEWABLE ENERGY 38 MW operating/ €9.6 million NOI rooftops PV panels 54 MW in testing greenfield PV panels 220 MW under development rooftops, greenfield PV and Battery Energy Storage Systems (2026 - 2028) Eyedropper palette Driving Growth Delivering on Strategy Overview (*) 2025 vs 2024. (**) Including green energy investment. €43 million/ +5.4% Valuation gain since Dec 2024 ( € 78 million valuation gain since acquisition)
Page 7
Upcoming debt maturities proactively managed FINANCIAL STABILITY €162 million Fair valuation gain 32.8% Loan - to - value ESG PROG R ESS 18% of portfolio electricity consumption* is self generated 85% Renewable electricity ensured across the portfolio ENGAGED TEAMS and STRONG EXPERTISE In - house expert teams in all core functions 100% Over 6 8 0 professionals across all countries Eyedropper palette Driving Growth Delivering on Strategy Overview (*) Annualised energy production considering operating capacities, relative to 2025 consumption.
Page 8
€ 618 m NOI +1 1.2 % 202 4: € 556m € 3,137 Turnover/m 2 ** +3.9% 202 4: €3,018 9 9.5 % Collection Rate* +0.5pp 202 4: 99 % 9 8 . 8 % EPRA Occupancy +0.5 pp 202 4: 98.3 % (*) Collection rate as of mid - February 2026 (for 2025) and end of January 2025 (for 2024). (**) Tenant sales, excluding hypermar kets. 62.0 3 € cents Distributable earnings per share + 3.1 % 2 02 4: 60.17 € cents Eyedropper palette Record - high operational results CEE Market Leader Overview 1 2 . 4 % Occupancy Cost Ratio +0.2pp 202 4: 12.2 %
Page 9
Operations
Page 10
+4.4% NOI Growth Like - for - like Portfolio + 11.2 % NOI Overall Growth Eyedropper palette Lithuania 5 % 40%* 5 % Czech Republic 6 % Slovakia 2 % Romania 3 % Bulgaria 9 % Croatia 5 % Hungary 1 % Solid NOI growth across portfolio Operations * Overall NOI growth 2025 vs 2024 Poland
Page 11
Improved conversion rate, constant number of visitors Basket size €14.9 average spent per visit +8.0% Footfall 354 million visitors in 2025 - 0.5%* Occupancy Cost Ratio 12.4% BRU *** 4.6% Operational Costs Recovery 94.8 % (*) LfL properties. (**) 12 months average consumer price index. (***) On top of actual effective indexation of 2.2% Eyedropper palette Turnover HICP 2.5%** +3.6% EPRA Vacancy 1.2% Operations
Page 12
1.6% 2.0% 2.6% 4.5% 5.6% 7.8% 10.0% 11.1% 13.3% 41.2% - 4.7% 3.0% 7.8% 7.0% 8.8% 4.4% - 2.3% 5.8% 9.5% 1.5% 3.6% Turnover* year to date LfL variation (%) Weight in year to date turnover* (%) By segments 2025 vs 2024 Eyedropper palette Fashion complements includes jewelry, sunglasses, fashion accessories. Other retail includes books, office supplies, gourmet, tabaco, toys, pet shop. Services includes beauty centers, telecom, travel. * Like - for - like properties, excluding hypermarkets. Total Fashion Health & Beauty Food Service Electronics Other Retail Fashion Complements Services Entertainment Furnishings & DIY Sporting Goods Operations Strong performance of the retail segments
Page 13
83% Only indexed in 2025 17% New leases and renewals in 2025 2025 leasing activity Blended BRU 4.6% Eyedropper palette (*) Actual effective indexation of 2.2%. (**) Total costs (Rent, SVC, MK) vs Turnover, hypermarkets excluded. 2023 Group occupancy cost ratio** (%) 0 500 1,000 1,500 2,000 2,500 3,000 3,500 0% 5% 10% 15% 20% 2024 2025 OCR Turnover/m 2 /year ( €/m 2 ) 12.4% 12.2% 12.2% 1,451 signed leases on 339,000m 2 GLA, out of which 33% represent new leases Split of signed leases 2025 Strong retailers’ performance supporting further growth Operations above indexation* 67% Renewals 21% New leases - international tenants 12% New leases - national and local tenants
Page 14
Overall EPRA vacancy at 1.2% 97.3% Retail 2.7% Office + Industrial By type Dec 2025 Total GLA Eyedropper palette H2 2024 Retail (%) H1 2025 H2 2025 1.4% 1.6% 1.0% H2 2024 Overall (%) H1 2025 H2 2025 1.7% 1.8% 1.2% …..enabling record low EPRA vacancy Operations
Page 15
Integration finalised Improvements under assessment One year later ... Operations Silesia City Center ▪ € 31.7 million NOI contributed in 2025 (5.2% of total 2025 NOI) ▪ 0% Operational vacancy ▪ € 23.5 million uplift in valuation* Turnover +8.3% Magnolia Park ▪ € 26.1 million NOI contributed in 2025 (4.2% of total 2025 NOI) ▪ 0% Operational vacancy ▪ € 19.5 million uplift in valuation^ Turnover +2.4% Eyedropper palette (*) +5.6% vs Dec 2024. (^) +5.2% vs Dec 2024.
Page 16
8.5% 15.4% 14.1% 14.6% 15.5% 11.7% 2.9% 2.1% 3.2% 12.0% 2026 2027 2028 2029 2030 2031 2032 2033 2034 ≥ 2035 1.3% 1.3% 1.3% 1.7% 1.8% 2.6% 2.7% 3.5% 4.1% 5.4% Altex**** Cinema City Peek & Cloppenburg New Yorker H&M Auchan CCC*** Carrefour Inditex** LPP* Triple net leases backed by guarantees Euro denominated and indexed Flexible leasing opportunities % of expiry by gross rentals^ Group’s top 10 tenants out of total annual rent (*) Cropp Town, House, Mohito , Reserved, Sinsay . (**) Bershka , Massimo Dutti, Oysho , Pull and Bear, Stradivarius, Lefties and Zara. (***) CCC, eobuwie.pl, Modivo , Halfprice (****) Altex , Brico Depot, Media Galaxy. Eyedropper palette Partnering with the best - in - class Balanced tenant profile Operations (^) Figures computed based on contractual lease maturity date.
Page 17
Magnolia Park, Poland Arena Centar, Croatia Arena Mall, Hungary Arena Mall, Hungary Promenada Craiova, Romania Arena Centar, Croatia Eyedropper palette Successful stores openings Operations
Page 18
New concepts Operations Bonarka City Center, Poland unique concept combining digital and physical experiences, run by popular internet influencers Magnolia Park, Poland largest Medicine store in NR portfolio Serdika Center, Bulgaria modern japanese cuisine Magnolia Park, Poland unique concept of the design - driven lifestyle brand Curated commercial strategies attract innovative retail concepts. Growing partnerships with top global brands 6 locations signed in 2025 5 stores opened in 2025 4 new stores signed in 2025 4 stores opened in 2025 5 locations signed in 2025 4 stores opened in 2025 3 stores opened in 2025
Page 19
Bold ideas Operations that deliver Customer at the center Eyedropper palette
Page 20
v Finance Eyedropper palette
Page 21
Eyedropper palette Distributable earnings Funding Valuation
Page 22
amounts in € cents Eyedropper palette Consistent growth trajectory Finance 60.17 2024 Distributable earnings - 2.70 ( - 4.5%) Corporate expenses and taxes 62.03 (+3.1%) 2025 Distributable earnings +5.98 (+9.9%) NOI net acquisitions +0.08 (+0.1%) Revenue from energy activity - 2.34 ( - 3.9%) Increase in number of shares +3.34 (+5.6%) NOI like - for - like - 2.50 ( - 4.2%) Increase in net finance costs Operational performance Funding Key initiatives ▪ Extracting value from properties ▪ Integrating 2024 acquisitions ▪ Greenfield green energy +3.1% D EPS growth 2025 vs 2024 60.17 € cents 2024 DEPS 62.03 € cents 2025 DEPS Administrative and compliance
Page 23
Eyedropper palette A dividend you can count on Finance 90% PAY - OUT Consistently exceeding real estate peers benchmark (70% pay - out) 27.88 H2 2025 Dividend € cents per share Settlement options: Repayment of capital (0% WHT) Distribution from profits (15% WHT)
Page 24
Eyedropper palette Funding strategy: diversified and optimised Finance €500m 8 - year maturity, Green bond 7 th Bond issuance Coupon 3.875% Demand 8x oversubscribed Peak Orders €4bn Investors Over 1 90 RCF Capacity + €70m increase, extended to 2028 - 2029, fully undrawn €740m Unsecured energy loan €45m available limit, 10 - year, Romania €21m Secured loan top - up Q4 2025, Romania €32m Unsecured green term loan Committed, 5 - year, Q1 2026 disbursement, Group level €225m Dec 2025 Q1 2026 Total incremental funding: €278m+
Page 25
€ 1.1bn Liquidity* 32.8% Loan - to - value 3.2% Cost of debt** Eyedropper palette Finance Funding strategy: balance sheet strengh BBB/+ Investment grade rating /Stable Positive ▪ Recognition of performance, transparency and governance ▪ Enhanced visibility, index fund eligibility and improved liquidity FTSE EPRA NAREIT Global Emerging Index since June 2025 (*) Consisting of cash ( €314m) and undrawn committed revolving facilities (€740m). (**) All - in cost of maintaining the Group's t otal committed debt facilities, including the commitment fees incurred on the undrawn revolving credit facilities. - 100 200 300 400 500 600 Loans Bonds Debt maturity profile ( €m) 2026 2027 2028 2029 2030 2031 2033 2032 2034 2035 2036
Page 26
Investment property value €8.2bn EPRA NIY 6.98% Eyedropper palette Finance Operational excellence reflected in valuation Fair value gain €162m Growth* 2.1% ~ 6.98% Dec 2024 (*) Relative to December 2024 portfolio.
Page 27
v ESG Eyedropper palette
Page 28
Eyedropper palette Green energy: a growing revenue stream ESG 92MW Installed Across Portfolio Total PV Capacity 38 MW from 30 operational on - site installations 54 MW greenfield ( Chisineu - Cris) Covers 18% of portfolio electricity needs once Chisineu - Cris fully operational 22 on - site PV projects 15 MW across 6 countries €10m Greenfield PV Romania 105 MW capacity expansion* €70m Battery Energy Storage 100 MW total capacity / New strategic project €47m Green e nergy pipeline Total green energy investment €127m (^) €30m investment delivering 54 MW completed in Q4 2025, expected to start commercial operations in Q1 2026.
Page 29
Eyedropper palette ESG Sustainability: leading the way in CEE 85% Renewable Electricity Average across portfolio 100% BREEAM Certified * 95% rated Very Good or above Romania 99% Renewable electricity in our assets by market Croatia 100% Hungary 100% Slovakia 100% Czech Rep. 100% Lithuania 100% Bulgaria 100% Poland 53% (*) of eligible portfolio EPRA Gold GRESB 5 - Star MSCI AAA CDP Disclosure ISS ESG Prime 2024 Sustainability Report compliant with CSRD
Page 30
Developments Strategic Development Projects Driving Expansion and Solid Portfolio Building for the future €845m Total investments under permitting & construction 2026 - 2028 € 671 m new retail and mixed - use GLA ✓ 2 greenfield developments, 5 extensions and refurbishments in 4 countries ✓ 194,000m 2 GLA €127m photovoltaics and battery energy storage projects ✓ €70 million investment in greenfield photovoltaics in Romania ✓ €47 million investment in Battery Energy Storage Systems ✓ €10 million investment in 22 green energy projects in 6 countries €47m new residential projects ✓ 2 residential developments in Romania ✓ 33,000m 2 GSA
Page 31
Eyedropper palette Developments Promenada Bucharest Extension Developments and extensions ▪ 55,400m 2 new mixed - use retail, hotel and office GLA ▪ Total investment of €290 million ▪ Terms signed and agreed for 77% of retail GLA ▪ Estimated completion date Q1 2027
Page 32
Pogoria Shopping Centre Extension 4,800m 2 new retail GLA Terms signed and agreed for 100% of retail GLA Opened on 5 February 2026 Promenada Plovdiv Greenfield development 60,500m 2 new retail GLA Terms agreed for 46% of retail GLA Estimated completion date Q1/Q2 2028 Galati Retail Park Greenfield development 38,300m 2 new retail GLA and 21,500m 2 new residential GSA Terms agreed for 85% of GLA Estimated completion date Q1 2027 Eyedropper palette Developments Highlights Developments and extensions
Page 33
▪ 22 PV projects in 6 countries 15 MW planned capacity ▪ Greenfields projects 54 MW completed (currently under testing) 105 MW under development (2026 - 2028) ▪ Battery Energy Storage System project 100 MW storage capacity €47 million Eyedropper palette Developments Energy projects Developments and extensions
Page 34
v Eyedropper palette A mandate that delivered
Page 35
Eyedropper palette Finance Four years of value creation: 2021 – 2025 +78% NOI 2021 €347m 2025 €618m +41% Property Value 2021 €5.8bn 2025 €8.2bn +110% Distributable Earnings 2021 €210m 2025 €441m +80% DEPS 2021 34.42 €c 2025 62.03 €c Total capital raised since 2021: €3.1bn ( €2.5bn debt + €0.6bn equity) Acquisitions: €1.2bn cash outflow / €1.4bn fair value A track record of disciplined growth, strategic capital deployment and consistent returns
Page 36
Eyedropper palette Thank You!
Page 37
v Eyedropper palette Looking forward
Page 38
Eyedropper palette Looking forward Top management Effective 1 April 2026 Marek Noetzel Chief Executive Officer ▪ 20+ years in leasing & commercial real estate ▪ COO since June 2022, driving Group's leasing strategy and portfolio growth Eliza Predoiu Chief Financial Officer ▪ 19+ years in finance and real estate ▪ CFO since June 2022, growing Group’s multi - million funding projects Marius Barbu Chief Operating Officer ▪ 25+ years in asset management, real estate and retail across CEE ▪ 14 years within NEPI Rockcastle; Group Asset Management Director since 2022 Anca Nacu Chief Investment Officer ▪ 20+ years of experience as an investment professional ▪ €3bn+ high - profile deals worth across the Group and CEE NEPI Rockcastle | Europe's 3 rd Largest Listed Retail Real Estate Company | €8bn+ Portfolio | 60 Properties across 8 CEE Countries
Page 39
Organic Growth NOI enhancement through asset management initiatives Developments Retail and mixed - use projects New income streams Expand green energy business M&A Opportunities for acquisitions of core assets and strategic disposals Financial Prudence Maintaining a robust balance sheet Eyedropper palette Looking forward Looking into the future 3% Relative to 2025 2026 DEPS guidance
Page 40
Eyedropper palette Solid business Trust with stakeholders Strong team of experts NEPI Rockcastle
Page 41
February 202 6 Excellence. Innovation. Experience Eyedropper palette Thank You!
Page 42
Q&A