Thursday, 20 August 2026
NEPI Rockcastle, delivered a strong operational performance in the first half of 2026 with the Group’s net operating income, including energy activity, rising by 3.8% year-on-year to EUR 318 million. This was driven by rental indexation, active leasing optimisation and tighter cost control – with a recovery rate of 96%. Demand remained buoyant in Central and Eastern Europe with consumers continuing to spend more on average during each visit to NEPI Rockcastle shopping centres with average basket spend up 3.3%. This supported like-for-like tenant sales which were 2.7% higher than a year ago. Occupancy remained close to full at 98.2%. The strong operating performance led to a EUR 126 million valuation uplift, taking the total portfolio value to EUR 8.4 billion.
Distributable earnings per share (DEPS) increased by 3.5% in H1 2026 relative to H1 2025 and, on the strength of NEPI Rockcastle’s results, the Board has raised its guidance for the full year. The company now expects DEPS for 2026 to be 3.5%-4% higher than the DEPS of 62.03 cents per share in 2025.
Marek Noetzel, Chief Executive Officer said: “The strong results in the first half of 2026 demonstrate the quality and the resilience of NEPI Rockcastle’s portfolio and are a testament to our active asset management. We continue to invest in the future of the business across the portfolio, ranging from the extension of Promenada Bucharest, the largest retail development in CEE, to a renewable energy programme where our first greenfield plant in Romania is now producing power for our tenants. The strength of our balance sheet was also acknowledged by S&P Global Ratings, which upgraded the Company to BBB+ in July 2026. This enables us to keep placing capital into value-enhancing opportunities, including our first investment outside Central and Eastern European markets – in Bilbao, Spain, that we have just announced.”
