NEPI Rockcastle Posts Record Net Operating Income in 2025

CEE retail real estate giant NEPI Rockcastle has reported its strongest financial results to date, with net operating income climbing 11.2% to €618 million and distributable earnings reaching €441 million in 2025. The record performance was driven by major shopping centre acquisitions in Poland, near-full occupancy of 98.8%, and a growing renewable energy programme — as the company’s portfolio surpassed €8.2 billion in value.
27 February 2026

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Corporate

NEPI Rockcastle Hits a New Record High for Net Operating Income in 2025, Driven by Major Acquisitions, Reduced Vacancy, Rental Uplifts and Higher Short-Term Income!

Rudiger Dany, NEPI Rockcastle’s CEO said: “Over the past four years, I’ve had the privilege of leading a business that has gone from strength to strength. We’ve stayed disciplined in executing our growth strategy – actively recycling capital through acquisitions and disposals, optimising our assets, delivering developments at scale, unlocking new income streams through our renewable energy programme and taking care of our strong balance sheet. This strategy has delivered substantial value for shareholders and business partners as the CEE region continues to record higher rates of economic growth and gains in household disposable income than Western Europe.”

Key highlights:

  • Achieved Record Earnings: €441m distributable earnings (+6.7%) and €618m NOI (+11.2%), highest ever results driven by the large Polish shopping centres acquisitions made at the end of 2024.
  • Strengthened Portfolio Leadership: portfolio has risen to a new high of €8.2bn and maintained 98.8% occupancy, reinforcing our position as Europe’s fastest growing retail real estate platforms.
  • Advanced an over €840m Development Pipeline: extensions, refurbishments and other value-enhancing work.
  • Maintained Financial Discipline: over €1 billion of liquidity and a loan to value ratio of 32.8%, issued a €500m green bond and expanded our revolving credit facilities to €740 million.
  • Scaled Renewables: increased our renewable capacity, with PV installations covering 6% of demand and a 54MW solar plant coming online this quarter.

 

These results are a testament to the dedication of our teams across eight CEE countries, as we continue to deliver sustainable value for shareholders, tenants, and communities.

Swipe for the highlights and read the full presentation here

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