NEPI Rockcastle: Net Operating Income Grows 3.8% in H1 and Annual Target Raised
NEPI Rockcastle published its first-half results on August 19, 2026.
The real estate company, presented as the third largest listed commercial real estate company in Europe by portfolio value, reports a rise in net operating income and raises its annual distributable earnings per share target.
At the same time, the group has achieved a milestone with its first acquisition outside Central and Eastern Europe, in Bilbao.
Net Operating Income at €318M, Portfolio Valued at €8.4bn
Over the first six months of 2026, net operating income (including energy) increased 3.8% year-over-year to €318 million.
The group attributes this performance to rental indexation, commercialization optimization, and cost control, with a collection rate of 96%. Like-for-like tenant sales increased 2.7% year-over-year, driven by an average spend per visit up 3.3%.
The occupancy rate remained at 98.2%. The operational performance resulted in a revaluation of €126 million, bringing total portfolio value to €8.4 billion.
Rating Upgraded to BBB+ and Over €820M in Projects Underway
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In July 2026, S&P Global Ratings upgraded the company's rating to BBB+.
The group states it has more than €820 million in projects underway for developments, extensions, renovations, and redevelopments under construction or in the authorization process. Projects mentioned include the extension of Promenada Bucharest as well as a renewable energy program, with a first facility in Romania now generating electricity for tenants.
Chief Executive Officer Marek Noetzel cited an established portfolio and a balance sheet he describes as solid, in a context of sustained demand in Central and Eastern Europe.
Guidance Raised and First Acquisition in Spain
NEPI Rockcastle raised its annual distributable earnings per share target.
The group also announced the acquisition of Megapark Barakaldo in Bilbao, presented as its first investment outside Central and Eastern European markets. This transaction, announced on August 13, 2026, marks an extension of the group's geographical presence towards Spain and Western Europe.
Half-year net operating income stands at €318 million, up 3.8% year-over-year, while portfolio value reaches €8.4 billion.
A strong operational performance in the first half of 2026 demonstrated the quality and the resilience of NEPI Rockcastle's portfolio.
Risks mentioned
Impact géopolitique sur l'économie mentionné dans les actualités récentes du groupe
Opportunities identified
Croissance du NOI de 3,8% incluant l'activité énergétique
Relèvement des prévisions annuelles de bénéfice distribuable par action
Amélioration de la notation par S&P Global Ratings à BBB+ en juillet 2026
Outlook / guidance
Expected revenue: 964 millions d'euros
Expected net income: 62,8 millions d'euros
Management commentary: now expects DEPS for the year to be 3.5-4% higher than the DEPS of 62.03 cents per share in 2025
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
