South Africa · Delayed Price · Currency is ZAR · Price in ZAc NEPI Rockcastle Earnings Call Transcripts
Fiscal Year 2026
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Growth plans include expanding into Spain, targeting EUR 12bn-EUR 14bn of GAV in 3-5 years and EUR 800m NOI. Financial discipline remains central, alongside flagship investment, active asset management and energy expansion.
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Delivered strong H1 2026 results with 3.8% NOI growth, 3.5% higher distributable EPS, and a major expansion into Spain. Upgraded full-year guidance to 3.5%-4% growth, supported by a robust development pipeline, high occupancy, and prudent financial management.
Fiscal Year 2025
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Distributable earnings per share rose 3.1% in 2025, driven by acquisitions, NOI growth, and a robust development pipeline. The outlook for 2026 is 3% EPS growth, with continued investment in retail and renewable energy, and a strong balance sheet maintained.
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Distributable earnings per share grew 3.1% year-over-year, driven by strong NOI growth and successful integration of major acquisitions. Portfolio value reached €8.1 billion, with a stable 32.1% LTV and upgraded full-year guidance to 2.5%-3% growth.
Fiscal Year 2024
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Record 2024 results with 13.2% net rental income growth, major Polish acquisitions, and a 22% total shareholder return. Guidance for 2025 is 5% nominal earnings growth, with per-share growth tempered by higher funding costs and share count.
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Record H1 results with NOI up 13.5% and distributable EPS up 5.6%, driven by strong retail performance in Poland, Romania, and Bulgaria. Raised DPS growth guidance to 5.5%, supported by robust liquidity, asset rotation, and major investments in green energy and development pipeline.