Business Forum • 25 February, 2026 at 9:51 AM
NEPI Rockcastle, the largest owner of shopping centres in CEE, said its net operating income rose 11.2% year-on-year to a record €618 million in 2025, while the distributable earnings increased 6.7% to €441 million.
The performance was driven by acquisitions completed in 2024, reduced vacancy, indexation, rental uplifts and higher short-term income from kiosks and parking.
Vacancy dropped to a record low of 1.2%, while overall occupancy reached 98.8%. The results were at the top end of revised guidance provided in August 2025.
"Over the past four years, I've had the privilege of leading a business that has gone from strength to strength," said NEPI CEO Rüdiger Dany, who will step down on 1 April 2026. "During my tenure, we've stayed disciplined in executing our growth strategy - actively recycling capital through acquisitions and disposals, optimising our assets, delivering developments at scale." Marek Noetzel will take over as CEO.
Consumer spending across NEPI Rockcastle's malls continued climbing in 2025, with tenant turnover growing 3.6% on a like-for-like basis. International brands accounted for 63% of around 500 new leases agreed in 2025, covering 113,000 sqm of space. Notable openings included flagship stores for Half Price in Magnolia Park, Zara and Nike in Arena Centar, and Sports Direct in Promenada Craiova.
The company maintains a development pipeline worth over €840 million, including extensions, refurbishments and value-enhancing projects. Key projects under construction include the extension of Promenada Bucharest and the redevelopment of Bonarka City Center. The balance sheet remains strong with total liquidity exceeding €1 billion and a loan-to-value ratio of 32.8%.
The company's portfolio value reached €8.2 billion at the end of 2025.