Cash flow NEPI Rockcastle N.V.

Stocks

NRP

NL0015000RT3

Real Estate Development & Operations

End-of-day quote Johannesburg S.E. 2026-09-23			5-day change	1st Jan Change
145.00 ^ZAR	-1.20%		+0.03%	-0.58%

09-18	Nepi Rockcastle Exits Baltic Region via EUR200 Million Sale of Shopping Center in Lithuania	MT
08-19	NEPI Rockcastle N.V., H1 2026 Earnings Call, Aug 19, 2026

e5899d6268c75cd265e09c6e3030a6.3ZEVpcNVulCs0appIF_Fc4yhaXDtHC_Tkw-J-X3r6J8.mcZNkbMa0xrvqN8CaguDNvTLLEDbb3u--z3xsjGqqeW280r8qQDoBMK-3Q

Published financial data: NEPI ROCKCASTLE N.V.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Rental Revenues	369M	422M	510M	566M	624M
Other Revenues, Total	169M	203M	264M	287M	306M
Total Revenues	539M	625M	774M	853M	931M
Property Expenses	172M	202M	259M	268M	285M
Selling General & Admin Expenses, Total	24.66M	46.21M	55.16M	59.11M	70.7M
Total Operating Expenses	197M	248M	314M	327M	356M
Operating Income (REIT / Utility Template)	342M	377M	461M	526M	575M
Interest Expense, Total	-62.65M	-56.8M	-69.05M	-100M	-109M
Interest and Investment Income	1.42M	3.51M	6.89M	19.91M	6.04M
Net Interest Expenses	-61.23M	-53.29M	-62.16M	-80.24M	-103M
Currency Exchange Gains (Loss)	-935K	1.58M	-1.19M	-158K	-445K
Other Non Operating Income (Expenses)	678K	33.65M	-20.67M	-17.2M	-4.7M
EBT, Excl. Unusual Items	280M	359M	377M	428M	467M
Restructuring Charges	-	-1.6M	-	-	-
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) on Sale of Investments	-	-	-	-	-
Gain (Loss) on Sale of Assets	2M	1.12M	5.64M	25.93M	-
Asset Writedown	34.65M	142M	164M	195M	162M
Legal Settlements	-37.3M	21.3M	-	-	-
Other Unusual Items	-17.76M	-19.84M	-	-	-4.68M
EBT, Incl. Unusual Items	262M	502M	547M	650M	625M
Income Tax Expense	26.92M	66.33M	69.86M	62.04M	126M
Earnings From Continuing Operations	235M	435M	477M	588M	499M
Net Income to Company	235M	435M	477M	588M	499M
Minority Interest	-65K	-106K	-	-	-
Net Income - (IS)	235M	435M	477M	588M	499M
Net Income to Common Incl Extra Items	235M	435M	477M	588M	499M
Net Income to Common Excl. Extra Items	235M	435M	477M	588M	499M
Per Share Items
Net EPS - Basic	0.39	0.72	0.75	0.88	0.7
Basic EPS - Continuing Operations	0.39	0.72	0.75	0.88	0.7
Basic Weighted Average Shares Outstanding	609M	608M	633M	670M	709M
Net EPS - Diluted	0.39	0.72	0.75	0.88	0.7
Diluted EPS - Continuing Operations	0.39	0.72	0.75	0.88	0.7
Diluted Weighted Average Shares Outstanding	609M	609M	634M	671M	711M
Normalized Basic EPS	0.29	0.37	0.37	0.4	0.41
Normalized Diluted EPS	0.29	0.37	0.37	0.4	0.41
Dividend Per Share	0.34	0.51	0.51	0.54	0.56
Payout Ratio	89.45	55.43	14.22	47.14	15.46
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	343M	378M	462M	528M	578M
EBITA	342M	377M	461M	526M	576M
EBIT	342M	377M	461M	526M	575M
Effective Tax Rate - (Ratio)	10.27	13.22	12.78	9.55	20.18
Current Foreign Taxes	10.27M	23.07M	28.33M	-	28.83M
Total Current Taxes	10.27M	23.07M	28.33M	30.56M	28.83M
Deferred Foreign Taxes	16.64M	43.27M	41.53M	-	97.26M
Total Deferred Taxes	16.64M	43.27M	41.53M	31.47M	97.26M
Normalized Net Income	175M	224M	235M	268M	292M
Interest Capitalized	3.19M	3.51M	5.08M	-	6.1M
Interest on Long-Term Debt	57.46M	57.19M	51.85M	56.96M	67.62M
Supplemental Operating Expense Items
Marketing Expenses	13.95M	17.43M	21.8M	23.92M	25.65M
Selling and Marketing Expenses	-	17.43M	21.8M	23.92M	25.65M
General and Administrative Expenses	24.66M	28.78M	33.37M	35.19M	45.04M
Maintenance & Repair Expenses, Total	70.75M	23.54M	32.9M	38.17M	41.84M
Stock-Based Comp., G&A Exp. (Total)	5.05M	1.47M	2M	3.04M	7.35M
Total Stock-Based Compensation	5.05M	1.47M	2M	3.04M	7.35M

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Assets
Gross Property Plant And Equipment	-	-	-	7.97B	8.33B
Accumulated Depreciation	-	-	-	-4.3M	-6.34M
Net Property Plant And Equipment	5.85B	6.6B	6.82B	7.97B	8.32B
Total Real Estate Assets	5.85B	6.6B	6.82B	7.97B	8.32B
Cash And Equivalents	499M	251M	339M	448M	314M
Accounts Receivable, Total	46.87M	59.69M	93.46M	116M	86.93M
Other Receivables	8.29M	16.28M	-	-	18.76M
Investment In Debt and Equity Securities	4.54M	25.58M	12.24M	5.39M	1.42M
Goodwill	76.8M	76.8M	76.8M	76.8M	76.8M
Other Intangibles, Total	1.35M	3.06M	-	-	6.61M
Other Current Assets, Total	17.08M	48.91M	188M	9.06M	17.41M
Trading Asset Securities, Total	-	10.48M	-	-	3.13M
Deferred Tax Assets Long-Term (Collected)	48.67M	54.68M	63.56M	107M	69.96M
Other Long-Term Assets, Total	50.64M	4.2M	16.31M	11.36M	32.11M
Total Assets	6.6B	7.15B	7.61B	8.74B	8.95B
Liabilities
Current Portion of Long-Term Debt	18.48M	42.19M	546M	34.09M	301M
Current Portion of Leases	-	832K	1.55M	2.89M	3.08M
Short-Term Borrowings	4.39M	-	-	-	-
Long-Term Debt	2.28B	2.56B	2.02B	2.93B	2.71B
Long-Term Leases	33.61M	36.37M	54.97M	83.06M	88.18M
Accounts Payable, Total	-	-	154M	187M	-
Accrued Expenses, Total	3.78M	5.25M	-	-	7.99M
Current Income Taxes Payable	-	-	20.19M	20.95M	17.82M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	134M	151M	3.67M	-	171M
Deferred Tax Liability Non-Current	371M	420M	472M	545M	605M
Other Non Current Liabilities	30.25M	37.67M	36.07M	30.59M	36.49M
Total Liabilities	2.88B	3.25B	3.31B	3.83B	3.94B
Common Stock, Total	6.09M	6.07M	6.61M	7.12M	7.12M
Additional Paid In Capital	3.55B	3.19B	3.14B	3.26B	2.94B
Retained Earnings	162M	707M	1.17B	1.66B	2.08B
Treasury Stock	-	-	-	-	-10.08M
Comprehensive Income and Other	-3.38M	-4.66M	-7.64M	-9.66M	-9.43M
Total Common Equity	3.71B	3.9B	4.3B	4.91B	5.01B
Minority Interest	5.32M	-	-	-	-
Total Equity	3.72B	3.9B	4.3B	4.91B	5.01B
Total Liabilities And Equity	6.6B	7.15B	7.61B	8.74B	8.95B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	609M	607M	661M	712M	711M
ECS Total Common Shares Outstanding	609M	607M	661M	712M	711M
Book Value / Share	6.1	6.42	6.51	6.89	7.04
Tangible Book Value	3.64B	3.82B	4.23B	4.83B	4.92B
Tangible Book Value Per Share	5.97	6.29	6.4	6.78	6.93
Total Debt	2.34B	2.64B	2.62B	3.05B	3.11B
Net Debt	1.84B	2.38B	2.28B	2.6B	2.79B
Minority Interest, Total (Incl. Fin. Div)	5.32M	-	-	-	-
Equity Method Investments, Total	23.66M	-	-	-	-
Account Code - Inventory Valuation	3	3	3	-	3
Machinery, Total	-	-	-	23.75M	53.78M
Full Time Employees	-	467	-	-	676
Part Time Employees	-	8	-	-	11
Accumulated Allowance for Doubtful Accounts (Supple)	7.28M	9.34M	-	-	10.36M

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Net Income	235M	435M	477M	588M	499M
Depreciation, Depletion & Amortization	643K	1.47M	1.47M	2.05M	2.04M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	1.16M
Total Depreciation, Depletion & Amortization	643K	1.47M	1.47M	2.05M	3.21M
Amortization of Deferred Charges, Total	-	-	-	-	-
(Gain) Loss On Sale of Asset - (CF)	-2M	-1.12M	-5.64M	-25.93M	-
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Total Asset Writedown	-34.65M	-142M	-164M	-195M	-162M
Stock-Based Compensation (CF)	-	-	2M	3.04M	7.35M
Change in Accounts Receivable	-6.06M	-12.48M	-22.18M	-38.4M	-19.13M
Change In Inventories	-6.22M	-11.17M	3.43M	13.04M	4.23M
Change in Accounts Payable	11.54M	20.08M	13.78M	28.01M	1.8M
Other Operating Activities	59.77M	8.36M	61.7M	55.12M	120M
Cash from Operations	258M	299M	367M	429M	454M
Acquisition of Real Estate Assets, Total	-71.17M	-460M	-193M	-899M	-200M
Sale of Real Estate Assets, Total	61.09M	3.36M	21.9M	181M	-
Net Sale / Acquisition of Real Estate Assets	-10.08M	-457M	-171M	-718M	-200M
Cash Acquisitions	-2.82M	-36.98M	-	-	-1.16M
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	154K	-	-	-	-
Cash from Investing	-12.75M	-494M	-171M	-718M	-201M
Long-Term Debt Issued, Total	73.52M	754M	200M	937M	544M
Total Debt Issued	73.52M	754M	200M	937M	544M
Long-Term Debt Repaid, Total	-251M	-526M	-232M	-550M	-518M
Total Debt Repaid	-251M	-526M	-232M	-550M	-518M
Issuance of Common Stock	-	-	177K	295M	24K
Repurchase of Common Stock	-1.98M	-12.09M	-5.16M	-5.15M	-331M
Common Dividends Paid	-210M	-241M	-67.78M	-277M	-77.11M
Common & Preferred Stock Dividends Paid	-210M	-241M	-67.78M	-277M	-77.11M
Other Financing Activities, Total	-568K	-27.23M	-2.88M	-912K	-4.65M
Cash from Financing	-390M	-53.04M	-108M	399M	-387M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	-145M	-248M	87.89M	110M	-135M
Supplemental Items
Cash Interest Paid	56.74M	50.57M	77.46M	104M	91.91M
Cash Income Tax Paid (Refund)	6.4M	9.48M	30.26M	28.8M	33.7M
Net Debt Issued / Repaid	-177M	228M	-32.22M	387M	25.83M
Levered Free Cash Flow	210M	169M	125M	447M	233M
Unlevered Free Cash Flow	250M	204M	168M	509M	301M
Change In Net Working Capital	-30.18M	34.39M	124M	-186M	13.3M

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Profitability
Return on Assets	3.22	3.43	3.9	4.02	4.06
Return on Total Capital	3.49	3.74	4.28	4.42	4.47
Return On Equity %	6.34	11.43	11.62	12.75	10.06
Return on Common Equity	6.35	11.43	11.62	12.75	10.06
Margin Analysis
Gross Profit Margin %	68.05	67.69	66.61	68.55	69.39
SG&A Margin	4.58	7.39	7.12	6.93	7.6
EBITDA Margin %	63.59	60.54	59.67	61.87	62.14
EBITA Margin %	63.48	60.3	59.48	61.62	61.92
EBIT Margin %	63.48	60.3	59.48	61.62	61.8
Income From Continuing Operations Margin %	43.64	69.63	61.58	68.85	53.6
Net Income Margin %	43.63	69.61	61.58	68.85	53.6
Net Avail. For Common Margin %	43.63	69.61	61.58	68.85	53.6
Normalized Net Income Margin	32.53	35.87	30.4	31.37	31.39
Levered Free Cash Flow Margin	39.06	26.98	16.09	52.34	25.03
Unlevered Free Cash Flow Margin	46.33	32.66	21.67	59.68	32.33
Asset Turnover
Asset Turnover	0.08	0.09	0.1	0.1	0.11
Fixed Assets Turnover	0.09	0.1	0.12	0.12	0.11
Receivables Turnover (Average Receivables)	8.88	7.92	5.7	5.41	6.83
Inventory Turnover (Average Inventory)	-	13.37	13.62	24.97	-
Short Term Liquidity
Current Ratio	3.55	1.94	0.85	2.34	0.88
Quick Ratio	3.45	1.69	0.6	2.3	0.84
Operating Cash Flow to Current Liabilities	1.61	1.5	0.51	1.75	0.9
Days Sales Outstanding (Average Receivables)	41.12	46.08	64.03	67.7	53.43
Days Outstanding Inventory (Average Inventory)	-	27.3	26.8	14.66	-
Average Days Payable Outstanding	-	-	208.17	244.7	-
Cash Conversion Cycle (Average Days)	-	-	-117.35	-162.35	-
Long Term Solvency
Total Debt/Equity	62.86	67.67	60.92	62.14	62.04
Total Debt / Total Capital	38.6	40.36	37.86	38.33	38.29
LT Debt/Equity	62.24	66.56	48.21	61.39	55.97
Long-Term Debt / Total Capital	38.22	39.7	29.96	37.86	34.54
Total Liabilities / Total Assets	43.62	45.47	43.46	43.86	44.07
EBIT / Interest Expense	5.46	6.64	6.67	5.25	5.29
EBITDA / Interest Expense	5.47	6.66	6.69	5.27	5.32
(EBITDA - Capex) / Interest Expense	5.47	6.66	6.69	5.17	4.81
Total Debt / EBITDA	6.83	6.97	5.68	5.78	5.37
Net Debt / EBITDA	5.37	6.28	4.94	4.93	4.82
Total Debt / (EBITDA - Capex)	6.83	6.97	5.68	5.89	5.94
Net Debt / (EBITDA - Capex)	5.37	6.28	4.94	5.03	5.34
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	0.6	16.06	23.86	10.21	9.06
Gross Profit, 1 Yr. Growth %	-0.64	11.21	21.87	13.43	10.4
EBITDA, 1 Yr. Growth %	-1.76	10.48	22.61	14.26	9.55
EBITA, 1 Yr. Growth %	-1.78	10.26	22.7	14.18	9.35
EBIT, 1 Yr. Growth %	-1.78	10.26	22.7	14.18	9.36
Earnings From Cont. Operations, 1 Yr. Growth %	-233.66	85.17	9.54	23.23	-15.1
Net Income, 1 Yr. Growth %	-234.35	85.17	9.57	23.23	-15.1
Diluted EPS Before Extra, 1 Yr. Growth %	-237.87	85.31	5.13	16.39	-19.84
Normalized Net Income, 1 Yr. Growth %	1.06	27.98	5.43	13.74	9.12
Net Property, Plant and Equip., 1 Yr. Growth %	0.71	12.91	3.47	16.67	4.46
Inventory, 1 Yr. Growth %	-	117.33	-16.57	-75.52	-
Accounts Receivable, 1 Yr. Growth %	28.9	27.34	9.32	24.05	-9.31
Total Assets, 1 Yr. Growth %	-1.09	8.37	6.48	14.83	2.38
Common Equity, 1 Yr. Growth %	0.76	4.95	10.41	14.02	1.99
Tangible Book Value, 1 Yr. Growth %	0.75	5.01	10.62	14.28	2.01
Cash From Operations, 1 Yr. Growth %	9.14	15.73	22.87	16.96	5.69
Capital Expenditures, 1 Yr. Growth %	-	-	-	-	440.66
Levered Free Cash Flow, 1 Yr. Growth %	-55.75	-19.84	-20.72	258.43	-46.31
Unlevered Free Cash Flow, 1 Yr. Growth %	-51.27	-18.19	-12.92	203.54	-40.33
Dividend Per Share, 1 Yr. Growth %	103.91	47.24	1.18	5.62	3.08
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-4.44	8.06	19.9	16.84	9.63
Gross Profit, 2 Yr. CAGR %	-4.41	7.1	16.42	17.57	11.9
EBITDA, 2 Yr. CAGR %	-	4.18	16.14	18.36	11.88
EBITA, 2 Yr. CAGR %	-5.1	4.07	16.07	18.36	11.76
EBIT, 2 Yr. CAGR %	-5.1	4.07	16.07	18.36	11.75
Earnings From Cont. Operations, 2 Yr. CAGR %	-24.86	57.32	42.42	16.18	2.28
Net Income, 2 Yr. CAGR %	-24.86	57.73	42.44	16.2	2.28
Diluted EPS Before Extra, 2 Yr. CAGR %	-24.72	59.84	39.58	10.62	-3.41
Normalized Net Income, 2 Yr. CAGR %	-3.71	13.73	15.9	9.51	11.41
Net Property, Plant and Equip., 2 Yr. CAGR %	-1.5	6.63	8.06	9.91	10.4
Inventory, 2 Yr. CAGR %	-	-	34.66	-54.8	-
Accounts Receivable, 2 Yr. CAGR %	1.83	28.12	41.21	16.45	10.09
Total Assets, 2 Yr. CAGR %	-2.73	3.53	7.42	10.58	8.43
Common Equity, 2 Yr. CAGR %	-4.7	2.83	7.65	12.21	7.84
Tangible Book Value, 2 Yr. CAGR %	-4.81	2.86	7.82	12.44	7.98
Cash From Operations, 2 Yr. CAGR %	-10.43	12.39	19.24	19.88	11.18
Levered Free Cash Flow, 2 Yr. CAGR %	51	-40.44	-23.04	68.58	35.71
Unlevered Free Cash Flow, 2 Yr. CAGR %	104.85	-36.86	-18.01	62.57	30.33
Dividend Per Share, 2 Yr. CAGR %	-20.17	73.27	22.06	3.38	4.34
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	1.83	1.96	13.08	16.58	14.18
Gross Profit, 3 Yr. CAGR %	1.72	1.79	11.81	15.41	15.13
EBITDA, 3 Yr. CAGR %	-	-	9.84	15.51	15.35
EBITA, 3 Yr. CAGR %	1.57	-0.24	9.78	15.43	15.36
EBIT, 3 Yr. CAGR %	1.57	-0.24	9.78	15.43	15.28
Earnings From Cont. Operations, 3 Yr. CAGR %	1.97	1.49	39.44	35.71	4.65
Net Income, 3 Yr. CAGR %	1.94	1.49	39.69	35.73	4.66
Diluted EPS Before Extra, 3 Yr. CAGR %	1.58	1.65	39.01	31.38	-0.64
Normalized Net Income, 3 Yr. CAGR %	-0.47	5.87	10.73	15.18	9.38
Net Property, Plant and Equip., 3 Yr. CAGR %	-0.39	3.08	5.55	10.88	8.06
Inventory, 3 Yr. CAGR %	-	-	-	-23.72	-
Accounts Receivable, 3 Yr. CAGR %	1.41	9.71	36.98	35.24	0.56
Total Assets, 3 Yr. CAGR %	0.49	0.83	4.5	9.84	7.77
Common Equity, 3 Yr. CAGR %	-1.1	-1.59	5.3	9.73	8.69
Tangible Book Value, 3 Yr. CAGR %	-0.99	-1.65	5.41	9.93	8.8
Cash From Operations, 3 Yr. CAGR %	-2.71	-2.44	15.78	18.48	14.95
Levered Free Cash Flow, 3 Yr. CAGR %	-21.21	22.26	-36	28.52	14.01
Unlevered Free Cash Flow, 3 Yr. CAGR %	-18.16	50.85	-31.06	26.84	16.01
Dividend Per Share, 3 Yr. CAGR %	-12.1	-2.1	44.83	16.31	3.28
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	20.02	12.11	8.71	7.67	11.69
Gross Profit, 5 Yr. CAGR %	19.96	12.25	8.17	7.83	11.85
EBITDA, 5 Yr. CAGR %	-	-	-	-	10.65
EBITA, 5 Yr. CAGR %	19.66	11.14	7.14	6.73	10.61
EBIT, 5 Yr. CAGR %	19.66	11.14	7.14	6.73	10.56
Earnings From Cont. Operations, 5 Yr. CAGR %	0.21	-5.56	16.55	7.13	23.18
Net Income, 5 Yr. CAGR %	0	-5.57	16.53	7.14	23.32
Diluted EPS Before Extra, 5 Yr. CAGR %	-11.91	-10.89	15.35	5.14	20.17
Normalized Net Income, 5 Yr. CAGR %	16.59	12.6	5.78	7.22	11
Net Property, Plant and Equip., 5 Yr. CAGR %	18.07	6.01	2.91	5.75	7.48
Accounts Receivable, 5 Yr. CAGR %	18.23	11.92	15.77	20.73	19.04
Total Assets, 5 Yr. CAGR %	18.72	3.58	3.2	4.62	6.06
Common Equity, 5 Yr. CAGR %	15.41	-0.08	2.31	3.71	6.31
Tangible Book Value, 5 Yr. CAGR %	15.67	-0.07	2.45	3.78	6.4
Cash From Operations, 5 Yr. CAGR %	12.3	6.98	5.54	5.94	13.92
Levered Free Cash Flow, 5 Yr. CAGR %	14.11	10.18	-21.95	37.08	-13.3
Unlevered Free Cash Flow, 5 Yr. CAGR %	15.87	18.16	-18.1	53.65	-10.09
Dividend Per Share, 5 Yr. CAGR %	-3.2	1.84	0.24	0.06	27.03