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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

NEPI Rockcastle

NRP · A2X Markets · Consolidated statements

On this page
Company details
Legal name
NEPI Rockcastle N.V.
Listing
NRP on the A2X Markets, active · ISIN NL0015000RT3 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, final status not established · source

Read with these figures

  • Annual report not confirmed as final. The published copy is unsigned. The FY2025 figures come from it.
Full wording and sources

  • Annual report for 2025: final status not established

    Two unqualified auditor's reports cover these statements, neither with a visible handwritten signature: EY Accountants B.V. (Dutch law; PDF pp382-387) closes 'Utrecht, 18 March 2026, EY Accountants B.V., Signed by M.J. Noordhoff' in typeset text (PDF p387); Ernst & Young Inc. (ISAs; PDF pp392-395) closes with 'Director – Gerhardus J van Deventer CA(SA), Registered Auditor, 18 March 2026' typeset (PDF p395, page image). The statements were approved by the Board on 17 March 2026 and signed by the CEO (Rüdiger Dany) and CFO (Eliza Predoiu) with handwritten signatures (PDF p309, page image).

    Source: NEPI Rockcastle N.V. Annual Report 2025 (dated 2026-03-18)

  • Gross rental income

    EUR 624 million

    624,348 EUR thousands · p311

    +10.3% vs 2024

    NEPI Rockcastle prints no revenue total; its first line, 'Gross rental income', is shown under that label (service-charge income and other revenue lines are separate).

  • Operating profit / (loss)

    EUR 575 million

    575,126 EUR thousands · p311

    +9.4% vs 2024

  • Profit / (loss) for the year

    EUR 499 million

    498,839 EUR thousands · p311

    −15.1% vs 2024

  • Total assets

    EUR 8.95 billion

    8,950,935 EUR thousands · p310

    +2.4% vs 2024

  • Total equity

    EUR 5.01 billion

    5,006,336 EUR thousands · p310

    +2.0% vs 2024

  • Cash from operations

    EUR 454 million

    453,549 EUR thousands · p313

    +5.7% vs 2024

Large amounts are rounded for reading (EUR million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in EUR thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, final status not established; reported for the year · source
  • FY2024 — annual report, final status not established; comparative in the FY2025 filing · source

Income statement

Income statement, EUR thousands. Columns: FY2025 — annual report (final status not established), as reported for the year; FY2024 — annual report (final status not established), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Gross rental income1 624,348 566,069
Service charge income2 288,556 259,563
Property operating expenses3 (304,429) (278,741)
Revenue from energy activity4 11,262 9,048
Costs of the energy activity5 (1,627) –6
Net rental and related income7 618,110 555,939
Administrative expenses (45,042) (35,193)
Revenue from sales of inventory property8 6,497 18,680
Cost of sales of inventory property9 (4,439) (13,546)
EBIT1 575,126 525,880
Fair value adjustments of investment property10 162,252 195,380
Foreign exchange loss (445) (158)
Gain on disposal of assets held for sale11 –12 25,934
Profit before net finance costs and other items13 736,933 747,036
Finance income 6,038 19,907
Finance costs (103,963) (100,144)
Bank charges, commissions, and fees14 (4,127) (4,381)
Losses on extinguishment of financial instruments15 (4,676) –16
Fair value adjustments of derivatives17 (5,273) (12,818)
Profit before tax 624,932 649,600
Income tax expense (126,093) (62,035)
Current tax expense18 (28,831) (30,563)
Deferred tax expense19 (97,262) (31,472)
Profit after tax 498,839 587,565
Total comprehensive income for the year 498,839 587,565
  1. Printed “-”, read as nil: subtotal_arithmetic: is.native.co_1cqeq66tfy6c.net_rental_income.
  2. Printed “-”, read as nil: subtotal_arithmetic: is.native.co_1cqeq66tfy6c.profit_before_net_finance.
  3. Printed “-”, read as nil: subtotal_arithmetic: is.profit_before_tax.
Notes and alternative reported figures (16)
  1. “Gross rental income” is an issuer-specific line, not mapped to a shared definition: Note 26.
  2. “Service charge income” is an issuer-specific line, not mapped to a shared definition: Note 26.
  3. “Property operating expenses” is an issuer-specific line, not mapped to a shared definition: Note 26.
  4. “Revenue from energy activity” is an issuer-specific line, not mapped to a shared definition: Note 26.
  5. “Costs of the energy activity” is an issuer-specific line, not mapped to a shared definition: Note 26.
  6. “Net rental and related income” is an issuer-specific line, not mapped to a shared definition: Note 26: printed subtotal.
  7. “Revenue from sales of inventory property” is an issuer-specific line, not mapped to a shared definition: Residential sales.
  8. “Cost of sales of inventory property” is an issuer-specific line, not mapped to a shared definition: Residential cost of sales.
  9. “Fair value adjustments of investment property” is an issuer-specific line, not mapped to a shared definition: Note 28.
  10. “Gain on disposal of assets held for sale” is an issuer-specific line, not mapped to a shared definition: Note 15.
  11. “Profit before net finance costs and other items” is an issuer-specific line, not mapped to a shared definition: Printed subtotal.
  12. “Bank charges, commissions, and fees” is an issuer-specific line, not mapped to a shared definition: Note 29.
  13. “Losses on extinguishment of financial instruments” is an issuer-specific line, not mapped to a shared definition: Note 19.
  14. “Fair value adjustments of derivatives” is an issuer-specific line, not mapped to a shared definition: Fair value result on derivatives.
  15. “Current tax expense” is an issuer-specific line, not mapped to a shared definition: Note 24; part of income tax expense.
  16. “Deferred tax expense” is an issuer-specific line, not mapped to a shared definition: Note 24; part of income tax expense.

Balance sheet

Balance sheet, EUR thousands. Columns: FY2025 — annual report (final status not established), as reported for the year; FY2024 — annual report (final status not established), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Non-current assets 8,510,712 8,169,170
Investment property 8,232,702 7,926,595
– Investment property in use1 7,947,429 7,694,798
– Investment property under development2 285,273 231,797
Goodwill3 76,804 76,804
Deferred tax assets 69,957 107,395
Property, plant and equipment 91,108 41,624
Other long-term assets4 38,726 11,360
Derivative financial assets at fair value through profit or loss5 1,415 5,392
Current assets 430,656 572,942
Trade and other receivables 113,533 115,947
Inventory property6 –7 4,227
Cash and cash equivalents 313,994 448,498
Derivative financial assets at fair value through profit or loss8 3,129 4,270
Assets held for sale9 9,567 559
TOTAL ASSETS 8,950,935 8,742,671
TOTAL SHAREHOLDERS' EQUITY 5,006,336 4,908,482
Equity attributable to equity holders 5,006,336 4,908,482
Share capital 7,124 7,124
Share premium 2,941,120 3,255,148
Other reserves10 (9,432) (9,662)
Treasury shares11 (10,076) –12
Accumulated profit 2,077,600 1,655,872
Total liabilities 3,944,599 3,834,189
Non-current liabilities 3,443,420 3,589,167
Bank loans 981,417 947,417
Bonds13 1,732,272 1,982,857
Deferred tax liabilities 605,065 545,241
Lease liabilities 88,176 83,059
Other long-term liabilities14 36,490 30,593
Current liabilities 501,179 245,022
Trade and other payables 179,289 187,084
Income tax payable 17,818 20,954
Bank loans 16,932 15,528
Bonds15 284,059 18,566
Lease liabilities 3,081 2,890
TOTAL EQUITY AND LIABILITIES 8,950,935 8,742,671
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.current_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.equity_attributable_to_owners.
Notes and alternative reported figures (13)
  1. “– Investment property in use” is an issuer-specific line, not mapped to a shared definition: Note 8; part of investment property.
  2. “– Investment property under development” is an issuer-specific line, not mapped to a shared definition: Note 9; part of investment property.
  3. “Goodwill” is an issuer-specific line, not mapped to a shared definition: Note 12.
  4. “Other long-term assets” is an issuer-specific line, not mapped to a shared definition: Note 10.
  5. “Derivative financial assets at fair value through profit or loss” is an issuer-specific line, not mapped to a shared definition: Note 20, non-current.
  6. “Inventory property” is an issuer-specific line, not mapped to a shared definition: Note 16 (residential units held for sale in the ordinary course).
  7. “Derivative financial assets at fair value through profit or loss” is an issuer-specific line, not mapped to a shared definition: Note 20, current.
  8. “Assets held for sale” is an issuer-specific line, not mapped to a shared definition: Note 15; printed below the current assets, outside their printed total.
  9. “Other reserves” is an issuer-specific line, not mapped to a shared definition: Equity reserve (share-based payment and LTSIP reserves).
  10. “Treasury shares” is an issuer-specific line, not mapped to a shared definition: Note 17.
  11. “Bonds” is an issuer-specific line, not mapped to a shared definition: Note 19, non-current bonds.
  12. “Other long-term liabilities” is an issuer-specific line, not mapped to a shared definition: Note 22.
  13. “Bonds” is an issuer-specific line, not mapped to a shared definition: Note 19, current bonds.

Cash flow

Cash flow, EUR thousands. Columns: FY2025 — annual report (final status not established), as reported for the year; FY2024 — annual report (final status not established), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
CASH FLOWS FROM OPERATIONS 572,583 533,628
Interest paid on loans and borrowings (44,957) (57,190)
Interest paid on lease liabilities (2,533) (1,470)
Interest paid on bonds1 (44,418) (44,982)
Income tax paid (33,698) (28,796)
Bank charges paid2 (4,134) (4,363)
Interest received 6,011 19,840
Cash received from derivatives settlements3 4,695 12,454
NET CASH FLOWS FROM OPERATING ACTIVITIES 453,549 429,121
Expenditure on investment property14 (143,659) (136,873)
Acquisition of investment property5 –6 (752,022)
Acquisition of property, plant and equipment7 –6 (6,004)
Settlements of deferred consideration for prior years acquisitions8 (1,157) –6
Expenditure on property, plant and equipment2 (55,877) (4,331)
Proceeds from disposal of assets held for sale9 –6 180,939
NET CASH FLOW USED IN INVESTING ACTIVITIES (200,693) (718,291)
Proceeds from issue of shares10 –11 295,175
Payment to acquire shares for LTSIP12 (7,148) (5,154)
Sale of unvested shares under LTSIP13 24 89
Repurchase of shares14 (10,076) –11
Net movements in bank loans, bonds, and other long-term liabilities15 21,624 420,689
Proceeds from bank loans 52,496 446,107
Proceeds from bonds16 491,806 490,859
Repayment of bank loans (17,984) (17,297)
Repayment of bonds17 (500,000) (498,980)
Premium paid on repurchase of bonds18 (4,694) –19
Other payments20 (645) (34,656)
Repayments of lease liabilities (490) (411)
Premium paid on acquisitions of derivatives21 (155) (912)
Repayment of loans from third parties22 –23 (33,333)
Earnings distribution - Capital repayment and dividend out of accumulated profit324 (391,139) (276,994)
NET CASH FLOW (USED IN)/FROM FINANCING ACTIVITIES (387,360) 399,149
NET (DECREASE)/ INCREASE IN CASH AND CASH EQUIVALENTS (134,504) 109,979
Cash and cash equivalents brought forward 448,498 338,519
CASH AND CASH EQUIVALENTS CARRIED FORWARD 313,994 448,498
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
  3. Printed “-”, read as nil: subtotal_arithmetic: cf.native.co_1cqeq66tfy6c.net_debt_movements.
  4. Printed “-”, read as nil: subtotal_arithmetic: cf.native.co_1cqeq66tfy6c.other_payments.
Notes and alternative reported figures (20)
  1. “Interest paid on bonds” is an issuer-specific line, not mapped to a shared definition: Note 19: operating.
  2. “Bank charges paid” is an issuer-specific line, not mapped to a shared definition: Operating.
  3. “Cash received from derivatives settlements” is an issuer-specific line, not mapped to a shared definition: Note 29: operating.
  4. “Expenditure on investment property1” is an issuer-specific line, not mapped to a shared definition: Capital expenditure on investment property in use and under development.
  5. “Acquisition of investment property” is an issuer-specific line, not mapped to a shared definition: Note 32: acquisitions.
  6. “Acquisition of property, plant and equipment” is an issuer-specific line, not mapped to a shared definition: Note 32: PPE acquired in acquisitions.
  7. “Settlements of deferred consideration for prior years acquisitions” is an issuer-specific line, not mapped to a shared definition: Investing.
  8. “Proceeds from disposal of assets held for sale” is an issuer-specific line, not mapped to a shared definition: Note 15: investing.
  9. “Proceeds from issue of shares” is an issuer-specific line, not mapped to a shared definition: Financing.
  10. “Payment to acquire shares for LTSIP” is an issuer-specific line, not mapped to a shared definition: Note 18: financing.
  11. “Sale of unvested shares under LTSIP” is an issuer-specific line, not mapped to a shared definition: Financing.
  12. “Repurchase of shares” is an issuer-specific line, not mapped to a shared definition: Note 17: financing.
  13. “Net movements in bank loans, bonds, and other long-term liabilities” is an issuer-specific line, not mapped to a shared definition: Printed financing subtotal.
  14. “Proceeds from bonds” is an issuer-specific line, not mapped to a shared definition: Note 19.
  15. “Repayment of bonds” is an issuer-specific line, not mapped to a shared definition: Note 19.
  16. “Premium paid on repurchase of bonds” is an issuer-specific line, not mapped to a shared definition: Financing.
  17. “Other payments” is an issuer-specific line, not mapped to a shared definition: Printed financing subtotal of lease repayments, derivative premiums and third-party loan repayments.
  18. “Premium paid on acquisitions of derivatives” is an issuer-specific line, not mapped to a shared definition: Financing.
  19. “Repayment of loans from third parties” is an issuer-specific line, not mapped to a shared definition: Financing.
  20. “Earnings distribution - Capital repayment and dividend out of accumulated profit3” is an issuer-specific line, not mapped to a shared definition: Note 17: distributions settled as capital repayment or dividend.

Per share and shares

Per share and shares. Columns: FY2025 — annual report (final status not established), as reported for the year; FY2024 — annual report (final status not established), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Earnings / (loss) per share (per share)41 0.70312 0.87693
Profit / (loss) attributable to shareholders (EUR thousands)5 498,839 587,565
  1. Printed as 70.31 cents; value converted to EUR at 100 cents = 1 EUR.
  2. Printed as 87.69 cents; value converted to EUR at 100 cents = 1 EUR.
Notes and alternative reported figures (3)
  1. “Basic earnings per share (euro cents) attributable to equity holders”: mapping to a shared definition is uncertain. Printed in 'euro cents' (minor unit recorded as cents). Basic EPS (70.31 euro cents); diluted is printed separately and differs (70.14), recorded as an issuer concept.
  2. Earnings / (loss) per share: printed as “Basic earnings per share (euro cents) attributable to equity holders”.
  3. Profit / (loss) attributable to shareholders: printed as “Equity holders of the parent”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

No dividend statement or amount collected.

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • NEPI Rockcastle N.V. Annual Report 2025

    Year ended 31 December 2025 · Annual report · final status not established

    Audit: EY Accountants B.V. (M.J. Noordhoff), Utrecht; Ernst & Young Inc. (Gerhardus J van Deventer CA(SA)), Sandton, unmodified opinion

    Auditor's sign-off: EY Accountants B.V., 'Signed by M.J. Noordhoff' (typeset); Ernst & Young Inc., Gerhardus J van Deventer CA(SA) (name printed)

    Final status: Two unqualified auditor's reports cover these statements, neither with a visible handwritten signature: EY Accountants B.V. (Dutch law; PDF pp382-387) closes 'Utrecht, 18 March 2026, EY Accountants B.V., Signed by M.J. Noordhoff' in typeset text (PDF p387); Ernst & Young Inc. (ISAs; PDF pp392-395) closes with 'Director – Gerhardus J van Deventer CA(SA), Registered Auditor, 18 March 2026' typeset (PDF p395, page image). The statements were approved by the Board on 17 March 2026 and signed by the CEO (Rüdiger Dany) and CFO (Eliza Predoiu) with handwritten signatures (PDF p309, page image).

    Document date
    18 Mar 2026
    Published
    18 Mar 2026
    Auditor's report
    18 Mar 2026
    Board approval
    17 Mar 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · EUR thousands (printed “in € thousand”)
    • Footnote markers are fused with figures in the text layer: 'Number of shares for Net Asset Value/EPRA Net Reinstatement Value 710,716,7982' (p310) and 'Basic/Diluted weighted average number of shares 709,479,0532 / 711,167,4872' (p311) print 710,716,798, 709,479,053 and 711,167,487 with footnote 2. These share counts are not transcribed.
    • Section totals are printed above their lines on the statement of financial position (p310); assets held for sale (9,567; 2024: 559) are printed below the current-asset lines but outside the printed current-assets total (430,656). 'Other payments' (645; 2024: 34,656) and 'Net movements in bank loans, bonds, and other long-term liabilities' (21,624; 2024: 420,689) are printed financing subtotals of the indented lines below them (p313, page image).
    • Directory listing: A2X only; the report states the shares are listed on the Main Board of the JSE, Euronext Amsterdam and A2X (note 1, p314). Presentation currency euro; the A2X listing trades in rand.
    Technical details
    File
    404 pages, with a text layer
    SHA-256
    4124bee2bfb55a181cda56963bd733605a2cc53a7882b1d6108358b33da479f3
    Entity as printed
    NEPI Rockcastle N.V. ("the Company", "NEPI Rockcastle", "the Group"), Dutch Chamber of Commerce 87488329
    Issuer copy
    retrieved 2026-10-08T18:52:22Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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