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NSI (NSI) investor relations material

NSI Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary16 Apr, 2026

Executive summary

  • Q1 2026 marked by increased geopolitical uncertainty and economic instability, impacting confidence and real estate markets.

  • Operational focus remains on managing rising vacancy, especially at Vivaldi II and Newtonweg.

  • HNK Rotterdam Alexander opened 85% pre-let and within budget, setting a new benchmark for the area.

  • Redevelopment project Vitrum is ready to commence in Q2, with delivery expected in H1 2028.

Financial highlights

  • Net rental income declined 12.4% year-over-year to €11.4m in Q1 2026.

  • EPRA EPS was €0.35, down 16.9% from €0.42 in Q1 2025, reflecting disposals and higher vacancy.

  • Direct investment result fell 15.2% year-over-year to €6.8m.

  • Total investment result nearly doubled to €11.9m, driven by indirect investment gains.

Outlook and guidance

  • Operational excellence, leasing, project delivery, and cost control remain top priorities for 2026.

  • Vacancy at Vivaldi II and Newtonweg are key swing factors for earnings progression in 2026.

  • No near-term debt maturities and a solid balance sheet support ongoing investment plans.

Newtonweg change of use approval status
Vitrum yield sensitivity to construction costs
Implications of potential ATAD rule changes
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