)
Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
NSI
NSI (NSI) investor relations material
NSI Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Achieved strong operational and financial performance in 2025, with a focused Dutch office portfolio, key redevelopments, and asset rotation toward core markets, especially Amsterdam.
Successfully refinanced €400 million in loans, increasing financial stability and flexibility, and completed asset disposals in Eindhoven and Hoofddorp at significant premiums.
EPS increased slightly to €2.10, supporting a dividend increase to €1.58 per share, with a minimum payout ratio of 75%.
Vacancy rate rose to 9.2% in 2025 and is expected to temporarily increase to just under 12% at the start of 2026 due to returned assets.
Sustainability remains a strategic pillar, with 96% of assets by value labeled EPC A or better and further reductions in energy intensity achieved.
Financial highlights
Gross rental income increased 1.6% to €73.9 million, while net rental income declined 1.2% to €60.3 million.
EPRA EPS for 2025 was €2.10, up €0.01 year-over-year, with total EPRA earnings of €40.6 million.
EPRA NTA per share decreased by 6.4% to €33.03, mainly due to negative portfolio revaluations.
Full-year revaluation was negative, with a €31 million downward adjustment in H2, mainly due to Glass House and Leiden assets.
OPEX increased due to higher municipal taxes, absence of prior year insurance compensation, and higher sustainability consultancy costs.
Outlook and guidance
EPRA EPS guidance for 2026 is €1.90–€2.05, reflecting a decline due to disposals and higher vacancy, partially offset by like-for-like rental growth.
Vacancy rate expected to rise to around 12% in Q1 2026, then decline as leasing progresses.
Further investments planned in Vitrum, Glass House, and rebrands of HNK Houthavens and HNK Utrecht Centraal Station.
Focus remains on operational excellence, leasing, project management, and cost control amid market uncertainty.
LTV expected to rise above 35% but remain well below 40% by end of 2027 due to CapEx on major projects.
Strategy to reduce 12% pro forma vacancy
Explain ERV vs. valuation disconnect since 2020
Address Well House & Bioscience Park challenges
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next NSI earnings date
Q1 202615 Apr, 2026
NSI
Next NSI earnings date
Q1 202615 Apr, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
NSI N.V. is a Dutch listed commercial property investor focused on owning and managing business real estate assets, including offices, workspaces, and meeting rooms. The company is recognized for providing best-in-class flexible space solutions and services in modern, healthy, sustainable buildings located in prime areas. NSI N.V. is headquartered in Amsterdam, Netherlands, and its shares are listed on the Euronext Amsterdam.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage