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NSI (NSI) investor relations material
NSI Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Leasing and retention remained healthy across most of the portfolio; vacancy was concentrated at Vivaldi II in Amsterdam and Newtonweg in Leiden.
Full-year EPRA EPS is expected at the low end of the €1.80–€1.90 range, reflecting slower leasing at Vivaldi II and the Atlanta escape-route issue.
Financial highlights
YTD net rental income was €40.951m, down 9.3% YoY; direct investment result was €25.535m, down 16.3%.
YTD EPRA earnings per share was €1.31, down 17.1% YoY; total investment result was a loss of €3.391m versus a €2.989m profit.
Portfolio market value was €918m at 30 September 2026, down 4.0% from 31 December 2025; annualised contractual rent was €74m.
Outlook and guidance
Full-year EPS is expected at the low end of €1.80–€1.90; the Atlanta issue is currently estimated to reduce this year's EPS by €0.06.
Priorities include improving Vivaldi II leasing, advancing Noon, determining Newtonweg's long-term solution and preparing Glass House for redevelopment.
Glass House construction is expected to start at the end of H1 2027, subject to contractor selection; Noon construction is progressing.
- Net rental income and EPRA EPS fell, guidance was lowered, and a share buyback was announced.NSI
H1 2026 - Net rental income rose 2.6% and FY2024 EPRA EPS guidance was raised to €1.95–2.05.NSI
Q3 2024 TU - Q1 2025 saw a 20% rise in EPRA EPS and strong rental growth, with guidance reaffirmed.NSI
Q1 2025 TU - Net rental income and EPRA EPS declined, while vacancy rose and balance sheet remains strong.NSI
Q1 2026 TU - EPRA EPS up, vacancy rising, asset rotation and major investments shape the 2026 outlook.NSI
H2 2025 - EPRA EPS up to €1.58, vacancy rises to 9.8%, and redevelopment projects advance.NSI
Q3 2025 TU - Rental and earnings up, but portfolio value down 2.7% on negative revaluation.NSI
H1 2025 - 2024 EPS guidance raised as LTV remains stable and all financing is now unsecured.NSI
H1 2024 - EPRA EPS at €2.09, low vacancy, and focus on Amsterdam drive stable 2025 outlook.NSI
H2 2024
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