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NSI (NSI) investor relations material

NSI Q3 2025 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 TU earnings summary15 Oct, 2025

Executive summary

  • EPRA EPS increased to €1.58 for Q1–Q3 2025, up from €1.51 year-over-year, with full-year guidance maintained at €2.05–2.15 per share.

  • Like-for-like gross rental income grew 4.5% in Q3, with 2.9% from indexation, though overall market activity remains subdued.

  • Portfolio vacancy rose to 9.8% due to the return of Vivaldi II, but excluding this asset, vacancy is stable at 5.7%.

  • Redevelopment projects are progressing on schedule, with HNK Rotterdam Alexander set for late Q4 2025 delivery and Vitrum development preparations ongoing.

Financial highlights

  • Net rental income for Q3 2025 was €45.2m, up 2.1% year-over-year; like-for-like net rental income rose 5.2%.

  • Direct investment result increased 2.6% to €30.5m; indirect investment result fell 40.4% to -€27.5m.

  • Total investment result dropped 70.6% to €3.0m compared to Q3 2024.

  • EPRA NTA per share decreased 4.5% to €33.68 since year-end 2024.

Outlook and guidance

  • Full-year EPRA EPS guidance remains at €2.05–2.15 per share.

  • Like-for-like GRI growth for 2025 expected to moderate to 3–4% due to Vivaldi II vacancy.

  • Further asset rotation and capital recycling into Amsterdam and value-add opportunities anticipated in 2026.

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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.

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