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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.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.
- EPRA EPS up, vacancy rising, asset rotation and major investments shape the 2026 outlook.NSI
Q4 20253 Feb 2026 - 2024 EPS guidance raised as LTV remains stable and all financing is now unsecured.NSI
H1 20243 Feb 2026 - EPRA EPS at €2.09, low vacancy, and focus on Amsterdam drive stable 2025 outlook.NSI
H2 20249 Jan 2026 - Rental and earnings up, but portfolio value down 2.7% on negative revaluation.NSI
Q2 202516 Nov 2025 - EPRA EPS up to €1.58, vacancy rises to 9.8%, and redevelopment projects advance.NSI
Q3 2025 TU15 Oct 2025
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