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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 and continued asset rotation toward core markets, especially in five key Dutch cities and Amsterdam.
Progressed on major redevelopments, including HNK Rotterdam Alexander (85% pre-leased, above business case rents) and the upcoming Vitrum project.
Successfully refinanced €400m in loans, increasing financial stability and flexibility, and secured a new €50m, 7-year private placement.
Sustainability remains a strategic pillar, with nearly all assets labeled A or better, energy intensity reductions, and a 5-star GRESB rating.
Vacancy increased, driven by Vivaldi II and upcoming lease terminations, with plans to address through asset upgrades and targeted leasing.
Financial highlights
EPRA earnings per share (EPS) stable at €2.10, with total EPRA earnings of €40.6m, and dividend per share at €1.58, maintaining a minimum 75% payout ratio.
Gross rental income rose 1.6% to €73.9m; net rental income declined 1.2% to €60.3m.
EPRA NTA per share decreased by 6.4% to €33.03, mainly due to negative revaluations of €31m, especially from Glass House and Leiden assets.
Net financing result improved due to lower average debt outstanding; average cost of debt stable at 2.9–3.2%.
Net result for the year was -€9.8m, reflecting negative indirect results from portfolio revaluation.
Outlook and guidance
EPRA EPS guidance for 2026 set at €1.90–€2.05, reflecting the impact of recent disposals and higher vacancy.
Like-for-like rental growth and further investments in Vitrum, Glass House, and HNK rebrands expected to offset some vacancy impact.
LTV expected to rise above 35% but remain well below 40% due to CapEx on major projects.
Focus remains on operational excellence, leasing, project management, and cost control amid market uncertainty.
Vacancy rate expected to rise to around 12% in Q1 2026, then decline as leasing progresses.
Strategy to reduce 12% pro forma vacancy
Explain ERV vs. valuation disconnect since 2020
Address Well House & Bioscience Park challenges
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Next NSI earnings date
Q1 202615 Apr, 2026
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Next NSI earnings date
Q1 202615 Apr, 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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