NSI (NSI) H1 2026 earnings summary

Executive summary

• Noon redevelopment commenced, Well House project discontinued after feasibility review, and major repositioning of Glass House planned after KPN vacates in early 2027.

• Announced a share buyback program for up to 5% of shares, to be completed by Q1 2027, and continued portfolio optimization focused on core Dutch office markets.

• CEO transition underway, with Bernd Stahli stepping down and CFO acting as interim co-CEO.

• Portfolio now focused on five Dutch cities after sale of last Eindhoven asset.

Financial highlights

• Gross rental income dropped 8.8% year-over-year to €33.9m, mainly due to disposals and higher vacancy; net rental income fell 11.1% to €25.6m.

• EPRA earnings per share declined 20.3% to €0.79; payout ratio increased to 94.9%.

• EPRA NTA per share decreased 4.9% to €31.39; portfolio revaluation was -2.6%.

• Interim dividend maintained at €0.75 per share.

• Negative portfolio revaluation of €25.6m and €9.9m impairment from Well House discontinuation.

Outlook and guidance

• Full-year EPRA EPS guidance lowered to €1.80–€1.90 from €1.90–€2.05, mainly due to slower leasing at Vivaldi II and CEO transition costs.

• Interim dividend set at €0.75 per share; up to 5% share buyback to be completed by Q1 2027.

• Focus remains on leasing, especially at Vivaldi II, Noon redevelopment, Glass House repositioning, and refurbishments at HNK assets.