NSI (NSI) Q1 2025 TU earnings summary

Executive summary

• EPRA EPS rose to €0.42 in Q1 2025, up from €0.35 year-over-year, reflecting strong earnings growth.

• Like-for-like gross rental income increased by 5.3%, with 3.0% attributed to indexation.

• Q1 was steady operationally, with focus on leasing, redevelopment projects, and monitoring acquisitions.

Financial highlights

• Net rental income grew 8.6% to €13.0m; like-for-like net rental income up 9.6%.

• Direct investment result increased 12.1% to €8.0m; indirect investment result was -€1.9m.

• Total investment result declined 8.7% to €6.0m.

• EPRA cost ratio (excl. direct vacancy costs) improved to 25.5% from 30.3%.

• Net LTV decreased to 32.8% from 33.8% at year-end.

Outlook and guidance

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

• Guidance already factors in the return of Vivaldi II and anticipates like-for-like GRI growth of 1–2%.

• Vacancy rate expected to be influenced by Vivaldi II lease expiry and subsequent re-letting.