NSI (NSI) Q1 2026 earnings summary

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.