NSI (NSI) Q2 2025 earnings summary

Executive summary

• Strategic focus remains on Amsterdam, with selective investments elsewhere and a strong emphasis on sustainability leadership and customer-centricity.

• All approvals secured for Vitrum redevelopment, with project start expected in H1 2026; HNK Rotterdam Alexander redevelopment remains on schedule for end-2025 completion.

• No acquisitions or disposals in H1 2025, but asset rotation is ongoing with planned sales in Hoofddorp and Eindhoven to release over €40 million for reinvestment.

• Sypesteyn in Utrecht shows strong leasing progress, with occupancy rising from 74% to 94% and energy label improved to A+.

• Delivered strong operational and financial performance in H1 2025, with continued portfolio optimization and growth ambitions balanced by prudent capital management.

Financial highlights

• Gross rental income rose 2.7% year-over-year to €37.1m; net rental income up 4.2% to €28.8m.

• EPRA earnings per share increased to €0.99 from €0.91 year-over-year, driven by acquisitions and lower lease incentives.

• Portfolio revaluation was negative at -2.7%, attributed to limited market liquidity and conservative appraisals.

• EPRA NTA per share declined 3.9% to €33.88, mainly from negative revaluation and stock dividend dilution.

• Loan-to-value increased to 34.5% due to CapEx and negative revaluation; average cost of debt stable at 2.9%.

Outlook and guidance

• Guidance for full-year EPRA EPS maintained at €2.05–€2.15, but full-year EPS likely at lower end of range due to Vivaldi II lease expiry and stock dividend dilution.

• Asset sales in Hoofddorp and Eindhoven expected to complete by year-end, releasing capital for new investments.

• HNK Rotterdam Alexander to be delivered by year-end 2025 as a Paris Proof building.

• Management remains confident in long-term office demand, especially for high-quality, serviced, sustainable spaces.