NSI (NSI) Q3 2025 TU earnings summary

Executive summary

• EPRA EPS increased to €1.58 for Q1–Q3 2025, up from €1.51 year-over-year, with full-year guidance maintained at €2.05–2.15 per share.

• Like-for-like gross rental income grew 4.5% in Q3, with 2.9% from indexation, though overall market activity remains subdued.

• Portfolio vacancy rose to 9.8% due to the return of Vivaldi II, but excluding this asset, vacancy is stable at 5.7%.

• Redevelopment projects are progressing on schedule, with HNK Rotterdam Alexander set for late Q4 2025 delivery and Vitrum development preparations ongoing.

Financial highlights

• Net rental income for Q3 2025 was €45.2m, up 2.1% year-over-year; like-for-like net rental income rose 5.2%.

• Direct investment result increased 2.6% to €30.5m; indirect investment result fell 40.4% to -€27.5m.

• Total investment result dropped 70.6% to €3.0m compared to Q3 2024.

• EPRA NTA per share decreased 4.5% to €33.68 since year-end 2024.

Outlook and guidance

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

• Like-for-like GRI growth for 2025 expected to moderate to 3–4% due to Vivaldi II vacancy.

• Further asset rotation and capital recycling into Amsterdam and value-add opportunities anticipated in 2026.