NSI (NSI) Q3 2026 TU earnings summary

Executive summary

• Leasing and retention remained healthy across most of the portfolio; vacancy was concentrated at Vivaldi II in Amsterdam and Newtonweg in Leiden.

• Full-year EPRA EPS is expected at the low end of the €1.80–€1.90 range, reflecting slower leasing at Vivaldi II and the Atlanta escape-route issue.

Financial highlights

• YTD net rental income was €40.951m, down 9.3% YoY; direct investment result was €25.535m, down 16.3%.

• YTD EPRA earnings per share was €1.31, down 17.1% YoY; total investment result was a loss of €3.391m versus a €2.989m profit.

• Portfolio market value was €918m at 30 September 2026, down 4.0% from 31 December 2025; annualised contractual rent was €74m.

Outlook and guidance

• Full-year EPS is expected at the low end of €1.80–€1.90; the Atlanta issue is currently estimated to reduce this year's EPS by €0.06.

• Priorities include improving Vivaldi II leasing, advancing Noon, determining Newtonweg's long-term solution and preparing Glass House for redevelopment.

• Glass House construction is expected to start at the end of H1 2027, subject to contractor selection; Noon construction is progressing.