Nsi Nv · EURONEXT:NSI
Nsi Nv — Nsi Nv Ord — FY2025 Earnings Presentation
45 slides from Nsi Nv's earnings presentation, Jan 28, 2026
Slide 1: Creating the places of today + tomorrow
Creating the places of today + tomorrow NSI brings together over 30 years of high-profile Dutch real estate experience, with an absolute commitment to excellence. Results presentation 28 January 2026 1 Full Year 2025 Results Presentation
Slide 2: Disclaimer
Disclaimer This presentation does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any NSI securities in the United States or any other jurisdiction . The information provided herein is extracted from NSI financial reports and
Slide 3: Introduction
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Slide 4: Clear strategic priorities
1. Introduction Clear strategic priorities 1. Amsterdam specialist 2. Sector smart 3. Customer first 4. Sustainability leader 5. Growth 4 Full Year 2025 Results Presentation
Slide 5: Our four highlights of 2025
Our four highlights of 2025 1. Redevelopment of HNK Rotterdam Alexander 2. All permits ready and contractor at point of signing for Vitrum 3. Further asset rotation toward core markets 4. Successfully refinanced €400m in loans 5 Full Year 2025 Results Presentation
Slide 6: Key Performance Indicators
1. Introduction Key Performance Indicators Excellent performance during 2025 Key metrics Change in net rents Operational performance 2025 2024 Change Net rents like -for -like (%) EPRA Vacancy 9.2% 5.1% 4.1pp 7.4% Operating margin 81.6% 84.0% -2.3pp 5.2% 4.6% Gross rents like -for -like 4.0% 3.2% 0.
Slide 7: Portfolio performance
2. Portfolio performance
Slide 8: An attractive, highly focused, Dutch office portfolio
2. Portfolio performance An attractive, highly focused, Dutch office portfolio Majority of assets located in Amsterdam City overview - Amsterdam Amsterdam € 5 45 million (55%) 21 assets 161,564 m 2 Sloterdijk Leiden Bio Science Park 5 assets 28,020 m 2 South-axis Utrecht South-east The Hague 5 asset
Slide 9: Continued capital recycling
2. Portfolio performance Continued capital recycling A strong and consistent track record Disposals (2025): Premium /discount to book value 1 H2 25 18% 18% 2 13% 12% 7% 4% 2% 0% Hoofddorp Eindhoven Beukenhaghe Kennedyplein -1% 4,754 sqm 6,542 sqm 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 26 An
Slide 10: Vacancy rate has increased in 2025
2. Portfolio performance Vacancy rate has increased in 2025 To be managed by a capable team with local expertise EPRA vacancy rate 21.4% 18.4% Pro forma adjusted for Newtonweg 13.8% Leiden Due to Vivaldi II 11.8% +4.1% 5Y change 9.2% -2.0% 7.1% 7.0% 5.9% 6.2% 5.2% 5.1% 2016 2017 2018 2019 2020 2021
Slide 11: Progressing well on HNK Rotterdam Alexander…
2. Portfolio performance Progressing well on HNK Rotterdam Alexander… Already 85% let before completion of project Key data Occupancy Contracted rent (% of LFA)1 per m2 85% +29% +40% since start vs. rental levels before construction1 redevelopment … and HNK Rotterdam Alexander is now settingprime re
Slide 12: …and delivering strong financial performance
2. Portfolio performance …and delivering strong financial performance HNK Rotterdam Alexander generates yield on cost of 8.4% Key data Floor area Project Project (m2 LFA) start completion 9,547 Q1 2025 Q1 2026 +241 m2 Budgeted Actual Gross yield on CAPEX (€) CAPEX (€) cost (%)1 20m 20m 8.4% Progress
Slide 13: Strong rental growth at three improved HNK assets
2. Portfolio performance Strong rental growth at three improved HNK assets Consistently meeting changing customers’ demand HNK Amsterdam Sloterdijk HNK Rotterdam Scheepvaartkwartier HNK Rotterdam Alexander Renovated in 2023 Renovated in 2024 Renovated in 2025 ERV since start ERV since start ERV sinc
Slide 14: Physical occupancy at stable levels
2. Portfolio performance Physical occupancy at stable levels Typical office use for NSI buildings is three days and up Physical occupancy is at stable levels Tenants generally are in the office 3 days or more Physical occupancy 1 Days per week in the office (% of NSI survey responses) 75% of tenants
Slide 15: Vitrum to start in H1 2026
2. Portfolio performance Vitrum to start in H1 2026 At a prospective yield on cost of 6.3% Key expectations Floor area Expected Expected (m2 LFA) start completion 14,275 H1 2026 H1 2028 Incl. ~3,000 m2 extension Book value Total cost Yield on cost (€) (€) (%) 21.7m 88.7m 6.3%1 Progress Executing on
Slide 16: Slide 16
Slide 17: KPN set to leave Glass House in 2026
2. Portfolio performance KPN set to leave Glass House in 2026 Offering unique opportunity to fully upgrade the building Plan Departure of KPN creates unique opportunity The upcoming departure of KPN in December 2026 will see the building returned vacant, creating a unique opportunity to fully reposi
Slide 18: Portfolio valuations largely stable in second half
2. Portfolio performance Portfolio valuations largely stable in second half Glass House and Leiden fully explained negative H2 result Segmentation of revaluations ( €m) H2 revaluations excluding Glass House and Leiden Positive revaluation (€m) Positive revaluation (€m) Negative revaluation (€m) Nega
Slide 19: Valuations are disconnected from market rent growth
2. Portfolio performance Valuations are disconnected from market rent growth ERV increased by 20% whilst valuations decreased by 17% 125 ERV 120 120 Market value 115 110 +20% 105 100 95 -17% 90 85 83 80 75 5 0 2020 2021 2022 2023 2024 2025 19 Based on NSI like -for -like portfolio since start of per
Slide 20: Rental income growth ahead of inflation
2. Portfolio performance Rental income growth ahead of inflation Leasing consistently at or above ERVs GRI growth ahead of inflation and ERV… … resulting in lower reversionary potential since 2021 Reversion potential (%) GRI growth (LfL) 138 Inflation (CPI) 136 ERV growth (LfL) 134 132 7.9% 130 6.1%
Slide 21: Maintaining our sustainability leadership position
2. Portfolio performance Maintaining our sustainability leadership position Clear plan to stay below CRREM Energy Intensity pathway NSI Energy Intensity vs. CRREM pathway EPC energy performance certificates by value F&G E D C B A A+ A++ A+++ 180 173 NL CRREM Target 170 NSI Actual 12% 10% 164 7% 29%
Slide 22: Maintained BREEAM ratings above 'Good'
2. Portfolio performance Maintained BREEAM ratings above ‘Good’ At much higher standards due to continuous improvements Maintained BREEAM ratings due to improvements 1 BREEAM ratings 2024 47% Following the 2025 December recertifications (taking 28% place every three years), 75% of the portfolio rema
Slide 23: Financials
3. Financials
Slide 24: EPRA Earnings
3. Financials EPRA Earnings (€ m) 2025 2024 Change (%) Gross rental income 73.9 72.7 1.6% Service costs not recharged -2.6 -2.0 28.1% Operating costs -11.0 -9.6 13.9% Net rental income 60.3 61.1 -1.2% Administrative costs -8.4 -8.3 1.3% Net financing result -8.9 -10.2 -12.7% Direct investment result
Slide 25: EPRA Earnings per share
3. Financials EPRA Earnings per share (€ per share) 2.20 -0.03 2.15 -0.01 -0.07 0.06 -0.04 0.06 2.10 0.18 -0.01 -0.13 2.05 2.00 2.10 2.09 0.05 0.00 EPRA GRI - GRI - GRI - GRI - Like - Service costs Operating Administrative Financing Corporate EPRA EPS 2024 Acquisitions Development Disposals for -lik
Slide 26: EPRA NTA per share
3. Financials EPRA NTA per share (€ per share) Direct 36 Indirect 35 2.10 -1.57 -3.06 34 0.36 -0.27 33 0.19 35.27 32 33.03 31 30 EPRA NTA Dividend EPRA EPS Revaluation Result Deffered tax Effect of stock EPRA NTA 2024 on sales dividend 1 2025 26 1 Excluding the effect of change in stock included in
Slide 27: Successful financing of 7-year €50m USPP
3. Financials Successful financing of 7 -year €50m USPP Increasing financing stability and providing room to invest Successful financing of 7 -year €50m USPP Pro forma results of the refinancing: • NSI’s average debt maturity increases to 4.6 years up from 3.6 years • NSI retains ~245 million euro o
Slide 28: Sound maturity and hedging profile
3. Financials Sound maturity and hedging profile Strong financial fundamentals for further investments Loan maturity profile 1 Average maturity (years) +1.0y 5.4 5.2 Private Placements 4.9 4.7 4.5 4.6 Term loan 2 RCF (drawn) 2 3.5 3.6 RCF (undrawn) 2 245 2019 2020 2021 2022 2023 2024 2025 2025 1 55
Slide 29: Main balance sheet KPI's
3. Financials Main balance sheet KPI’s Metrics consistently resilient Cost of debt Loan-to-value 60% 3.2% 2.9% 2.9% 33.8% 34.3% 40% 2.1% 2.2% 33.0% 2.0% 29.2% 28.2% 28.7% 35% 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Covenant Target range LTV Interest coverage ratio Net debt-to-EBI
Slide 30: Outlook
4. Outlook
Slide 31: Outlook 2026
4. Outlook Outlook 2026 1. Amsterdam specialist • Start Vitrum H1 2026 • Prepare detailed capex plans for Glass House 2. Sector smart • Further investigate potential for change of use/redevelopment of older office 2026 assets into hotel/residential. EPRA EPS 3. Customer first • Rebranding and upgrad
Slide 32: The future of how we live + work.
The future of how we live + work. 32 Full Year 2025 Results Presentation
Slide 33: Appendix
5. Appendix 33 Full Year 2025 Results Presentation
Slide 34: Segment information
5. Appendix Segment information Key portfolio metrics 31 December 2025 Dec, 2024 Change (%) (€ m) Amsterdam Other NL Total Number of properties 21 21 42 44 Market value 1 520 436 956 1,000 -4.4% 2 Annual contracted rent 38 36 74 77 -3.6% Market rent 47 38 85 84 1.6% Lettable area (sqm k) 161 175 337
Slide 35: Segment information
5. Appendix Segment information Yields EPRA net initial yield Gross initial yield Reversionary yield Dec. 2025 Dec. 2024 Dec. 2025 Dec. 2024 Dec. 2025 Dec. 2024 Amsterdam 5.7% 5.7% 7.9% 7.9% 9.7% 8.7% Other NL 5.7% 5.6% 8.5% 8.1% 9.0% 8.7% Total 5.7% 5.6% 8.2% 8.0% 9.4% 8.7% 35 Full Year 2025 Result
Slide 36: Segment information
5. Appendix Segment information Expiries and reversion Total portfolio (€m) Amsterdam portfolio ( €m) 100 50 80 40 60 30 40 20 20 10 0 0 Total Total 2026 2027 2028 2029 2030 >2030 Total YE 2026 2027 2028 2029 2030 >2030 Total YE 2024 2024 Contract rent 14.5 17.4 5.6 12.4 8.5 13.2 71.7 76.8 Contract
Slide 37: Consolidated financial statements
5. Appendix Consolidated financial statements Income statements (€ m) Amsterdam Other NL Corporate ¹ Total Gross rental income 38.2 35.7 73.9 Service costs not recharged -0.8 -1.8 -2.6 Operating costs -4.7 -6.3 -11.0 Net rental income 32.6 27.7 60.3 Administrative costs -8.4 -8.4 Earnings before int
Slide 38: Consolidated financial statements
5. Appendix Consolidated financial statements Balance sheet (€ m) 31 December 2025 31 December 2024 Real estate investments 945 989 Other assets 63 54 Cash and cash equivalents 30 8 Total assets 1,038 1,051 Shareholders' equity 641 672 Interest bearing loans 323 329 Debts to credit institutions 35 1
Slide 39: Consolidated financial statements
5. Appendix Consolidated financial statements EPRA NTA 31 December 2025 31 December 2024 (€ m) EPRA NTA per share EPRA NTA per share IFRS Equity attributable to shareholders 641 32.83 672 35.16 Diluted NTA 641 32.83 672 35.16 Diluted NTA at fair value 641 32.83 672 35.16 Deferred tax in relation to
Slide 40: Property market data
5. Appendix Property market data Offices - Netherlands Investment volumes ( € bn) Prime yields (%) 8 8.0% 6.7 6.8 6.3 5.9 6 5.5 4.6 6.0% 4.3 4 3.8 3.3 2.3 4.0% 1.9 1.9 1.7 1.7 1.5 2 1.5 1.1 1.4 0 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Q3
Slide 41: Property market data
5. Appendix Property market data Offices - Amsterdam Stock ( mn sqm) Prime yield (%) 8.0 7.0% 7.1 7.0 6.2 6.2 6.3 6.3 5.9 5.8 5.9 5.8 5.8 6.0% 6.0 5.3% 5.3% 5.3% 5.0 5.0% 4.0 3.0 4.0% 4.0% 4.0% 3.7% 2.0 3.3% 3.4% 3.3% 3.2% 1.0 3.0% 0.0 16 17 18 19 20 21 22 23 24 25 16 17 18 19 20 21 22 23 24 25 Q3 1
Slide 42: Property market data
5. Appendix Property market data Offices - Utrecht Stock ( mn sqm) Prime yield (%) 3.0 2.8 7.0% 6.5% 6.5% 2.7 2.8 2.8 2.8 2.8 2.8 2.7 2.7 2.7 6.3% 2.6 2.5 6.0% 5.8% 5.5% 2.4 5.3% 5.3% 2.2 5.0% 5.0% 5.0% 2.0 1.8 1.6 4.0% 1.4 1.2 3.0% 1.0 16 17 18 19 20 21 22 23 24 25 16 17 18 19 20 21 22 23 24 25 Q3
Slide 43: Property market data
5. Appendix Property market data Offices - Rotterdam Stock ( mn sqm) Prime yield (%) 3.6 3.5 7.0% 6.8% 3.4 3.3 6.5% 6.5% 3.4 3.3 3.3 3.3 3.2 3.2 3.2 3.2 6.0% 5.5% 5.5% 3.0 2.9 5.3% 2.8 2.6 5.0% 4.8% 4.5% 4.5% 4.5% 2.4 2.2 4.0% 2.0 1.8 1.6 3.0% 1.4 16 17 18 19 20 21 22 23 24 25 16 17 18 19 20 21 22 2
Slide 44: Property market data
5. Appendix Property market data Offices - The Hague Stock ( mn sqm) Prime yield (%) 7.0% 4.2 4.0 7.0% 6.8% 6.5% 4.0 3.9 3.8 6.0%6.0% 3.8 3.7 3.6 3.7 3.7 3.7 3.7 5.8% 6.0% 5.5% 3.6 3.3 5.3% 3.4 5.0% 5.0% 3.2 5.0% 3.0 2.8 4.0% 2.6 2.4 2.2 3.0% 2.0 16 17 18 19 20 21 22 23 24 25 1 16 17 18 19 20 21 22
Slide 45: The future of how we live + work.
The future of how we live + work.