Slide 1: Creating the places of today + tomorrow
Creating the places of today + tomorrow NSI brings together 30 years of high-profile Dutch real estate experience, with an absolute commitment to excellence. Half year results presentation 15 July 2026
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 p
Slide 3: Introduction
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Slide 4: Highlights of H1 2026
Highlights of H1 2026 1. Start of Noon redevelopment 2. Preparing a major repositioning of Glass ____House 3. Further leasing progress 4. Discontinuation of Well House 5. 5% share buyback announcement 4 Half Year 2026 Results Presentation
Slide 5: Key Performance Indicators
1. Introduction Key Performance Indicators Negative change in l-f-l rents due to increased vacancy Key metrics Change in net rents Operational performance 2026 H1 2025 H1 Change Net rents like-for-like (%) EPRA Vacancy 11.7% 5.9% 5.8pp 7.4% Operating margin 75.5% 77.5% -1.9pp 4.6% 5.2% 3.0% 2.6% Gro
Slide 6: Portfolio performance
2. Portfolio performance
Slide 7: An attractive, highly focused, Dutch office portfolio
2. Portfolio performance An attractive, highly focused, Dutch office portfolio Exposure to five cities, majority of assets located in Amsterdam City overview - Amsterdam Amsterdam € 507 million (55%) 21 assets 161,564 m2 Sloterdijk Leiden Bio Science Park 5 assets 28,020 m2 South-axis Utrecht South-
Slide 8: Further focus and portfolio optimisation
2. Portfolio performance Further focus and portfolio optimisation With strong historic results on disposals Disposals: Premium /discount to book value 1 H1 26 18% 18% 18% 13% 12% 7% 4% 2% 0% Eindhoven -1% Hooghuisstraat 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 10,908 sqm H1 H2 26 Conditiona
Slide 9: Vacancy has improved by 0.9% since Q1 2026
2. Portfolio performance Vacancy has improved by 0.9% since Q1 2026 Two larger terminations resulted in +7.5% vacancy EPRA vacancy rate 21.4% 18.4% Due to Newtonweg1 +3.4% -0.9% 13.8% Due to Vivaldi II 12.6% 11.7% +4.1% 9.2% 7.1% 7.0% 5.9% 6.2% 5.2% 5.1% 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 10: Strong early renewals at three single tenant assets
2. Portfolio performance Strong early renewals at three single tenant assets At Veerhaven, Archimedesweg 6 and 30 Veerhaven, Rotterdam Archimedesweg6, Leiden Archimedesweg30, Leiden Size Extended Size Extended Size Extended (m2 LFA) until (m2 LFA) until (m2 LFA) until 1,642 2032 7,207 2032 2,686 203
Slide 11: NSI shows capability to relet space within 6 months
2. Portfolio performance NSI shows capability to relet space within 6 months Case study of Derkinderenstraat, Amsterdam Occupancy Within 6 months 99% 100% -26% +27% (10y contract for 1,900m2) Q1 Q2 Q3 2026 2026 2026 11 Lease signed with start of contract in Q3 2026. Half Year 2026 Results Presentati
Slide 12: Ongoing letting progress at HNK Rotterdam Alexander
2. Portfolio performance Ongoing letting progress at HNK Rotterdam Alexander 68% occupancy on flexible offices within four months Flex unit data Occupancy Contracted rent of flex units of flex units 68% 2.3x (% of ERV) vs. ERV1 Occupancy 2 +68% 68% 33% 43% 43% 0% Feb Mar Apr May Jun Occupancy 12 1 M
Slide 13: Construction started at Noon
2. Portfolio performance Construction started at Noon Completion in 2028, at a prospective yield on cost of 6.3% Key expectations Floor area Expected (m2 LFA) completion 14,275 H1 2028 Incl. ~3,000 m2 extension Total CAPEX CAPEX Gross yield on budget (€m) remaining €( m) cost (%) 61.0m 51.4m 6.3%1 P
Slide 14: Slide 14
Slide 15: Preparing a major repositioning of Glass House
2. Portfolio performance Preparing a major repositioning of Glass House Estimating a gross yield on cost of over 7% Key expectations Floor area Expected Expected (m2 LFA) start completion 23,000 H1 2027 H1 2029 + ~1,800 m2 extension Gross yield on cost (%) A total CAPEX estimate will follow once we
Slide 16: Overall portfolio valuations 2.6% negative
2. Portfolio performance Overall portfolio valuations 2.6% negative Half of the revaluation results attributable to Glass House Segmentation of revaluations ( €m) H1 revaluations – Glass House and rest of portfolio Positive revaluation (€m) Positive revaluation (€m) Negative revaluation (€m) Negativ
Slide 17: Valuations are disconnected from market rent growth
2. Portfolio performance Valuations are disconnected from market rent growth ERV increased by 21% whilst valuations decreased by 19% 125 121 120 115 110 +21% 105 100 95 90 -19% 85 81 80 75 5 0 2020 2021 2022 2023 2024 2025 2026 H1 17 Based on NSI like-for-like portfolio since start of period (thus e
Slide 18: 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 138 GRI growth (LfL) Reversion potential (%) 136 Inflation (CPI) 134 ERV growth (LfL) 132 130 7.9% 128
Slide 19: 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 1 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 12% 2
Slide 20: Financials
3. Financials
Slide 21: EPRA Earnings
3. Financials EPRA Earnings (€ m) 2026 H1 2025 H1 Change (%) Gross rental income 33.9 37.1 -8.8% Service costs not recharged -1.6 -1.1 45.4% Operating costs -6.7 -7.3 -8.1% Net rental income 25.6 28.8 -11.1% Administrative costs -4.6 -4.0 13.0% Net financing result -4.6 -4.7 -1.6% Direct investment
Slide 22: EPRA Earnings per share
3. Financials EPRA Earnings per share (€ per share) 1.10 1.05 1.00 0.99 0.00 0.00 0.95 -0.10 0.90 0.85 -0.11 0.80 -0.02 0.01 0.00 0.04 -0.02 0.75 0.70 0.79 0.05 0.00 EPRA EPS GRI - GRI - GRI - GRI - Like- Service costs Operating Administrative Financing Corporate EPRA EPS 2025 H1 Acquisitions Develo
Slide 23: EPRA NTA per share
3. Financials EPRA NTA per share (€ per share) Direct 34 Indirect 33 -0.83 0.79 -1.34 32 0.06 0.00 0.22 -0.53 33.03 31 31.39 30 EPRA NTA Dividend EPRA EPS Revaluation Result Deffered tax Effect of stock Other 2 EPRA NTA Dec. 2025 on sales dividend1 2026 H1 23 1 Excluding the effect of change in stoc
Slide 24: 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) 5.4 5.2 +0.6y Private Placements 4.9 4.7 4.5 Term loan1 4.2 RCF (drawn)1 3.5 3.6 RCF (undrawn)21 265 2019 2020 2021 2022 2023 2024 2025 2026 H1 35 S
Slide 25: Main balance sheet KPI's
3. Financials Main balance sheet KPI’s Metrics consistently resilient Cost of debt Loan-to-value 60% 3.2% 3.2% 2.9% 2.9% 33.8% 34.3% 35.0% 40% 2.1% 2.2% 33.0% 2.0% 29.2% 28.2% 28.7% 35% 2020 2021 2022 2023 2024 2025 2026 H1 2020 2021 2022 2023 2024 2025 2026 H1 Covenant Target range LTV Interest cov
Slide 26: Outlook
4. Outlook
Slide 27: Outlook 2026
4. Outlook Outlook 2026 1. Leasing • Further leasing of Vivaldi II, aiming for 40% occupancy at year-end 2026 2. Noon • Continuing the redevelopment of Noon, to be delivered H1 2028 EPRA EPS Guidance 3. Glass House • Finalising plans and municipal processes to start repositioning H1 2027, shortly af
Slide 28: The future of how we live + work.
The future of how we live + work. 28 Half Year 2026 Results Presentation
Slide 29: Appendix
5. Appendix 29 Half Year 2026 Results Presentation
Slide 30: Segment information
5. Appendix Segment information Key portfolio metrics 30 June 2026 Dec, 2025 Change (%) (€ m) Amsterdam Other NL Total Number of properties 21 20 41 42 -2.4% Market value1 507 411 918 956 -4.0% Annual contracted rent2 39 34 73 74 -1.5% Market rent 47 37 85 85 0.5% Lettable area (sqm k) 162 164 326 3
Slide 31: Segment information
5. Appendix Segment information Yields EPRA net initial yield Gross initial yield Reversionary yield Jun. 2026 Dec. 2025 Jun. 2026 Dec. 2025 Jun. 2026 Dec. 2025 Amsterdam 5.8% 5.7% 8.2% 7.9% 10.0% 9.7% Other NL 5.8% 5.7% 8.4% 8.5% 9.1% 9.0% Total 5.8% 5.7% 8.3% 8.2% 9.6% 9.4% 31 Half Year 2026 Resul
Slide 32: 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 2025 2025 Contract rent 11.9 14.7 5.6 13.6 7.4 17.9 71.1 71.7 Contract
Slide 33: Consolidated financial statements
5. Appendix Consolidated financial statements Income statements (€ m) Amsterdam Other NL Corporate¹ Total Gross rental income 18.2 15.6 33.9 Service costs not recharged -0.8 -0.9 -1.6 Operating costs -3.1 -3.5 -0 -6.7 Net rental income 14.3 11.3 -0 25.6 Administrative costs -4.6 -4.6 Earnings before
Slide 34: Consolidated financial statements
5. Appendix Consolidated financial statements Balance sheet (€ m) 30 June 2026 31 December 2025 Real estate investments 909 945 Other assets 78 63 Cash and cash equivalents 28 30 Total assets 1,015 1,038 Shareholders' equity 611 641 Interest bearing loans 313 323 Debts to credit institutions 37 35 O
Slide 35: Consolidated financial statements
5. Appendix Consolidated financial statements EPRA NTA 30 June 2026 31 December 2025 (€ m) EPRA NTA per share EPRA NTA per share IFRS Equity attributable to shareholders 611 31.31 641 32.83 Diluted NTA 611 31.31 641 32.83 Diluted NTA at fair value 611 31.31 641 32.83 Deferred tax in relation to fair
Slide 36: Dividend overview
5. Appendix Dividend overview Rebased to sustainable level in 2023 Year Name Ex-dividend date Payment date Amount per share Type Final dividend 24/04/2026 15/05/2026 0.83 Cash 2025 Interim dividend 18/07/2025 12/08/2025 0.75 Cash 1.58 Final dividend 23/04/2025 14/05/2025 0.82 Choice 2024 Interim div
Slide 37: 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 2.2 4.0% 1.9 1.9 1.7 1.7 2 1.5 1.1 1.4 0.2 0 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 10 11 12 13 14 15 16 17 18 19 20 21 22 23 2
Slide 38: 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% 5.3% 5.0 5.0% 4.0 3.0 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 24 251 17 18 19 20 21 22 23 24 25 26 Q1
Slide 39: 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 6.3% 6.3% 2.6 2.5 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 17 18 19 20 21 22 23 24 251 26 17 18 19 20 21 22 23 24 25
Slide 40: Property market data
5. Appendix Property market data Offices - Rotterdam Stock ( mn sqm) Prime yield (%) 3.4 3.3 6.8% 3.4 3.3 3.3 3.3 3.2 3.2 3.2 7.0% 6.5% 6.5% 6.5% 3.2 3.0 2.9 2.8 6.0% 5.5% 2.8 5.3% 2.6 4.8% 5.0% 4.5% 4.5% 4.5% 2.4 2.2 2.0 4.0% 1.8 1.6 3.0% 1.4 17 18 19 20 21 22 23 24 251 26 17 18 19 20 21 22 23 24 2
Slide 41: Property market data
5. Appendix Property market data Offices - The Hague Stock ( mn sqm) Prime yield (%) 7.0% 4.0 3.9 7.0% 6.8% 3.8 6.5% 6.5% 3.8 3.7 3.6 3.7 3.7 3.7 3.7 6.0% 3.6 6.0% 5.8% 3.3 3.3 5.5% 3.4 5.3% 3.2 5.0% 5.0% 5.0% 3.0 2.8 2.6 4.0% 2.4 2.2 3.0% 2.0 17 18 19 20 21 22 23 24 251 26 17 18 19 20 21 22 23 24 2
Slide 42: The future of how we live + work.
The future of how we live + work.