Q1 2026
Ready to start redevelopment project Vitrum in Q2
Solid balance sheet with LTV of 32.1% and no near-term debt maturities
HNK Rotterdam Alexander 85% pre-let and successfully opened within budget
EPRA vacancy increased to 12.6%, of which half concentrated in Vivaldi II and Newtonweg
EPRA EPS of €0.35 in Q1, reflecting impact of disposals and increased vacancy
Index
NSI Highlights 3
CEO comments 4
Supporting data 5
Financial calendar | ||
Publication trading update H1 2026 | 15 July 2026 | NSI N.V. |
Publication trading update Q3 2026 | 15 October 2026 | Investor Relations |
AGM | 17 April 2026 | Martijn Massen |
Ex-dividend date (final dividend 2025) | 24 April 2026 | T +31 (0)20 763 0300 |
Payment date | 15 May 2026 | E martijn.massen@nsi.nl |
Publication date: 16 April 2026 | ||
NSI Highlights
Key financial metrics1
Revenues and earnings
Q1 2026 | Q1 2025 | Change | |
Net rental income | 11,415 | 13,029 | -12.4% |
Net rental income - like-for-like | 11,414 | 12,281 | -7.1% |
Direct investment result | 6,759 | 7,967 | -15.2% |
Indirect investment result | 5,132 | -1,919 | -367.5% |
Total investment result | 11,891 | 6,048 | 96.6% |
EPRA earnings per share | 0.35 | 0.42 | -16.9% |
Weighted average number of ordinary shares outstanding | 19,519,267 | 19,120,592 | 2.1% |
EPRA cost ratio (excl. direct vacancy costs) | 27.2% | 25.5% | 1.7 pp |
Balance sheet
31 March 2026 | 31 December 2025 | Change | |
Investment property | 930,366 | 944,884 | -1.5% |
Net debt | -301,717 | -327,803 | -8.0% |
Other assets and liabilities | 23,970 | 23,647 | 1.4% |
Equity | 652,618 | 640,728 | 1.9% |
EPRA NTA per share | 33.52 | 33.03 | 1.5% |
Number of ordinary shares outstanding | 19,519,267 | 19,519,267 | |
Net LTV | 32.1% | 34.3% | -2.2 pp |
Key esg metrics (non-financial)
2026 | 2025 Change | |
CRREM building energy intensity (kWh/sqm/year)2 | 125 | 1252 - |
EPC-label (percentage portfolio with label A or better) | 95.9% | 96.1% -0.2 pp |
GRESB score2 | 94 | 94 - |
Key portfolio metrics
Amsterdam | 31 March 2026 Other Netherlands | TOTAL | 31 December 2025 | Change | |
Number of properties | 21 | 20 | 41 | 42 | -2.4% |
Market value (€ m)3 | 520 | 411 | 931 | 956 | -2.6% |
Lettable area (sqm k) | 162 | 164 | 326 | 337 | -3.1% |
Annualised contractual rent (€ m)4 | 38 | 34 | 72 | 74 | -3.5% |
Estimated rental value (€ m) | 47 | 37 | 84 | 85 | -0.9% |
EPRA net initial yield | 5.7% | 5.6% | 5.6% | 5.7% | -0.1 pp |
Gross initial yield | 7.9% | 8.1% | 8.0% | 8.2% | -0.2 pp |
EPRA vacancy | 13.6% | 11.4% | 12.6% | 9.2% | 3.5 pp |
Wault | 3.4 | 3.2 | 3.3 | 3.3 |
The trading update is based on unaudited results.
CREMM building energy intensity and GRESB score are available only at yearend; 2026 figures represent yearend 2025 figures.
Reported in the balance sheet at book value including right of use leasehold (IFRS16), excluding lease incentives and part of NSI HQ.
Before free rent and other lease incentives.
CEO comments
A turbulent start to the yearThe major theme throughout Q1 2026 has been the ongoing uncertain, unstable global geopolitical situation. The long-term ramifications of a significant new conflict in the Middle East remain unclear, but as a minimum are unhelpful for confidence in the wider European economic outlook in the short term.
Concerns over rising inflation and rising interest rates leave real estate exposed as a capital-intensive asset class. In such an uncertain environment the priority for NSI in 2026 remains operational excellence, with an emphasis on managing the existing and expected vacancy in the portfolio.
Vacancy is the main focus in 2026In Q1 2026 the vacancy rate increased to 12.6%, of which half is concentrated in two assets, Vivaldi II and Newtonweg in Leiden.
The pace of leasing of Vivaldi II has been slow to date, but with the opening of the ground floor 'club space', an acceleration in leasing is starting to be noticeable. The latest deals are signed well above the rent level previously paid by Spaces. Our ambition is to achieve a year-end occupancy in excess of 80%.
At Newtonweg, demand from Life science occupiers remains limited, with demand mostly driven by those that see other functions for the building. Change of use requires municipal approval, which has so far not been granted.
Glass House is currently still fully leased to KPN. It is expected that KPN will extend its lease by a few months, into early 2027, which gives us a bit more time to optimize the details of our plan for this asset from here onwards.
Successful opening of HNK Rotterdam AlexanderThe 9,500sqm HNK Rotterdam Alexander opened in February on budget and sets a new benchmark for ERVs in the area. The building is 85% let at opening, reflecting the quality of the redevelopment and appeal of our in-house HNK concept. We have commenced further upgrade projects at HNK Amsterdam Houthavens and HNK Utrecht Central Station.
Ready to start at Vitrum in Q2The start date of this 14,500sqm redevelopment project is foreseen at the end of May, with delivery in H1 2028. The projected gross yield on cost for Vitrum, based on a total cost of circa €89m, is still estimated at 6.3%.
We recognise market concerns over a further expected rise in building/material costs as a result of the recent spike in energy
costs. Whilst we believe we have this under control at this time, we agree it is likely to make future projects more expensive, putting pressure on their profitability and viability.
Transaction marketA significant number of office assets have been brought to the market in Q1. Some of these assets are owned by genuinely motivated sellers, but in many cases, we see owners just testing the water. Price expectations are often still unrealistic, in our view.
There is a clear overhang of assets, with insufficient investment appetite and/or capacity by potential buyers to facilitate a wider clearing of the market. We believe there is limited room for a capital value recovery unless more assets are back in the hands of (new) committed long-term owners.
Further tax changes?In its 2026 Spring statement, the Dutch Government indicated it is considering further changes to the tax system, in particular relating to limiting the existing ATAD earnings-stripping rules. The scope and timing of any such changes remain unclear.
We would caution against making further changes to the ATAD rules, given the already rather unfavourable tax environment and potential further negative implications for investor sentiment towards Dutch real estate.
Outlook 2026 - Operational focus and balance sheet strength In the current unstable geopolitical and economic environment, our priority remains clear: operational excellence, with a sharp focus on leasing, project delivery and cost control. Our solid balance sheet, reflected in a modest LTV of 32.1% and no near-term debt maturities, offers sufficient resilience to execute the existing investment plans.Q1 EPRA EPS came in at €0.35 per share, below the level of last year's first quarter, reflecting mostly the impact of disposals in Q4 2025 and Q1 2026 as well as higher vacancy. At this stage, vacancy developments at Vivaldi II and Newtonweg remain the key swing factors for earnings progression in 2026.
Notwithstanding the near-term pressure on EPS, we continue to believe that active asset management, disciplined capital allocation and a further improvement in the overall quality of the portfolio will underpin long-term shareholder value.
Bernd Stahli
Supporting data
Revenues and earningsIncome segment split
Amsterdam | Q1 2026 Other Netherlands | Corporate | TOTAL | Q1 2025 | |
Gross rental income | 9,127 | 7,972 | 17,099 | 18,485 | |
Service costs not recharged | -274 | -322 | -596 | -603 | |
Operating costs | -2,351 | -2,737 | -5,087 | -4,853 | |
Net rental income | 6,503 | 4,913 | 11,415 | 13,029 | |
Administrative costs | -1,690 | -1,690 | -1,977 | ||
Earnings before interest and taxes | 6,503 | 4,913 | -1,690 | 9,725 | 11,052 |
Net financing result | -2,456 | -2,456 | -2,334 | ||
Direct investment result before tax | 6,503 | 4,913 | -4,145 | 7,270 | 8,718 |
Corporate income tax | -511 | -511 | -752 | ||
Direct investment result / EPRA earnings | 6,503 | 4,913 | -4,657 | 6,759 | 7,967 |
0.25
0.30
-0.01
-0.00
-0.05
0.00
0.02
0.35
0.01
0.35
-0.04
-0.00
0.40
0.00
0.42
0.45
0.50
EPS Bridge
EPS Act. 2025
GRI - Acquisition
GRI - Development
GRI - Disposals
GRI - Like-for-like
SC not rech.
Operating costs
Admin. costs
Financing costs
Corp. income tax
EPS Act. 2026
Like-for-like growth gross rental income Like-for-like growth net rental income
Q1 2026 | Q1 2025 | L-f-l | |
Amsterdam | 9.2 | 9.7 | -5.3% |
Other Netherlands | 7.7 | 7.7 | -1.2% |
TOTAL | 16.8 | 17.4 | -3.4% |
Q1 2026 | Q1 2025 | L-f-l | |
Amsterdam | 6.6 | 7.3 | -10.6% |
Other Netherlands | 4.8 | 4.9 | -1.9% |
TOTAL | 11.4 | 12.3 | -7.1% |
Maturity profile
RCF undrawn
RCF
245
Term Loan
Private Placements
55
50
40
2026 2027 2028 2029 2030 2031 2032 2033
40
50
50
50
Mar. 2026 Dec. 2025 Change
Net debt
Debt outstanding | 335.0 | 325.0 | 10.0 |
Amortisation costs | -2.1 | -1.8 | -0.2 |
Book value of debt | 332.9 | 323.2 9.8 | |
Cash and cash equivalents | -59.9 | -30.1 | -29.8 |
Debts to credit institutions | 28.7 | 34.7 | -6.0 |
Total Portfolio | 301.7 | 327.8 | -26.1 |