NSI (AO) | Hold | Q2: EPS guidance revised downward due to slower leasing process

Research evidence excerpt

NSI (AO) | Hold | Q2: EPS guidance revised downward due to slower leasing process

result, EPRA NTA per share decreased by 4.9% to EUR 1.63.

Net LTV now stands at 35.0% (vs. 32.2% in FY 2025, adjusted for the disposal of the Eindhoven asset sold in January).

Overall, we view these results negatively. Occupancy is improving, but clearly not at the pace initially expected, reflecting the

much slower leasing process at Vivaldi II. This more challenging market environment also raises concerns regarding the leasing of

Glass House following KPN’s departure (even if it is not located in the same area as Vivaldi). The downward revision to 2026 EPS

guidance, despite the launch of a share buyback, also raises questions for 2027, which will be impacted by KPN’s departure. We

expect the stock react negatively today.

There is a conference call at 10:00 CET today.

Slower leasing process of Vivaldi II

Gross rental income came in at EUR33.9m, down 8.8% YOY mainly due to the increase in vacancy compared to the first half of 2025, as

well as due to the disposal of three assets. On a LFL basis, gross rents dropped by 3.8%. Net rental income amounts to EUR25.6m, down

EUR3.2m (-11.1%) versus H1 2025. The NRI margin is 75.5%, down 2.0 pp versus H1 2025.

EPRA vacancy improved versus Q1 at 11.7%, which was, as a reminder, impacted by the already announced vacancy in Vivaldi II and

Newtonweg (Leiden) assets (EPRA vacancy of 5.9% at H1 2025, 9.2% at FY 2025 and 12.6% at Q1 2026). The pace of leasing of Vivaldi II has

been slower than initially anticipated, currently showing 11% occupancy. As a result, NSI adjusts the lease-up expectation downward to

40% by year-end (versus 80% previously). As a reminder, 2027 will also see the departure of KPN from Glass House in Amsterdam

(already announced, c.