• Noon (formerly Vitrum) redevelopment started; Well House development discontinued
• Announcing share buyback programme of up to 5% of outstanding shares
• Overall vacancy improving, progress slower than expected at Vivaldi II
• Full year EPRA EPS outlook adjusted downward
• Interim dividend maintained at € 0.75 per share

Please find the report and the presentation in the download section below.

As part of our financial results communication, below you can also find an additional video explaining the results in more depth. This video was generated using AI technology to make our investor relations content more accessible and engaging for investors, analysts, and the wider investment community. We welcome feedback on this approach and look forward to using new technologies to even better support our investment community.
 

Management will host an analyst call at 10:00 AM CET. 

Webcast URL

https://edge.media-server.com/mmc/p/7vhb4dig

Telephone conference

1. Participants are required to register in advance of the conference using the link provided below. Upon registering, each participant will be provided with Participant Dial In Numbers, and a unique Personal PIN.

2. In the 10 minutes prior to the call start time, participants will need to use the conference access information provided in the e-mail received at the point of registering. Participants may also use the call me feature instead of dialing the nearest dial in number.

Online Registration: https://register-conf.media-server.com/register/BI0204d3c3b1624fbab8b3491b25fcf90b

Well House was conceived as a highly sustainable office development in Amsterdam's Zuidas district, neighbouring NSI's Vivaldi I and II assets. Over the past two years, NSI has continued to review the project's feasibility, including a comprehensive redesign process and an extensive contractor tender process.

While rental prospects for high-quality, sustainable office space in Amsterdam remain attractive, the latest feasibility review showed that materially higher construction costs have significantly impacted the project's economics. In combination with the development, leasing and execution risks associated with a speculative development of this nature, the resulting risk-adjusted return would fail to adequately compensate for the risks involved.

NSI also assessed alternative, scaled-back versions of the project during the review process. These alternatives were similarly found not to meet the company's investment criteria.

The decision to cancel the project is driven by project-specific economics and does not reflect a change in NSI's view of the long-term attractiveness of Amsterdam's office market. NSI intends to retain ownership of the site, preserving future strategic flexibility within the broader Vivaldi cluster and avoiding potential disruption to the operation and leasing of the adjacent Vivaldi assets.

The project starts today and is scheduled for completion in the first half of 2028. A total of 2,500 sqm will be added to the existing building to create an open, welcoming and lively environment where connection and collaboration are encouraged. With flexible floorplates ranging from approximately 370 sqm to over 4,500 sqm, Noon is designed to accommodate both single-tenant headquarters and dynamic multi-tenant use.

Noon occupies a unique location in Amsterdam, where the dynamic Zuidas business district meets the vibrant Amsterdam Oud-Zuid neighbourhood. The building will be carefully redeveloped, drawing on its architectural heritage and existing structure to create a unique, high-quality working environment.

The building is designed to meet the highest ESG standards and is set to be Paris Proof, while targeting a BREEAM Outstanding In-Use certification and an A++++ EPC label.

Noon is designed for NSI by Cepezed, Dura Vermeer is selected as the contractor for the redevelopment, and HofmanDujardin is the interior designer.

Bernd will continue to serve as CEO and member of the Management Board until his successor takes office. He will retire as CEO on 31 December 2026, or sooner should a new CEO assume his or her role before that date.

Jan-Willem de Geus, Chairman of the Supervisory Board, commented:

“We would like to thank Bernd for his strong commitment and the contributions he has made to NSI over the years. We are pleased that he will remain fully dedicated to the Company until his successor is in place. The Supervisory Board will commence the search for a new CEO without delay.”

Bernd Stahli commented:

“It has been a huge privilege to serve NSI as its CEO and, together with a strong team of professionals, to lead a significant transformation of the business during my tenure. After 10 years a transition in leadership will now best serve the Company. Over the coming period, I will remain fully dedicated to NSI and on ensuring a smooth transition.”

This press release is published by NSI N.V. and contains inside information within the meaning of article 7 (1) to (4) of the Market Abuse Regulation (Regulation (EU) No 596/2014).

– 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
 

Please download the agenda and the proxy form in the download section below.

Please download the reports in the download section below, including the unofficial website version of the Annual Report as well as the audited financial statements and the auditor’s report in the Annual Report ESEF pack (official financial reporting). 

• Positive momentum on Vitrum, HNK Rotterdam Alexander, refinancing and disposals - partially offset by higher vacancy
• HNK Rotterdam Alexander will be 85% let at opening in February 2026, with project delivery on budget
• Close to signing contractor for Vitrum redevelopment - Start of project H1 2026, delivery H1 2028
• EPRA EPS €2.10 per share, stable year-on-year
• Year-end LTV at 34.3%; 32.2% pro forma adjusted for disposal of last Eindhoven asset
• Year-end EPRA vacancy rate at 9.2%, with year-on-year increase entirely due to Vivaldi II
• Full-year dividend proposed at €1.58 per share, based on minimum 75% pay-out ratio

As part of our full year results communication, below you can find an additional video explaining the results in more depth. This video was generated using AI technology to make our investor relations content more accessible and engaging for investors, analysts, and the wider investment community. We welcome feedback on this approach and look forward to using new technologies to even better support our investment community.
 

Management will host an analyst call at 10:00 AM CET. 

Webcast URL

https://edge.media-server.com/mmc/p/hwkq7d5g

Telephone conference

1. Participants are required to register in advance of the conference using the link provided below. Upon registering, each participant will be provided with Participant Dial In Numbers, and a unique Personal PIN.

2. In the 10 minutes prior to the call start time, participants will need to use the conference access information provided in the e-mail received at the point of registering. Participants may also use the call me feature instead of dialing the nearest dial in number.

Online Registration: https://register-conf.media-server.com/register/BId23af6f1b6e04a8b9ff757471a522602

The proceeds will be used to refinance the existing €40 million unsecured notes maturing in January 2026, with the remaining €10 million to be used to further improve the quality and sustainability of NSI’s portfolio in the coming years.

With this transaction, NSI further strengthens its long-term funding profile, extends its debt maturity from approximately 3.6 years to 4.6 years and reinforces its relationship with MetLife Investment Management, a long-standing and trusted financing partner. As a result, NSI remains well positioned with a robust and diversified funding base.

Elke Snijder (CFO), commented:
“We are pleased to once again partner with MetLife Investment Management for this new long-term financing. This transaction underlines continued lender confidence in NSI’s strategy and portfolio quality. We are proud that NSI has secured attractive long-term funding while gaining additional flexibility to invest in the further improvement and sustainability of our assets.”

KPN currently leases the entire 22,981 sqm of lettable floor area in Glass House, representing approximately 7.5% of NSI’s gross rental income. The decision by KPN follows extensive discussions between NSI and KPN over an extended period, during which multiple scenarios were explored to retain KPN as a long-term tenant. Ultimately, considerations outside of NSI’s control led to KPN’s decision to relocate.

While NSI acknowledges the short-term impact of this decision, it provides a unique opportunity to further enhance the quality and sustainability of Glass House, capitalising on its strong location directly adjacent to major public transport hub Amsterdam Sloterdijk. NSI is actively preparing to reposition Glass House as a state-of-the-art multi-tenant building, aligning it with the highest standards for quality, flexibility, and sustainability. 

NSI will present a more detailed plan for the repositioning of Glass House in due course.

Bernd Stahli, CEO of NSI, commented:
“While we regret KPN’s decision to vacate Glass House, it offers the unique opportunity to reposition the building in its entirety, so that we are able to execute the right plan to turn this single-tenant building into a modern, flexible workspace. This will further improve the quality and sustainability of our overall portfolio, with Glass House being located in one of the best-connected office submarkets in Amsterdam.”

• Increase in EPRA EPS to EUR 1.58 for Q1 - Q3, up from EUR 1.51 last year
• GRI growth of 4.5% in Q3 on a like-for-like basis, of which 2.9% indexation
• EPRA vacancy up to 9.8% per Q3 2025, due to the return of Vivaldi II
• EPRA LTV of 35.4% provides comfort and significant capacity to invest
• Full year EPRA EPS guidance maintained at EUR 2.05 - 2.15

• All approvals for the upcoming redevelopment of Vitrum now in place – project start anticipated H1 2026
• Early refinancing of RCF and Term Loan provides necessary flexibility and capacity for investment plans
• Redevelopment of HNK Rotterdam Alexander on time and on budget (completion end 2025)
• H1 EPRA EPS of € 0.99, versus € 0.91 H1 last year
• Interim dividend maintained at € 0.75 per share

Please find the report and the presentation in the download section below.

Management will host an analyst call at 10:00 AM CET. 

Webcast URL

https://edge.media-server.com/mmc/p/jmpujm53

Telephone conference

1. Participants are required to register in advance of the conference using the link provided below. Upon registering, each participant will be provided with Participant Dial In Numbers, and a unique Personal PIN.

2. In the 10 minutes prior to the call start time, participants will need to use the conference access information provided in the e-mail received at the point of registering. Participants may also use the call me feature instead of dialing the nearest dial in number.

Online Registration: https://register-conf.media-server.com/register/BI159806dfb0dc499bb82dab6df6a19c4f

NSI N.V. has amended and extended its Revolving Credit Facility ('RCF') and Term Loan ('TL') with ABN AMRO, Belfius, ING and Rabobank. The amount of the facility remains unchanged at €300 million for the Revolving Credit Facility (of which €70 million is currently drawn) and €50 million for the Term Loan. In the amended agreement the maturity is set for a new 5-year term to June 2030, with two extension options, to, ultimately, June 2032. The agreement also includes a renewed sustainability-linked interest margin mechanism.

The renewed sustainability-linked mechanism, through which the interest margin will be adjusted, is based on our performance on four indicators: the weighted BREEAM label score, Energy Intensity (based on CRREM, measured in kWh/m2/year), solar panel capacity, and the company’s GRESB rating. These indicators are in-line with our sustainability leadership position and hold us accountable to deliver on important targets.

As a result of this refinancing, NSI’s average debt maturity increases to 4.2 years up from 3.2 years as per Q1 2025 and the average cost of debt remains stable. NSI’s financing also remains fully unsecured. With an LTV at the end of March of 32.8%, 230 million undrawn RCF and 83% of the interest costs fixed or hedged, NSI has a solid balance sheet to support its strategy and planned development pipeline in the upcoming years.

Elke Snijder, CFO: "We are very content with this refinancing, as it reflects our belief that financial discipline and sustainability go hand in hand. We have secured long-term funding on solid terms, while holding ourselves accountable to clear ESG targets. This enables us to further strengthen our sustainability leadership while maintaining our ability to grow profitably.”

NSI was advised by ABN AMRO as Coordinator and Documentation Agent, Rabobank as Sustainability Coordinator and NautaDutilh as Legal Advisor. 

These shares (398,675) will be paid from existing treasury shares. As a result, no new ordinary shares have been created from the share premium reserve. Following the payment, NSI N.V. will have an unchanged total of 20,155,221 issued and outstanding ordinary shares, of which 635,954 shares will remain to be held as treasury shares.

Due to the stock dividend alternative NSI has been able to retain €8.5 million in cash to further invest in the business.

A total of 9,962,643 shares were represented at the meeting, representing an equal amount of votes. This represents 52.10% of the total issued shares outstanding entitled to vote amounting to 19,120,592.

The voting results can be found in the downloads section below.

No new ordinary shares will be created as a result of the stock dividend alternative, as the treasury shares which were a result of the 2024 share buyback program will be used, and will rank pari passu with outstanding ordinary shares.

Shareholders electing for a dividend in shares, which will be paid out of the treasury shares and is not subject to dividend withholding tax, will receive 1 (one) new ordinary share for every 26 (twenty-six) ordinary shares held. This equates to an issue price of € 21.32 per ordinary share on an ex-dividend basis.

A maximum of 404,474 shares are available for stock dividend. If shareholders in aggregate opt for a number of shares which exceeds this maximum, those who have opted for distribution in the form of shares will be allocated on a pro rata basis, with the remainder being distributed in cash subject to deduction of 15% Dutch dividend withholding tax.

The ex-dividend date is 23 April 2025. The election period will start on 25 April 2025 and close 12 May 2025 at 3pm (CET). If by then no notification is received the dividend will be paid in cash. Dividends will be paid (or issued in the case of the stock dividend alternative) on 14 May 2025.

The final vote count on the resolutions will be published on the website within 15 days.

– Strong increase in EPRA EPS to EUR 0.42 in Q1, up from EUR 0.35 last year
– GRI growth of 5.3% in Q1 on a like-for-like basis, of which 3.0% indexation
– Q1 LTV of 32.8% provides comfort and significant capacity to invest
– Full year EPRA EPS guidance maintained at EUR 2.05 - 2.15
 

Please download the explanation to the amendment of 21 March 2025 in the download section below.

Please download the amended agenda and the proxy form in the download section below. 

Additionally, you can find the explanation to the amendment of 21 March 2025 in the download section below.