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1 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 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
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2 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 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 press releases and does not reproduce the whole content of these documents, which prevail . This presentation, including charts and associated remarks and comments by management are integrally related and are intended to be presented and understood together . The statements contained herein may include statements of future expectations and other forward - looking statements that are based on management’s current views, estimates, forecasts, analyses, projections, as well as beliefs and assumptions about potential future events and involve known and unknown risks, uncertainties, and other factors that are outside of NSI's control and that may cause actual results, performance or events to differ materially from those expressed or implied in such statements . NSI assumes no obligation to publicly update or revise any forward - looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as may be required by law . For a more comprehensive discussion of the risk factors affecting NSI's business, please see NSI's Annual Report, a copy of which can be found on the company’s corporate website www . nsi . nl . This presentation is for informational purposes only and does not constitute legal, financial, investment, or other professional advice . Recipients should seek independent professional advice before making any decisions based on this information . Disclaimer
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0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans Introduction 1.
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4 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 1. Introduction Clear strategic priorities 1. Amsterdam specialist 2. Sector smart 3. Customer first 4. Sustainability leader 5. Growth
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5 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans Our four highlights of 2025 1. Redevelopment of HNK Rotterdam Alexander 2. All permits ready and contractor at point of 3. Further asset rotation toward core markets 4. Successfully refinanced €400m in loans signing for Vitrum
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6 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans Key metrics Change in net rents Change in NTA per share EPRA NTA per share (€) 44.44 48.23 44.17 35.30 35.27 33.03 2020 2021 2022 2023 2024 2025 Operational performance 2025 2024 Change EPRA Vacancy 9.2% 5.1% 4.1pp Operating margin 81.6% 84.0% - 2.3pp Gross rents like - for - like 4.0% 3.2% 0.8pp Net rents like - for - like 2.6% 5.2% - 2.6pp Financial performance 2025 2024 Change EPRA Earnings per share (€) 2.10 2.09 0.1% Dividend per share (€) 1.58 1.57 0.01 Payout ratio 75.2% 75.1% 0.1pp Balance sheet 2025 2024 Change LTV 34.3% 33.8% 0.5pp Average cost of debt 2.9% 2.9% 0.0pp Portfolio revaluation - 5.8% - 2.7% EPRA NTA per share (€) 33.03 35.27 - 6.4% Non - financial 2025 2024 Change CRREM Energy Intensity (kWh/m 2 /yr) 1 109 110 - 1 EPC label A or higher 2 96% 96% GRESB score 94 93 1 Net rents like - for - like (%) 1 100% data coverage, excluding the Leiden Life Sciences assets. 2 Excluding Well House and Vitrum. Key Performance Indicators 1. Introduction Excellent performance during 2025 2020 2021 2022 2023 2024 2025 0.8% 3.0% 7.4% 4.6% 5.2% 2.6%
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0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans Portfolio performance 2.
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8 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 2. Portfolio performance An attractive, highly focused, Dutch office portfolio Majority of assets located in Amsterdam Leiden Bio Science Park 5 assets 28,020 m 2 Sloterdijk South-east South-axis City overview - Amsterdam Amsterdam 5 45 million (55%) 21 assets 161,564 m 2 The Hague 3 assets 30,884 m 2 Rotterdam 7 assets 56,128 m 2 Utrecht 5 assets 47,535 m 2 €
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9 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 1 Compared to the book value at T - 1 2 Excluding Hooghuisstraat Continued capital recycling 2. Portfolio performance A strong and consistent track record Disposals (2025): Premium /discount to book value 1 4% 2% 7% 13% 12% 18% - 1% 2017 2018 2019 2020 2021 2022 2023 2024 2025 0% 18% 2 Hoofddorp Beukenhaghe 4,754 sqm Eindhoven Kennedyplein 6,542 sqm Annual transaction volume ( € m) 139 161 101 - 121 - 129 - 105 - 242 2017 2018 32 2019 34 - 30 2020 2021 - 17 2022 - 34 2023 18 - 48 2024 - 26 2025 Acquisitions Disposals H2 25 Eindhoven Hooghuisstraat 10,908 sqm H1 26
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10 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 1) Pro forma for the termination of the lease on Newtonweg Leiden Vacancy rate has increased in 2025 2. Portfolio performance 21.4% 18.4% 13.8% 7.1% 7.0% 5.9% 6.2% 5.2% 5.1% 9.2% 11.8% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2025 1 -2.0% +4.1% To be managed by a capable team with local expertise 5Y change EPRA vacancy rate Due to Vivaldi II Pro forma adjusted for Newtonweg Leiden
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11 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 1 Excluding LFA related to managed offices and meeting rooms, which will only lease after completion. Progressing well on HNK Rotterdam Alexander… 2. Portfolio performance Already 85% let before completion of project Contracted rent per m 2 +29% vs. rental levels before redevelopment Occupancy (% of LFA) 1 85% +40% since start construction 1 Key data Leasing 45% 85% Start construction 1 During construction 1 +40% Vacancy Occupancy 10y contract for 3.100m 2 … and HNK Rotterdam Alexander is now setting prime rent levels in the area
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0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 1 ( Stabilised gross rental income ) / (book value of asset at start construction + CAPEX ). The incremental yield on cost on the CAPEX amounted to >10%, as indicated. …and delivering strong financial performance 2. Portfolio performance HNK Rotterdam Alexander generates yield on cost of 8.4% Awaiting closing of rental contract Actual CAPEX ( €) 20m Floor area (m 2 LFA) 9,547 + 241 m 2 Key data Project start Q1 2025 Progress Setting prime ERVs for Alexander district • Opening 9 February 2026, only 6 weeks late vs original plan • Some final buildings works to continue post opening • Additional pre - letting agreed for 40% of the space, above forecasted ERV • HNK Rotterdam Alexander sets new prime ERV benchmark for wider district at €225/m 2 versus previous level of ca. €195/m 2 Project completion Q1 2026 Budgeted CAPEX ( €) 20m Gross yield on cost (%) 1 8.4%
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13 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 2. Portfolio performance Strong rental growth at three improved HNK assets Consistently meeting changing customers’ demand ERV since start renovation +16% ERV since start renovation +19% ERV since start renovation +29% HNK Amsterdam Sloterdijk HNK Rotterdam Scheepvaartkwartier HNK Rotterdam Alexander Renovated in 2023 Renovated in 2024 Renovated in 2025
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14 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 2. Portfolio performance Physical occupancy is at stable levels Tenants generally are in the office 3 days or more Source: NSI internal data from multi - tenant buildings 1 Monthly average of physical occupancy on the week’s busiest day (Tuesday) as a percentage of estimated total workplaces. Physical occupancy at stable levels Typical office use for NSI buildings is three days and up Jul 24 Aug 24 Sep 24 Oct 24 Nov 24 50% Dec 24 Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sep 25 Oct 25 Nov 25 53% Dec 25 +2% Physical occupancy 1 1 day 2 days 3 days 4 days 5 days 10,7% 15,7% 34,0% 23,3% 16,4% Days per week in the office (% of NSI survey responses) Analyse @Lin Hao 75% of tenants come to the office 3 days or more
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15 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 1 ( Stabilised GTRI - / - Leasehold costs) / ( Total cost ) Vitrum to start in H1 2026 2. Portfolio performance At a prospective yield on cost of 6.3% Yield on cost (%) 6.3% 1 Floor area (m 2 LFA) 14,275 Incl. ~3,000 m 2 extension Key expectations Expected start H1 2026 Progress Executing on our plans • All necessary permits are in place • A contractor agreement is at the point of signing, and preparations are taking place in the coming months for construction starting at the end of H1 2026. Expected completion H1 2028 Total cost ( €) 88.7m Book value ( €) 21.7m
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0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans
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17 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans KPN set to leave Glass House in 2026 2. Portfolio performance Offering unique opportunity to fully upgrade the building Plan Location Glass House – the best office asset in Sloterdijk At only 120 meters distance from the train station, Glass House has the potential to be the best office building in Sloterdijk, one of the four future core office districts identified by the municipality of Amsterdam. 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 reposition Glass House. A comprehensive upgrade of Glass House is foreseen, improving sustainability, service offering and overall tenant appeal in one integrated plan, reducing complexity and construction time. This enables us to future-proof the asset, align it with evolving occupier demand and position it as a high-quality, sustainable, multi-tenant office. Glass House Train station Sloterdijk Residential (Est. delivery 2027) Mixed - use (Start TBD)
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18 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 2. Portfolio performance Segmentation of revaluations ( €m) H2 revaluations excluding Glass House and Leiden Portfolio valuations largely stable in second half Glass House and Leiden fully explained negative H2 result 81m 40m 17m 18m 15m 116m 225m 47m 77m -250 -200 -150 -100 -50 0 50 100 150 200 250 €m 2021 2022 0m 2023 2024 2025 66m - 76m - 225m - 29m - 59m Positive revaluation (€m) Negative revaluation (€m) 28m 35m -250 -200 -150 -100 -50 0 50 100 150 200 250 €m 1m Glasshouse & Leiden 3m 7m Rest of portfolio 4m Total - 27m - 4m - 31m Positive revaluation (€m) Negative revaluation (€m) H2 revaluation: - 0.5%
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19 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans Based on NSI like - for - like portfolio since start of period (thus excluding acquisitions and disposals) Index, 2020 = 100. Valuations are disconnected from market rent growth 2. Portfolio performance ERV increased by 20% whilst valuations decreased by 17% 0 95 100 105 110 115 120 125 120 100 - 20 % ERV Market value Lin Hao 2020 2021 2022 2023 2024 2025 85 90 95 100 105 110 0 5 120 75 125 80 115 83 120 - 17% +20%
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20 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 2. Portfolio performance GRI growth ahead of inflation and ERV… … resulting in lower reversionary potential since 2021 Index: 100 = 31 December 2018. 1 Measurement method available from 2020 onwards. 2 Excluding Sypesteyn . Rental income growth ahead of inflation Leasing consistently at or above ERVs 2018 2019 2020 2021 2022 2023 2024 2025 94 96 98 100* 102 104 106 108 110 112 114 116 118 120 122 124 126 128 130 132 134 136 138 GRI growth (LfL) Inflation (CPI) ERV growth (LfL) 5.4% 2.8% 7.9% 6.1% 2.4% 3.2% 3.7% 2019 2020 2021 2022 2023 2024 2025 Reversion potential (%) … yet new leases signed consistently at or above ERVs 1 3.9% 3.0% 2.0% 0.0% 2020 2021 2022 2023 13.8% 2024 10.7% 2025 2 New lease rent levels vs ERV (%)
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21 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 2. Portfolio performance NSI Energy Intensity vs. CRREM pathway 1 Excluding the Leiden Life Sciences assets. 2 Excluding redevelopments Well House and Vitrum, and Leiden Life Science assets. Maintaining our sustainability leadership position Clear plan to stay below CRREM Energy Intensity pathway 173 85 116 112 110 60 70 80 90 100 110 120 130 140 150 160 170 180 2020 2025 2030 2035 kWh/m 2 /year 128 164 155 147 139 109 1 NL CRREM Target NSI Actual No label Acceptable Pass Good Very good Excellent 8% 0% 0% 18% 50% 25% 75% 44% 61% 74% 13% 15% 20% 12% 79% 10% 12% 12% 42% 12% 65% 68% 64% 24% 29% 2018 2019 2020 10% 7% 2% 2021 2022 2023 2024 1% 2025 F&G E D C B A A+ A++ A+++ BREEAM by value 2 EPC energy performance certificates by value
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22 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 2. Portfolio performance Following the 2025 December recertifications (taking place every three years), 75% of the portfolio remains rated Very Good or higher. The visible shift from Excellent to Very Good does not reflect weaker asset performance, but rather materially stricter BREEAM thresholds. Clearly, without the improvements made in 2025, the labels would have been less preferable. We remain fully committed to continue investment in the quality and sustainability of all our properties. Maintained BREEAM ratings due to improvements 1) Excluding Leiden Bio Science assets, as a % of market values per 31/12/2025. Maintained BREEAM ratings above ‘Good’ At much higher standards due to continuous improvements No label Acceptable Pass Good Very good Excellent 8% 0% 0% 18% 50% 25% BREEAM ratings 2024 1 No label Acceptable Pass Good Very good Excellent 10% 0% 19% 45% 25% 0% BREEAM ratings 2025 without improvements 1 Actual BREEAM 2025 ratings with improvements 1 No label Acceptable Pass Good Very good Excellent 4% 0% 9% 12% 28% 47%
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0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans Financials 3.
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24 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans (€ 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 before tax 43.0 42.6 1.0% Corporate income tax - 2.4 - 1.5 Direct investment result / EPRA earnings 40.6 41.0 -0.9% Direct result / EPRA earnings per share ( €) 2.10 2.09 0.1% EPRA Earnings 3. Financials Tim
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25 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans EPRA Earnings per share 3. Financials 0.06 0.18 0.06 0.00 0.05 2.00 2.05 2.10 2.20 2.15 2.09 EPRA EPS 2024 GRI - Acquisitions - 0.01 GRI - Development - 0.13 2.10 EPRA EPS 2025 - 0.04 Financing costs Corporate Income tax Administrative costs - 0.01 - 0.07 Service costs not recharged - 0.03 GRI - Like - for - like GRI - Disposals Operating costs (€ per share) Tim
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26 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans EPRA NTA per share 3. Financials 1 Excluding the effect of change in stock included in EPRA EPS. 35.27 2.10 0.19 0.36 30 31 32 33 34 35 36 EPRA NTA 2024 - 1.57 Dividend EPRA EPS - 3.06 Revaluation Result on sales Deffered tax - 0.27 Effect of stock dividend 1 33.03 EPRA NTA 2025 (€ per share) Direct Indirect Tim
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27 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans Successful financing of 7 - year €50m USPP 1 Term loan and RCF contain two 1 - year extension options. 3. Financials Successful financing of 7 - year €50m USPP Increasing financing stability and providing room to invest 40 50 50 40 40 50 50 55 200 2025 2026 2027 2028 2029 2030 2031 2032 2033 Private Placements Term loan 1 RCF (drawn) 1 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 of undrawn facilities • The average cost of debt will increase slightly from 2.9% to 3.2% • NSI’s financing remains fully unsecured Tim
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28 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans Loan maturity profile 1 Average maturity (years) • During 2025, we made strong progress in further strengthening NSI’s funding profile. We extended two debt maturities, maintained a fully unsecured and well-diversified financing structure, and secured ample liquidity on attractive terms, positioning the balance sheet well and in support of our strategic and sustainability ambitions. • With the next maturity only in 2028, NSI benefits from a stable funding base to invest further in the portfolio. Strong progress in 2025 1 Pro forma for the refinancing and maturity of the 2026 40 million euro US private placement. 2 The RCF and Term Loan contain two one - year extension options, to ultimately extend the existing facility to 2032. 3. Financials Sound maturity and hedging profile Strong financial fundamentals for further investments 50 50 40 40 50 50 55 2026 2027 2028 2029 2030 2031 2032 2033 245 Private Placements Term loan 2 RCF (drawn) 2 RCF (undrawn) 2 5.4 5.2 4.9 4.7 4.5 3.5 3.6 4.6 2019 2020 2021 2022 2023 2024 2025 1 2025 +1.0 y Martijn
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29 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans Cost of debt Interest coverage ratio Loan - to - value Net debt - to - EBITDA 1 Adjusted for capitalised interest. 3. Financials Main balance sheet KPI’s Metrics consistently resilient 2.1% 2.2% 2.0% 3.2% 2.9% 2.9% 2020 2021 2022 2023 2024 2025 29.2% 28.2% 28.7% 33.0% 33.8% 34.3% 2020 2021 2022 2023 2024 2025 60% 40% 35% 7.2x 2020 2021 2022 2023 2024 2025 2x 6.5x 1 6.3x 1 5.5x 1 5.1x 1 1 5.3x 1 Covenant 6.9 6.9 7.1 6.9 6.4 6.0 2020 2021 2022 2023 2024 2025 Covenant Target range LTV Martijn
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0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans Outlook 4.
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31 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 4. Outlook Outlook 2026 1. Amsterdam specialist 2. Sector smart 3. Customer first 4. Sustainability leader 5. Growth • Start Vitrum H1 2026 • Prepare detailed capex plans for Glass House • Further investigate potential for change of use/redevelopment of older office assets into hotel/residential. • Rebranding and upgrade of HNK Houthavens and HNK Utrecht CS • Further leasing progress (e.g. Vivaldi II) • Opening of HNK Rotterdam Alexander and commence redevelopment of Vitrum, both Paris - proof • Significant investments in existing assets • Pursue acquisitions if appropriate 2026 EPRA EPS Guidance € 1.90 - € 2.05
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32 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans The future of how we live + work.
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33 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans Appendix 5.
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34 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 5. Appendix 1 Reported in the balance sheet at book value including right of use leasehold (IFRS 16), excluding lease incentives and part o f N SI HQ (own use). 2 Before free rent and other lease incentives. 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% Annual contracted rent 2 38 36 74 77 - 3.6% Market rent 47 38 85 84 1.6% Lettable area (sqm k) 161 175 337 346 - 2.8% Average rent (€/sqm) 268 224 245 239 2.3% EPRA vacancy 12.9% 4.4% 9.2% 5.1% 4.1 pp EPRA net initial yield 5.7% 5.7% 5.7% 5.6% 0.1 pp Reversionary yield 9.7% 9.0% 9.4% 8.7% 0.7 pp Wault (years) 3.5 3.2 3.3 3.6 - 8.2%
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35 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 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%
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36 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans Total portfolio ( €m) Other Netherlands portfolio ( €m) Amsterdam portfolio ( €m) 5. Appendix Expiries and reversion 0 20 40 60 80 100 2026 2027 2028 2029 2030 >2030 Total Total YE 2024 Contract rent 14.5 17.4 5.6 12.4 8.5 13.2 71.7 76.8 ERV 16.1 17.3 5.5 13.8 9.0 12.7 74.4 79.3 # Contracts 163 98 44 43 29 39 416 501 Reversionary potential 10.4% -0.7% -2.5% 10.7% 6.2% -3.6% 3.7% 3.2% 0 10 20 30 40 50 2026 2027 2028 2029 2030 >2030 Total Total YE 2024 Contract rent 9.5 7.7 3.9 7.7 1.6 8.1 38.4 40.1 ERV 10.7 7.8 3.9 9.5 1.6 7.5 41.0 41.8 # Contracts 40 49 19 23 8 19 158 187 Reversionary potential 13.1% 1.4% -1.3% 23.8% 3.1% -7.1% 6.8% 4.3% 0 5 10 15 20 25 30 2026 2027 2028 2029 2030 >2030 Total Total YE 2024 Contract rent 5.1 9.7 1.7 4.8 6.9 5.1 33.3 36.7 ERV 5.4 9.5 1.6 4.3 7.4 5.2 33.4 37.5 # Contracts 123 49 25 20 21 20 258 314 Reversionary potential 5.3% -2.4% -5.2% -10.4% 6.9% 1.9% 0.1% 2.0% Segment information
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37 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 5. Appendix 1 The segment “Corporate” reflects costs and revenues that are not directly tied to properties. 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 interest and taxes 32.6 27.7 -8.4 51.9 Net financing result - 8.9 - 8.9 Direct investment result before tax 32.6 27.7 -17.3 43.0 Corporate income tax - 2.4 - 2.4 Direct investment result / EPRA earnings 32.6 27.7 -19.7 40.6 Revaluation of investment property - 42.9 - 16.5 - 59.4 Net result on sale of investment property 0.1 3.6 3.7 Other indirect income and costs - 0.1 - 0.1 Net financing result 0.6 0.6 Indirect investment result before tax -42.8 -12.9 0.7 -55.0 Corporate income tax 4.6 4.6 Indirect investment result -42.8 -12.9 5.2 -50.4 Total investment result -10.1 14.8 -14.5 -9.8
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38 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 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 17 Other liabilities 39 33 Total liabilities 397 379 Total shareholders' equity and liabilities 1,038 1,051
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39 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 1 Includes software licenses. 5. Appendix (€ m) 31 December 2025 31 December 2024 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 fair value gains 2.9 0.10 0.4 0.02 Fair value of financial instruments 1.0 0.08 1.6 0.08 EPRA NTA 645 33.03 674 35.27 Fully diluted number of shares (m) 19.52 19.12 Consolidated financial statements EPRA NTA
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40 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 5. Appendix Source: C&W 30 - 09 - 2025 1 Indexed (2010 = 100) Property market data Offices - Netherlands 4.0% 6.0% 8.0% 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Q3 Prime yields (%) Vacancy rate (%) Prime rental growth 1 Amsterdam Utrecht Rotterdam The Hague 17 18 19 10 11 21 12 22 13 23 14 24 15 25 Q3 16 80 100 120 140 160 180 200 20 Investment volumes ( € bn) 0 2 4 6 8 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Q3 1.9 1.5 2.3 1.1 1.4 1.9 3.8 4.3 08 6.7 6.8 6.3 3.3 5.9 4.6 1.7 1.7 1.5 5.5 Amsterdam Utrecht Rotterdam The Hague 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Q3 4.0% 8.0% 12.0% 16.0% 20.0% Amsterdam Utrecht Rotterdam The Hague
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41 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 5. Appendix Source: C&W 30 - 09 - 2025 1 New definition of office stock (Cushman & Wakefield methodology) applied from Q1 2025. Property market data Offices - Amsterdam Stock ( mn sqm) Prime yield (%) Vacancy rate (%) and take - up (k sqm) Prime rent ( €) 4.0% 3.7% 3.3% 3.2% 3.4% 5.3% 5.3% 5.3% 16 17 18 19 20 21 22 23 24 25 Q3 3.0% 4.0% 5.0% 6.0% 7.0% 3.3% 4.0% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 16 17 18 19 20 21 22 23 24 25 Q3 1 5.9 5.8 5.9 5.8 5.8 6.2 6.2 6.3 6.3 7.1 0 100 250 150 200 300 350 0% 4% 8% 12% 17 18 19 20 179 21 155 16 179 23 136 24 105 8.2% 25 Q3 280 329 208 226 150 22 Take up (’000 sqm; lhs) Vacancy (%; rhs) 550 0 450 500 17 18 19 20 21 22 23 16 25 Q3 425 425 450 500 24 500 525 535 535 525 500
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42 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 5. Appendix Source: C&W 30 - 09 - 2025 1 New definition of office stock (Cushman & Wakefield methodology) applied from Q1 2025. Property market data Offices - Utrecht 5.8% 5.3% 5.0% 5.3% 5.0% 6.5% 6.5% 6.3% 16 17 18 19 20 21 22 23 24 25 Q3 3.0% 4.0% 5.0% 6.0% 7.0% 5.5% 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 16 17 18 19 20 21 22 23 24 25 Q3 1 2.7 2.7 2.7 2.7 2.8 2.8 2.8 2.8 2.8 2.5 6.4% 20 40 60 80 100 0% 4% 8% 12% 0 16 17 61 18 65 19 20 20 21 31 22 28 23 83 5.2% 24 16 25 Q3 36 39 20 Take up (’000 sqm; lhs) Vacancy (%; rhs) 0 225 250 275 300 325 350 16 17 18 19 20 21 22 23 24 25 Q3 200 245 275 350 285 285 305 285 325 330 Stock ( mn sqm) Prime yield (%) Vacancy rate (%) and take - up (k sqm) Prime rent ( €)
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43 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 5. Appendix Source: C&W 30 - 09 - 2025 1 New definition of office stock (Cushman & Wakefield methodology) applied from Q1 2025. Property market data Offices - Rotterdam 5.5% 5.3% 4.8% 4.5% 4.5% 6.5% 6.8% 6.5% 16 17 18 19 20 21 22 23 24 25 Q3 3.0% 4.0% 5.0% 6.0% 7.0% 4.5% 5.5% 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.4 3.6 1.4 16 17 18 19 21 22 23 24 25 Q3 1 3.5 3.4 3.3 3.3 3.3 3.3 3.2 3.2 3.2 2.9 20 6.9% 7.6% 0% 4% 8% 12% 16% 20% 0 10 20 30 40 50 60 70 16 17 18 19 20 21 22 23 24 25 Q3 41 44 59 49 35 55 41 26 14 9 Take up (’000 sqm; lhs) Vacancy (%; rhs) 0 240 260 280 300 320 340 380 360 220 16 17 18 19 20 21 22 23 24 25 Q3 235 265 285 330 245 375 235 235 235 235 Stock ( mn sqm) Prime yield (%) Vacancy rate (%) and take - up (k sqm) Prime rent ( €)
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44 Full Year 2025 Results Presentation 0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans 5. Appendix Source: C&W 30 - 09 - 2025 1 New definition of office stock (Cushman & Wakefield methodology) applied from Q1 2025. Property market data Offices - The Hague 6.0% 6.0% 5.5% 5.3% 5.0% 6.8% 7.0% 6.5% 16 17 18 19 20 21 22 23 24 25 3.0% 4.0% 5.0% 6.0% 7.0% 5.0% 5.8% 2.2 2.4 2.6 2.8 3.0 3.2 3.4 3.6 3.8 4.0 4.2 2.0 16 17 18 19 21 22 23 24 25 1 4.0 3.9 3.8 3.7 3.6 3.7 3.7 3.7 3.7 3.3 20 4.1% 0% 4% 8% 12% 0 40 80 120 16 17 18 19 20 21 22 23 4.2% 24 25 Q3 19 72 39 65 57 8 24 20 71 20 Take up (’000 sqm; lhs) Vacancy (%; rhs) 0 210 220 230 240 250 260 17 18 19 20 21 22 23 24 25 210 240 240 16 250 230 210 225 250 210 255 Stock ( mn sqm) Prime yield (%) Vacancy rate (%) and take - up (k sqm) Prime rent ( €)
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0 186 218 0 60 90 180 73 41 248 243 236 255 212 144 255 141 82 208 223 185 38 195 150 Primary Accent Degular Display Public Sans Headers: Degular Display Body: Public Sans The future of how we live + work.