Earnings release
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Trading update Q3 2026 TRADING UPDA TEQ3 2025 – L easing healthy across most of the portfolio, vacancy remains concentrated at Vivaldi II (Amsterdam) and Newtonweg (Leiden) – S caling HNK at HNK Amsterdam Houthavens, HNK Utrecht CS and expanding to Noon and Glass House in Amsterdam – Noon development progressing; Glass House planned redevelopment start at end of H1 2027 – 5% share buyback programme commencing today, running until the end of Q1 2027 – Full-year EPRA EPS expected to end up around low end of stated range of €1.80-1.90, reflecting slower leasing at Vivaldi II and the impact of the emergency escape route issue at Atlanta
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Index NSI Highlights 3 Management Board comments 4 Supporting data 5 2 Trading update – Q3 2025 Financial calendar Publication preliminary results 2026 28 January 2027 NSI N.V. Publication annual report 2026 11 March 2027 Investor Relations Martijn Massen, CFA T +31 (0)20 763 0300 E martijn.massen@nsi.nl Publication date: 15 October 2026
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3 Trading update – Q3 2025 1 The trading update is based on unaudited results. 2 CREMM building energy intensity is available only at yearend; 2026 figures represent yearend 2025 figures. 3 Reported in the balance sheet at book value including right of use leasehold (IFRS16), excluding lease incentives and part of NSI HQ. 4 Before free rent and other lease incentives. NSI Highlights Key financial metrics1 Revenues and earnings Q3 2026 (YTD) Q3 2025 (YTD) Change Net rental income 40,951 45,169 -9.3% Net rental income - like-for-like 40,384 43,020 -6.1% Direct investment result 25,535 30,512 -16.3% Indirect investment result -28,927 -27 ,523 5.1% Total investment result -3,391 2,989 -213.5% EPRA earnings per share 1.31 1.58 -17 .1% Weighted average number of ordinary shares outstanding 19,520,063 19,325,041 1.0% EPRA cost ratio (excl. direct vacancy costs) 28.4% 25.5% 3 pp Balance sheet 30 September 2026 31 December 2025 Change Investment property 926,005 944,884 -2.0% Net debt -341,725 -327 ,803 4.2% Other assets and liabilities 22,243 23,647 -5.9% Equity 606,524 640,728 -5.3% EPRA NTA per share 31.08 33.03 -5.9% Number of ordinary shares outstanding 19,520,913 19,519,267 0.0% Net LT V 36.6% 34.3% 2.3 pp Key esg metrics (non-financial) 2026 2025 Change CRREM building energy intensity (kWh/sqm/year)2 1252 125F - EPC-label (percentage portfolio with label A or better) 95.3% 96.1% -0.8 pp GRESB score 94 94 - Key portfolio metrics 30 September 2026 31 December 2025 Change Amsterdam Other Netherlands TOTAL Number of properties 21 20 41 42 -2.4% Market value (€ m)3 507 411 918 956 -4.0% Lettable area (sqm k) 162 164 326 337 -3.1% Annualised contractual rent (€ m)4 40 34 74 74 -0.2% Estimated rental value (€ m) 48 37 85 85 -0.2% EPRA net initial yield 6.0% 5.7% 5.8% 5.6% 0.2 pp Gross initial yield 8.4% 8.4% 8.4% 8.1% 0.3 pp EPRA vacancy 11.1% 11.3% 11.2% 9.2% 2 pp Wault 3.1 3.2 3.1 3.3 -4.4%
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4 Trading update – Q3 2025 Management board comments Leasing remains our key operational priority Leasing and retention across the broader portfolio remain healthy, with a retention in Q3 of 95.9%. During the quarter, we notably r enewed tw o siz eable l eases i n U trecht, a t Unic eflaan and Jac obsweerd, f or thr ee and fiv e y ears r espectively. H alf o f the 11% vacancy remains concentrated in two assets: Vivaldi II in Amsterdam and Newtonweg in Leiden. Leasing progress at Vivaldi II has remained below our expecta- tions. Occupancy currently stands at 12%, broadly unchanged from H1, and our previously communicated ambition to reach approximately 40% occupancy by year-end is therefore no longer realistic. We have therefore adjusted our leasing stra- tegy, prioritizing occupancy and leasing momentum. At Newtonweg, there has been no material change in leasing conditions during the quarter. We continue to assess the best long-term solution for the asset. At Atlanta in Amsterdam, an issue relating to one of the two building’s emer gency e scape r outes w as iden tified du ring the qu arter, resulting in a temporary reduction of the maximum permitted number of occupants in the building. Although temporary additional safety measures have been implemented, we continue to work towards a more permanent solution. The situation has led to additional costs and a temporary reduction in r ental i ncome, with the fi nal fi nancial i mpact s till t o be de ter- mined. Scaling HNK across the portfolio Following the successful redevelopment and leasing of HNK Rotterdam Alexander, we are further scaling the HNK operating model ac ross the por tfolio, c ombining hi gh-quality o ffice sp ace with flexibility, services and hospitality. At HNK Amsterdam Houthavens, we completed the refur - bishment during the quarter. The upgraded product is already translating into attractive leasing outcomes, including recently signed sm aller M anaged Of fice a t the hi ghest r ent per sq m ac hieved in NSI's portfolio to date and well over twice the conventional o ffice ERV. We have also started refurbishment works at HNK Utrecht Central Station. The location opened as an HNK in 2015 and has since achieved an average occupancy of 95%. The refurbish- ment is intended to sustain a strong operating performance and position the asset to continue delivering attractive returns for years to come. Progressing Noon and Glass House Construction at Noon in Amsterdam is progressing, with demo- lition w ork ne arly fi nalised. F urthermore, w e h ave dec ided to incorporate approximately 4,000 sqm of HNK into Noon, strengthening the building’s appeal to a broad range of occu- piers while creating a more flexible, service-led proposition that supports leasing and rent levels for the whole building. At Glass House in Amsterdam, preparations for the major repo- sitioning following KPN's departure in Q1 2027 are progressing well. Discussions with the municipality have been constructive, and the supervision team has approved the final design. Our plans envisage transforming Glass House from a predomi- nantly single-tenant office into a modern multi-tenant building, combining the HNK-concept with conventional office space and creating a more active ground floor. Subject to contractor selection, we expect construction to start at the end of H1 2027. By incorporating the HNK concept at Noon and Glass House, we expect to roughly double HNK's current flexible product revenue base at stabilisation. Capital allocation Following our announcement in July, we are starting the share buyback programme today, which will run until the end of Q1 2027 . This reflects our view that repurchasing shares at the current discount represents an attractive use of capital along- side continued investment in the portfolio. During the quarter, we also signed the sale agreement for Arlandaweg (Amsterdam), following the LOI announced at H1, with transfer expected in December. The disposal represents further progress in recycling capital and optimising the port - folio. Our balance sheet remains well positioned to fund the committed investment programme while maintaining appro - priate financial flexibility, with a look-through LTV of ca. 40% at current valuations. Outlook For the remainder of the year, ou r priorities are to improve leasing a t Vivaldi II, continue execution of Noon, determine the best long-term solution for Newtonweg and prepare Glass House for redevelopment following KPN's departure. We also look forward to Anne de Jong joining NSI as CEO in November, subject to his appointment at the upcoming EGM. Reflecting the continued challenges at Vivaldi II and the impact of the emergency escape route issue at Atlanta, currently esti- mated to lower this year’s EPS by 6 cents, we expect our full year EPS to end up around the low end of our stated range of €1.80 to 1.90.
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5 Trading update – Q3 2025 1.58 0.00 0.01 -0.13 -0.14 -0.02 0.04 -0.03 0.00 -0.00 1.31 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 1.20 1.30 1.40 1.50 1.60 1.70 Supporting data Revenues and earnings Income segment split Q3 2026 (YTD) Q3 2025 (YTD) Amsterdam Other Netherlands Corporate TOTAL Gross rental income 26,917 24,358 51,275 55,734 Service costs not recharged -1,098 -1,095 -2,193 -1,769 Operating costs -4,010 -4,121 -8,131 -8,796 Net rental income 21,809 19,142 40,951 45,169 Administrative costs -6,638 -6,638 -6,018 Earnings before interest and taxes 21,809 19,142 -6,638 34,313 39,151 Net financing result - 7 ,122 - 7 ,122 -6,969 Direct investment result before tax 21,809 19,142 -13,760 27 ,191 32,182 Corporate income tax -1,655 -1,655 -1,671 Direct investment result / EPRA earnings 21,809 19,142 -15,415 25,535 30,512 EPS Bridge Like-for-like growth gross rental income Q3 2026 (YTD) Q3 2025 (YTD) L-f-l Amsterdam 27 .1 29.1 -6.7% Other Netherlands 23.4 23.6 -1.1% TOTAL 50.5 52.7 -4.2% Like-for-like growth net rental income Q3 2026 (YTD) Q3 2025 (YTD) L-f-l Amsterdam 22.0 24.8 -11.1% Other Netherlands 18.4 18.3 0.6% TOTAL 40.4 43.0 -6.1%
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6 Trading update – Q3 2025 RCF undrawn RCF Term Loan Private Placements 2030 250 50 40 2029 50 2028 50 2031 40 2026 2027 2032 2033 50 50 Balance sheet / financing Net debt Sep. 2026 Dec. 2025 Change Debt outstanding 330.0 325.0 5.0 Amortisation costs -1.8 -1.8 0.0 Book value of debt 328.2 323.2 5.0 Cash and cash equivalents -27 .4 -30.1 2.7 Debts to credit institutions 41.0 34.7 6.3 Total Portfolio 341.7 327 .8 13.9 Maturity profile