NSI N.V.

NSI did not give a full revenue or EPS print in the prepared remarks, but it said H1 2026 EPRA earnings per share was EUR 0.79 and that indirect costs from the Glass House revaluation and Well House discontinuation were close to EUR 10 million. Portfolio valuations were down 2.6% in H1, with about half of that from the Glass House write-down. The company said like-for-like ERV has increased by over 20% since 2020 while valuations have declined by 19% over the same period. On the balance sheet, there are no refinancing needs until 2028, average debt maturity increased from 3.6 to 4.2 years, and LTV remains comfortably below the 60% covenant threshold. For 2026, interim dividend is maintained at EUR 0.75 per share, EPRA EPS guidance is EUR 1.80-EUR 1.90 per share, and the company plans to execute a buyback of up to 5% of outstanding shares before the end of Q1 2027.

Bernd Stahli said he will step down after 10 years, with Elke Snijder serving as interim co-CEO while continuing CFO duties during the transition. Management repeatedly framed the strategy as unchanged: focus on leasing first, keep investing in assets where NSI can create value, and be disciplined on capital allocation. The tone was pragmatic and somewhat cautious, especially around Vivaldi II and Well House, but confident that the portfolio can still generate value through redevelopment, leasing, and selective disposals.

Elke Snijder highlighted that the H1 2026 results were hurt by higher vacancy, smaller portfolio size after disposals, and lower rental income from Newtonweg and Vivaldi II. She said the CEO transition added admin expense through an accrual in line with Dutch Corporate Governance Code, with further search-related costs likely to hit Q3. On the balance sheet, she said the debt maturity profile is well staggered, the new MetLife private placement extended average maturity to 4.2 years, and LTV remains comfortably below covenant levels; she also noted some comfort from selling assets above book value. On capital allocation, she said the 5% buyback is attractive at the current NAV discount while still preserving capacity for Noon, Glass House, and other opportunities.

Analysts focused on the CEO transition cost, the leasing outlook for Vivaldi II and Newtonweg, capital allocation priorities, and comfort with higher LTV and valuations. Management said the CEO accrual is a one-off but more search costs will likely appear in Q3, Vivaldi II occupancy is only 11% so guidance was cut to 40% plus, and the preferred path for Newtonweg is to lease it up, with a sale only if needed. On capital allocation, NSI said buybacks, redevelopments, and disposals are all being weighed through a risk-return framework, with Well House dropped because returns fell below requirements and cost inflation overtook rental upside.