Netherlands · Delayed Price · Currency is EUR NSI N.V. Earnings Call Transcripts
Fiscal Year 2025
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EPS rose to €2.10 with a higher dividend, but vacancy increased to 9% and is set to rise further. Major redevelopments and asset disposals drove results, while sustainability and refinancing strengthened the balance sheet. 2026 guidance reflects lower earnings due to disposals and higher vacancy.
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Gross rent rose 4.7% year-over-year, with EPS up to €0.99 and LTV at 34.5%. Asset sales in Hoofddorp and Eindhoven will release €40 million for reinvestment, while Vitrum redevelopment advances. Guidance for full-year EPS is maintained at €2.05–€2.15.
Fiscal Year 2024
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2024 results showed strong like-for-like net rent growth, stable NAV, and improved cost control, with EPS at €2.09 and a dividend of €1.57. 2025 guidance anticipates stable earnings, continued asset rotation toward Amsterdam, and higher financing costs due to rising interest rates.
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Vacancy rates improved and gross rental income rose, driven by strong performance in Amsterdam and successful asset repositioning. EPS guidance for 2024 was raised, supported by a share buyback and a robust balance sheet, while sustainability leadership and selective growth remain strategic priorities.