NSI reported a 12.4% decline in net rental income for the first quarter of 2026, reaching €11.4 million, primarily due to property sales and increased vacancy rates. On a like-for-like basis, rental income fell 7.1%. The occupancy rate deteriorated to 12.6% from 9.2% at the end of 2025.

EPRA earnings per share dropped 16.9% to €0.35, compared with €0.42 in the year-ago period. This decline stemmed from disposals in the quarter and late 2025, alongside higher vacancy. The direct result, covering rental income net of operating, management, general, and financing costs, came in at €6.8 million, down from €8.0 million a year earlier.

About half of the vacancy increase traces to properties Vivaldi II and Newtonweg in Leiden. NSI noted that recent deals for Vivaldi closed above prior rent levels paid by tenant Spaces. CEO Bernd Stahli described the quarter as a turbulent start, citing geopolitical uncertainty, inflation concerns, and rising interest rates that heighten vulnerability in the real estate sector.

The indirect result showed a positive swing, with €5.1 million from property revaluations versus a €1.9 million loss last year. Overall, total results reached €11.9 million in profit, up from €6.0 million.

NSI reiterated no fresh confirmation on its full-year 2026 EPRA EPS guidance of €1.90 to €2.05 per share, previously set with last year's results. Earnings volatility may persist depending on progress at the key Leiden sites and positive 3% indexation across the portfolio.

The office REIT trades at €17.58 per share with a market capitalization around €393 million. Analyst consensus holds a Hold rating, with an average target of €18.5.