Half Year 2026 NSI NV Earnings Call Transcript
Key Points
- NSI NV (NIUWF) announced a 5% share buyback, which is expected to deliver immediate shareholder value.
- The company has started construction at the Noon site and is progressing plans for the Glasshouse, indicating active development projects.
- Early renewals have been secured for several assets, extending leases into the next decade, which is positive for long-term stability.
- The company has successfully relet space at Trivium in Amsterdam, achieving 100% occupancy after a quick turnaround.
- NSI NV (NIUWF) continues to focus on sustainability, with improvements in energy efficiency and tenant support for energy-conscious behavior.
- The company has experienced a near-double vacancy rate compared to H1 2025, impacting rental income.
- NSI NV (NIUWF) had to discontinue the Wellhouse development due to feasibility issues, resulting in a significant indirect cost.
- The leasing progress for Vivaldi 2 is slower than expected, with current occupancy at only 11%.
- The CEO transition has led to additional costs, impacting administrative expenses.
- The company has lowered its EPRA-EPS guidance due to slow leasing progress and one-off CEO transition costs.
Good morning, everyone. Thank you for joining and welcome to our 2026 half-year results analyst call. Today, our CFO and Co-CEO, Elke Snijder, will comment on the result presentation published on our website this morning. At the end of the call, you will have the opportunity to ask questions.
For now, I would like to hand over to Elke.
Good morning, everyone. So happy to have you all here on the webcast this morning, and it is my pleasure to guide you through the sites.
Before we get into the half-year results, I want to point actually your attention to the picture we included here on the front page. This is the view from Noon, formerly Vietram, where a couple of weeks ago, we hosted an event for brokers to get a feel for the location and atmosphere, despite it being a full-on construction site, as Dirac Mir has commenced there with the constructions.
All right, now let's move into the presentation. The highlights of the first half of 2026. As mentioned,
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