NSI targets lower end of EPRA earnings guidance and launches share buyback of up to 5%
NSI indicated in its third-quarter 2026 activity report published on October 15, 2026, that its EPRA earnings per share for the fiscal year should be around the lower end of its 1.80 to 1.90 euro guidance. On the same day, the Dutch office real estate company launched a share buyback program covering a maximum of 5% of its shares, set to end by March 31, 2027 at the latest.
Vacancy concentrated on Vivaldi II and Newtonweg
As of June 30, 2026, NSI's portfolio comprised 41 properties valued at approximately 1 billion euros. According to the activity report, leasing is performing well on the majority of this portfolio. Vacancy remains concentrated on two assets: Vivaldi II in Amsterdam and Newtonweg in Leiden. This concentration is directly reflected in the guidance. Vacant space generates no rental income, and it is precisely the slower commercialization pace of Vivaldi II that the company cites to explain EPRA earnings per share expected around the lower end of its guidance. The second factor mentioned concerns the Atlanta building, where an issue related to an emergency evacuation route has weighed on the fiscal year. In the company's view, difficulties are limited to a restricted number of properties rather than the entire portfolio.
HNK expanded to Noon and Glass House, two projects in Amsterdam
Meanwhile, NSI continues to roll out HNK, already present at the HNK Amsterdam Houthavens and HNK Utrecht CS sites. The group has indicated it will extend this concept to two other Amsterdam properties: Noon and Glass House. The two projects are at different stages. Noon's development is progressing, according to the company. Glass House's redevelopment is scheduled to begin at the end of the first half of 2027, according to the planned timeline. This timeline places the launch of Glass House works beyond fiscal year 2026, to which the EPRA earnings per share guidance relates. HNK projects therefore fall within a distinct timeframe from the factors cited for the current fiscal year.
Share buyback of up to 5% by end of first quarter 2027
The share buyback program covering a maximum of 5% of capital began on October 15, 2026 and must be completed by March 31, 2027 at the latest. Its detailed procedures are the subject of a separate announcement published by the company. This launch comes as guidance is oriented toward the lower end of its range. Prior to publication, the consensus of surveyed analysts anticipated average earnings per share of 1.93 euros for the current fiscal year, within a range of 1.82 to 1.90 euros. The company forecasts 2026 EPRA earnings per share around the lower end of its 1.80 to 1.90 euro guidance. Based on these expectations, the stock was trading at approximately 8.4 times the current fiscal year's earnings, according to the consensus of surveyed analysts. The key element of the publication remains the company's indication: 2026 EPRA earnings per share expected around the lower end of the 1.80 to 1.90 euro range, combined with the launch on the same day of a share buyback program covering a maximum of 5% of shares.
