We are pleased to present our Q3 2025 trading update. Highlights of the report are:
• Increase in EPRA EPS to EUR 1.58 for Q1 - Q3, up from EUR 1.51 last year
• GRI growth of 4.5% in Q3 on a like-for-like basis, of which 2.9% indexation
• EPRA vacancy up to 9.8% per Q3 2025, due to the return of Vivaldi II
• EPRA LTV of 35.4% provides comfort and significant capacity to invest
• Full year EPRA EPS guidance maintained at EUR 2.05 - 2.15
CEO comments
A relatively quiet market in Q3
The continuously volatile geopolitical landscape is impacting economic growth prospects and business confidence, also in the Netherlands. Whilst activity levels have picked up in both the leasing and investment market in September, these levels remain well below the long-term average, partly because decision making is being postponed ahead of the forthcoming Dutch parliamentary elections late October.
Leasing & vacancy development
The overall portfolio vacancy increased to 9.8% by September, in line with expectations given the previously flagged return in August of the Vivaldi II building at the Amsterdam South-axis. The first new leases at Vivaldi II have already been signed, and an upgrade of the ground floor is under way, which will improve the overall attractiveness of the 8,800 sqm office space and its expected leasing.
The Q3 portfolio vacancy excluding Vivaldi II is 5.7%, stable vs Q2. Our customers are generally satisfied with the product, in terms of location, quality, services, and sustainability efforts, as we can see in our surveys. That said, the current economic uncertainty is also impacting our customers and as such their space requirements. The team is fully prepared to deal with any incremental space returned next year.
Redevelopments update
The delivery of the new 9,500 sqm HNK Rotterdam Alexander is scheduled for late Q4 2025. This Paris-proof redevelopment project, at a cost of €20m in capex, is on time and on budget. Almost half of the available space has been let to legacy tenants on a circa 30% higher rent.
At Vitrum, preparations continue for the 14,000 sqm development to start in H1 2026. Amsterdam continues to face a shortage of modern, highly sustainable space, which is particularly felt in its main South-axis business district, resulting in record rent levels being set in this market.
The feasibility of the 22,000 sqm Well House project in the prime South-axis district of Amsterdam is still being reviewed.
Outlook 2025
We continue to recycle capital into Amsterdam and selectively elsewhere, into better assets and value-add opportunities, with the aim to improve both long-term income-generating capacity of the business and shareholder value.
Today, 15 October, we expect to transfer our last remaining asset in Hoofddorp to the buyer, and we are working hard to sell our last two remaining assets in Eindhoven before year-end. In line with our strategy, the capital is earmarked to be redeployed into our development opportunity at Vitrum. Further asset rotation is anticipated in 2026.
Q3 2025 like-for-like GRI growth is strong at 4.5%, yet is set to fall back to ca. 3-4% for the whole year due to the vacancy at Vivaldi II. The range for EPRA EPS guidance for the current book year 2025 remains unchanged at €2.05-2.15 per share.
Bernd Stahli
Download report:
https://nsi.nl/ir/download/d96fab14-caa4-4ec0-bb28-ac0bd0c8b08d/nsitradingupdate-q32025.pdf
• Increase in EPRA EPS to EUR 1.58 for Q1 - Q3, up from EUR 1.51 last year
• GRI growth of 4.5% in Q3 on a like-for-like basis, of which 2.9% indexation
• EPRA vacancy up to 9.8% per Q3 2025, due to the return of Vivaldi II
• EPRA LTV of 35.4% provides comfort and significant capacity to invest
• Full year EPRA EPS guidance maintained at EUR 2.05 - 2.15
CEO comments
A relatively quiet market in Q3
The continuously volatile geopolitical landscape is impacting economic growth prospects and business confidence, also in the Netherlands. Whilst activity levels have picked up in both the leasing and investment market in September, these levels remain well below the long-term average, partly because decision making is being postponed ahead of the forthcoming Dutch parliamentary elections late October.
Leasing & vacancy development
The overall portfolio vacancy increased to 9.8% by September, in line with expectations given the previously flagged return in August of the Vivaldi II building at the Amsterdam South-axis. The first new leases at Vivaldi II have already been signed, and an upgrade of the ground floor is under way, which will improve the overall attractiveness of the 8,800 sqm office space and its expected leasing.
The Q3 portfolio vacancy excluding Vivaldi II is 5.7%, stable vs Q2. Our customers are generally satisfied with the product, in terms of location, quality, services, and sustainability efforts, as we can see in our surveys. That said, the current economic uncertainty is also impacting our customers and as such their space requirements. The team is fully prepared to deal with any incremental space returned next year.
Redevelopments update
The delivery of the new 9,500 sqm HNK Rotterdam Alexander is scheduled for late Q4 2025. This Paris-proof redevelopment project, at a cost of €20m in capex, is on time and on budget. Almost half of the available space has been let to legacy tenants on a circa 30% higher rent.
At Vitrum, preparations continue for the 14,000 sqm development to start in H1 2026. Amsterdam continues to face a shortage of modern, highly sustainable space, which is particularly felt in its main South-axis business district, resulting in record rent levels being set in this market.
The feasibility of the 22,000 sqm Well House project in the prime South-axis district of Amsterdam is still being reviewed.
Outlook 2025
We continue to recycle capital into Amsterdam and selectively elsewhere, into better assets and value-add opportunities, with the aim to improve both long-term income-generating capacity of the business and shareholder value.
Today, 15 October, we expect to transfer our last remaining asset in Hoofddorp to the buyer, and we are working hard to sell our last two remaining assets in Eindhoven before year-end. In line with our strategy, the capital is earmarked to be redeployed into our development opportunity at Vitrum. Further asset rotation is anticipated in 2026.
Q3 2025 like-for-like GRI growth is strong at 4.5%, yet is set to fall back to ca. 3-4% for the whole year due to the vacancy at Vivaldi II. The range for EPRA EPS guidance for the current book year 2025 remains unchanged at €2.05-2.15 per share.
Bernd Stahli
Download report:
https://nsi.nl/ir/download/d96fab14-caa4-4ec0-bb28-ac0bd0c8b08d/nsitradingupdate-q32025.pdf
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