Annual
report
2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Introduction 3
NSI highlights 3
NSI at a glance 4
Management board report 6
About NSI 7
Purpose and sustainable long term value creation 7
Objectives and core activities 10
Corporate structure and staffing 11
Financial developments 12
Dutch Property Market Overview 12
Income, costs and result 13
Balance sheet, NTA and financing 14
Real estate portfolio 15
Risks and risk management 19
Fraud risk assessment 20
Strategic risks 21
Operational risks 22
Financial risks 23
Compliance risks 23
Culture and behaviour - soft controls 24
Diversity and Inclusion 26
Application and compliance with codes of conduct 27
Future prospects 28
Other topics 29
Sustainability 32
Our Ambition 33
Future-proof buildings 34
Energy and carbon 35
Social Engagement 36
Sustainability governance and risks 37
Governance 39
Corporate Governance 40
Management statement 43
Details management board 44
Report of the supervisory board 45
Details of the supervisory board 50
Financial statements 51
Consolidated statement of profit or loss and other
comprehensive income 52
Consolidated statement of financial position 53
Consolidated cash flow statement 54
Consolidated statement of changes in shareholder’s equity
55
Notes to the consolidated financial statements 56
Company balance sheet 88
Company income statement 89
Notes to the company financial statements 90
Other information 94
Statutory provision in respect of profit appropriation 95
Independent auditor’s report 96
Assurance report of the independent auditor 105
Supplementary information 107
NSI share information 108
Property list 109
Taxonomy eligibility and alignment 110
ESG (non-financial) performance measures 113
Environmental sustainability performance measures 117
Basis of preparation for ESG-reporting 118
EU Taxonomy 120
Eligibility 120
Alignment 120
EPRA key performance measures 124
Five year overview 127
Glossary key performance measures 128
Glossary esg (non-financial) performance measures 130
Content annual report 2025
2 NSI Annual report 2025
3 NSI Annual report 2025
NSI highlights
1 Excluding Vitrum and Well House. If these assets would be included the percentage would be 92.68% (2024: 75.33%).
2 Reported in the balance sheet at book value including right of use leasehold (IFRS16), excluding lease incentives and part of NSI HQ.
3 Before free rent and other lease incentives
Key financial metrics
Revenues and earnings
2025 2024 Change
Net rental income 60,316 61,079 -1.2%
Net rental income - like-for-like 58,464 56,975 2.6%
Direct investment result 40,620 41,008 -0.9%
Indirect investment result -50,410 -28,636 76.0%
Total investment result -9,790 12,372 -179.1%
EPRA earnings per share 2.10 2.09 0.1%
Weighted average number of ordinary shares outstanding 19,373,996 19,587,785 -1.1%
EPRA cost ratio (excl. direct vacancy costs) 26.9% 25.6% 1.3 pp
Balance sheet
31 December 2025 31 December 2024 Change
Investment property 944,884 988,559 -4.4%
Net debt -327,803 -337,889 -3.0%
Other assets and liabilities 23,647 21,675 9.1%
Equity 640,728 672,344 -4.7%
EPRA NTA per share 33.03 35.27 -6.4%
Number of ordinary shares outstanding 19,519,267 19,120,592 2.1%
Net LT V 34.3% 33.8% 0.5 pp
Key esg metrics (non-financial)
2025 2024 Change
CRREM building energy intensity (kWh/sqm/year) 125 126 -1
EPC-label (percentage portfolio with label A or better)
1
96.1% 96.0% 0.1 pp
GRESB score 94 93 1
Key portfolio metrics
31 December 2025
31 December 2024 Change
Amsterdam Other NL TOTAL
Number of properties 21 21 42 44 -4.5%
Market value (€ m)
2
520 436 956 1,000 -4.4%
Lettable area (sqm k) 161 175 337 346 -2.8%
Annualised contractual rent (€ m)
3
38 36 74 77 -3.6%
Estimated rental value (€ m) 47 38 85 84 1.6%
EPRA net initial yield 5.7% 5.7% 5.7% 5.6% 0.1 pp
Gross initial yield 7.9% 8.5% 8.2% 8.0% 0.2 pp
EPRA vacancy 12.9% 4.4% 9.2% 5.1% 4.1 pp
Wault 3.5 3.2 3.3 3.6 -8.2%
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
NSI at a glance
City Assets Value %
Amsterdam 21 € 520m 54%
Other NL 21 € 436m 46%
TOTAL 42 € 956m 100%
Highlights 2025
Portfolio value
development
EPRA
Loan-to-value
-5.8% 34.3%
2024: -2.7% 2024: 33.8%
ERV
growth (LfL)
Vacancy
rate
+5.7% 9.2%
2024: 1.4% 2024: 5.1%
4 NSI Annual report 2025
Earnings
per share
Dividend
per share
€2.10 €1.58
2024: €2.09 2024: €1.57
Customer
satisfaction (NPS)
Energy
(KWh/m
2
)
17.7 109
2024: 13.5 2024: 110
Portfolio by segment
Operational
Financial Non-financial
Portfolio
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Amsterdam overview
The focus on quality assets in
vibrant areas next to public
transport stations or in inner city
locations has resulted in a clear
change in our portfolio over the
past eight years.
We have increasingly focused on
Amsterdam, and selectively on the
best locations in other major cities
in the Netherlands.
Amsterdam
€ 520 million (54%)
21 assets
173,025 m
2
Leiden Bio Science Park
5 assets
28,021 m
2
The Hague
3 assets
30,894 m
2
Utrecht
5 assets
47,453 m
2
Rotterdam
7 assets
57,941 m
2
5 NSI Annual report 2025
Sloterdijk
South-axis
South-east
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
6 NSI Annual report 2025
Management
board report
Atlanta
Location
Amsterdam
Size
6,542 m
2
About NSI 7
Purpose and sustainable long term value creation 7
Objectives and core activities 10
Corporate structure and staffing 11
Financial developments 12
Dutch Property Market Overview 12
Income, costs and result 13
Balance sheet, NTA and financing 14
Real estate portfolio 15
Risks and risk management 19
Fraud risk assessment 20
Strategic risks 21
Operational risks 22
Financial risks 23
Compliance risks 23
Culture and behaviour - soft controls 24
Diversity and Inclusion 26
Application and compliance with codes of conduct 27
Future prospects 28
Other topics 29
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
7 NSI Annual report 2025
1.
Customer
first
2.
Amsterdam
specialist
3.
Sector
smart
4.
Sustainability
leader
5.
Growth
Five pillars
About NSI
We are real estate investors combining local insight, experience, and capital to shape the
future of how we live and work. With over 30 years in Dutch real estate, we are committed
to creating spaces that foster connection, boost productivity, and support well-being.
Sustainability is at our core—we reduce our footprint by improving energy efficiency and
reusing materials, helping our clients thrive in greener environments. Through strong
partnerships, we deliver customer satisfaction, solid returns, and lasting value.
Purpose, long term value creation and strategy
To fulfil our purpose of creating the places of today + tomorrow, our strategy is designed to anticipate the evolving needs of our
customers. Our five pillars reflect commitment to creating sustainable spaces that enable productivity and long-term value creation
while staying ahead in a dynamic real estate landscape. These five pillars are:
Sustainable long term value creation
We aim to lead Dutch real estate by investing capital wisely in
vibrant, multifunctional urban areas where people want to live
and work. Our focus on sustainability, well-being, and services
supports long-term returns and meets the growing demand for
premium, future-ready locations.
Success depends on delivering the right space in the right
place, with services that evolve with tenant needs. To achieve
this, we rely on a talented, driven team and foster a workplace
where people feel connected, empowered, and inspired to
exceed shared goals.
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
1.
Customer first
We enable productivity and growth by putting the needs of
our customers first. At NSI, a great space with the best ameni-
ties, services and sustainability credentials is a given. We have
a strong vision on the future of work, as reflected by our own
in-house flex operator, HNK, which serves as an incubator for
new services across the NSI portfolio.
Results are measured regularly through customer satisfaction
surveys. Our asset managers are also in close contact with
tenants and proactively support them to ensure that they are
satisfied with their (office) space.
HNK – our in-house serviced office concept
HNK is NSI’s in-house serviced office brand, operating across
10 company-owned buildings. Relaunched in 2022, it offers
flexible workspaces—from solo desks to fully furnished team
offices—with a strong focus on sustainability, well-being, and
comfort. The concept is designed to make tenants feel welcome,
supported, and energized. Three years in, this approach has led
to higher rents and stronger tenant retention.
Progress in 2025
NSI maintains strong tenant satisfaction by actively respon-
ding to survey feedback, with sustainability a key priority. Our
customer satisfaction survey conducted during 2025 showed a
17.7 Net Promotor Score (NPS), up from 13.6 in 2024. The provi-
sion of information to our customers and the quality of hospita-
lity were among the categories showing the highest increases
this year. We executed the full overhaul and launch of HNK
Rotterdam Alexander, a 20mln investment, which is now a high
quality, high service, highly sustainable, office of the future. We
have completed a large upgrade of HNK Rotterdam Scheep-
vaartkwartier—our original flexible office, opened in 2012—as
part of our refreshed brand strategy. At Q-port and HNK Sloter-
dijk we are piloting fully designed offices, for tenants a ready-
to-go office solution for larger floor plates. Furthermore, large
improvements to the general areas were executed at Center-
point 1 and Q-Port.
2.
Amsterdam specialist
Over the past eight years, NSI has shifted its portfolio toward
high-quality assets in prime urban areas near public transport,
with a strong focus on Amsterdam and top locations in Utrecht,
Rotterdam and The Hague.
Limited new developments and strong demand are expected to
drive above-average rental growth in these cities. Amsterdam’s
role as an economic hub offers unmatched access to talent and
capital.
Tenants increasingly seek flexible, service-rich, and sustai-
nable spaces, prompting higher investment from owners. In
return, tenants pay up to twice as much for premium locations,
which yield stronger rent premiums at similar costs. Upgrades
are more cost-effective in high-value areas like Amsterdam,
making it ideal for transitioning to renewed standards.
Progress in 2025
In the last quarter of 2025, we completed the sale of Beuken-
haghe, our last asset in Hoofddorp, followed by the sale of
Kennedyplein, Eindhoven, by the end of December. In January
2026, we completed the sale of Hooghuisstraat/Keizersgracht,
our last asset in Eindhoven.
In H1 2025 the legal procedures to obtain the necessary permits
and authorisations for the Vitrum redevelopment have been
concluded successfully. With no legal or permitting barriers
left, we are finalising the contracting of a general contractor
within budget and subsequently to prepare for a start of the ca.
14,000 sqm project in Q2 2026. This will add significant high-
end-sqm to the Amsterdam portfolio.
8 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
9 NSI Annual report 2025
3.
Sector smart
As Amsterdam’s leading real estate investment firm, we have
expanded beyond our core office portfolio to diversify risk and
seize new opportunities. This includes repurposing assets for
alternative uses and if the opportunity is right, openness to
acquiring in other asset classes to strengthen our position.
Per the end of 2025, alongside our 34 office assets, we own 5 Life
Science buildings in a top European cluster, 2 temporary housing
assets, and a school—reflecting our cross-sector value creation.
We also see long-term potential in converting some properties
into other uses, such as high-rise residential. We’ve identified 5
Amsterdam assets ultimately better suited for residential use,
driven by the city’s housing shortage. Four are in Hondsrugpark,
a growing mixed-use area near Bijlmer ArenA station, where
10,500 new apartments and amenities are planned by the city.
These assets will remain offices for now, but we’re evaluating
redevelopment options and engaging stakeholders.
Progress in 2025
We have progressed our residential plans into concrete designs
and set-ups, and we have talked to several possible partners.
Currently, this is under review until the financials become
attractive enough. A few non-office assets have been assessed
as possible acquisitions, none leading to transactions thus far.
Furthermore, we continue to closely follow market developments
in the Leiden cluster, as the bioscience market is very dynamic.
4.
Sustainability leader
We believe the real estate sector must help reduce resource
use and combat climate change, given it accounts for over 30%
of CO² emissions. At NSI, we treat the environment as a vital
stakeholder and embed sustainability in all decisions.
In The Netherlands, commercial rentals require an EPC label
of at least C. NSI exceeds this, with 96%
1
of assets at label A
and none below C. We continue to invest, recognizing that EPC
alone doesn’t reflect actual energy use. To go further, we follow
the Carbon Risk Real Estate Monitor (CRREM) pathway, aiming
for our office portfolio to meet the Paris-proof target of 85
kWh/m²/year by 2034.
Progress in 2025
At year-end 2025 the total (tenant + building-related) average
energy consumption of our portfolio, excluding the life sciences
buildings in Leiden, was 109kWh/m², down from 110 kWh/m² in
2024, well below the CRREM pathway. Showcasing our drive to
convert older buildings to Paris Proof, is the transformation of
HNK Rotterdam Alexander in 2025.
Growth
Growth is essential to reinforcing our leadership in Dutch real
estate, staying attractive to capital, being able to offer our
customers an attractive mix of high-quality places in the best
locations, and driving efficiency.
Progress in 2025
No acquisitions were executed in 2025 as no attractive enough
opportunities presented themselves. Growth can be found both
in adding assets, but also in converting existing assets to the
5.
next level as showcased in 2025 by HNK Rotterdam Alexander.
In the second half of 2025 we started the redevelopment of
HNK Amsterdam Houthavens where we will invest roughly
6mln to create a highly sustainable office, with EPC label A+++
and a BREEAM-NL In-Use Excellent label. The redevelopment
will be finished in the second half of 2026 and is expected to
generate an incremental return on investment of over 10%,
making it an attractive opportunity to pursue.
1 Excluding Vitrum and Well House.
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Objectives and
core activities
Profile
NSI is a leading Dutch stock-exchange listed commercial property investor with a focus
on real estate in Amsterdam and selective other growth locations.
Mission
NSI enables its customers to achieve maximum productivity and growth, providing best-
in-class, flexible, space solutions and an unparalleled level of services in modern, healthy,
sustainable buildings in prime locations.
Creating the places
of today + tomorrow.
10 NSI Annual report 2025
Vision
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Corporate structure
and staffing
Outline of NSI’s corporate governance
NSI N.V. is a Dutch public limited liability company listed on Euro-
next Amsterdam and has its registered seat in Amsterdam, the
N
etherlands. NSI has a two-tier structure, with a Management
Board and a non-executive Supervisory Board. The company’s
highest authority is the General Meeting of Shareholders which is
held at least once a year.
Organisation structure
The organisation is headed by a Management Board consisting
of the CEO and CFO, who are also the statutory directors of the
company, and supported by staff roles and by a commercial team.
NSI is characterised by decentralised responsibilities, allowing
the organisation to operate efficiently and empowering individuals
to develop in their role, supported by a robust IT infrastructure,
adequate controls, and effective management information systems.
For the company’s legal structure please refer to ‘The principles
of consolidation’ on page 57. We foresee that the current organiza
-
tion is well positioned both in quantity and quality to drive further
gr
owth, which should lead to a better efficiency ratio in the years
to come.
Asset
management
Investment
management
Customer
Operations
CFO
CEO
Human resource
management
Marketing &
communication
Legal & corporate
secretary
Finance operations
ICT & business
analytics
Financial control
Investor relations &
treasury
Business control
& risk
New business
development
Project
Development
Commercial team
Number of employees
68
2024: 69
Number of employees NSI
41
2024: 42
Number of employees HNK
27
2024: 27
+
11 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Financial developments
12 NSI Annual report 2025
Dutch property market overview
Economic conditions
The Dutch economy delivered modest growth in 2025, with GDP
expanding by 1.7%, outperforming earlier expectations. Overall
growth was driven by domestic demand and public sector
spending. Uncertainty around global trade policy remains a key
risk factor for an open economy such as The Netherlands and
could affect confidence and export momentum going forward.
The Dutch labour market remains tight, yet cooled modestly in
2025, primarily due to a decline in job vacancies rather than a
rise in unemployment – up by only 0.4% to 4.0% in 2025. This
easing in labour market tension has reduced wage tension
slightly and is likely to lead to a fall in inflationary pressures.
Inflation, after peaking at 14.5% in September 2022, continued
its path of normalisation in 2025. Dutch CPI averaged 3.3% over
the full year, with inflation falling below 3% towards year-end.
The easing of price pressures supported real wage growth and
purchasing power, contributing to a more balanced economic
environment going into 2026.
Occupational market
With economic growth mostly driven by productivity growth in
2025, employment levels are largely stable. As such, the office
market is a replacement market, whereby demand is somewhat
impacted by the tail-end of WFH-connected rationalisation.
Most occupiers extend their leases on expiry, given the limited
availability of genuinely superior alternative locations, whilst the
cost of relocation is also often deemed prohibitively high to just
move to a marginally better location. Landlords are also generally
keen to retain tenants, particularly for older buildings in secondary
locations that otherwise would require significant capex.
Those occupiers that do relocate generally upgrade to better,
amenitised space in better, vibrant locations offering excellent
transport infrastructure. Due to continued scarcity of this type
of space, ERVs have continued to rise in 2025.
Vacancy Prime ERV
Amsterdam 8.2% 525
South-axis 4.2% 525
City Centre 9.7% 500
Sloterdijk 9.3% 275
South-East 7.9% 295
Utrecht 6.4% 350
Rotterdam 7.6% 375
The Hague 4.1% 250
Leiden 5.1% 330
Netherlands 7.2% 525
* (Source: Cushman&Wakefield, as per 30/9/2025)
Amsterdam
The Amsterdam office market is rather healthy, with challenges
largely limited to the more fringe locations with poor buildings
and poor transport connections. Whilst the fringe locations are
structurally challenged, prospects for the city centre, Zuidas and
submarkets linked to a train station are generally positive.
ERV levels of circa €500-525psm for both the City Centre and
Zuidas are being achieved, with core Zuidas now believed to be
€600psm+. In the other submarkets prime rents are reflective of a
more limited depth to demand, with rents levels at about half the
levels for the best space.
Utrecht
The Utrecht City Centre market has been the bright spot for the
Dutch office market, due to its central location in the country with
excellent train connectivity. ERVs have increased sharply in recent
years and are nearing €400psm for the best space. The vacancy is
particularly low in the Central Station area (ca. 2%). At the same
time, we see a structural shortage of high-end meeting/confer-
ence space in this area.
Rotterdam
Scarcity of prime office space in Rotterdam has pushed ERV growth
in recent years, with prime ERVs up by 30% to now €375psm just in
the past 18 months. This is a big departure from being traditionally
a market with modest ERVs due to persistent high levels of new
development and a steady flow of businesses moving away from
Rotterdam. The Alexander submarket had prime ERVs of under
€200 psm, a level which we are overachieving at our new HNK.
The Hague
Activity in the office market in The Hague continues to be largely
dominated by the Government, which is the most active both as a
taker of space and as an acquirer of office assets, for own use.
Leiden
The Bioscience Park in Leiden has seen sentiment shift for the
worse over the past 24 months. New developments have led to
tenant movements, leaving behind older buildings. Net take up
overall was limited due to the absence of incremental growth
capital for start-ups. Cornerstone operator Johnson & Johnson has
also been retrenching. The vacancy rate, which was always around
0%, is now at 5% and likely to increase further.
Investment market
The Dutch office investment market showed clear signs of
recovery in 2025. Transactional volumes in the first three quar-
ters of 2025 were circa €2.5bn, up strongly year-on-year, but still
f
ar below the 10-year yearly average of €4.4bn. Demand has been
largely domestic, with specialised funds and family offices more
active than institutional investors or private equity. Yield levels
have stabilised, although assets in the more secondary locations
requiring capex are attracting little to no investor interest.
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Income, costs and result
Introduction
EPRA earnings in 2025 amount to € 40.6m compared to € 41.0m
in 2024 (- 0.9%). The decrease in EPRA earnings is the result
of lower net rental income. This is partially offset by a better
financing result. EPRA EPS is € 2.10 (2024: € 2.09), due to a
lower average number of shares outstanding during the year
following the share buyback programme in Q3 2024.
EPRA NTA is € 644.7m, down 4.4% compared to the end of
2024, due to the negative revaluation of the investment port-
folio during the year. On a per share basis, EPRA NTA was
down by 6.4% or € 2.24 due to an increase in number of shares
outstanding per year end, following the stock dividend issued
in 2025.
Rental income
Gross rental income is up by 1.6% to € 73.9m compared to last
year. On a like-for-like basis GRI increased by 4.0%, mainly due
to higher annual contracted rents and lower lease incentives.
Net rental income amounts to € 60.3m, down €0.8m (- 1.2%)
versus 2024. The increases in Amsterdam and Other Nether-
lands were respectively 2.8% and -5.7%. On a like-for-like basis,
net rental income increased by 2.6%.
The NRI margin is 81.6%, 2.4 pp lower than in 2024. Operating
costs have increased by € 1.3m (+13.9%) compared to 2024,
mainly due to higher property taxes (+ € 0.5m) and other oper-
ating costs (+ €1.0m). This is partially offset by lower letting
costs (- € 0.3m).
Administrative costs
Administrative expenses are € 0.2m higher compared to 2024,
reflecting higher staff costs.
Net financing costs
The direct net financing costs decreased by -12.7% (€ 1.3m),
from € 10.2m negative in 2024 to € 8.9m negative in 2025. This
is caused by lower interest costs (€ 0.7m) due to less average
outstanding debt and higher capitalised interest related to
development projects (€ 0.5m).
Corporate income tax
In 2025 corporate income tax increased by € 0.8m to €t2.3m,
due to higher pretax profits. The effective tax rate for 2025 is
5.5%.
Indirect result
The investment portfolio incurred a negative revaluation of €
59.8m (- 5.8%, at market value) compared to the end of 2024.
The result on disposals concluded in 2025 amounts to € 3.7m,
contributing to a total indirect result before tax of - € 55.0m.
The indirect effect of corporate income tax amounts to € 4.6m
in 2025, increasing the deferred tax asset on the balance sheet.
The total indirect result amounts to -€ 50.4m.
Post closing events
On 20 January a new €50m USPP was closed, to replace the
€40m USPP maturing on 30 January 2026. On 27 January
the disposal of the Hooghuisstraat asset in Eindhoven was
completed.
Income segment split
2025
2024
Amsterdam Other NL Corporate TOTAL
Gross rental income 38,156 35,717 73,873 72,731
Service costs not recharged -810 -1,791 -2,601 -2,030
Operating costs -4,699 -6,257 -10,956 -9,622
Net rental income 32,647 27,669 60,316 61,079
Administrative costs -8,408 -8,408 -8,298
Earnings before interest and taxes 32,647 27,669 -8,408 51,908 52,780
Net financing result -8,923 -8,923 -10,225
Direct investment result before tax 32,647 27,669 -17,331 42,985 42,556
Corporate income tax -2,365 -2,365 -1,548
Direct investment result / EPRA earnings 32,647 27,669 -19,696 40,620 41,008
13 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
14 NSI Annual report 2025
RCF undrawn
RCF
Term Loan
USPP’s
2030
245
55
50
40
2029
50
2028
50
2031
40
2026 2027 2032 2033
50
36.0
34.0
33.5
33.0
32.5
32.0
35.27
2.10
-3.06
31 Dec. 2024
Dividend
EPRA Earnings
Revaluation
Result on sales
Deferred tax
Effect change stock
31 Dec. 2025
35.0
-1.57
0.19
0.36
-0.27
33.03
35.5
34.5
Balance sheet, nta and financing
Net tangible assets
EPRA NTA per end of December 2025 is € 644.7m, down 4.4%
compared to the end of 2024 (€ 674.4m), largely as a result of
a negative revaluation of the investment portfolio. Due to the
stock dividend for the 2024 final dividend, EPRA NTA per share
decreased by 6.4% from € 35.27 at the end of 2024 to € 33.03
at the end of 2025.
Bridge EPRA NTA per share (in €)
As at 31 December 2025, the current ratio of NSI N.V., calculated
as current assets (including cash) divided by current liabilities,
amounts to 0.32 (2024: 0.22). The solvency rate (shareholder’s
equity divided by total assets) is 67.0% at 31 December 2025
(2024: 67.2%).
At the end of 2025 NSI has circa € 245m of committed undrawn
credit facilities at its disposal. Pro forma for the refinancing of
the maturing 2026 USPP, the average loan maturity increased
to 4.6 years (2024: 3.5 years), with no loans maturing until
2028. This ensures sufficient flexibility and capacity.
Maturity profile
Funding
In 2025, NSI strengthened its fully unsecured funding profile
through the extension of its €350m sustainability-linked
bank facilities. In January 2026, NSI additionally closed a new
€50m 7-year note with MetLife IM, to replace the €40m notes
maturing at the end of January 2026. A new forward starting
swap was also closed, aligning NSI’s hedging position with
the refinanced bank facilities, in line with its hedging policy.
Net debt
Dec. 2025 Dec. 2024 Change
Debt outstanding 325.0 330.0 -5.0
Amortisation costs -1.8 -0.8 -1.0
Book value of debt 323.2 329.2 -6.0
Cash and cash equivalents -30.1 -8.5 -21.7
Debts to credit institutions 34.7 17.1 17.6
Total Portfolio 327.8 337.9 -10.1
Net debt is down by € 10.1m compared to the end of 2024. This
is primarily due to disposals totalling circa €26m (net of trans-
action costs) and partially offset by the investments in HNK
Rotterdam Alexander.
At year-end all debt remains unsecured. The average cost of
debt at the end of 2024 has remained stable at 2.9%. Pro forma
for the refinancing of the maturing 2026 USPP, the average
cost of debt will increase to circa 3.2%.
Leverage and hedging
The LTV is 34.3% at the end of 2025, 50 basis points higher
compared to December 2024 (33.8%), driven by negative revalu-
ations of assets in 2025 and partly offset by lower net debt.
The
ICR is up to 5.3x at the end December 2025, compared to
5.1x at the end of December 2024. This is the result of lower net
financing expenses during 2025 due to lower variable interest
rates over 2025. The ICR remains firmly above the 2.0x covenant.
Main covenants
Covenant Dec. 21 Dec. 22 Dec. 23 Dec. 24 Dec. 25
LT V ≤ 60.0% 28.2% 28.7% 33.0% 33.8% 34.3%
ICR ≥ 2.0x 6.5x 6.3x 5.5x 5.1x 5.3x
NSI is using swaps to hedge interest rate risk on variable rate
loans. The volume hedge ratio has increased slightly to 84.6%
(internal target range: 70-100%) from 83.3% in December 2024.
The weighted average maturity for the fixed rate loans is 3.2
years at the end of December 2025. The maturity hedge ratio is
94.2% (internal target range 70-120%).
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
0.0
20.0
40.0
60.0
80.0
2026 2027 2028 2029 2030 >2030 Total
Contract rent 14.5 17.4 5.6 12.4 8.5 13.2 71.7
ERV 16.1 17.3 5.5 13.8 9.0 12.7 74.4
# Contracts 163 98 44 43 29 39 416
Rev. Potential 10.4% -0.7% -2.5% 10.7% 6.2% -3.6% 3.7%
Real estate portfolio
Two assets were sold in 2025: Beukenhaghe (Hoofddorp) and
Kennedyplein (Eindhoven). The combined proceeds of these
disposals were € 26.3m (before transaction costs), 18.0% above
December 2024 book values. In January 2026, NSI additionally
sold its last asset in Eindhoven, Hooghuisstraat.
Portfolio breakdown – 31 December 2025
# Assets Market
value(€ m)
Market
value (%)
Amsterdam 21 520 54%
Other Netherlands 21 436 46%
TOTAL 42 956 100%
Vacancy
The EPRA vacancy at the end of 2025 is 9,2%, up from 5.1% at
the end of 2024. On a like-for-like basis the vacancy increase
was 4.8%.
The 9.2% vacancy rate at the end of 2025 includes 4.0 pp
vacancy resulting from Vivaldi II, which was fully vacated at the
end of August. Adjusted for this, the vacancy rate at year-end
of 2025 is 5.2%.
The tenant retention rate for 2025 was 71.6%.
EPRA vacancy
Dec. 2024 L-f-l Other Dec. 2025
Amsterdam 5.0% 7.9% 12.9%
Other Netherlands 5.2% 0.7% -1.4% 4.4%
TOTAL 5.1% 4.8% -0.7% 9.2%
Rents
On a like-for-like basis, gross rents are up by 4.0% in 2025 due
to indexation and lower lease incentives compared to 2024.
Like-for-like growth gross rental income
YTD 2025 YTD 2024 L-f-l
Amsterdam 38.4 37.4 2.8%
Other Netherlands 32.4 30.7 5.4%
TOTAL 70.8 68.1 4.0%
Net rents increased by 2.6% on a like-for-like basis in 2025.
The increase is lower than the gross rental growth, mainly as a
result of higher non-rechargeable service costs due to vacan-
cies and an increase in property taxes compared to 2024.
Like-for-like growth net rental income
YTD 2025 YTD 2024 L-f-l
Amsterdam 32.9 32.0 2.9%
Other Netherlands 25.6 25.0 2.3%
TOTAL 58.5 57.0 2.6%
Reversionary potential / ERV bridge
In 2025 ERVs increased by 5.7% on a like-for-like basis. The
largest increase was recorded in Amsterdam Sloterdijk (14.3%),
mainly due to valuers recognizing an increased ERV for Glass
House once repositioned. In Rotterdam, like-for-like ERVs
increased by 9.0%.
Like-for-like growth ERV (€m)
Dec. 2025 Dec. 2024 L-f-l
Amsterdam 47 44 6.6%
Other Netherlands 36 34 4.5%
TOTAL 83 78 5.7%
As per 2025 the investment portfolio is 3.7% reversionary, up
from 3.2% at year-end 2024. Reversionary potential increased
mainly in Amsterdam and was partly offset by indexation
leading to increased contracted rent.
New lease contracts in 2025 were signed on average 10.7%
above ERV, excluding Sypesteyn.
Reversionary potential
Dec. 2025 Dec. 2024
Amsterdam 6.8% 4.3%
Other Netherlands 0.1% 2.0%
TOTAL 3.7% 3.2%
Annual expirations and reversionary potential
15 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
0.0
5.0
10.0
15.0
25.0
30.0
35.0
45.0
2026 2027 2028 2029 2030 >2031 Total
Contract rent 9.5 7.7 3.9 7.7 1.6 8.1 38.4
ERV 10.7 7.8 3.9 9.5 1.6 7.5 41.0
# Contracts 40 49 19 23 8 19 158
Reversion 13.1% 1.4% -1.3% 23.8% 3.1% -7.1% 6.8%
40.0
20.0
60
65
70
75
80
85
Net Effective
Rent
Rent
incentives
Contracted
rent
Positive
reversion
Negative
reversion
ERV
Vacant space
Total
ERV
Contracted rent Reversion ERV
70
4
74
6
-3
8
85
90
The WAULT of the portfolio is 3.3 years. Contracts representing
an annualised rental income of € 14.5m (19% of total annualised
rental income) are set to expire in 2026. This includes €2.6m in
flexible lease contracts with maturities of one to three months,
which typically are just rolled over.
Bridge Contracted rent to ERV - 31 December 2025
Revaluation
Market
value (€ m)
Revaluation
Positive Negative TOTAL %
Amsterdam
514 7 -50 -43 -7.6%
Other NL 436 10 -27 -17 -3.6%
TOTAL 950 17 -77 -60 -5.8%
Capital expenditure
Capex over 2025 totals to € 35.4m of which € 10.8m is defen-
sive. The € 24.6m of offensive capex includes € 15.7m for the
development projects.
Capital expenditure
Offensive Defensive TOTAL
Amsterdam 8.3 6.6 14.9
Other Netherlands 16.2 4.2 20.4
Total Portfolio 24.4 10.8 35.3
Amsterdam
Vacancy increased from 5.0% to 12.9% following the departure of
Spaces from Vivaldi II. The tenant retention rate in 2025 was 65.8%.
Key metrics Amsterdam
Dec. 2025 Dec. 2024 Change
Number of properties 21 21
Market value (€ m) 520 545 -4.7%
Lettable area (sqm k) 161 162 -0.1%
Ann. contract rent (€ m) 38 40 -4.5%
Estimated rental value (€ m) 47 44 6.6%
EPRA net initial yield 5.7% 5.7% 0 pp
Gross initial yield 7.9% 7.9% 0 pp
EPRA vacancy 12.9% 5.0% 7.9 pp
Wault 3.5 3.8 -7.7%
Annual expirations and reversionary potential
EPRA yields
The EPRA net initial yield is up by 10bps to 5.7% in 2025. This
reflects both yield expansion and the impact of higher rents. Given
the sustained limited liquidity in the investment market, appraisers
have continued to apply a cautious approach to valuations.
Portfolio yields
EPRA net initial
yield
Gross initial
yield
Reversionary
yield
Dec.
2025
Dec.
2024
Dec.
2025
Dec.
2024
Dec.
2025
Dec.
2024
Amsterdam 5.7% 5.7% 7.9% 7.9% 9.7% 8.7%
Other NL 5.7% 5.6% 8.5% 8.2% 9.0% 8.8%
TOTAL 5.7% 5.6% 8.2% 8.0% 9.4% 8.7%
Valuations
The portfolio valuation is down by 5.8% (market value) over the
12-month period. H1 saw a negative revaluation of 2.7%, with H2
seeing an additional 3.1% fall in values, almost fully explained
by the revaluation of Glass House following the termination of
KPN, and the assets at the Leiden Bio Science Park. Excluding
these assets, the portfolio remained stable in the second half
of the year.
The portfolio revaluation in 2025 follows more sizeable adjust-
ments since H2 2022, resulting in a total decline of circa 30%
over this period.
16 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
17 NSI Annual report 2025
0.0
40.0
2026 2027 2028 2029 2030 >2030 Total
Contract rent 5.1 9.7 1.7 4.8 6.9 5.1 33.3
ERV 5.4 9.5 1.6 4.3 7.4 5.2 33.4
# Contracts 123 49 25 20 21 20 258
Reversion 5.3% -2.4% -5.2% -10.4% 6.9% 1.9% 0.1%
10.0
20.0
30.0
Other Netherlands
The vacancy rate was 4.4%, down from 5.2% at year-end 2024.
The vacancy in Life Sciences assets in Leiden throughout 2025
was 0%, however, the Newtonweg asset became vacant per the
start of 2026. The retention rate in this segment is 75.2%.
Key metrics Other Netherlands
Dec. 2025 Dec. 2024 Change
Number of properties 21 23 -8.7%
Market value (€ m) 436 454 -4.1%
Lettable area (sqm k) 175 185 -5.1%
Ann. contract rent (€ m) 36 37 -2.5%
Estimated rental value (€ m) 38 40 -4.0%
EPRA net initial yield 5.7% 5.6% 0.1 pp
Gross initial yield 8.5% 8.2% 0.3 pp
EPRA vacancy 4.4% 5.2% -0.8 pp
Wault 3.2 3.5 -9.0%
Annual expirations and reversionary potential
Development and renovations
At Vitrum, all required approvals have now been obtained and
we are at the point of appointing the contractor. The redevel-
opment is scheduled to commence late H1 2026, with delivery
expected H1 2028. This high-end, Paris-proof redevelopment in
the prime Zuidas submarket is expected to result in an attrac-
tive development yield of approximately 6.3%.
HNK Rotterdam Alexander is nearing completion and will be
delivered in February 2026, in line with the €20m budget. The
project is a strong proof point of NSI’s ability to successfully
redevelop older office assets into modern, amenitised and
sustainable buildings. The property is 85% (pre-)let, excluding
managed offices, with achieved rents 4–5% above projected
ERV and approximately 29% above pre-redevelopment rent
levels.
The business case for the development of Well House in
Amsterdam continues to be reviewed. While the strategic
rationale remains intact, the project remains challenging under
current market conditions, given high construction and lease-
hold costs and the anticipated absence of pre-lets due to the
likely multi-tenant nature of the building. No decision has been
taken to proceed at this stage.
At year-end 2025, Vitrum and HNK Rotterdam Alexander were
included in investment property under construction (IPUC),
together with capitalised costs relating to Well House.
Movement table investment property under construction
TOTAL
Balance 1 January 2025 988.6
Capital expenditure (Investments) 35.4
Capitalised interest 2.4
Revaluation -59.4
Disposals -22.2
Balance 31 December 2025 944.9
Market value 31 December 2025 953.1
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
8%
No label
Acceptable
Pass
Very good
Good
Excellent
18%
50%
25%
75%
Staying below the CRREM pathway 85 kWh/m
2
/year by 2035
0
50
150
100
200
2020 2025
2035
2030
NL target
NSI Actual*
kgCO
2
e/m
2
/year
173
164
155
128
116
112
85
147
110
109
1
EPC energy performance certificates by value
A++
AA+
B
C D
E
F & G
2018 2019 2021 2022 20232020 2024 2025
44%
26%
15%
5%
6%
4%
44%
26%
15%
3%
3%
2%
74%
12%
12%
2%
2%
80%
7%
10%
2%
13%
10%
65%
8%
4%
15%
12%
68%
4%
1%
20%
12%
64%
3%
1%
A+++
42%
24%
4%
1%
29%
Sustainability
The share of EPC label certificates A or higher is stable at 96%
of assets by value per end 2025, with an increase in A++ labels
and a first A+++ label. The percentage BREEAM labels ‘Very
Good’ and ‘Excellent’ dropped from 76% in 2024 to 75% in
2025, following the introduction of new, stricter methodology
rulesets.
NSI was awarded 5 stars in the annual GRESB sustainability
assessment for the sixth year running, with a score of 94 points
out of 100. NSI was also recognised as Regional Sector Leader
Listed and Global Sector Leader Listed in the category Offices.
EPC energy performance certificates
1
by value show that
per year-end 2025 96% of labels are A or higher.
BREEAM by value
2
NSI is committed to lower the energy usage of its buildings and
continued investing in its assets for this purpose in 2025. These
investments, and investments in prior years, explain the fall in
energy intensity in 2025 to 109 kWh/m
2
/year
3
, and are expected
to result in a further decline in 2026.
The portfolio is already well below the CRREM defined pathway
for The Netherlands and is on track to achieve Paris-alignment
(85kWh/m
2
/year) by 2035.
1 Excluding Vitrum
2 Excluding Leiden (Life Sciences). Note that this metric is by value and not by square
meter (as presented elsewhere).
3 100% data coverage, excluding Leiden (Life Sciences).
18 NSI Annual report 2025
* NSI Actual is excluding Leiden life science assets
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
19 NSI Annual report 2025
Risks and risk management
Risk management vision
At NSI, risk management is an integral part of how we conduct
our business and safeguard investor value, underpinned by robust
governance. Doing business involves taking risks. Understanding
and managing risk is fundamental when evaluating investment
opportunities and defining our strategic direction. Management
decisions are made in alignment with NSI’s defined risk appe-
tite. Risks are identified, assessed, managed, and monitored on a
c
ontinuous basis.
NSI’s risk management framework addresses what are deemed
the key risks for the business. By managing these risks in a struc-
tured and proactive manner, we enhance our ability to execute
o
ur strategy and meet performance targets, all whilst taking into
account stakeholder interests.
Governance
The Management Board is responsible for the organisation,
implementation and functioning of the internal risk management
and control systems that are geared to NSI’s business activities.
Ownership and management of all (identified) risks is assigned to
the Management Board and is managed and monitored during the
year in cooperation with senior management.
The Supervisory Board supervises the design and operation of
the internal risk management and control systems. The Audit
Committee supports the Supervisory Board in the performance of
this supervision.
The Audit Committee discusses the findings of the external
auditor regarding the company’s internal control environment
with the Management Board and the external auditor, and moni
-
tors compliance with recommendations and follow-up action on
is
sues raised by the external auditor. Throughout the year, the
findings of the internal audits are also reported to and discussed
with the Audit Committee.
Risk and control framework
The NSI risk and control framework is based on COSO ERM.
The risk management process includes risk appetite setting,
which is linked to our strategy and is input for our general risk
management approach. Focus is placed on the main areas of risk
exposure. There is a structured top-down and bottom-up approach
to risk identification, assessment, management, monitoring and
reporting activities. The risk and control framework is assessed
regularly; adjustments are made if required.
Risk appetite
To achieve our strategic objectives, we sometimes need to accept
risks to a certain extent. The extent to which we are willing to
incur risks in attaining our objectives (i.e. our “risk appetite”) varies
from risk to risk. As to strategic risks, we seek the right balance
between risks and our long-term objectives. The risk appetite per
risk is indicated in the risk table.
Risk management process
Risk identification is integrated by embedding it into regular risk
assessment, strategic and operational planning and internal control
and incident reporting. Risks are identified from various perspec-
tives, on all levels of the organization, on a continuous basis. NSI
use
s scenario analysis models to assess risk impacts, enhancing
awareness of business model sensitivity. Risk identification,
assessment, management, monitoring and reporting is iterative and
reassessed at least annually to reflect changing conditions.
Risk impact is judged primarily by its effect on financials, but also
on NSI’s strategy, covenants, and reputation, including potential
media attention or legal claims. The likelihood of risks materializing
is assessed based on, amongst others, historical experience, fore-
cast scenarios, understanding of market developments (i.e. regula-
tory or industry) and leveraging of internal experts’ evaluations on
c
hance of occurrence. How risks are managed is determined based
on impact and likelihood of occurrence of the risk, in relation to the
risk appetite and the financial and organizational costs of mitiga-
tion. Risk management and monitoring activities are enforced by a
risk and
control matrix. Responsibilities are assigned and controls
are embedded as much as possible in systems and processes, with
proper segregation of duties. Monitoring and reporting ensure risk
assessments remain up-to-date and are revised when needed.
Effective risk management is supported by a strong control envi-
ronment with a clear tone at the top from the Management Board
on
the importance of risk awareness and solid management thereof.
Effectiveness risk and control framework
Throughout 2025 NSI continuously monitored the operating effec-
tiveness of internal controls. Both the automated internal controls
(Gener
al IT Controls and Application Controls) as well as manual
controls. Review of the operating effectiveness is embedded in
Strategy
Risk appetite
R
i
s
k
r
e
p
o
r
t
i
n
g
R
i
s
k
i
d
e
n
t
i
f
i
c
a
t
i
o
n
R
i
s
k
a
s
s
e
s
s
m
e
n
t
R
i
s
k
m
o
n
i
t
o
r
i
n
g
R
i
s
k
m
a
n
a
g
e
m
e
n
t
Strategic risks
Operational risks
Financial risks
Compliance risks
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
20 NSI Annual report 2025
processes and enforced by, for example, checklists. Internal audit
and our external auditor independently review internal controls,
including its operating effectiveness, on a risk-based and rota-
tional basis. Recommendations from such reviews are turned into
r
emediation plans and follow-up is tracked periodically by the
Management Board and the Audit Committee.
No major deficiencies in the internal risk management and
control systems have occurred in the financial year under review,
nor major incidents. The internal risk management and control
systems are designed to provide appropriate comfort that the key
operational and compliance risks are effectively managed and the
Management Board is not aware that these systems do not provide
appropriate comfort. The systems provide limited assurance that
the sustainability reporting risks, and reasonable assurance that
financial reporting risks, are effectively managed.
A cyber security audit conducted during the year identified three
higher risk findings, all of which have been remediated. No such
findings emerged from the audit of the risk management process,
which was assessed as well organized and maintaining a clear
overview of key risks, with some improvement opportunities in
more complete documentation.
The Management Board is aware that risk management and
control systems cannot provide an absolute guarantee with
respect to achieving the business objectives and preventing signi
-
ficant errors, losses, fraud or the violation of laws or regulations.
Implemented or planned improvements in the risk
management system
In 2025, the risk and control framework was reviewed by the
Management Board. Based on this review and an analysis of best
practices amongst listed companies, the risks were redefined to
increase focus on the key risks. Assessment of impact and likeli-
hood was revised in some instances. The adjusted risk matrix was
d
iscussed with the Audit Committee.
In line with Dutch Corporate Governance Code requirements,
sustainability reporting has been separately assessed and was
subjected to comprehensive sustainability reporting risk assess-
ment. Other improvements to the risk management systems
c
onsist of remediations in response to findings from internal audit
reviews. Furthermore, the dependency on key individuals within
the organisation was reduced through enhanced documentation
of processes and cross-training of staff.
The Management Board is continuously seeking to improve the risk
management and control systems and to adapt to changing internal
and external circumstances. Controls are appropriate for the size
and complexity of NSI and the business, yet, potential for impro-
vement remains. Formal documentation of controls and the further
r
eduction of key individual dependencies remain areas of attention.
Risk management policy for financial instruments
Reference is made to note 23 to the consolidated financial state-
ments for a description of the financial instruments risk manage-
ment policy.
Fraud risk assessment
The management of fraud risks is an integral part of NSI's risk
management. Periodically, brainstorm sessions are organized
to retrieve relevant risks bottom-up and to increase awareness
amongst employees on acceptable behaviour. The fraud themes
most envisioned by our employees as possible fraud themes relate
to misuse of the expense policy, the procurement to pay process,
possible theft of company property and dealings with suppliers in
the investments and asset management process.
There have been no known incidents in relation to fraud in 2025
.
S1 Changing macro-economic environment
S2 Changing tenant demand (way of working)
S3 Access to capital
01 People
02 Execution development projects
03 Supply chain and project sourcing
04 Data integrity and cyber security
05 Fraudulent transactions
F1 Interest rate volatility
F2 Tax
C1 Laws and regulations
C2 Governance
O3
F2
S3
O2
O1
F1
O4
S1 S2
very highhighmediumlowvery low
very low
low
medium
high
very high
low
medium
high
very high
very low
IMPACT
LIKELIHOOD
RISK APPETITE
C1
C2
05
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Strategic risks
21 NSI Annual report 2025
Changing
macro-economic
environment
Executive
responsible: CEO
Strategic Pillar
Customer
first
Amsterdam
specialist
Growth
Volatile macro and geopolitical condi-
tions are (amongst others) impacting
investments, tenant decisions and
costs; visible in (amongst others)
occupancy, cost predictability, and
asset value accurateness.
NSI focuses on Amsterdam and the
other G4 cities (Utrecht, Rotterdam,
The Hague), known for strong econo-
mies, tenant demand, and transparent,
liquid markets. Our asset manage-
ment team closely monitors tenants,
anticipating shifts early. Most rental
contracts include indexation clauses to
offset inflation. The portfolio is exter-
nally appraised twice yearly under
RICS standards.
Changing tenant
demand
(way of working)
Executive
responsible: CEO
Strategic Pillar
Customer
first
Sustainability
leader
Tenant needs are evolving with new
business practices and technology.
Demand focus grows on quality,
services, location, sustainability, and
flexibility. With a medium- to long-term
horizon, adaptability is essential—and
a source of advantage.
NSI concentrates on high-quality,
efficient, and sustainable assets in G4
city centers and transport hubs. These
prime locations attract talent and align
with tenant preferences, supporting
profitable, multi-functional services.
The HNK flex platform enables swift
adaptation to demand shifts, reinforced
by systematic customer satisfaction
monitoring.
Access to capital
Executive
responsible: CFO
Strategic Pillar
Sector
smart
Sustainability
leader
Growth
NSI’s core business is the investment
of capital provided by shareholders
and lenders, with maintaining a low
cost of capital essential to future
growth. Equity issuance remains chal-
lenging, as shares trade below net
asset value and liquidity is constrained
by concentrated ownership. On the
debt side, key risks include refinancing
and covenant compliance, while NSI’s
relatively small scale and the limited
depth of the Dutch financial market
may restrict access to new unsecured
funding.
NSI pursues long-term value creation
through a high-quality portfolio, stable
dividends, active asset management,
acquisitions, and value-add deve-
lopments, supported by transparent
Investor Relations. Funding is diversi-
fied across instruments and maturities,
with proactive refinancing, strong
financier relationships, and covenant
compliance reinforced by stricter
internal limits and scenario-based
liquidity forecasting.
S1
very low low medium high very high
S2
medium
medium
high
high
highvery high
S3
high
high
medium
neutral
neutral
neutral
*Before mitigation
Risk Description of risk
Risk
appetite
Risk
trend
Assessment* Mitigating measure
Impact
Likelihood
Risk Description of risk
Risk
appetite
Risk
trend
Mitigating measure Assessment*
Impact
Likelihood
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Operational risks
People
Executive
responsible: CEO
NSI depends on skilled, healthy employees
to deliver its strategy. The key risk is
failing to attract and retain talent, espe
-
cially in critical roles.
NS
I manages staffing in line with its
strategy, supporting employees through
training, performance feedback, fair and
equal pay, and well-being initiatives such
as healthy lunches, sports activities, and
optional health assessments. Regular
satisfaction surveys guide workplace
improvements, while a strong employer
proposition—combining a close-knit
culture with listed-company professiona
-
lism—helps attract talent.
Execution
development projects
Executive
responsible: CEO
Development plans may not convert into
profitable, attractive assets. Key chal-
lenges include execution, stakeholder
al
ignment, timing, unforeseen issues, and
evolving occupier needs such as sustaina
-
bility. Potential impacts are weak leasing,
del
ayed returns, and below-target values.
Before commencing any (re)development,
NSI conducts detailed risk assessments,
updated throughout each project phase
with input from external experts. Projects
advance only if expected returns meet
internal hurdle rates, factoring in costs and
timelines, and may be paused or cancelled
prior to construction if risks are deemed
excessive. External expertise complements
internal capabilities, and lessons learned
are systematically applied to strengthen
project risk management.
Supply chain and
project sourcing
Executive
responsible: CEO
Development and maintenance face
supply chain risks such as material shor-
tages, labor constraints, rising costs, and
c
ontractor defaults. These can negatively
impact project timing and profitability.
NSI manages market and execution
risks by consulting external experts and
vetting contractors upfront. We build in
cost buffers where feasible and prefer
fixed-price contracts for larger (re)deve
-
lopments.
Data integrity and
cyber security
Executive
responsible: CFO
Effective IT risk management is critical
to safeguarding business continuity.
Cyber incidents, data integrity breaches,
or system failures could disrupt core
operations, result in data loss, compromise
confidentiality, damage reputation, and
impair the timeliness and accuracy of
reporting, thereby affecting decision-ma
-
king and overall performance.
NS
I prioritizes the security, continuity,
and quality of its IT systems, supported
by external expertise. A cyber audit in
2025 identified issues that were promptly
resolved. Employees receive ongoing
training, including feedback from phishing
simulations, to strengthen awareness.
Tested fallback procedures and cyber
insurance are in place to minimize opera
-
tional disruption and financial impact in
the
event of incidents.
Fraudulent
transactions
Executive
responsible: CEO
NSI faces risks related to fraud and
corruption, whether through dealings
with dishonest external parties or poten
-
tial internal misconduct. Such incidents
c
ould adversely affect financial results,
undermine compliance, and damage the
company’s reputation
High Low
NSI conducts business only with reputable
parties and applies standard KYC checks
in due diligence for transactions, leases,
suppliers, and partnerships. Fraud detec
-
tion measures, including resale monito-
ring, are in place to identify irregularities.
In
ternally, all employees are required to
sign a Code of Conduct and have access to
a whistleblower policy to report concerns
confidentially. Expected behaviors are
reinforced through regular townhalls,
ensuring awareness and accountability
across the organization.
O1
O2
O3
O4
O5
22 NSI Annual report 2025
very low low medium high very high
medium high
highhigh
high low
medium high
lowhigh
medium
medium
medium
medium
very low
neutral
decreased
neutral
neutral
neutral
*Before mitigation
Risk Description of risk
Risk
appetite
Risk
trend
Assessment* Mitigating measure
Impact
Likelihood
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
23 NSI Annual report 2025
Financial (reporting) risks
Interest rate
volatility
Executive
responsible: CFO
Interest rate fluctuations can impact
funding costs and the value of financial
derivatives.
As a long-term real estate investor,
NSI seeks to secure debt financing
with long maturities. Interest rate risks
on variable debt are managed using
hedging instruments, with no intention
to engage in interest rate speculation.
Tax
Executive
responsible: CFO
Tax law changes pose a risk to NSI’s
financial position and result volatility.
Recent measures include the changes
to the Dutch REIT (FBI) regime—requi-
ring NSI as an FBI to hold real estate in
taxable subsidiaries from 2025—and
changed interest deductibility rules.
The latter limits deductions to the
higher of €1M or 24.5% of adjusted
fiscal profit per entity, impacting many
of NSI’s subsidiaries. Rising transaction
tax levels are also impactful.
In 2023, NSI restructured in response
to the upcoming 2025 FBI legislation
change, implementing transfer pricing
and intercompany financing frame-
works. As a result, NSI NV has begun
paying corporate income tax since
that year. Further tax changes (e.g.,
antifragmentation rules) may follow,
and an external advisor supports
ongoing preparation when needed.
F1
F2
very low low medium high very high
Compliance risks
Laws and
regulations
Executive
responsible: CEO
Legal or regulatory breaches—by NSI
staff or in the supply chain—can lead
to reputational harm, legal claims, and
unusable assets.
NSI maintains a Code of Conduct
and regularly updates procedures to
reflect new regulations. It monitors
compliance across its portfolio, espe-
cially in Sustainability and Health &
Safety. Lease contracts require owner
approval for tenant renovations to
ensure obligations (e.g. fire safety) are
met, with tenants liable for resulting
impacts.
Governance
Executive
responsible: CEO
NSI has a large shareholder that is
also active in (office) assets in the
Netherlands and holds a seat in the
NSI Supervisory Board. There is a risk
of conflict of interest.
NSI’s Supervisory Board’s bylaws
contain a provision how to act in case
of (potential) conflict of interest. First
Sponsor and NSI have entered into a
relationship agreement, which further
specifies how potential conflicts of
interest are to be dealt with.
C1
C2
medium
medium
high
high
high
high medium
medium
neutral
decreased
neutral
neutral
low
low
very low
low
*Before mitigation
*Before mitigation
Risk Description of risk
Risk
appetite
Risk
trend
Assessment* Mitigating measure
Impact
Likelihood
Risk Description of risk
Risk
appetite
Risk
trend
Assessment* Mitigating measure
Impact
Likelihood
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
24 NSI Annual report 2025
Culture and behaviour -
soft controls
Great Place to Work
NSI aims to be a truly great place to work—an environment
where people can perform, grow, and thrive. We believe that
long-term value creation begins with our people: when they
have access to the right tools, clear expectations, high-quality
training, and meaningful career opportunities, they can deliver
the customer focus, sector expertise and innovation that
underpin NSI’s strategic pillars.
By cultivating a workplace built on openness, responsibility and
ambition, we ensure that our culture strengthens our position
as a customer-first, Amsterdam-focused, sector-smart, sustai-
nability-driven, and growth-oriented real estate investor.
Our values
We believe that a clear set of values creates a strong sense of
shared identity. Our values provide clarity and direction, define
our culture, and set out the behaviours that support our purpose
and contribute to long-term value creation.
Driven
We work with ambition, take initiative, and always strive for the
best results. Fuelled by our intrinsic motivation to keep impro-
ving, we continuously look for possibilities and new ways to excel.
Our drive underpins our ambition to grow in a calculated and
future-proof way. It strengthens our leadership in sustainabi-
lity, motivating us to set industry benchmarks. Through conti-
nuous improvement, we create long-term value for our custo-
mers and shareholders.
Disciplined
We focus on long-term success and recognise our responsibi-
lity to our stakeholders. As a result, we operate with clear goals
in mind and make informed, well-considered decisions.
Our disciplined approach enables us to make well-reasoned
decisions in the markets we know best. As an Amsterdam
specialist, we use our deep local knowledge to create the right
match between customers and spaces. This focus underpins
strong long-term performance.
Dynamic
We actively respond to change in the world around us with a
flexible mindset and proactive approach. This allows us to
consistently create an advantage and seize opportunities.
Our dynamic mindset enables us to anticipate customer needs and
actively shape the future of how we work and live. This is visible
in the flexible office-offering we have and it also enables us to
pursue opportunities beyond offices. In this way, we remain rele-
vant, flexible and customer-focused in a rapidly changing market.
NSI culture and mindset
NSI aims to cultivate a culture where people feel respected,
valued and able to contribute fully. Diversity of backgrounds,
experiences and perspectives strengthens our organisation
and supports our ability to understand customer needs, inno-
vate within our sector and operate effectively within the dyna-
mics of the real estate market.
Our open and inclusive culture encourages employees to
embody NSI’s values: to work driven, disciplined and find oppor-
tunities in the dynamics around us. This culture is not only a
reflection of who we are, but a strategic enabler: it supports
long-term value creation through better decisions, stronger
teamwork, and a more sustainable organisation.
We embed our cultural values in recruitment, onboarding,
training, performance reviews and leadership expectations.
By attracting talent aligned with our values and strategy—
and by providing a supportive environment that energises our
people—we reinforce the conditions needed to realise the full
potential of our portfolio, investments and capabilities.
Feedback is actively encouraged. Employees are invited to chal-
lenge, contribute ideas and help shape NSI’s continuous impro-
vement journey. Management regularly assesses whether our
behaviour aligns with our values, ensuring cultural consistency
and long-term resilience.
Healthy workplace
Offering a healthy and inspiring working environment is a core
part of who we want to be as an employer, but also part of our
identity as leading office space supplier. We focus on healthy
food (including unlimited free fruit and “green” lunches),
staying active (for example by free participation in sports
events such as the Dam-to-Dam walk or run) and checking up
on our employees’ mental and physical wellbeing by facilitating
an extensive preventative medical examination. In 2026, this
will be complemented by a (voluntary) medical body-scan.
Our culture—characterised by autonomy, responsibility and
flexibility—supports employees in managing their work in a
healthy and balanced manner. The sickness rate at NSI was
5.3% in 2025 (2024: 5.2%), with long-term absence being the
main driver. In 2026, promoting physical and mental wellbeing
will remain a key focus.
Employee engagement
In 2025, NSI conducted an Employee Satisfaction Survey. The
score remained at about the same high level as last year 7.8
(2024: 7.9). Clear improvements versus 2024 were made on
having a clear strategy and internal communication. Almost all
employees are (very) satisfied with their jobs, seeing less than
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
5% negative scoring on questions related to job satisfaction,
about 10% neutrals, and the remainder positive to very positive.
Improvement in 2026 will mainly be sought in boosting coope-
ration across departments and attention to career development
and coaching.
Transparent communication remains essential: the Manage-
ment Board hosts quarterly and mid-quarter sessions to update
employees on performance, strategic developments and key
projects. The intranet continues to be an important platform for
sharing updates and reinforcing internal connectivity.
Training and development
NSI invests in its people as a key driver of long-term value crea-
tion. Every employee is encouraged to make a personal deve-
lopment plan with their manager and HR to support career
progression, capability building and alignment with NSI’s stra-
tegic pillars.
We offer extensive training opportunities, including external
courses and also further education focused on real estate such
as MSRE and deepening finance knowledge, such as CFA. All
staff has access to a digital learning platform focused on
strengthening professional and behavioural skills. In 2025
employees spent 22 hours on this platform (2024: 50). For 2026,
focus will be on also deepening knowledge and skills in AI.
To enhance team effectiveness, NSI continues to use Profile
Dynamics® as a tool for team understanding, improving colla-
boration and aligning individual strengths with the organisati-
on’s needs. New employees receive a Profile Dynamics® chart
as part of their onboarding.
25 NSI Annual report 2025
Veerhaven 16-18
Location
Rotterdam
Size
1.641 m
2
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
26 NSI Annual report 2025
Diversity and Inclusion
Diversity and inclusion
NSI established a diversity and inclusion policy in 2023 which
has been updated in 2024. The most recent version can be found
on the company website. This policy adds additional targets on
gender balance beyond the legal requirement for the Super-
visory Board of at least 1/3 male and 1/3 female members. For
2025, NSI fully complies at the Board levels and made good
progress at the senior management level, which shows a signi-
ficant improvement versus 2024.
The Management Board fully supports a diverse workforce in
its broadest sense, and specifically in male/female composi-
tion. Clear targets are set on this composition for the Super-
visory Board and Management Board. To also address cognitive
diversity and welcome diverse talents, NSI has incorporated the
‘Profile Dynamics” methodology. Other diversity that is consi-
dered are a.o. experience, age, handicap, nationality, (cultural)
background, social status and political preference.
Supervisory Board
Female (#2)
40%
target: 33%
Male (#3)
60%
target: 33%
Management Board
Female (#1)
50%
target: 50%
Male (#1)
50%
target: 50%
Senior Management
Female (#5)
38%
target: 50%
Male (#8)
62%
target: 50%
2024 (#2)
40%
2024 (#1)
50%
2024 (#3)
25%
2024 (#3)
60%
2024 (#1)
50%
2024 (#9)
75%
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
27 NSI Annual report 2025
Application and compliance
with codes of conduct
Commitment to integrity
NSI is committed to conducting its business with integrity,
honesty, and in full compliance with applicable laws. This
commitment is embedded in the company’s Code of Conduct,
which sets clear expectations for ethical behavior and provides
guidance on matters such as handling gifts, preventing conflicts
of interest, and safeguarding against corruption.
Employees
All new staff and temporary workers receive the Code of
Conduct and must sign off on it. Employees reconfirm their
commitment annually. A whistle-blower procedure is in place
to report suspected irregularities without risk to employment.
No issues were reported in 2025.
Suppliers
In 2024, NSI introduced a Supplier Code of Conduct covering
human rights, anti-corruption, and chain responsibility.
Investor Communications
As a Dutch listed entity, NSI maintains a policy to ensure equal
and simultaneous distribution of information to investors,
shareholders, analysts, and the press.
Transparency
Both the Code of Conduct and the Investor Communication
policy are available on the company’s website.
Integrity Record
No integrity-related incidents were reported in 2025.
HNK Utrecht
Centraal Station
Location
Utrecht
Size
9.149 m
2
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
28 NSI Annual report 2025
Future Outlook
Outlook 2026
NSI operates in a Dutch office market that remains clearly bifur-
cated. Demand continues to concentrate on high-quality, sustai-
nable and centrally located office buildings, while secondary
assets face structural pressure. Limited new supply, stricter
sustainability regulation and high construction costs continue
to support the relative positioning of modern assets in strong
urban locations. At the same time, macroeconomic conditions,
investor sentiment and interest rate developments continue to
influence transaction volumes and market valuations.
The development of rental income and profitability is primarily
dependent on leasing performance, occupancy levels, rental
growth, cost control and financing expenses. Following the
progress made in 2025, including solid pre-letting results at
HNK Rotterdam Alexander - and continued focus on vacancy
reduction, NSI expects operational performance to develop in
line with previously communicated guidance. The further stabi-
lisation of assets such as HNK Rotterdam Alexander, Vivaldi II
and the
planned repositioning of Glass House will be important
drivers of cash flow development in the coming year and beyond.
NSI will continue to invest in its existing portfolio, particularly
where investments enhance letting prospects, sustainability
performance and long-term asset quality. Capital expenditure
is carefully balanced against expected returns and balance
sheet metrics. In addition, the company maintains a disciplined
capital allocation framework, allowing for selective acquisitions
where opportunities meet strict strategic and financial criteria.
Capital recycling remains an integral part of this framework
and may include disposals where this optimises risk adjusted
returns or strengthens the balance sheet.
The company pursues a prudent financing strategy focused on
maintaining a conservative loan-to-value ratio and strong inte-
rest coverage. NSI benefits from diversified funding sources
and a well-spread maturity profile, limiting short-term refinan-
cing risk. Nevertheless, the level and trajectory of market inte-
rest rates remain a relevant factor for future financing costs
and profitability.
NSI operates with a lean and specialised organisation, focused
on active asset management and portfolio optimisation. The size
and composition of the workforce are aligned with the current
portfolio and strategic priorities while allowing for scale bene-
fits. No material changes in personnel structure are expected in
the near term. Continued investment in expertise and systems
supports the execution of the company’s strategy.
Activities relating to research and development are primarily
embedded in the continued development and refinement of
NSI’s office concepts, most notably HNK. The company conti-
nues to further elaborate the HNK proposition by enhancing
service levels and hospitality-driven elements, as well as inte-
grating additional amenities within its buildings. This ongoing
concept development is combined with investments in sustai-
nability, digitalisation and data-driven asset management.
These initiatives are aimed at strengthening tenant retention,
improving letting prospects and safeguarding the long-term
competitiveness and value of the portfolio.
The outlook remains subject to external uncertainties, inclu-
ding macroeconomic developments, geopolitical risks, regula-
tory changes, movements in interest rates and capital market
conditions. In addition, events occurring after the balance
sheet date, which are not reflected in the financial statements,
may influence future expectations. Such developments could
affect property valuations, financing costs, leasing markets and
overall profitability.
Based on its focused portfolio, conservative financial profile
and disciplined strategy, NSI believes it is well positioned to
navigate market volatility while continuing to work towards
sustainable long-term value creation for its shareholders.
HNK Amsterdam
Houthavens (render)
Location
Amsterdam
Size
10,572 m
2
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
29 NSI Annual report 2025
Other topics
Information specified in Article 10 section 1 a - k of the
EU Takeover Directive
EU Directive 2004/25/EC of 21 April 2004 (Takeover Directive)
requires that companies the securities of which are admitted
to trading on a regulated market publish detailed information
in their annual report about the matters listed in paragraph 1 of
Article 10 of the Directive. The following section contains this
information about NSI.
a Capital structure, classes of shares, rights and obligations
attached to shares
The authorised capital of the company is EUR 99,568,556.46
and is divided into 27,056,673 ordinary shares, each with a
nominal value of EUR 3.68). At 31 December 2025, 20,155,221
shares were issued and fully paid up. 398,675 shares have been
issued by the company during 2025 through stock dividend.
Per year-end 2025, 635,954 shares are held by the company as
treasury shares. The capital does not include securities which
are not admitted to trading on a regulated market in a Member
State.
Classes of shares
There are no different classes of shares. All shares have equal
entitlement to the company’s profit and reserves. Shareholders
have the right to cast one vote for each ordinary share held. The
treasury shares have no voting rights, nor any entitlement to
dividend distributions.
Rights attached to shares
The rights vested in the shares are laid down in the Company’s
Articles of Association, which may be inspected on NSI’s
website. All shareholders shall be authorised – either in person
or through a person with a written proxy – to attend the General
Meeting, speak at the meeting and vote at the meeting. This
does not apply to treasury shares held by NSI. Shareholders
who individually or jointly represent at least three percent (3%)
of the company’s issued share capital may request that items be
added to the agenda of the General Meeting of Shareholders.
Such a request is granted if it is received in writing at least 60
days before the meeting, stating the reasons for said request.
Obligations attached to shares
Unless the provisions of article 2:80 of the Dutch Civil Code
apply, the nominal amount shall be paid on a share when sub-
scribing for that share, as well as the difference between the
nominal amount and a higher amount if the share is subscribed
for that higher amount.
Payments on shares must be made in cash unless an alternative
contribution has been agreed upon. Payments in another cur-
rency than in which the nominal value of the shares is denomi-
nated can only be made upon approval by the company.
b Restrictions on the transfer of shares
NSI has not placed any restrictions on the transfer of its shares.
c Significant shareholdings
Notifications pursuant to the Dutch Disclosure of Major
Holdings and Capital Interests in Securities-Issuing Institutions
Act were received from holders of ordinary shares representing
more than 3% of the company’s capital. According to the most
recent notifications, these interests were as follows:
31 December
2025
31 December
2024
First Sponsor Group ltd
29.0%
22.0%
Compass Asset Management SA 5.1% 5.1%
Boron Holding N.V. 5.0%
NSI N.V. (Treasury shares) 3.2% 5.0%
Zürcher Kantonalbank 3.1%
BlackRock, Inc. 3.3%
d Securities with special control rights
No securities with special control rights have been issued.
e The system of control of employee share schemes
The Management Board of NSI N.V. is, in accordance with the
2025 Long-Term Incentive bonus policy, awarded NSI shares.
However, those shares and the rights attached to those shares
are held and controlled directly by the Management Board
members as from the moment of lifting of the holding period.
There is no other employee share scheme granting rights to
employees to acquire shares in the company or any of its subsi-
diaries.
f Restrictions on voting rights, such as limitations of the
voting rights of holders of a given percentage or number
of votes, deadlines for exercising voting rights, or systems
whereby, with the company’s cooperation, the financial
rights attaching to securities are separated from the
holding of securities;
Shareholders may cast their votes in person or by proxy. All
resolutions of the General Meeting of Shareholders are passed
with an absolute majority of the votes cast, unless a larger
majority is required by law or under the Articles of Association.
Deadlines for attending and exercising voting rights in General
Meetings of Shareholders
Shareholders – and those deriving their right to attend or to at-
tend and vote from shares for other reasons – shall notify the
Management Board of their intention to attend no later than
the date stated in the notice convening the meeting and in the
manner stated in that notice in order to be allowed to attend the
General Meeting and (to the extent that they have a vote) to be
allowed to participate in voting.
The notice convening the meeting shall state the date by which
the Management Board must have received the notification and
the manner in which this notification must be given; this date
may not be earlier than on the seventh day before the day of the
General Meeting.
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
NSI does not cooperate with the issuance of depositary receipts
for its shares.
g Shareholder agreements resulting in transfer or voting
restrictions
The company is not aware of any agreements between share-
holders that may result in restrictions on the transfer of shares
or restrictions on the exercise of voting rights within the
meaning of Directive2001/34/EC.
h The rules governing the appointment and replacement
of board members and the amendment of the articles of
association;
Appointment and replacement of management board members
The company is managed by a Management Board consisting
of two members.
The General Meeting shall appoint and dismiss the members
of the Management Board. Each member of the Management
Board will be appointed for a term of not more than four (4)
years, and shall be eligible for re-election.
The General Meeting may suspend or dismiss a member of the
Management Board at any time, providing the resolution to
that effect is passed with a majority of at least two thirds of
the votes cast that also represents more than half of the issued
capital.
The Supervisory Board shall be authorised to suspend any
member of the Management Board at any time.
Appointment and replacement of Supervisory Board members
The members of the Supervisory Board shall be appointed by
the General Meeting. A Supervisory Board member is appoint-
ed for a period of four years and may then be reappointed once
for another four-year period. The Supervisory Board member
may then be reappointed again for a period of two years, which
appointment may be extended by at most two years.
At the General Meeting only candidates whose names are stat-
ed on the agenda of the meeting can be voted on for appoint-
ment as member of the Supervisory Board.
Each member of the Supervisory Board can at all times be
suspended or removed from office by the General Meeting. A
resolution to suspend or remove a member of the Supervisory
Board requires a majority of two thirds of the votes cast, repre-
senting more than one half of the issued capital of the company.
Amendment of the Articles of Association
If a proposal to amend the Articles of Association is put to the
General Meeting, that proposal shall always be stated in the
notice convening the General Meeting.
The shareholders shall be given the opportunity to obtain a
copy of the proposal, from the day when the proposal is filed
at the company’s offices until the day of the General Meeting.
These copies shall be provided free of charge.
A resolution to amend the Articles of Association may only
be passed by a simple majority of the votes cast at a General
Meeting.
30 NSI Annual report 2025
i The powers of board members, and in particular the power
to issue or buy back shares
The Management Board is tasked with managing the company,
in accordance with the law and the articles of association which
may require the Management Board to obtain prior approval of
the general meeting or of the Supervisory Board before making
a decision or perform legal actions. The Management Board
shall represent the company, unless Dutch law provides other-
wise.
Issuing of shares in general
Shares can only be issued pursuant to a resolution of the Gen-
eral Meeting if the General Meeting has not designated this au-
thority to another corporate body of the company for a period
not exceeding five years. Unless otherwise decided, the desig-
nation cannot be revoked. The designation may be extended
from time to time, for periods not exceeding five years. A res-
olution of the General Meeting to issue shares or to designate
another corporate body of the company authorised to do so can
only take place at the proposal of the Management Board and
after prior approval of the Supervisory Board.
The resolution to issue shares shall stipulate the price and
further conditions of the issue of the relevant shares.
Upon the issue of shares, each holder of shares shall have a
preferential right to subscribe for shares being issued in pro-
portion to the aggregate nominal amount of his existing shares,
unless such right is withheld by mandatory provisions of the
law.
The preferential right can be limited or excluded by the General
Meeting subject to the formalities prescribed by law or by the
corporate body of the company authorised to issue shares if it
has been given this authority.
Buyback of shares in general
The company may acquire shares in its own share capital for no
consideration. The company may also acquire shares in its own
share capital for valuable consideration if and in so far as:
a its shareholders equity less the purchase price for these
shares is not less than the aggregate amount of the paid up
and called up capital and the reserves which must be main-
tained pursuant to the law;
b the aggregate par value of the shares in its capital which
the company acquires, already holds or on which it holds a
right of pledge, or which are held by a subsidiary company,
amounts to no more than one-tenth of the aggregate par val-
ue of the issued share capital; and
c the General Meeting has authorized the Management Board
to acquire such shares, which authorization may be given for
no more than eighteen months on each occasion.
Any acquisition by the company of partly paid-up shares in its
own capital or depositary receipts for those shares shall be null
and void, notwithstanding the provisions of article 2:98 para-
graph 6 of the Dutch Civil Code.
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
31 NSI Annual report 2025
Powers of board members, to issue or buy back shares
In the General Meeting of Shareholders of 17 April 2025 the
Management Board was authorized to:
• issue ordinary shares including the granting of rights to ac-
quire ordinary shares after having obtained approval from
the Supervisory Board limited to a maximum of 10% of the
outstanding number of shares on the date of issue. This au-
thorisation was limited to a period of 18 months, which period
can be extended at a meeting of shareholders at the request
of the Management Board and Supervisory Board. the Man-
agement Board was also designated as the body authorised
to limit or exclude the pre-emptive rights that take effect
upon the issue of ordinary shares or granting of rights to ac-
quire ordinary shares (after having obtained approval to do
so from the Supervisory Board).
• issue ordinary shares, without limitation or exclusion of
pre-emptive rights, including the granting of rights to ac-
quire ordinary shares (after having obtained approval from
the Supervisory Board). This authorisation is limited to a
maximum of 20% of the outstanding number of shares on the
date of issue, in excess of the 10% referred to above. This
authorisation is limited to a period of 18 months, which period
can be extended at a meeting of shareholders at the request
of the Management Board and Supervisory Board.
• buy back the company’s own shares on the stock market
or otherwise, up to a maximum of 10% of the outstand-
ing number of shares, on condition that the company may
not hold more than 10% of the issued capital (after having
obtained approval for this from the Supervisory Board).
Ordinary shares can be acquired via any agreements, in-
cluding stock market and private transactions, for a price
of at least the nominal value of a share and at most 10%
above the average closing price of the share calculat-
ed over five trading days prior to the day of purchase, as
published by Euronext Amsterdam on its official website.
This authorisation was limited to a period of 18 months, which
period can be extended at a meeting of shareholders at the
request of the Management Board and Supervisory Board.
j Change of control agreements
The agreements that NSI has with its financiers include the
provision that in the event of a change in the control of NSI, the
financiers have the possibility of demanding that the loans be
redeemed early. This could for instance come into effect after
a successful public offer for the NSI shares.
k Agreements between the company and its board members
or employees providing for compensation if they resign
or are made redundant without valid reason or if their
employment ceases because of a takeover bid
The board agreements with members of the Management
Board contain specific provisions regarding benefits upon
termination of those agreements. Severance arrangements are
limited to one year’s base fee. No severance payment will be
made if the agreement is terminated early on the initiative of
the Management Board member or in the case of serious imput-
able or negligent behavior.
The 2025 Remuneration Policy - which was approved at the 17
Apil 2025 AGM - contains a change of control clause, which
provides for immediate vesting at 100% (i.e. “at target”, irres-
pective of the actual performance) and lifting of the holding
period, to enable the Members of the Management Board to
dispose of their shares in the situation of a change of control.
The immediate vesting at 100% will be pro rata for the time
passed in the plan during the vesting period of three years (i.e.
1/3 in year one, 2/3 in year two, full in year three). This change
of control clause applies irrespective of whether or not the
employment ceases and if it ceases whether or not it ceases
because of a takeover bid.
The Company has made no other agreements with members of
the Management Board or employees that provide for remunera-
tion upon termination of employment resulting from a public bid
withi
n the meaning of Article 5:70 of the Financial Supervision
Act.
Bentinck Huis
Location
The Hague
Size
6,066 m
2
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
32 NSI Annual report 2025
De Rode Olifant
Location
The Hague
Size
9,993 m
2
Sustainability
Our Ambition 33
Future-proof buildings 34
Energy and carbon 35
Social Engagement 36
Sustainability governance and risks 37
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Sustainability
33 NSI Annual report 2025
Sustainability is an integral part of NSI’s long term value creation strategy. Our busi-
ness model is geared towards owning and developing flexible and adaptive buildings. We
i
nvest in decarbonising our portfolio by reducing energy intensity and shifting towards
the usage of renewable energy sources, and creating inspiring, flexible working environ
-
ments articulated around the health and well-being of our occupants.
We are pleased about our 5-star GRESB rating, for a sixth year
running, and at a 94 rating we are among the industry leaders.
We are also proud of our fouth EPRA sBPR gold award. 2025
marked the third year in our journey towards aligning our port-
folio with the Paris Climate Agreement targets, and we are
satisfied with our reduction in energy intensity over the year.
Considering the secular changes brought on by the last couple of
years, we are more convinced than ever that a robust, ambitious
and comprehensive sustainability strategy will be a key differen-
tiator for our long-term success.
Our Ambition
The focus of our sustainability efforts is on the environment, as we believe this is where
our efforts can make the biggest difference. In line with our strategy, we have shaped
our sustainability ambition around three pillars, two of which focus on environmental
impact and one on social impact: ‘Future-proof buildings’, ‘Energy and carbon’ and ‘Social
engagement’.
HNK Amsterdam
Houthavens
Location
Amsterdam
Size
10,572 m
2
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Future-proof buildings
We aim to own buildings that are resilient, adaptive and reflect
our commitment to best-in-class sustainable building standards.
Own assets that are
sustainability-certified.
Formally the only sustainability regulatory requirement in the
Netherlands for the renting out of commercial space is to have
an EPC label of at least C as of 1 Jan 2023. At NSI we are already
well ahead of that target (96%
1
at label A or better and no assets
below C) and we consider a more ambitious goal to be necessary
both from the perspective of climate urgency as well as from a
tenant demand and, eventually, a regulatory point of view.
Given the urgency in adopting a science-based solution to
climate mitigation plus increased energy costs, we see more
benefits in choosing a more complete approach, like Paris
alignment. Early 2026, we completed the renovation of HNK
Rotterdam Alexander, which is turned into a highly sustainable
asset at an estimated 65kWh/m
2
energy intensity, well below
Paris-Proof standards. We anticipate an A+++ EPC-label and an
‘Excellent’ BREEAM-NL In-Use ranking.
Strive for a minimum BREEAM
“Very Good” rating for assets.
We appreciate BREEAM’s multifaceted contribution to the defi-
nition of sustainability and consider the label to be a recogni-
zable sign of validation in terms of sustainability.
1.
In 2025, NSI continued to make progress in its ambition to
progress on the assessment areas. Due to new labelling measures
and recertification, the labels show a negative trend whilst under-
lying the performance has improved significantly. The assets now
sho
w at least a “Very good” label at 75%
2
of our assets (versus
76% under the former BREEAM methodology of 2024).
Focus on climate resilience:
physical risk assessment with a
mitigation plan for every asset.
Assessing and mitigating climate change and the associated
risks are an integral part of our approach towards a future-proof
portfolio. NSI performed an assessment of the net risks of
climate change related heat stress and flooding of its portfolio,
also taking individual asset characteristics into consideration.
This assessment was originally performed in 2022 and revised
in 2025. The assessment amongst others covered risks
related to heat stress, drought, wildfires, waterlogging and
(pluvial) flooding. The assessment identified that from NSI’s
assets, 15 assets were potentially exposed to a higher risk of
pluvial flooding and 1 asset is exposed to a higher risk of river
overflows. Measures to mitigate climate risks have been inte-
grated in the asset plans and no more assets were exposed to
higher risk of heat stress (compared to 9 assets in 2022). More
details on climate risk analyses can be found on the next page.
2.
34 NSI Annual report 2025
3.
Veerkade, Rotterdam
1 Excluding Vitrum and Well House.
2 Excluding Leiden (Life Sciences).
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Energy and carbon
We are committed to aligning our portfolio to a Paris-compliant
decarbonisation trajectory and to striving towards net-zero.
We are striving to decrease our
energy intensity in line with the
1.5c scenario decarbonisation
pathway (as per the CRREM methodology).
NSI is using the Carbon Risk Real Estate Monitor’s (CRREM)
decarbonisation pathways as a point of reference to set energy
reduction targets for our portfolio. According to CRREM, for
Dutch offices to be compliant with the 1.5c Paris scenario, buil-
dings must achieve a maximum energy intensity of 85 kWh/m
2
/
year by 2034.
At year-end 2025 the total (tenant + building-related) average
energy consumption of our portfolio (excluding the Leiden
assets) was 109 kWh/m
2
for 2025, down from 110 kWh/m
2
in
2024. We do note that the incremental impact of improvements
decreases as energy intensity and efficiency improves.
1.
All electricity procured by NSI
is obtained from renewable
sources.
All electricity procured by NSI is 100% green, procured from
renewable sources (European wind).
We will offset remaining carbon
emissions only after all other
financially viable measures have
been exhausted.
We aim to reduce our (fossil) carbon footprint through an
increase in energy efficiency and the procurement, where
possible, of energy from renewable sources. Offsets are there-
fore only a measure of last resort, after all other solutions have
been exhausted. Currently, natural gas procurement is fully
compensated using Gold Standards CO
2.
3.
35 NSI Annual report 2025
2.
HNK Rotterdam Scheepvaartkwartier
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Social engagement
We strive to have a long-term positive influence on our tenants,
employees and communities.
Make health and well-being a
priority for our tenants and our
employees.
We believe that the well-being of our employees plays a critical
role in fostering a productive and thriving work environment. We
provide a nutritious and healthy lunch for our employees and offer
fresh fruit throughout the day. In addition, we actively encourage
our employees to participate in sports events and adopt a lifestyle
that promotes fitness. In 2025, we participated in the cycling race
Amstel Gold Race and the running event Dam-tot-Dam-loop. We
also made a preventative medical check available to all of our
staff, focusing on both physical and mental well-being.
In collaboration with research agency Customeyes, we conducted
the annual tenant satisfaction survey in October and November
2025, receiving close to 800 responses from NSI and HNK
tenants.
NSI achieved a Net Promoter Score (NPS) of +17.7 from its
tenants, a +4.1 increase from the +13.6 result of 2024. The overall
satisfaction rate (on a scale of 0-10) was 7.9 (compared to 7.7
in 2024), the highest score in the past five years. The quality
of the communal areas and reception were among the highest
appreciated and highest improvement was seen in the food and
beverage facilities, where emphasis was put on healthy and
diverse options. Satisfaction around climate control within the
buildings and cleaning of the general areas scored lowest and
mitigating actions have been formulated to improve on these
matters in the coming year.
1.
Strive to have a diverse and
inclusive workforce.
NSI is committed to fostering a fair and inclusive working environ-
ment. Our culture is based on the principles of mutual respect
and non-
discrimination irrespective of nationality, age, disability,
gender, religion or sexual orientation. For more information on
diversity, reference is made to the Diversity and Inclusion section
on page 26.
Giving back to our communities
and respect our surroundings.
Creating a positive socio-economic impact in local communities in
and around our assets is important to us. We aim to play an active
role in our communities by building lasting relationships with local
stakeholders and by supporting organisations with a social purpose.
Initiatives we support include donations to charities and support to
several local entrepreneurial organisations (Green business club,
Ondernemersfonds Utrecht, Rotterdam Gala).
Looking back, in 2025 the number of initiatives to support local
communities we participated in was below the level we generally
pursue. Hence, we concluded more emphasis is to be made in this
area in 2026.
3.
36 NSI Annual report 2025
2.
HNK Amsterdam Sloterdijk
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
37 NSI Annual report 2025
Sustainability governance
and risks
ESG – Governance
NSI maintains a transparent and ethical governance framework,
guided by strong leadership and a commitment to maintaining
our reputation. With dedicated ESG Board oversight, we ensure
compliance with evolving regulations while integrating sustaina-
bility and ethical principles into our decision-making processes.
The responsibility for overseeing the day-to-day management
is delegated to a number of key staff. NSI has formed a dedi-
cated sustainability committee that meets monthly to address
(the setting of) targets, implementation and reporting of our
ESG strategy. Both members of the Management Board are
part of this committee, as well as key personnel from different
disciplines in (technical) asset management and controlling.
With this composition, we believe that the committee has the
appropriate expertise and skillset to govern ESG effectively.
Moreover, external experts are engaged when necessary to
support the committee in its ESG activities.
Alignment of performance targets
Personal and corporate sustainability targets are embedded
into the annual performance goals of each employee at NSI.
The Management Board remuneration package also includes
annual and longer-term ESG-related performance goals.
Climate change–related risks (sustainability perspective)
Sustainability is a core element of NSI’s long-term value creation
strategy. As part of our sustainability reporting, NSI performs
a climate change–specific risk analysis focused on the poten-
tial physical and transition impacts of climate change on our
r
eal estate portfolio. This analysis is distinct from, and does
not replace or redefine, the principal risks disclosed in the Risk
Management section, but provides additional insight into clima-
te-related matters relevant from a sustainability perspective.
As a real estate company, NSI is exposed to both physical and
transition risks associated with climate change, which may
increase in importance due to evolving climate conditions and
regulatory requirements. Transition risks are assessed using
CRREM, while physical risks are analysed based on climate
projections relevant to the Netherlands.
In recent years, a detailed climate risk assessment was
conducted, focusing on the most material physical climate
hazards—drought, heat stress and pluvial flooding—as well as
related socio-economic effects that may influence asset resi-
lience and long-term value.
Drought: Climate projections for the Netherlands indicate longer
and more frequent dry periods, particularly during summer
months. Over the coming 20–30 years, this may lead to prolonged
low groundwater levels, increasing the risk of land subsidence and
deterioration of wooden pile foundations in certain areas. These
impacts are generally gradual but may result in higher long-term
maintenance and adaptation requirements for buildings.
Heat: Average temperatures in the Netherlands are expected to
continue rising, with more frequent heatwaves and an increase
in the number of hot and tropical days. In the coming decades,
higher peak temperatures may place growing pressure on
indoor comfort, building performance and energy demand for
cooling. Managing heat stress is therefore expected to become
increasingly relevant for maintaining healthy and productive
working environments.
Pluvial flooding (heavy rainfall): Climate scenarios for the Nether-
lands project an increase in both the frequency and intensity of
he
avy rainfall events. Over the next 20–30 years, this is expected to
raise the likelihood of pluvial flooding, particularly in urban areas.
Potential impacts include water ingress at ground level, reduced
accessibility and short-term disruption to building operations.
Socio-economic effects: Climate-related physical impacts may
increasingly influence asset usability, accessibility and attractive-
ness over the long term. Buildings that are less resilient to heat,
fl
ooding or drought may face reduced tenant appeal, while clima-
te-adaptive assets supported by green and blue infrastructure are
e
xpected to retain value more effectively. These effects are likely
to become more relevant to long-term asset performance in the
Netherlands.
NSI addresses these climate-related considerations through
sustainability measures aimed at reducing its carbon footprint,
developing future-proof buildings and enhancing resilience,
including the integration of green and blue infrastructure where
possible, in cooperation with local authorities.
Stakeholder dialogue
The effectiveness of our sustainability strategy depends on
continuous engagement with internal and external stakeholders,
enabling NSI to validate and refine its ESG priorities. The strategy
is based on a comprehensive assessment conducted in 2018 and
updated regularly.
Surveys among external stakeholders, management, and
employees confirmed the relevance of key ESG topics, grouped
under NSI’s pillars: Future-proof Buildings, Energy & Carbon, and
Social Engagement.
A key outcome is the strong prioritisation of Net Zero Carbon by
all stakeholder groups, underscoring the urgency of reducing
our carbon footprint and supporting the transition to a net-zero
economy. Other topics identified as important include material
use, impacts on natural systems, and climate-related risks.
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Physical climate risks in more detail
Drought 2025 Drought 2050
180 - 210
210 - 240
240 - 270
270 - 300
120 - 150
150 - 180
Potential maximum
precipitation defect (in mm)
180 - 210
210 - 240
240 - 270
270 - 300
120 - 150
150 - 180
Potential maximum
precipitation defect (in mm)
Heat 2025 Heat 2050
6 - 9
9 - 12
12 - 15
15 - 18
0 - 3
3 - 6
Amount of tropical days
(max ≥ 30
0
C)
> 18
6 - 9
9 - 12
12 - 15
15 - 18
0 - 3
3 - 6
Amount of tropical days
(max ≥ 30
0
C)
> 18
3 - 4
4 - 5
5 - 6
1 - 2
2 - 3
Number of days with ≥ 25 mm
of precipitation
Nuisance by precipitation 2050
3 - 4
4 - 5
5 - 6
1 - 2
2 - 3
Number of days with ≥ 25 mm
of precipitation
Nuisance by precipitation 2025
38 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
39 NSI Annual report 2025
Governance
Corporate Governance 40
Management statement 43
Details management board 44
Report of the supervisory board 45
Details of the supervisory board 50
HNK Rotterdam
Scheepvaartkwartier
Location
Rotterdam
Size
23.276 m
2
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
40 NSI Annual report 2025
Corporate Governance
Introduction
In this section, a broad outline of the company’s corporate
governance is presented. For reporting on the matters as speci-
fied in Article 10 section 1 a-k of the EU Takeover Directive, refe-
rence is made to the section Other Topics on page 29.
NSI N.V. is a Dutch public limited company listed on Euronext
Amsterdam. The company applies the Dutch Corporate Gover-
nance Code (updated 20 March 2025). NSI complies with all
best practice provisions, except 1.3.1 on the establishment of a
dedicated internal audit department.
NSI operates a two-tier governance structure consisting of
a Management Board and a Supervisory Board. The Annual
General Meeting of shareholders (AGM) serves as the compa-
ny’s highest governing body.
1. Sustainable Long-term Value Creation
1.1 Introduction
The management board is responsible for the company’s conti-
nuity and sustainable long-term value creation, considering the
impact of its actions on people, the environment and relevant
stakeholder interests, with the supervisory board overseeing
this. In management board report, it explains its vision and
strategy for long-term value creation and outlines the contribu-
tions made during the financial year.
1.2 Risk Management set-up and accountability
NSI has adequate internal risk management and control
systems in place, as described in the Risk Management chapter.
The Management Board oversees compliance with laws and
regulations, effective management of strategic, operational and
financial risks. Periodically, the Management Board reflects on
design and operation of the risk management framework and
discusses this in the Audit Committee. Periodic reporting takes
place for both the Supervisory Board and the AGM.
1.3 Internal Audit Function
Internal audits are carried out during the year by BDO and
discussed with Management and the Audit Committee. As
is the case with many small, listed companies in the Nether-
lands, NSI has no separate department for the internal auditor
function. Consistent with best practice 1.3.1, the Supervisory
Board evaluates each year whether the current set-up remains
sufficient. Overall findings and conclusions are included in the
Supervisory Board report.
1.4 Supervisory Board Role
The Supervisory Board focuses on the interests of the company
and its stakeholders, supervises the policies of the Manage-
ment Board, effectiveness of risk management and internal
controls, financial reporting integrity, and the company’s overall
long-term value creation. The Supervisory Board also acts also
advises the Management Board.
1.5 External Auditor appointment and cooperation
The external auditor is appointed by the AGM. PwC audits the
2025 financial statements; KPMG has been appointed by the
AGM on 17 April 2025, for the 2026 financial year onwards.
NSI published financials also after the first, second and third
quarter of the year, all of which were unaudited. The Audit
Committee discusses the audit plan and key findings with
the external auditor, after the interim and the final year audit.
The Management Board and the Supervisory Board maintain
regular contact with the external auditor.
2. Effective Management and Supervision
2.1 Diversity & Inclusion policy, targets and performance
NSI’s Diversity & Inclusion policy aims to create an equi-
table, respectful, and inclusive workplace by setting gender /
gender-identity diversity targets across key governance bodies
that ensure a balanced representation.
In the table below both the target and realization are reflected
and progress versus the year before. The Supervisory Board
target is in line with Dutch Civil Code 2:142b, with a minimum of
33.3% women or persons identifying as such, and a minimum
of 33.3% men or persons identifying as such. Currently, all
targets are met, with improvement in 2025 towards more
balanced representation at senior management level. The plan
is to continue to meet the targets, which are executed via NSI’s
hiring practices.
2025 2024
Female Male Female Male
# % Target # % Target # % Target # % Target
Supervisory Board 2 40% 33% 3 60% 33% 2 40% 33% 3 60% 33%
Management Board 1 50% 50% 1 50% 50% 1 50% 50% 1 50% 50%
Senior Management 5 38% 25% 8 62% 25% 3 25% 25% 9 75% 25%
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Other diversity aspects that are considered are a.o. experience,
age, handicap, nationality, (cultural) background, social status and
political preference. These aspects are weighed in the composition of
the team but are not recorded nor have target levels.
2.2 Management Board Composition and Evaluation
The Management Board consists of two members: the CEO and
the CFO. The procedure for appointment and reappointment is
specified in section (h) i
n the chapter Other Topics.
Operating procedures and division of duties are defined in the
Articles of Association and Management Board regulations,
available on the company website. The Management Board’s
collective and individual performance is evaluated annually.
2.3 Supervisory Board Composition, Independence, Functioning
and Evaluation
The Supervisory Board, as required by the Articles of Associa-
tion, consists of at least three members and currently has five, all
appointed by the AGM. The procedure for appointmen
t and reap-
pointment is specified in section (h) in the chapter Other Topics.
Next to the Articles of Association,
Supervisory Board (division
of) duties and operating procedures are set out in the Supervi-
sory Board Regulations. Its profile—covering desired size, diver-
sity, independence, and required expertise - is published on the
company website and ensures alignmen
t with NSI’s strategy,
including areas such as finance, sustainability and IT. The expe-
rience and expertise of the individual Supervisory Board members
is detailed on page 50 of this annual report.
Under the agreed upon Relationship Agreement with First
Sponsor Group Ltd (“FS”), FS may propose a candidate for
appointment as Supervisory Board member, subject to assess-
ment against the Board profile, diversity requirements, and
applicable laws and governance standards. FS may also appoint
an Observer under the Relationship Agreement, with as purpose
to replace the FS Supervisory Board member if he cannot be
present. The Chairperson of the Supervisory Board may also
at his discretion invite the Observer to be present for (part of)
Supervisory Board meetings even in the presence of the FS
Supervisory Board Member. FS may at its discretion and always
dismiss the Observer. The Observer does not have any voting or
other governance rights. Further specific governance topics are
covered by the Relationship Agreement, which is available on
the website.
The Supervisory Board is structured to operate independently
and meets the independence criteria of best practice provisions
2.1.7 and 2.1.8; while one member is linked to a shareholder
holding over 10%, the majority remains independent. Special
attention is given to assessing each agenda of a Supervisory
Board meeting for items that could pose a conflict of interest
for the dependent Supervisory Board member, for which he
then is excluded from discussion.
The Supervisory Board monitors the strategy for sustainable
long-term value creation and the related targets. It also over-
sees real estate acquisitions, divestments and investments,
41 NSI Annual report 2025
the financial reporting process, and compliance with laws and
regulations. The Supervisory Board reviews the internal control
framework and the company’s risk assessment. In 2025, the
systems and procedures operated as intended, with no issues
raising concerns about their effectiveness. The Supervisory
Board reports to the AGM. The Supervisory Board’s collective
and individual performance is evaluated annually, as is the
performance of its committees.
2.4 Supervisory Board organisation and division of duties
The Supervisory Board has three committees.
• Audit Committee
• Remuneration Committee
• Selection & Appointment Committee
Committee regulations are published on the company website.
2.5 Culture, Integrity and Compliance
NSI fosters an open culture in which employees are encour-
aged to speak up. All employees annually sign the NSI Code
of Conduct, covering core values, integrity standards, principal
risks, and behavioural expectations. The Code includes a proce-
dure for reporting (suspected) misconduct or irregularities. The
Management Board monitors the effectiveness and compliance
with the Code and reports about this regularly in the Audit
Committee.
2.6 Conflict of Interest Management
Procedures for identifying and managing actual or potential
conflicts of interest are defined in governance regulations.
Related-party transactions are disclosed in the annual financial
statements. No such transactions occurred in 2025. The Rela-
tionship Agreement with FS includes safeguards designed to
manage (potential) conflict of interest and protect NSI’s inter-
ests.
3. Remuneration
3.1 Management Board Remuneration
The AGM establishes the remuneration policy, after proposal
of the Supervisory Board, which aims to promote sustainable
long-term value creation and ensure appropriate internal pay
ratios. The Remuneration Policy for Members of the Manage-
ment Board of NSI is published on the website. The Supervi-
sory Board sets the remuneration and other terms of service
for Management Board members in line with the established
remuneration policy.
3.2 Supervisory Board Remuneration
The remuneration policy for Supervisory Board members is
approved by the AGM. The Remuneration Policy for Members
of the Supervisory Board of NSI is published on the website.
3.3 Remuneration Reporting and Accountability
Implementation of the remuneration policy is explained annu-
ally in the remuneration report, which is published on the
company website.
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
42 NSI Annual report 2025
4. General Meeting of Shareholders
The annual AGM is held within six months following the end of
the financial year, as convened by the Management Board and
Supervisory Board, with a minimum notice period of 42 days.
Agenda items comply with the provisions of the Corporate
Governance Code, including those listed under best practice
4.1.3. The topics mentioned in article 23 section 3 of the Arti-
cles of Association are discussed when applicable.
Extraordinary General Meetings are convened when required or
upon written requests from shareholders representing at least
10% of the capital issued.
The 2025 AGM was held on 17 April. Agenda materials, explan-
atory notes and meeting minutes are available on the company
website. One Extraordinary General Meeting was held in 2025
for the reappointment of a Supervisory Board member.
Q-Port
Location
Amsterdam
Size
12,771 m
2
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
43 NSI Annual report 2025
Management statement
Introduction
The Management Board is responsible for establishing and main-
taining adequate internal risk management and control systems.
The
design, effectiveness and functioning of the internal risk
management and control systems is discussed each year with
the Audit Committee and the Supervisory Board.
Inherent limitations in the management of risks exist and the
Management Board acknowledges that the internal risk manage-
ment and control systems do not provide absolute certainty
th
at all risks have been identified or are effectively managed.
However, the systems do provide a level of comfort that is
deemed sufficient to properly fulfil the Management Board’s
duty to manage the business, operate effectively and efficiently
and in compliance with applicable laws and regulations, and is
deemed appropriate given the size and complexity of NSI.
Certain risks remain outside the company's direct control, as
they depend on third parties and/or circumstances beyond the
Company's influence.
Statement by the Management Board
Taking into account the risks identified in section ‘Risk and risk
management’ of this annual report 2025 (the “report”) and the
measures designed to manage them, and in accordance with
the best practice provision 1.4.3. of the 2025 Dutch Corporate
Governance Code, the Management Board of NSI N.V. declares
that to the best of its knowledge:
• the report provides sufficient insights in the effectiveness of
the internal risk management and control systems and into
any deficiency thereof;
• the internal risk management and control systems provide
reasonable assurance that the financial reporting does not
contain any material inaccuracies;
• the internal risk management and control systems provide
limited assurance that the sustainability reporting in the
section ‘Sustainability’ and in the ‘Supplementary informa-
tion’ is free from material misstatements;
• the Management Board is not aware that the internal risk
management and control systems during the financial year
do not provide appropriate comfort that the key operational
and compliance risks as identified in section ‘Risk and risk
management’ are effectively managed, considering the
risk appetite of the Company and taking into account the
inherent limitations to these systems;
• based on the current state of affairs, it is justified that the
financial reporting is prepared on a going concern basis; and
• the section on risk management in the report includes the
key risks, as well as uncertainties, that are relevant for the
company’s continuity for a period of twelve months after the
preparation of the report.
Due to inherent limitations to risk management and control
systems, the above does not imply that these systems and
procedures provide certainty as to the realisation of strategic,
operations, compliance and reporting objectives, nor that they
can prevent all misstatements, inaccuracies, fraud, operational
issues, and non-compliance with laws and regulations.
For a more detailed description of the design and operating
effectiveness of our internal risk management and control
systems, the limitations thereof and the deficiencies noted,
reference is made to section ‘Risk and risk management’.
With reference to Section 5.25c(2c) of the Financial Supervi-
sion Act (Wft), the Management Board declares that to the best
of its knowledge:
• the financial statements give a true and fair view of the
assets, liabilities, financial position and profit of NSI and the
companies included in the consolidation;
• the management report gives a true and fair view of the situ-
ation on 31 December 2025, the state of affairs at NSI and
its affiliated companies during 2025, the details of which are
presented in the financial statements, and that the manage-
ment report describes the key risks facing the company.
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
44 NSI Annual report 2025
Details Management Board
Bernd Stahli
Chief Executive Officer
Bernd Stahli joined NSI in September 2016 as Chief Execu-
tive Officer. Under his leadership, NSI has undergone a signi-
ficant transformation, evolving from a mixed-use real estate
o
wner with assets across the country into a well-recognised,
focused office investor and operator, predominantly active in
Amsterdam. The company has also made significant strides in
asset repositioning, sustainability, and customer excellence.
Previously, he was Managing Director at Van Lanschot Kempen
and Head of European Property Research at Bank of America
Merrill Lynch.
Bernd has extensive knowledge of and experience in the Euro
-
pean capital and investment markets and is a board member of
IVB
N, the Dutch association of institutional property investors.
Bernd holds a Master’s degree in Economics from the Vrije
Universiteit in Amsterdam.
First appointment 1 September 2016
Current term To 31 August 2028
Elke Snijder
Chief Financial Officer
Elke Snijder joined NSI in May 2024 as Chief Financial Officer.
Si
nce then, she has overseen the refinancing of €400 million in
debt, the further upgrading of internal processes and systems,
the deployment of AI to improve operational efficiency, and the
further professionalisation of the Investor Relations activities.
Prior to this role, Elke was Chief Financial Officer at Landal
GreenParks, one of Europe’s largest bungalow park companies,
for seven years. She previously held various management posi
-
tions within ING, in both the business and finance departments.
Alongside her role at NSI, Elke sits on the Dutch Sports Council,
an advisory body to the cabinet and parliament on all matters
relating to sport. She also occasionally teaches finance and
account information systems at Nyenrode and other universities.
Elke holds a Bachelor’s degree in Business Administration from
the University of California, Berkeley; a Master’s degree in
Business Economics from the University of Groningen; and an
Executive Master’s degree in Finance & Control from Nyenrode
Business University.
First appointment 1 May 2024
Current term To 1 May 2028
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
45 NSI Annual report 2025
Report of the
supervisory board
Composition of the Supervisory Board
Appointment and Reappointment periods
First
appointment
Current term
of office
End of
current term
Jan Willem de Geus
(chair)
25.11.2021 2025 - 2029 25.11.2029
Jan Willem Dockheer
(vice chair)
24.04.2020 2024 - 2028 24.04.2028
Marlies Janssen 28.02.2024 2024 - 2028 28.02.2028
Neo Teck Pheng 30.09.2024 2024 - 2028 30.09.2028
Petra van Hoeken 17.04.2025 2025 - 2029 17.04.2029
At the AGM on 17 April 2025, Mrs Petra van Hoeken was
appointed to the Supervisory Board for a four-year term, effec-
tive from 1 July 2025. The Supervisory Board subsequently
appointed her as a member of the Audit Committee, effective
from 1 July, and as its chair, effective from 21 July.
On 21 July 2025, Mrs Margreet Haandrikman completed two
terms as a member of the Supervisory Board, after which she
stepped down as a member and chair of the Audit Committee.
During her eight-year tenure, she made important contributions
to the company's governance and risk management processes
and culture, for which the Supervisory Board is very grateful.
At the Extraordinary General Meeting (EGM) on 13 October
2025, Mr Jan Willem de Geus was reappointed as chair of the
Supervisory Board for a second four-year term.
Independence
In the opinion of the Supervisory Board, the independence requi-
rements referred to in best practice provisions 2.1.7 to 2.1.9 of the
Dut
ch Corporate Governance Code have been met. Regarding
best practice provision 2.1.8.vi, Mr Neo is noted as being the CEO
of First Sponsor Group Limited, a legal entity which holds at least
10% (>25% since 14 May 2025) of NSI's issued shares. As of the
publication date of this report, Mr Neo held no shares in NSI.
Duties
The role and responsibilities of the Supervisory Board, its
composition, and the manner in which it discharges its duties
are set out in the Supervisory Board Regulations, which can
be found on the company’s website. A summary of the Super-
visory Board's duties can be found in the Corporate Governance
section (see pages 40–43).
Meetings of the Supervisory Board and attendance
The table below shows the attendance at meetings of the
Supervisory Board (SB), the Audit Committee (AC), the Remu-
neration Committee (RC) and the Selection and Appointment
Committee (S&A).
The Supervisory Board held seven regular, scheduled in-person
meetings.
In addition, six video calls of the Supervisory Board were held.
SB AC RemCie S&BC
De Geus 7/7 4/4 4/4
Dockheer 7/7 4/4 4/4
Janssen (1) 7/7 6/6 2/2 2/2
Neo 7/7
Haandrikman(2) 5/5 4/4
Van Hoeken (3) 3/3 3/3
1. Appointed to the Remuneration and Selection and Appoint-
ment Committees on 18 April 2025.
2. Stepped down on 21 July 2025.
3. Appointed to the Supervisory Board on 1 July 2025. Appointed
to the Audit Committee on 1 July 2025.
Report of the activities of the Supervisory Board
The Supervisory Board held seven regular in-person meet-
ings. These commenced with a preparatory meeting held in the
absence of the Management Board, after which the Manage-
ment Board members attended the remainder of the meeting.
During these meetings, the general state of affairs, as well as
the company’s operational performance and financial position,
were discussed.
Involvement in formulating of the strategy for real-
ising sustainable long-term value creation
On several occasions, the Supervisory Board engaged in
discussions with the Management Board regarding the formu-
lation and further development of the sustainable, long-term
value creation strategy.
These discussions covered various topics, including the busi-
ness plan, budget and targets, real estate portfolio strategy,
and reducing the energy intensity of our buildings.
Business Plan & Budget
The five-year business plan (2026–2030 period) and the
budget for 2026 were discussed and approved at the Super-
visory Board meeting in December 2025.
The business plan is based on a total return and cost efficiency
approach, focusing on the 'as-is' real estate portfolio, the rede-
velopment of existing locations, and the implementation of the
Paris-aligned investment roadmap. The budget for 2026 aligns
with this plan.
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
During discussions about the strategy, the Board focused on
its implementation and the feasibility of different scenarios,
the company’s operational, financial and ESG goals and their
impact on NSI’s future position in the real estate market, the
company’s main risks and challenges, the interests of stake-
holders and other aspects important to the company, such as
sustainability and integrity.
Monitoring the implementation of the strategy and the
principal risks associated with it.
During meetings in January, April, July and October 2025,
the Supervisory Board convened to specifically discuss and
monitor the implementation of the company’s strategy, to
approve the quarterly, half year or full year results and (interim)
dividends, and to discuss the pertaining press releases, making
sure our shareholders and the broader market were adequately
informed about the company's state of affairs, its financial posi-
tion and its outlook.
These discussions covered various topics, including the imple-
mentation of the 2025–2029 business plan, the 2025 budget
and targets (including those aimed at reducing the energy
intensity of our buildings), customer satisfaction surveys,
shareholder relations, proposals for acquisitions and disposals,
development projects, and the main risks facing the company
and the measures taken to mitigate them. The effects of market
developments on the composition of the real estate portfolio, as
well as the development of the occupancy rate, were frequently
discussed and assessed. The Supervisory Board also constantly
monitored matters including the value of real estate and valu-
ation methodologies, the system of internal controls and risk
control procedures, and corporate governance.
In October 2025, the Supervisory Board met with the Manage-
ment Board to discuss the asset business plans, portfolio stra-
tegy and investment plan, with relevant members of the Asset
M
anagement, Development and Investment teams in atten-
dance. During this meeting, the Management Board and the
Su
pervisory Board discussed and agreed on plans for the invest-
ment portfolio, including preferred investments in sustainability,
nec
essary maintenance, and options for property divestment.
Prior approval of decisions by the Management Board
Important decisions exceeding predefined financial thresholds
require prior approval from the Supervisory Board. During the
approval process, the Supervisory Board assesses, among
other things, whether the proposed decision contributes to the
implementation of the strategy. During the year, the Super-
visory Board considered various opportunities relating to acqui-
sitions and disposals of offices, as well as development and
redevelopment projects.
Development
In 2025, several Supervisory Board meetings, especially the
June meeting, focused mainly on development projects and
internal and external staffing, allowing for broader, more
holistic reflection and control. 'Phase' documents prepared by
the Development Department were submitted to the Super-
visory Board for discussion and approval of the budgets, and
served as the basis for progressing to the next phase of the
specific development project.
Risk management, internal and external auditing
Throughout 2025, the Audit Committee maintained regular
contact with the external auditor, primarily during Audit
Committee meetings.
At the Supervisory Board meeting in December 2025, the Audit
Committee reported on:
• The draft 2025 management letter from the external auditor.
• The company's risk and control framework, particularly the
analysis of risks associated with its strategy and activities.
• The company's risk appetite and the mitigating measures
that have been put in place to manage the risks.
• The effectiveness of internal risk management and control
systems during the year.
• The functioning of, and developments in, the relationship
with the external auditor.
At the AGM on 17 April 2025, KPMG Accountants N.V. was
appointed as auditor with effect from the 2026 financial year.
To ensure continuity and a seamless transition, KPMG attended
a number of Audit Committee and Supervisory Board meetings
alongside PwC during the remainder of 2025.
The Supervisory Board discussed the changes in the Corporate
Governance Code on the topic of the so-called VOR (Statement
on Risk Management) with the Management Board and the
Audit Committee, and changed the relevant wording in NSI’s
Management Board, Audit Committee and Supervisory Board
rules on this topic accordingly.
Internal Audit function
The Internal Audit function is established by the Management
Board, operates independently within the CFO’s portfolio, and
is outsourced to a qualified external service provider. The
provider is appointed by the Management Board upon advice
from the Audit Committee and has a functional (escalation)
reporting line to the Audit Committee. The CFO acts as dele-
gated principal. NSI has no separate internal audit department;
the Supervisory Board annually assesses whether adequate
alternative measures have been taken and whether it is neces-
sary to establish an internal audit department.
Absence of a separate internal audit department and
adequate alternative measures
At the Supervisory Board meeting in December 2025, the Audit
Committee reported on the effectiveness of the internal and
external audit function. As there is no separate department for
the internal audit function, the Supervisory Board assessed
whether adequate alternative measures have been taken.
In line with a recommendation by the Audit Committee issued
in consultation with the external auditor and the Management
Board, the Supervisory Board has considered that NSI has a
compact organization, no activities outside the Netherlands,
and operates in a very limited number of market segments.
Given the fact that NSI uses external expertise to conduct
internal audits based on an internal audit plan that is composed
in consultation with the Audit Committee, the Supervisory
Board is of the opinion that adequate alternative measures
have been taken and there is therefore no need to establish
46 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
an internal audit department for this purpose. In accordance
with an internal audit plan approved by the Supervisory Board
a number of internal audits will be conducted under the super-
vision of the CFO in 2026.
Evaluations
Supervisory Board
To assess its effectiveness, the Supervisory Board conducted a
performance evaluation of itself, its individual members, its Audit,
Remuneration and Selection and Appointment Committees, the
Chair, as well as the relationship with the Management Board.
The last Supervisory Board evaluation supervised by an
external expert took place in December 2022. In July 2023 and
July 2024 self-evaluations have been conducted. For 2025 the
Supervisory Board decided to conduct an evaluation super-
vised by an external expert. In view of the fact that in July 2025
Margreet Haandrikman would step down and a new Super-
visory Board member and Audit Committee chair would join the
Supervisory Board, the evaluation was planned to take place in
December 2025 and January 2026, by which time the Super-
visory Board and Audit Committee would have met a couple of
times in their new composition.
The process consisted of participants completing a confiden-
tial questionnaire and being interviewed by an external expert.
Feedback was provided by members of the Supervisory Board,
the Management Board, and members of senior manage-
ment who regularly participate in Supervisory Board or Audit
Committee meetings.
In a separate meeting, the Supervisory Board discussed the
results of the evaluation and identified areas for improvement,
without the Management Board present.
The evaluation concluded that the Supervisory Board and its
committees and members are professional, well-informed,
well-prepared and effective, and that they conduct open
discussions and debates in a collegial manner.
The Audit Committee adds value, and the new chair has made
a good start. The committee has strong financial and risk
management skills.
The Selection & Appointment Committee is actively involved in
filling Board vacancies as they arise.
The Remuneration Committee has faced challenges in formula-
ting the new Remuneration Policy for management and obtai-
ning shareholder approval for it. Expanding the committee to
three members was considered a good step to strengthen it.
Incorporating the work of the former Real Estate/Investment
Committee into the work of the full Board is appropriate and
effective.
There’s a dynamic and open atmosphere between the Super-
visory Board and the Management Board, and the relationship
between the Chair and the CEO is solid and healthy with regular
communication and open, constructive and proper discus-
sions on relevant issues. The same applies for the relationship
between the chair of the Audit Committee and the CFO
To facilitate physical presence at all regular meetings the
calendar has been amended to combine certain meetings. This
has resulted in more pressure on time available for strategic
issues during meetings.
The presence of a CEO of a potential competitor and large
shareholder as a member of the Supervisory Board requires
special attention. In this regard the independent Supervisory
Board members have had a number of video calls during the
year to assess and deal with possible conflicts of interest. The
Relationship Agreement between First Sponsor Group Limited
and NSI is a good basis for dealing with the special responsi-
bility towards the interests of the other shareholders and in
making sure these are always taken fully into account.
Management Board
In January 2025, the Supervisory Board met to review the
performance of the Management Board as a whole, as well as
that of its individual members.
These were compared with the targets set out in the Short-Term
and Long-Term Incentive plans.
The Management Board is considered ambitious, competent
and committed, with strong in-house knowledge and open
communication with the Supervisory Board.
The main findings and conclusions of the evaluation were
shared with the Management Board. These findings were also
used to assess the attainment of targets under the Short-Term
Incentive Plan for the Management Board, as well as the setting
of targets for the Management Board under the 2025 Short-
Term Incentive Plan and the 2025–2027 Long-Term Incentive
Plan. The 2024 Remuneration Report contained extensive
ex-post disclosure of the attainment of the 2024 targets, as
well as ex-ante disclosure of the 2025 and 2025–2027 targets.
Education
During the year, the Supervisory Board attended a number of
meetings where they were briefed on changes to, and the appli-
cation of, the Corporate Governance Code.
In July 2025, the Supervisory Board visited several development
project sites and assets with development potential, attending
presentations at each location. Throughout 2025, Supervisory
Board members attended individual training sessions as part of
their ongoing professional development, covering topics such
as governance, finance, and real estate. In December 2025,
the Supervisory Board discussed the other positions held by
members of the Management and Supervisory Boards.
Supervisory Board committees
In 2025, the Supervisory Board had three committees in place
to optimise its operations: a Remuneration Committee, a Selec-
tion and Appointment Committee, and an Audit Committee.
Remuneration Committee
During 2025, the Remuneration Committee consisted of Mr
Jan Willem Dockheer (Chair, for the full year), Mr Jan Willem
de Geus (Member, for the full year) and Mrs Marlies Janssen
47 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
(Member, from 18 April 2025). The role, responsibilities and
composition of the Remuneration Committee, and how it carries
out its duties, are specified in the Remuneration Committee
Regulations, which are posted on the company's website.
Performance review
The Remuneration Committee met to prepare the Supervisory
Board discussion of the performance of the CEO and (former)
CFO with respect to their targets for 2024.
The Remuneration Committee met again to prepare for the
Supervisory Board's discussion on setting collective and indivi-
dual targets for 2025, which are linked to the Short-Term Incen-
tive Plan for Management Board members.
The applicable performance measures were set to encourage
the short-term results necessary for sustainable value crea-
tion in the company's most important achievement areas. The
targets and performance levels were based on the business
plan and budget, and comprised a combination of financial
and non-financial KPIs, including ESG-related targets. These
targets were aligned with those set for employees and were
finalised following scenario planning to ensure a proper relati-
onship between performance and remuneration levels.
Remuneration Policy
After consulting NSI’s major shareholders, the Management
Board and other stakeholders, the Remuneration Committee
prepared a proposal for a revised Remuneration Policy for
2025. This was presented to the AGM on 17 April 2025 for
approval. 99.75% of the votes cast at the AGM were in favour of
the proposal, which was more than enough to acquire the quali-
fied majority of 75% of votes required by Dutch law to approve
a Remuneration Policy.
Remuneration report
For a detailed overview of the Remuneration Policy and how it
was implemented in the year under review, please refer to the
2025 Remuneration Report, which is available separately.
This report (dated 5 March 2026) is available on the company’s
website. It will be put forward to the AGM on 17 April 2026 for
an advisory vote.
Selection and Appointment Committee
During 2025, the Selection and Appointment Committee consi-
sted of Mr Jan Willem Dockheer (Chair, for the full year), Mr Jan
Willem de Geus (Member, for the full year) and Mrs Marlies
Janssen (Member, from 18 April 2025).
The role, responsibilities and composition of the Committee,
and how it carries out its duties, are specified in the Selection
and Appointment Committee Regulations, which are posted on
the company's website. During the year, the Committee met on
four occasions and held several selection meetings and calls.
In consultation with the full Supervisory Board, the Selection
and Appointment Committee drafted a profile for recruiting
and selecting a new Supervisory Board member and Audit
Committee chair. This resulted in Mrs Petra van Hoeken being
appointed by the General Meeting on 17 April 2025.
The chair of the selection and appointment committee prepared
the reappointment of Mr J.W. de Geus as chair by the general
meeting on 13 October 2025.
The Selection and Appointment Committee also selected and
briefed the external expert who conducted the Supervisory
Board evaluation.
Audit Committee
During 2025, the Audit Committee consisted of Mrs. Margreet
Haandrikman (chair until 21 July), Mrs. Marlies Janssen (member,
full year) and of Mrs. Petra van Hoeken (member from 1 July
2025 until 21 July 2025 and chair since 21 July 2025)
The role and responsibilities of the Audit Committee, its compo-
sition and how it carries out its duties are specified in the Audit
Committee Regulations which are posted on the company’s
website.
The Audit Committee met six times during the year under
review. These meetings focused on the opportunities and risks
facing the company. The Audit Committee regularly conferred
with the external auditor, once without the Management Board
present.
As there is no separate department for the internal audit func-
tion, the Audit Committee recommended that the Supervisory
Board assess whether adequate alternative measures have
been taken and whether it is necessary to establish an internal
audit department.
In 2025, the Audit Committee was particularly involved in the
assessment and/or monitoring of the following:
a. the operation and effectiveness of the internal risk manage-
ment and control systems, and the probability and impact of
certain risks;
b. an analysis of tenants who could be vulnerable to risks
arising from geopolitical tensions.
c. the fraud risk analysis;
d. compliance with relevant legislation, regulations and
internal regulations;
e. the provision of financial information by the company, inclu-
ding the discussion of position papers on the proper appli-
cation of accounting standards;
f. ESG reporting, particularly reporting on Sustainability KPI’s,
the implementation of the CSRD and the consequences of
the EU Omnibus Directive, which delayed the applicability of
the Corporate Sustainability Reporting Directive (CSRD) for
Wave 3 companies such as NSI.
g. the yearly evaluation of the internal audit charter and the
evaluation of the internal audit plan for 2025, which was
approved at the Supervisory Board meeting of March 2025,
as well as the internal audit findings. In 2025, the internal
audits focused on the Management Risk Statement and
Cyber security.
h. discussions with the external auditor about the 2025 audit
plan, the audit report and the external auditor’s manage-
ment letter, compliance with external auditor’s recommen-
dations and the follow-up on their remarks, including those
relating to ICT systems;
48 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
i. evaluation of the functioning of the external auditor and the
relationship with the external auditor, reporting the results
of the evaluation to the Supervisory Board and informing
the external auditor about the main topics of the evaluation;
j. the selection of KPMG Accountants N.V as the new external
audit firm to succeed PricewaterhouseCoopers Accountants
N.V. given that they have reached the maximum permitted
term;
k. the application of information and communication techno-
logy and measures to improve cybersecurity;
l. the adoption of a ‘Treasury Statuut’ describing the gover-
nance of treasury matters and the treasury policy;
m. the extension of the Term Loan and the RCF, the securing of
a Private Placement, and the swap strategy;
n. preparing a decision framework for investments in rela-
tion to the approval process for investments as described
in paragraphs 4.2a of the Management Board Rules and
7.8a of the Supervisory Board Rules. This framework was
adopted by the Supervisory Board at its April meeting.
o. T
he Risk Management Statement (VOR), taking into account
the updated 2025 Corporate Governance Code which requires
a statement from the Management Board (MB) about the
level of assurance that risks are being properly managed.
Financial statements and dividend
The Management Board prepared the annual report for the
2025 financial year and discussed it with the Supervisory Board
in the presence of the external auditor. PricewaterhouseCoo-
pers Accountants N.V. has audited the financial statements and
has issued an unqualified opinion (see pages 96-104). We will
recommend that the financial statements be adopted at the
General Meeting of Shareholders on Friday 17 April 2026. The
discharge of the Management Board in respect of the policy
pursued in 2025 and of the Supervisory Board from the super-
vision it provided in 2025 will be addressed as separate agenda
items at this General Meeting of Shareholders.
In its July 2025 meeting, the Supervisory Board approved an
interim dividend of € 0.75 per share for 2025, which was distri-
buted in August 2025. In line with the applicable dividend
policy (i.e. paying out at least 75% of the direct result), NSI is
proposing a final dividend for 2025 of € 0.83 per share. This
brings the total dividend for 2025 to €1.58 per share. Provided
that the General Meeting of Shareholders approves this divi-
dend proposal, the final dividend will be payable in May 2026.
Appreciation
2025 was, in many ways, a challenging year for the Manage-
ment Board and employees of NSI, requiring creativity, hard
work and resilience. The Supervisory Board would like to thank
the entire team for their efforts and achievements in the year
under review.
Amsterdam, 4 March 2026
The Supervisory Board
Jan Willem de Geus, Chair
Jan Willem Dockheer, Vice Chair
Marlies Janssen
Neo Teck Pheng
Petra van Hoeken
49 NSI Annual report 2025
Vitrum (render)
Location
Amsterdam
Size
14,270 m
2
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
50 NSI Annual report 2025
Details of the
supervisory board
Mr J.W.A. de Geus (1966) Chair
Nationality Dutch
Current position Senior Advisor Proprium Capital Partners
Additional positions Non-Executive Board member of AVID Property Group
First appointment
2021
Current term
To 2029
Mr J.W. Dockheer (1973) Vice Chair
Nationality Dutch
Current position Managing Director BMN Groep Netherlands
Additional positions Member of the Supervisory Board of 2theLoo
First appointment 2020
Current term To 2028
Mrs M.S. Janssen (1973)
Nationality Dutch
Current position Chief Financial Officer at GMB Holding B.V.
Additional positions Member of the Supervisory Board of Erasmus Q Intelligence BV
First appointment 2024
Current term To 2028
Mrs P. C. van Hoeken (1961)
Nationality Dutch
Current position Independent supervisory board member
Additional positions Member of the Board Nordea Bank, Member Supervisory Board ASN Bank,
ChairAdvisory Credit Committee of the Dutch Ministry of Economic Affairs,
Member of the Board Stichting for the holding and administration of shares under
the RDS employee shareplans
First appointment 2025
Mr Neo Teck Pheng (1970)
Nationality Singaporean
Current position Group Chief Executive Officer First Sponsor Group Limited
First appointment 2024
Current term To 2028
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Current term
To 202
9
51 NSI Annual report 202551 NSI Annual report 2025
Centerpoint I
Location
Amsterdam
Size
9,064 m
2
Financial
statements
Consolidated statement of profit or loss and other
comprehensive income 52
Consolidated statement of financial position 53
Consolidated cash flow statement 54
Consolidated statement of changes in shareholder’s equity 55
Notes to the consolidated financial statements 56
Company balance sheet 88
Company income statement 89
Notes to the company financial statements 90
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
52 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Consolidated statement of profit or loss and other
comprehensive income
For the year ended 31 December 2025
( x € 1,000)
Note 2025 2024
Gross rental income 2 73,873 72,731
Service costs recharged to tenants 13,785 13,287
Service costs -16,387 -15,318
Service costs not recharged 2 -2,601 -2,030
Operating costs 2,3 -10,956 -9,622
Net rental income 60,316 61,079
=
Revaluation of investment property 4 -59,351 -28,063
Net result on sale of investment property 5 3,721 2,337
Net result from investments 4,685 35,352
Administrative costs 6 -8,408 -8,298
Impairment of tangible and intangible fixed assets 7 206 -627
Other income and costs 8
-130
-166
Financing income 6 2
Financing costs -8,929 -10,880
Movement in market value of financial derivatives 586 2
Net financing result 9 -8,337 -10,876
Result before tax -11,984 15,384
Corporate income tax 10 2,194 -3,012
Total result for the year -9,790 12,372
Other comprehensive income / expense - -
Total comprehensive income / expense for the year -9,790 12,372
Total comprehensive income / expense attributable to:
Shareholders -9,790 12,372
Total comprehensive income for the year -9,790 12,372
Data per average outstanding share:
Diluted as well as non-diluted result after tax 18 -0.51 0.63
The notes on pages 56 to 87 form an integral part of these consolidated financial statements.
53 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Consolidated statement of financial position
For the year ended 31 December 2025
( x € 1,000)
Note 31 December 2025 31 December 2024
Assets
Investment property 11 944,884 988,559
Intangible fixed assets 12 11 29
Tangible fixed assets 13 2,983 3,190
Financial fixed assets 183 0
Deferred tax assets 14 46,424 38,514
Other non-current assets 15 9,859 10,427
Non-current assets 1,004,344 1,040,719
Taxes 16 1,831 247
Debtors and other receivables 16 1,598 1,990
Cash and cash equivalents 17 30,104 8,451
Current assets 33,533 10,687
Total assets 1,037,877 1,051,406
Shareholders' equity
Issued share capital 18 71,831 70,364
Share premium reserve 18 897,409 898,876
Other reserves 18 -318,721 -309,267
Total result for the year -9,790 12,372
Shareholders' equity 640,728 672,344
Liabilities
Interest bearing loans 19 283,175 324,206
Derivative financial instruments 23 1,020 1,606
Deferred tax liabilities 14 2,921 429
Other non-current liabilities 20 5,426 5,648
Non-current liabilities 292,542 331,889
Redemption requirement interest bearing loans 19 39,998 5,000
Debts to credit institutions 21 34,735 17,134
Taxes 22 2,320 2,968
Creditors and other payables 22 27,554 22,071
Current liabilities 104,607 47,172
Total liabilities 397,149 379,062
Total shareholders' equity and liabilities 1,037,877 1,051,406
The notes on pages 56 to 87 form an integral part of these consolidated financial statements.
54 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Consolidated cash flow statement
For the year ended 31 December 2025
( x € 1,000)
Note
2025
2024
Total result for the year -9,790 12,372
Adjusted for:
Revaluation of investment property 4 59,351 28,063
Net result on sale of investment property 5 -3,721 -2,337
Net financing result 9 8,337 10,876
Corporate income tax 10 -2,194 3,012
Impairment of tangible and intangible fixed assets 7 -206 627
Depreciation and amortisation 6 596 601
Movements in working capital:
Debtors and other receivables 16
Creditors and other payables 22
-823
Cash flow from operations 55,386 55,022
Financing income received
9
Financing costs paid
9
-9,601 -12,516
Tax paid 10 -4,181 -2,848
Cash flow from operating activities 41,610 39,660
Purchases of investment property and subsequent expenditure 11 -35,313 -33,094
Proceeds from sale of investment property 11 26,018 50,493
Investments in intangible fixed assets 12 -21
Cash flow from investment activities -9,295 17,377
Issuance / repurchase of shares 18 -20,000
Dividend paid to the company's shareholders 18 -21,826 -29,910
Proceeds from interest bearing loans 19 15,000 75,000
Transaction costs interest bearing loans paid 19 -1,436
Repayment of interest bearing loans 19 -20,000 -80,000
Cash flow from financing activities -28,263 -54,910
Net cash flow 4,052 2,127
Cash / cash equivalents - balance as per 1 January 8,451 202
Debts to credit institutions - balance as per 1 January -17,134 -11,012
Cash / cash equivalents and debts to credit institutions -
balance as per 1 January
-8,683 -10,810
Cash / cash equivalents - balance as per 31 December
Debts to credit institutions - balance as per 31 December
-34,735
-17,134
Cash / cash equivalents and debts to credit institutions -
balance as per 31 December
-4,631 -8,683
The notes on pages 56 to 87 form an integral part of these consolidated financial statements.
55 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Consolidated statement of changes
in shareholders’ equity
For the year ended 31 December 2025
( x € 1,000)
2025
Issued share
capital
Share premium
reserve
Other
reserves
Result for the
year
Shareholders'
equity
Balance as per 1 January 2025 70,364 898,876 -309,267 12,372 672,344
Total result for the year -9,790 -9,790
Other comprehensive income / expense -
Total comprehensive income / expense for the year -9,790 -9,790
Profit appropriation - 2024 12,372 -12,372 -
Issuance / repurchase of shares
Distribution final dividend - 2024 1,467 -1,467 -7,186 -7,186
Interim dividend - 2025 -14,641 -14,641
Contributions from and to shareholders 1,467 -1,467 -9,454 -12,372 -21,826
Balance as per 31 December 2025 71,831 897,409 -318,721 -9,790 640,728
2024
Issued share
capital
Share premium
reserve
Other
reserves
Result for the
year
Shareholders'
equity
Balance as per 1 January 2024 74,171 915,068 -136,988 -142,370 709,882
Total result for the year 12,372 12,372
Other comprehensive income / expense -
Total comprehensive income / expense for the year 12,372 12,372
Profit appropriation - 2023 -142,370 142,370 -
Issuance / repurchase of shares -3,807 -16,193 -20,000
Distribution final dividend - 2023 -15,296 -15,296
Interim dividend - 2024 -14,614 -14,614
Contributions from and to shareholders -3,807 -16,193 -172,280 142,370 -49,910
Balance as per 31 December 2024 70,364 898,876 -309,267 12,372 672,344
The notes on pages 56 to 87 form an integral part of these consolidated financial statements.
56 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Notes to the consolidated financial statements
57 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
58 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
59 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
60 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
61 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
62 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
63 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
64 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
65 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
66 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
67 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
68 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
69 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
70 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
71 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
72 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
73 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
74 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
75 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
76 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
77 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
78 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
79 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
80 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
81 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
82 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
83 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
84 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
85 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
86 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
87 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
88 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Company balance sheet
(before proposed profit appropriation)
For the year ended 31 December 2025
( x € 1,000)
Note 31 December 2025 31 December 2024
Assets
Intangible fixed assets 11 29
Tangible fixed assets 656 975
Financial fixed assets 1 973,805 1,007,385
Non-current assets 974,472 1,008,389
Debtors and other receivables 194 374
Cash and cash equivalents 7 5
Current assets 201 378
Total assets 974,673 1,008,768
Shareholders' equity
Issued share capital 2 71,831 70,364
Share premium reserve 2 897,409 898,876
Participations reserve 2 54,408 81,540
Retained earnings 2 -373,130 -390,807
Total result for the year 2 -9,790 12,372
Shareholders' equity 640,728 672,344
Liabilities
Interest bearing loans 283,175 324,206
Derivative financial instruments
1,020 1,606
Other non-current liabilities
393 -1,017
Non-current liabilities 284,588 324,795
Redemption requirement interest bearing loans 39,998 5,000
Debts to credit institutions 25,782 13,898
Creditors and other payables -16,423 -7,271
Current liabilities 49,357 11,628
Total liabilities 333,945 336,423
Total shareholders' equity and liabilities 974,673 1,008,768
The notes on pages 90 to 93 form an integral part of these company financial statements.
89 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Company income statement
For the year ended 31 December 2025
( x € 1,000)
Note
2025
2024
Administrative costs 3 -4,702 -4,364
Impairment of tangible and intangible fixed assets -627
Financing income 4
28,203
34,254
Financing costs 4
-11,495
-13,186
Movement in market value of financial derivatives 4
586
2
Net financing result
17,294
21,070
Corporate result before tax 12,591 16,078
Corporate income tax
Corporate result after tax 12,591 16,078
Result from participations -22,381 -3,706
Total result for the year -9,790 12,372
The notes on pages 90 to 93 form an integral part of these company financial statements.
90 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Notes to the company financial statements
General
NSI N.V. exclusively performs holding activities. NSI’s structure
as described in the notes to the consolidated financial state-
ments also applies to the company financial statements.
The company financial statements have been prepared in
accordance with the provisions of Title 9, Book 2 of the Dutch
Civil Code regarding financial reporting. In the preparation
of its financial statements, the company has also applied the
provisions for the contents of financial reporting by invest-
ment institutions pursuant to the Dutch Financial Super- vision
Act.
Principles of determination of the result
The company financial statements have been prepared in
accordance with Article 362 Paragraph 8 Book 2 of the Dutch
Civil Code. The Company uses the option of Article 362.8 of
Part 9, Book 2, of the Dutch Civil Code to prepare the company
financial statements, using the same accounting policies as
in the consolidated financial statements. This means that the
principles for the processing and valuation of assets and liabil-
ities and the determination of the result as described in the
notes to the consolidated financial statements also apply to the
company financial statements, unless stated otherwise. These
principles also include the classification and presentation of
financial instruments, being equity instruments or financial
liabilities. For a description of these principles, please refer to
pages 56 to 62. If required notes have been incorporated in the
consolidated financial statements these notes have not been
incorporated here.
Financial fixed assets
Shares in group companies are valued at net asset value. In
determining the net asset value, all assets, liabilities and profits
and losses are subject to the accounting principles used for
the consolidated financial statements, in accordance with the
provisions of Article 362 Paragraph 8 (final sentence) of Book 2
of the Dutch Civil Code.
All receivables from group companies are considered as an
extension of net investments in group companies.
1. Financial fixed assets
31 December 2025 31 December 2024
Balance as per 1 January 1,007,385 1,053,066
Result from participations -22,381 -3,970
Dividend received from group companies -3,650 -808
Changes in receivables from group companies -7,301 -40,903
Balance as per 31 December 973,805 1,007,385
2. Shareholders equity
2025
Issued share
capital
Share premium
reserve
(Statutory)
participations
reserve
Retained
earnings
Result for the
year
Shareholders'
equity
Balance as per 1 January 2025 70,364 898,876 81,540 -390,807 12,372 672,344
Total result for the year -9,790 -9,790
Total comprehensive income for the year -9,790 -9,790
Profit appropriation - 2024 12,372 -12,372
Distribution final dividend - 2024 1,467 -1,467 -7,186 -7,186
Interim dividend - 2025 -14,641 -14,641
Addition to participations reserve -27,132 27,132
Contributions from and to shareholders 1,467 -1,467 -27,132 17,678 -12,372 -21,826
Balance as per 31 December 2025 71,831 897,409 54,408 -373,130 -9,790 640,728
91 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
2024
Issued share
capital
Share premium
reserve
(Statutory)
participations
reserve
Retained earn-
ings
Result for the
year
Shareholders'
equity
Balance as per 1 January 2024 74,171 915,068 103,835 -240,823 -142,370 709,882
Total result for the year 12,372 12,372
Total comprehensive income for the year 12,372 12,372
Profit appropriation - 2023 -142,370 142,370
Issuance / repurchase of shares -3,807 -16,193 -20,000
Distribution final dividend - 2023 -15,296 -15,296
Interim dividend - 2024 -14,614 -14,614
Realised revaluation -7 1 1 711
Addition to participations reserve -21,585 21,585
Contributions from and to shareholders -3,807 -16,193 -22,295 -149,984 142,370 -49,910
Balance as per 31 December 2024 70,364 898,876 81,540 -390,807 12,372 672,344
Both the retained earnings reserve and the share premium reserve are available for distribution as dividend as long as the capital
contribution test is met.
For further details on movements in shareholders’ equity, please refer to the consolidated financial statements (see disclosure 18
to the consolidated financial statements).
Statutory reserves
The statutory reserves in the company balance sheet are reserves which must be retained pursuant to the Dutch Civil Code and
consist of the participation reserve and the reserve for foreign currency translation.
Participation reserve
The participation reserve relates to a revaluation reserve on the investment properties in the subsidiaries and consists of the cumu-
lative positive (unrealised) revaluations of these investments. This statutory reserve is a non-distributable reserve in accordance
with the Dutch Civil Code. The revaluation reserve was determined at individual property level in 2024 and 2025, before appropri-
ation of profits.
Dividend
Taking into consideration the interim dividend of € 0.75 per share already distributed (2024: € 0.75; adjusted for stock consolida-
tion), a final dividend of € 0.83 per share has been proposed (2024: € 0.82).
Proposed profit appropriation
The Articles of Association of NSI N.V. stipulate that the allocation of the result after tax for the financial year is determined by the
General Meeting of Shareholders. For the 2025 financial year the Management Board, with the approval of the Supervisory Board
and in line with the applicable dividend policy (i.e. a pay-out of at least 75% of the direct result), has proposed a final dividend of
€ 0.83 per share.
This puts the total dividend for 2025 at € 1.58 per share, of which € 0.75 per share was already distributed as an interim dividend in
August 2025. Subject to the approval of the General Meeting of Shareholders, NSI will offer shareholders the option to receive the
final dividend in cash. Based on the number of outstanding shares eligible for dividend (19,519,267), the total amount of the final
dividend is € 16.2m and will be withdrawn from the retained earnings.
Provided that the General Meeting of Shareholders approves this dividend proposal, the final dividend will be made payable from
15 May 2026.
92 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
2025
Total result for the year – 2025 -9,790
Interim dividend – 2025 -14,639
Proposed final dividend – 2025 -16,201
On balance added to the reserves -40,630
NSI is offering shareholders the option to receive this final dividend in cash and / or partly in shares. In anticipation of a decision on
the matter by the General Meeting of Shareholders the non-allocated result after tax for the financial year is accounted for sepa-
rately in equity as the result for the financial year.
3. Administrative costs
2025 2024
Salaries and wages -5,740 -5,131
Social security -646 -629
Pensions -359 -355
Depreciation right of use tangible fixed assets -242 -240
Other staff costs -929 -79 0
Staff costs -7,916 -7,146
Compensation supervisory board -224 -245
Depreciation and amortisation -323 -325
Other office costs -1,405 -1,474
Office costs -1,728 -1,799
Audit, consultancy and valuation costs -1,107 -1,656
Other administrative costs -948 -908
Administrative costs -11,676 -11,755
Allocated administrative costs 7,222 7,391
Administrative costs -4,702 -4,364
4. Net financing result
2025 2024
Interest income 28,203 34,254
Financing income 28,203 34,254
Interest costs -10,989 -11,902
Other financing costs -506 -1,284
Financing costs -11,495 -13,186
Movement in market value of financial derivatives 586 2
Net financing result 17,294 21,070
5. Off-balance sheet commitments and contingencies
NSI N.V. has issued guarantees for its 100%-owned subsidiary companies in accordance with Article 403, Book 2 of the Dutch Civil
Code.
NSI N.V. is part of a tax group for Dutch sales tax, and is therefore jointly and severally liable for the tax payable by the tax group
as a whole.
93 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
6. Audit fees
PricewaterhouseCoopers Accountants N.V. charged the following fees to NSI and its subsidiaries:
2025 2024
Audit financial statements -374 -245
Other audit related services -91 -80
Audit financial statements -465 -325
In the 2025 financial year, an amount of € 374k of audit fees was charged by PricewaterhouseCoopers Accountants N.V. to the
result (2024: € 245k).
The audit fees charged in 2025 are related to the audit of 2024 accounts (€ 228k) and the audit of the 2025 accounts (€ 147k).
Other audit related services in 2025 consist of ESG audit fees for 2024 (€ 59k) and 2025 (€ 20k) and compliance certificates (€ 12k).
7. Events after balance sheet date
On 20 January 2026 NSI closed a €50m US private placement, to replace the €40m US private placement that matured on and
was repaid per 30 January 2026. Furthermore, on 27 January 2026, the disposal of the Hooghuisstraat asset in Eindhoven was
completed.
Amsterdam, 4 March 2026
The Management Board
Bernd Stahli, CEO
Elke Snijder, CFO
The Supervisory Board
Jan-Willem de Geus, Chairman
Jan-Willem Dockheer
Petra van Hoeken
Marlies Janssen
Neo Teck Pheng
94 NSI Annual report 202594 NSI Annual report 2025
Mendelweg 30
Location
Leiden
Size
6,198 m
2
Other
information
Statutory provision in respect of profit appropriation 95
Independent auditor’s report 96
Assurance report of the independent auditor 105
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
95 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
The provisions in respect of the appropriation of profit are provided for in Article 21 of the Articles of Association of the company.
The profit is at the disposal of the General Meeting of Shareholders. The company may only make distributions to shareholders to
the extent that shareholders’ equity exceeds the amount of paid-up and called-up capital, plus the reserves that must be held by
law or in accordance with the Articles of Association. Insofar as possible and justified by law, the company may distribute an interim
dividend as proposed by the Management Board and subject to the approval of the Supervisory Board.
Statutory provision in respect of profit appropriation
96 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
PricewaterhouseCoopers Accountants N.V., Thomas R. Malthusstraat 5, 1066 JR Amsterdam, P.O. Box 90357, 1006 BJ Amsterdam, the Netherlands, T: +31 (0) 88 792 00 20, www.pwc.nl
‘PwC’ is the brand under which PricewaterhouseCoopers Accountants N.V. (Chamber of Commerce 34180285), PricewaterhouseCoopers Belastingadviseurs N.V. (Chamber of Commerce 34180284), Price-
waterhouseCoopers Advisory N.V. (Chamber of Commerce 34180287), PricewaterhouseCoopers Compliance Services B.V. (Chamber of Commerce 51414406), PricewaterhouseCoopers Pensions, Actuarial &
In
surance Services B.V. (Chamber of Commerce 54226368), PricewaterhouseCoopers B.V. (Chamber of Commerce 34180289) and other companies operate and provide services. These services are governed
by General Terms and Conditions (‘algemene voorwaarden’), which include provisions regarding our liability. Purchases by these companies are governed by General Terms and Conditions of Purchase
(‘algemene inkoopvoorwaarden’). At www.pwc.nl more detailed information on these companies is available, including these General Terms and Conditions and the General Terms and Conditions of Purchase,
which have also been filed at the Amsterdam Chamber of Commerce.
Independent auditor’s report
To: the general meeting and the supervisory board of NSI N.V.
Report on the audit of the financial statements 2025
Our opinion
In our opinion:
• the consolidated financial statements of NSI N.V. together with its subsidiaries (‘the Group’) give a true and fair view of the finan-
cial position of the Group as at 31 December 2025 and of its result and cash flows for the year then ended in accordance with
IFRS Accounting Standards as adopted by the European Union (‘EU’) and with Part 9 of Book 2 of the Dutch Civil Code;
• the company financial statements of NSI N.V. (‘the Company’) give a true and fair view of the financial position of the Company as
at 31 December 2025 and of its result for the year then ended in accordance with Part 9 of Book 2 of the Dutch Civil Code.
What we have audited
We have audited the accompanying financial statements 2025 of NSI N.V., Amsterdam. The financial statements comprise the
consolidated financial statements of the Group and the company financial statements.
The consolidated financial statements comprise:
• the consolidated statement of financial position as at 31 December 2025;
• the following statements for 2025: the consolidated statement of profit or loss and other comprehensive income, consolidated
statement of changes in shareholders' equity and consolidated cash flow statement; and
• the notes to the consolidated financial statements, including material accounting policy information and other explanatory information.
The company financial statements comprise:
• the company balance sheet as at 31 December 2025;
• the company income statement for the year then ended; and
• the notes, comprising a summary of the accounting policies applied and other explanatory information.
The financial reporting framework applied in the preparation of the financial statements is IFRS Accounting Standards as adopted
by the EU and the relevant provisions of Part 9 of Book 2 of the Dutch Civil Code for the consolidated financial statements and Part
9 of Book 2 of the Dutch Civil Code for the company financial statements.
The basis for our opinion
We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. We have further described our
responsibilities under those standards in the section ‘Our responsibilities for the audit of the financial statements’ of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of NSI N.V. in accordance with the European Union Regulation on specific requirements regarding statutory
audit of public-interest entities, the ‘Wet toezicht accountantsorganisaties’ (Wta, Audit firms supervision act), the ‘Verordening
inzake de onafhankelijkheid van accountants bij assuranceopdrachten’ (ViO, Code of Ethics for Professional Accountants, a regula-
tion with respect to independence) and other relevant independence regulations in the Netherlands. Furthermore, we have complied
with the ‘Verordening gedrags- en beroepsregels accountants’ (VGBA, Dutch Code of Ethics).
Our audit approach
We designed our audit procedures with respect to the key audit matters, fraud and going concern, and the matters resulting from
that, in the context of our audit of the financial statements as a whole and in forming our opinion thereon. Therefore, we do not
provide separate opinions or conclusions on information in support of our opinion, such as our findings and observations related to
individual key audit matters and the audit approach to address fraud risk and going concern.
97 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Overview and context
NSI N.V. is a real estate company, primarily focussing on offices. The investment property is held to generate rental income or to
benefit from an increase in value, or a combination of both. The Group is comprised of several components and therefore we consi-
dered our group audit scope and approach as set out in the section ‘The scope of our group audit’. We paid specific attention to the
areas of focus driven by the operations of the Group, as set out below.
The Group continued to sell two properties of their existing investment property portfolio. No acquisitions took place in 2025. NSI
N.V. has classified three projects as investment property under construction, which require significant investments by NSI N.V. The
correct accounting of the capital expenditure and sales relating to investment properties have been addressed as part of our audit.
Another area of focus, that is not considered as key audit matter, is the rental income which is a key performance indicator for the
Group.
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial state-
ments. In particular, we considered where the management board made important judgements, for example, in respect of signifi-
cant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. Refer
for further details to our key audit matters. In the section ‘Basis for preparation’ in the consolidated financial statements, Company
describes the areas of judgement in applying accounting policies and the key sources of estimation uncertainty.
Given the significant estimation uncertainty and the related higher inherent risks of material misstatement in the valuation of
investment property, we considered this matter as a key audit matter as set out in the section ‘Key audit matters’ of this report.
Furthermore, due to changes in FBI legislation, NSI underwent a restructuring in which most properties were placed into separate
entities that are now subject to corporate income tax. As a result of the reorganization, a discrepancy has emerged between the
fiscal value and the book value, resulting in the recognition of deferred tax assets in financial year 2023. The deferred tax assets
are subject to estimation uncertainty. We therefore considered this area as a key audit matter.
NSI N.V. assessed the possible effects of climate change on its financial position, refer to paragraph 'Climate change–related risks'
in the section 'Sustainability governance and risks' of the management board report where the client disclosed the risk related
to climate change. We discussed NSI N.V.’s assessment and governance thereof with the management board and evaluated the
potential impact on the financial position including underlying assumptions and estimates underlying the valuation of investment
property, but did not identify climate related risks as a separate key audit matter.
We ensured that the audit team included the appropriate skills and competences which are needed for the audit of a real estate
company. We therefore included experts and specialists in the areas of amongst others real estate valuation and sustainability in
our team.
The outline of our audit approach was as follows:
• Overall materiality: €4.800.000.
• Specific materiality: €2.159.000.
• We conducted the audit work centrally, given the fact that the group audit team was able
to conduct all audit procedures.
• Significant assumptions in the valuation of investment property; and
• Significant assumptions in the deferred tax assets.
Materiality
Audit scope
Key audit
matters
98 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Materiality
The scope of our audit was influenced by the application of materiality, which is further explained in the section ‘Our responsibilities
for the audit of the financial statements’.
Based on our professional judgement we determined certain quantitative thresholds for materiality, including the overall materia-
lity for the financial statements as a whole as set out in the table below. These, together with qualitative considerations, helped us
to determine the nature, timing and extent of our audit procedures on the individual financial statement line items and disclosures
and to evaluate the effect of identified misstatements, both individually and in aggregate, on the financial statements as a whole
and on our opinion. We evaluated our materiality benchmark compared to prior year and determined a change in our materiality by
determining an overall materiality and specific materiality based on the best practices of other listed real estate companies.
We applied a specific materiality to all income statement line items (and related balance sheet items) except for 'Revaluation of
investment property', 'Net result on sale of investment property', and 'Movement in market value of financial derivatives'.
Overall materiality Specific materiality
Overall group materiality €4.800.000 (2024: €5.042.000). €2.159.000 (2024: €2.096.000).
Basis for determining
materiality
We used our professional judgement to determine overall
materiality. As a basis for our judgement, we used 0,75% of
shareholders’ equity as included in the statement of finan-
cial position for the year ended 31 December 2025.
We used 5% of the result before tax, adjusted for the net
result on the sale of investment property, revaluation of
investment property, movement in market value of financial
derivatives and other income and costs.
Rationale for
benchmark applied
We used shareholders’ equity as the primary benchmark, a
generally accepted auditing practice, based on our analysis
of the common information needs of the users of the finan-
cial statements.
We have applied this benchmark as it is an important
measure for the financial performance of the Company’s
investment property portfolio and is therefore deemed
relevant for the investors and other users of the financial
statements.
We also take misstatements and/or possible misstatements into account that, in our judgement, are material for qualitative reasons.
We agreed with the supervisory board that we would report to them any misstatement identified during our audit above €240.000
(2024: €252.000) as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons.
The scope of our group audit
NSI N.V. is the parent company of a group of entities. The financial information of this group is included in the consolidated financial
statements of NSI N.V.
For NSI N.V. and all its subsidiaries, the group audit team was able to conduct the audit procedures centrally from the head office of
NSI N.V. and no use has been made of other auditors. The audit team has determined per financial statement line item which audit
procedures needed to be performed in relation to the audit of the consolidated financial statements.
For the ERP system in place we evaluated the SOC 1 type 2 assurance reports that include the scope and the results of the proce-
dures performed rendered by the independent auditor of the external service provider. In addition to the reliance on the SOC1 report
we assessed the internal controls in place at NSI N.V. and have performed substantive testing procedures.
We are of the opinion that we have been able to obtain sufficient and appropriate audit evidence regarding the financial information
of the Group as a whole to provide a basis for our opinion on the consolidated financial statements.
Audit approach fraud risks
We identified and assessed the risks of material misstatements in the financial statements due to fraud. During our audit we
obtained an understanding of NSI N.V. and its environment and the components of the internal control system. This included the
management board’s risk assessment process, the management board’s process for responding to the risks of fraud and monitoring
the internal control system and how the supervisory board exercised oversight, as well as the outcomes. We refer to section 'Risks
and risk management' of the management report for management’s fraud risk assessment.
We evaluated the design and implementation of relevant aspects of the internal control system with respect to the risks of material
misstatements due to fraud and in particular the fraud risk assessment, as well as the code of conduct, whistleblower procedures
and incident registration. We evaluated the design and the implementation and, where considered appropriate, tested the operating
effectiveness of internal controls designed to mitigate fraud risks.
We performed inquiries with a selection of members of the management board and senior management to evaluate their fraud
awareness, the internal control environment in relation to fraud, the ‘tone at the top’ and entity-level controls. As part of these
procedures, we have requested the CFO to fill in our fraud questionnaire and discussed the outcomes of this questionnaire.
99 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
We asked members of the management board and the supervisory board whether they were aware of any actual or suspected fraud.
This did not result in signals of actual or suspected fraud that may lead to a material misstatement.
As part of our process of identifying fraud risks, we evaluated fraud risk factors with respect to financial reporting fraud, misappro-
priation of assets and bribery and corruption. We evaluated whether these factors indicate that a risk of material misstatement due
to fraud is present.
We identified the following fraud risks and performed the following specific procedures:
Identified fraud risks Our audit work and observations
The risk of management override of controls
The management board is in a unique position to perpetrate fraud because
of the management board’s ability to manipulate accounting records and
prepare fraudulent financial statements by overriding controls that other-
wise appear to be operating effectively. That is why, in all our audits, we pay
attention to the risk of management override of controls, including risks
of potential misstatements due to fraud based on an analysis of potential
interests of the management board. This includes the risk of bias by the
management board when setting assumptions
In this respect, we gave specific consideration to:
• the appropriateness of journal entries and other adjustments made in the
preparation of the financial statements;
• possible management bias in management board’s estimates; and
• significant transactions, if any, outside the normal course of business for
the entity.
We pay particular attention to tendencies due to possible bias of the
management board.
Where relevant to our audit, we evaluated the design of the internal control
measures that are intended to mitigate the risk of management override of
controls and tested the operational effectiveness of the measures in the
processes of generating and processing journal entries, recognition and accoun
-
ting for estimates. We also accessed controls in the financial reporting system
and ho
w deficiencies could lead to breaches of the segregation of duties. We
concluded that we, in the context of our audit, could rely on the internal control
procedures relevant to this risk.
We performed our audit procedures in a mix of controls and substantive proce
-
dures.
W
e selected journal entries based on risk criteria and conducted specific audit
procedures for these entries. These procedures include, amongst others, inspec
-
tion of the entries to source documentation. We also paid particular attention
testing entries that affect rental income and results in the relevant fiscal year.
We specifically paid attention to the inherent risk of bias of the management
board in estimates. We also performed specific audit procedures related to the
assumptions in the valuation of investment property, for which we included a Key
Audit Matter is this report.
We did not identify any significant transactions outside the normal course of
business.
Our audit procedures did not lead to specific indications of fraud or suspicions
of fraud with respect to management override of controls.
The risk of fraudulent financial reporting due to overstating rental income
As part of our risk assessment and based on a presumption that there are
risks of fraud in revenue recognition, we evaluated which types of revenue
give rise to risk of material misstatement due to fraud.
The management board receives bonuses, of which the size partly depends
on the financial results achieved. In this context, the management board has
been given specific targets for growth rental income and results. This could
lead to pressure on the management board to overstate rrental income
by recognizing rental income too early or entering fictitious rental income
turnover. Improper recognizing of lease incentives. could also lead to the
overstatement of the rental income.
We evaluated the design and implementation of the internal control system
and assessed the effectiveness of relevant controls in the processes related to
revenue reporting and in the processes for generating and processing journal
entries related. We also assessed controls in the financial reporting system
and how deficiencies could lead to breaches of the segregation of duties. We
concluded that we, in the context of our audit, could rely on the internal control
procedures relevant to this risk.
We performed our audit procedures in a mix of controls and substantive proce
-
dures.
W
e also performed analytics on the rental income per property and per month.
Furthermore, we tested a sample of the rental income transactions by reconci-
ling the transactions to the lease agreements and indexation letter to assess if
the
transactions are accurate and occurred. We also assessed the accounting
policy for the accounting of lease incentives, tested for a sample the accu
-
racy and occurrence of the lease incentive amount recognised by reconciling
the
lease incentive to the lease agreements and recalculated the amount of
straight-lined rent recognised in the rental income.
Finally, we performed specific audit procedures at the end of the year related
to cut-off procedures to identify potential shifts in rental income from the next
financial year to the rental income reported in the current financial year. In
addition, we performed audit procedures to determine whether credit invoices
were registered in the next financial year that indicate incorrectly registered
rental income in the current financial year.
Our audit procedures did not lead to specific indications of fraud or suspicions
of fraud with respect to the existence, occurrence and cut off of the revenue
reporting.
100 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
The risk of kickbacks paid to the management board or employees when
selling investment property
As part of our risk assessment, we have identified an inherent risk that
kick-backs could be paid to the management board and/or employees in
exchanges for unfavourable transaction prices in the purchase or sale of
investment properties.
During 2025 two sales took place.
Where relevant to our audit, we assessed the design and tested the operational
effectiveness of the internal control measures related to sales of investment
properties, in which we have paid attention to the third party due diligence
process (background checks regarding purchasers of investment properties).
We concluded that we, in the context of our audit, could rely on the internal
control procedures relevant to this risk.
Furthermore, we performed the following procedures:
• verified for all sales of investment properties that agreements are signed
by two employees of NSI N.V., in line with the approved authorisation
matrix;
• verified for all transactions the final notary statements and deeds of
delivery;
• verified with Land Registry information if for sales transactions have taken
place within one year (or as far as possible within one year) after the sale
by NSI N.V.;
• tested a sample of the cost incurred in relation to sales and evaluated the
reasonableness of expenses incurred;
•
compared the sales price to the book value based on the latest valuation
report for financial reporting.
Our audit procedures did not lead to specific indications of fraud or suspi-
cions of fraud with respect to the acquisitions and sales.
We incorporated an element of unpredictability in our audit. We reviewed lawyer’s letters and correspondence with regulators.
During the audit, we remained alert to indications of fraud. Furthermore, we considered the outcome of our other audit procedures
and evaluated whether any findings were indicative of fraud. Furthermore, we considered the outcome of our other audit procedures
and evaluated whether any findings were indicative of fraud or non-compliance with laws and regulations.
Audit approach going concern
As disclosed in section ‘Valuation principles’ on page 56 of the financial statements, the management board performed its assess-
ment of the Company’s ability to continue as a going concern for at least 12 months from the date of preparation of the financial
statements and has not identified events or conditions that may cast significant doubt on the Company’s ability to continue as a
going concern (hereafter: going-concern risks).
Our procedures to evaluate the management board’s going-concern assessment included, amongst others:
• considering whether the management board’s going-concern assessment included all relevant information of which we were
aware as a result of our audit, such as the expected capital expenditure in the development projects and the (re)financing of
external loans on maturity date;
• Inquiring with the management board regarding the management board’s most important assumptions underlying its going-con-
cern assessment, such as the start date and expected capital expenditure of the development projects and the terms and condi-
tions of (re)financing of external loans, underlying their going concern assessment and considering whether the management
board identified going concern risks;
• analyzing whether the current and the required financing has been secured to enable the continuation of the entirety of the enti-
ty’s operations, including compliance with relevant covenants;
• performing inquiries of the management board as to its knowledge of going-concern risks beyond the period of the management
board’s assessment.
Our procedures did not result in outcomes contrary to the management board’s assumptions and judgements used in the applica-
tion of the going-concern assumption.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the financial
statements. We have communicated the key audit matters to the supervisory board. The key audit matters are not a comprehen-
sive reflection of all matters identified by our audit and that we discussed. In this section, we described the key audit matters and
included a summary of the audit procedures we performed on those matters.
As the key audit matter is related to the nature of the operations of NSI N.V. and there are no significant changes in the strategy and
business of NSI N.V., we have no changes in the key audit matters to report compared to prior year.
Identified fraud risks Our audit work and observations
101 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Key audit matter Our audit work and observations
Significant assumption in the valuation of investment property
[reference to note 11 in the annual report]
The Group’s investment property portfolio comprises mainly offices. At 31
December 2025 the carrying value of the Group’s investment property port-
folio was €945 million (2024: €989 million).
Investment properties are valued at fair value at reporting date using the
income capitalisation approach as the applied valuation method. The fair value
of investment properties is on the one hand depending on the data input into
the valuation models, such as: rental income, duration of the contract and
square meters. On the other hand, and most important to our audit, given the
sensitivity and impact on the outcome, the valuation is depending on a signifi
-
cant assumption, being the capitalisation rate.
Pri
mary factors, which influence this significant assumption, are general
market conditions and the individual nature, condition and location of each
property.
At the end of each reporting period, the management board determines the fair
value of its investment property portfolio in accordance with the requirements
of IAS 40 and IFRS 13. All properties are bi-annually externally appraised by an
external valuation expert, appointed by the management board.
As the valuation of investment property is inherently judgmental in nature, due
to the use of assumptions that are highly sensitive, any change in assump
-
tions may have a significant effect on the outcome given the relative size of the
i
nvestment property balance.
This also effects the revaluation gains that directly impact the statement of
comprehensive income. As a result, the valuation of investment property is
subject to significant risk of misstatement either through error or manage
-
ment bias (fraud). We therefore considered this area as a key audit matter.
For the external valuation experts appointed by the management board,
which we have identified as management experts in our audit, we have
assessed the competence and capabilities of the external valuation experts
by amongst others checking the registration of the qualification of the
external valuation experts and checking the membership of a professional
association for the external valuation expert organisations.
We furthermore read the terms of engagements and discussed with the
external valuation experts the context and environment in which they have
worked with the persons within the Group responsible for the valuation
process, to determine whether there were any matters that might have
affected their objectivity or may have imposed scope limitations upon their
work. We also considered other engagements, which might exist between
the Group and the external valuation experts’ organisations.
In relation to the significant assumption in the valuation of investment
property we have:
• evaluated that the management board has designed and implemented
appropriate internal controls on the valuation process;
• evaluated the valuation methods as applied by the management board and
management experts, as included in the valuation reports;
• evaluated the significant assumption made by the management board
and the management expert by assessing the movements of the signifi-
cant assumption in the valuation reports based on the overall shifts in the
market conditions in which the group invests, based on the latest public
property market data;
• for a risk-based selection of valuation reports, we have challenged the
(significant) assumptions used (including the capitalisation rate and
market rent levels) against available market data. We have involved our
internal real estate valuation experts in these assessments.
Furthermore, we have:
• reconciled the final valuation reports with the fair value in the Group’s
accounting records;
• checked for each management expert the mathematical accuracy of the
valuation model used;
• checked for a sample of leases, that the standing data included in the
valuation report such as rental income, the duration of lease contracts and
square metres was supported by audit evidence;
• discussed with the management’s experts the incorporation of energy
labels in their assessment of the market value of the investment proper-
ties;
• verified that all investment properties in operation have the minimum
required energy label that office buildings need to have per 1 January 2025
to be able to operate; and
• assessed and corroborated the adequacy and appropriateness of the
disclosure, including the sensitivity disclosures, made in the consolidated
financial statements.
Based on the work performed, we found that investment property related
data and the significant assumptions were supported by available evidence.
In addition, we evaluated whether the information received from the
management board and the audit evidence obtained, provided indications of
management bias. We found no such indication.
102 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Significant assumption in the deferred tax assets
[reference to note 14 in the annual report]
Due to a change in legislation, as from 2025 FBI’s can no longer directly
invest in Dutch real estate. In 2023, NSI has undergone a restructuring in
which most of the properties are now in separate entities, which are subject
to corporate income tax. NSI N.V. remained an FBI in 2025. As result of the
restructuring a Deferred tax asset was recognised.
Deferred tax assets are recognized as income tax to be reclaimed in future
periods relating to offsetable temporary differences between book value
and the fiscal value of assets and liabilities.
They also relate to the carry forward of unused tax credits and any unused
tax losses. Deferred tax assets are recognised to the extent that it is
probable that future taxable benefits will be available against which unused
tax losses and tax credits can be utilised.
Deferred tax assets are only recognised if it is likely that the temporary
differences will be settled in the near future and sufficient taxable profit
will be available for settlement.
The carrying amount of deferred tax assets is reviewed at each reporting
date and reduced to the extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of the deferred tax asset
to be utilised.
The basis of the deferred tax asset is the differences between the book
value and their fiscal book value. Based on the assessment of management
a Deferred tax asset has been formed ad. €46 million (2024: €39 million).
This also effects the Corporate income tax that directly impact the state-
ment of comprehensive income. As a result, the Deferred tax assets are
subject to significant risk of misstatement either through error or manage-
ment bias (fraud). We therefore considered this area as a key audit matter.
In relation to the significant assumption in the deferred tax asset we have:
• evaluated that the management board has designed and implemented
appropriate internal controls on the valuation process (book value and
fiscal value), refer also to Significant assumption in the valuation of invest-
ment property;
• evaluated the calculation methods as applied by the management board;
• evaluated the significant assumption made by the management board by
assessing the cashflow forecast of the standalone entities in the deferred
tax asset calculation;
• evaluated the applied tax rates for calculating the deferred tax asset.
• for the deferred tax asset calculation, we have challenged the (significant)
assumptions used (including the book value, fiscal value and tax rate used)
against normal market practice.
Based on the work performed, we found that the significant assumptions
were supported by available evidence.
In addition, we evaluated whether the information received from the
management board and the audit evidence obtained, provided indications of
management bias. We found no such indication.
Identified fraud risks Our audit work and observations
Report on the other information included in the annual report
The annual report contains other information. This includes all information in the annual report in addition to the financial state-
ments and our auditor’s report thereon.
Based on the procedures performed as set out below, we conclude that the other information:
• is consistent with the financial statements and does not contain material misstatements; and
• contains all the information regarding the directors’ report and the other information that is required by Part 9 of Book 2 and
regarding the remuneration report required by the sections 2:135b and 2:145 subsection 2 of the Dutch Civil Code.
We have read the other information. Based on our knowledge and the understanding obtained in our audit of the financial state-
ments or otherwise, we have considered whether the other information contains material misstatements.
By performing our procedures, we comply with the requirements of Part 9 of Book 2 and section 2:135b subsection 7 of the Dutch
Civil Code and the Dutch Standard 720. The scope of such procedures was substantially less than the scope of those procedures
performed in our audit of the financial statements.
The management board is responsible for the preparation of the other information, including the directors’ report and the other
information in accordance with Part 9 of Book 2 of the Dutch Civil Code. The management board and the supervisory board are
responsible for ensuring that the remuneration report is drawn up and published in accordance with sections 2:135b and 2:145
subsection 2 of the Dutch Civil Code.
103 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Report on other legal and regulatory requirements and ESEF
Our appointment
We were appointed as auditors of NSI N.V. on 29 April 2016 by the supervisory board. This followed the passing of a resolution by the
shareholders at the annual general meeting held on 29 April 2016. Our appointment has been renewed annually by shareholders and now
represents a total period of uninterrupted engagement of 10 years.
European Single Electronic Format (ESEF)
NSI N.V. has prepared the annual report in ESEF. The requirements for this are set out in the Delegated Regulation (EU) 2019/815 with
regard to regulatory technical standards on the specification of a single electronic reporting format (hereinafter: the RTS on ESEF).
In our opinion, the annual report prepared in XHTML format, including the marked-up consolidated financial statements, as included in the
reporting package by NSI N.V., complies in all material respects with the RTS on ESEF.
The management board is responsible for preparing the annual report, including the financial statements in accordance with the RTS on
ESEF, whereby the management board combines the various components into a single reporting package.
Our responsibility is to obtain reasonable assurance for our opinion whether the annual report in this reporting package complies with the
RTS on ESEF.
We performed our examination in accordance with Dutch law, including Dutch Standard 3950N ‘Assuranceopdrachten inzake het voldoen
aan de criteria voor het opstellen van een digitaal verantwoordingsdocument’ (assurance engagements relating to compliance with criteria
for digital reporting).
Our examination included amongst others:
• Obtaining an understanding of the entity’s financial reporting process, including the preparation of the reporting package.
• Identifying and assessing the risks that the annual report does not comply in all material respects with the RTS on ESEF and designing
and performing further assurance procedures responsive to those risks to provide a basis for our opinion, including:
– obtaining the reporting package and performing validations to determine whether the reporting package containing the Inline XBRL
instance document and the XBRL extension taxonomy files have been prepared in accordance with the technical specifications as
included in the RTS on ESEF;
– examining the information related to the consolidated financial statements in the reporting package to determine whether all required
mark-ups have been applied and whether these are in accordance with the RTS on ESEF.
Public disclosure report on income tax information (country-by-country reporting)
Pursuant to the ‘Implementatiebesluit Richtlijn openbaarmaking winstbelasting’ (Decree transposing the Directive on disclosure of income
tax information), we are solely required to state whether NSI N.V. was required to publish a report on income tax information within 12
months after the financial year-end and if so, whether the report was published in accordance with Article 11 of the Decree.
Based on the aforementioned Decree NSI N.V. is not required to publicly disclose such a report.
No prohibited non-audit services
To the best of our knowledge and belief, we have not provided prohibited non-audit services as referred to in article 5(1) of the European
Regulation on specific requirements regarding statutory audit of public-interest entities.
Services rendered
The services, in addition to the audit, that we have provided to the Company or its controlled entities, for the period to which our statutory
audit relates, are disclosed in note 6 to the company financial statements.
Responsibilities for the financial statements and the audit
Responsibilities of the management board and the supervisory board for the financial statements
The management board is responsible for:
• the preparation and fair presentation of the financial statements in accordance with IFRS Accounting Standards as adopted by the EU
and Part 9 of Book 2 of the Dutch Civil Code; and for
• such internal control as the management board determines is necessary to enable the preparation of the financial statements that are
free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the management board is responsible for assessing the Company’s ability to continue as a going
concern. Based on the financial reporting frameworks mentioned, the management board should prepare the financial statements using the
going-concern basis of accounting unless the management board either intends to liquidate the Company or to cease operations or has no
104 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
realistic alternative but to do so. The management board should disclose in the financial statements any event and circumstances that may
cast significant doubt on the Company’s ability to continue as a going concern.
The supervisory board is responsible for overseeing the Company’s financial reporting process.
Our responsibilities for the audit of the financial statements
Our responsibility is to plan and perform an audit engagement in a manner that allows us to obtain sufficient and appropriate audit evidence
to provide a basis for our opinion. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error and to issue an auditor’s report that includes our opinion. Reasonable assur-
ance is a high but not absolute level of assurance and is not a guarantee that an audit conducted in accordance with the Dutch Standards
on
Auditing will always detect a material misstatement when it exists. Misstatements may arise due to fraud or error. They are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of the financial statements.
Materiality affects the nature, timing and extent of our audit procedures and the evaluation of the effect of identified misstatements on
our opinion.
We have exercised professional judgement and have maintained professional scepticism throughout the audit in accordance with Dutch
Standards on Auditing, ethical requirements and independence requirements. Our audit consisted, among other things of the following:
• Identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, designing and
performing audit procedures responsive to those risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or intentional override of internal control.
• Obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
• Evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by the management board.
• Concluding on the appropriateness of the management board’s use of the going-concern basis of accounting, and based on the audit
evidence obtained, concluding whether a material uncertainty exists related to events and/or conditions that may cast significant doubt
on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw atten
-
tion in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our
opi
nion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report and are made in the context of
our opinion on the financial statements as a whole. However, future events or conditions may cause the Company to cease to continue
as a going concern.
• Evaluating the overall presentation, structure and content of the financial statements, including the disclosures, and evaluating whether
the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We are responsible for planning and performing the group audit to obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business units within the group as a basis for forming an opinion on the financial statements. We are also
responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely respon
-
sible for our audit opinion.
W
e communicate with the supervisory board regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit. In this respect, we also issue an
additional report to the audit committee in accordance with article 11 of the EU Regulation on specific requirements regarding statutory
audit of public-interest entities. The information included in this additional report is consistent with our audit opinion in this auditor’s report.
We provide the supervisory board with a statement that we have complied with relevant ethical requirements regarding independence, and
to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where
applicable, related actions taken to eliminate threats or safeguards applied.
From the matters communicated with the supervisory board, we determine those matters that were of most significance in the audit of the
financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless
law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the
public interest benefits of such communication.
Amsterdam, 4 March 2026
PricewaterhouseCoopers Accountants N.V.
A.A. M
eijer RA
105 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Limited assurance report of the independent auditor
To: the general meeting and the supervisory board of NSI N.V.
Our limited assurance conclusion
Based on the procedures performed and evidence obtained, nothing has come to our attention that causes us to believe that the
selected non-financial indicators marked with symbol
in the Annual report 2025 of NSI N.V. over 2025 is not prepared, in all mate-
rial respects, in accordance with the NSI N.V.’s reporting criteria.
The subject matter of our limited assurance procedures
The object of our assurance engagement concerns the selected non-financial indicators marked with symbol included in the section
‘ESG (non-financial) performance measures 2025’ in the Annual Report 2025 of NSI N.V. (hereafter: the non-financial indicators).
• Total landlord- and tenant-obtained fuels, including its coverage on properties and applicable sqm.
• Total landlord- and tenant-obtained heating and cooling, including its coverage on properties and applicable sqm.
• Total landlord- and tenant-obtained electricity consumption, including its coverage on properties and applicable sqm.
• (Sum of) annual kWh energy consumption and the building energy intensity.
• (Sum of) annual GHG emissions, including its coverage on properties and applicable sqm, and the building carbon intensity.
• Total water consumption, including its coverage on properties and applicable sqm, and building water intensity.
• Total waste created, including its coverage on properties and applicable sqm.
• BREEAM In-use: Asset Performance, including its coverage on properties and applicable sqm.
•
EU EPC label: meaning the label issued by a certified advisor in accordance with the rules set by the RVO or any other governmental
or regulatory authority or similar body measuring energy performance of real estate including the percentage of Dutch real estate
portfolio of the Group compared to the total market value of the Group’s real estate.
• GRESB score: meaning the Global Real Estate Sustainability Benchmark measuring environmental, social and governance
performance of real estate of NSI.
• Diversity – Employee gender diversity.
• Diversity – Gender pay ratio total (not for the individual categories).
• Employee training and development.
• Employee performance appraisals.
• New hires & turnover (headcount).
• Employee health and safety, absentee rate, injury rate and # of work-related fatalities.
• Asset health and safety assessments.
• Asset health and safety compliance.
• Solar PV-panel capacity in Watt-peaks.
The basis for our conclusion
We conducted our assurance engagement in accordance with Dutch law, including the Dutch Standard 3000A Assurance engage-
ments, other than audits or reviews of historical financial information (attestation-engagements). This engagement is aimed to
provide limited assurance. Our responsibilities under this standard are further described in the section ‘Our responsibilities for the
assurance engagement’ of our report.
We believe that the assurance information we have obtained is sufficient and appropriate to provide a basis for our conclusion.
Independence and quality management
We are independent of NSI N.V. in accordance with the ‘Verordening inzake de onafhankelijkheid van accountants bij assurance
opdrachten’ (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant inde-
pendence requirements in the Netherlands.
Furthermore, we have complied with the ‘Verordening gedrags- en beroepsregels accountants’ (VGBA, Code of Ethics for Profes-
sional Accountants, a regulation with respect to rules of professional conduct).
PricewaterhouseCoopers Accountants N.V., Thomas R. Malthusstraat 5, 1066 JR Amsterdam, P.O. Box 90357, 1006 BJ Amsterdam, the Netherlands, T: +31 (0) 88 792 00 20, www.pwc.nl
‘PwC’ is the brand under which PricewaterhouseCoopers Accountants N.V. (Chamber of Commerce 34180285), PricewaterhouseCoopers Belastingadviseurs N.V. (Chamber of Commerce 34180284), Price-
waterhouseCoopers Advisory N.V. (Chamber of Commerce 34180287), PricewaterhouseCoopers Compliance Services B.V. (Chamber of Commerce 51414406), PricewaterhouseCoopers Pensions, Actuarial &
In
surance Services B.V. (Chamber of Commerce 54226368), PricewaterhouseCoopers B.V. (Chamber of Commerce 34180289) and other companies operate and provide services. These services are governed
by General Terms and Conditions (‘algemene voorwaarden’), which include provisions regarding our liability. Purchases by these companies are governed by General Terms and Conditions of Purchase
(‘algemene inkoopvoorwaarden’). At www.pwc.nl more detailed information on these companies is available, including these General Terms and Conditions and the General Terms and Conditions of Purchase,
which have also been filed at the Amsterdam Chamber of Commerce.
106 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
PwC applies the applicable quality management requirements pursuant to the ‘Nadere voorschriften kwaliteitsmanagement’
(NVKM, regulations for quality management) and the International Standard on Quality Management (ISQM) 1, and accordingly
maintains a comprehensive system of quality management including documented policies and procedures regarding compliance
with ethical requirements, professional standards and other relevant legal and regulatory requirements.
Responsibilities for the non-financial indicators and for the assurance engagement
Responsibilities of the management board and the supervisory board
The management board of NSI N.V. is responsible for the preparation of the non-financial indicators in accordance with the NSI N.V.’s
reporting criteria, including the identification of the intended users and the criteria being applicable for the purpose of these users.
Furthermore, the management board is responsible for such internal control as it determines is necessary to enable the preparation
of the non-financial indicators that are free from material omission, whether due to fraud or error.
The supervisory board is responsible for overseeing the company’s reporting process on the non-financial indicators.
Our responsibilities for the assurance engagement
Our responsibility is to plan and perform our examination in a manner that allows us to obtain sufficient and appropriate evidence
to provide a basis for our conclusion.
Our objectives are to obtain a limited level of assurance, as appropriate, that the non-financial indicators is prepared, in all mate-
rial respects, in accordance with NSI N.V.’s reporting criteria, and to issue an assurance conclusion in our report. The procedures
performed in this context consisted primarily of making inquiries with officers of the entity and determining the plausibility of the
information included in the non-financial indicators. The level of assurance obtained in a limited assurance engagement is substan-
tially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.
Procedures performed
We have exercised professional judgement and have maintained professional scepticism throughout the examination in accordance
with the Dutch Standard 3000A, ethical requirements and independence requirements.
Our examination consisted, amongst other things of the following:
• Assessing the suitability of the criteria used, their consistent application and related disclosures to the non-financial indicators.
• Obtaining an understanding of the reporting processes for the non-financial indicators, including obtaining a general under-
standing of internal control relevant to our review.
• Identifying areas of the non-financial indicators with a higher risk of material misstatement, whether due to fraud or error.
Designing and performing assurance procedures aimed at determining the plausibility of the indicators, responsive to this risk
analysis. These procedures consisted amongst others of:
1. interviewing management and/or relevant staff at corporate level responsible for the sustainability strategy, policy and results;
2. interviewing relevant staff responsible for providing the information for, carrying out internal control procedures on, and consol-
idating the data of the non-financial indicators;
3. determining the nature and extent of the review procedures for the group components and locations. For this, the nature, extent
and/or risk profile of these components are decisive. Our procedures were performed from the head office;
4. obtaining assurance evidence that the non-financial indicators reconcile with underlying records of the company;
5. reviewing, on a limited test basis, relevant internal and external documentation;
6. performing an analytical review of the data and trends of the non-financial indicators submitted for consolidation at corporate
level.
• Reading the information other than the non-financial indicators in the Annual Report 2025, which is not included in the scope of
our review, to identify material inconsistencies with the indicators.
We communicate with the supervisory board regarding, amongst other matters, the planned scope and timing of the review and
significant findings that we identify during our review.
Amsterdam, 4 March 2026
PricewaterhouseCoopers Accountants N.V.
A.A. Meijer RA
107 NSI Annual report 2025
Vivaldi I
Location
Amsterdam
Size
9.493 m
2
Supplementary
information
NSI share information 108
Property list 109
Taxonomy eligibility and alignment 1 1 0
ESG (non-financial) performance measures 113
Environmental sustainability performance measures 117
Basis of preparation for ESG-reporting 118
EU Taxonomy 120
Eligibility 120
Alignment 120
EPRA key performance measures 124
Five year overview 127
Glossary key performance measures 128
Glossary esg (non-financial) performance measures 130
107 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Investor relations
NSI strives for a high degree of transparency and continuous
communication with existing and potential shareholders, as well
as other stakeholders. NSI is committed to providing information
through means of road shows, presentations, press releases,
quarterly reports, annual reports and other publications, as well
as via the company’s website. All relevant publications are placed
on the company’s website: http://nsi.nl/ir.
Share capital
At 1 January 2025 NSI had 20,155,221 ordinary shares outstanding.
398,675 shares have been issued by the company during 2025
through stock dividend. Per year-end 2025, 635,954 shares are
held by the company as treasury shares. At 31 December 2025
NSI had 19,519,267 ordinary shares outstanding.
Share listing
The NSI share is listed on Euronext (registered under code
29232; ISIN code: NL0000292324; Ticker symbol: NSI).
Major shareholders
Pursuant to the Dutch Financial Markets Supervision Act (Wet
op het Financieel toezicht) the Netherlands Authority Finan-
cial Markets (Autoriteit Financiële Markten) was notified of the
following statement of interest of 3% or more in NSI up to 31
December 2025.
31 December 2025
First Sponsor Group Limited
29.0
%
Compass Asset Management SA 5.1%
Boron Holding N.V. 5.0%
NSI N.V. (Treasury shares) 3.2%
Zürcher Kantonalbank 3.10%
NSI share information
Financial calendar
Annual General Meeting 17 April 2026
Publication trading update Q1 2026 17 April 2026
Publication half year results 2026 16 July 2026
Publication trading update Q3 2026 15 October 2026
Dividend policy and dividend distribution
NSI’s dividend policy is to distributes at least 75% of the direct
result. The dividend is distributed in cash or optional in stock
at the discretion of the Management Board. NSI distributes
dividend twice a year.
Ex-dividend date (final dividend 2025) 24 April 2026
Record date 22 April 2026
2025 Performance of the NSI share
Share price low
€18.82
Share price high
€25.00
Closing price on 31 December 2025
€19.38
Proposed dividend per share for the 2024 financial year
Total €1.58
Interim
€0.75
Final €0.83
# outstanding shares outstanding at 31 December 2025
19,519,267
Market capitalisation at 31 December 2025 €378 million
NSI share price development
NSI NA EQUITY (‘2 jan = 100) EPEU INDEX (‘2 jan = 100)
108 NSI Annual report 2025
60
70
80
90
100
110
120
130
31-12-24
31-01-25
28-02-25
31-03-25
30-04-25
31-05-25
30-06-25
31-07-25
31-08-25
30-09-25
31-10-25
30-11-25
31-12-2 5
140
109 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Property list
Amsterdam
Property Property adress City Form
ownership
NEN-area
Year
construction /
m
ajor renovation
Year
acquisition
1 Atlanta Building Stadhouderskade 5-6 Amsterdam Freehold 6,542 1928 2021
2 Centerpoint I Hoogoorddreef 60 Amsterdam Leasehold 9,059 2007 2015
3 Centerpoint II Hoogoorddreef 62 Amsterdam Leasehold 6,292 1988 2015
4 Cruquiusweg Cruquiusweg 111 Amsterdam Freehold 3,278 2006 2007
5 Glasshouse Changiweg 130, Teleportboulevard 121-133 Amsterdam Leasehold 22,981 2009 2016
6 Hogehilweg I Hogehilweg 1 Amsterdam Leasehold 2,474 1987 1997
7 Hogehilweg II Hogehilweg 3A-3B Amsterdam Leasehold 2,480 1988 1997
8 HNK Amsterdam Houthavens Van Diemenstraat 20-200 Amsterdam Leasehold 10,596 2014 1999
9 HNK Amsterdam Schinkel Anthony Fokkerweg 1 Amsterdam Freehold 5,477 2018 1997
10 HNK Amsterdam Sloterdijk Radarweg 60 Amsterdam Leasehold 16,284 2023 2018
11 HNK Amsterdam Zuidoost Burgemeester Stramanweg 102-108 Amsterdam Freehold 11,492 2016 1997
12 Hobaostraat Hobaostraat 8 Amsterdam Leasehold 3,144 2008 2021
13 Hiridostraat Hiridostraat 4 Amsterdam Leasehold 3,089 1985 1997
14 Koningin Wilhelminaplein Koningin Wilhelminaplein 18 Amsterdam Leasehold 4,999 1995 1997
15 One20 Teleportboulevard 120 - 142 Amsterdam Leasehold 9,703 2001 2020
16 Q-Port Kingsfordweg 43-117 Amsterdam Leasehold 12,786 2001 2018
17 Solaris Eclips Arlandaweg 98 Amsterdam Leasehold 4,151 2001 2001
18 Trivium Derkinderenstraat 2-24 Amsterdam Leasehold 8,315 2000 2019
19 Vitrum Parnassusweg 101, 103, 126, 128 Amsterdam Leasehold 11,612 2013 2017
20 Vivaldi Offices I Barbara Strozzilaan 201-229 Amsterdam Leasehold 9,493 2009 2015
21 Vivaldi Offices II Barbara Strozzilaan 101-125 Amsterdam Leasehold 8,778 2009 2015
Other Netherlands
Property Property adress City Form
ownership
NEN-area
Year
construction /
m
ajor renovation
Year
acquisition
1 Bentinck Huis Lange Voorhout 7 Den Haag Freehold 6,064 2020 2018
2 De Rode Olifant Zuid-Hollandlaan 7 Den Haag Freehold 9,993 1993 2007
3 HNK Den Haag Oude Middenweg 3E, 11-19 Den Haag Freehold 14,837 2014 2008
4 Alexanderhof Marten Meesweg 141-145 Rotterdam Freehold 3,095 1987 2015
5 HNK Rotterdam Alexander Marten Meesweg 93-121 Rotterdam Freehold 9,496 2025 2015
6 HNK Rotterdam Centrum Westblaak 180 Rotterdam Leasehold 8,527 2016 2001
7 HNK Rotterdam Scheepvaartkwartier Vasteland 42-110 Rotterdam Freehold 23,276 2012 2008
8 Veerhaven Veerhaven 16-18 Rotterdam Freehold 1,642 2002 1996
9 Veerkade Veerkade 1-9C Rotterdam Freehold 5,750 1915 2000
10 Westblaak Westblaak 155-189 Rotterdam Freehold 6,155 1978 2021
11 HNK Utrecht Centraal Station Arthur van Schendelstraat 650-698, 700-748 Utrecht Leasehold 9,113 2015 2006
12 HNK Utrecht West Weg der Verenigde Naties 1 Utrecht Leasehold 3,051 2013 2007
13 Jacobsweerd Sint Jacobsstraat 200-499 Utrecht Freehold 14,781 1987 2018
14
Van Sypesteyn Jaarbeursplein 22 Utrecht
Leasehold
8,417 1970 2024
15 Uniceflaan Uniceflaan 1 Utrecht Leasehold 12,091 1989 2017
16
Hooghuisstraat / Keizersgracht
Hooghuisstraat 18-30, Keizersgracht 3-11
Eindhoven Freehold
10,908 1970
2008
17 Archimedesweg Archimedesweg 17 - 25 Leiden Leasehold 2,522 2001 2001
18 Archimedesweg I Archimedesweg 6 Leiden Leasehold 7, 2 0 7 2000 2017
19 Archimedesweg II Archimedesweg 30 Leiden Leasehold 2,686 1999 2019
20 Mendelweg Mendelweg 30 Leiden Leasehold 6,198
2008
2021
21 Newtonweg Newtonweg 1 Leiden Leasehold 9,408 1993 2015
110 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Substantial contribution criteria Do no significant harm criteria
Economic
activity
Codes
Absolute [Turnover]
Proportion of [Turnover] - %
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and Marine Resources (WTR)
Circular Economy (CE)
Pollution (PPC)
Biodiversity and Ecosystem (BIO)
Climate Change Mitigation
Climate Change Adaptation
Water and Marine Resources
Circular Economy
Pollution
Biodiversity and Ecosystem
Minimum safeguards
Taxonomy Aligned proportion of [Turnover] year N - %
Taxonomy Aligned proportion of [Turnover] year N-1 - %
Category Enabling activity - %
Category Transitional activity - %
%
%
%
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
%
%
A. Taxonomy Eligible activities (A1 + A2): %
A.1 Enviromentally sustainable actitivies (Taxonomy aligned)
Activity 1 - Acquisition and
ownership of buildings (7.7)
L68 71.96
97. 4%
97. 4% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y N/A N/A N/A N/A Y 9 7.4 %
100.0%
N/A N/A
Turnover of environmentally
sustainable activities
(Taxonomy-aligned) (A.1)
7
1.96 97. 4% 97. 4 % 0.0% 0.0% 0.0% 0.0% 0.0%
A.2 Enviromentally sustainable actitivies (not Taxonomy aligned)
Activity 1 - Acquisition and
ownership of buildings (7.7)
L68 1.17 1.6% 1.6% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y N/A N/A N/A N/A Y
Activity 2 - Renovation of
existing buildings (7.2)
F41 0.655 0.9% 0.9% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y N/A
Turnover of Taxonomy-
eligble but not enviromen-
tally sustainable activities
(not Taxonomy-aligned
activities) (A.2)
1.825 2.5% 2.5%
T
otal (A.1 + A.2) 73.79
99.9%
99.9% 0.0% 0.0% 0.0% 0.0% 0.0% 97.4 %
B. Non-Eligible activities: %
Turnover of non-Eligble
activities
0
.089 0.1%
Total (A + B) 73.87
100.0%
Taxonomy eligibility and alignment
Against turnover, capex and opex
Table 1
Proportion of Turnover from products or services associated with economic activities that qualify as enviromentally sustainable -
disclosure covering year 2025.
111 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Table 2
Proportion of CapEx from products or services associated with economic activities that qualify as enviromentally sustainable -
disclosure covering year 2025.
Substantial contribution criteria Do no significant harm criteria
Economic
activity
Codes
Absolute [CapEx]
Proportion of [CapEx] - %
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and Marine Resources (WTR)
Circular Economy (CE)
Pollution (PPC)
Biodiversity and Ecosystem (BIO)
Climate Change Mitigation
Climate Change Adaptation
Water and Marine Resources
Circular Economy
Pollution
Biodiversity and Ecosystem
Minimum safeguards
Taxonomy Aligned proportion of [CapEx] year N - %
Taxonomy Aligned proportion of [CapEx] year N-1 - %
Category Enabling activity - %
Category Transitional activity - %
%
%
%
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
A. Taxonomy Eligible activities (A1 + A2): %
A.1 Enviromentally sustainable actitivies (Taxonomy aligned)
Activity 1 - Acquisition and
ownership of buildings (7.7)
L68 19.57
56.2%
56.2% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y N/A N/A N/A N/A Y 56.2% 100.0% N/A N/A
CapEx of environmentally
sustainable activities
(Taxonomy-aligned) (A.1)
19.57 56
.2% 56.2% 0.0% 0.0% 0.0% 0.0% 0.0%
A.2 Enviromentally sustainable actitivies (not Taxonomy aligned)
Activity 1 - Acquisition and
ownership of buildings (7.7)
L68 0.03 0.1% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y N/A N/A N/A N/A Y
Activity 2 - Renovation of
existing buildings (7.2)
F41 15.22 43.7% 43.7% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y N/A
CapEx of Taxonomy-eligble
but not enviromentally
sustainable activities (not
Taxonomy-aligned activities)
(A.2)
15.25 43.8% 43.8%
Total (A.1 + A.2) 34.82
100.0%
100.0% 98.4% 0.0% 0.0% 0.0% 0.0% 56.2%
B. Non-Eligible activities: %
CapEx of non-Eligble
activities
0 0.0%
T
otal (A + B) 34.82 100.0%
112 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Table 3
Proportion of OpEx from products or services associated with economic activities that qualify as enviromentally sustainable -
disclosure covering year 2025
Substantial contribution criteria Do no significant harm criteria
Economic
activity
Codes
Absolute [OpEx]
Proportion of [OpEx] - %
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and Marine Resources (WTR)
Circular Economy (CE)
Pollution (PPC)
Biodiversity and Ecosystem (BIO)
Climate Change Mitigation
Climate Change Adaptation
Water and Marine Resources
Circular Economy
Pollution
Biodiversity and Ecosystem
Minimum safeguards
Taxonomy Aligned proportion of [OpEx] year N - %
Taxonomy Aligned proportion of [OpEx] year N-1 - %
Category Enabling activity - %
Category Transitional activity - %
%
%
%
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
A. Taxonomy Eligible activities (A1 + A2): %
A.1 Enviromentally sustainable actitivies (Taxonomy aligned)
Activity 1 - Acquisition and
ownership of buildings (7.7)
L68 10.62
95.6%
92.9% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y N/A N/A N/A N/A Y 92.9% 100.0% N/A N/A
OpEx of environmentally
sustainable activities
(Taxonomy-aligned) (A.1)
10.62 95.6
% 92.9% 0.0% 0.0% 0.0% 0.0% 0.0% 92.9%
A.2 Enviromentally sustainable actitivies (not Taxonomy aligned)
Activity 1 - Acquisition and
ownership of buildings (7.7)
L68 0.22 2.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y N/A N/A N/A N/A Y
Activity 1 - Acquisition and
ownership of buildings (7.7)
L68 -0.13 -1.4% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y N/A N/A N/A N/A Y 12.3% N/A N/A
Activity 2 - Renovation of
existing buildings (7.2)
F41 0.261 2.4% 0..0% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y N/A
OpEx of Taxonomy-eligble
but not enviromentally
sustainable activities (not
Taxonomy-aligned activities)
(A.2)
0.481 4.4%
Total (A.1 + A.2) 11.10
100.0%
92.9% 97.3% 0.0% 0.0% 0.0% 0.0% 92.9%
B. Non-Eligible activities: %
OpEx of non-Eligble
activities
0 0.0%
T
otal (A + B) 11.10
100.0%
113 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
ESG (non-financial) performance measures 2025
Impact area Abbreviation Units of
measure
Indicator Metric Notes 2025-01-01
2025-12-31
2024-01-01
2024-12-31
% change 2025-01-01
2025-12-31
2024-01-01
2024-12-31
% change
Energy Fuels-Abs,
Fuels-LfL
annual kWh Fuels
Total fuels purchased by landlord
A 5,139,401.96 6,722,277.05 -23.55% 5,139,401.96 5,291,359.50 -2.87%
Total fuels controlled by landlord
A 5,139,401.96 6,722,277.05 -23.55% 5,139,401.96 5,291,359.50 -2.87%
Proportion of fuels from
renewable resourcespurchased
by landlord
- - - - - -
Proportion of fuels from
renewable resources controlled
by landlord
- - - - - -
Total fuels purchased by tenant A 2,632,780.47 1,062,489.17 147.79% 1,003,341.51 1,062,489.17 -5.57%
Total fuels controlled by tenant A 2,632,780.47 1,062,489.17 147.79% 1,003,341.51 1,062,489.17 -5.57%
Proportion of fuels from renew-
able resources purchased by
tenant(s)
- - - - - -
Proportion of fuels from
renewable resources controlled
by tenant(s)
- - - - - -
Total fuels purchased/controlled
by landlord and tenant(s)
A 7,772,182.43 7,784,766.22 -0.16% 7,772,182.43 7,504,165.24 3.57%
Proportion of landlord and
tenant purchased/controlled
fuels from renewable resources
- - - - - -
No. of applicable properties Fuels disclosure coverage - No.
Assets
20 out of 20 21 out of 21 - 20 out of 20 20 out of 20 -
Covered applicable sqm Fuels disclosure coverage - %
100.00% 100.00% 0.00% 100.00% 100.00% 0.00%
% Proportion of fuels estimated
- P C A F
- - - - - -
DH&C-Abs,
DH&C-LfL
annual kWh District
heating and
cooling
Total district heating and
cooling purchased by landlord
A 10,040,175.00 9,321,619.44 7.7 1 % 9,459,452.78 9,321,619.44 1.48%
Total district heating and
cooling controlled by landlord
A 10,040,175.00 9,321,619.44 7.7 1 % 9,459,452.78 9,321,619.44 1.48%
Total district heating and
cooling purchased by tenant
A 5,327,641.67 4,129,744.44 29.01% 5,327,641.67 4,129,744.44 29.01%
Total district heating and
cooling controlled by tenant
A 5,327,641.67 4,129,744.44 29.01% 5,327,641.67 4,129,744.44 29.01%
Total district heating and
cooling purchased/controlled
by landlord and tenant(s)
A
15,367,816.67 13,451,363.89 14.25% 14,787,094.44 13,451,363.89 9.93%
No. of applicable properties
District heating and cooling
disclosure coverage - No. Assets
23 out of 23 22 out of 22 - 22 out of 22 22 out of 22 -
Covered applicable sqm District heating and cooling
disclosure coverage - %
100.00% 100.00% 0.00% 100.00% 100.00% 0.00%
% Proportion of district heating
and cooling estimated - PCAF
- 2.38% - - 2.94% -
annual kWh Landlord
electricity
Renewable electricity gener-
ated and consumed on-site by
landlord
518,238.58 451,000.41 14.91% 518,238.58 451,000.41 14.91%
Electricity generated on-site
and exported by landlord
49,796.14 44,431.28 12.07% 49,492.35 36,692.86 34.88%
% Proportion of on-site renew-
able electricity generated by
landlord
3.20% 2.46% 30.00% 3.32% 2.78% 19.28%
annual kWh Total off-site electricity
purchased by landlord
A 15,686,365.57 17,466,405.26 -10.19% 15,107,228.77 15,769,229.58 -4.20%
% Proportion of off-site renew-
able electricity purchased by
landlord
96.80% 97.54% -0.76% 96.68% 97.22% -0.55%
Elec-Abs,
Elec-LfL
annual kWh Total electricity consumed by
landlord
A 16,204,604.15 17,886,323.67 -9.40% 15,625,467.35 16,220,229.99 -3.67%
Tenant
electricity
Electricity generated and
consumed on-site by tenant(s)
51,523.53 45,136.00 14.15% 51,523.53 45,136.00 14.15%
% Proportion of on-site renew-
able electricity consumed by
tenant(s)
0.50% 0.45% 11.06% 0.60% 0.45% 33.18%
Total off-site electricity
purchased by tenant(s)
10,245,158.40 9,972,319.96 2.74% 8,515,483.71 9,949,713.74 -14.41%
% Proportion of off-site renew-
able electricity purchased by
tenant(s)
99.50% 99.55% -0.05% 99.40% 99.55% -0.15%
annual kWh Total electricity consumed by
tenant(s)
10,296,681.93 10,017,455.96 2.79% 8,567,007.24 9,994,849.74 -14.29%
% Landlord
and tenant
electricity
Proportion of on-site renew-
able electricity consumed by
landlord and tenant(s)
2.15% 1.75% 22.85% 2.18% 1.79% 22.01%
Refers to the limited assurance report of the independent auditor (see pages 105-106)
114 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
% Proportion of off-site renew-
able electricity purchased by
landlord and tenant(s)
97.85% 98.25% -0.41% 90.42% 92.66% -2.41%
annual kWh Total landlord and tenant
electricity consumption
A
26,501,286.08 27,903,779.62 -5.03% 26,125,030.88 27,757,225.67 -5.88%
No. of applicable properties Electricity disclosure coverage
- No. Assets
44 out of 44 44 out of 44 - 43 out of 43 43 out of 43 -
Covered applicable sqm Electricity disclosure coverage
- %
100.00% 100.00% 0.00% 100.00% 100.00% 0.00%
% Proportion of electricity esti-
mated - PCAF
- - - - - -
Solar panels On-site solar panels - No.Appli-
cable Assets
12 out of 12 12 out of 12 - 12 out of 12 12 out of 12 -
No. of solar panels - - - - - -
Energy-Int
(all assets)
kWh Energy
consump-
tion
Total energy consumption
purchased by landlord
A 30,979,373.86 34,319,637.16 -9.73% 29,819,514.84 30,833,208.94 -3.29%
Total energy consumption
controlled by landlord
A 30,979,373.86 34,319,637.16 -9.73% 29,819,514.84 30,833,208.94 -3.29%
Total energy consumption
purchased by tenant
18,661,911.31 15,209,689.57 22.70% 14,897,990.41 15,209,689.57 -2.05%
Total energy consumption
controlled by tenant
18,661,911.31 15,209,689.57 22.70% 14,897,990.41 15,209,689.57 -2.05%
Estimated energy consumption
purchased by landlord - PCAF
- 329,722.22 - - - -
Estimated energy consumption
controlled by landlord - PCAF
- 329,722.22 - - - -
Estimated energy consumption
purchased by tenant - PCAF
- - - - - -
Estimated energy consumption
controlled by tenant - PCAF
- - - - - -
annual kWh Energy
Intensity
(sum of) annual kWh energy
consumption
A
49,641,285.17 49,139,909.73 1.02% 48,684,307.75 48,712,754.79 -0.06%
sqm (sum of) floor area (m
2
) - Energy A 394,240 389,878 1.12% 385,250.09 385,250.09 0.00%
annual kWh
/ sqm
Building energy intensity A
125.92 126.05 -0.11% 126.37 126.44 -0.06%
No. of applicable properties Energy and associated GHG
disclosure coverage - No.
Assets
44 out of 44 46 out of 47 - 43 out of 43 43 out of 43 -
Covered applicable sqm Energy and associated GHG
disclosure coverage - %
100.0% 97.9% 2.16% 100.0% 100.0% 0.00%
Covered
applicable
sqm
Total
operational
energy and
associated
GHG data
coverage
Common area - Energy
coverage
- - - - - -
Shared Services - Energy
coverage
- - - - - -
Tenant space - Energy coverage - - - - - -
Whole building - Energy
coverage
100.0% 97.9% 2.16% 100.0% 100.0% 0.00%
% Proportion of energy estimated
- P C A F
- 0.66% - - - -
% Proportion energy from rene-
wables resources
53.39% 56.71% -5.86% 53.66% 56.98% -5.83%
Covered
applicable
sqm
Renewable
energy data
coverage
Common area - Renewable
Energy coverage
- - - - - -
Shared Services - Renewable
Energy coverage
- - - - - -
Tenant space - Renewable
Energy coverage
- - - - - -
Whole building - Renewable
Energy coverage
100.00% 100.00% 0.00% 100.00% 100.00% 0.00%
Green-
house gas
emissions
- Location
based
GHG-
Dir-Abs
annual kg
CO
2
e
Direct LB: Scope 1 941,332.86 1,231,252.26 -23.55% 941,332.86 969,165.41 -2.87%
LB: estimated - PCAF emissions
Scope 1
- - - - - -
GHG-In-
dir-Abs
Indirect LB: Scope 2 A 5,046,940.75 6,230,595.57 -19.00% 4,818,898.22 5,491,343.15 -12.25%
LB: estimated - PCAF emissions
Scope 2
- 69,096.59 - - - -
LB: Scope 3 A 3,692,874.32 3,433,922.63 7.54% 2,947,060.21 3,444,715.63 -14.45%
LB: estimated - PCAF emissions
Scope 3
- - - - - -
GHG-Int (all
assets)
kg CO
2
e GHG
emissions
intensity
LB: (sum of) annual GHG emis-
sions - Total operational carbon
A
9,681,147.93 10,917,356.47 -11.32% 9,495,627.35 10,712,275.00 -11.36%
sqm
LB: (sum of) floor area (m
2
)
- GHG
394,240.35 389,877.78 1.12% 385,250.09 385,250.09 0.00%
kg CO
2
e /
sqm / year
LB: Building operational carbon
intensity
A 24.56 28.00 -12.30% 24.65 27.81 -11.36%
% LB: Proportion of GHG esti-
mated - PCAF
- 0.63% - - - -
Impact area Abbreviation Units of
measure
Indicator Metric Notes 2025-01-01
2025-12-31
2024-01-01
2024-12-31
% change 2025-01-01
2025-12-31
2024-01-01
2024-12-31
% change
Refers to the limited assurance report of the independent auditor (see pages 105-106)
115 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Refers to the limited assurance report of the independent auditor (see pages 105-106)
Greenhouse
gas
emissions
- PCAF
Location
Based
annual kg
CO
2
e
1a LB: Score 1 - - - - - -
1b LB: Score 2 9,681,147.93 10,911,778.88 -11.28% 9,495,627.35 10,643,178.41 -10.78%
2a LB: Score 3 - - - - - -
2b LB: Score 4 - - - - - -
3 LB: Score 5 - 69,096.59 - - - -
Green-
house gas
emissions
- Market
based
GHG-
Dir-Abs
annual kg
CO
2
e
Direct MB: Scope 1 A 1,096,748.38 1,231,252.56 -10.92% 1,096,748.38 1,126,001.30 -2.60%
MB: estimated - PCAF emissions
Scope 1
- - - - - -
GHG-In-
dir-Abs
Indirect MB: Scope 2 A 1,389,058.21 840,809.96 65.20% 1,308,715.29 840,623.64 55.68%
MB: estimated - PCAF emissions
Scope 2
- 30,113.53 - - - -
MB: Scope 3 A 1,298,914.58 567,108.26 129.04% 951,192.30 598,518.05 58.92%
MB: estimated - PCAF emissions
Scope 3
- - - - - -
GHG-Int (all
assets)
kg CO
2
e /
sqm / year
GHG
emissions
intensity
MB: (sum of) annual GHG
emissions - Total operational
carbon
A
3,784,721.17 2,639,170.77 43.41% 3,356,655.97 2,565,142.99 30.86%
MB: (sum of) floor area (m
2
)
- GHG
A 394,240.35 389,877.84 1.12% 385,250.09 385,250.09 0.00%
MB: Building operational
carbon intensity
A
9.60 6.77 41.82% 8.71 6.66 30.86%
% MB: Proportion of GHG
estimated - PCAF
- 1.03% - - - -
Greenhouse
gas
emissions
- PCAF
Market
Based
annual kg
CO
2
e
1a MB: Score 1 - - - - - -
1b MB: Score 2 3,784,721.17 2,890,563.24 34.31% 3,356,655.97 2,565,142.99 30.86%
2a MB: Score 3 - - - - - -
2b MB: Score 4 - - - - - -
3 MB: Score 5 - 30,113.53 - - - -
Water Water-Abs,
Water-LfL
annual cubic
metres (m
3
)
Water Total water consumption
purchased by landlord
A 57,351.25 57,848.22 -0.86% 47,981.38 52,217.14 -8.11%
Total water consumption
controlled by landlord
57,351.25 57,848.22 -0.86% 47,981.38 52,217.14 -8.11%
Total water consumption
purchased by tenant
29,132.46 44,141.83 -34.00% 25,309.86 38,424.59 -34.13%
Total water consumption
controlled by tenant
29,132.46 44,141.83 -34.00% 25,309.86 38,424.59 -34.13%
Total water consumption
purchased/controlled by
landord and tenant(s)
A
86,483.71 101,326.05 -14.65% 83,561.59 100,533.09 -16.88%
Water-Int (all
assets)
annual m
3
/
sqm
Water
Intensity
(sum of) floor area (m
2
) - Water 384,583.85 388,821.78 -1.09% 371,671.38 376,832.75 -1.37%
Building water intensity A
0.22 0.26 -13.71% 0.22 0.27 -15.73%
No. of applicable properties Water disclosure coverage - No.
Assets
44 out of 44 44 out of 44 - 40 out of 40 40 out of 40 -
Covered applicable sqm Water disclosure coverage - %
97.55% 99.73% 0.27% 100.00% 100.00% 0.00%
% Proportion of water estimated
- P C A F
- - - - - -
Waste Waste-Abs,
Waste-LfL
annual
tonnes
Waste type Hazardous waste - - - - - -
Non-Hazardous waste 915.70 1,467.00 -37.58% - - -
Total waste created
915.70 1,467.00 -37.58% - - -
Total landlord controlled waste
generated
711.25 713.98 -0.38% - - -
proportion
by disposal
route (%)
Disposal
routes
Landfill (with of without energy
recovery)
- - - - - -
Incineration (with or without
energy recovery)
2.47% 18.21% -86.45% - - -
Diverted (total) 99.33% 76.37% 30.06% - - -
Diverted - Reuse - - - - - -
Diverted - Waste to energy 64.02% 35.91% 78.25% - - -
Diverted - Recycling 33.70% 40.46% -16.70% - - -
Other / Unknown 0.00% 5.42% - - - -
No. of applicable properties Waste disclosure coverage - No.
Assets
25 out of 44 35 out of 44 - - - -
Covered applicable sqm Waste disclosure coverage - %
64.05% 57.14% 12.09% - - -
% Proportion of waste estimated
- P C A F
0.00% 2.00% - - -
Impact area Abbreviation Units of
measure
Indicator Metric Notes 2025-01-01
2025-12-31
2024-01-01
2024-12-31
% change 2025-01-01
2025-12-31
2024-01-01
2024-12-31
% change
116 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Certification Ce rt-Tot % of m
2
Percentage
of assets
with a
certificate
Common area - % Certificate - - - - - -
Shared Services - % Certificate - - - - - -
Tenant space - % Certificate - - - - - -
Whole building - % Certificate 96.24% 93.87% 2.52% 92.48% 95.28% -2.94%
Green
Building
Certification
Covered
applicable
properties
Certified by at least one Green
Building Certification - No.
Assets
31 out of 42 38 out of 44 - 30 out of 42 30 out of 44 -
Covered
applicable
sqm (GFA)
Certified by at least one Green
Building Certification - %
79.53% 89.92% -11.55% 75.77% 74.45% 1.77%
BREEAM
New
Construc-
tion -
Level of
certification
New Construction - Outstanding - - - - - -
New Construction - Excellent - - - - - -
New Construction - Very Good - - - - - -
New Construction - Good - - - - - -
New Construction - Pass - - - - - -
BREEAM In
Use -
Level of
certification
In Use - Outstanding - - - - - -
In Use - Excellent
21.31% 40.20% -46.99% 22.14% 48.29% -54.14%
In Use - Very Good
40.82% 35.13% 16.20% 42.42% 28.61% 48.42%
In Use - Good
17.40% 10.92% 59.34% 18.08% 8.12% 122.62%
In Use - Pass - 3.67% -100.00% - 4.41% -100.00%
In Use - Acceptable - - - - - -
GPR
Gebouw -
Level of
certification
Design & Construction - - - - - -
Operational - - - - - -
Energy
Ratings
% of value Percentage
of assets
with an
energy
rating
Common area - % Energy
Rating
- - - - - -
Shared Services - % Energy
Rating
- - - - - -
Tenant space - % Energy Rating - - - - - -
Whole building - % Energy
Rating
100.00% 100.00% 0.00% 100.00% 100.00% 0.00%
EU + UK EPC Covered
applicable
properties
Certified EU + UK EPC - No.
Assets
41 out of 42 43 out of 44 - 41 out of 42 41 out of 44 -
Covered
applicable
value
Certified EU + UK EPC - %
97.12% 97.20% -0.09% 97.12% 97.11% 0.01%
Level of
certification
A+++++
- - - - - -
A++++
- - - - - -
A+++
0.72% - - 0.72% - -
A++
40.87% 19.62% 108.32% 40.87% 20.24% 101.92%
A+
23.58% 11.23% 109.96% 23.58% 11.59% 103.47%
A
28.14% 62.46% -54.94% 28.14% 61.90% -54.53%
A2020
- - - - - -
A2015
- - - - - -
B
0.20% 0.79% -74.59% 0.20% 0.18% 9.62%
C
3.60% 3.10% 16.20% 3.60% 3.20% 12.70%
D
- - - - - -
E
- - - - - -
F
- - - - - -
G
- - - - - -
H
- - - - - -
Other GRESB
Score
94 out of 100 93 out of 100 - - - -
Impact area Abbreviation Units of
measure
Indicator Metric Notes 2025-01-01
2025-12-31
2024-01-01
2024-12-31
% change 2025-01-01
2025-12-31
2024-01-01
2024-12-31
% change
Refers to the limited assurance report of the independent auditor (see pages 105-106)
117 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
refers to the limited assurance report of the independent auditor (see page 116)
Environmental sustainability
performance measures
EU Taxonomy
Note 2025 eligibility 2025 alignment
Revenue 99.88% 97.50%
Capex 100% 56.20%
Opex 100% 95.60%
Environmental performance measures
Note 2025 2024
CRREM Energy
Intensity
Excluding the life sciences buildings
in Leiden
109 110
Solar-PV
Total solar PV panel capacity in wattpeaks
1,090,760 694,620
Social performance measures
Note Note 2025 2024
Diversity - Emp Employee gender diversity Female 60.3% 56.5% Percentage of employees
Male 39.7% 43.5%
Diversity-Pay Gender pay ratio Management Board 1.24 1.11 Ratio
Senior Management 1.36 1.29
Operations 2.15 2.23
Support Staff 0.86 1.24
Total 1.84 1.97
Emp-Training Employee training and development 34 50
E m p – H c Employee headcount
68 69
Emp-Dev Employee performance appraisals
100.0% 100.0%
Emp- Turnover New hires and turnover New hires 13 15 New hires headcount
19.1% 21.7% New hires percentage
Leavers -14 -13 Leavers headcount
-20.6% -18.8% Leavers percentage
H&S-Emp Employee health and safety Absentee rate 5.4% 5.2%
Injury rate 0.0% 0.0%
Work related fatalaties 0 0
H&S-Asset Asset health and safety assessments 26 out of 42 30 out of 44
H&S-Comp
Asset health and safety compliance
Number of incidents 3 2
Comty-Eng Community engagement, impact assessment and
development programs
9 out of 42 9 out of 44 HNK office app in all HNK’s
Governance performance measures
2025 2024
Gov-Board Composition of the highest governance body Page 40-43 Page 40-43
See composition and total number
Gov-Selec Process for nominating and selecting the highest governance body Page 40-43 Page 40-43 Narrative on process
Gov-Col Process for managing conflicts of interest Page 40-43 Page 40-43 Narrative on process
Refers to the limited assurance report of the independent auditor (see pages 105-106)
118 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Basis of preparation for ESG-reporting
Disclosure and Reporting
Progress on sustainability is fully disclosed to all stakeholders
through our Annual Report. NSI’s non-financial performance is
measured and communicated considering the following stand-
ards, regulations and benchmarking tools:
• EPRA (sustainability Best-Practice Recommendations)
• GHG Protocol Corporate Standard
• GRI Standards
• GRESB methodology
• CRREM
• EU Taxonomy (Regulation (EU) 2020/852 (Taxonomy Regula-
tion) and the amended EU Taxonomy Delegated Act 2026/73
of 4 July 2025 (‘the Omnibus Delegated Act’))
NSI aims to continuously improve its internal sustainability
governance. These standards help NSI implement a holistic
environmental management system and improve its general
sustainability performance.
Consolidation
The scope of entities included in this sustainability report is
equal to the list of entities included in the consolidated finan-
cial statements, as set out in note 26 on page 87.
EU Taxonomy
The EU Taxonomy Regulation is a classification framework that
identifies economic activities capable of making a substantial
contribution to one or more of six environmental objectives:
1. Climate Change Mitigation (CCM)
2. Climate Change Adaptation (CCA)
3. Sustainable use and protection of water and marine
resources (Water)
4. Pollution prevention and control (Pollution)
5. Protection and restoration of biodiversity and ecosystems
(Biodiversity)
6. Transition to a circular economy (Circularity)
Companies must determine whether their economic activities fall
within the scope of these objectives. For all in-scope activities,
they are required to disclose the share of turnover, capital expendi-
ture (CapEx) and operating expenditure (OpEx) that is ‘eligible’ (i.e.,
co
vered by the taxonomy) and the share that is ‘aligned’.
To qualify as aligned, an activity must substantially contribute
to at least one environmental objective, must not significantly
harm (DNSH) the others, must comply with the applicable tech-
nical screening criteria, and the company must adhere to the
minimum safeguards.
Assumptions and accounting policies applied in our eligibility
and alignment analysis
The key assumptions and accounting policies applied in rela-
tion to EU taxonomy reporting are:
• Total turnover under the EU taxonomy is assumed equal to
gross rental income as reported under IFRS (see note 2 to
the consolidated financial statements).
• Total CapEx includes additions to investment property,
purchased PP&E, additions to right-of-use-assets and
purchased intangible assets as reported in the consolidated
financial statements (see notes 11-13 of the consolidated
financial statements).
• Total ‘OpEx’ includes operating costs as reported under IFRS
(see note 3 to the consolidated financial statements).
The allocation of our capital expenditure (CapEx) towards
assets aligned with the EU Taxonomy offers a transparent
insight into NSI's strategic path. Specifically, channelling a
significant portion of our overall CapEx into assets that align
with the EU Taxonomy demonstrates our commitment to
fostering a portfolio that is both sustainable and resilient to
climate change. This approach not only guides our transition
strategies but also provides the necessary financial support.
To measure the proportion of our CapEx that aligns with the EU
Taxonomy, the CapEx KPI is calculated as Taxonomy-aligned
CapEx (numerator) divided by our total CapEx (denominator).
Measurement methodology and assumptions ESG (non-fi-
nancial) performance measures (EPRA sBPR)
NSI reports environmental, social and governance performance
in accordance with the EPRA Sustainability Best Practice
Recommendations (sBPR). This reporting is split into several
sections consisting of the overarching EPRA recommendations,
the environmental performance indicators, the social perfor-
mance indicators and the governance performance indicators.
Reporting period and organisational boundaries
The reporting period for this report is the same as for the annual
financial report. NSI includes its ESG performance in its annual
report since 2017 as part of the sustainability report. The anal-
ysis includes data of the portfolio as per 31 December 2025.
Assets that were acquired (not applicable in 2025) or disposed
during 2025 were excluded from the like-for-like performance
analysis.
Measurement scope and coverage
In 2025, 100% of the total portfolio value belonged to the
measurement scope, which corresponds to 44 properties for
consumption measures (energy, gas, waste, etc.) and 42 prop-
erties for label measures (at balance sheet date), including the
NSI head office. The consumption data were collected using
our invoice data, invoice data obtained from tenants, combined
with smart meters and data obtained from tenants. In the event
of incomplete or missing data, the data was extrapolated in
accordance with EPRA guidelines or the asset was excluded.
With regard to the measurement of electricity, the following
apply:
119 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
• The energy generated by the solar panels has not been
deducted from the total electricity consumption
• The consumption of the electric charging stations is excluded
in the total electricity consumption.
• The electricity consumption of the tenant is based on renew-
able energy.
The calculation of the ‘building energy intensity’ is based on
all buildings for which data is available for at least 9 months.
In case of missing data, the data is extrapolated to a whole
year. On page 113 to 116 you can find the EPRA tables with the
various performances, including the share of buildings in scope
for each of the performance indicators and the extent of data
coverage/extrapolation.
Unless indicated otherwise, covered applicable square meters
is based on CRREM areas.
Estimation and extrapolation of consumption data
At the time of publication of this report, not all data are avail-
able for the measurement year 2025 yet. If data for at least nine
month
s is available, it has been extrapolated in accordance with
EPRA guidelines. If the data of one of the meters in a building
is missing, the square meters of the building will be adjusted
pro-rata for the purpose of determining the energy-, CO
2
- and
water intensity and calculating the data coverage. In accordance
with the EPRA guidelines, a like-for-like analysis was carried out
for several environmental indicators. The analysis enables NSI to
observe evolutions in consumption, irrespective of the fact that
new assets are added to the scope of measurement.
Explanatory Notes To Sustainability Performance Measures
The like-for-like (L-f-L) calculation reflects consumption of
the portfolio that has been consistently in operation during
the most recent two full reporting years, in line with the EPRA
sBPR definition. As a result, assets sold in the reporting period
are not included in this calculation.
This means that:
• 3 assets are excluded from L-f-L Performance as these
assets were not fully operational during the reporting
periods of both 2024 and 2025.
• Other assets are excluded from L-f-L Performance when for
the specific metric the data information (e.g. consumption
data for gas or electricity) is not available in both periods.
Furthermore, the Notes in the table refer to the following:
A Normalization (as a consequence of Acquisitions and Dispo-
sitions during the year):
• When a property is in the portfolio for less than 9 months (<
274 days), the property will be excluded.
• When a property is in the portfolio for 9 months or longer (=>
274 days), the property will be included. For these properties,
the consumption for the remaining part of the year should be
estimated/extrapolated and explained in the report.
CSRD Implementation
On February 26, 2025, the European Commission adopted a
package of proposals, known as the “Simplification Omnibus”
aimed at reducing the regulatory burden on companies under
the Corporate Sustainability Reporting Directive (CSRD). These
proposals include significant changes to the scope and timeline
of CSRD reporting requirements. On 14 April 2025, the “Stop-
the-Clock” Omnibus Directive was formally adopted, which
granted a two-year deferral to the companies that needed to
report in Wave 2 and Wave 3. Both the Omnibus Directive as well
as the Stop-the-Clock Directive will still need to be adopted
into national law.
NSI aims to embrace this reduction in regulatory burden. As this
Omnibus package has not yet been translated into local legis-
lation in the Netherlands, we will monitor and await its adop-
tion into national law and act accordingly. We will closely follow
developments regarding the adoption of this package into local
legislation, adjusting our approach if necessary. Although the
Stop-the-Clock Directive has not been adopted into Dutch law
as per today, we reasonably expect the two-year deferral period
to become effective.
At the same time, NSI remains fully committed to sustainability
and continues to prioritize responsible and sustainable business
practices, regardless of regulatory changes. We will stay focused
on improving the sustainability of our assets, enhancing energy
efficiency, and reducing our environmental footprint.”
ESG Assurance
NSI’s independent auditor PricewaterhouseCoopers Account-
ants N.V. has provided a limited assurance on a selection of the
repor
ted sustainability and non- financial KPIs for the financial
year 2025. In scope are 19 KPI’s in the field of Energy, Water,
Waste, Greenhouse Gas Emissions, Certification and Social (full
list outlined in the ESG glossary on page 130 – 131). Refer to page
105 for the independent auditor’s limited assurance report.
120 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
EU Taxonomy
We aim to own assets that are aligned, now or in time, with the
EU taxonomy, the classification system that translates the EU’s
climate and environmental objectives into criteria for specific
economic activities for investment purposes.
Of the 6 environmental objectives, EPRA’s analysis indicates
that only the objectives of the ‘Climate Change Mitigation’,
‘Climate Change Adaptation’ and ‘Transition to a Circular
Economy’ have a focus on the Real Estate sector.
Eligibility
Eligibility is the first, screening-level check. An economic
activity is “Taxonomy-eligible” if it appears in the Taxonomy’s
list of activities, meaning that in principle it could contribute
to one or more of the Taxonomy’s environmental objectives. An
assessment was performed on NSIs business activities as to
whether these appear on the list of taxonomy-eligible activities.
The business activities of NSI can be categorized into two activ-
ities: ‘the acquisition and ownership of buildings’ and ‘renova-
tion of existing buildings’. Both activities appear on the list of
eligible activities (7.7 – the acquisition and ownership of build-
ings and 7.2 – renovation of existing buildings).
Acquisition and ownership of buildings (7.7)
The environmental objectives to which this activity contributes
are “Climate change mitigation”, clarified as “contributing to
the stabilisation of greenhouse gas emissions by avoiding or
reducing them or by enhancing greenhouse gas removals”, and
“Climate adaptation”, clarified as “contributing to the protection
of human health and the environment, by reducing or avoiding
the adverse impacts of climate change”.
To prove that the activity is actually contributing to the environ-
mental goals of the Paris Agreement, the activity must comply
with specific ‘Technical Screening Criteria ’ and does no signif-
icant harm to the other environmental objectives.
Renovation of existing buildings (7.2)
The environmental objectives to which this activity contributes
are “Climate change mitigation”, clarified as “contributing to
the stabilisation of greenhouse gas emissions by avoiding or
reducing them or by enhancing greenhouse gas removals”, and
“Climate adaptation”, clarified as “contributing to the protection
of human health and the environment, by reducing or avoiding
the adverse impacts of climate change”, and “Contributing to
circular economy”, clarified as “contributing to maintaining the
value of products, materials and other resources for as long as
possible and reducing the environmental impact of their use”.
To prove that the activity is actually contributing to the environ-
mental goals of the Paris Agreement, the activity must comply
with specific ‘Technical Screening Criteria’ and does no signifi-
cant harm to the other environmental objectives.
Alignment
For eligible business activities to be aligned, they should be
reviewed against the ‘Technical Screening Criteria’ (TSC) of
their applicable environmental objectives, it should be verified
that they do no significant harm to the other environmental
objectives and compliance with the minimum social and govern-
ance safeguards should be confirmed.
Acquisition and ownership of buildings (7.7)
The TSC for substantial contribution for the economic activity
“7.7 Acquisition and ownership of buildings”, depend on the type
of building (residential vs non-residential), the year in which
the building was built (different conditions for buildings built
before or after 31 December 2020) and on the energy perfor-
mance certificate of the building. Please see the graph below
for a more detailed explanation.
In order to ensure that the activity does no significant harm to
the other objectives, it should be verified that adaptation solu-
tions are put in place to tackle the climate risk hazards which
have been assessed as “material”.
This analysis was performed on each individual asset based
on the TSC for “Acquisition and ownership of buildings” as
prescribed by the EU taxonomy. Through a climate risk hazard
and mitigation plan the ‘Do No Significant Harm (DNSH)’ condi-
tion was assessed. The DNSH criteria were evaluated through
two assessments. This examination involved a comprehensive
assessment of climate risk and vulnerability at the asset level,
as described in more detail above. Based on these outcomes,
a tailored climate adaptation strategy was developed to miti-
gate each asset identified as being at risk. Adaptation plans are
implemented and scheduled to be executed over the next years.
NSI made subsequent progress on EU Taxonomy alignment
throughout 2025. Alignment based on the technical assess-
ment points increased compared to last year on turnover, Capex
and Opex (in absolute amounts). Progress was also realized
with respect to minimum safeguard requirements including the
adoption of relevant policies. In 2025 NSI complied with the
minimum safeguards.
The proportion of the portfolio that is EU taxonomy aligned is
presented in the EU Taxonomy tables on pages 110-112.
Renovation of existing buildings (7.2)
The TSC for substantial contribution of the economic activity
“7.2 Renovation of existing buildings”, focus on improving
energy performance of the building and identifying and
121 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
reducing physical climate risk through (nature-based) climate
adaption solutions.
In order to ensure that the activity does no significant harm to
the other environmental objectives, it should be verified that
installed water appliances do not exceed sustainable water
management thresholds, construction and demolition waste is
prepared for reuse or recycling, design and construction tech-
niques support circularity, materials and resources used are
not restricted by EU Regulation and noise, dust and pollution
control measures are in place.
In 2024 NSI has started the planning and designing phase
of major renovations of existing buildings. During the plan-
ning and designing process we take note of the EU taxonomy
requirements. The renovation of HNK Rotterdam Alexander
commenced in 2025 and the project is delivered early 2026.
During the execution of the renovation NSI monitored ESG
performance of the renovation, including EU Taxonomy require-
ments. As the renovation works have been subcontracted to
external constructors, NSI can not fully demonstrate align-
ment of the activities within reasonable efforts (e.g. NSI has no
control over the preparation for reuse or recycling of construc-
tion and demolition waste). Therefore we report the turnover,
Capex and Opex of renovation activities as not aligned. We
plan to report on the operations of the renovated assets upon
completion of the activities, when assets are transferred to EU
Taxonomy activity 7.7. This approach is in line with the guid-
ance provided by the European Commission, Which emphasizes
the importance of transparency and accuracy in sustainability
reporting.
The proportion of the portfolio that is EU taxonomy aligned is
presented in the EU Taxonomy tables on pages 110-112.
Minimum safeguards
For full alignment with the EU Taxonomy, NSI must have imple-
mented and be compliant with the following international
conventions:
• OECD Guidelines for Multinational Enterprises (OECD MNE
Guidelines);
• UN Guiding Principles on Business and Human Rights
(UNGPs), including rights from the International Labour
Organization's (ILO) 8 fundamental conventions;
• International Bill of Human Rights
• These conventions can be translated into the following four
topics:
• human rights (including labour and consumer rights);
• corruption and bribery;
• taxation; and
• fair competition.
The EU Taxonomy guidelines expect a bundle of coherent
processes aimed at identifying negative impacts on these four
topics. NSI has implemented preventive and detective controls.
NSI ensures the implementation, monitoring, and communica-
tion of actions addressing negative impacts related to its oper-
ations, value chain, and business relationships. The company
adheres to international human rights standards, including the
OECD Guidelines for Multinational Enterprises, the UN Guiding
Principles on Business and Human Rights, the eight funda-
mental ILO conventions, and the International Bill of Human
Rights.
Annually the Code of Conduct is brought under attention of all
the employees. With regard to our supply chains and business
relationships, we expect the same ethical business conduct
as for our own business entities. Therefore, the minimum
safeguards requirements are an integral part of our business
contracts and our Supplier’s Code of Conduct. The Supplier’s
Code of Conduct aims to promote and enforce practices relating
to human rights, ethics, the protection of the environment and
safety. We expect each of our suppliers to respect NSI's ethical
principles and to ensure that this Code of Conduct is respected
by all of their employees and subcontractors. Moreover, our
supplier selection and evaluation processes include human
rights, anti-corruption and anti-bribery checks. In addition
to these preventive measures, we have implemented a griev-
ance mechanism for complaints about detrimental behaviour
regarding a variety of ethics, integrity and compliance issues
(including the four topics touched upon by the MS).
Human rights (including labour and consumer rights)
In line with the UNGPs and OECD guidelines, we have imple-
mented a systematic approach to identify, prevent, and address
potential human rights impacts. We conduct regular impact
assessments, considering sectoral factors, and prioritize risks
across our operations, partners, and value chain. Measures are
taken to prevent violations, and if they occur prompt action
will be taken. The effectiveness of these measures is regularly
reviewed. In 2025 no incidents have been identified.
Corruption and bribery
To combat corruption, NSI has implemented a prevention
program based on risk assessments. Anti-corruption measures
are part of our Code of Conduct. We also provide anti-corrup-
tion guidelines to employees, suppliers, and business partners.
In 2025 no corruption allegations were reported.
Taxation
Aligned with our ethical values, tax governance and compliance
are key priorities. We are committed to adhering to all relevant
tax laws and regulations. Our tax strategy is transparent, sustain-
able, and in line with the Code of Conduct. Tax risk management
is
integrated into our overall risk management. A team of quali-
fied external tax experts together with management of NSI over-
sees our risk-based tax governance framework.
Fair competition
We comply with all competition laws and regulations. Through
our code of conduct, we promote vibrant competition and a free
market environment. These guidelines help employees prevent,
detect, and address competition violations.
The extensive EU Taxonomy eligibility and alignment table
against turnover, Capex and Opex can be found on pages
110-112.
122 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
TSC Substantial Contribution check
Acquisition and ownership of buildings (7.7)
Was your building built before 31 December 2020?
YES NO
Does your building have an EPC
class A?
Is your building:
1. Within the top 15% of the national or
regional building stock in terms of PED?
2.
I s this adequately
demonstrated?
3.
Does it at least compare the perfor-
mance of the assets to the one built
be
fore 31 December 2020 and distin-
guish between residential and
non- residential?
Is
the PED at least 10% lower than the
threshold set for NZEB (nearly zero-
energy building)? Is the energy
performance certified using EPC?
Is your building larger
than 5000 m
2
?
Did the building undergo testing for
air-tightness and thermal integrity and
report deviations in level of performance?
Alternatively, is there a robust/traceable
quality control process during
construction?
Has the life-cycle GWP from construc-
tion been calculated for each stage and
d
isclosed to investors/clients on demand?
Is your building large and non-residential?
Is efficiently operated through energy performance monitoring and assessment?
The activity complies with the substantial contribution TSC,
the alignment assessment can proceed to DNSH check
As the building is not larger than 5000 m
2
, there are no further checks
There are no further checks
NO NO
The activity
is not aligned
YES
YES
YES
YES
NO
The activity
is not aligned
The activity
is not aligned
NO
NO
NO
YES YES
The activity
is not aligned
YES
YESNO
123 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Have adaptation solutions (such as nature-based solutions) been applied to reduce
the risks?
YES
Have physical climate risks (such as floods and heat stress) been mapped through a
vulnerability assessment?
DNSH
Climate goal 3
Sustainable water
management
DNSH
Climate goal 2
Climate adaption
Climate goal 1
Climate change
mitigation
DNSH
Climate goal 4
Circular economy
DNSH
Climate goal 5
Pollution Prevention
and Control
YES
Do building designs and construction techniques support circularity by
demonstrating how they are designed to be resource-efficient, adaptable, flexible,
and disassemblable to enable reuse and recycling?
YES
Is at least 70% of non-hazardous construction and demolition waste produced
on-site, excluding backfilling, prepared for reuse or recycling in compliance with
EU waste legislation and protocols?
Installed water appliances do not exceed EU technical specifications?
Technical specs Threshold
Shower 8L/min
Washbasin tap 6L/min
Toilet 3.5L per flush
Urinoir 2L per hour
YES
YES
YES
Do the construction components and materials used comply with Annex C criteria
and are any restricted substances listed in relevant EU regulations excluded unless
specific conditions are met?
Do materials emit <0.06 mg/m³ formaldehyde and <0.001 mg/m³ category 1A/1B
VOCs per Annex XVII of Regulation (EC) No 1907/2006 or equivalent standardized
methods?
Are measures taken to reduce noise, dust, and pollutant emissions during
construction or maintenance work?
Does the renovation comply with the regulations for major renovations (according to
national/regional regulations)?
TSC substantial constribution check
Climate goal 1: Climate change mitigation
Renovations of existing buildings (7.2)
YES
YES
YES
Is the renovation concerning more than 25% of the building envelope’s surface area? Not a rennovation as per EU Taxonomy
YES
NO
NO
NO
NO
NO
NO
NO
NO
NO
NO
Does the renovation lead to energy savings
of at least 30% (calculated according to
NTA8800)?
The activity is not aligned
The activity meets the climate goals and is therefore aligned
124 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
EPRA key performance measures
Overview
2025 2024
€ ' 000 per share (€) € ' 000 per share (€)
EPRA earnings 40,620 2.10 41,008 2.09
EPRA cost ratio (incl. direct vacancy costs) 29.7% 27.4%
EPRA cost ratio (excl. direct vacancy costs) 26.9% 25.6%
EPRA property related capital expenditure 35,452 33,926
31 December 2025 31 December 2024
€ ' 000 per share (€) € ' 000 per share (€)
EPRA NRV 743,478 38.09 778,367 40.71
EPRA NTA 644,658 33.03 674,351 35.27
EPRA NDV 658,217 33.72 696,797 36.44
EPRA LTV 36.4% 35.5%
EPRA net initial yield (NIY) 5.7% 5.6%
EPRA topped-up net initial yield 6.1% 6.1%
EPRA vacancy rate 9.2% 5.1%
EPRA earnings
2025 2024
Gross rental income
73,873 72,731
Service costs not recharged
-2,601 -2,030
Operating costs
-10,956 -9,622
Net rental income 60,316 61,079
Administrative costs
-8,408 -8,298
Net financing result
-8,923 -10,225
Direct investment result before tax 42,985 42,556
Corporate income tax
-2,365 -1,548
Direct investment result / EPRA earnings 40,620 41,008
Direct investment result / EPRA earnings per share 2.10 2.09
125 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
EPRA cost ratio
2025 2024
Administrative costs 8,408 8,298
Service costs not recharged 2,601 2,030
Operating costs (adjusted for municipality taxes) 10,956 9,622
Leasehold 0 0
EPRA costs (including direct vacancy costs) 21,965 19,951
Direct vacancy costs -2,070 -1,342
EPRA costs (excluding direct vacancy costs) 19,895 18,609
Gross rental income 73,873 72,731
EPRA gross rental income 73,873 72,731
EPRA cost ratio (incl. direct vacancy costs) 29.7% 27.4%
EPRA cost ratio (excl. direct vacancy costs) 26.9% 25.6%
EPRA property related capital expenditure
2025 2024
Acquisitions 580 18,442
Development 15,779 1,920
Like-for-like portfolio 19,133 13,256
Other -40 308
EPRA capital expenditure 35,452 33,926
EPRA NAV
31 December 2025 31 December 2024
EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV
IFRS Equity attributable to shareholders 640,728 640,728 640,728 672,344 672,344 672,344
Diluted NAV 640,728 640,728 640,728 672,344 672,344 672,344
Diluted NAV at fair value 640,728 640,728 640,728 672,344 672,344 672,344
Deferred tax in relation to fair value gains of
investment property
2,921 2,921 429 429
Fair value of financial instruments 1,020 1,020 1,606 1,606
Intangibles as per IFRS balance sheet -11 -11 -29 -29
Fair value of fixed interest rate debt 17,500 24,481
Real estate transfer tax 99,390 103,988
NAV 744,060 644,658 658,217 778,367 674,351 696,797
Fully diluted number of shares 19,519,267 19,519,267 19,519,267 19,120,592 19,120,592 19,120,592
NAV per share 38.12 33.03 33.72 40.71 35.27 36.44
126 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
EPRA LTV
31 December 2025 31 December 2024
Borrowings from financial institutions 357,907 346,340
Foreign currency derivatives 1,020 1,606
Net payables 22,012 18,022
Owner occupied property (debt) -2,624 -2,475
Cash & cash equivalents -30,104 -8,451
Net debt 348,212 355,043
Owner occupied property 2,624 2,475
Investment properties at fair value 893,196 945,550
Properties under construction 59,856 51,855
Intangibles 11 29
Financial assets 183 0
Total property value 955,870 999,909
LT V 36.4% 35.5%
EPRA yield
31 December 2025 31 December 2024
Investment property including assets held for sale 950,081 999,880
Developments -54,261 -51,855
Property investments 895,820 948,025
Allowance for estimated purchasers' costs 102,123 125,509
Gross up completed property portfolio valuation 997,943 1,073,534
Annualised cash passing rental income 69,143 72,056
Annualised property outgoings -12,282 -12,070
Annualised net rent 56,861 59,986
Notional rent expiration of rent free periods or other lease incentives 4,405 5,116
Topped-up annualised net rent 61,266 65,102
EPRA net initial yield 5.7% 5.6%
EPRA topped-up net initial yield 6.1% 6.1%
EPRA vacancy
31 December 2025 31 December 2024
Estimated rental value of vacant space 7,7 15 4,186
Estimated rental value of the whole portfolio 84,136 82,683
EPRA vacancy 9.2% 5.1%
127 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Five year overview
Key financial metrics - revenues and earnings
2021 2022 2023 2024
2025
Net rental income 63,272 59,325 58,421 61,079
60,316
Net rental income - like-for-like growth 3.0% 7. 4 % 4.6% 5.2%
2.6%
Direct investment result 46,373 42,733 40,402 41,008 40,620
Indirect investment result 74,588 -74,103 -182,772 -28,636 -50,410
Total investment result 120,961 -31,370 -142,370 12,372 -9,790
EPRA earnings per share 2.38 2.15 2.01 2.09 2.10
Weighted average number of shares outstanding 19,499,825
19,869,975 20,117,872 19,587,785
19,373,996
EPRA cost ratio (excl. direct vacancy costs) 26.0% 27.8% 29.1% 25.6% 26.9%
Key financial metrics - balance sheet
31 Dec. 2021 31 Dec. 2022 31 Dec. 2023 31 Dec. 2024 31 Dec. 2025
Investment property 1,338,034 1,259,235
1,028,801 988,559
944,884
Net debt -382,073 -365,480
-344,443 -337,889
-327,803
Other assets / liabilities -7,504 -6,746 25,524 21,675 23,647
Equity 948,457 887,008 709,882 672,344 640,728
EPRA NTA per share 48.23 44.17 35.30 35.27 33.03
Number of shares outstanding 19,698,207 20,054,241 20,155,221 19,120,592 19,519,267
Net LT V 28.2% 28.7% 33.0% 33.8% 34.3%
Key esg metrics
2021 2022 2023 2024 2025
EPC-label (percentage portfolio label A or better)
1
81% 88% 95% 96% 96%
GRESB-score 92 93 94 93 94
Key portfolio metrics
31 Dec. 2021 31 Dec. 2022 31 Dec. 2023 31 Dec. 2024 31 Dec. 2025
Number of properties 52 49 46 44 42
Market value (€m) 1,355 1,275 1,043 1,000 956
Lettable area (sqm k) 409 382 351 346 337
Annual contracted rent (€m) 76 78 77 77 74
ERV (€m) 87 88 84 84 85
EPRA net initial yield 4.1% 4.6% 5.3% 5.6% 5.7%
Gross initial yield 5.9% 6.4% 7.9% 8.0% 8.2%
EPRA vacancy 5.9% 6.2% 5.2% 5.1% 9.2%
Wault (yrs) 4.1 3.9 3.7 3.6 3.3
128 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Glossary key performance measures
Average rent per sqm
The total annual contracted rent divided by the total leased square
meters.
Certification
The percentage of assets within the portfolio that have formally
obtained sustainability certification, ratings or labelling valid at the
end of the reporting period.
NSI reports on the following certificates:
• BREEAM (based on value);
• EPC label (based on market value, excluding developments);
• GRESB-score (expressed as an overall score for total NSI).
Cost ratio (EPRA)
EPRA costs include all administrative costs, net service costs and
operating expenses as reported under IFRS, but do not include
ground rent costs. These costs are reflected including and
excluding direct vacancy costs. The EPRA cost ratio is calculated
as a percentage of gross rental income less ground rent costs.
Dutch REIT (FBI-regime)
NSI qualifies as a Dutch Real Estate Investment Trust (fiscale beleg-
gingsinstelling or FBI) and as such is charged a corporate income tax
rate of 0% on its earnings. The tax regime stipulates certain conditions,
such as a maximum ratio of 60% between debt and the book value of
real estate, maximum ownership of shares by one legal entity or natural
persons, and the obligation to pay out the annual profit by way of divi-
dends within eight months after the end of the financial year.
Before 2014, activities permitted under FBI legislation were limited
to portfolio investments activities only. Effective 1 January 2014,
new legislation that allows FBI’s to perform enterprise-type busi-
ness activities within certain limits. These activities must be carried
out by a taxable subsidiary and must support the operation of the
FBI’s real estate business.
Earnings (EPRA)
EPRA earnings is a measure of operational performance and repre-
sents the net income generated from operational activities. It
excludes all components not relevant to the underlying net income
performance of the portfolio.
Earnings per share (EPRA)
Indicator for the profitability of NSI; portion of the EPRA earnings
attributable to shareholders allocated to the weighted average
number of ordinary shares.
Energy intensity (CRREM)
The total energy used by renewable and non-renewable resources
during a reporting period, normalised by the sum of the CRREM
floor area in square meters (gross floor area minus parking garages
and outer façade) for the properties in scope.
EPC-label
Energy Performance Certificates (EPCs) tell you how energy efficient
a building is and give it a rating from A (very efficient) to G (inefficient)
European Public Real Estate Association (EPRA)
Association of Europe’s leading property companies, investors and
consultants which strives to establish best practices in accounting,
reporting and corporate governance and to provide high-quality
information to investors.
Estimated rental value (ERV)
The estimated amount at which a property or space within a prop-
erty, would be let under the market conditions prevailing on the
date of valuation.
G4
G4 refers to the locations Amsterdam, Den Haag, Rotterdam, and
Utrecht.
GRESB score
The GRESB Score is an overall measure of ESG performance –
represented as a percentage (100 percent maximum). The GRESB
Score gives quantitative insight into the company’s ESG perfor-
mance in absolute terms, over time and against your peers.
HNK
HNK stands for ‘Het Nieuwe Kantoor’, (which means ‘The New
Office’). HNK is NSI’s flexible office concept and offers an inspiring
environment with stylish workplaces, office spaces, meeting
areas, catering facilities and various ancillary services. HNK offers
different propositions, including memberships (flexible worksta-
tions), managed offices (fully equipped offices), bespoke offices
and meeting rooms.
Interest coverage ratio (ICR)
Debt ratio and profitability ratio used to determine how easily
a company can pay interest on outstanding debt. The interest
coverage ratio is calculated by dividing net rental income during
a given period by net financing expenses during the same period
adjusted for capitalised interest.
Investment result - direct
The direct result reflects the recurring income arising from core
operational activities. The direct result consists of gross rental
income minus operating costs, service costs not recharged to
tenants, administrative costs, direct financing costs, corporate
income tax on the direct result, and the direct investment result
attributable to non-controlling interests.
Investment result - indirect
The indirect result reflects all income and expenses not arising from
day-today operations. The indirect result consists of revaluations of
property, net result on sales of investment, indirect financing costs
(movement in market value of derivatives and exchange rate differ-
ences, corporate income tax on the indirect result, and the indirect
investment result attributable to non-controlling interests.
Investment result – total
The total result reflects all income and expenses; it is the total of
the direct and the indirect investment result.
Lease incentives
Adjustments in rent granted to a tenant or a contribution to tenants’
expenses in order to secure a lease. The impact of lease incentives
on net rental income is straight line over the firm duration of the
lease contract under IFRS.
129 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Like-for-like rental income
Like-for-like growth figures aim at assessing the organic growth of
NSI. In the case of like-for-like rental income the aim is to compare
the rental income of all or part of the standing portfolio over a
certain period with the rental income for the same portfolio over
a previous period (i.e. year-onyear and/or quarter-on-quarter). In
order to calculate like-for-like growth, the nominal increase in rent
is adjusted for the impact of acquisitions, divestments and proper-
ties transferred to and from the development portfolio and between
segments (e.g. office to HNK).
Loan to value (LTV, net)
The LTV-ratio reflects the balance sheet value of interest-bearing
debts plus short term debts to credit institutions, net of cash and
cash equivalents, expressed as a percentage of the total real estate
investments, including assets held for sale.
Market value investment property (fair value)
The estimated amount for which a property should change hands
on the date of valuation between a willing buyer and a willing seller
in an arm’s length transaction after proper marketing wherein each
party had acted knowledgeably, prudently, and without compul-
sion. The market value does not include transaction costs.
Net asset value (NAV)
The net asset value represents the total assets minus total liabil-
ities. At NSI this equates to the shareholders’ equity (excluding
non-controlling interests as stated in the balance sheet). The NAV is
often expressed on a per share basis; in this calculation the number
of shares outstanding at reporting date is used rather than the
average number of shares is used.
Net asset value (NAV, EPRA-definition)
The EPRA NAV metrics make adjustments to the NAV as per the
IFRS financial statements to provide the most relevant information
on the fair value of the assets and liabilities, under different scenar-
io’s.
• EPRA net reinstatement value (NRV): assumes that entities never
sell assets and aims to represent the value required to rebuild the
entity;
• EPRA net tangible assets (NTA): assumes that entities buy and sell
assets, thereby crystallising certain levels of unavoidable deferred
tax;
• EPRA net disposal value (NDV): represents the shareholders’ value
under a disposal scenario, where deferred tax, financial instru-
ments and certain other adjustments are calculated to the full
extent of their liability, net of any resulting tax.
Net margin
The net margin measures operating efficiency; it indicates how
effective NSI is in managing its expense base. It is calculated as net
rental income as a percentage of gross rental income.
Net result on sale of investment property
The net result on sales of investment property reflects the disposal
price paid by a third party for a property minus the value at which the
respective property was recorded in the accounts at the moment of
sale, net of sales costs made. The sales costs include costs of real
estate agents and legal costs, but can also include internal costs
made which are directly related to transaction.
Rent - effective rent
The effective rent reflects the contractual annual rent after
straight-lining of rent free periods and rental discounts.
Rent - gross rental income (GRI)
Gross rental income reflects the rental income from let properties,
after taking into account the net effects of straight lining for lease
incentives and key money, including turnover rent and other rental
income (e.g. specialty leasing and parking income).
Rent - net rental income (NRI)
Gross rental income net of (net) costs directly attributable to the
operation of the property (non-recoverable service charges and
operating costs). Income and costs linked to the ownership struc-
ture, such as administrative expenses, are not included.
Rent - passing cash rent / contracted rent
The estimated annualised cash rental income as at reporting date,
excluding the net effects of straight-lining of lease incentives.
Vacant units and units that are in a rent-free period at the reporting
date are deemed to have no passing cash rent.
Reversionary potential
This ratio compares the minimum guaranteed rent and the turnover
rent to the estimated rental value and as such indicates whether a
unit or property is underlet or over-rented.
Reversionary rate / result from reletting and renewal
The reversionary rate measures the rental gain/loss of a deal as the
difference between the new rent (after the deal) and the old rent
(before the deal).
Standing portfolio
Standing portfolio is used in like-for-like calculations and
concerns the real estate investments at a specific date that have
been consistently in operation as part of NSI’s portfolio during
two comparable periods. Note that an investment property can
be considered both standing and at the same time non standing,
depending on the comparison periods used (e.g. year-on-year and
quarter-on-quarter).
Vacancy rate (EPRA)
Vacancy rate (EPRA): reflects the loss of rental income against ERV
as a percentage of ERV of the total operational portfolio.
Weighted average unexpired lease term (wault)
This ratio is used as an indicator of the average length of leases
in portfolios. It can be calculated over the full lease term of the
contracts either up to expiration date or up to break option date.
Yield
Yield can generally be defined as the income or profit generated by
an investment expressed as a percentage of its costs or the total
capital invested.
• Gross initial yield: the passing rent as a percentage of the market
value of an object;
• Net initial yield: the passing rent, net of property related costs, as a
percentage of the market value of an object;
• Net theoretical yield: annualised net theoretical rental income as a
percentage of the real estate investments in operation;
• EPRA net initial yield: annualised net effective cash passing rent
(including estimated turnover rent and other recurring rental
income) net of non-recoverable property operating expenses as
a percentage of the gross market value of the real estate invest-
ments in operation;
• EPRA topped-up net initial yield: EPRA net initial yield adjusted for
expiring lease incentives;
• Reversionary yield: the anticipated yield to which the initial yield
will rise (or fall) once the rent reaches the ERV.
130 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Glossary esg (non-financial) performance measures
Asset health and safety assessments
Asset Health and safety assessments refers to the proportion of
assets for which health and safety related assessments have been
performed, reviewed or assessed to determine the impact owith
respect to compliance or further improvement possibilities. Every
assessment will be reviewed every three years.
•
NSI reports on the following assessments:NEN 2767 Inspections
(technical)
•
Inspections carriet out by the Insurance company (technical,
health and safety)
•
Fire safety assessments safety
Asset health and safety compliance
Asset Health and safety Incidents refers to the amount of inci-
dents of non-compliance with regulations and/or voluntary codes
concerning Health and Safety within the reporting period.
NSI reports on the following incidents:
•
Incidents of non-compliance with regulations resulting in a fine
or penalty;
•
Incidents of non-compliance with regulations based on a a formal
warning of a third party.
Certification
The percentage of assets within the portfolio that have formally
obtained sustainability certifications, ratings or labelling valid at
the end of the reporting period.
NSI reports on the following certificates:
•
BREEAM (based on sqm);
•
EPC-label (based on market value);
•
GRESB-score (expressed as an overall-score for total organisa-
tion).
District heating and cooling consumption
The energy consumed from “District heating and cooling” systems
during the reporting period by Landlord (Scope 2) and Tenant (Scope
3).
NSI reports on the following KPI’s:
•
Total amount of district heating and cooling consumption, split
by Landlord obtained and Tenant obtained heating and cooling;
•
The proportion of the total consumption that is from renewable
resources (calculated as percentage of total annual kWh).
Both absolute figures as well as a like-for-like comparison with the
prior reporting period are reported.
Electricity consumption
The electricity consumed during a reporting period. It includes
electricity from renewable and non-renewable sources, whether
imported or generated on site. This includes the electricity
consumed by the EV-charging stations.
NSI reports on the following KPI’s:
•
Total amount of electricity consumption, split by Landlord (Scope
2) obtained and Tenant (Scope 3) obtained electricity;
•
The proportion of the total consumption obtained by Landlord
from renewable resources.
Both absolute figures as well as a like-for-like comparison with the
prior reporting period are reported.
Employees
Individuals that are in an employment agreement with NSI, accor-
ding to national law or its application (i.e. employees). Employees
exclude temporary staff (not on payroll NSI)
Employee health and safety
The occupational health and safety performance of the organisa-
tion with relation to its employees.
NSI reports on the following KPI’s:
•
Absentee rate: actual absentee days lost due to illness as a
percentage of total number of days scheduled to be worked by
all employees;
•
Injury rate: the frequency of injuries relative to the total time
worked by all employees during the reporting period;
•
Work related fatalities: this refers to the number of death of
employees during the reporting period while performing work
for the organisation
Employee turnover and retention
The total number and rate of new employee hires and employee
turnover during the reporting period.
Employee training and development
The average hours of (external) training, paid for by NSI, that the
organisation’s employees have undertaken in the reporting period
based on the average hours prescribed for the training as indi-
cated by the training provider divided by the average number of
employees (headcount) during the reporting period.
Energy intensity
The total energy used by renewable and non-renewable resources
during a reporting period, normalised by the sum of the gross floor
area in square meters for the properties in scope.
Both absolute figures as well as a like-for-like comparison with the
prior reporting period are reported.
Energy intensity (CRREM)
The total energy used by renewable and non-renewable resources
during a reporting period, normalised by the sum of the CRREM
floor area in square meters (gross floor area minus parking garages
and outer façade) for the properties in scope.
Fuel consumption
The fuel used from direct (renewable and non-renewable) resources
(direct meaning that the fuel is combusted on site) over a reporting
period.
NSI reports on the following KPI’s:
•
Total amount of fuel used from direct resources, split in Landlord
obtained and Tenant obtained fuels;
•
The proportion of the total consumption that is from renewable
resources.
Both absolute figures as well as a like-for-like comparison with the
prior reporting period are reported.
131 NSI Annual report 2025
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
Gender diversity
The percentage of male and female employees in the organisation
as per reporting date based on the headcount.
Gender pay ratio
The ratio of the basic annual salary or remuneration, including vari-
able components, of male to female, taking into account the full-
time employee equivalent.
Greenhouse gas (GHG) Direct emissions (Scope 1)
The total amount of Landlord induced direct greenhouse gas emis-
sions generated during a reporting period.
“Direct” refers to GHG-emissions that are generated on site through
combustion of the energy source.
Both absolute figures as well as a like-for-like comparison with the
prior reporting period are reported.
Greenhouse gas (GHG) Indirect emissions (Scope 2)
The total amount of Landlord induced indirect greenhouse gas
emissions generated during a reporting period.
“Indirect” refers to GHG-emissions that are not generated on site
through combustion of the energy source, but refers to GHG-emis-
sions induced off site. This includes the GHG-emissions caused by
“District heating and cooling” and/or consumption of “Non-rene-
wable electricity”.
Both absolute figures as well as a like-for-like comparison with the
prior reporting period are reported.
Greenhouse gas (GHG) Direct & Indirect emissions (Scope 3)
The total amount of Tenant induced both direct and indirect green-
house gas emissions generated during a reporting period.
Both absolute figures as well as a like-for-like comparison with the
prior reporting period are reported.
Greenhouse gas (GHG) emissions intensity
The total amount of direct and indirect GHG-emissions (Scope 1,
2 and 3) generated from energy consumption in a building during
a reporting period, divided by the sum of the gross floor area in
square meters for the properties in scope. This includes only data
of buildings if data for all GHG-scopes is available.
Both absolute figures as well as a like-for-like comparison with the
prior reporting period are reported.
Like-for-like
Like-for-like refers to the part of the portfolio that has been consis-
tently in operation, and not under development, during the most
recent two full reporting periods.
Location-based GHG emissions
Location-based GHG emissions Is emissions that are calculated
based on the average national energy mix.
Market-based GHG emissions
Market-based GHG emissions are emissions that are calculated on
the basis of energy purchased by NSI.
Percentage employee performance appraisals
The percentage of total employees who received annual perfor-
mance and career development reviews during the reporting
period, including appraisals in the current reporting year over the
previous reporting year.
Water consumption
The total amount of water consumed (by Landlord and Tenant)
within the portfolio during a reporting period. The amount of water
consumption includes a portion of estimate (calculated on an extra-
polation based on the average consumption of the specific building)
when data was yet not available for the 12 month period.
Both absolute figures as well as a like-for-like comparison with the
prior reporting period are reported.
Waste by disposal routes
The amount of waste produced and disposed of via various disposal
methods routes over a reporting period (as calculated by Milieuser-
vice NL).
NSI reports on the following KPI’s:
•
Total amount of waste produced and disposed of, split in hazar-
dous and non-hazardous waste;
•
The proportion of the waste disposed of by disposal route accor-
ding to type (percentage).
Both absolute figures as well as a like-for-like comparison with the
prior reporting period are reported.
Water intensity
The total amount of water consumed during a reporting period,
divided by the sum of the gross floor area in square meters for the
properties in scope.
Both absolute figures as well as a like-for-like comparison with the
prior reporting period are reported.
132 NSI Annual report 2025
Colophon
This annual report is a publication by NSI.
NSI
Hoogoorddreef 62
1101 BE Amsterdam
T 020 76 30 300
www.nsi.nl
Editing and texts
NSI
Design and layout
Monter, Amsterdam
Photography
NSI
Management board report Governance Financial statements Supplementary informationOther informationIntroduction Sustainability
