Shares of NSI NV experienced a slight decrease following the release of its preliminary full-year 2025 results. Investors are reacting to a combination of steady earnings, increasing vacancy rates, and a less optimistic outlook for the coming year. The company's stock fell 1.4% in Amsterdam, reflecting concerns about future performance.

Gross rental income saw a 1.7% year-on-year increase, meeting expectations, while net rental income dipped by 1%. The EPRA vacancy rate climbed to 9.2%, significantly impacting earnings. Analysts predict further increases in vacancy throughout the first quarter due to additional tenant departures, which will likely put more downward pressure on the stock.

Looking ahead, NSI anticipates earnings per share between €1.90 and €2.05 for 2026, below consensus estimates. This has led to some disappointment, as the company’s outlook appears relatively cautious. The proposed dividend of €1.58 is slightly higher than the previous year's, but may not be enough to offset investor concerns.

This situation reflects broader challenges faced by office landlords, including shifts in work patterns and economic uncertainty. Rising vacancy rates can pressure property valuations and investor confidence. The market will be watching closely to see how NSI navigates these headwinds and manages its portfolio in the coming quarters.