Real Estate Development - The Kalaranna development in Tallinn has reached substantial completion with 68 sold apartments and an overall sales rate of nearly 60% [1] - In Kristiine City, four projects are in the design and building permit application phase, expected to add approximately 35,000 sqm of GBA and around 350 residential units [2][3] - The White Building project in Kristiine City has progressed well, achieving a 57% sellout with final completion expected by November–December 2025 [4] - A new 7-story residential building with 90 units has begun excavation and foundation works, with approximately 11% of units sold [5] - The Blue Marine project in Riga, consisting of 101 residential units, is set to break ground in July 2025, following the successful sales of River Breeze Residence [6] - In Vilnius, the final stage of Šaltinių Namai Attico is on schedule with a 35% sellout in villas and 10% in the commercial building [7] - A new high-end residential complex is planned on Naugarduko Street in Vilnius, featuring approximately 50 luxury apartments, with renovation works expected to start at the end of 2025 [8] Hotel Operations - Hotel performance in Q1 2025 was slightly below last year's level due to a decline in individual demand, particularly in February, but recovery is expected in the coming quarters [9][10] Other Operations - The Group's subsidiaries in Italy are strengthening their presence in the real estate market, with a significant increase in business activity noted since April 2025 [11][12] - Preatoni Nuda Proprietà is evaluating new acquisition opportunities to resume trading activities [13] Financial Performance - Total revenue for Q1 2025 was €12.5 million, a significant increase from €3.1 million in Q1 2024 [16] - Gross profit for Q1 2025 rose to €4.2 million compared to €0.9 million in the same period of 2024, with a gross profit margin of 34% [19][22] - The operating result for Q1 2025 was a profit of €2.5 million, compared to a loss of €0.7 million in Q1 2024 [20][22] - The net result for Q1 2025 was a profit of €1.9 million, compared to a loss of €1.7 million in the reference period [20][22] - Cash generated from operating activities during Q1 2025 was €1.3 million, compared to €1.7 million used in the same period of 2024 [20] Key Performance Indicators - Total assets as of March 31, 2025, were €121.1 million, up from €105.9 million a year earlier [22] - Total liabilities increased to €68.0 million from €52.0 million year-over-year [22] - Net asset value per share was €0.94 as of March 31, 2025, compared to €0.95 a year earlier [21][22]

Core Insights - Nextensa has initiated 2025 with significant momentum, completing three strategic transactions that align with its sustainable investment strategy and position the company for growth and enhanced market presence [1] Strategic Transactions - The sale of the Knauf Shopping Centers on February 13, 2025, for € 165.75 million marks a pivotal shift in the portfolio towards assets with higher growth potential, reinforcing financial strength and enabling targeted investments [2] - The acquisition of Proximus Towers in Brussels for € 62.5 million enhances Nextensa's portfolio of high-quality office buildings, aligning with its long-term vision of investing in premium locations [4] - Proximus' decision to establish its headquarters at Tour & Taxis confirms the site's strategic importance, ensuring long-term rental income with full pre-letting of the office section [3] Financial Performance - Like-for-like rental income increased by 9% in Q1 2025, driven by strong performance at the Tour & Taxis site and contributions from major renovations, although nominal rental income decreased by 10.2% compared to Q1 2024 due to asset disposals [5] - The net result for the group share reached € 7.8 million, or € 0.77 per share, an increase from € 7.0 million or € 0.70 per share in Q1 2024 [8] Development Projects - The foundation stone for the office building "The Stairs" at Cloche d'Or was laid on March 18, with completion expected by the end of Q1 2026, while only 17 apartments remain unsold at the site despite a slowdown in residential sales [6] - At Tour & Taxis, 322 out of 346 apartments in Park Lane Phase II were sold by the end of Q1 2025, averaging 2 apartments sold per week [7] Financial Management - The average cost of financing decreased from 2.86% to 2.79%, aided by an interest rate hedging strategy and reduced financial debt [9] - The sale of the Knauf shopping centers lowered the net loan-to-value (LTV) ratio below 40%, strengthening the balance sheet for future development projects [9] Company Overview - Nextensa operates as a mixed-use real estate investor and developer, with a portfolio valued at approximately € 1.1 billion as of March 31, 2025, distributed across Luxembourg (43%), Belgium (42%), and Austria (15%) [10][11]

Core Insights - Despite the current decline in housing prices, purchasing a home remains a complex endeavor, with seemingly cheap "low-priced homes" often hiding significant pitfalls [1][4] Group 1: Types of Properties to Avoid - Old top-floor small apartments are becoming increasingly undesirable, with a projected decline in value by 2025, characterized by extreme temperatures, high repair costs exceeding 10,000 yuan, and long selling periods of over two years, often at prices 30% lower than other units in the same community [1] - High-rise "pigeon cage" apartments, located above the 40th floor, present safety hazards, with long elevator wait times exceeding 30 minutes during peak hours and high maintenance costs leading to rising property fees, making them a source of anxiety for residents [1] - Dark and unlit basements pose health risks due to mold and lack of sunlight, leading to a depreciation rate 50% faster than corner units, resulting in low demand in the secondary market regardless of location [3] - Small property rights and commercial residential apartments carry legal risks, with the lack of property certificates leading to potential financial losses during demolition, and high renewal fees after 40 years, making them unattractive to buyers [3] Group 2: Cautionary Guidelines for Homebuyers - Homebuyers are advised to remain vigilant in the challenging real estate market to avoid falling into various hidden traps [4]