Core Insights - Nexity has successfully derisked and deleveraged its balance sheet, achieving robust results and a return to operating profitability in 2025, with net debt halved over two years and a healthy cash balance of €588 million [3][8][51] - The company is consolidating its leadership position in the Residential Real Estate market, with improved sales performance and a market share increase to 13% [4][13] - The outlook for 2026 indicates further improvement in operating profitability and a continued reduction in the leverage ratio, targeting below 3.5x by 2027 [6][59] Financial Performance - Revenue for Nexity in 2025 totaled €2,821 million, down 15% compared to 2024, primarily due to a decline in business activity from ongoing projects [31][30] - Current operating profit for New Nexity was €25 million in 2025, a significant recovery from a net loss of €118 million in 2024, driven by restored margins and cost-saving measures [34][10] - The leverage ratio at year-end 2025 was 4.9x, ahead of the anticipated trajectory, reflecting effective financial management [8][51] Business Activity - The company recorded 12,008 reservations in Residential Real Estate for 2025, a market share increase of 10 basis points despite a 10% decrease in volume [13][17] - The backlog for Planning and Development stood at €3.9 billion, equivalent to approximately 1.5 years of revenue, with a business potential of around 42,000 homes [17][18] - Commercial Real Estate order intake was stable at €75 million in 2025, despite a challenging market environment [20][21] Operational Developments - Nexity's new organizational structure, "New Nexity," has shown effectiveness, particularly in commercial successes outside the Paris region, such as the MAN project in Nantes and the St Paul complex in Tours [4][53] - The company has maintained a strong liquidity position, with €588 million available, including an undrawn credit facility of €475 million [51][38] - The working capital requirement (WCR) was reduced by approximately 30% to €606 million at year-end 2025, reflecting improved operational efficiency [43][52] Strategic Initiatives - Nexity's environmental strategy aims for a 42% reduction in carbon impact per square meter delivered by 2030, with significant progress made in 2025 [44] - The company has focused on optimizing land acquisition and project timing, leading to a more selective approach in its development strategy [52][40] - The finalization of the Property Management disposal plan has streamlined operations, allowing Nexity to concentrate on its core business areas [23][40]

Core Insights - The company has returned to positive current operating profit starting in H1 2025, achieving €6 million compared to a loss of €54 million in H1 2024, driven by effective actions and alignment with market trends [5][9][30] - There is strong momentum for homebuyers, with a 34% increase in homebuyer activity in H1 2025, and a notable 45% increase in Q2 2025 [3][6][15] - The financial structure has been reinforced until 2028, with net debt at €398 million, reflecting a moderate increase of €68 million compared to the previous year [34][36] Financial Performance - Revenue for H1 2025 totaled €1,302 million, down 12% from H1 2024, primarily due to a decline in business activity [28][25] - Current operating profit for "New Nexity" improved by €60 million to €6 million in H1 2025, with a margin of 0.5% [9][29] - The backlog remains stable at €4 billion, equivalent to 1.6 years of revenue [12] Business Activity - The share of homebuyers in the sales mix increased to 35%, up 13 points compared to H1 2024 [4][60] - Reservations in residential real estate decreased by 15% in volume but showed a favorable price effect, with a 12% decline in value [11][15] - The absorption rate improved to 5 months, indicating effective supply rotation with virtually no unsold completed homes [14] Divisional Performance - The Services division saw a revenue increase of 12% to €206 million, driven by growth in Serviced Properties and Distribution [19][20] - Revenue from Urban Planning and Commercial Real Estate Development dropped significantly by 83% to €31 million due to a lack of new orders [17][30] - The Serviced Properties business reported a margin of 12.5%, reflecting improved profitability [23][31] Cost Management and Savings - The company is ahead of schedule on a cost-savings plan targeting €100 million by 2026, achieving 92% of the expected savings for full-year 2025 [5][31] - Ongoing deleveraging efforts have resulted in a reduction of working capital requirements, with a decrease of €19 million in Urban Planning and Residential Real Estate Development [34][43] Market Conditions - The housing market remains challenging, influenced by a slowdown in building permit issuance and the end of France's Pinel scheme [11][15] - Improved financing conditions, including stabilized mortgage rates around 3.1%, have positively impacted purchasing power for clients [15][19] Guidance and Future Outlook - The company has confirmed its guidance for 2025, anticipating continued operational profitability and a focus on selective development and profitability [51][54] - The transformation initiated in 2024 is expected to yield further benefits, positioning the company for profitable growth in 2025 [7][8]