Hexaom (ALHEX) Q3 2024 TU earnings summary

Executive summary

• Revenue for the first nine months of 2024 was €563.1M, down 25.5% year-over-year at constant scope.

• Third quarter revenue was €144.7M, a 28.9% decline, reflecting ongoing market challenges.

• All main business segments except intermediation saw double-digit declines; intermediation grew 57.4%.

• Order intake for Construction of Houses and Promotion stabilized, while Renovation orders grew strongly.

Financial highlights

• Construction of Houses revenue fell 26.5% to €475.5M for the nine-month period.

• Renovation revenue declined 11.3% to €36.1M; intermediation within Renovation rose 57.4% to €9.6M.

• Promotion Immobilière revenue dropped 5.9% to €44.4M, but rose 73% sequentially in Q3.

• Aménagement Foncier revenue was €7.1M, down 65.2% year-over-year.

Outlook and guidance

• 2024 production expected to decline 25–30% versus 2023, with operating margin around 3%.

• No significant short-term rebound in the real estate market is anticipated despite some improvement in financing conditions.

• For 2025, a more moderate revenue decline is expected, with stable operating profitability.