Hexaom (ALHEX) Q3 2025 earnings summary

Executive summary

• Nine-month 2025 revenue reached €442.9M, down 21.3% year-over-year, but in line with annual targets.

• Commercial momentum remains strong across all business lines, with significant order intake growth.

• 2026 is expected to see strong growth in both activity and results, supported by a robust order backlog.

Financial highlights

• Q3 2025 revenue was €136.6M, a 6.5% decrease compared to Q3 2024.

• Nine-month revenue for Construction of Houses fell 29.8% to €333.6M; Renovation dropped 19.4% to €29.1M.

• Promotion Immobilière and Land Development segments grew 54.5% and 54.9% respectively year-over-year.

• At constant scope, nine-month revenue declined 27.5%.

Outlook and guidance

• 2025 revenue is expected to decline by 10-15%, with operational profitability above 3%.

• 2026 is projected to deliver strong revenue and profit growth, driven by a solid order book and market recovery.

• Vigilance on cost control will be maintained amid ongoing economic and geopolitical volatility.