Nexity (NXI) H1 2025 earnings summary

Executive summary

• Achieved a positive current operating profit of €6 million in H1 2025, reversing a €54 million loss in H1 2024, driven by margin restoration and cost savings ahead of schedule.

• Strong homebuyer momentum, with reservations up 34% in H1 and first-time buyers representing 35% of the mix, supported by expanded financing options.

• Financial structure reinforced with full repayment of 2025 bond maturities, borrowing costs reduced by €10 million, and financing secured until 2028.

• Cost-saving plan progressing ahead of schedule, with €92 million of €100 million target to be achieved by 2025.

• Guidance for 2025 confirmed: operational profitability and net debt target below €380 million, barring macroeconomic deterioration.

Financial highlights

• H1 2025 revenue was €1,301 million, down 12% year-over-year on a like-for-like basis; residential real estate revenue, 82% of total, declined 5%.

• Commercial real estate revenue fell 83% year-over-year due to lack of new orders; current operating profit of €1 million.

• Services revenue up 12% to €206 million, driven by Serviced Properties (+13%) and Distribution (+17%); current operating profit of €14 million.

• Net debt before lease liabilities at €398 million as of June 30, 2025, up €68 million from December 2024; liquidity at €528 million.

• EBITDA improved to €97 million from €40 million year-over-year.

Outlook and guidance

• Focus on rebuilding margins, deleveraging, and accelerating profitable growth through project launches aligned with market conditions.

• Free cash flow target of at least €170 million for the year, with EBITDA and working capital expected to improve in H2.

• Cost savings plan ahead of schedule, with 92% of €100 million target for 2026 already achieved.

• Further non-core asset disposals and completion of international business run-off planned.

• Guidance for 2025 confirmed: positive current operating profit and IFRS net debt below €380 million, barring macroeconomic deterioration.