Nexity (NXI) Q1 2025 TU earnings summary

Executive summary

• Implementation of the New Nexity strategy in 2025, focusing on regional growth, broader product range, and profitability management, with notable project wins and operational efficiency measures.

• Q1 2025 revenue at €590m, down 9% year-over-year, mainly due to a sharp decline in commercial real estate activity; services revenue up 16%.

• Homebuyer momentum remained strong, with reservations up 23%, despite a 28% overall drop in unit reservations due to the end of the Pinel scheme.

• €200m ORNANE bond repaid in March 2025 using available cash; €625m credit facility undrawn at quarter-end.

• Guidance for 2025 unchanged: targeting a return to profitability and net debt below €380m.

Financial highlights

• Q1 2025 revenue: €590m, down 9% like-for-like from Q1 2024, mainly due to commercial real estate; services revenue up 16%.

• Residential real estate (80% of revenue) up 4% year-over-year, driven by project completion timing.

• Commercial real estate revenue contributed 2%, down 86% due to lack of backlog replenishment and prior large project deliveries.

• Services revenue: €105m (+16%), with serviced properties up 18% and distribution up 22%.

• Supply for sale decreased 9% vs year-end 2024 and 26% vs Q1 2024; absorption rate at 6 months.

Outlook and guidance

• 2025 guidance maintained: positive current operating profit and IFRS net debt below €380m by year-end.

• Q1 results do not alter expectations; anticipated positive impact from new French government housing measures starting Q2 2025.

• Financial data from 2025 reported solely under IFRS.