Nextensa (NEXTA) H2 2024 earnings summary

Executive summary

• 2024 marked a strategic shift toward sustainable, mixed-use real estate and ESG-focused projects in Belgium, Luxembourg, and Austria, with major developments such as Proximus HQ, Park Lane II, and Cloche d'Or.

• The year was transitional, with challenging markets, significant divestments, and a one-time net loss to reinforce the balance sheet; no dividend declared for 2024.

• Sustainability and ESG remain central, with 31% of turnover EU Taxonomy-aligned and ambitious net-zero targets for 2030 (Scopes 1 & 2) and 2050 (Scope 3).

• Operational results on investment properties increased, while financial costs remained controlled through hedging.

• Major asset sales and project launches reinforce a focus on future-proof, sustainable developments.

Financial highlights

• Net result group share: -€10.8M for 2024 vs €24.5M in 2023; net result per share: -€1.06 vs €2.45.

• Rental income rose to €72.2M (+2.4% YoY), with like-for-like rental growth of 4.65%.

• Fair value of investment portfolio decreased to €1.05B–€1.22B from €1.30B, reflecting divestments and negative revaluations.

• Net financial debt reduced to €763M from €787M; financial debt ratio at 45.4% (up from 44.8%).

• No dividend proposed for 2024.

Outlook and guidance

• 2025 expected to be pivotal, with completion of Park Lane II, permit for Lake Side, and further progress at Cloche d'Or.

• Focus on launching two major innovative projects, supported by reinforced balance sheet and further net debt reduction post-Knauf sale.

• Continued emphasis on sustainable, mixed-use urban developments and ESG initiatives; new launches depend on pre-sales levels.

• Market remains cautious, especially in residential, but pre-letting and pre-sales mitigate risk.

• Continued focus on derisking, sustainability, and mixed-use urban development.