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 a 50% increase in first-time buyers in Q2, supported by expanded financing options and favorable pricing.

• Financial structure reinforced with full repayment of 2025 bond maturities totaling €325 million, financing secured until 2028, and borrowing costs reduced.

• Service properties are driving growth and profitability, with a savings plan progressing ahead of schedule, targeting €100 million by 2026 and 92% of savings activated by 2025.

• Guidance for 2025 confirmed: operational profitability and net debt target maintained, barring macroeconomic deterioration.

Financial highlights

• H1 2025 revenue was €1,301 million, down 12% year-over-year; consolidated revenue down 18% including disposals.

• Current operating profit reached €6 million, a €60 million improvement over H1 2024.

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

• Service properties and distribution revenue grew at a double-digit pace, with distribution regaining momentum.

• Group share of net profit: -€44 million in H1 2025 vs. €45 million in H1 2024 (2024 included €183 million capital gain on disposal).

Outlook and guidance

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

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

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

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

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