Nexity (NXI) Q3 2025 TU earnings summary

Executive summary

• Housing market saw over 7,000 reservations in 9M 2025, with homebuyer reservations up 26% and bulk sales accelerating, despite a 45% drop in individual investor activity due to the end of the Pinel scheme.

• Revenue for 9M 2025 was €1,932m, reflecting a slowdown in Development and Commercial Real Estate but strong growth in Serviced Properties.

• Property Management disposal plan was finalized, including the sale of Accessite and other property management businesses.

• Increased shareholding in Angelotti from 55% to 80% was executed, with a commitment to reach 100% by August 2026.

• A new executive committee was established to focus on development and streamline decision-making.

Financial highlights

• 9M 2025 revenue: €1,932m, down 17% year-over-year, mainly due to a sharp decline in Commercial Real Estate (-88%) and lower Planning and Development revenue (-20%).

• Residential Real Estate (82% of revenue) declined 5% year-over-year to €1,576m; Commercial Real Estate (2% of revenue) dropped 88%.

• Serviced Properties revenue grew 13% to €226m, driven by portfolio expansion and high occupancy.

• Services segment overall increased 3% year-over-year.

• Residential Real Estate backlog stood at €3.84bn, down 4% year-over-year.

Outlook and guidance

• 2025 guidance confirmed: positive current operating profit under IFRS (excluding discontinued/international operations) and net debt below €380m, including the Angelotti transaction impact.

• Financial data will be reported solely under IFRS from January 2025.

• Guidance is contingent on no deterioration in the macroeconomic environment.