RESERVATIONS ONCE AGAIN DRIVEN BY HOMEBUYERSSTRONG GROWTH IN SERVICED PROPERTIES GUIDANCE FOR 2025 CONFIRMED
Housing market undergoing significant change
Retail market down 9% in the first half of the year, reflecting the following:
End of the Pinel scheme (reservations by individual investors down 45%)
Continued momentum for homebuyers (up 11%)
Prevailing supply constraints ahead of upcoming local elections
In this new market, Nexity booked more than 7,000 reservations in 9M, including nearly 2,000 by homebuyers (28% of the sales mix), confirming strong homebuyer-driven momentum
Homebuyer reservations up for the 7th consecutive quarter;1 up 26% in 9M, driven by an appealing range of prices, products and financing aligned with client purchasing power, as well as the first effects of the extension of the PTZ interest-free loan scheme
Volume of bulk sales up, as expected, starting in Q3 (nearly 2,000 reservations booked in Q3, equating to 50% of cumulative volume over 9 months)
Supply for sale aligned with current market conditions: around 5,100 units, equating to a supply/total market ratio2 identical to its 2019 level; absorption rate improving (5 months), thanks to the recalibration launched in 2024 and the selective development approach; virtually no unsold completed homes (~100 units)
Strong recovery in Subdivisions (up 41% to ~1,000 reservations) driven by the extension of the PTZ interest-free loan scheme to single-family homes
Ongoing revenue growth in our Serviced Properties business
9M revenue: €1,932 million, including, as expected, a sharp downturn in Commercial Real Estate due to the base effect arising from the deliveries of large-scale projects in 2024
-5% for Urban Planning and Residential Real Estate Development, due to the slowdown in business activity from projects underway since 2022
+13% for Serviced Properties, driven by growth in the property portfolio and high occupancy rates
Property Management disposal plan finalised
Disposal of Accessite finalised on 1 October
Guidance for 2025 confirmed3
Return to operating profitability: Current operating profit4 positive
Tight grip on the balance sheet maintained: IFRS net debt less than €380 million confirmed
Includes the impact of the increased shareholding in Angelotti: exercise of the purchase option announced on 30 September, bringing the stake held from 55% to 80%5
VÉRONIQUE BÉDAGUE, CHAIRWOMAN AND CHIEF EXECUTIVE OFFICER, COMMENTED:
"Nexity's business activity continued to improve in the third quarter, despite a market constrained by the end of France's Pinel scheme, an unstable political environment and the wait-and-see attitude for building permits ahead of the upcoming local elections. This momentum confirmed the strategic relevance of our positioning with regard to lessors and individuals alike, as well as our adaptability, with steady growth in homebuyer reservations for the past seven quarters (up 26% since the beginning of 2025). Our performance was driven by our appealing supply, which is adapted to demand and our clients' purchasing power. This turnaround will become more pronounced as we ramp up our new organisation, focused on selective development in line with client demand, to return to profitable growth in 2025."
KEY FIGURES
Business activity, France
9M 2024
9M 2025
Change vs 9M 2024
Reservations: Residential Real Estate
Volume
8,109 units
7,106 units
-12%
Value
€1,690m
€1,515m
-10%
Backlog: Planning and Development
30 june 2025
30 sept 2025
Change vs 30 june 2025
€4,048m
€3,867m
-4%
Residential Real Estate Development
€4,022m
€3,844m
-4%
Commercial Real Estate Development
€26m
€23m
-10%
As announced when the 2024 full-year results were released, financial reporting has been aligned with IFRS since 1 January 2025.
Revenue (€m)
9M 2024
9M 2025
Change vs 9M 2024
Planning and Development
2,013
1,620
-20%
Residential Real Estate
1,663
1,576
-5%
Commercial Real Estate
350
44
-88%
Services
302
312
+3%
Serviced Properties
200
226
+13%
Distribution
88
73
-17%
Property Management
14
12
-14%
Other Activities
-
1
N/A
Revenue excluding discontinued operations
2,315
1,932
-17%
International operations
3
0
N/A
Discontinued operations*
111
1
N/A
Total revenue
2,429
1,934
-20%
* Following the sale of the Property Management for Individuals (PMI) and Nexity Property Management (NPM) businesses, finalised on 2 April 2024 and 31 October 2024, respectively, revenue for these businesses is presented separately in the tables of this document within a separate "Discontinued operations" line item. In 2025, this item also includes revenue from the Week'in hospitality subsidiary, disposed of in Q3.
I. REVENUE AND BUSINESS ACTIVITY BY DIVISION
Planning and Development, Residential Real Estate
Revenue from Urban Planning and Residential Real Estate Development came to €1,576 million at end-September, down 5% compared with the first nine months of 2024, mainly reflecting the decline in business activity from projects underway due to the use of the percentage-of-completion method.
Business activity for the sector was affected by a market environment undergoing profound changes, as seen in the more than 40% decrease in volume between 2019 and 2024 and a sales mix that has shifted towards bulk sales.
The retail market was down 9% in the first half of 2025, reflecting the following in particular:
End of the Pinel scheme, with a 45% decrease in reservations by individual investors
Continued momentum for homebuyers (up 11%)
Supply for sale at end-September 2025 came to 5,084 units, down 12% relative to 9M 2024, due to efforts to recalibrate and adapt supply in 2024, as well as ongoing selective development. As part of its ongoing review of supply in the planning stage, in light of the context and the targeted analysis of supply carried out at the end of Q3 2025, the Group decided to abandon 11 projects designed prior to year-end 2023, leading to its cancellation of 570 reservations (bulk sales) recorded prior to 2024.
With a supply/total market ratio6 at its 2019 level, the decrease in supply for sale reflects the Group's adjustment to new market conditions.
The absorption rate improved to 5 months (identical to that observed in 2019), securing supply rotation and resulting in virtually no unsold completed homes (~100 units).
Supply for sale under construction accounted for 45% of total supply, with more than 85% of projects scheduled to be delivered in more than 6 months and 58% in more than one year.
Lastly, 90% of supply for sale is now located in supply-constrained areas, and 100% is eligible for the PTZ interest-free loan as from 1 April 2025.
Against this backdrop, Nexity booked a total of 7,106 reservations over the period, down 12% by volume, in line with the change in supply for sale, reflecting an ongoing quarterly improvement, as expected (down 15% in H1, down 28% in Q1), with a price effect that remained favourable.
Retail reservations recorded in the first nine months of the year came to 3,441 units (vs 4,007 units in 9M 2024), down 14% by volume and down 10% by value, demonstrating the resilience of our prices following the recalibration carried out in 2024. This change reflected the following two trends:
Decline in individual investors, as expected, due in particular to the end of the Pinel scheme at year-end 2024 (which, for reference, accounted for 80% of individual investors and 18% of total reservations in 2024).
Strong momentum among homebuyers, with reservations up 26% in 9M 2025 to nearly 2,000 (up 31% for first-time homebuyers) and seeing growth for the 7th consecutive quarter, driven in particular by the following:
Appealing product range and effective marketing campaigns featuring innovative, attractive financing solutions aimed at helping first-time buyers and young people access loans in order to become homeowners, in particular by aligning monthly mortgage repayments as far as possible with what they used to pay in rent.
Good momentum in sales launches, with 20 launches in Q3, bringing the total number of launches in the first nine months of the year to around 70, and highly satisfactory reservation rates, reflecting the appeal of our range.
Improved financing conditions, with mortgage rates stabilising at around 3.1%7 (equating to close to an 11% boost in purchasing power for our clients in one year) and the extension of the PTZ interest-free loan scheme across France.
At end-September, homebuyers made up 28% of the sales mix, 9 points higher than in 9M 2024.
Bulk sales, which are not linear over the year, accounted for 3,665 reservations over the first nine months of the year, 50% of which were booked in Q3 (1,848 reservations), clearly demonstrating the highly seasonal nature of bulk sales in the second half of the year.
In addition, the Urban Planning business accounted for nearly 1,000 reservations for subdivisions in the first nine months of the year, up 41%, reflecting momentum amplified by the extension of the PTZ interest-free loan scheme to single-family homes starting 1 April 2025.
The backlog stands at €3.9 billion, equivalent to 1.5 years' revenue.
This volume does not yet include the initial contributions to the backlog of the Carrefour partnership, the first two building permits for which were filed in Q4 2024 and are currently being processed (for reference, revenue at termination over approximately the next ten years is estimated at more than €2 billion). Around ten other building permits are currently being worked on but have been delayed by the context of upcoming local elections in March 2026.
Planning and Development, Commercial Real Estate
With the market still at a cyclical low, as expected, Nexity did not book any significant new orders in the first nine months of the year (€15 million total, nearly 96% of which was outside the Paris region).
The Group's commercial asset diversification initiative is well underway, with strong momentum in calls for proposals, covering a wide range of property types, including hotels, cinemas, hospitals and regional centres, as well as its general contractor business.
Revenue from Urban Planning and Commercial Real Estate Development came in at €44 million for the period to end-September 2025, down 88% from end-September 2024 as a result of the delivery of large-scale commercial projects (LGC, Reiwa and Carré Invalides) in 2024 (which, for reference, accounted for a total floor area of 175,000 sq.m), and a lack of backlog replenishment over the last two financial years.
Services
Revenue from Services excluding discontinued operations amounted to €312 million at end-September 2025, up slightly, still buoyed by Serviced Properties and affected by the slowdown in Distribution over the first nine months of the year.
(In €m, excluding discontinued operations)
9M 2024
9M 2025
Change vs 9M 2024
Serviced Properties
200
226
+13%
Distribution
88
73
-17%
Property Management
14
12
-14%
Revenue, Services
302
312
+3%
The Serviced Properties business (student residences, coworking spaces) posted strong growth in revenue, up 13% at €226 million, once again driven by the following:
Growth momentum in the portfolio of coworking businesses (11 new sites in 2024 and 2 new sites in 2025, for a total of nearly 170,000 sq.m under management8)
Opening of 4 new student residences over the first nine months of the year, lifting the total in operation to over 17,000 units in 54 cities
Occupancy rates remaining high for student residences (98%) and coworking spaces (85%)9
The -17% decrease in revenue from Distribution arose from lower average prices, reflecting the change in the product mix: substantial contribution of Pinel investments in 2024 vs repositioning towards smaller-scale investments such as student residences in 2025.
Following the sales finalised in 2024 of Property Management for Individuals (PMI), Nexity Property Management (NPM) and Bien'ici, revenue from Property Management, mainly generated by Accessite, the sale of which was finalised on 1 October, came to €12 million.
II. GOVERNANCE: NEW EXECUTIVE COMMITTEE FOCUSED ON DEVELOPMENT
Following the implementation of its new multi-product regional organisation starting 1 January 2025, Nexity has updated its governance structure to focus on its Urban Planning, Development and Serviced Properties business lines to drive its profitable growth trajectory. This change, effective since the end of September, has the following aims:
Offering services and solutions that fully address the current needs of regions across France, in particular through the launch of the multidisciplinary "New Urban Services & Solutions" division.
Developing the most suitable services and solutions for our individual and institutional clients.
Further simplifying and streamlining decision-making processes.
This new Executive Committee, chaired by Véronique Bédague, Chairwoman and Chief Executive Officer, has a total of 7 members:Members of the current Executive Management Committee:
Jean-Claude Bassien, Deputy Chief Executive Officer.
Fabrice Aubert, Deputy Managing Director, who has been appointed Chairman of the New Urban Services & Solutions division.
Pierre-Henry Pouchelon, appointed Deputy Managing Director in charge of Finance and the Development division's performance. Starting 1 January 2026, he will lead the external growth division.
New members, starting at the end of September:
Joris Delapierre, Managing Director, Paris region.
Lionel Séropian, Managing Director, Sud region.
Anne-Laure Joumas, Head of Real Estate and Performance, has also been appointed as Head of the Serviced Properties division (Coworking, Serviced Residences).
Link to the press release
III. GUIDANCE FOR 2025 CONFIRMED
Barring any deterioration in the macroeconomic environment, the guidance issued in February 2025 for financial year 2025 as a whole remains unchanged:
Return to operating profitability, with current operating profit under IFRS positive, excluding discontinued operations and international operations10
Continued tight grip on the balance sheet, with IFRS net debt less than €380 million confirmed
This guidance includes the impact of the increased shareholding in Angelotti following the exercise of the purchase option announced at the end of September as part of the liquidity window, bringing the stake held from 55% to 80%.11
FINANCIAL CALENDAR & PRACTICAL INFORMATION
Full-year results for 2025 Wednesday, 25 February 2026 (after market close)
Shareholders' Meeting Thursday, 21 May 2026
A conference call will be held today at 6:30 p.m. (Paris time)in French, with simultaneous translation into English
Link to the webcast
Link to the conference call (to ask questions)
Link also accessible via the "Finance" section of our website: https://nexity.group/en/finance
The presentation accompanying this conference will be available on the Group's website from 6:15 p.m. (Paris time). The conference call will be available on replay at www.nexity.group/en/finance from the following day.
Disclaimer: The information, assumptions and estimates that the Company could reasonably use to determine its targets are subject to change or modification, notably due to economic, financial and competitive uncertainties. Furthermore, it is possible that some of the risks described in Chapter 2 of the Universal Registration Document filed with the AMF under number D.25-0267 on 16 April 2025 could have an impact on the Group's operations and the Company's ability to achieve its targets. Accordingly, the Company cannot give any assurance as to whether it will achieve its stated targets, and makes no commitment or undertaking to update or otherwise revise this information.
NEXITY, LIFE TOGETHER With €3.3 billion in revenue in 2024, Nexity has a nationwide presence as an urban operator working for urban regeneration and meeting the needs of regions and its clients. Drawing on our ...
