BUSINESS ACTIVITY AT 31 MARCH 2026NEARLY 1,450 RESERVATIONS IN Q1 (+1%) GROUP REVENUE FOR Q1: €518M GUIDANCE FOR 2026 UNCHANGED
Enterprise exercise: Planning and Growth
1,449 complete dwelling reservations in Q1 2026: up 1% vs Q1 2025 Excessive-quality provide on the market aligned with market situations: Location: >90% of provide on the market in supply-constrained areas (Abis, A, B1), up 17 pts vs 2022 Persevering with enchancment in pre-selling charges on programmes; absorption price at a pre-crisis degree of 5 months Backlog of €3.7bn at end-March, equating to 1.5 years’ income: additional replenishment by a selective strategy with initiatives at goal dedication margins
Group income for Q1: €518m
Income for New Nexity1 €513m (down 13%): Computerized reflection of the slowdown in enterprise exercise from initiatives underway in Planning and Growth, partly offset by progress in Serviced Properties
Steerage for 2026 unchanged2
Enchancment in working profitability, with COP for New Nexity1 up in 2026Ongoing discount within the leverage ratio,3 with the swiftest potential return to a degree under 3.5x, no later than 2027
VÉRONIQUE BÉDAGUE, CHAIRWOMAN AND CHIEF EXECUTIVE OFFICER, COMMENTED:
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“The growing political consensus in France on housing issues – illustrated in particular by the measures introduced in early 2026 to support buy-to-let investment and the easing of planned levies on social housing – is fostering a more supportive environment for the housing sector. Municipal elections have also placed housing back at the top of the agenda for local priorities.
Against this backdrop, business performance in the first quarter – which traditionally cannot be extrapolated over the full year – also needs to be seen in the context of a highly uncertain geopolitical environment towards the end of the period. Reservation volumes showed slight growth, and sales indicators confirm the quality of our supply for sale and the relevance of our positioning, as evidenced by the ongoing improvement in the pre-selling rate for our developments.
The Group is thus approaching 2026 with a streamlined organisation and a refocused business model, which will enable us to capitalise on the rebound in the cycle once it arrives, while continuing to improve our margins and reduce our leverage. In this context, our outlook for 2026 remains unchanged.”
KEY FIGURES FOR Q1 2026
Enterprise exercise – FranceQ1 2025Q1 2026Change vs Q1 2025Reservations: Residential Actual Property Volume1,434 units1,449 items+1percentWorth€312m €320m +2.5% Income (in thousands and thousands of euros)Q1 2025Q1 2026Change vs Q1 2025Planning and Development484411-15percentResidential Actual Estate470405-14percentCommercial Actual Estate156-58percentServices 101101+0.2percentServiced Properties 7478+5percentDistribution 2723-14percentOther Actions (a)11N/ARevenue – New Nexity586513-13percentInternational operations (b)06N/ADiscontinued operations (c)30N/ATotal revenue590518-12%
(a) The “Other Activities” line merchandise, which remained steady at €1 million, notably consists of the now reclassified Costame-Moreau development diagnostics and experience enterprise, beforehand reported beneath “Property Management”. (b) Income from worldwide operations displays the supply of items in Italy (income recognised on completion).(c) The “Discontinued operations” line merchandise displays the contributions from the Week’in hospitality subsidiary and Accessite, offered in Q3 and This fall 2025, respectively.
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Enterprise exercise and income
Planning and Growth
Efficiency measures referring to enterprise exercise and income for the primary quarter – which is traditionally not consultant of efficiency for the complete monetary 12 months – mirror the excessive degree of uncertainty amongst our prospects in early 2026, whereas the influence of assist measures introduced by the federal government in the beginning of the 12 months to advertise buy-to-let funding – notably the Jeanbrun scheme – was not but materials within the first quarter, given their latest implementation.
Planning and Growth – Residential Actual Property
Enterprise exercise Nexity booked a complete of 1,449 reservations over the interval, up barely by quantity (up 1%).
Gross sales in Q1 aren’t consultant of the extent of enterprise exercise anticipated over the complete monetary 12 months, due specifically to the non-linear nature of enterprise exercise for bulk gross sales. Retail gross sales accounted for 991 reservations within the first quarter, down 10% by quantity. Bulk gross sales, which aren’t linear over the 12 months, accounted for a quantity of 458 items over the interval (up 38%). For reference, This fall 2025 accounted for 3,800 items and 51% of bulk gross sales in full-year 2025.
As well as, the Planning enterprise accounted for practically 300 reservations for subdivisions within the quarter, remaining steady by quantity relative to the earlier 12 months.
With regard to mortgage charges, in Q1 2026, the common mortgage price was 3.22%. It was barely increased than in This fall 2025 (up 8 bps), however remained steady in March. 25-year mortgage charges remained broadly unchanged in contrast with December, even edging barely decrease for first-time homebuyers, amid heightened competitors within the banking sector to draw new purchasers.
Provide on the market at end-March 2026 stood at 5,125 items, down barely (by 6%) relative to December 2025:
Provide on the market is firmly established in high-quality areas, with 93% of items out there on the market situated in supply-constrained areas (Abis, A and B1), a 17-point improve in contrast with 2022, together with an 18-point improve in Zones Abis and A alone. As a reminder, 100% of provide has been eligible for France’s PTZ interest-free mortgage scheme since 1 April 2025.Provide on the market thus seems well-suited to present market situations, as evidenced by the next: Excessive pre-selling price: 82% for initiatives launched in the course of the periodStable absorption price, which held regular at 5 months (in contrast with an absorption price of greater than 20 months4 for the general market at year-end 2025) Quantity of unsold accomplished houses nonetheless marginal, restricted at round 100 items
Main indicators
The backlog at end-March stood at €3.7 billion, equal to 1.5 years’ income. Of this complete, 45% is secured by gross sales for which notarial deeds of sale have been signed.As a reminder, enterprise potential (excluding Planning) at end-December 2025 was the equal of 42,000 houses, or 3.5 years’ income, offering a worthwhile pipeline geared to market situations of practically €13 billion in complete. This determine doesn’t but embody the primary contributions from the Carrefour partnership, beneath which the primary constructing allow was obtained in Lomme (Nord) for the redevelopment and renaturing of a brownfield web site of greater than 8,000 sq.m. This mission entails the event of 120 household houses, largely offered in bulk, a 300-unit scholar residence and a pair of,500 sq.m of open floor. For reference, income at termination over roughly the subsequent ten years is estimated at greater than €2 billion.
Planning and Growth – Industrial Actual Property
The downcycle within the business actual property market5 continued into Q1, with business actual property funding down 48% nationwide and a 15% decline in take-up within the Paris area.
On this market setting, Nexity recorded a restricted order consumption (€10 million), primarily concentrated exterior the Paris area.
The Group’s business asset diversification initiative is ongoing, with sturdy momentum in requires proposals, protecting a variety of property sorts – together with inns, cinemas, hospitals and regional centres – in addition to its common contractor enterprise.
The backlog stood at €66 million at end-March 2026.
Income – Planning and Growth
The Planning and Growth division (excluding worldwide operations) recognised income of €411 million within the first quarter of 2026, down 15% relative to Q1 2025. This alteration was consistent with our expectations and primarily mirrored the next:
Residential Actual Property: Decline in enterprise exercise from initiatives underway over the previous three years, as a result of recognition of income utilizing the percentage-of-completion methodCommercial Actual Property: Restricted replenishment of the backlog over the previous two years
It must be famous that income generated by the event companies from VEFA off-plan gross sales and CPI growth contracts is recognised utilizing the percentage-of-completion methodology, i.e. on the premise of notarised gross sales and pro-rated to mirror the progress of all inventoriable prices.
Providers
Income from Providers for the interval was steady at €101 million:
Income from Serviced Properties accounted for 77% of income from Providers and rose by 5% to €78 million, pushed by occupancy charges remaining excessive for scholar residences (98%) and coworking areas (83percent6). As a reminder, the entire variety of serviced properties in operation consists of 17,000 scholar residence items unfold throughout 54 cities and practically 170,000 sq.m7 of coworking areas. Income from Distribution (which accounted for 23% of income from Providers) fell by €4 million (down 14%) to €23 million. Nonetheless, this variation – which included an unfavourable base impact associated to the tip of France’s Pinel scheme in late 2024 (reservations made in late 2024, for which notarial deeds of sale have been signed in Q1 2025) – isn’t consultant of efficiency for the complete monetary 12 months.
Steerage for 2026 unchanged
Replace on the geopolitical setting: The battle within the Center East is more likely to have an effect on the macroeconomic setting. Nexity operates solely in France (with worldwide operations being managed on a run-off foundation) and doesn’t have any direct publicity to this area. Nonetheless, the Group stays attentive to developments within the state of affairs. Ought to this battle persist over the long run, its penalties might result in increased inflation (together with uncooked supplies prices and rates of interest) or provide chain pressures.
Outlook: The Group is approaching 2026 with a streamlined organisation and a refocused enterprise mannequin, which can allow it to capitalise on the rebound within the cycle as soon as it arrives, whereas persevering with to enhance margins and decrease the leverage ratio. In a market at a cyclical low, our mannequin is demonstrating its resilience and enabling us to maintain our outlook for 2026 unchanged.
Steerage
Barring any deterioration within the macroeconomic setting:
Enchancment in working profitability, with COP for New Nexity8 up in 2026Ongoing discount within the leverage ratio,9 with the swiftest potential return to a degree under the goal of three.5x, no later than 2027
FINANCIAL CALENDAR & PRACTICAL INFORMATION
Shareholders’ Assembly Thursday, 21 Could 2026Results for H1 2026 Thursday, 23 July 2026 (after market shut)Income and enterprise exercise for 9M 2026 Thursday, 22 October 2026 (after market shut)
The knowledge, assumptions and estimates that the Firm might fairly use to find out its targets are topic to vary or modification, notably attributable to financial, monetary and aggressive uncertainties. Moreover, it’s potential that a number of the dangers described in Chapter 2 of the Common Registration Doc filed with the AMF beneath quantity D.26-0249 on 13 April 2026 might have an effect on the Group’s operations and the Firm’s skill to realize its targets. Accordingly, the Firm can’t give any assurance as as to whether it would obtain its said targets, and makes no dedication or endeavor to replace or in any other case revise this data.
NEXITY – LIFE TOGETHERWith €2.8 billion in income in 2025, Nexity has a nationwide presence as an city operator working for city regeneration and assembly the wants of areas and its purchasers. Drawing on our twin experience as a planner/developer and a developer/operator, we’re rolling out a regional, multi-product vary of companies and options. As a long-standing proponent of entry to housing for all and the chief in our sector in terms of low-carbon development, we’re devoted to creating new and renovated actual property each reasonably priced and sustainable. Consistent with our company goal, “Life together”, we endeavour to assist construct extra vibrant, livable cities which are extra welcoming and reasonably priced and that respect people, the group and the planet. In 2025, Nexity was ranked France’s number-one low-carbon mission proprietor by the BBCA for the seventh 12 months operating and got here fifth within the buyer relations rating drawn up by Les Échos and HCG. Nexity is listed on the SRD, Euronext’s Compartment B and the SBF 120, in addition to Euronext’s FAS IAS index.
ANNEXES
1. Residential Actual Property Growth – Quarterly reservations
2024 2025 2026Number of items Q1Q2Q3Q4 Q1Q2Q3Q4 Q1New houses (France) 2,0053,0553,0495,278 1,4342,8442,8284,902 1,449Subdivisions 221218267362 278406313410 278Total quantity 2,226
3,273
3,316
5,640
1,712
3,250
3,141
5,312
1,727
of reservations (France) 2024 2025 2026Value (€m incl. VAT) Q1Q2Q3Q4 Q1Q2Q3Q4 Q1New houses (France) 4466146301,028 312618585977 320Subdivisions 18172436 26323441 31Total quantity 464
631
654
1,064
339
650
619
1,018
351
of reservations (France)
2. Residential Actual Property Growth – Cumulative reservations
2024 2025 2026Number of items Q1H19M12M Q1H19M12M Q1New houses (France) 2,0055,0608,10913,387 1,4344,2787,10612,008 1,449Subdivisions 2214397061,068 2786849971,407 278Total quantity 2,226
5,499
8,815
14,455
1,712
4,962
8,103
13,415
1,727
of reservations (France) 2024 2025 2026Value (€m incl. VAT) Q1H19M12M Q1H19M12M Q1New houses (France) 4461,0601,6902,718 3129301,5152,492 320Subdivisions 18355895 265892133 31Total quantity 464
1,095
1,748
2,812
339
988
1,607
2,625
351
of reservations (France)
3. Breakdown of recent dwelling reservations by shopper (France)
Breakdown of recent dwelling reservations by shopper (France) – New scope
Q3 2024
Q3 2025
Change Homebuyers46515percent50517%+9% o/w: – First-time buyers39013percent43614%+12% – Different homebuyers752percent682%-9% Particular person investors71924percent47516%-34% Skilled landlords1,86561percent1,84861%-1% o/w: – Institutional investors66322percent53618%-19% – Social housing operators1,20239percent1,31243%+9% Total3,049100percent2,828100%-7%
4. Backlog
2024 2025 2026(In thousands and thousands of euros, excluding VAT) Q1H19M12M Q1H19M12M Q1Backlog – Residential Actual Property Growth (France)4,8454,6994,4114,354 4,0364,0223,8443,833 3,679Commercial Actual Property Growth 2482084338 41262363 66Total (France) 5,0934,9074,4554,392 4,0774,0483,8673,896 3,745
5. Providers
Serviced Properties 31 Dec. 2025 31 Mar. 2026 ChangeStudent residences Variety of residences in operation 138 138 0 ptsOccupancy price (rolling 12-month foundation) 97.6% 97.6% -0.0 ptsShared workplace area Variety of websites opened – Morning 53 51 -2Number of websites opened – Hiptown 38 37 -1Number of websites opened 91 88 -3 Flooring area beneath administration (in sq.m) – Morning 140,386 142,367 +1,981Floor area beneath administration (in sq.m) – Hiptown 26,757 26,124 -633Floor area beneath administration (in sq.m) 167,143 168,492 +1,348 Occupancy price (rolling 12-month foundation) – Morning 80.00% 79.40% -0.6 ptsOccupancy price (rolling 12-month foundation) – Hiptown 78.01% 79.00% +1.0 ptsOccupancy price (rolling 12-month foundation) 79.7% 79.3% -0.3 pts Occupancy price at mature websites (rolling 12-month foundation) – Morning84.00% 84.00% 0.0 ptsOccupancy price at mature websites (rolling 12-month foundation) – Hiptown78.79% 79.00% +0.2 ptsOccupancy price at mature websites (rolling 12-month foundation) 82.9% 83.1% +0.2 ptsDistribution Q1 2025 Q1 2026 Change Whole reservations (1) 710 616 -13percento/w: Reservations on behalf of third events (1) 621 527 -15%(1) Of which: Reservations for Nexity
6. Income – Quarterly figures
2024 2025 2026(In thousands and thousands of euros) Q1Q2Q3Q4 Q1Q2Q3Q4 Q1Planning and Growth 556745715752 484611525706 411Residential Actual Property 452667547728 470594513700 405Commercial Actual Property (1) 1047816824 1517126 6Services 8587115145 10196103113 101Serviced Properties 63657276 74718175 78Distribution 22224470 27252238 23Other Actions 1112 1112 1Revenue – New scope 642833831899 586708629820 513International operations (2) 031-1 00067 6Revenue from discontinued operations (3) 8717165 3340 0Revenue 729852848904 590712633887 518
GLOSSARY
Absorption price: Out there market provide in comparison with reservations for the final 12 months, expressed in months, for the brand new houses enterprise in France.
Adjusted EBITDA: Adjusted EBITDA corresponds to present working revenue earlier than depreciation, amortisation and impairment of non-current belongings, web adjustments in provisions, share-based cost bills and the switch from stock of borrowing prices immediately attributable to property developments, plus dividends obtained from equity-accounted investees whose operations are an extension of the Group’s enterprise. Depreciation and amortisation consists of right-of-use belongings calculated in accordance with IFRS 16, along with the influence of neutralising inside margins on disposal of an asset by growth corporations, adopted by take-up of a lease by a Group firm.
Financial institution leverage ratio: The leverage ratio displays an organization’s capability to repay its debt utilizing its EBITDA. It’s calculated as follows: Web debt and project-related debt excluding IFRS 16 / Adjusted EBITDA after lease funds.
Enterprise potential: The entire quantity of potential enterprise at any given second, expressed as a lot of items and/or income excluding VAT, inside future initiatives in Residential Actual Property Growth (new houses, subdivisions and worldwide) in addition to Industrial Actual Property Growth, validated by the Group’s Committee, in all structuring phases, together with the programmes of the Group’s city regeneration enterprise (Villes & Projets); this enterprise potential consists of the Group’s present provide on the market, its future provide (mission phases not but marketed on bought land, and initiatives not but launched related to land secured by choices).
Present working revenue: Consists of all working revenue gadgets except gadgets ensuing from uncommon, irregular and sometimes occurring transactions. Particularly, impairment of goodwill isn’t included in present working revenue.
Growth backlog (or order guide): The Group’s already secured future income, expressed in euros, for its actual property growth companies (Residential Actual Property Growth and Industrial Actual Property Growth). The backlog consists of reservations for which notarial deeds of sale haven’t but been signed and the portion of income remaining to be generated on items for which notarial deeds of sale have already been signed (portion remaining to be constructed).
EBITDA after lease funds: EBITDA web of bills recorded for lease funds which are restated to mirror the applying of IFRS 16 Leases.
Free money movement: Corresponds to money generated by working actions (working free money movement) after making an allowance for tax paid and monetary bills, mirrored within the change in web monetary debt.
Joint ventures: Settlement beneath which two or extra property builders function collectively to collectively design, finance, construct and market a property growth.
Land financial institution: Quantity similar to acquired land growth rights for initiatives in France carried out earlier than acquiring a constructing allow or, in some instances, planning permissions.
Market share for brand spanking new houses in France: Variety of reservations made by Nexity (retail and bulk gross sales) divided by the variety of reservations (retail and bulk gross sales) reported by the French Federation of Actual Property Builders (FPI).
Order consumption – Industrial Actual Property Growth: The entire of promoting costs excluding VAT as said in definitive agreements for Industrial Actual Property Growth initiatives, expressed in euros for a given interval (notarial deeds of sale or growth contracts).
Web revenue earlier than non-recurring gadgets: Group share of web revenue restated for non-recurring gadgets comparable to change in truthful worth changes in respect of the ORNANE bond concern and gadgets included in non-current working revenue (disposal of serious operations, any goodwill impairment losses, remeasurement of equity-accounted investments following the idea of management). Planning: In property growth, planning refers to all actions geared toward making land buildable and making ready it to accommodate an actual property mission. This consists of the preparation of land for development, plot division, creation of roads and utilities, in addition to formalities to acquire the mandatory administrative authorisations.
Pipeline: Sum of backlog and enterprise potential; could also be expressed in months or years of income (as for backlog and enterprise potential) based mostly on income for the earlier 12-month interval.
Reservations by worth (or anticipated income from reservations) – Residential Actual Property: The online complete of promoting costs together with VAT as said in reservation agreements for growth programmes, expressed in euros for a given interval, after deducting all reservations cancelled in the course of the interval.
Income: Income generated by the event companies from VEFA off-plan gross sales and CPI growth contracts is recognised utilizing the percentage-of-completion methodology, i.e. on the premise of notarised gross sales and pro-rated to mirror the progress of all inventoriable prices.
Serviced Properties: Operation of scholar residences and versatile workspaces.
Working capital requirement (WCR): Whole quantity that an organization must finance its operations owing to the time lag between disbursements and receipts. It’s calculated as follows: “WCR” = “Inventories” + “Short-term operating receivables” – “Short-term operating liabilities”.
1 New Nexity scope – Excluding discontinued operations and worldwide operations being managed on a run-off basis2 Barring any deterioration within the macroeconomic environment3 Stage of the leverage ratio included within the banking covenants: <8.5x at year-end 2025, <7x at year-end 2026 and ≤3.5x at year-end 20274 Knowledge from the French Federation of Actual Property Builders (FPI) 5 Immostat knowledge for Q1 2026 6 Technique used to calculate occupancy price up to date at 1 January 2024 to have in mind the inflationary setting and the influence of lease indexation; rolling 12-month foundation – occupancy price at mature websites (open for greater than 12 months)7 Whole flooring space web of additives/disposals 8 Present working revenue/(loss) (COP) for New Nexity – Excluding discontinued operations and worldwide operations being managed on a run-off basis9 Stage of the leverage ratio included within the banking covenants: <8.5x at year-end 2025, <7x at year-end 2026 and ≤3.5x at year-end 2027
Press launch – Enterprise Exercise at 31 March 2026
