Press Release - Business Activity At 30 September 2026
| Business activity – France | 9M 2025 3 | 9M 2026 | Change vs 9M 2025 |
| Reservations: Residential Real Estate | |||
| Volume | 6,536 units | 5,394 units | -17% |
| Value | €1,419m | €1,147m | -19% |
| Revenue (in millions of euros) | 9M 2025 | 9M 2026 | Change vs 9M 2025 |
| Planning and Development | 1,620 | 1,295 | -20% |
| Residential Real Estate | 1,577 | 1,254 | -20% |
| Commercial Real Estate | 44 | 40 | -7% |
| Services | 300 | 292 | -3% |
| Serviced Properties | 226 | 232 | +2% |
| Distribution | 73 | 60 | -18% |
| Other Activities (a) | 3 | 3 | N/A |
| Revenue – New Nexity | 1,923 | 1,589 | -17% |
| International operations (b) | 0 | 22 | N/A |
| Discontinued operations (c) | 10 | 0 | N/A |
| Total revenue | 1,934 | 1,611 | -17% |
(a) The“Other Activities” line item, which remained stable at €3 million, notably includes the now reclassified Costame-Moreau construction diagnostics and expertise business, previously reported under“Property Management”.
(b) Revenue from international operations, which are being managed on a run-off basis, reflects the delivery of units in Italy (revenue recognised on a percentage-of-completion basis) and the sale of land in Germany.
(c) In 2025, the“Discontinued operations” line item included the contributions from the Week'in and Accessite subsidiaries, sold in Q3 and Q4 2025, respectively.
Business activity and revenue
Planning and Development
Business activity for the first nine months of the year continued to follow the same trend as in the first half of the year. However, the market environment worsened considerably over the summer, against a persistently unfavourable macroeconomic backdrop: the conflict in the Middle East (which covered seven of the nine months of the period), together with a slowdown in the French economy, fuelled an uptick in inflation (up 3% year-on-year in September), which weighed on household purchasing power. The increase in long-term interest rates (with French 10-year government bond [OAT] at ~5% currently) has also reduced household borrowing capacity (with the average mortgage rate in September coming to 3.40%,4 up 15 basis points since June, and 3.82% for a 25-year mortgage, weighing on the core market of first-time homebuyers).
Planning and Development – Residential Real Estate
Supply for sale at end-September 2026 stood at 4,891 units (down 4% relative to September 2025).
This supply presents a lower risk profile and higher quality thanks to the Group's decision to maintain its more selective approach.
- Supply for sale is firmly established in high-quality locations, with 92% of units available for sale located in supply-constrained areas with high demand (Abis, A and B1), a 15-point increase compared with 2022. Supply for sale thus appears well-suited to current market conditions, as evidenced by the following:
- High pre-selling rate: 73% for projects launched during the period Stable absorption rate, which held steady at under 6 months (compared with an absorption rate of more than 20 months5 for the overall market at year-end 2025) Volume of unsold completed homes marginal
Business activity
Nexity booked a total of 5,394 reservations over the first nine months of the year:
- Retail sales accounted for 3,094 reservations over the period, down 10% by volume, in a market that was down 14% in the first eight months of the year (source: Adéquation).
- Sales to homebuyers (down 18%) were negatively affected during the period by higher interest rates and lower household purchasing power. Individual investors accounted for 27% of the client mix, with 1,465 reservations. The Jeanbrun scheme launched in Q1 gradually ramped up, with more than 260 reservations during the period. Our Q3 retail sales (-12%) remain in line with the 9-month trend.
The Planning business accounted for nearly 750 reservations for subdivisions in the period, amounting to €71 million.
Leading indicators: At end-September, the backlog stood at €3.5 billion, equivalent to 1.6 years' revenue.
Planning and Development – Commercial Real Estate
With the market still at a cyclical low, Nexity recorded an order intake of €23 million, mainly concentrated outside the Paris region.
The Group's commercial asset diversification initiative is ongoing, 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.
The backlog stood at around €50 million at end-September 2026.
Revenue – Planning and Development
The Planning and Development division (excluding international operations) recognised revenue of €1,295 million in the first nine months of 2026, down 20% relative to the same period in 2025.
This change was in line with our expectations and mainly reflected the following:
- Residential Real Estate: Decline in business activity from projects underway since 2022, due to the recognition of revenue using the percentage-of-completion method Commercial Real Estate: Limited replenishment of the backlog over the past three years
It should be noted that revenue generated by the development businesses from VEFA off-plan sales and CPI development contracts is recognised using the percentage-of-completion method, i.e. on the basis of notarised sales and pro-rated to reflect the progress of all inventoriable costs.
Services
Following the finalisation in 2025 of the Property Management disposal plan, the Services business is now focused solely on Serviced Properties and Distribution.
Revenue from Services for the period was virtually stable at €292 million:
- Revenue from Serviced Properties accounted for 80% of revenue from Services and rose by 2% to €232 million, driven by occupancy rates remaining high for student residences (97%) and for coworking spaces (83%).6
As a reminder, the total number of serviced properties in operation includes 17,000 student residence units spread across 54 cities and over 170,000 sq.m7 of coworking spaces.
- Revenue from Distribution (which accounted for 20% of revenue from Services) fell by €13 million (down 18%) to €60 million. This change included the impact of a base effect linked to the delivery of the Carré Invalides programme in April 2025 and the lower number of deeds registered during the period relative to 9M 2025 as a result of the market downturn.
Strategic partnership with BPCE in the distribution of new and renovated homes
Following the announcement made on 2 July 2026, Nexity entered into a framework agreement with Groupe BPCE on 17 October 2026 regarding distribution operations, with a view to enabling the following:
- Launch of a joint venture dedicated to selecting, acquiring and structuring a range of real estate programmes featuring new and renovated property in France, sourced from developers Consolidation by BPCE of the distribution operations carried out within the Banque Populaire and Caisse d'Epargne network
This partnership is scheduled to take effect in December 2026.
Outlook
Guidance for 2026 confirmed
The Group's financial trajectory for 2026 current operating profit (COP) is not based on any assumptions regarding a market recovery, but instead on the transformations underway and actions over which we have control and have been implementing since 2023:
- Launch of New Nexity, with restored margins, in addition to the €100 million cost-savings plan, enabling an improvement in COP from projects underway with respect to 2025 Ongoing financial discipline through selective development of our operations and more secure project structuring to preserve the Group's balance sheet and limit exposure to financial risk
As such, barring any significant new deterioration in the market environment, the guidance issued in February 2026 for financial year 2026 as a whole remains unchanged:
- Improvement in operating profitability, with COP for New Nexity8 up in 2026
- Ongoing reduction in the leverage ratio, 9 with the swiftest possible return to a level below the target of 3.5x, no later than 2027
Nexity is proactively adapting the Group to the market cycle
Nexity has noted the deterioration in the market environment in Q3, confirming the revised cycle announced in July. Nexity is stepping up its transformation to adapt the Group to a cyclical low that has intensified in both scale and duration:
Ongoing reinforcement of financial structure
- Nexity's partner banks have reaffirmed their confidence in the Group and the strategy of its management; negotiations launched in advance with the syndicate of banks to extend the credit facility and completion guarantees, with an agreement expected to be finalised in the coming weeks:
- Completion guarantees serve to ensure our clients that programmes will be completed For reference, the credit facility totals €625 million (maturing in February 2028) and the completion guarantees have a current balance of €1.4 billion; at end-June 2026, 76% of the Group's debt was fixed-rate
Ongoing measures to adapt organisations to the market cycle
- Review of organisations, brand portfolio and overhead costs
FINANCIAL CALENDAR & PRACTICAL INFORMATION
- Full-year results for 2026 Wednesday, 24 February 2027 (after market close) Shareholders' Meeting Thursday, 20 May 2027
| A conference call with video will be held today at 6:30 p.m. (Paris time) in French, with simultaneous translation into English
The presentation accompanying this conference will be available on the Group's website from 6:15 p.m. (Paris time). A recording of the webcast will be available the following day at . |
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.26-0249 on 13 April 2026 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 €2.8 billion in revenue in 2025, 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 dual expertise as a planner/developer and a developer/operator, we are rolling out a regional, multi-product range of services and solutions. As a long-standing proponent of access to housing for all and the leader in our sector when it comes to low-carbon construction, we are dedicated to making new and renovated real estate both affordable and sustainable. In line with our corporate purpose,“Life together”, we endeavour to help build more vibrant, livable cities that are more welcoming and affordable and that respect individuals, the community and the planet. In 2025, Nexity was ranked France's number-one low-carbon project owner by the BBCA for the seventh year running and came fifth in the customer relations ranking drawn up by Les Échos and HCG.
Nexity is eligible for the Deferred Settlement Service (SRD), listed on Euronext's Compartment B in the CAC Mid & Small index, and is included in particular in Euronext's FAS IAS and CAC SBT 1.5° indices.
CONTACTS:
Anne-Sophie Lanaute – Head of Investor Relations & Financial Communications
+33 (0)6 58 17 24 22 / ...
Nicolas Rehel – Media Relations & Social Media Manager
+33 (0)6 59 06 66 46 – ...
ANNEXES
1. Residential Real Estate Development – Quarterly reservations
| 2024 | 2025 | 2026 | ||||||||||||
| Number of units | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |||
| New homes (France) | 2,005 | 3,055 | 3,049 | 5,278 | 1,434 | 2,844 | 2,828 | 4,902 | 1,449 | 2,409 | 1,536 | |||
| Subdivisions | 221 | 218 | 267 | 362 | 278 | 406 | 313 | 410 | 278 | 271 | 194 | |||
| Total number of reservations (France) | 2,226 | 3,273 | 3,316 | 5,640 | 1,712 | 3,250 | 3,141 | 5,312 | 1,727 | 2,680 | 1,730 | |||
| Reservations cancelled * | -1,504 | -1,340 | -570 | -357 | ||||||||||
| Total number of reservations (France) after cancellations | 2,226 | 3,273 | 1,812 | 4,300 | 1,712 | 3,250 | 2,571 | 4,955 | 1,727 | 2,680 | 1,730 |
| 2024 | 2025 | 2026 | ||||||||||||
| Value (€m incl. VAT) | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |||
| New homes (France) | 446 | 614 | 630 | 1,028 | 312 | 618 | 585 | 977 | 320 | 489 | 337 | |||
| Subdivisions | 18 | 17 | 24 | 36 | 26 | 32 | 34 | 41 | 31 | 21 | 19 | |||
| Total amount of reservations (France) | 464 | 631 | 654 | 1,064 | 339 | 650 | 619 | 1,018 | 351 | 510 | 356 | |||
| Reservations cancelled * | -271 | -195 | -96 | -56 | ||||||||||
| Total amount of reservations (France) after programmes abandoned | 464 | 631 | 383 | 869 | 339 | 650 | 523 | 962 | 351 | 510 | 356 |
2. Residential Real Estate Development – Cumulative reservations
| 2024 | 2025 | 2026 | ||||||||||||
| Number of units | Q1 | H1 | 9M | 12M | Q1 | H1 | 9M | 12M | Q1 | H1 | 9M | |||
| New homes (France) | 2,005 | 5,060 | 8,109 | 13,387 | 1,434 | 4,278 | 7,106 | 12,008 | 1,449 | 3,858 | 5,394 | |||
| Subdivisions | 221 | 439 | 706 | 1,068 | 278 | 684 | 997 | 1,407 | 278 | 549 | 743 | |||
| Total number of reservations (France) | 2,226 | 5,499 | 8,815 | 14,455 | 1,712 | 4,962 | 8,103 | 13,415 | 1,727 | 4,407 | 6,137 | |||
| Reservations cancelled * | -1,504 | -2,844 | -570 | -927 | ||||||||||
| Total number of reservations (France) after cancellations | 2,226 | 5,499 | 7,311 | 11,611 | 1,712 | 4,962 | 7,533 | 12,488 | 1,727 | 4,407 | 6,137 |
| 2024 | 2025 | 2026 | ||||||||||||
| Value (€m incl. VAT) | Q1 | H1 | 9M | 12M | Q1 | H1 | 9M | 12M | Q1 | H1 | 9M | |||
| New homes (France) | 446 | 1,060 | 1,690 | 2,718 | 312 | 930 | 1,515 | 2,492 | 320 | 809 | 1,147 | |||
| Subdivisions | 18 | 35 | 58 | 95 | 26 | 58 | 92 | 133 | 31 | 51 | 71 | |||
| Total amount of reservations (France) | 464 | 1,095 | 1,748 | 2,812 | 339 | 988 | 1,607 | 2,625 | 351 | 861 | 1,217 | |||
| Reservations cancelled * | -271 | -465 | -96 | -152 | ||||||||||
| Total amount of reservations (France) after programmes abandoned | 464 | 1,095 | 1,477 | 2,347 | 339 | 988 | 1,511 | 2,473 | 351 | 861 | 1,217 |
* Reservations cancelled related to developments abandoned at our instigation
3. Breakdown of new home reservations by client (France)
| Breakdown of new home reservations by client (France) – New scope | 9M 2025 * | 9M 2026 | Change vs 9M 2025 | ||||||
| Homebuyers | 1,994 | 31% | 1,629 | 30% | -18% | ||||
| o/w: - First-time buyers | 1,749 | 27% | 1,429 | 26% | -18% | ||||
| - Other homebuyers | 245 | 4% | 200 | 4% | -18% | ||||
| Individual investors | 1,447 | 22% | 1,465 | 27% | 1% | ||||
| Retail sales | 3,441 | 53% | 3,094 | 57% | -10% | ||||
| Professional landlords | 3,095 | 47% | 2,300 | 43% | -26% | ||||
| o/w: - Institutional investors | 1,055 | 16% | 435 | 8% | -59% | ||||
| - Social housing operators | 2,040 | 31% | 1,865 | 35% | -9% | ||||
| Total * | 6,536 | 100% | 5,394 | 100% | -17% | ||||
| * After taking into account reservations cancelled |
4. Backlog
| 2024 | 2025 | 2026 | ||||||||||||
| (In millions of euros, excl. VAT) | Q1 | H1 | 9M | 12M | Q1 | H1 | 9M | 12M | Q1 | H1 | 9M | |||
| Backlog – Residential Real Estate Development (France) | 4,845 | 4,699 | 4,411 | 4,354 | 4,036 | 4,022 | 3,844 | 3,833 | 3,679 | 3,635 | 3,411 | |||
| Commercial Real Estate Development | 248 | 208 | 43 | 38 | 41 | 26 | 23 | 63 | 66 | 56 | 47 | |||
| Total (France) | 5,093 | 4,907 | 4,455 | 4,392 | 4,077 | 4,047 | 3,867 | 3,896 | 3,745 | 3,690 | 3,458 |
5. Services
| Serviced Properties | Dec. 2025 | 9M 2026 | Change vs Dec. 2025 | |||
| Student residences | ||||||
| Number of residences in operation | 138 | 138 | 0 | |||
| Occupancy rate (rolling 12-month basis) | 97.6% | 97.4% | -0.3 pts | |||
| Shared office space | ||||||
| Number of sites – Morning | 53 | 49 | -4 | |||
| Number of sites – Hiptown | 38 | 37 | -1 | |||
| Number of sites | 91 | 86 | -5 | |||
| Floor space under management (in sq.m) – Morning | 140,386 | 141,685 | +1,299 | |||
| Floor space under management (in sq.m) – Hiptown | 26,757 | 30,652 | +3,895 | |||
| Floor space under management (in sq.m) | 167,143 | 172,337 | +5,194 | |||
| Occupancy rate (rolling 12-month basis) – Morning | 80.0% | 81.0% | +1.0 pts | |||
| Occupancy rate (rolling 12-month basis) – Hiptown | 78.0% | 81.0% | +3.0 pts | |||
| Occupancy rate (rolling 12-month basis) | 79.7% | 81.0% | +1.3 pts | |||
| Occupancy rate at mature sites (rolling 12-month basis) – Morning | 84.0% | 83.4% | -0.6 pts | |||
| Occupancy rate at mature sites (rolling 12-month basis) – Hiptown | 78.8% | 81.0% | +2.2 pts | |||
| Occupancy rate at mature sites (rolling 12-month basis) | 82.9% | 82.9% | +0.0 pts | |||
| Distribution | 9M 2025 | 9M 2026 | Change vs 9M 2025 | |||
| Total reservations (1) | 1,884 | 1,524 | -19% | |||
| (1)Of which: Reservations for Nexity |
6. Revenue – Quarterly figures
| 2024 | 2025 | 2026 | ||||||||||||
| (In millions of euros) | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |||
| Planning and Development | 556 | 745 | 715 | 752 | 484 | 611 | 525 | 706 | 411 | 446 | 438 | |||
| Residential Real Estate (1) | 452 | 667 | 547 | 728 | 470 | 594 | 513 | 700 | 405 | 429 | 421 | |||
| Commercial Real Estate | 104 | 78 | 168 | 24 | 15 | 17 | 12 | 6 | 6 | 17 | 17 | |||
| Services | 85 | 87 | 115 | 145 | 101 | 96 | 103 | 113 | 101 | 97 | 93 | |||
| Serviced Properties | 63 | 65 | 72 | 76 | 74 | 71 | 81 | 75 | 78 | 80 | 74 | |||
| Distribution | 22 | 22 | 44 | 70 | 27 | 25 | 22 | 38 | 23 | 17 | 19 | |||
| Other Activities | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | |||
| Revenue – New Nexity | 642 | 833 | 831 | 899 | 586 | 708 | 629 | 820 | 513 | 544 | 532 | |||
| International operations (managed on a run-off basis) (2) | 0 | 3 | 1 | -1 | 0 | 0 | 0 | 67 | 6 | 1 | 15 | |||
| Revenue from discontinued operations (3) | 87 | 17 | 16 | 5 | 3 | 3 | 4 | 0 | 0 | 0 | 0 | |||
| Revenue | 729 | 852 | 848 | 904 | 590 | 712 | 633 | 887 | 518 | 545 | 548 | |||
| (1) Retail recognised within Residential Real Estate (vs Property Management) | ||||||||||||||
| (2) International operations being managed on a run-off basis (Germany, Italy and Belgium) | ||||||||||||||
| (3) Discontinued operations: Accessite and Week'in in 2025 (vs Property Management) |
GLOSSARY
Absorption rate: Available market supply compared to reservations for the last 12 months, expressed in months, for the new homes business in France.
Business potential: The total volume of potential business at any given moment, expressed as a number of units and/or revenue excluding VAT, within future projects in Residential Real Estate Development (new homes, subdivisions and international) as well as Commercial Real Estate Development, validated by the Group's Committee, in all structuring phases, including the programmes of the Group's urban regeneration business (Villes & Projets); this business potential includes the Group's current supply for sale, its future supply (project phases not yet marketed on purchased land, and projects not yet launched associated with land secured through options).
Current operating profit/(loss): Includes all operating profit items with the exception of items resulting from unusual, abnormal and infrequently occurring transactions. In particular, impairment of goodwill is not included in“Current operating profit/(loss)”.
Development backlog (or order book): The Group's already secured future revenue, expressed in euros, for its real estate development businesses (Residential Real Estate Development and Commercial Real Estate Development). The backlog includes reservations for which notarial deeds of sale have not yet been signed and the portion of revenue remaining to be generated on units for which notarial deeds of sale have already been signed (portion remaining to be built).
EBITDA: Defined by Nexity as equal to current operating profit before depreciation, amortisation and impairment of non-current assets, net changes in provisions, share-based payment expenses and the transfer from inventory of borrowing costs directly attributable to property developments, plus dividends received from equity-accounted investees whose operations are an extension of the Group's business. Depreciation and amortisation includes right-of-use assets calculated in accordance with IFRS 16, together with the impact of neutralising internal margins on disposal of an asset by development companies, followed by take-up of a lease by a Group company.
EBITDA after lease payments: EBITDA net of expenses recorded for lease payments that are restated to reflect the application of IFRS 16 Leases.
Free cash flow: Cash generated by operating activities after taking into account tax paid, financial expenses, repayment of lease liabilities, changes in WCR, dividends received from companies accounted for under the equity method and net investments in operating assets.
Joint ventures: Entities over whose activities the Group has joint control, established by contractual agreement. Most joint ventures are property developments (Residential Real Estate Development and Commercial Real Estate Development) undertaken with another developer (co-developments).
Land bank: Amount corresponding to acquired land development rights for projects in France carried out before obtaining a building permit or, in some cases, planning permissions.
Market share for new homes in France: Number of reservations recorded by Nexity (retail and bulk sales) divided by the number of reservations (retail and bulk sales) reported by the French Federation of Real Estate Developers (FPI).
Net profit/(loss) before non-recurring items: Group share of net profit restated for non-recurring items such as change in fair value adjustments in respect of the ORNANE bond issue and items included in“Non-current operating profit/(loss)” (disposal of significant operations, any goodwill impairment losses, remeasurement of equity-accounted investments following the assumption of control).
Operational reporting: According to IFRS but with joint ventures proportionately consolidated. This presentation is used by management as it better reflects the economic reality of the Group's business activities.
Order intake – Commercial Real Estate Development: The total of selling prices excluding VAT as stated in definitive agreements for Commercial Real Estate Development projects, expressed in euros for a given period (notarial deeds of sale or development contracts).
Pipeline: Sum of backlog and business potential; may be expressed in months or years of revenue (as for backlog and business potential) based on revenue for the previous 12-month period.
Property Management: Management of residential properties (rentals, brokerage), common areas of apartment buildings (as managing agent on behalf of condominium owners), commercial properties, and services provided to users.
Reservations by value (or expected revenue from reservations) – Residential Real Estate: The net total of selling prices including VAT as stated in reservation agreements for development programmes, expressed in euros for a given period, after deducting all reservations cancelled during the period.
Revenue: Revenue generated by the development businesses from VEFA off-plan sales and CPI development contracts is recognised using the percentage-of-completion method, i.e. on the basis of notarised sales and pro-rated to reflect the progress of all inventoriable costs.
Serviced Properties: Operation of student residences and flexible workspaces.
1 Taking into account the deterioration in the market environment observed in Q3, and barring any significant new deterioration in the market environment
2 Credit facility totalling €625m to date, maturing in February 2028
3 Net reservations in the period to end-September 2025 (by volume and by value) are presented as contributing to the backlog. They include the impact of reservations cancelled prior to 2024 as a result of the Group's decision in 2025 to abandon certain programmes (see breakdown by quarter in the annexes).
4 Source: Observatoire Crédit Logement
5 Data: Adéquation
6 Occupancy rate at mature sites – open for more than 12 months
7 Total floor area net of additions/disposals
8 Current operating profit/(loss) (COP) for New Nexity – Excluding discontinued operations and international operations being managed on a run-off basis.
9 Level of the leverage ratio included in the banking covenants: <8.5x at year-end 2025, <7x at year-end 2026 and ≤3.5x at year-end 2027
Attachments
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Nexity press release - business activity at 30 september 2026
Nexity press release - business activity at 30 september 2026
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