Nexity S.A.

Revenue for the first half was EUR 1.1 billion, down 18% year over year. Residential revenue was 79% of the total and fell 22%; service revenue was stable at EUR 200 million, with operations up 9% and distribution down 21%. Current operating profit increased from EUR 6 million to EUR 12 million, while operating free cash flow was negative but improved by EUR 20 million; net financial debt was EUR 394 million at end-June versus EUR 398 million a year earlier and EUR 328 million at end-December. The company reaffirmed 2026 guidance for further improvement in operating profitability and said it expects leverage to improve versus end-2025, while net debt should follow the usual seasonal pattern with a higher H1 peak.

The CEO emphasized that the first half was fully in line with the group’s trajectory and that Nexity is improving profitability through actions it controls, not through a hoped-for market rebound. She highlighted stronger momentum in New Nexity, including regeneration expertise, investor demand, and the proposed BPCE distribution partnership. Her tone was confident but cautious, repeatedly noting that the macro backdrop remains difficult and that the trajectory assumes no material deterioration.

The CFO focused on the numbers behind the turnaround: revenue of EUR 1.1 billion, current operating profit of EUR 12 million, and net financial debt of EUR 394 million at June 30. He said the EUR 100 million cost-saving plan is fully activated, including the Edouard Denis severance-related actions, with full-year effects expected in H2 2026. He also noted solid liquidity of EUR 563 million, including an undrawn EUR 485 million credit line, and said 76% of debt is fixed-rate covered.

Analysts asked about the decline in the pre-commercialization rate from 82% to 74%, the low margin on development transactions, and what to expect from H2 operating profit. Management said 74% is still well above internal minimum thresholds and supports the quality of launches, while development margins remain close to zero for now but without bad surprises. On H2, management said the pace of doubling in H1 should be maintained through year-end, and also said BPCE deal financial impacts will be disclosed at closing.