Hexaom (ALHEX) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was €616.2 million, down 15.4% year-over-year, reflecting a challenging property sector but improved profitability and alignment with 2025 objectives; commercial momentum and growth in production and results are expected in 2026.

• Current operating income rose 25.4% to €25.2 million, with margin up to 4.1% from 2.8% in 2024.

• Net income increased 4.4% to €14.3 million, representing 2.3% of revenue, up from 1.9% in 2024.

• Integration of the HDV Group and cost adaptation measures drove profitability gains.

Financial highlights

• Total revenue for 2025 was €616.2M, down 15.4% year-over-year; H2 revenue was €309.9M.

• Operating income reached €25.2M, up 25.4%; net income margin increased to 2.3% from 1.9% in 2024.

• Operating margin improved by 1.3 points to 4.1%.

• Net cash at year-end was €61.6M, down from €84.3M due to the HDV acquisition.

• Proposed dividend of €0.80 per share for 2025, up from €0.49 in 2024.

Outlook and guidance

• Production is expected to grow by 20% in 2026 versus 2025, with operational profitability forecast above 5% at constant scope.

• Focus on market share gains, cost control, diversification, and franchise expansion.

• Continued vigilance in a volatile economic and geopolitical environment.