Nexity (NXI) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 business activity saw 1,449 reservations, up 1% year-over-year, despite a cyclical market low and challenging geopolitical environment.

• Group revenue for Q1 2026 was €518 million, with New Nexity revenue at €513 million, down 13% year-over-year.

• High-quality supply for sale: 93% in supply-constrained areas, 100% eligible for PTZ, and strong pre-selling rates.

• Serviced Properties segment offset declines, with student residence occupancy at 98% and coworking at 83%.

• Backlog at €3.7 billion, representing 1.5 years of revenue, with 45% secured by signed notarial deeds.

Financial highlights

• Q1 2026 revenue: €518 million (New Nexity: €513 million, -13% year-over-year).

• Residential Real Estate revenue was €405 million, down 14% year-over-year, accounting for 79% of revenue.

• Services revenue stable at €101 million; Serviced Properties up 5%, Distribution down 14%.

• Commercial Real Estate revenue was €6 million (1% of total), reflecting a market at a cyclical low and a 48% market decline.

• Planning and Development revenue fell 15% to €411 million.

Outlook and guidance

• 2026 guidance remains unchanged, assuming no further macroeconomic deterioration.

• Focus on operational profitability, margin improvement, and reducing leverage ratio below 3.5x by end of 2027.

• Profitable pipeline recalibrated to fit new market conditions, with €8.8 billion business potential (~42,000 homes).

• Ongoing deleveraging and financial discipline prioritized.