Nexity (NXI) Q2 2026 earnings summary

Executive summary

• Current operating profit doubled to €12m in H1 2026, reflecting margin restoration, cost savings, and recurring serviced properties contributions, despite an 18% revenue decline and a challenging market environment.

• Strategic transformation measures and internal levers, not market rebound, underpin results, with priorities on rebuilding margins, improving profitability, reducing debt, and generating cash.

• Guidance for 2026 is reaffirmed, targeting improved profitability and leverage ratio below 3.5x by 2027, with no reliance on a market recovery.

• Liquidity remained strong at €563m at end-June 2026, and net financial debt stable at €394m.

• Strategic partnership with BPCE aims to boost new home distribution and increase market share, with operational launch by January 2027.

Financial highlights

• H1 2026 revenue was €1,064m, down 18% year-over-year, with residential revenue (79% of total) declining 22% due to lower reservations since 2022.

• Current operating profit doubled to €12m from €6m in H1 2025, with significant contribution from serviced properties (margin ~12%).

• Net financial debt stable at €394m at end of June 2026; working capital requirement increased slightly to €641m.

• Operating free cash flow negative but improved by €20m; liquidity at €563m, including €485m undrawn credit facility.

• Net loss narrowed to €31m from €44m in H1 2025; net financial expense improved to €39m.

Outlook and guidance

• 2026 guidance reaffirmed, targeting ongoing improvement in operating profitability and leverage ratio below 3.5x by 2027.

• Margin rebuilding and €100m cost savings program are key levers, with 92% of the plan achieved by 2025.

• Plan assumes no material macroeconomic deterioration and is not dependent on property market recovery.

• Pipeline equivalent to 5 years’ revenue, including €3.7bn backlog and €8.8bn business potential.