Nexity (NXI) Q3 2026 TU earnings summary

Executive summary

• 9M 2026 activity followed H1 trends as the housing market remained sharply depressed; Q3 conditions worsened over the summer, while retail sales outperformed the market.

• FY 2026 guidance was confirmed, conditional on no significant further market deterioration, with improved New Nexity current operating profit and continued leverage reduction.

Financial highlights

• 9M revenue was €1,611m, down 17% YoY; Planning and Development revenue fell 20% to €1,295m and represented 79% of revenue.

• Reservations totaled 5,394 units, down 17% YoY, and €1,147m in value, down 19%; retail sales were 3,094 units, down 10%.

• Services revenue was €292m and virtually stable; Serviced Properties rose 2% to €232m, while Distribution fell 18% to €60m.

• Commercial Real Estate revenue was €40m, down €4m; order intake was €23m and backlog €47m.

Outlook and guidance

• FY 2026 guidance confirmed, conditional on no significant further market deterioration; current operating profit from projects underway is expected to improve YoY.

• The €100m cost-savings plan is targeted for completion by year-end 2026; profitability improvement is expected to come from transformation measures, not an assumed market recovery.

• Leverage reduction remains a priority, with a return below 3.5x targeted no later than 2027; 2026–27 are expected to remain very low-cycle years, with recovery not expected before 2029–30.