Nextensa (NEXTA) H2 2025 earnings summary

Executive summary

• Achieved strong full-year profit of €33.2M, reversing a prior year loss of €10.8M, driven by higher development activity, lower financing costs, and disciplined management.

• Profitability increase supported by capital recycling, targeted asset sales, and a resilient investment property portfolio despite market volatility.

• Debt ratio reduced to 38.8% from 45.4%, improving financial flexibility and lowering net financial debt to €592M.

• Proposed dividend of €1.00 per share, reflecting confidence in future growth.

• Major projects, including Lake Side and BEL Towers, are set to begin in 2026, with significant construction costs planned.

Financial highlights

• Rental income declined to €56.7M from €72.2M, mainly due to asset disposals, despite a like-for-like rental growth of 3.05%.

• Net asset value per share increased to €83.15, with the share price at a 49% discount to NAV at year-end.

• Result from development projects rose to €16.5M, up from €14.7M, with key contributions from Tour & Taxis and Cloche d'Or.

• Financial charges decreased by €9.2M due to lower net financial debt; average funding cost stable at 2.90%.

• Realized gain of €9.5M from the sale of Retail Estates.

Outlook and guidance

• Entering 2026 with a strengthened balance sheet, controlled financing costs, and over €200M in available credit lines.

• Solid outlook with secured future growth, supported by ongoing development projects and strong pre-letting in offices and residential sales.

• Construction of Lake Side and BEL Towers to commence post-permit, with continued focus on sustainable urban development.

• Anticipates a slight decrease in office occupancy in 2026, with a strong rebound expected in 2027.

• Dividend of €1.00/share proposed for 2025.