Nexity：1H26 earnings postview – Still no recovery

研报英文原文证据摘录

Nexity：1H26 earnings postview – Still no recovery

NSTEIN FLASHMAIL

23 July 2026

Marie Line Fort

+33 1 42 13 85 21

Property/Real Estate marie-line.fort@bernsteinsg.com

Nexity

Rating

Outperform

Price Target

NXI.FP 13.60 EUR

Nexity : 1H26 earnings postview – Still no recovery

MIDCAPS

Nexity reported 1H26 earnings today and also held a webcast (6:30 pm).

Sharp fall in development indicators in a property market that remains at the trough of the cycle. Turnover from the property

development business remains sharply down (-22%), reflecting the decline in the order book. More significantly, pre-sales remain

severely depressed, falling by 10% in volume terms and 13% in value terms in 1H26, marking a deterioration versus the first quarter

against a backdrop of falling sales to first-time buyers.

Services offsetting the decline in property development despite falling retail sales. The Service Properties division grew by

9%, driven by increases in occupancy rates (+97% for student accommodation and +83% for co-working spaces). By contrast, the

Distribution sub-segment recorded a 21% decline in activity, hampered by a downturn in the market.

Underlying operating income came in below our estimate. As shown in Exhibit 2, total revenue was down by 18% in 1H26 and

11% below our expectation. Consequently, operating leverage remained limited in the first half of the year, with the operating margin

for the Promotion division at just 1%. At €12m, operating profit came in below our expectation of €19m.

Guidance 2026. Nexity has provided no specific financial guidance for 2026 but has maintained its goal of improving operating

profitability and reducing the leverage ratio to below 3.5x no later than 2027.

Our view.