Hexaom: Operating Income Up 25% Despite a 15% Drop in Revenue
The construction and renovation group closed 2025 with a striking paradox: its revenue contracted by 15.4%, but its current operating income jumped by 25.4%. This improvement is based on strict cost control and the integration of HDV Group, while the company anticipates a 20% growth in 2026 driven by a 63.4% increase in order volume.
Financial Performance in 2025
Hexaom recorded revenue of 616.2 million euros in 2025, down 15.4% from 728.5 million in 2024. This contraction reflects the challenges in the French real estate sector, with production down 22% on a like-for-like basis. However, the group turned this challenge into an opportunity: current operating income rose to 25.2 million euros, up 25.4% from 20.1 million in 2024. The current operating margin thus improved by 1.3 points, from 2.8% to 4.1% of revenue. Net income amounted to 14.3 million euros, up 4.4%, representing 2.3% of revenue compared to 1.9% the previous year.
Key Strategies for Profitability Improvement
This remarkable improvement in profitability is the result of two strategic axes. First, the cost reduction efforts initiated in 2023 and 2024 are now having a massive impact, particularly in home construction where the current operating margin reached 3.2%. Secondly, the acquisition of HDV Group, consolidated since January 2025, has made a positive contribution to the results. The renovation activity particularly illustrates this dynamic: its operating margin reached 11% of revenue in 2025 compared to 6.3% in 2024, thanks to the shift of the Camif Habitat network to the franchise model. This model generates higher margins without heavy capital commitment. The group now has 186 Illico Travaux franchisees, 117 Camif Habitat franchisees, and 14 Rénovert franchisees. Real estate development shows a margin of 4.9%, up 1.4 points, benefiting from a gradual recovery in the sector.
Order Intake and Outlook for 2026
Despite the turbulence of 2025, order intake experienced remarkable dynamics. In house construction, it reached 4,834 houses representing 752.6 million euros, up 63.4% in volume and 55.3% in value. This rebound continued into early 2026: from January to February, the group recorded 736 houses and 115.1 million euros in revenue, up 12.4% in volume and 12.5% in value on a like-for-like basis. Intermediated renovation activity grew by 22.2% with 178 million euros in order intake. With this commercial visibility, Hexaom anticipates a 20% revenue growth in 2026 and an operating profitability above 5%, implying a current operating margin higher than the 4.1% of 2025. The net cash position after debt stands at 61.6 million euros after using part of the funds for the HDV acquisition. The company will propose a dividend of 0.8 euros per share, up from 0.49 euro in 2024.
