UNITI: Revenue Down 12.5% in 2025, EBIT Margin Held at 4.6%
In 2025, real estate developer UNITI recorded a revenue of €141.2 million, a 12.5% decrease from the previous year, reflecting a downturn in the French housing market and municipal wait-and-see attitudes ahead of local elections. Despite this downturn, the company maintained an EBIT margin of 4.6% and has an order book of €1.8 billion, which could support growth from 2026 to 2028.
Activity Downturn in a Weakened Real Estate Context
UNITI saw its revenue decrease by 12.5% in 2025, dropping from €161.4 million in 2024 to €141.2 million. This decline is part of a continuous downturn in the French real estate environment since 2021, facing a combination of unfavorable factors: rising interest rates, increased construction costs, and stricter financing conditions. Adjusted EBITDA came out at €8.8 million, down 33.3% from €13.2 million in 2024. This decline resulted from increased direct costs due to project advancements, less favorable product mix effects, and the maintenance of a structural cost level sized to support the group's development.
Resilient EBIT Margin Despite Weakened Commercial Performance
Adjusted EBIT stood at €6.5 million, representing a margin of 4.6%, compared to €13.5 million and a margin of 8.4% in 2024. This EBIT decrease occurred despite the launch of an optimization plan aimed at enhancing operational efficiency. However, the consolidated net result was €0.3 million, a sharp decline from €4.0 million in 2024. This deterioration is mainly due to the impact of financial expenses (€7.0 million), although reduced by €0.8 million from the previous year thanks to increased use of bank financing.
€1.8 Billion Order Book and Early Improvement in Commercial Dynamics
As of December 31, 2025, UNITI has a robust order book of €1.8 billion, providing four years of commercial visibility based on current volumes. This foundation allows the group to project a recovery starting in 2026: UNITI anticipates a doubling of the volumes of housing units finalized in 2026 and announces that the first half of 2026 already shows a provisional volume of housing units comparable to that of the entire year of 2025. The financial structure remains controlled, with a gearing ratio of 0.9 and available cash of €35.6 million. The acquisition of Continental Foncier (which contributed €5.9 million to the 2025 revenue) diversifies the offering towards low-carbon housing. An optimization plan aiming to reduce structural costs by about 15% should enhance operational efficiency. Recent public initiatives in favor of affordable housing (Jeanbrun scheme, 2030 construction goals) are significant signals for market recovery.
