Nexity: Revenue Down 17% Over Nine Months, 2026 Guidance Confirmed
In its activity report for the nine months ended September 30, 2026, released on October 22, 2026, Nexity indicated that it had stepped up its transformation measures during this quarter, noting that the cycle requalification announced in July is being confirmed. The group intends to adapt its organization and financial structure to "a trough cycle whose scale and duration are intensifying".
Extension of Bank Financing and Organizational Review
On the financial front, negotiations have been initiated in advance with the banking pool to extend the credit line and completion guarantees (GFA), with finalization expected in the coming weeks. To date, the credit line amounts to €625 million, maturing in February 2028, and the outstanding GFA reaches €1.4 billion. At the end of June 2026, debt was hedged at fixed rates at 76%. Development remains focused on commercially secured operations in tight markets, with strict control of the group's balance sheet exposure. In addition to reviewing its non-promotion business portfolio, Nexity has launched a review of its organizations, brand portfolio and overhead expenses. These measures are in addition to the framework agreement concluded on October 17, 2026 with BPCE Group, following the announcement of July 2. It provides for the creation of a joint venture dedicated to the selection, acquisition and structuring of an offering of new or renovated real estate programs, as well as the consolidation by BPCE of distribution operations carried out with Banques Populaires and Caisses d'Épargne. This partnership is expected to take effect in December 2026.
2026 Guidance Confirmed, Revenue Down 17% Over Nine Months
The 2026 guidance, communicated in February, is confirmed "subject to the absence of any further significant deterioration in the environment". It anticipates an increase in New Nexity operating income over the fiscal year and the continuation of the decline in leverage ratio, with a return below the 3.5x target by the end of 2027 at the latest. According to the group, this trajectory is not based on any assumption of market recovery and relies in particular on margin recomposition and on a cost-saving plan of €100 million achieved by the end of 2026. "Our 2026 financial trajectory is based primarily on action levers within our control, which we have been continuously deploying since 2023, allowing us to confirm our 2026 guidance," declared Véronique Bédague, Chief Executive Officer. Over the first nine months, total revenue stands at €1,611 million, down 17%, which the company presents as reflecting the slowdown in real estate development-promotion, partially offset by growth in operating activities (+2%, at €232 million). New housing reservations declined 17% to 5,394 units, of which 3,094 retail sales (−10%), for a market down 14% over eight months according to Adéquation. The order backlog reached €3.5 billion at the end of September, representing 1.6 years of activity. Management cites an environment marked by inflation of 3% year-on-year and a 10-year OAT rate close to 5%, which according to it weighs on household purchasing power and borrowing capacity. Full-year 2026 results will be published on February 24, 2027.
