Nexity - 2025 Full Year results
FULL-YEAR RESULTS FOR 2025DERISKED, DELEVERAGED BALANCE SHEETCONSOLIDATION OF LEADERSHIP POSITIONFURTHER IMPROVEMENT IN OPERATING PROFITABILITY AND LEVERAGE RATIO IN 2026
Nexity ready to rebound: Operational momentum and financial discipline evident in results for 2025
- Derisked, deleveraged balance sheet:
- Net financial debt at �278m ahead of the increase in the shareholding in Angelotti, representing a �52m reduction in debt (vs net financial debt of �330m in 2024); Group net financial debt of �328m at year-end 2025, equating to Group debt being halved in 2 years
- Free cash flow positive in 2025, with �107m in operating free cash flow
- Opportunistic decisions, with accounting impacts on net profit, reflected in the generation of free cash flow over the full year
- Current operating profit/(loss) (COP)1 equating to net profit of �25m vs a net loss of �118m in 2024: Return to operating profitability, as expected, as a result of restored margins for the Planning and Development business, reflecting the benefits of the cost-savings plan, and improved profitability in Services (on Serviced Properties, with a margin of ~13%, and return to breakeven in Distribution)
- Leverage ratio: 4.9x, ahead of the anticipated trajectory2
- Solid liquidity: �588m
- After �321m in bond repayments in 2025, mainly using proceeds from disposals in 2024
- Undrawn portion of the credit facility: �475m
- Financing secured until 2028
Consolidation of leadership position in the new market environment
- Residential: >12,000 reservations; Market share consolidated at 13%, up 10Â bpsMarket-beating sales performance in all segments for the 2nd quarter in a row
- Leader in the homebuyer segment: up 19% vs 2024 to close to 2,600 units (vs 4% rise in the market)
- 7,450 bulk sales (62% of the mix); 26% market share in Q4
- Supply for sale: ~5,400 units, high quality and aligned with market conditions
- Strong momentum in Subdivisions (up 32% to ~1,400Â units)
- Accelerating diversification in Commercial business: order intake of �75m in 2025
- Backlog: �3.9bn and potential3 for ~42,000 homes (equating to a pipeline of ~5 years� revenue)
Outlook
- Ramp-up in 2026 of New Nexity, a regional, streamlined, multi-product organisation refocused on the planner/developer/operator model, capitalising on the rebound with an affordable, low-carbon and high-quality range of homes
- Guidance
- Improvement in operating profitability, with COP for New Nexity1 up in 2026
- Ongoing reduction in the leverage ratio,2 with the swiftest possible return to a level below 3.5x no later than 2027
V�RONIQUE B�DAGUE, CHAIRWOMAN AND CHIEF EXECUTIVE OFFICER, COMMENTED:
�All the bold measures we undertook in 2024 and 2025, plus the rigorous financial discipline we steadfastly maintained, helped derisk the Group�s financial profile as expected: robust results and a return to operating profitability; further debt paydown, with net debt halved in the space of two years; and a very healthy cash balance of �588 million. The leverage ratio was 4.9x at year-end 2025, ahead of our anticipated trajectory.
We are consolidating our leadership position in the Residential Real Estate market. The continued improvement in our sales performance shows that New Nexity � our new regional and multi-product organisation � is bearing fruit. The effectiveness of this new organisation is reflected in particular in major commercial successes outside the Paris region that combine a range of different business expertise, such as the MAN project in Nantes � a 28,000 sq.m mixed-use project � and the St Paul complex in Tours, which will include a student residence operated by our subsidiary Stud�a.
Thanks to an attractive supply aligned with our customers� needs and purchasing power, and the scale-up of New Nexity, we are confident in our ability to continue to win market share in Residential Real Estate and increase our order intake in Commercial Real Estate, buoyed by the PTZ interest-free loan scheme for first-time homebuyers and, soon, the �private landlord� status long awaited by the industry.
Supported by solid and secure liquidity, the Group is approaching 2026 with a streamlined organisation, a refocused model and the ability to capitalise fully on the rebound in the cycle once it arrives, while continuing to lift margins and lower our leverage ratio.�
�����������������������������������������������������������������������������������������������������������������At its meeting today, Nexity�s Board of Directors acknowledged Jean-Claude Bassien�s resignation from his position as Deputy Chief Executive Officer and from all his other positions at the Nexity group.
V�ronique B�dague commented: �I would like to sincerely thank Jean-Claude Bassien, whose commitment has played a decisive role in shaping New Nexity. His support for the operational implementation of our Group�s transformation and his oversight of its financial trajectory has been outstanding, helping prepare us for the new real estate cycle. The Executive Committee joins me in expressing our appreciation and recognising his vital contribution to Nexity.�
KEY FIGURES FOR 2025
| Business activity � France | 2024 | 2025 | Change vs 2024 |
| Reservations: Residential Real Estate | Â | Â | Â |
| Market share | 12.9% | 13.0% | +10 bps |
| Volume | 13,387 units | 12,008 units | -10% |
| Value | �2,718m | �2,492m | -8% |
| Backlog: Planning and Development | 30Â Sep. 2025 | 31Â Dec. 2025 | Change vs 30Â Sep. 2025 |
| �3.9bn | �3.9bn | +1% | |
| Residential Real Estate Development | �3.8bn | �3.8bn | -0,3% |
| Commercial Real Estate Development | �23m | �63m | +�40m |
| Business potential (3) (in home equivalents) | 39,000Â | 42,000 | +3 000Â |
| Financial reporting has been aligned with IFRS since 1 January 2025. | |||
| Financial results (in millions of euros) | 2024 | 2025 | Change vs 2024 |
| Revenue � �New Nexity� (1) | 3,205 | 2,743 | -14% |
| Current operating profit/(loss) � �New Nexity� (1) | (118) | 25 | +�144m |
| Operating margin (as % of revenue) | -4% | 1% | +4,6 pts |
| Group share of net profit/(loss) | (62) | (188) | (x3) |
| Net debt (2) | 31 Dec. 2024 | 31 Dec. 2025 | Change vs 31 Dec. 2024 |
| 330 | 328 | �(2)m | |
- Excluding discontinued operations and international operations being managed on a run-off basis.
- Net debt before lease liabilities.
Following the sale of the Property Management for Individuals (PMI) and Nexity Property Management (NPM) businesses, finalised in 2024, �Revenue� and �Current operating profit/(loss)� for these businesses in 2024 are presented separately in the tables of this document within a separate �Discontinued operations� line item.In addition, following the finalisation of the Property Management disposal plan in 2025:
- The �Discontinued operations� line item also reflects the contributions from the Week�in hospitality subsidiary and Accessite, sold in Q3 and Q4 2025, respectively. Â
- Reclassifications have been made to improve the clarity of the financial statements. Individually they are not material.
I � Performance in Planning and Development
Financial performance in 2025
| (In millions of euros)(Excluding discontinued and international operations) | 2024 | 2025 | Change vs 2024 |
| Revenue | 2,767 | 2,326 | -16% |
| Current operating profit/(loss) | (100) | 20 | +�120m |
| Operating margin (as % of revenue) | -3.6% | 0.9% | +4.5 pts |
Planning and Development � Residential Real EstateSupply for sale at end-December 2025 stood at 5,447 units. It increased by a modest 3% in the second half of the year.
With a supply/total market ratio4 at its 2019 level, the level of supply for sale reflects the Group�s adjustment to new market conditions:
- The absorption rate was 5Â months (identical to that observed in 2019), securing supply rotation and once again resulting in virtually no unsold completed homes (~100Â units).
- Supply for sale under construction accounted for 48% of total supply, with more than 80% of projects scheduled to be delivered in more than 6 months and 64% in more than one year.
- Lastly, 91% of the supply for sale is now located in supply-constrained areas, up 15 points relative to 2022, with the contribution from A/Abis areas up 17 points. It should also be noted that, with effect from 1 April 2025, 100% of the supply for sale is now eligible for the PTZ interest-free loan.
As part of its ongoing review of supply in the planning stage, in light of the context and the targeted analysis of supply carried out in H2Â 2025, the Group decided to abandon 19Â projects designed prior to year-end 2023, leading to its cancellation of 927Â reservations (bulk sales) recorded prior to 2024.
Business activity
With the housing market still affected by the end of France�s Pinel scheme at year-end 2024 and a more challenging political environment in the second half of 2025, Nexity consolidated its leadership position, booking a total of 12,008 reservations over the period, equating to a reinforced market share of 13%, up 10 basis points relative to 2024. This equated to a 10% decrease in a market that declined by 11% year on year.
With a continuously improving trend throughout 2025, buoyed in particular by homebuyer momentum and bulk sales in H2, Nexity�s sales outperformed the market in each of its markets for the second consecutive quarter.
- Retail reservations in the year totalled 4,558 units, or 38% of the Group�s home reservations, down 13% by volume and 10% by value, demonstrating the resilience of selling prices following their recalibration in 2024. This change reflected the following two trends:
- Decline in individual investors, as expected, due in particular to the end of the Pinel scheme at year-end 2024 (which, for reference, accounted for 80% of reservations placed by individual investors and 18% of total reservations in 2024).
- Continued strong momentum among homebuyers, with reservations up 19% over the year to nearly 2,600 (up 23% for first-time homebuyers), driven in particular by the following:
- Appealing product range and effective marketing campaigns featuring innovative, attractive financing solutions aimed at helping first-time buyers and young people access loans in order to become homeowners, in particular by aligning monthly mortgage repayments as far as possible with what they used to pay in rent.
- Good momentum in sales launches: 106 launches related to retail sales across 101 municipalities, reflecting the appeal of our range. The average rate of pre-selling booked before the start of construction work came to 75%.
- Financing conditions, with mortgage rates stabilising over the course of the year, the PTZ interest-free loan scheme extended to the whole of France and banks showing strong appetite (with the number of mortgages approved up 34.9% on a rolling 12-month basis in January 2026).
- Bulk sales equated to 7,450 reservations in 2025 (62% of the mix), down 9% by volume and 7% by value. More than half of these reservations were booked in Q4, confirming the highly seasonal nature of bulk sales over the final part of the year.Â
- In addition, the Planning business accounted for more than 1,400Â reservations for subdivisions during the year, up 32% by volume, reflecting momentum amplified by the extension of the PTZ interest-free loan scheme to single-family homes starting 1Â April 2025.Â
- Leading indicators:
- The backlog stands at �3.9 billion (stable relative to 30 September 2025), equivalent to 1.5 years� revenue. Of this total, 48% is secured by sales for which notarial deeds of sale have been signed.
- Business potential excluding Planning equates to 42,000 homes. This volume does not yet include the initial contributions of the Carrefour partnership, the first building permits for which were filed in Q4 2024 and are currently being processed (for reference, revenue at termination over approximately the next ten years is estimated at more than �2 billion). Around ten other building permits are currently being worked on but have been delayed by the context of local elections in March 2026. The rhythm is expected to pick up following local elections.
We obtained approximately 14,000 building permits in 2025�a satisfactory volume that will fuel our profitable growth throughout 2026.
Financial performance in 2025
| (In millions of euros, excluding international operations) | 2024 | 2025 | Change vs 2024 |
| Revenue | 2,393 | 2,277 | -5% |
| Current operating profit/(loss) | (119) | 13 | +�132m |
| Operating margin (as % of revenue) | -5.0% | 0.6% | +5.5Â pts |
- Revenue from Planning and Development � Residential Real Estate came to �2,277 million in 2025, down 5% compared to 2024, mainly reflecting the decline in business activity from projects underway.
- Current operating profit/(loss) came to net profit of �13 million in 2025, compared with a net loss of �119 million in 2024, reflecting as expected the business� restored margins, mainly due to the rising contribution under the percentage-of-completion method from project launches with target commitment margins5 since the beginning of 2024.
Planning and Development � Commercial Real Estate
With the market still at a cyclical low, Nexity�s order intake was stable in 2025 relative to 2024 (totalling �75 million).
The Group�s commercial asset diversification initiative is still well underway, with strong momentum in calls for proposals, covering a wide range of property types � including hotels, cinemas, hospitals and regional centres � as well as its general contractor business, with NCG (Nexity Contractant G�n�ral) selected by Schneider Electric for the planning work of its new head office in Nanterre.
The backlog stood at �63 million at end-December.
Financial performance in 2025
| (In millions of euros, excluding discontinued operations) | 2024 | 2025 | Change vs 2024 |
| Revenue | 374 | 50 | -87% |
| Current operating profit/(loss) | 19 | 7 | �(12)m |
| Operating margin (as % of revenue) | 5.1% | 13.9% | +8.8Â pts |
- Revenue from Planning and Development � Commercial Real Estate came in at �50 million in 2025, down 87% from 2024 as a result of the delivery of large-scale commercial projects (LGC, Reiwa and Carr� Invalides) in 2024 (which, for reference, accounted for a total floor area of 175,000 sq.m), and limited backlog replenishment over the last two financial years.
- Current operating profit/(loss) came to net profit of �7 million.
II � Performance in Services
Following the finalisation in 2025 of the Property Management disposal plan with the disposal of Accessite and the Week�in hospitality subsidiary, and the reclassification of the construction diagnostics and expertise business under �Other�, the Services division now consists only of Serviced Properties and Distribution.
Services posted revenue of �412 million in 2025, down just 5%, still driven by Serviced Properties, which were up 9%.
Financial performance in 2025
| (In millions of euros, excluding discontinued operations) | 2024 | 2025 | Change vs 2024 |
| Revenue | 433 | 412 | -5% |
| Serviced Properties | 276 | 301 | +9% |
| Distribution | 157 | 111 | -30% |
| Current operating profit/(loss) | 24 | 38 | +�15m |
| Serviced Properties | 27 | 38 | +�12m |
| Distribution | (3) | 0 | +�3m |
| Operating margin (as % of revenue) | 5.5% | 9.3% | +3.8Â pts |
- The Serviced Properties business (student residences, coworking spaces) posted �301 million in revenue (up 9%), driven by the following:
- Opening of four new student residences in 2025, lifting the total in operation to over 17,000 units in 54 cities at the end of 2025.
- Growth momentum in the portfolio of coworking businesses, with a total of nearly 170,000 sq.m under management.6
- Occupancy rates remaining high for student residences (98%) and coworking spaces (83%).7
- The 30% decrease in revenue from Distribution reflected the change in the product mix: substantial contribution of Pinel investments in 2024 and repositioning towards smaller-scale investments such as student residences in 2025, with a negative impact on average prices.
Current operating profit/(loss) for the Services business, excluding discontinued operations, came to net profit of �38 million, up �15 million, mainly driven by Serviced Properties (where the margin rose 3 points to 12.7%), including �5 million in non-recurring compensation for early termination of a lease, as well as a return to breakeven in Distribution.
III � Consolidated results � IFRS
Following the decision to align financial communications with IFRS reporting from 1 January 2025, the financial indicators and data in this press release are all based on IFRS reporting. As a reminder, until 31 December 2024 Nexity�s financial communications were based on operational reporting, with joint ventures proportionately consolidated.
| (In millions of euros) |  | 2024 |  | 2025 |  | Change vs 2024 |
| Consolidated revenue | Â | 3,333 | Â | 2,821 | Â | -15% |
| Current operating profit/(loss) � New Nexity |  | (118) |  | 25 |  | +�144m |
| Current operating profit/(loss) � International operations |  | (32) |  | (13) |  | +�19m |
| Current operating profit/(loss) � Discontinued operations |  | 10 |  | 3 |  | �(7)m |
| Current operating profit/(loss) |  | (140) |  | 15 |  | +�155m |
| Non-recurring items |  | 132 |  | (128) |  | �(260)m |
| Operating profit/(loss) |  | (8) |  | (113) |  | �(105)m |
| Share of profit/(loss) from equity-accounted investments |  | 5 |  | (38) |  | �(43)m |
| Operating profit/(loss) after share of profit/(loss) from equity-accounted investments | (4) |  | (151) |  | �(148)m | |
| Net financial income/(expense) |  | (130) |  | (89) |  | +�40m |
| Income tax income/(expense) |  | 73 |  | 65 |  | �(9)m |
| Share of profit/(loss) from other equity-accounted investments |  | (1) |  | (7) |  | �(6)m |
| Net profit/(loss) |  | (61) |  | (184) |  | �(122)m |
| Non-controlling interests |  | (1) |  | (5) |  | �(4)m |
| Group share of net profit/(loss) |  | (62) |  | (188) |  | �(126)m |
Revenue
| (In millions of euros) |  | 2024* |  | 2025 |  | Change vs 2024 |
| Â | Â | |||||
| Planning and Development | Â | 2,767 | Â | 2,326 | Â | -16% |
| Residential Real Estate | Â | 2,393 | Â | 2,277 | Â | -5% |
| Commercial Real Estate | Â | 374 | Â | 50 | Â | -87% |
| Services | Â | 433 | Â | 412 | Â | -5% |
| Serviced Properties | Â | 276 | Â | 301 | Â | +9% |
| Distribution | Â | 157 | Â | 111 | Â | -30% |
| Other Activities | Â | 5 | Â | 5 | Â | +0% |
| Revenue � New Nexity |  | 3,205 |  | 2,743 |  | -14% |
| Revenue from international operations | Â | 3 | Â | 67 | Â | N/A |
| Revenue from discontinued operations | Â | 125 | Â | 10 | Â | N/A |
| Revenue | Â | 3,333 | Â | 2,821 | Â | -15% |
* Reclassifications have been made between business segments to improve the clarity of the financial statements. These are individually not material and are detailed in the annexes.
Revenue in 2025 totalled �2,821 million, down 15% on a like-for-like basis and down 14% based on the New Nexity scope (excluding discontinued operations and international operations being managed on a run-off basis).
- Revenue from Planning and Development decreased 16%, chiefly as a result of the slowdown in business activity from projects underway for Residential Real Estate and the decline in the contribution from Commercial Real Estate (down 87%), with this decline arising from a base effect linked to completion of the major commercial projects delivered in 2024.
- Revenue from Services fell 5% to �412 million, weighed on by a 30% decline in Distribution revenue related to product repositioning, but once again buoyed by strong performance in Serviced Properties, which were up 9%.
- Revenue from Other Activities was stable year on year at �5 million. This item notably includes the now reclassified Costame-Moreau construction diagnostics and expertise business, previously reported under Property Management.Â
- Â
Operating profit/(loss)
| Â | Â | 2024* | Â | 2025 | Â | ||||||||||||||||||||||
| (In millions of euros) |  | Operating profit/(loss) | Margin |  | Operating profit/(loss) | Margin |  | ||||||||||||||||||||
| Â | Â | Â | |||||||||||||||||||||||||
| Planning and Development | Â | (100) | -3.6% | Â | 20 | 0.9% | Â | ||||||||||||||||||||
| Residential Real Estate | Â | (119) | -5.0% | Â | 13 | 0.6% | Â | ||||||||||||||||||||
| Commercial Real Estate | Â | 19 | 5.1% | Â | 7 | 13.9% | Â | ||||||||||||||||||||
| Services | Â | 24 | 5.5% | Â | 38 | 9.3% | Â | ||||||||||||||||||||
| Other Activities | Â | (42) | N/A | Â | (33) | N/A | Â | ||||||||||||||||||||
| Current operating profit/(loss) � New Nexity |  | (118) | -3.7% |  | 25 | 0.9% |  | ||||||||||||||||||||
| International operations (1) | Â | (32) | N/A | Â | (13) | N/A | Â | ||||||||||||||||||||
| Discontinued operations (2) | Â | 10 | N/A | Â | 3 | N/A | Â | ||||||||||||||||||||
| Current operating profit/(loss) | Â | (140) | -4% | Â | 15 | 0.5% | Â | ||||||||||||||||||||
| Non-current operating profit/(loss) | Â | 132 | N/A | Â | (128) | N/A | Â | ||||||||||||||||||||
| Operating profit/(loss) | Â | (8) | -0.3% | Â | (113) | -4.0% | Â | ||||||||||||||||||||
| Â * Reclassifications have been made between business segments to improve the clarity of the financial statements. These are individually not material and are detailed in the annexes. | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||||||||||||
| (1) International operations being managed on a run-off basis (Germany, Italy and Belgium) | Â | Â | Â | Â | Â | ||||||||||||||||||||||
| (2) Discontinued operations: Property Management for Individuals (PMI) and Nexity Property Management (NPM) in 2024, and Accessite and Week�in in 2025 |  |  |  |  |  |  |  | ||||||||||||||||||||
| Â | Â | Â | Â | ||||||||||||||||||||||||
Current operating profit/(loss):
Current operating profit/(loss) for �New Nexity�, excluding international operations and discontinued operations, came to net profit of �25 million, up �144 million from a net loss of �118 million in 2024. This expected return to operating profitability was mainly driven by the following:
- Margins restored in Residential Real Estate thanks to the rising contribution at the pace expected under the percentage-of-completion method from project launches with commitment margins since the beginning of 2024
- Benefits of the cost-savings plan for �100 million in savings by 2026, 92% of which was achieved in 2025
- Improved profitability in Services, driven by Serviced Properties (margin: 12.7%) and the return to breakeven of the Distribution business
Non-recurring items:
Non-current operating profit/(loss) came in at a net loss of �128 million in 2025. It reflects the accounting impact of the bold measures taken during the financial year, which aimed to derisk the balance sheet and continue deleveraging efforts.
- Finalisation of the plan to dispose of the Property Management businesses and opportunistic approach mainly focused on commercial projects in a challenging market leading to decisions (disposals completed or in progress)
- Ongoing cautious approach to development: Developments abandoned at our instigation (abandonment costs linked to planning costs)
- Restructuring costs in connection with differentiated brand strategy adapted to each region
| (In millions of euros) |  | 2024 |  | 2025 |
| Â | ||||
| Gain/(loss) on disposal and impairment of land | Â | 201 | Â | (109) |
| Programmes abandoned | Â | (23) | Â | (10) |
| Restructuring costs | Â | (46) | Â | (9) |
| Non-recurring items | 132 | (128) |
The decisions whose accounting effects are reflected in �Non-recurring items� generated a cash inflow of �54 million in the year, contributing to deleveraging and adding to the Group�s liquidity.
In 2024, �Non-recurring items� included the gain on disposals carried out in 2024 for a total of �216 million.Other income statement items
- Net financial income/(expense) improved substantially (�40 million) to a net expense of �89 million in 2025, compared with a net expense of �130 million in 2024. This reflected the following in particular:
- Cost of borrowing: a net expense of �34 million, representing a �26 million improvement on the 2024 level, owing to the 26% decrease in average gross debt (down ~50% relative to average gross debt in 2019-2023) and the resizing of the corporate credit facility in early 2025. The average cost of borrowing stood at 2.8%8 at 31 December 2025, compared with 3.2% at 31 December 2024.
- Interest expense on lease liabilities: a net expense of �34 million, up a very modest �1 million owing to the lease of Reiwa (our new head office) and growth in our operating subsidiaries� portfolio.
- Other financial income and expenses: a net expense of �22 million, down �15 million from 2024.
- Tax income totalled �65 million in 2025 (compared with income of �73 million in 2024), arising from the tax receivable recognised in respect of the loss for the financial year. The current effective tax rate (excluding the CVAE) was 31.8% in 2025.
- Net profit/(loss) from equity-accounted investments this year includes an impairment amount reflecting a decision on a commercial project jointly owned with an institutional investor.
- The Group share of net profit/(loss) therefore came to a net loss of �188 million in full-year 2025, compared with a net loss of �62 million in 2024.
IV � Financial structure
| Debt and liquidity |
The Group�s net debt before lease liabilities stood at �328 million at 31 December 2025, compared with �330 million at year-end 2024, and includes the �50 million increase in the Group�s shareholding in Angelotti on 30 September 2025. Excluding the increase in the shareholding in Angelotti, net debt stood at �278 million at 31 December 2025, down �52 million from the position at 31 December 2024, reflecting the ongoing debt reduction drive:
- Positive free cash flow driven by return to profitability, further WCR optimisation and opportunistic decisions concerning commercial projects leading to debt reduction
- Good control of financial expenses
For reference, the Group�s net debt was halved over the past two years.
| (In millions of euros) |  | 31 Dec. 2024 |  | 31 Dec. 2025 |  | Change vs 2024 |
| Bond issues and otherBank borrowings and commercial paper | Â | 796 | Â | 512 | Â | (283) |
| Â | 300 | Â | 402 | Â | 102 | |
| Gross debt | Â | 1,096 | Â | 914 | Â | (182) |
| Net cash and cash equivalents9 | Â | (767) | Â | (587) | Â | 180 |
| Net financial debt before lease liabilities | Â | 330 | Â | 328 | Â | (2) |
Bond repayments of �321 million in the first half of the year: On 2 March 2025, the Group repaid the entire 2018 ORNANE bond, for a total of �200 million. It also repaid the 8-year �121 million tranche (due June 2025, in line with the published documentation) of its Euro PP bond. These two repayments were predominantly made using the proceeds from disposals in 2024.
- Fixed-rate debt and debt covered by interest rate hedges constitutes 76% of gross debt, thereby limiting the Group�s exposure to rising interest rates.Â
- The Group�s liquidity position was strong at 31 December 2025, with liquidity standing at �588 million: Available cash at 31 December 2025 includes the �475 million undrawn portion of the credit facility.
Adjusted bank financing and covenants
In the first half of the year, the Group renegotiated the trajectory of its leverage ratio with its partner banks and Euro PP bondholders to reflect the new real estate cycle and the expected improvement in the Group�s profitability.
- It should be noted that in Q1 2025, the Group reviewed its medium-term bank financing, with a new credit facility adjusted to �625 million, and revised the leverage ratio included in the covenants as follows:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.