Nexity announces a 17% drop in revenue in 2024, in line with objectives

The year was marked by three major disposals (ADB, Nexity Property Management, Bien'ici), the implementation of a social plan, the adaptation of its offering to the market and an internal reorganization of the group.

Revenue fell by 17% in 2024 compared to the previous year, to 3,5 billion euros. At constant scope, i.e. excluding divested activities, the decline is 12%. The developer, listed on the Paris Stock Exchange, also posted a net loss (group share) of 62 million euros, after a net profit of 19 million euros in 2023.

These disposals, which brought in 435 million euros, offset the costs related to the "transformation plan". The group reported 172 million euros in costs for adapting the offer, including price reductions and project abandonments.

The group's operating profit, which reflects gains from its activity before taxes and other non-operating expenses, came to two million euros, compared to 246 million in 2023. Nexity had set itself the objective of achieving a "positive operating profit" in 2024.

Excluding the income from the disposals carried out, the current operating result is however -130 million euros.

"We have perfectly delivered what we had announced," said Véronique Bédague, CEO of the group during a press conference, stressing that the transformation of Nexity "was implemented and took place on schedule."

While the turnover presented by Nexity is in line with the estimates of analysts surveyed by Bloomberg, its current operating profit is very far from the estimates of +29,5 million euros.

The sale of three activities has enabled Nexity to reduce its debt by 44%, to 474 million euros.

Regarding development activities, Nexity recorded 13.387 reservations in 2024, down 8% over one year, but is pleased with "the recovery in retail sales", i.e. to individuals, "which accelerated in the second half of the year", thanks to the improvement in conditions of access to credit, underlined Véronique Bédague.

Individuals reserved 5.235 lots, 7% more than in 2023.

In total, the promoter's order book (backlog) amounts to 4,4 billion euros, "the equivalent of 1,5 years of activity", indicates the Nexity press release.

The number of planned layoffs, as part of the job protection plan (PSE) of 500 job cuts, is now 227, "after a phase of internal reclassifications and voluntary departures", compared to 275 indicated in October.

For 2025, Nexity has set itself the objective of a positive current operating result and plans to resume paying a dividend "in the medium term", if its debt reduction progresses as desired.

Véronique Bédague notes "encouraging signals on the macroeconomic level, with the central bank's drop in interest rates resulting in significant reductions in mortgage interest rates", which implies "improving real estate purchasing power".

The CEO also highlights "a stabilization of work costs" and positive measures to support new real estate in the state budget voted.