NEXITY INVESTOR PRESENTATION FEBRUARY 2018

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Transcription:

NEXITY INVESTOR PRESENTATION FEBRUARY 2018

CONTENTS 1. HIGHLIGHTS 2. INDIVIDUAL CLIENT 3. COMMERCIAL CLIENT 4. LOCAL AUTHORITY CLIENT 5. 2017 FINANCIAL RESULTS 6. NEW REPORTING STANDARDS AND OPERATING SEGMENTS 7. OUTLOOK PAGE 2

DISCLAIMER The information contained in this document has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company, its shareholders, its advisors or representatives nor any other person shall have any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection with this document. This document does not constitute an offer to sell or an invitation or solicitation of an offer to subscribe for or purchase any securities, and this shall not form the basis for or be used for any such offer or invitation or other contract or engagement in any jurisdiction. The information, assumptions and estimates that were used to determine these objectives are subject to modification due to economic, financial and competitive uncertainties. Furthermore, it is possible that some of the risks described in section 2 in the Document de Référence, filed with the AMF under number D.17-0335 on 6 April 2017, could have an impact on the company s ability to achieve these objectives. Accordingly, the Company cannot give any assurance as to whether it will achieve the objectives described, and makes no commitment or undertaking to update or otherwise revise this information. No assurance is given as to the fairness, accuracy, completeness or correctness of the information or opinions contained in this document. PAGE 3

1. HIGHLIGHTS

RÉVISED 2017 TARGETS (1) EXCEDEED NEW HOME RESERVATIONS IN FRANCE +15% In volume RESIDENTIAL MARKET SHARE 14.1% COMMERCIAL REAL ESTATE ORDER INTAKE 402m +21% In value +1.6 pt 2017 Guidance (2) Growth in a French market expected slightly up, market share increase of more than 1pt > 350m REVENUE +14% 3.5 bn Up ~10% CURRENT OPERATING PROFIT GROUP CURRENT OPERATING MARGIN +20% +0.4 pt 321m 9.1% > 300m EBITDA +21% 368m GROUP SHARE OF NET PROFIT +33% 186m DEVELOPMENT BACKLOG +19% 4.8 bn NET DEBT 343m Gearing 21% (1) According to IFRS with joint ventures proportionately consolidated (2) Guidance announced on 22 February 2017, partially revised up on October 2017 PAGE 5

2017 RESULTS (1) BY CLIENT REVENUE (in m and in %) EBITDA (in m) AND EBITDA MARGIN (in % of revenue) 2.267 (74%) 461 (13%) 494 (16%) 3,506* 3,041 (87%) 307 (10%) 2.267 74% 494 16% 307 10% 73 (17,7%) 368** 9.1% 57 (18,6%) 324 (9,5%) Individual Client Incl. Residential real estate ( 2,228m) Incl. Services to individuals ( 813m) Commercial Client Individual Client Incl. Residential real estate ( 210m) Incl. Services to individuals ( 114m) Commercial Client * o/w 4m for Other activities ** o/w - 28m for Other activities * According to IFRS with joint ventures proportionately consolidated PAGE 6

2017 RESULTS (1) BY BUSINESS LINE REVENUE (in m and in %) CURRENT OPERATING PROFIT (in m) AND OPERATING MARGIN (in % of revenue) 507 (14%) 494 (16%) 494 16% 47 (9.3%) 397 (11%) 2.267 (74%) 3,506* 307 (10%) 2.267 2,597 74% (74%) 307 10% 70 (17.7%) 321** 9.1% 57 (18,6%) 247 (9.5%) Residential Commercial Services Residential Commercial Services * o/w 4m for Other activities ** o/w - 44m for Other activities (1) According to IFRS with joint ventures proportionately consolidated PAGE 7

NEXITY KEY FIGURES (2014-2017)* RESIDENTIAL NEW HOME RESERVATIONS (in volume) 12,562 14,235 18,890 21,372 +70% vs 2014 GROUP REVENUE ( m) 2,632 3,057 3,073 3,506 +33% vs 2014 2014 2015 2016 2017 +45% vs 2014 DEVELOPMENT BACKLOG ( m) 3,283 3,293 4,008 4,754 2014 2015 2016 2017 CURRENT OPERATING PROFIT ( m) AND MARGIN 2014 2015 2016 2017 8.7% 7.0% 7.2% 184 220 266 2014 2015 2016 9.1% 321 2017 +74% vs 2014 +2.1 pts vs 2014 * According to IFRS with joint ventures proportionately consolidated PAGE 8

NEXITY S EVOLVING BUSINESS MODEL 2004 One-product company (pure property developer) 2007 Property developer + Service provider 2012 Single brand: Integrated real estate operator 2017 Becoming a truly comprehensive real estate services provider ( Real Estate Services Platform ) Customer-centric organisation Provider of recurring and value-added services Growth in all business lines Increased connectivity between business lines Strong customer focus Strong market positions Continuous improvement Growth initiatives Cross-selling New packaged offerings Aided by digital transformation Data-driven model PAGE 9

2018 FINANCE BILL VOTED ON 21 DECEMBER 2017 TOPICS Buy-to-let investment BOOSTING DEMAND: MAIN MEASURES AND EXPECTED IMPACT (+/-) FOR NEXITY Pinel scheme Renewed for a further four years (until 31 December 2021) in supply-constrained areas: A, A bis and B1 (+) Renewed until 31 December 2018 in non supply-constrained areas provided that building permit request has been submitted before 31 December 2017 Censi-Bouvard scheme (student and senior housing) Renewed until 31 December 2018 NEXITY FIGURES > 2017: 93% of reservations under the Pinel scheme in supplyconstrained areas (~25% of total reservations) First-time home ownership PTZ interest-free loans Renewed for a further four years for new-build properties in supply-constrained areas (+) Renewed for a further year for new-build properties in B2 and C zones (for 20% of the total purchase price) APL - Personal housing benefits Elimination of APL for first-time buyers (-) > 2017: 97% of PTZ interest-free loans in supply-constrained areas for first-time buyers* Social housing Budget for APL personal housing benefits decreased by 1.5 billion over 3 years o/w 800m in 2018 Increase in VAT for social housing (10% vs 5.5% previously) - potential impact on property acquisitions by social landlords (- /? ) Improvement in financing conditions for social housing operators > 2017: ~25% of total reservations with social housing operators Taxes Replacement of the solidarity tax on wealth (ISF) by the tax on immovable assets (IFI): refocusing of wealth tax on real estate only (- /? ) Corporate income tax: gradual reduction in the corporate income tax rate to 25% (from 33 1/3 %) (+/? ) 2017 Corporate income tax: exceptional one-off contribution for large companies (-) 2017 Corporate income tax: cancellation by the Constitutional Council of the 3% tax on dividends (+) > Effective tax rate in 2017: 33% * On a like-for-like basis PAGE 10

FRENCH GOVERNMENT S HOUSING STRATEGY TOPICS Constructibility standards and procedures IMPROVING SUPPLY: MAIN MEASURES AND EXPECTED IMPACT (+/-) FOR NEXITY Construction of homes 80,000 new homes: 60,000 for students and 20,000 for career starters (+) More flexibility for intermediate housing (+) Standards and procedures No new amendments to technical standards (+) Building permits: reduced time frames for appeals; penalties for abusive appeals (+) Urban planning for projects (faster completion of projects owing to simplified standards) (+) NEXITY FIGURES > Leading French developer in student residences and intermediate social housing > At 31 Jan. 18: 3,200 homes frozen by building permit appeals Taxes Freeing up of private land for the development of homes* (+) For individuals: tax relief for three years on the sale of land in supply-constrained areas For companies: extension of the reduced 19% corporate income tax rate until the end of 2020, for all sales of professional premises or subdivisions Freeing up of public land (+) > H1 2017: ~40% of land acquired from individuals > Approval of the Housing Bill planned during the second half of 2018 * Included in the 2018 Finance Bill voted on 21 December 2017 PAGE 11

POPULATION DYNAMICS POPULATION GROWTH AND AND HOUSEHOLD STRUCTURE Between now and 2040, 6 million more households in France NUMBER OF HOUSEHOLDS, Metropolitain France (1), (in millions) 22 27 +6m 28 30 32 34 BETWEEN NOW AND 2040 Demand for new homes in the range of 400,000 units per year until 2040 (2), compared to 267,000 dwellings produced in 2014 2014 (3) 1990 2010 2014 2020e 2030e 2040e 62% of small size households BETWEEN 2009 AND 2014 +9% +3% -1% +10% +3% Single people contributed to 67% of household growth Single people 9,847,917 Childless couple 7,486,338 Couple with children 7,449,539 Single-parent family 2,534,339 Other households* 726,236 (1) Source: INSEE 2010 and 2012 (2) Excluding the impact of internal migration, which is not quantified (3) Source: Commissariat Général au Développement Durable, Chiffres et statistiques 601, logements neufs * Other households consist of persons who are not family members and live in a household of at least two persons, regardless of the arrangement (colocation, subletting, accommodation of one by the other, etc.). They can have an extended family link (brother, sister, grandparents...) or no familylink (friend, roommate...) PAGE 12

2008 2009 2010 2011 2012 2013 2014 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 SENSITIVITY TO INTEREST RATES MORTGAGE RATES (all markets, excl. insurance, last month of the quarter, average) 5.07% 2.20% 1.51% 1.53% >100 bps (>2.5%) +100 bps (~2.5%) Impacts on prices and volumes on Residential and Commercial real estate Limited impact Source: Observatoire Crédit Logement PAGE 13

SENSITIVITY TO MORTGAGE RATES GROWTH FIRST-TIME BUYERS BUY-TO-LET INVESTOR PINEL SCHEME > Herblay (95), 64.7 sq.m., 245,000 incl VAT > 2 people household + 1 child, 3,200 monthly income > Financing: 10% personal contribution + 40% PTZ + 50% loan over 25 years > Mortgage rate of 1.75% excl. insurance MONTHLY INSTALMENT (in euros) > Montreuil (93), 41.3 sq.m., 215,000 incl VAT > +50 years old, first-time investor, 6,700 monthly income > Financing: 100% loan over 25 years > Mortgage rate of 1.85% excl. insurance > Monthly rent: 806 MONTHLY EXPENDITURE (in euros) 24 50 105 8 19 52 963 987 1,013 1,068 117 125 136 169 Jan.18 + 50 bps + 100 bps + 200 bps Jan.18 + 50 bps + 100 bps + 200 bps Debt ratio 30% 31% 32% 33% Investment Financing 63% 25% 12% Rent Tax Monthly benefit expenditure Source: Nexity figures given for illustrative and indicative purpose only PAGE 14

DIGITAL & INNOVATION NEW SERVICE OFFERINGS PARTNERSHIPS partners Nexity Patrimoine et Valorisation DIRECT INVESTMENTS INTERNAL INCUBATOR PAGE 15

NEXITY CSR STRATEGY: 4 PILLARS DIALOGUE AND TRANSPARENCY WITH OUR STAKEHOLDERS RESPONSIBLE REAL ESTATE STRATEGY INNOVATION STRATEGY INTEGRATING CSR ISSUES HUMAN RESOURCES STRATEGY MEETING STAKEHOLDERS EXPECTATIONS GOOD GOVERNANCE PRACTICES Sustainable Development and Strategic Marketing department Innovation Committee Internal Client Committee General Secretariat EXECUTIVE COMMITTEE BOARD OF DIRECTORS PAGE 16

2. INDIVIDUAL CLIENT

WHAT WE WANT TO BE FOR OUR CLIENTS, IN 3 ADJECTIVES: USEFUL Focus on usage and services in housing ATTRACTIVE Make our products and services attractive Make our interfaces attractive AFFORDABLE Bring prices down to make them accessible to a wider client base PAGE 18

Dec.15 Dec.16 Dec.17 Dec.15 Dec.16 Dec.17 FRENCH RESIDENTIAL MARKET RECOVERY UNDERWAY BUILDING PERMITS (in number of units, 12 months rolling) HOUSING STARTS (in number of units, 12 months rolling) +8.2% +15.7% 459,223 497,003 362,211 418,921 Source: Commissariat Général au Développement Durable (CGDD) PAGE 19

NEW HOME RESERVATION MARKET IN FRANCE (DEVELOPERS) DEVELOPERS NEW HOME RESERVATIONS (in units) 122,500 123,700 Average 2006-2017 : 103,500 +26% +2% 127,000 130,000 120,000-125,000 28% 75,700 102,000 109,000 99,100 84,200 85,300 83,400 100,400 44% 44% 32% 42% 42% 39% 13% 14% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018e* A, Abis zones B1 zone Zones B2, C Supply-constrained areas * Nexity s estimation for 2018 Sources: Commissariat Général au Développement Durable (Sit@del2 basis) - New figures following the 2017 recast of the Enquête sur la commercialisation des logements neufs (ECLN, a French survey of new home sales) now called ECLN2 published in May 2017 PAGE 20

NEXITY NEW HOME RESERVATIONS VOLUME (in units) VALUE (in m incl. VAT) +13.1% +18.6% 12,562 2,104 93 10,365 292 14,235 479 18,890 2,518 2,202 15,893 11,741 420 21,372 2,601 10,365 18,351 Subdivision International 15.5% New homes o/w 2016 external growth 79 51 3,817 202 2,098 42 166 10 163 3,564 1,924 2,493 2,285 3,218 197 2,942 1,924 21.1% 842 2,503 138 471 2014 2015 2016 2017 2014 2015 2016 2017 > New home reservations in France are up 15% in volume and 21% in value (+5% in volume and +10% in value on a likefor-like basis) > In Q4 2017, new home reservations in France are up 10% at 5,736 units (+1% on a like-for-like basis) PAGE 21

KEY CLIENT SEGMENTS PERFORMANCE VOLUME (in units, on a like-for-like basis) +5% 15,051 15,848 11,741 32% +7% 32% Professional landlords o/w 77% of social landlords 35% 44% +6% 44% Individual investors o/w 60% of Pinel 43% 5% 16% 6% 19% = +3% 6% 19% Other home buyers First-time buyers o/w 57% of PTZ 2015 2016 2017 > Investors benefiting from Pinel scheme represented around 25% of reservations PAGE 22

MULTI-PRODUCT GROWTH STRATEGY 7.6% NEXITY MARKET SHARE* 8.8% 8.6% 9.7% 10.6% 11.5% 10.9% +1.6 pts 14.1% 12.1% 12.4% 12.5% 11.8% 11.7% ORGANIC GROWTH > Greater Paris market share: ~20% > Capacity to achieve long-term growth in market share outside Paris: Nouvelle-Aquitaine: 20.0% in 2017 vs 2.8% in 2007 Grand Est: 13.6% in 2017 vs 7.4% in 2007 > New growth drivers: Enhancing value of real estate assets Multi-generational serviced residences In-house growth projects: Synonym and Domaines du Sud EXTERNAL GROWTH PARTNERSHIPS Comprehensive service provider for real estate professionals 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 > iselection: sales on behalf of third-party developers as well as Nexity s operating subsidiaries * Nexity market share calculated based on Nexity s net reservations relative to ECLN market data Figures updated based on more recent data from ECLN as part of the 2017 overhaul of the Enquête sur la Commercialisation des Logements Neufs Survey on the Marketing of New Homes (ECLN2) published in May 2017 > Nexity Partners: service offering aimed at local property developers launched in late 2016; joint developments with Nexity NEXITY / Investor presentation February 2018 PAGE 23 partners

NEXITY MARKET SHARE AT 31 DECEMBER 2017* NORD OUEST 13.7% (16.4%**) NORD EST 18.1% (15.7%**) ÎLE-DE-FRANCE 20.1% (17.0%**) SUD OUEST 13.0% (9.9%**) 11.6% SUD EST 7.8% (6.9%**) > In 2017, 39% of the total volume of new home reservations in France were made in the Paris region, 61% in the rest of France New home reservations market source: Commissariat Général au Développement Durable (ECLN) * Market shares calculated by Nexity, based on the latest figures released by the ECLN ** Market shares at 31 December 2016 PAGE 24 63.0%

NEXITY NEW HOMES: PRICE TRENDS AVERAGE PRICE (in thousand of euros, excl. Iselection, PERL, International, and bulk sales) 257 250 214 184 264 259 220 191 Paris region: +2.7% Paris region excl. Paris: +3.5% France: +3.2% Rest of France: +3.8% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 RETAIL SALES 2016 2017 Change Average home price incl. VAT per sq.m. 3,834 3,915 +2.1% Average surface area per home (sq.m.) 55.7 56.3 +1.0% Average price incl. VAT per home ( k) 213.6 220.4 +3.1% BULK SALES 2016 2017 Change Average price incl. VAT per home ( k) 140.1 156.0 +11.3% PAGE 25

NEXITY NEW HOMES: SUPPLY FOR SALE CURRENT SUPPLY FOR SALE (in units, excl. International and incl. Iselection and PERL from 2015, Edouard Denis from 2016 and Primosud from 2017) +28% 6,988 2% 52% 3,663 3,542 4,202 4,293 5,058 5,313 6,438 2% 6,773* 1% 8,651* 31% 34% E.Denis and Primosud Completed new homes New homes under construction 46% 64% 68% New homes in project phase 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 > Marketing period: 5.7 months in 2017 * 6,872 units on a like-for-like basis, 21% growth versus 2016 2016 external growth: 1,179 units at 31 December 2017 1,112 units at 31 December 2016 PAGE 26

NEXITY: BUSINESS POTENTIAL* FOR NEW HOMES In units, excl. International and incl. Iselection, PERL and Villes & Projets from 2015, Edouard Denis from 2016 and Primosud from 2017 2.6 YEARS OF ACTIVITY +14% 47,560** 34,453 41,813** E.Denis and Primosud 22,824 28% 19,057 21,285 23,143 23,941 23,100 24,832 49% 52% Paris region 72% 51% 48% Rest of France 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Includes the Group s current supply for sale, its future supply corresponding to project phases not yet marketed on acquired land, and projects not yet launched associated with land secured through options ** 38,527 units on a like-for-like basis, up 5% versus 2016 2016 external growth: 9.033 units at 31 December 2017 5.152 units at 31 December 2016 PAGE 27

REAL ESTATE SERVICES TO INDIVIDUALS PROPERTY MANAGEMENT FOR INDIVIDUALS (PMI) Units under management (in thousands) STUDÉA 2015 2016 2017 Condominium management Rental management 735 181 726 172 721 168 124 residences at 31 December 2017 915 898-0.9%* 890 91.5% average occupancy rate over the period vs 89.6% in 2016 *2017 churn rate on a like-for-like basis: -1.1% (-2.9% in 2016) in property management for individuals (excl. Reims,Toulouse and Aix-les-Bains agencies acquisition for PMI and 4 agencies acquired by Oralia, and sale of Vichy and Belgium agencies) PROPERTY MANAGEMENT FOR INDIVIDUALS (PMI) Brokerage (number of provisional sales agreements) FRANCHISES > +7% provisional sales agreements signed by franchised agencies > Change in number of agencies: +6% 5,403 provisional sales agreements in 2017 (5,424 provisional sales agreements in 2016) 60% of exclusive agency contracts in 2017 (54% in 2016) 1,206 1,217 793 793 413 424 1,292 830 462 2015 2016 2017 PAGE 28

KEY FIGURES Exceptional visitor levels and solid performance... 3.5 million monthly visits* >8.5 pages viewed per visit 95% of visitors use the map Time spent per visit: >9 min. * Traffic at 30/11/2017...with traffic that is growing rapidly and still highquality 45% organic traffic 40% bounce rate 55% mobile traffic PAGE 29

3. COMMERCIAL CLIENT

COMMERCIAL REAL ESTATE MARKET INVESTMENTS IN FRANCE FRENCH COMMERCIAL REAL ESTATE INVESTMENTS (in billions of euros) -3% 27 26 25 10 11 8 7 6 3 6 5 4 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 > In 2017, offices represent 71% of total Investment in France OFFICES OFF-PLAN SALES (in billions of euros and in %) 39% 2016: 2.3 bn 61% Speculative investments 53% 2017: > 4 bn 47% > Higher volume since 2007 Source: CBRE Marketview France Investissement T4 2017 PAGE 31

COMMERCIAL REAL ESTATE MARKET TAKE-UP AND VACANT SPACE IN THE PARIS REGION TAKE-UP IN THE PARIS REGION (in millions of sq.m.) 2.8 2.7 1.9 2.4 0.7 2.6 0.9 +8% 0.6 0.6 0.5 0.6 0.5 0.7 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 VACANT SPACE (in millions of sq.m.) 4.9% 2.5 4.7% 2.4 5.2% 2.7 6.8% 3.6 6.7% 3.6 6.7% 3.6 6.6% 3.6 7.1% 3.9 7.3% 4.0 6.9% 3.9 6.2% 3.5 5.9% 3.4 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Second-hand New/refurbished Vacancy rate > With a lower proportion of the good quality supply, occupiers preferred to position themselves prior to the actual delivery, sometimes even in the early upstream phase projects, instead of the second-hand Source: CBRE Marketview Bureaux Île-de-France T4 2017 PAGE 32

COMMERCIAL REAL ESTATE NEW ORDER INTAKE AND BACKLOG ORDER INTAKE (in m) BACKLOG (in m) 544 403 356 402 +3% +13 Average 2012-2017: 320 176 190 259 250 544-397 +402 562 97 151 2012 2013 2014 Paris region 2015 2016 2017 Rest of France 31 Dec. 16 2017 revenue 2017 Additional order intake works and other adjustments 31 Dec. 17 > 402m order intake in 2017, of which around 260m during the last quarter of the year > Backlog is equivalent to 17 months revenue from development activities (revenue basis, 12 months rolling period) PAGE 33

2017 MAIN ORDERS PARIS REGION CERGY 3M CERGY- PONTOISE (95) > Mixed-use project: offices, housing (~1,000 units to develop until 2022) and a Domitys senior serviced residence > Developed area: 11,000 sq.m, 5-floor office building, pre-let by 3M and sold to a private property company > Synergies with Nexity Conseil et Transaction, in charge of the commercialisation > Delivery planned from Q1 2019 PENTHIÈVRE PARIS (75) > Restructuring of an existing building with the creation of additional areas and redevelopment of the office trays around a patio > Developed area: 9-floor building of 8,000 sq.m for La Mondiale > More than 800 sq.m of protected green areas, creation of terraces > 2 levels of basement with 55 parking spaces > Delivery planned from H1 2019 ÉVIDENCE SAINT-OUEN (93) > VEFA off-plan sale to Caisse des Dépôts and Amundi Immobilier > Located within Les Docks de Saint-Ouen, a mixed development zone in the northern Paris suburb of Saint-Ouen > Developed area: 37,500 sq.m of office space and services ; 325 parking spaces > Certifications: HQE Excellent, BREEAM Excellent, Effinergie + and WiredScore > Delivery planned in 2019 PAGE 34

2017 MAIN ORDERS REST OF FRANCE WOODEN PARK MÉRIGNAC (33) > Timber-frame buildings sold through VEFA off-plan sale to Foncière Inéa > Developed area: 6,000 sq.m over 3 buildings meeting high environmental performance standards > Deliveries planned in Q4 2018 and Q2 2019 ZAC MITRA NÎMES (30) > Logistics facility of nearly 60,000 sq.m in the Mitra mixed-use development area near Nîmes > Sold to BNP Paribas REIM, leased to Auchan for a firm period of 9 years > Certifications: BREEAM > Delivery planned in January 2019 PALAZZO MÉRIDIA NICE (06) > Tallest timber-frame office building in France (9 floors) > 100% timber-frame with a metal exoskeleton > 500 sq.m of photovoltaic panels > Green roof and edible garden > Developed area: around 8,000 sq.m > Delivery planned in early 2019 PAGE 35

BUSINESS POTENTIAL* FOR COMMERCIAL REAL ESTATE AT 31 DECEMBER 2017 (in m) 3.9 YEARS OF ACTIVITY 811 (52%) 1,550m 739 (48%) Paris region Rest of France > Business potential for Commercial real estate represents 1.6 billion euros of estimated revenue at 31 december 2017, i.e 3.9 years of activity * corresponds to the total volume of potential business at any given moment, expressed as estimated revenue excluding VAT, within future projects validated by the Group s Committee, under options or purchased land, in all structuring phases, including the programmes of the Group s urban regeneration business (Villes & Projets). This business potential includes the Group s current supply for sale as well as its future supply PAGE 36

4. LOCAL AUTHORITY CLIENT

2017 ENTRY NEXITY S PRESENCE IN THE GRAND PARIS Villes & Projets Villes & Projets MEUDON Pointe de Trivaux (92) SAINT-OUEN (93) ROMAINVILLE Villanova (93) MONTREUIL ACACIAS (93) 510 units Retail spaces Delivery planned for 2020 75,500 sq.m to be developed and Regional council premises 260 units Planned deliveries as of Q3 2017 1.200 units Serviced residence Retail spaces / Planned deliveries as of 2018 Villes & Projets Villes & Projets VERSAILLES-CHANTIERS (92) Residential Ofices Serviced residence BRY-SUR-MARNE / VILLIERS-SUR-MARNE (94) 140,000 sq.m BAGNEUX (92) 430 units Retail spaces Delivery planned for 2022 CRÉTEIL L ÉCHAT (94) 420 units Serviced residence Offices / Delivery planned for 2020 > Villes & Projets: ~588,500 sq.m in portfolio and a 57 million Land Bank at 31 December 2017 PAGE 38

NEXITY AMONG WINNERS OF INVENTONS LA MÉTROPOLE CLICHY-SOUS-BOIS (NEAR PARIS) MORANGIS (NEAR PARIS) > 227 homes (including 79 social housing units) > Childcare centre and childminders centre > Agriculture and farming-related community spaces > Delivery scheduled starting in 2022 > Urban development programme combining a farm and 49 homes > Total area developed: 4,000 sq.m > Delivery scheduled starting Q4 2020 PAGE 39

2017 ENTRY/EXIT AND IN LARGE REGIONAL CITIES LOMME (59) Large housing consultation 550 units Serviced residences Deliveries planned for end 2020 Villes & Projets VILLARBOREA - LYON (69) 416 units Delivery planned for Q3 2019 MGEN BORDEAUX BELVÉDÈRE (33) Joint-venture 50/50 with Altaréa Cogedim / Pitch Mixed programme Villes & Projets MGEN MARSEILLE (13) 418 units - 75% free / 25% social Delivery planned as of Q1 2021 VILLENAVE-D ORNON (33) MONTPELLIER (34) 256 units - 70% free / 30% affordable - retail spaces Delivery planned for Q4 2020 > Démonstrating Nexity s leadership on complex and multiproducts large projects PAGE 40

5. FINANCIAL RESULTS 2017

2017 CONSOLIDATED INCOME STATEMENT* in m 2017 2016 Revenue 3,506.1 3,072.7 EBITDA 368.5 304.7 % EBITDA / Revenue 10.5% 9.9% Current operating profit 320.5 266.5 % Current operating profit / revenue 9.1% 8.7% Net financial income (expenses) (29.5) (28.0) Income taxes (94.8) (89.0) Share of profit / (loss) from equity-accounted investments (4.9) (7.2) Non-controlling interests (5.7) (3.2) Net profit attributable to equity holders of the parent com pany 185.6 139.1 +14% +21% +20% +33% in euros Earnings per share** 3.35 2.54 *According to IFRS with joint ventures proportionately consolidated ** Based on average number of shares outstanding over the financial year PAGE 42

2017 CONSOLIDATED REVENUE* (in m) +14.1% 3,073 494 307 4 +330 +90 +13 3,506 507 397 4 Other activities Services Commercial +29% 2,267 2,597 Residential +15% 2016 Immobilier résidentiel Immobilier d entreprise Services Autres activités 2017 > Revenue up 14% compared to 2016, growing across all Group s divisions > On a like-for-like basis (excl. Edouard Denis and Primosud) revenue up 11% compared to 2016 > Order intake in property development resulting in progressive revenue recognition over a period of about two years, in application of the percentage-of-completion method > 2016 external growth: 259m of total contribution before PPA and 102m after PPA * According to IFRS with joint ventures proportionately consolidated PAGE 43

2017 CURRENT OPERATING PROFIT* CURRENT OPERATING PROFIT (in m) OPERATING PROFIT MARGIN (in %) +20% 18.6% 17.7% 321 266 47 Services 45 57 70 Commercial 9.5% 9.1% 9.0% 9.3% 9.1% 8.7% 203 247 Residential -39-44 Other activities 2016 2017 2016 2017 2016 2017 2016 2017 Residential Commercial Services Group 2016 2017 > 321m operating profit (up 20% vs 2016) after 16m total expenses from digital and innovation > Commercial real estate: continuation of a high margin rate, above its normative level (economic and financial context, excellent project management, reversals of provisions ) * According to IFRS with joint ventures proportionately consolidated PAGE 44

2017 EBITDA* EBITDA (in m) EBITDA MARGIN RATE (in %) +21% 368 18,5% 17,8% 305 55 57 62 71 Services Commercial 9,3% 10,1% 11,2% 12,2% 9,9% 10,5% 210 263 Residential -18-28 Other activities 2016 2017 2016 2017 2016 2017 2016 2017 Residential Commercial Services Group 2016 2017 In Services division, the EBITDA margin rate of Property management for individuals (PMI) achieved 13.6% in 2017, versus 12.9% in 2016 * According to IFRS with joint ventures proportionately consolidated EBITDA: current operating profit before depreciation, amortisation and impairment of fixed assets, net changes in provisions, share-based payment expenses and the transfer from inventory of borrowing costs directly attributable to property developments, plus dividends received from equity-accounted investees whose operations are an extension of the Group s business PAGE 45

BALANCE SHEET* AT 31 DECEMBER 2017 (in m) Goodwills 1,213 1,643 Equity (incl. Non-controlling interests) Other assets 132 WCR 774 133 Provisions 343 Net debt ASSETS EQUITY AND LIABILITIES * According to IFRS with joint ventures proportionately consolidated PAGE 46

2017 WORKING CAPITAL REQUIREMENT* (in m) + 82m 692-67 -41 +23 +33 774 32 Other activities (incl. income tax) 759 826 Residential -63-1 -3-44 -40 Services Commercial 2016 Residential Commercial Services Other activities (incl. Income tax) 2017 > 78% average level of pre-sales booked at the start of construction work > Improvement of commercial WCR due to rising order intake at the end of the year > Growth in new land positions secured by the Group s urban regeneration business (Villes & Projets) * According to IFRS with joint ventures proportionately consolidated PAGE 47

2017 CHANGE IN NET CASH/DEBT POSITION* (in m) -64 + 26m -131-317 +356-343 -133 +23-33 -43 2016 Cash flow from Changes in Interest and Dividend Capital operations operating WCR tax payments increase before WCR, interest and tax CAPEX Adjustment on put options granted to non-controlling interests 2017 * According to IFRS with joint ventures proportionately consolidated PAGE 48

2017 CASH FLOW STATEMENT* In m 2017 2016 Cash flow from operating activities before financial and tax expenses 356 289 Cash flow from operating activities after financial and tax expenses 239 182 Change in operating WCR (excluding tax) (64) (28) Change in tax-related w orking capital, dividends from equity-accounted investments and other 9 37 Net cash from / (used in) operating investments (33) (23) Free cash flow 152 168 Net cash from / (used in) financial investments (10) (57) Dividends paid by Nexity SA (133) (121) Net cash from / (used in) financing activities (excluding dividend) 132 (112) Change in cash and cash equivalents 141 (122) * According to IFRS with joint ventures proportionately consolidated PAGE 49

10-YEAR CHANGES IN EBITDA, CASH FLOW FROM OPERATING ACTIVITIES AND FREE CASH FLOW* EBITDA (in m) Average 2008-2017: 254 265 217 224 215 232 228 221 260 305 368 CASH FLOW FROM OPERATING ACTIVITIES after financial and tax expenses (in m) Average 2008-2017: 149 151 122 133 132 128 133 117 149 182 239 FREE CASH FLOW (in m) Average 2008-2017: 164 235 191 337 162 118 42 9 221 168 152 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * According to IFRS with joint ventures proportionately consolidated PAGE 50

NEXITY BACKLOG* AT 31 DECEMBER 2017 In m, excl. VAT, incl. Iselection, PERL, International, Edouard Denis and Primosud 19 MONTHS REVENUE FROM DEVELOPMENT ACTIVITIES +19% 4,754 4,008 562 Commercial 2,734 390 2,344 3,315 3,085 709 383 2,606 2,702 3,355 3,283 3,293 486 449 487 2,869 2,834 2,806 544 3,464 4,191 Residential Dec. 2010 Dec. 2011 Dec. 2012 Dec. 2013 Dec. 2014 Dec. 2015 Dec. 2016 Dec. 2017 * Corresponds to the Group s order backlog in terms of forecast revenue and number of months of development activities According to IFRS with joint ventures proportionately consolidated PAGE 51

6. CHANGES IN REPORTING STANDARDS AND OPERATING SEGMENTS

NEW REPORTING STANDARDS IFRS 15: REVENUE FROM CONTRACTS WITH CUSTOMERS > Percentage-of-completion principle maintained for real estate development activities in France, but percentage-of-completion must be calculated based on all inventoriable costs (including land) Faster recognition of revenue and margins; corresponding decrease in backlog Operating profit more closely correlated to fluctuations in business activity PAGE 53

NEW REPORTING STANDARDS IFRS 16: LEASES > Scope: Leases of buildings used for business operations, IT equipment, lease payments for serviced residences > Current standard: information provided off balance sheet in the notes to the financial statements > New standard: the amount payable will be presented in the Group s statement of financial position in the form of a right-of-use asset under fixed assets, and a lease liability under borrowings Improvement in operating profit, decline in net financial income/(expense), strong improvements in cash from operating activities before changes in working capital and in EBITDA Increase in debt PAGE 54

2018 NEW OPERATING SEGMENTS > Continuation of Nexity's development strategy towards a real estate services platform > The Group will now present its financial communication according to its customer-centric organization 2017 REVENUE* (in % and in m) 2017 EBITDA** (in % and in m) Current operating segments New operating segments Current operating segments New operating segments 14% (507) 11% (397) 74% (2,597) 13% (461) 87% (3,041 (1) ) 18% (71) 16% (62) 66% (263) 18% (73) 82% (324 (2) ) *o/w 4m for Other activities (1) incl. Residential real estate ( 2,228m) incl. Services to individuals ( 813m) ** o/w - 28m for Other activities (2) incl. Residential real estate ( 210m) incl. Services to individuals ( 114m) Residential Commercial Services Individual Client Commercial Client PAGE 55

NEW REPORTING STANDARDS AND NEW OPERATING SEGMENTS REVENUE* BY CLIENT 3,506 Segmentation impacts 3,506 IFRS 15 & 16 Impacts +65 3,571 2,598 2,228 Individual Client 2,350 4 507 397 2017 Current standards and current segmentation Residential Services Commercial Other activities 813 810 397 4 64 2017 New segmentation Commercial Client Residential real estate Services to individuals Commercial real estate Services to companies Other activities 343 4 63 2017 New standards and new segmentation * According to IFRS with joint ventures proportionately consolidated PAGE 56

NEW REPORTING STANDARDS AND NEW OPERATING SEGMENTS EBITDA* BY CLIENT Segmentation impacts IFRS 15 & 16 Impacts 448 368 368 +80 234 264 210 Individual Client 62 71-28 2017 Current standards and current segmentation 114 172 Commercial Client 71 62 4-28 2-24 2017 2017 New segmentation New standards and new segmentation Residential real estate Residential Services to individuals Services Commercial real estate Commercial Services to companies Other activities Other activities * According to IFRS with joint ventures proportionately consolidated PAGE 57

NEXITY BACKLOG* AT 31 DECEMBER 2017 In m, excl. VAT, incl. Iselection, PERL, International, Edouard Denis and Primosud 19 MONTHS REVENUE FROM DEVELOPMENT ACTIVITIES 4,008 +19% 4,754 562 Commercial 18 MONTHS REVENUE FROM DEVELOPMENT ACTIVITIES 3,991 2,734 390 2,344 3,315 3,085 709 383 2,606 2,702 3,355 3,283 3,293 486 449 487 2,869 2,834 2,806 544 3,464 4,191 Residential 465 3,526 Dec. 2010 Dec. 2011 Dec. 2012 Dec. 2013 Dec. 2014 Dec. 2015 Dec. 2016 Dec. 2017 Dec. 2017 IFRS 15 * Corresponds to the Group s order backlog in terms of forecast revenue and number of months of development activities According to IFRS with joint ventures proportionately consolidated PAGE 58

MAIN INDICATORS RESTATED 31/12/2017 Operational reporting (reported) 31/12/2017 Operational reporting Restated* In m3 Revenue 3,506.1 3,571.3 EBITDA 368.5 448.1 as a % of sales 10.5% 12.5% Current Operating Profit 320.5 325.5 as a % of sales 9.1% 9.1% Net profit 185.6 182.7 Total equity 1,643 1,675 WCR 774 826 Net debt 342.7 647.0 Free cash flow 152.2 231.7 Backlog 4,754 3,991 in number of months 19 18 In Basic earnings per share** 3.35 3.30 Earnings per share adjusted for one-off positive tax items** 3.22 3.17 * After new segmentation and application of new reporting standards ** Based on average number of shares outstanding over the financial year PAGE 59

7. OUTLOOK

NEXITY S OWNERSHIP STRUCTURE 31 DECEMBER 2017 56,036,724 shares (1) Crédit Mutuel Arkéa A. Dinin, New Port (2) and other Nexity managers in the concert group 5.4% 12.4% 3.6% FCPE and other employees (3) 17.8% 54.180.987 actions* 6.4% Crédit Agricole Assurances 72.3% Free float (1) o/w treasury shares: 0 share (0%) (2) New Port 6.3% (3) o/w employees (FCPE Nexity Actions and Nexity Levier 2017): 2.8% PAGE 61

2018 OUTLOOK (1) FINANCIAL RESULTS Revenue and EBITDA (2) expected to grow by about 10% Dividend per share increase (3) 2,50 payable in 2018 (4) At least 2,50 payable in 2019 INDIVIDUAL CLIENT New home reservations in France: Continued growth in Nexity s market share in a market that should see slight contraction while remaining at a high level (120,000/125,000 reservations expected in 2018) COMMERCIAL CLIENT Commercial real estate order intake: 400 million (1) Financial data and indicators based on Nexity s operational reporting, with joint ventures proportionately consolidated and take into account the two new reporting standards, IFRS 15, mandatory as of 1 January 2018, and IFRS 16, mandatory as of 1 January 2019 and which the Group will apply starting 1 January 2018 (2) EBITDA is the current operating profit before depreciation, amortisation and impairment of fixed assets (including lease payments restated under IFRS 16), net changes in provisions, share-based payment expenses and the transfer from inventory of borrowing costs directly attributable to property developments, plus dividends received from equity-accounted investees whose operations are an extension of the Group s business. This guidance corresponds to a level of about 485 million that should be compared to 448 million in 2017 restated under the two new reporting standards, IFRS 15 and IFRS 16 (3) Compared with a dividend of 2,40 per share paid in 2017, a dividend of 2,40 per share previously announced for 2018 Pending the decision of Nexity s Board of Directors and approval at the Shareholders Meeting (4) i.e. 75% payout ratio PAGE 62

NEW REPORTING STANDARDS AND NEW OPERATING SEGMENTS REVENUE* BY CLIENT 3,506 Segmentation impacts 3,506 IFRS 15 & 16 Impacts +65 3,571 Expected to grow by about 10% IFRS 15 & 16 impact ~ 65m 2,598 2,228 Individual Client 2,350 4 507 2017 397 Current standards and current segmentation Residential Services Commercial Other activities 813 810 Commercial Client 397 343 4 64 4 63 2017 New segmentation Residential real estate Services to individuals Commercial real estate Services to companies Other activities 2017 New standards and new segmentation 2018e New standards and new segmentation * According to IFRS with joint ventures proportionately consolidated PAGE 63

NEW REPORTING STANDARDS AND NEW OPERATING SEGMENTS EBITDA* BY CLIENT Expected to grow by about 10% 368 Segmentation impacts 368 IFRS 15 & 16 Impacts +80 448 ~485 IFRS 15 & 16 impact ~ 80m 234 264 210 Individual Client 62 71-28 2017 Current standards and current segmentation 114 172 Commercial Client 71 62 4-28 2-24 2017 2017 New segmentation New standards and new segmentation 2018e New standards and new segmentation Residential real estate Residential Services to individuals Services Commercial real estate Commercial Services to companies Other activities Other activities * According to IFRS with joint ventures proportionately consolidated PAGE 64

NON-FINANCIAL LONG TERM TARGETS 2030 RESIDENTIAL Reduction in tonnes of CO 2 equivalent emissions per home completed (vs 2015) -30% COMMERCIAL Reduction in tonnes of CO 2 equivalent emissions per sq.m of floor space delivered (vs 2015) -21% ADMINISTRATIVE SITES Reduction in tonnes of CO 2 equivalent emissions per employee (vs 2014) -35% PAGE 65

QUANTITATIVE CSR TARGETS FOR 2020-2030 DESIGNING SUSTAINABLE, RESPONSIBLE CITIES BETTER ACCESS TO HOUSING AND HIGHER- QUALITY NEIGHBOURHOODS BETTER BUILDING PRACTICES FOR HIGHER QUALITY OF LIFE AT WORK Reduce greenhouse gas emissions by 30% per new home delivered, 21% per sq.m of floor area for office space, and 35% per employee by 2030 Increase use of new construction methods such as cross-laminated timber (CLT) 30% of projects based on a Circular Economy approach by 2025 Continue to lead the market (>20% market share) in priority urban planning districts and remain the number-one partner of social housing operators Occupancy cost control plan provided for 100% of condominiums delivered in ANRU urban regeneration zones 30 condominiums renovated by 2020 Wood-frame offices to make up 20% of office development projects by 2030 and BBCA low-carbon building certification for 100% of wood-frame developments 50% of projects with WELL (or equivalent) certification PAGE 66

DIVIDEND PER SHARE in per share 6.0 4.0* 1.0 1.6 1.9 2.0 1.5 1.6 2.0 2.0 2.0 2.0 2.0 2.2 2.4 2.5 2.5 Paid in: 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018** 2019** * Special dividend following the sale of the participation held in Eurosic ** Pending decision of Nexity s Board of Directors and approval at the Shareholders Meeting PAGE 67

19, rue de Vienne 75 008 Paris Tél. : +33 (0)1 85 55 12 12