2019 FULL-YEAR RESULTS · SUCCESSFULL MULTISERVICES, MULTIPRODUCTS AND MULTIBRAND GROWTH STRATEGY More than 32 products covering first-time homebuyers, social housing and intermediate

2019 FULL-YEAR RESULTSINVESTOR PRESENTATION

2Nexity / 2019 Full-year Results

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. Neither the Company, nor its shareholders, nor their 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 the Company could reasonably use to determine its targets are subject to change or

modification due notably to economic, financial and competitive uncertainties.

Furthermore, it is possible that some of the risks presented in Section 2 of the Registration Document filed with the AMF under number

D.19-0272 on 4 April 2019, 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.

All financial figures are presented according to IFRS with joint ventures proportionately consolidated.

2019Key figures and highlights


2019 targets exceeded

REVENUE

EBITDA

NET PROFIT BEFORE NON RECURRING ITEMS (Group share)

INDIVIDUAL CLIENTS

INTERNAL CLIENTSLOCAL AUTHORITY CLIENTS

COMMERCIAL CLIENTS

Individual86%

Commercial14%

Commercial13%

Individual87%

€163m-18%

€4,499m+9%

€573m+10%

NET FINANCIAL DEBT (before lease liabilities)

€918m

21,837 new home reservation in France

14.2% estimated market share

17 openings in senior serviced residences

4 openings in student serviced residences

880,000 units under management

€521m (excl. VAT) Commercial Real

Estate order intake

o/w 36% wood-frame projects

22 short term shared workplace locations

(Morning Coworking)

20 million of sq.m under management

>11,000 employees

Women make up 34% of the Club 1797

18% of the share capital held by

employees and managers

Winner of many high profile calls for

proposals

540.400 sq.m in the Ville & Projet

portfolio

✓

✓

✓ ✓

✓

✓ : 2019 target exceeded

PIPELINE (development)

o/w backlog

o/w business potential

€20.4bn€5.1bn, +14%

€15.3bn, +7%


A growth track record (2014-2019)

GROUP REVENUE(€m)

NEW HOME RESERVATIONS(in volume)

2014 2019

10,365

21,837

4,499

2014 2019

2,632

X1.7vs 2014

X2.1vs 2014

* total shareholder return at 31 December 2019, i.e +13% on average per year

TSR*

+84%since 2014

484

2014 2019

1.065

SERVICES REVENUE(€m)

X2.2vs 2014

CURRENT OPERATING PROFIT (€m) AND MARGIN RATE

184353

2014

7.0% 7.8%

2019

X1.9vs 2014

>11,000 EMPLOYEES


DEVELOPMENTXX SERVICES

16% of 2019 revenue generated by integrated development / services solutions (€725m)

45

2019

320

360

725

Development of Serviced ResidencesManagement of Serviced ResidencesProperty management to individuals and Distribution

Villes & Projets

~€250mon average per yearbetween 2015 and

2019

Future growth trend +15% per year +10% per year +/- stable

2019 revenueIn €m

▪ Projects sourced by urbanregeneration (Villes & Projets) activities have a 3 to 4 points higher margin level compared to Group level

Nexity Solutions EntrepriseIntegrated offers

ongoing


Corporate Responsibility

Strong partnerships

▪ Humanité & Biodiversité

▪ Nexity Non Profit: 777 housing units in family shelters secured in 2019

Targets in terms of reducing GHG emissions by 2030:

Performance recognised by non-financial rating agencies

4th place overall (230 companies) compared to 12th place in 2018

France’s #1 low-carbon developer

One of the 12 French companies selected by Bloomberg in its GEI Index 2020, on gender equality

Climate change A- in 2020, Nexity part of the 6% best scores worldwide, all sectors

Create social, environmental and economic value through5 committments:

Be recognised as a preferred employer

Better access to housing and higher-quality neighbourhoods

Better building practices for higher quality of life at work

Upholding high standards in corporate governance and business ethics

Designing sustainable, responsible cities

Supported by an involved governance:

▪ Stakeholder committee

▪ Dedicated committees: Strategy Committee and Board of Directors

• -35% per employee• -30% per new home delivered• -21% per sq.m of floor area for office space delivered

€240m inaugural Green Bond issue

• 1st green bond issued by a developer in France

▪ Residential Real Estate with a level of energy performance belonging to the top 15%

2019 Financial results


2019 P&L statement

+9%

+10%

-17%

* Of which €2m change in fair value of the ORNANE bond issue** Based on average number of shares outstanding over the period

-42%

-5%

-18%

In million of euros FY 2019 FY 2018

Revenue 4,498.8 4,135.0

EBITDA 572.9 523.0

% of revenue 12 .7% 12.6%

Current operating profit 353.2 372.7

% of revenue 7.9% 9.0%

Remeasurement of Ægide-Domitys following acquisition of control - 79.2

Operating profit 353.2 451.9

Net financial income / (expense) (78.2) (51.7)

Fair value adjustment of the ORNANE bond issue (2.0)

Income tax (103.6) (113.1)

Share of profit/(loss) from equity-accounted investments 0.0 (4.7)

Net profit 169.4 282.4

Non-controlling interests (8.7) (5.5)

Net profit attributable to equity holders of the parent company 160.7 276.9

Non-recurring items* (2.0) 79.2

Net profit attributable to equity holders of the parent company before non-recurring items 162.7 197.7

In euros

Net earnings per share** 2.90 4.95

Net earnings per share* before non-recurring items 2.92 3.53


2019 revenue

(in M€)

Total

Development

Services

Individual Clients Commercial Clients Group*

20192018

3,550

4,014

+13%

▪ €4,279m on a like-for-like basis (+4%)

* o/w Other activities: €0.9m in 2019 and €4.3m in 2018

2018 2019

4,135

4,499

+9%

581

2018 2019

484

-17%

2018 2019

2,648

3,049

+15%

20192018

512

384

-25%

Residential Real EstateLFL: +12%

Commercial Real Estate Total Development

Services to individualsLFL: -3%

Services to companiesLFL: +12%

Total Services

2018

902

2019

965

+7%

2018 2019

6999

+45%

20192018

3,160

3,433

+9%

20192018

970

1,065

+10%


EBITDA and margin rates in 2019

(in €m and in %)

Total

Development

Services

2018 2019

477(13.4%)

540(13.4%)

+13%

2018 2019

523(12.6%)

573(12.7%)

+10%

2018

62(12.8%)

2019

72(12.3%)

-14%

2018 2019

304(10.0%)

284(10.7%)

+7%

20192018

65(12.7%)

43(11.1%)

-34%

2018 2019

194(21.5%)

236(24.5%)

+22%

2018 2019

7(10.0%)

19(19.1%)

+175%

20192018

348(11.0%)

346(10.1%)

-1%

2018 2019

201(20.7%)

255(24.0%)

+27%

▪ €525m on a like-for-like basis (stable)

▪ €403m after leases (IFRS 16) in 2019

* o/w Other activities: -€29m in 2019 and -€26m in 2018

Individual Clients Commercial Clients Group*

Residential Real Estate Commercial Real Estate Total Development

Services to individuals Services to companies Total Services


Simplified balance sheet at 31 December 2019

918

239

908

1,598

1,019

828

1,757

102

Lease liabilities(IFRS 16)

Right-of-use leased assets

ASSETS EQUITY AND LIABILITIES

WCR

Other assets

Goodwills

Provisions

Equity(incl. non-controlling interests)

Net financial debtbefore lease liabilities

Total net debt: €1,826m

(in €m)


Change in 2019 working capital requirement (WCR)

(in €m)

762875

87

9048

Individual ClientsReal Estate Services

to Individuals

Commercial Clients

+116

Individual ClientsResidential Real Estate

Other Activities (incl. Income tax)

+3

2018

-2 +6 54

2019

896

1,019

+123 M€

Individual Clients: +€114m

▪ Controlled Residential Real Estate WCR growth due to the dynamism of business activity

▪ BFR to Backlog ratio stable for development activities at around 20%

Commercial Clients

Individual Clients

Other Activities (incl. Income tax)


Change in net financial debt before lease liabilities

-757

-98

-179

-170

-164

Interest and tax payments (incl. CVAE)

2018

+558

Repayment of lease liabilities

-8

EBITDA excl. Asset disposal

-36

-64

Change in operating WCR

Dividend and share buyback programmes

CAPEX Financial investments and other*

Change in non controlling interests

-918

2019

+€161m

▪ Decrease of net financial debt after its peak on 30 June 2019 (€1,120m)

* Financial investments and other mainly correspond to Guy Hoquet l’Immoblier and Nexity Conseil et Transaction sale prices (net of cash disposed), to external growth (Accessite) and to new financial investments

2.3xEBITDA after leases

12-month rolling basis (€403m)

2.5xEBITDA after leases

(indicative targetgiven in June 2018)

(in €m)


2019 Cash-flow statement

In €m FY 2019 FY 2018

Cash flow from operating activities before financial and tax expenses 544 508

Cash flow from operating activities after financial and tax expenses 377 350

Change in operating WCR (excluding tax) (98) (102)

Change in tax-related working capital, dividends from equity-accounted investments and other 11 22

Net cash from / (used in) operating investments (60) (48)

Free cash flow 230 222

Net cash from / (used in) financial investments 6 (73)

Repayment of lease liabilities (170) (104)

Dividends paid by Nexity SA (138) (140)

Net cash from / (used in) financing activities (excluding dividend) 414 46

Change in cash and cash equivalent 341 (50)

2019Business activity

2019 Business activity

Individual Clients

Residential Real Estate


Residential Real Estate: an undersupplied market

Estimated market share: 14.2% in 2019,

up 3 pts since end-2017

Reservations growth up 19% since end-2017

Normative margin: 10%

Mortgage ratesDemographicsStability of tax incentives

Increase in construction costs and land prices

Municipal elections approaching

20142011 20182013 20152012 20172016

121,100

2019e

105,900 108,600 107,500

125,600

153,900168,600

157,600 ~154,000

-2%

Retail sales Bulk sales

KEY FIGURES

INDIVIDUAL CLIENTSResidential Real Estate

Sources: Commissariat Général au Développement Durable (Base Sit@del2) for retail sales – Fédération des Promoteurs Immobiliers for bulk sales– Nexity estimations for 2019

SUCCESSFULL MULTISERVICES, MULTIPRODUCTS AND MULTIBRAND GROWTH STRATEGY

More than 32 products covering first-time homebuyers,

social housing and intermediate housing, themed housing and specific uses

External growthNew markets Patrimoine et Valorisation, Multi-

generational serviced residences, In-house growth projects

Partnerships Nexity Partners


Dynamic Nexity Residential Real Estate new home reservations

4,634

2014 2017

21,837

15,893

2015

3,618

2016

6,600

4,757

2018

7,794

4,557

5,603

3,883

10,365

2019

11,741

18,35119,609

+18%in Q4 2019vs Q4 2018

715 773

951

922909

1,327

201720162014 2015

1,150

1,529

2018 2019

3,564

2,943

1,9242,285

3,9154,362 +15%

in Q4 2019vs Q4 2018

Q1 Q3Q2 Q4

+11%compared to 2018*

+11%compared to 2018*

▪ Total reservations: 24,566 units (incl. Subdivisions and international): +11% in volume and +13% in value• o/w Subdivisions: 2,088 units (+1%)

worth €177m (+5%) • o/w International: 641 units (x1,8)

worth €100m (x3,1)

(in volume - in units, including Ægide from 1st July 2018)

(in value - in €m incl.VAT, including Ægide from 1st July 2018)


* +8% by volume and by value on a like-for-like basis

▪ Individual Investors: 45% of total sales, up 19% compared to 2018 (o/w 55% using Pinel scheme)

▪ Strong growth of serviced residences: up 53% compared to 2018 and representing 29% of total sales


Individual Clients

Real estate Services to Individuals


Serviced residences: a unique business model

STUDENTS2.5 million students in France

Addressable market: €6.5Bn82% of the market is widespread

Key figures124 residences representing more than 15.000 units

95% average occupancy rate

€566 average revenue per resident

12% normative current operating margin level

DEVELOPER OPERATOR

CLIENTINVESTOR

(Individual or Institutional

Investors)

VEFACLIENT

SUB-LESSEEStudentSenior

LEASE

SENIORS6 million senior people over 75 years old

60,000 housing units in independent living facilities

85% of the market is widespread

Key figures100 residences representing more than 11.700 housing units

84% average occupancy rate

€1.683 average revenue per resident excl. VAT (rent and services)

7% normative current operating margin level for residences opened since 2 years

or more

INDIVIDUAL CLIENTSServices to individuals


Senior Serviced Residences

** Indicative figures based on a development margin rate of 10% and an average operation of 120 units

Revenue, EBITDA and current operating profit breakdown by residences’ maturity

▪ 5% operating margin for residences opened more than 2 years ago▪ Operating margin growth expected, up to 7% of revenue

Change in average monthly revenue per resident

Growth in the number of residences

N+7N+6 N+…N+1N N+4N+2 N+3 N+5 N+8 N+9 N+10 N+11 N+12 N+… N+…

1.81.6

Recurring result generation during the lease almost equal to the real estate development margin**

∑ current operating profit generated during the management phase (rent + condominium management + other services) - In €m

2019 2018 Change

Rent €732 €708 +3%

Services €951 €878 +8%

Total €1.683 €1.586 +6%


51 58

3242

20182011 20142012 2013 2015 2016 2021e 2022e2020e

72

2019 2023e

15

2017

59 ~70%

2024e

25

83

36 4152

~200

100

Residences opened more than 2 years ago Residences opened less than 2 years ago

In €mNumber of

residences

Average

occupancy

rate

Revenue EBITDA

Current

operating

profit

Residences opened more than 2 years ago* 58 95% 140 52 7

Residences opened less than 2 years ago* and International 42 72% 81 21 -16

Total Serviced residences 84% 221 73 -9

* Domitys France


A wide variety of Real Estate Services to Individuals

Key figuresMore than 880,000 units under management at end-2019 :

709,000 for condominium management and 175,000 for

rental management

+46%

1,2 millions

PROPERTY MANAGEMENT FOR INDIVIDUALS- Condominium management- Rental management- Additional services (insurance,…)

BROKERAGE AND FRANCHISE- Additional services (brokerage,…)

DISTRIBUTION

Key figuresMore than 4,500 sales in 2019

of which 66% sold on behalf of third parties

Fragmented market* >1.000.000 transactions in 2019 on the existing homes market*

3.500 agencies in the 5 first franchise networks

Numerous players: developers,

contact-plateforms between developers, bubsidiaries of banking groups, wealth management companies

Key figures898 Century21 agencies in 2019, up 4% compared to end-2018

Deeds of sales up 8% compared to end-2018


* Source : Xerfi Les armes des administrateurs de biens face aux bouleversements réglementaires / dec. 2019 ; estimate Notaires de France


Commercial Clients


Commercial Real Estate: a dynamic market*

Availability of capital

New uses

Monetary policy remains accomodative

Tightening supply

Asset rotation

Construction costs / Land cost

Q2Q1 Q3 Q4

0

5

10

15

20

25

30

35

40

2011

~€36 Bn

201320102006 2007 20122008 2009 2014 2015 2016 2017 2018 2019

* Source: CBRE MarketView Investment and Île-de-France Offices Q4 2019

▪ Vacancy rate: 4.7% in Paris region returning back to the 2007 low point, limiting take-up to 2.3 million sq.m in 2019 (down 10% over 1 year), but up 1% compared to the 10-year average

COMMERCIAL CLIENTSCommercial Real Estate


Business potential* and order intake

190

403 356

151 183 216

250 166

305402

2014 20172015 2016 2018 2019

349

521

Paris region Rest of France

▪ €155m signed in Q4 2019 in the rest of France exclusively

▪ €181m signed on wood-frame projects

▪ Backlog of €456m equivalent to 14 months of activity(Commercial Real Estate revenue on a rolling 12-month basis), compared to €308m at end-December 2018

28% 23%

48%

2018

52%

2017

72% 77%

2019

1,550

2,796 2,966

+6%

Paris region Rest of France

▪ Strong visibility of around 8 years of activity▪ Sharp acceleration anticipated in revenue starting 2020

Business potential for Commercial Real Estate(in €m)

Order intake(in €m excl. VAT)

2019 target** met

* Corresponds to the total volume of potential business at any given moment, expressed as an estimated revenue excluding VAT, within future Commercial Real Estate projects, validated by the Nexity’s Investment Committee, under options or purchased land, in all structuring phases, including urban regeneration business (Villes & Projets). This business potential includes Nexity’s current supply for sale as well as its future supply**Guidance 2019 : order intake volume in Commercial Real Estate at least equal to 2018 (€349m excl. VAT)



La Garenne-Colombes (Hauts-de-Seine)

Engie: a financial and strategic development partnership

▪ Acquisition with Engie in July 2018 of a 9-hectares plot of PSA group industrial land in La Garenne-Colombes (92)

▪ Conclusion of a technological partnership to develop with Engie an ambitious general interest urban project in terms of energy transition

▪ Complex mixed programme of offices, housing, shops and a hotel, a new PSA branch, and community facilities

▪ Creation of Engie’s eco-business park for 136,000 sq.m, the largest private project in Greater Paris

▪ Just under € 1 billion in revenue for Nexity's share in the eco-business park

13 July 2018

Land acquisition

2019/2020

Building permits preparation

Permissions obtention

2020

Scheduled signing of the off-plan sale (VEFA)

2021

2022

2023/2024

Scheduled delivery of the Engie campus

2024

Dec.2019Purchase

commitment signing with Swiss Life Asset

Managers



Main orders of the period

TÉRÉNÉO – GRAND CARRÉSainghin en Melantois (Nord) Wood-frame offices – 7,000 sq.mDelivered

EVIDENCESaint-Ouen (Seine-Saint-Denis) Offices – 16,000 sq.mScheduled delivery: 2020

ECO CAMPUS DELOITTEBailly-Romainvilliers (Essonne) Eco-campus – 22,000 sq.mScheduled delivery: 2021

LYON VAISELyon (Rhône) Offices – 13,300 sq.mScheduled delivery: 2022



1,2 millions+46%

1,2 millions

* Source: Xerfi : le marché du property management à l’horizon à 2022 / July 2019 ; Bureauxàpartager.com, « Indice du coworking » 2019

~15 operators with units under management above 2 million sq.m*

Nexity #1 in property management in 2019*

Property Management key figures20 million sq.m under management at end-2019 (up 5%

compared to end-2018)

Of which 1 million sq.m for Accessite (Retail premises)

New service offering

Revenue: €62m in 2019, up 13% LFL compared to 2018

MANAGEMENTPROPERTY MANAGEMENT- Commercial Real Estate advisory- Space planning

Real Estate services to Companies

COMMERCIAL CLIENTSReal Estate Services to Companies

Morning Coworking key figures

22 coworking spaces at end-December 2019

More than 60,000 sq.m (up 35% compared to end-2018)

6,700 workstations

Revenue: x6 compared to 2016 (€30m in 2019)

1,700 spaces in France, of which 35% in the Paris region and 23% inside Paris*

Nexity one of the leaders in the Paris region in 2019*

OPERATIONCOMPLETE OFFERING


Local Authority

Clients


Urban regeneration

ASNIÈRES (92) – 43,300 sq.m

GrandParis

LE BLANC-MESNIL (93) – 20,500 sq.m

GrandParis

BRY-SUR-MARNE / VILLIERS-SUR-MARNE (94) – 140,000 sq.m

GrandParis

SAINT-OUEN (93) – 43,900 sq.m

GrandParis

MONTREUIL ACACIAS (93) 48,240 sq.m (Nexity’s share)

GrandParis

BORDEAUX BELVÉDÈRE (33)40,200 sq.m (Nexity’s share)

▪ Portfolio at 31 December 2019*: ~540,400 sq.m (down 15% vs 31 Dec. 2018) ; Sales of development rights for around 137,000 sq.m

SOLLIÈS-PONT (83) – 29,500 sq.m SAINT-PRIEST (69) – 59,650 sq.m

* Floor areas are provided for information purpose and may be subject to adjustment once administrative authorisations have been obtained

LA GARENNE-COLOMBES (92) 99,960 sq.m (Nexity’s share)

GrandParis

VILLES & PROJETS

LAND REDEVELOPMENT INVESTMENT FUND

LAND BANK▪ €120m at end-December 2019, stable comapred to 2018 –

Due to stiff competition and the rise in land prices, the Group has

had to set up a strategy to take positions on high potential plots

SAINT-JEAN-DE-LA-RUELLE (45) 14,200 sq.m (Nexity’s share)

Athletes’ village in SAINT-OUEN (93) 21,200 sq.m (Nexity’s share)

2019 portfolio entries

visuel

▪ A first parcel of land located in Hauts-de-Seine (92) has been

acquired at end-2019 by Terrae Optimae 1 alternative

investment fund (in which Nexity holds a minority stake)

GrandParis

LOCAL AUTHORITY CLIENTS

Outlook


Backlog and total business potential at 31 December 2019

€15.3bn

Commercial Real Estate

€3.0bn

New homes

€10.6bn

Subdivisions

€1.2bn

International

€0.6bn

ResidentialReal Estate

€12.4bn

55,400 units 5,100 units14,500 units

75,000 units

* 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**Corresponds to the total volume of potential business at any given moment, expressed as a number of units and/or estimated revenue excluding VAT, within future Residential Real estate projects (new homes, subdivisions and International) and Commercial Real Estate projects, validated by the Nexity’s Investment Committee, under options or purchased land, in all structuring phases, including urban regeneration business (Villes & Projets). This business potential includes the Group’s current supply for sale, its future supply corresponding to project phases not yet marketed on purchased land, and projects not yet launched associated with land secured under options

Development business potential**

465

308

3,526

Dec. 2017restated

4,469

4,161

Dec. 2018

456

4,640

Dec. 2019

5,095

3,991

+14%

Residential Real Estate Commercial Real Estate

Backlog*(in €m)


2020 targets and 2021 ambition

(1) Pending the decision of Nexity’s Board of Directors and approval of the Shareholders’ Meeting

2017 2021e20192018

3.6

2020e

4.14.5

>5.3CAGR +12%

461

523573

2019 2020e2017 2018 2021e

>680CAGR +11%

2020 target 2021 ambition

▪ Revenue of at least €5.3bn (compound annual growth of +10% since2017)

▪ EBITDA of at least €680m (compound annual growth of +10% since2017) around 45% of which to be generated by Services businesses

▪ Dividend per share of at least €2.70(1) relative to 2020 and 2021 financial periods

REVENUEIn €bn

EBITDAIn €m

▪ Revenue to grow by more than 10%

▪ EBITDA and current operating profit to grow by +10%

▪ Dividend paid in 2020(1) at €2.70 per share


3.2%

14.6%

69.4%

5.3%

6.4%

(1) /w treasury shares: 606,.419 shares (1.1%)

(2) New Port: 8.1%

(3) o/w FCPE (Nexity Actions and Nexity Levier 2017): 2.7%

56,129,724 shares(1)

Nexity’s ownership structure

31 DECEMBER 2019

5.3%

14.6%

3.2%

6.4%

69.4%

FCPE and other employees (3)

A. Dinin, New Port (2) and other Nexity’s managers belonging to the concert group

Crédit Mutuel Arkéa

Crédit Agricole Assurances

Free float

Concert group19.9%

Appendix


Leadership positions in development and in services activities(1)

(1) Calculated on the basis of market data for 2018

(2) Market share over the 2014-2018 period for offices in the Paris region

(3) Including Century 21

(4) Market share calculated on revenue

(5) Market share calculated on number of locations opened in the Paris region (250 locations – source Cushman & Wakefield)

N0.3IN COMMERCIAL REAL ESTATEMarket share: 6.2%(2)

N0.1IN PROPERTY MANAGEMENT

based on revenue• Condominium managementMarket share: 7.8%•Rental managementMarket share: 8.3%•BrokerageMarket share: 4.6%

N0.2IN PROPERTY MANAGEMENT FOR INDIVIDUALS(3)

Market share: 12.4%• Retail sales: 9.8%• Bulk sales: 24%

N0.1 IN RESIDENTIAL REAL ESTATE

N0.1IN SERVICED RESIDENCES

• StudentsMarket share: 14.8%• Seniors Market share: 21.1%

N0.1IN COWORKING SPACES IN THE PARIS REGION

Market share: 8%(4)

Grand Paris’ market share(Paris region): 15.4% (Reservations in the Paris regionrepresent 44% of the expectedrevenue from reservations)


Long term trends for housing

Estimated number of homes required per year by 2040(in thousands of units)

Obsolescence

Plugging the constructionshortfall

Regional population shifts

2040according to Nexity

Growth in number of households

DEMAND FOR AT LEAST 400,000 NEW HOMES PER YEAR BY 2040, VS AN AVERAGE OF 337,000 RESERVATIONS BETWEEN 2012 AND 2018

137 128 104 103 113 135 120

101 117107 109 124 113 109

84 8583 100

127 130128

322

20172012 2013 2014 2015 2016 2018

330294 312

364 378357

Developers (1)Sales

Social housing (2)Financing authorisations

Single-family houses (3)Sales

400-450k units(Nexity estimate)

(1) Gross sales by developers, i.e. individual and collective housing taken together - source: Commissariat Général au Développement Durable(2) Number of homes financed, outside ANRU urban regeneration areas - source: Ministère de l’égalité des territoires et du logement –Bilan des logements aidés 2012-2017 – Ministère de l’égalité des territoires et du logement for 2018(3) Contracts for the construction of detached and semi-detached houses - source: Union des Maisons Françaises 2012 – LCA/FFB for 2017 and 2018

4 millionpeople in substandard housing and 12.1 million people in fragile situations(1)

32 millionhouseholds by 2030, +4 million compared to 2015 (2)

42%of single people households by 2030,13 million (2)

(1) Annual report #24 de la Fondation Abbé Pierre – Feb. 2019 (2) Observatoire et statistiques n°135 – August 2012(3) Insee – DGFIP-Cnaf-Cnav-CCMSA, fichier localisé social et fiscal(4) In 2017 – source: L’économie française, 2018 edition - Insee Références

25%share of housing spendings in householdsconsumption expenditure in France (4)

€22,680Average annual income (median) needed to buy a 2 room apartment of 43 sq.m in France(3)

€18,972Average annual income (median) of a single adult in France, ie €1,581 / month(3)


Revenue from contracts with customers - residential

▪ Percentage-of-completion principle for real estate development activities in France: percentage of completion must be calculated based on all inventoriable costs (including land)


Revenue from contracts with customers - commercial

M3M0 M18

37.5%

61.1%

M6 M9 M12 M15

100.0%

M21

Off-plan sale agreed

Delivery

39

24

38

Q4 N N+1 N+2

4753

N+2Q4 N N+1

RevenueRevenue

Pattern of revenue recognition for a typical commercial development in the inner suburbs of Paris (land: 30% of cost)

Impact of the month in which an agreement is sealed (as a % of development revenue)

SCENARIO 1:AGREEMENT IN Q4 N

Difference between two scenarii: -38 +29 +8

SCENARIO 2:AGREEMENT IN Q1 N+1

▪ Faster recognition of revenue and margins with corresponding decrease in the backlog

▪ Operating profit more closely correlated to fluctuations in business activity


Cash flow profiles for VEFA off-plan sales

RESIDENTIAL REAL ESTATE for individual clients

RESIDENTIAL REAL ESTATE for social housing operators, with progress payments

COMMERCIAL REAL ESTATE

Assumptions by Nexity, basis of 100

Cash outflows

Cash inflows

Net cash

Purchase of landPurchase of land Purchase of land

110

94

62

28

4

-100

-85

-71

-56-38

-25

-5-2

-29

Q4Q3Q2Q1 Q8

10

Q7

9

Q6

-9

Q5

107

95

70

35

55

-100

-78

-64

-49-35

-20 -30-15

00

Q8

7

Q7

17

Q6

6

Q5

-14

Q4Q3Q2Q1

110

99

83

665555

-100

-84

-68

-52

-36

-21

0014

Q4

19

Q3

34

Q2Q1

15

Q5 Q7Q6

10

Q8

15


#

Leases

Figures at 31 December 2017

# Scope: Leases of buildings used for business operations, IT equipment, future 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 IMPROVEMENT IN CASH FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL AND IN EBITDAINCREASE IN DEBT


Client mix

First-time buyers: +5%

Individual Investors: +19%

Other homebuyers : -28%

InstitutionalInvestors: +13%

Social landlords: +9%

Bulk sales: +11%(LFL: +9%)

Retail sales: +12%(LFL: +5%)

17%

45%

17%

19,609

9%

24%

2017

44%

18%

5%

23%

13%

42%

13%

4%

2018 2019

23%

3%

18,351

21,837

Volume(in units, including Ægide from 1 July 2018)

▪ Individual Investors: 45% of total sales, up 19% compared to 2018 (o/w 55% using Pinel scheme)

▪ Strong growth of serviced residences: up 53% compared to 2018 and representing 29% of total sales



Breakdown by geography for Nexity new home reservations

Paris region

Rest of France

▪ Retail sales: up 12% of which +12% in Paris region, +12% for the rest of France▪ Bulk sales: up 11% of which +18% in Paris region, +6% for the rest of France

62%63%

37%

61%

38%

39%

2017 2018 2019

18,35119,609

21,837

+11%

44%

56%

2018

46%

54%

44%

2017

56%

2019

3,5643,915

4,362

+11%

+14%

+10%

+11%

+11%

Value(en €m incl. VAT, including Ægide from 1 July 2018)

Volume(in units, including Ægide from 1 July 2018)



Nexity new homes: price trends

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

265.8

192.0184.2

257.4

250.5

261.5

213.6

256.8

218.0

196.7

267.3

264.8

223.8

206.8

265.4

231.0

Rest of France: +5.1%

Paris region: -0.6%

Paris region excl. Paris: +0.2%

France: +3.2%

Retail slaes 2018 2019 Change

Average home price incl. VAT (sq.m.) 4,045 4,223 +4.4%

Average surface area per home (sq.m.) 55.3 54.7 -1.1%

Average price incl. VAT per home (€k) 223.8 231.0 +3.2%

▪ Decrease in average surface area mainly linked to the increase of sales to individual investors (up 19%)

Average prices(in thousand of euros, excl. PERL, iSelection, Ægide, International and bulk sales)



Nexity new homes: supply for sale

4,202

2010

26%

52%

2%

2009

9,005

46%

2008 2011 2012 20172013 2014

6,773

2015

3,542

2016

2%

67%

31%

2018

73%

2019

1%

6,988

3,663

5,0584,293

5,313

6,438

8,651 8,859

-2%

New homes project phase New homes under construction Completed new homes

* Take-up period: available market supply / reservations for the last 12 months, expressed in months

▪ Take-up period * of 4.9 months in 2019 (compared to 5.5 in 2018)

▪ Completed new homes: 104 unitsat end-2019

▪ Pre-sales rate: 73% at end-2019 (compared to 69% at end-2018)

Curent supply for sale(in units, excl. International and including Ægide from 1 July 2018)



2.5 YEARS OF BUSINESS ACTIVITY

Business potential* for new homes

72%

28%

41%

2009 20112010 2012 2013 2015

53,602

2016 2017

44%

56%

2018

59%

201920142008

22,82419,057

21,285 23,143 23,941 23,100 24,832

34,453

41,813

47,560

55,354

+3%

Rest of France Paris region

(in units, excl. International and including Ægide from 1 July 2018)

▪ Business potential represents €10.6bn in potential revenue excl. VAT at 31 December 2019, or 3.7 years of potential revenue (rolling 12-month basis)


* Corresponds to the total volume of potential business at any given moment, expressed as a number of units and/or estimated revenue excluding VAT, within future Residential Real estate projects (new homes, subdivisions and International), validated by the Nexity’s Investment Committee, under options or purchased land, in all structuring phases. This business potential includes the Group’s current supply for sale, its future supply corresponding to project phases not yet marketed on purchased land, and projects not yet launched associated with land secured under options


Serviced Residences

124 residences and 15,400 managed units at end-2019

4 openings in 2019 in Villeneuve d’Ascq (Nord), Amiens (Somme), Toulouse (Haute-Garonne) et Malakoff (Hauts-de-Seine)

2 closings of residences during 2019 in Nice (Alpes-Maritimes) and Toulon (Var)

Rolling 12-month occupancy rate stands at 94.7% at end-2019 (compared to 92.9% at end-2018)

STUDENT RESIDENCES SENIOR INDEPENDENT LIVING FACILITIES

100 residences and 11,700 managed units at end-2019

17 openings in 2019

Rolling 12-month occupancy rate stands at 84,2% at end-2019 (compared to 82.5% at end-2018)

End-December 2019 average occupancy rate stands at 95% for the 58 residences opened more than 2 years ago (stable compared to end-December 2018)

▪ 21 openings in 2019 (above the target of more than 20 openings)

2019 targetmet



Property management for individuals and Distribution

2016

726

172

898

2017

721

168

890

2018

721

175

897

2019

709

175

884

Condominium management

Rentalmanagement

* LFL churn in 2019: -1.5% (-1.4% at end-2018)

Century 21

-1.4%*

▪ 898 agencies in 2019 (up 4% compared to 2018)

919924 701

759

3,592

2017 2019

3,244

4,670

3,9113,590

2016 2018

4,163 4,514 4,293

+9%

iSelection PERL

▪ 2.528 reservations on behalf of third-parties at end-2019, up 4% compared to end-2018

Distribution – Total reservations(in units)

PMI – Units under management(in thousands of units)



Athletes’ village – Saint-Ouen (Seine-Saint-Denis)

▪ The consortium composed of Nexity, Eiffage, CDC Habitat and Groupama wasselected as a winner in November 2019 for the sector E of the athletes’ villagelocated in Saint-Ouen-sur-Seine (Seine-Saint-Denis)

▪ ~53,000 sq.m total floor area comprising 525 housing units, an officebuilding, a childcare centre, and business and retail premises which will hostjust over 2,500 athletes in the summer of 2024

▪ Project reversibility that will host, starting in 2025, a new neighbourhood

▪ Project’s carbon footprint 75% smaller than for the London Olympics(resource-efficient building approach wood / low-carbon concrete)



Porte de Montreuil (Paris)

▪ The consortium composed of Nexity, Engie and CréditAgricole Immobilier was selected as a winner inSeptember 2019 to transform the Porte de Montreuildistrict of Paris into a carbon-neutral area starting in2023

▪ It reaffirms Nexity’s ability to win complex calls forproposals with strong commitments to corporate socialresponsibility

▪ It is part of the “Reinventing Cities” competitionlaunched by the C40 (and backed by the City of Paris)to promote greener, more sustainable urbandevelopment at sites in 15 major cities around theworld



« Inventer Bruneseau » - Projet « Nouvel R »


▪ ~100,000 sq.m between Paris (75) and Ivry-sur-Seine (94), 25,000 sq.m of offices / 50,000 sq.m of housing units / 20,000 sq.m of retail premises

▪ Carbon footprint divided by 5 compared to the Parisian average


Reconciliation between 2019 EBITDA and current operating profit

573

353+8-12

EBITDA 2019 Borrowing costs directly attributable to property developments

transferred from inventories (IAS 23)

Right-of-use leasedasset depreciation

-154

Leaseback margin

-45

Depreciation, amortisation

and impairment of fixed assets

Provision charges (-) / reversals (+)

of provisions

-16

Share-basedpayments

2019 Current Operating profit

-€220m

▪ €353m at 31 December 2019 (7.9% margin rate) compared to €373m at 31 December 2018 (9.0% margin rate)▪ Depreciation of right-of-use leased assets (under IFRS 16) in 2019 : €166m compared to €103m at end-December 2018

-94 -9 -32 +5 -14 -6523 373At

FY 2018

-€150m

(in €m)


10.0%

7.9%8.9% 8.7%

11.0%

9.0%

20192018 20192018 20192018

8.9%8.7%9.3% 9.8%

12.3%10.5%

20192018 20192018 20192018

11.9%

9.7%

1.5%

11.1%

1.6%

8.9%

20192018 20192018 20192018

Indivudual Clients

Total(in % of revenue)

Development(in % of revenue)

Services(in % of revenue)

2019 Current Operating margin levels

Commercial Clients Group

Residential Real Estate Commercial Real Estate Total Development

Services to individuals Services to companies Total Services


Change in development margins over the last 5 years

20162014 2015 20182017 2019

9%

10%

19%

15.4%

10.2%

18.5%18.1%

12.7%11.1%

Residential Real Estate(EBITDA margin in % of revenue)

201920152014 20182016 2017

19%

9%

10%

11.0%

8.7%

10.0% 10.2%10.7%

10.0%

Normative level

Commercial Real Estate(EBITDA margin in % of revenue)

Normative level


Financial debt schedule before lease liabilities

38156(6)

20242020 202320222021 2025 2026 2027

413(1) 442(2)

26

582(3)

362(4)

134(5)

(1) Including €25m of bonds issued in May 2014 (2020)

(2) Including €146m of bonds isseud in May 2014 (2021)

(3) €270m of convertible bonds (incl. shareholders’ equity) issued in May 2016 (maturity date 1 January 2023) + €30m of bonds issued in June 2017 (2023)

(4) €121m of bonds issued in June 2017 / €200m of convertible bonds issued in March 2018 (2025)

(5) Including €84m of bonds issued in December 2019

(6) €156m of bonds issued in December 2019

▪ 32% of debt with maturity >5 years

▪ Average maturity: 3.7 years

▪ Cost of financing (debt drawn down): 2.3% at end-December 2019 (2.6% in 2018)

▪ Gross debt at 31 December 2019: €2,034m

1,557

120

357

€2,034m

Corporate borrowings Project related loansNEU CP

(in €m)

▪ Inaugural issue of a €240m Green Bond in December 2019: €84m maturing in 2026 and €156m maturing in 2027


Breakdown into development and services

in €m2017

restated

2019

Realised

2018

Realised

2019

Realised

2018

Realised

2019

Realised

2018

Realised

2019

Realised

2018

Realised

Residential Real Estate 2.350 3.049 2.648 304 284 288 270 265 246

Commercial Real Estate 343 384 512 43 65 42 64 41 63

0 0

Development 2.693 3.433 3.160 346 348 329 334 305 309

Change +8,6% +17,4% -0,6% +15,6% -1,4% +16,6% -1,3% +12,2%

as a % of revenue 10,1% 11,0% 9,6% 10,6% 8,9% 9,8%

PMI, franchises, Property Management 416 426 428 92 74 73 57 57 46

Serviced residences, MorningCoworking 88 348 183 132 70 8 6 3 9

Distribution (PERL, Iselection) 369 290 359 31 56 30 55 35 53

Services 874 1.065 970 255 201 110 118 95 108

Change +9,7% +11,0% +27,1% +10,2% -6,4% -3,4% -12,3% +2,5%

as a % of revenue 24,0% 20,7% 10,4% 12,1% 8,9% 11,1%

Other activities 4 1 4 -29 -26 -37 -34 -47 -45

GROUP 3.571 4.499 4.135 573 523 403 418 353 373

Change +8,8% +15,8% +9,5% +13,5% -3,6% +9,7% -5,2% +10,3%

as a % of revenue 12,7% 12,6% 9,0% 10,1% 7,9% 9,0%

EBITDA

IFRS 16

EBITDA

(after leases)Current operating profitRevenue


Capital employed at end-2019

In millions of euros

2019

Total

Non-current assets

Right-of-use

assets WCR Goodwill

Developement 1,071 34 45 992 -

Services 949 183 748 19 -

Other activities and not attributable 1,714 71 36 9 1,598

GROUP 3,734 288 828 1,019 1,598

In millions of euros

2018

Total

Non-current assets

Right-of-

use assets WCR Goodwill

Developement 973 39 43 891 -

Services 855 174 665 16 -

Other activities and not attributable 1.666 48 49 (10) 1,579

GROUP 3,494 261 757 896 1,579


Dividend

2020*2014 2015 2021*2016 2018 20192017 2022*

2.0 2.02.2

2.4 2.5 2.52.7 ≥2.7 ≥2.7

~100% 71% 93%80%

Paid in:

in € per share

Payout ratio(as a % of EPS):

* Pending the decision of Nexity’s Board of Directors and approval of the Shareholders’ Meeting

Tél. : +33 (0)1 85 55 12 12

19, rue de Vienne 75 008 Paris

Documents

2019 FULL-YEAR RESULTS · SUCCESSFULL MULTISERVICES, MULTIPRODUCTS AND MULTIBRAND GROWTH STRATEGY More than 32 products covering first-time homebuyers, social housing and intermediate