2020 half-year results

2020 HALF-YEAR RESULTS INVESTOR PRESENTATIONJULY 2020

2Nexity / Investor presentation – July 2020

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, notably due to economic, financial and competitive uncertainties. Furthermore, it is possible that some of the risks described

in Chapter 2 of the Universal Registration Document filed with the AMF under number D.20-0280 on 9 April 2020, as modified by an

amendment filed with the AMF on 28 April 2020, could have an impact on the Group’s operations and the Company’s ability to achieve its

targets. Accordingly, the Company cannot give any assurance as to whether it will achieve its stated targets, 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.

Disclaimer


H1 2020 Financial performance

€163m ; -28%

€7m

Revenue

EBITDA

€1,716m ; -7% vs H1 2019

€50m

€1,381m (€2,268m incl. lease liabilities)

€1,309m ; +28% compared to 2019

Current operating profit

Net profit Group share

Net financial debt before lease liabilities

WCR


H1 2020 Business activity

Residential Real Estate

Services to individuals

Commercial Real Estate

Other KPIs

New home reservations in France • 9,451 units (stable compared to H1 2019)• €2,023m (+5% compared to H1 2019)

Order intake: €219m+59% compared to H1 2019

Serviced residences • Seniors (Domitys): + 7 residences (107 residences)• Students (Studéa): 124 residences

Backlog: €5.7bn, up +11% vs end-2019Business potential: €14.9bn

Property Management• Resilient activity (no churn in H1 2020)


Activity on construction sites

Implication of the public-health crisis (Covid-19) in H1 2020 New homes

▪ Construction sites operational after a halt

▪ Strong recovery of the business activity since the beginning of June: reservations, signing of notarial deeds

▪ Cash inflow with a very satisfactory performance in June

Notarial deeds – Retail sales

MayApr. JuneMar.Jan. Feb.

+43%

100

We

ek 1

3

We

ek 1

0

We

ek 1

We

ek 5

26%

We

ek 1

5

We

ek 2

0

We

ek 2

2

We

ek 2

5

We

ek 2

9

Gross reservations – Retail sales(base 100 in 2019)

100

53%

June

43%

Jan AprMarFeb May

Cash inflow / outflow(base 100 in 2019)

Inflow Outflow + Land

Lockdownperiod

Sub-activity: -57%

0

20

40

60

80

100

Jun. Jul.Jan. Feb. Mar. Apr. May.

2019 2020


Macroeconomic environment

Synthetic index – Household confidence

GDP Growth in volume – France

Sources: Observatoire Crédit Logement and Finance Active

Low interest rates5.07%

20

12

Q4

20

18

1.51%

20

08

20

14

20

11

20

10

Q2

20

19

20

09

20

13

2.20%

20

15

20

16

0.80%

20

17

-0.01%

1.25%

Q1

20

18

Q2

20

18

Q3

20

18

Q1

20

19

Q3

20

19

Q4

20

19

Q1

20

20

Q2

20

20

Mortgage loan rate (last month average rate) TEC 10 (average rate on the period)

108

80

108104

88

102

97

20

10

20

12

20

15

20

11

20

07

20

08

20

17

20

09

20

13

20

16

20

14

20

18

20

19

Jun

e

Source: INSEE

Unemployment rate Year-on year in %


Building permits and housing starts

Building permitsHousing starts

May

-17

May

-18

May

-20

May

-19

481,600 487,600

449,200

409,600

-8.8%

May

-17

May

-18

May

-20

May

-9

368,800

398,200

425,000

410,500

-10.2%

Sources: Commissariat Général au Développement Durable

▪ The 2nd round of local elections at the end of June should begin to alleviate the shortage of supply

▪ Changes in local government could prompt a reassessment of local urban planning policies, and a longer freeze in building permits grants

INDIVIDUAL CLIENTSResidential Real Estate


A market still undersupplied but impacted by the crisis

(in units)

201620142011 2015

108,600

20132012

163,600

2017 2018 2019 2020e

121,100

105,900 107,500

125,600

153,700

169,000162,600

~ 125,000

~ -25%

Retail sales Bulk sales

Demographics

Stability of tax incentives in supply-constrained areas

Support of institutional investors

Decrase in building permits amplified by thelockdown

Tightening of credit conditions (HCSF guidelines)

Economic situation of the construction industry

Taxation on housing



Nexity new home reservations in France

4,2885,603

7,794

3,506

8,252

H1 2020H1 2017 H1 2018

5,7944,634

3,618 3,883

H1 2019

3,657

9,486 9,451

StableIn H1 2020 compared to H1 2019

Q1 Q2

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

Breakdown by clients

▪ Total reservations (incl. Subdivisions and International): -1% in volume and +5% in volume

– o/w Subdivisions: 657 units (-20%) worth €55m (-17%) – o/w International: 239 units (+38%) worth €36m (x 2,3)

▪ Bulk sales (52% of H1 2020 reservations): Integration of 2,686 reservations with building permits that have been cleared made following the firm commitment signed with CDC Habitat in April 2020. The balance of around 4,800 units will be gradually recognized in reservations as final planning permissions are secured

▪ Retail sales (48% of H1 2020 reservations): Decrease linked to the decline of the business activity during the lockdown

First-time buyer: -26%

Individual investors: -35%

Other homebuyers: -51%

Institutional investors: X 4,1

Social landlords: -18 %

H1 2019

19%

9%

16%

48%

4%20%

36%

2%

32%

14%

H1 2020

9,486 9,451Bulk sales:

+85%In H1 2020 compared to H1 2019

Retail sales:

-33%In H1 2020 compared to H1 2019



Nexity new homes: price trends

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

264.8

223.8

192.0

261.5267.3

196.7

218.0

256.8

206.8

265.8

265.4

231.0

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

Retail sales H1 2019 H1 2020 Change

Average home price incl. VAT (sq.m.) 4,144 4,286 +3.4%

Average surface area per home (sq.m.) 54.9 56.5 +2.9%

Average price incl. VAT per home (€k) 227.3 242.1 +6.5%

Rest of France: +5.1%

Paris region: -0.6%

Paris region exl. Paris: +0.2%

France: +3.2%

Average price trends by regionIn €k incl. VAT / home

H1 2019 H1 2020 Change

Paris region 260.3 292.3 +12.3%

Paris region exl. Paris 259.7 292.2 +12.5%

Rest of France 202.6 208.1 +2.7%

France 227.3 242.1 +6.5%



Nexity new homes: supply for sale

2%

2011

5,058

9,005

4,202

46%

2008

5,313

2009

3,663

20162010 2012 2019

4,293

2013 2015 2017 2018

6,438

1%

26%

73%

1%

73%

2014

8,651

52%

26%

H1 2020

6,988

3,542

6,773

8,859

7,097

-20%

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

New homes in project phase New homes under construction Completed new homes

▪ Very high pre-sales rate: 80% at end-June 2020 (compared to 74% at end-June 2019)

▪ Take-up period* of 3.9 months at end-June 2020 (compared to 5.0 in H1 2019 and 4.9 at end-2019)

▪ Completed new homes: 71 units at end-June 2020

Limited launches during H1 2020 (lockdown and local elections)


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


Backlog and business potential at 30 June 2020

* 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 revenue excluding VAT) within future projects in Residential Real Estate (New homes, Subdivisions and International) validated by the Group’s Committee, inall structuring phases, this business potential includes the Group’s current supply for sale, its future supply (project phases not yet marketed on purchased land, and projects not yet launched associated with land secured through options)

Business potential**(in units, excl. International and Subdivisions, including Ægide from 1 July 2018)

4,161

31 Dec. 2018 31 Dec. 2019 30 June 2020

4,6405,285

+14%

Backlog*

201820172015

35%

2016

41%

59%

2019 H1 2020

65%

34,453

41,813

47,560

53,602 55,35452,367

-5%

Rest of France Paris region

▪ Business potential represents €10.1bn potential revenue excluding VAT at 30 June 2020

▪ Growth explained by stability of reservations during H1 2020 and by a lack of technical progress during the lockdown

(in €m, incl. Subdivisions)



Acquisition of

▪ No revenue contribution during Q2 2020 (Revenue recognition mostly at the resale of the land and current model oriented toward bulk sales)

Ros

tock

Düs

seld

orf

(Fro

sch

kön

igw

eg)

▪ Nexity enters the attractive German residential market

— Size, sustainable growth potential, fragmentation, legal framework, acceptable level of risk and resilience during the health crisis

▪ Acquisition of 65% of the capital of pantera AG (March 2020) by Nexity, with 35% retained by Mr. Michael Ries, Founder and Managing director of the company

▪ pantera

— A medium-sized and agile residential developer

— Focused on serviced residences (“micro-apartments”) with additional capabilities, potential expansion of senior residences

— Multi-regional

— Current model mostly “conceptional” (resale of land plots after adding value, notably by obtaining planning and building permissions)→ Transition towards an integrated business model (covering the full real estate development value chain)

— Project pipeline (on secured plots): 0.4 Bn EUR (including JVs), 0.23 Bn (100% owned SPVs)


Property management for individuals and distribution

2018

721

175

897

2019

709

175

884

H1 2020

709

175

884

Condominium management

Rental management

PMI – Units under management(in thousands of units)

Distribution – Total Reservations (in units)

stable

277

H1 2020

2,000

H1 2019

216

1,407

2,277

1,623

-29%

iSelection PERL

▪ Activity virtually at a standstill during the lockdown, substantial recovery in June▪ 889 agencies at end-June 2020 (compared to 898 in end-2019)

Franchise network – Century 21

INDIVIDUAL CLIENTSReal Estate Services to Individuals

▪ Distribution activities: decrease in reservations linked to the lockdown period


Serviced Residences

124 residences, and 15,300 managed units at end-June 2020

Occupancy rate in June 2020 stands at 83% (compared to 85% in June 2019)

STUDENT RESIDENCES SENIOR INDEPENDENT LIVING FACILITIES

107 residences, and 12,500 units managed at end-June 2020

7 new residences opening during H1 2020

End-June 2020 rolling 12-month occupancy rate stands at 84.9% (compared to 84.2% at end-December 2019)

Occupancy rate*

60

70

80

90

100

NovMay JulyJan AugFeb AprilMar June Sept Oct Dec

2019 H1 2020

5872

42

35

2015 20182011 2012 2013 2014

107

41

2016 2017 2019 H1 2020

15

25

36

5259

72

83

100

Residences opened for more than 2 years Residences opened for less than 2 years

** Occupancy rate at end-March 2020 stands at 95% for the 72 residences opened for more than 2 years*Occupancy rate end of the month

INDIVIDUAL CLIENTSReal Estate Services to Individuals


Business potential* and order intake

Order intake(in €m excl. VAT)

33 3341

105214

H1 2018 H1 2019

5

H1 2020

74

138

219

+59%

Paris region Rest of France

▪ Sale of Influence 2.0 in Saint-Ouen (Seine-Saint-Denis), occupied by the Île-de-France Region (Buyer BNPP REIM)

▪ €373m Backlog at end-June 2020 compared to €456m at end-2019

26%

2019

72%

28%

2018

77%

23%

74%

H1 2020

2,796 2,966 2,803

-5%

Rest of FranceParis region

Business potential for Commercial Real Estate at 30 June 2020(in €m)

▪ Integrate La Garenne-Colombes project for ~€1bn (Nexity’s share), under option since Q4 2019 and scheduled to be sold at the end of 2020

* Corresponds to the total volume of potential business at any given moment, expressed as a number of units and/or revenue excluding VAT validated by the Group’s Committee, 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, its future supply (project phases not yet marketed on purchased land, and projects not yet launched associated with land secured through options). The number of years is based on the revenue on a rolling 12-month basis

COMMERCIAL CLIENTSCommercial Real Estate


Real Estate services to Companies

11.510,6

8.0

11.4

2018

8.0

2019

8.0

H1 2020

19.418.6 19.5

-0.2%

Property Management(in millions of sq.m under management)

Rental management Technical management

▪ 22 coworking spaces at end-June 2020

▪ More than 55,000 sq.m (down 8% compared to end-2019)

▪ ~6.300 workstations

▪ End-June 2020 occupancy rate stands at 77% (compared to 93% at end-June 2019)

Financial occupancy rate H1 2020

60

65

70

75

80

85

90

95

100

MarJan Feb Apr May June

COMMERCIAL CLIENTSReal Estate services to Companies


H1 2020 Results

in millions of euros H1 2020 H1 2019 % Change

Revenue 1,716.1 1,840.4 -7%

Change -6.8% -55.5%

EBITDA 163.5 226.4 -28%

as a % of revenue 9.5% 12.3%

Leases (90.1) (81.7) 10%

EBITDA after leases 73.3 144.7 -49%


Current operating profit 50.2 125.4 -60%


Financial income/(expense) (36.0) (37.4) -4%

Income tax (5.8) (31.9) -82%

Share of profit/(loss) from equity investments and non-controllong interests (1.9) (3.8) -50%

Net profit Group share 6.6 52.2 -87%


H1 2020 Revenue and lockdown estimated impacts

229

354

1 -380

1,611

H1 2019

+130

+170

portfolio impact* COVID impact portfolio impact*

-50

COVID impact

1,362

H1 2020

1,8401,716

-7%

Individual Clients

Commercial Clients

-15%

+55%

Individual Clients: -€250m Commercial Clients: +€120m

▪ Estimated Covid impact of around -€430m on revenue

* Portfolio impact corresponds to the growth in business activity carried over for Individual Clients (Increase of the backlog of Residential Real Estate at 31 December 2019, increase in the number of serviced residences for Real Estate Services to Individuals) and for Commercial Clients (sale of the completed Influence 2.0 in April 2020, with all the revenue being recognised by Commercial Real Estate upon the sale, and the increase of the number of coworking spaces for Real Estate Services to Companies)

(in €m)


H1 2020 EBITDA and margin rates

-10 -7

61(17.2%)

H1 2019 H1 2020H1 2019 H1 2020H1 2020 H1 2020H1 2019

226(12.3%)

H1 2019

209(13.0%)

110(8.1%)

27(11.8%)

163(9.5%)

-€99m

+€34m

+€3m

-63€m

Individual Clients Commercial Clients Group

(in €m and in %)

Commercial Real Estate: €53m, 17.5% margin▪ Sale of the Influence 2.0 building and good

progress on ongoing projects

Residential Real Estate: €27m, 2.8% margin▪ Overhead costs not rebilled

Services to Individuals: €83m, 20.1% margin▪ High comparison base (capital gain on

the Guy Hoquet l’Immobilier disposal in H1 2019)

Other activities


Reconciliation between H1 2020 EBITDA and current operating profit

(in €m)

163

50

-82

H1 2020EBITDA

Right-of-use leased asset depreciation

-24

Provision charge (-) / reversals (+)

of provisions

Depreciation, amortisation

and impairment of fixed assets

H1 2020 Current Operating Profit

+1 -8

Share-based payments

-€113m

▪ €50m at 30 June 2020 compared to €125m at 30 June 2019▪ Depreciation of right-of-use leased assets (under IFRS 16) in H1 2020: €82m (compared to €76m at end-June 2019)

-76 -20 +2 -7226 125At

H1 2019

-€101m


Simplified balance sheet at 30 June 2020

259

1,666

803

101

1,664

1,381

887

1,309

Goodwills

Other assets

Right-of-use leased assets

WCR

Total net debt: €2,268m

Provisions

Equity(incl. non-controlling interests)

Net financial debtbefore lease liabilities

Lease liabilities(IFRS 16)

(in €m)

ASSETS EQUITY AND LIABILITIES


Change in H1 2020 Working Capital Requirement (WCR)

875

90

108

120+56

+15054

Individual ClientsInternational

2019

+18

Individual ClientsFrance

Commercial Clients

+66

Other Activities(incl. Income tax)

1,081

H1 2020

1,019

1,309

+€290m

Individual Clients: +€206m

Other Activities(incl. Income tax)

Individual Clients Commercial Clients

▪ Residential Real Estate in France: BFR to Backlog ratio comparable to its historical levels (around 20%)

(in €m)


Change in net financial debt before lease liabilities

-918

-226

-89

-130

-116

+165

2019 EBITDA

-32

Change in operating WCR

Interest and tax payments

-35

Repayment of lease liabilities

CAPEX Dividend and share buyback programmes

External growth

-1,381

30 June 2020

- €463m

▪ The Group’s cash position remains very strong, with €873m in cash at 30 June 2020, and €355m in undrawn authorized corporate credit lines

▪ Nexity has secured an exemption from all of its creditors and bondholders from its undertaking to respect its 3.5x leverage ratio threshold; thisexemption will apply until the approval of the 2021 financial statements

▪ At 30 June 2020, Nexity was still in compliance with the 3.5x limit on its leverage ratio (3.3x) according to bank definitions

(in €m)


H1 2020 Cash-flow statement

In millions of euros H1 2020 H1 2019

Cash flow from operating activities before financial and tax expenses 160.2 206.6

Cash flow from operating activities after financial and tax expenses 119.4 142.1

Change in operating WCR (excluding tax) (231.5) (209.4)

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

other11.0 (23.5)

Net cash from / (used in) operating investments (31.7) (26.2)

Free cash flow (132.9) (117.0)

Net cash from / (used in) financial investments (42.7) 13.9

Repayment of lease liabilities (90.1) (81.7)

Dividends paid by Nexity SA (109.8) (138.2)

Net cash from / (used in) financing activities (excluding dividend) 140.2 67.6

Change in cash and cash equivalent (235.3) (255.4)


Backlog and total business potential at 30 June 2020

Development business potential**

456308

5,2854,161

31 Dec. 2018

4,640

31 Dec. 2019

373

30 June 2020

4,4695,095

5,659

+11%

Residential Real Estate Commercial Real Estate

Backlog*

* 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

€14.9bn

Commercial Real Estate

€2.8bn

New homes

€10.1bn

Subdivisions

€1.2bn

International

€0.9bn

ResidentialReal Estate

€12.1bn

52,367 units 5,542 units14,532 units

72,441 units

(in €m)


Trends

▪ Resilience of Nexity’s business lines and business model

▪ Substantial recovery in activity in June

▪ Half-year period not representative of the full year

▪ Sharp improvement expected in H2 2020, although not returning to the same level as in H2 2019

▪ Given the ongoing public health-related, economic and social uncertainties, no other guidance given for business activity and results

Solid market fundamentals combined with demographic growth over the next few yearsshould support the Group’s medium-term profitable growth


3.4%

5.3%14.8%

6.4%

68.4%

(1) o/w treasury shares: 885,769 shares (1.58%)

(2) New Port: 7.5%

(3) o/w FCPE (Nexity Actions and Nexity Levier 2017): 3.0%

56,129,724 shares(1)

Nexity’s ownership structure

30 JUNE 2020

FCPE and other employees(3)

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

Crédit Mutuel Arkéa

Crédit Agricole Assurances

5.3%

14.8%

3.4%

Free float

6.4%

68.4%

Concert group20.2%

Appendix


Nexity is impacted by the crisis

▪ Hard lockdown which put the construction sites to a halt and strongly impacted the signing of reservations and notarial deeds of sales

▪ Strong economic recession that will impact demand

▪ Uncertainties about the economic upturn conditions

Strong recovery since the beginning of June

▪ All construction sites are reopened

▪ Customer contacts return to pre-crisis level

▪ Net reservations in June almost at the level of June 2019

▪ Notarial deeds of sales catching up

▪ 7,450 new homes sold by Nexity to CDC Habitat and strong interest from institutional investors in housing

▪ Robust demand fundamentals for housing

▪ Municipalities fully operational in September

▪ Commercial real estate: continued activity of major Group projects

Nexity’s strong and resilient model

▪ Resilience of Services activities (particularly condominium and rental management and serviced residences)

▪ 20.6 billion euros of pipeline for real estate development activity (€5.7bn of backlog, €14.9bn of business potential)

▪ Strong cash position at end-June 2020 (€873m in cash and €355m in confirmed undrawn borrowing facilities)

Implications of the public-health crisis (COVID-19) on the Group’s activitiesNexity’s resilience


▪ State-sponsored unemployment scheme used only on a careful selected and targeted basis for operating companies where worksites and projects have been forced to shut down

▪ No use of State-aids

▪ Strict control of expenditures (capex, land acquisitions, opening of new residences…)

▪ Engagement Committees maintained

▪ Downward adjustment of the dividend paid in 2020 (€2.00 compared to the €2.70 scheduled initially)

▪ Company officers’ compensation reduction (-25% for the Chairman and Chief Executive Officer)

▪ Nexity removed the call risk of its corporate credit facilities and EURO PP bond issues, in the event of non-compliance with itsfinancial covenants until December 2021

▪ Targets and guidance suspended given to the uncertainties about the economic upturn conditions after the lockdown

Measures taken to face the public-health crisis (Covid-19)

Operational and financial measures


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

▪ A little less than 1 billion euros in turnover for the Nexity share of the eco-campus

13 July 2018

Land acquisition

2020

Signing of the off-plan sale (VEFA)

2021

2022

2023/2024

Scheduled delivery of the Engie campus

2024

Dec.2019Purchase

commitment signingwith Swiss Life Asset

Managers

2019/2020

Building permits preparationPermissions obtention

Reaffirmation of the commitment of EngieNo threat on the administrative authorizations obtention (under option since Q4 2019, expected to be sold at the end of 2020)


H1 2020 revenue

* Portfolio impact corresponds to the growth in business activity carried over from 31 December 2019

Individual Clients 1,361.8 1,611.0 -15% (380) 130

Residential Real Estate 949.9 1,181.9 -20%

Real Estate Services to Individuals 411.9 429.0 -4%

Property Management for Individuals (including franchises)158.3 178.6 -11%

Serviced residences 160.6 145.2 11%

Distribution activities 92.9 105.2 -12%

Commercial Clients 354.3 228.5 55% (50) 170

Commercial Real Estate 304.9 186.3 64%

Real Estate Services to Companies 49.4 42.2 17%

Other Activities 0.0 0.9 -100%

Revenue 1,716.1 1,840.4 -7% (430) 300

o/w portfolio

impact*in millions of eurosH1 2020 H1 2019 % change

o/w Covid

impact


H1 2020 EBITDA and margin rates

in millions of euros

EBITDA

Margin rate

as a % of

revenue

EBITDA

Margin rate

as a % of

revenue

Individual Clients 109.6 8.1% 208.9 13.0% (99.3)

Residential Real Estate 26.9 2.8% 97.8 8.3% (70.8)

Real Estate Services to Individuals 82.7 20.1% 111.1 25.9% (28.4)

Property Management for Individuals (including franchises)24.2 15.3% 48.1 27.0% (23.9)

Serviced residences 54.6 34.0% 56.0 38.6% (1.4)

Distribution activities 3.9 4.1% 7.0 6.6% (3.1)

Commercial Clients 60.8 17.2% 27.0 11.8% 33.9

Commercial Real Estate 53.4 17.5% 21.3 11.4% 32.1

Real Estate Services to Companies 7.5 15.1% 5.7 13.5% 1.8

Other Activities (7.0) na (9.7) na 2.5

TOTAL Group 163.5 9.5% 226.4 12.3% (62.9)

H1 2020 H1 2019

Change

in €m


H1 2020 Current Operating Profit (COP) and margin rates

in millions of euros

COP

Margin rate

as a % of

revenue

COP

Margin rate

as a % of

revenue

Individual Clients 18.7 1.4% 124.9 7.8% (106.2)

Residential Real Estate 9.7 1.0% 80.1 6.8% (70.4)

Real Estate Services to Individuals 9.0 2.2% 44.8 25.1% (35.8)

Property Management for Individuals (including franchises) 11.2 7.1% 34.7 19.4% (23.5)

Serviced residences (5.0) -3.1% 4.4 3.0% (9.3)

Distribution activities 2.8 3.0% 5.7 5.4% (2.9)

Commercial Clients 48.4 13.7% 16.9 7.4% 31.4

Commercial Real Estate 52.0 17.1% 20.0 10.7% 32.0

Real Estate Services to Companies (3.6) na (3.1) na (0.6)

Other Activities (16.9) na (16.5) na (0.4)

TOTAL Group 50.2 2.9% 125.4 6.8% (75.2)

H1 2020 H1 2019

Change

in €m


Breakdown into development and services

in €mH1 2020

Realised

H1 2019

Realised

H1 2020

Realised

H1 2019

Realised

H1 2020

Realised

H1 2019

Realised

H1 2020

Realised

H1 2019

Realised

Residential Real Estate 950 1,182 27 98 19 86 10 80

Commercial Real Estate 305 186 53 21 53 21 52 20

0 0

Development 1,255 1,368 80 119 71 106 62 100

Change -8.3% -32.5% -33.0% -38.3%as a % of revenue 6.4% 8.7% 5.7% 7.8% 4.9% 7.3%

PMI, franchises, Property Management 190 209 23 50 14 39 7 34

Serviced residences, Bureaux à Partager 179 157 63 60 -4 1 -5 2

Distribution (PERL, Iselection) 93 105 4 7 3 6 3 6

Services 461 471 90 117 13 47 5 42

Change -2.1% -22.8% -72.7% -87.1%as a % of revenue 19.5% 24.8% 2.8% 9.9% 1.2% 8.9%

Other activities 0 1 (7) (10) (11) (14) (17) (16)

GROUP 1,716 1,840 163 226 73 140 50 125

Change -6.8% -27.8% -47.4% -59.9%

as a % of revenue 9.5% 12.3% 4.3% 7.6% 2.9% 6.8%

EBITDA

(after leases)

Current operating

profitRevenue

EBITDA

IFRS 16


Financial debt before lease liabilities analysis

294 20

84

156

2020 20262021 202720252022 2023 2024

162

515

349

▪ 45% of bond issues and commitment to buyback minorityinterests with maturity > 5 years

▪ Limited repayments in 2020 and 2021

▪ Gross debt drawn down at 30 June 2020: €2,255m

992

326

685

253

€2,255m

Corporate borrowingsBond issues (Euro PP and convertibles)

Put options granted to minority interests Project related loans

▪ Bond issues and commitments to buyback minority interests schedule*: €1,318m

▪ Cost of financing (debt drawn down): 2.4% at end-June 2020 (2.3% in 2019)

▪ High undrawn amounts (€355m at 30 June) on available corporatecredit lines (€500m authorised until July 2023)

* According to valuation and provisional schedule for the execution of commitments, restated for the equity component on the OCEANE and for the spread of issue costs

(in €m) (in €m)

Tél. : +33 (0)1 85 55 12 12

19, rue de Vienne 75 008 Paris

2020 half-year results

Documents