Debt structure

The Group’s net debt before lease liabilities totalled €398 million at 30 June 2025. This represented a moderate increase of €68 million by comparison with the rises observed in the past during the first half owing to the seasonality of development activities, with further tight management of the WCR a key.

Adjusted bank financing and covenants

In the first half of the year, the Group renegotiated the trajectory of its leverage ratio with its partner banks and Euro PP bondholders to reflect the new real estate cycle and the expected improvement in New Nexity’s profitability.

• It should be noted that in Q1, the Group reviewed its medium-term bank financing, with a new credit facility adjusted to €625 million, and revised the leverage ratio included in the covenants as follows: <8.5x at year-end 2025, <7x at year-end 2026 and ≤3.5x at year-end 2027.
• The next test period has been pushed back to the end of 2025, to be reviewed annually until the credit facility matures in February 2028, and the interest coverage ratio (ICR) has been excluded from covenants.

The Euro PP bondholders unanimously voted in favour of the changes proposed during the consultation process regarding, in particular, the covenants described above for the Euro PP 2026 and Euro PP 2027 tranches.