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Nextensa SA Earnings Release 2026
3982_10-q_2026-05-18_cd5b0f45-c46d-43c5-a02f-11d96b260913.pdf
Earnings Release
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Brussels, 18 May 2026, 07:55 AM
Press release
NEXTENSA STRENGTHENS BALANCE SHEET AND ADVANCES KEY DEVELOPMENTS IN Q1 2026
Brussels, 18 May 2026 – Nextensa delivered a strong first quarter of 2026, marked by key transactions, including the disposal of Gewerbepark Stadlau in Vienna. Following the quarter-end, additional major milestones were achieved, including the sale of The Rock and the B&B Hotel in Cloche d'Or, as well as the obtaining of the urban planning and environmental permit for Lake Side at Tour & Taxis.
Q1 2026 HIGHLIGHTS
- Sale of Gewerbepark Stadlau (Vienna) for €35.45 million
- Net financial debt reduced to €571.8 million
- Continued strong progress in development pipeline (Cloche d'Or & Tour & Taxis)
- Net profit increased to €9.6 million
POST QUARTER-END HIGHLIGHTS
- Forward sale of €120 million secured for The Rock project (Cloche d'Or)
- Sale of participation in Sparkling 1 Sàrl (B&B Hotel at Cloche d'Or) at book value
- Permit obtained for Lake Side project (Tour & Taxis)
PORTFOLIO OPTIMIZATION AND OPERATING PERFORMANCE
On January 14, 2026, Nextensa completed the sale of the Gewerbepark Stadlau retail park in Vienna (c. 11,000 m²) for a net amount of € 35.45 million to an open-ended real estate fund managed by Union Investment, in line with its portfolio optimization strategy.
The operating result of investment properties decreased compared to the same period last year, reflecting lower rental income and property charges following several divestments in 2025. The investment portfolio recorded a like-for-like rental decrease of 1.1% in Q1 2026, driven by anticipation of Proximus relocating to Tour & Taxis in 2027.
STRONG MOMENTUM IN DEVELOPMENT ACTIVITIES
The Cloche d'Or projects were the main contributors to the operational development result in Q1 2026. The Stairs office building, which is 100% pre-let and pre-sold to State Street, remains on track for delivery in Q2 2026. The final phase of the residential project D5-D10 is under construction, with delivery expected at the end of 2026. Only 11 out of 185 apartments remain available for sale.
Nextensa further secured the future contribution of Cloche d'Or through a forward sale of € 120 million signed on April 16, 2026. Under this agreement, a partner will acquire The Rock building upon completion and occupy approximately 70% of the space. This 9,492 m² office project, developed through the Grossfeld joint venture with Promobe, is expected to be delivered in mid-2027. In addition, Citi signed a long-term lease on March 4, 2026, for the remaining top three floors.
On May 7, 2026, Nextensa and Promobe each sold their 50% participation in Sparkling 1 Sàrl, the company owning the B&B Hotel at Cloche d'Or. The transaction was completed at book value and will strengthen Nextensa's balance sheet.
At Tour & Taxis, the contribution of Phase II of Park Lane is now limited, as all 11 residential buildings were delivered at the beginning of 2026, with only ten units still available.
After the quarter-end, Nextensa obtained the urban planning permit for the Lake Side project at Tour & Taxis, marking a major milestone. The project will include more than 670 apartments and 100 co-living units, as well as offices, retail, hospitality, public amenities, and green spaces.
Press release
FURTHER IMPROVEMENT OF FINANCIAL POSITION
Net financial costs (excluding revaluation effects) decreased by € 2.8 million compared to Q1 2025, mainly due to a lower average debt level. Net financial debt stood at €571.8 million at the end of Q1 2026, compared to €592.8 million at year-end 2025 and €769.3 million at year-end 2024.
The average cost of financing decreased from 2.90% to 2.76%, while the hedge ratio remained high at 92%.
The financial debt ratio improved from 38.80% at the end of 2025 to 37.69%. Nextensa maintains a strong liquidity position, with approximately € 178 million available, allowing it to refinance the €100 million bond maturing in November 2026 using existing credit lines.
NET RESULT
The revaluation result on the derivatives portfolio amounted to €3.9 million (compared to €1.8 million in Q1 2025), reflecting interest rate movements.
As a result, net profit (group share) reached €9.6 million (€0.95 per dividend-entitled share), compared to €7.8 million as of March 31, 2025.
| KEY FIGURES BALANCE SHEET | 31/03/2026 | 31/12/2025 |
|---|---|---|
| Net asset value group share (€ 1,000) | 856,171 | 845,687 |
| Net asset value group share per share | 84.18 | 83.15 |
| Financial debt ratio (financial debts/total assets) | 37.69% | 38.80% |
| Net financial debt position | 571,787 | 592,814 |
| Average funding cost - investment portfolio | 2.76% | 2.90% |
| Hedge ratio | 92% | 100% |
| KEY FIGURES INCOME STATEMENT | 31/03/2026 | 31/03/2025 |
| --- | --- | --- |
| Rental income (€ 1,000) | 13,601 | 15,947 |
| Income from development projects (€ 1,000) | 1,607 | 3,368 |
| Net result group share (€ 1,000) | 9,577 | 7,828 |
| Net result group share per share (number of shares at closing date) | 0.94 | 0.77 |
Press release
OUTLOOK
Nextensa has made a solid start to 2026 and remains confident in its ability to deliver on its strategic objectives.
While the contribution from the investment portfolio is decreasing compared to previous years due to recent disposals, the development pipeline will progressively become the main driver of results. The start of construction of key projects at Cloche d'Or, including The Rock, Terraces and Eosys, will support margin recognition from Q2 onwards and further accelerate in the second half of 2026.
At the same time, Nextensa continues to strengthen its balance sheet through ongoing and upcoming transactions, providing the financial flexibility required to execute its next major development phases, notably Lake Side and Bel Towers.
Overall, the company is well positioned to transition towards a more development-driven growth profile, while maintaining a disciplined approach to capital allocation.
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ABOUT NEXTENSA
Nextensa is a mixed real estate investor and developer.
The company's investment portfolio is divided between the Grand Duchy of Luxembourg (32%), Belgium (54%) and Austria (14%); its total value as at 31/03/2026 was approximately €1.1 billion.
As a developer, Nextensa is primarily active in shaping large urban developments. At Tour & Taxis (development of over 350,000 m²) in Brussels, Nextensa is building a mixed real estate portfolio consisting of a revaluation of iconic buildings and new constructions. In Luxembourg (Cloche d'Or), it is working in partnership on a major urban extension of more than 400,000 m² consisting of offices, retail and residential buildings.
The company is listed on Euronext Brussels and has a market capitalisation of €447.53 M (value 31/03/2026).
FOR MORE INFORMATION
Tim Rens | Chief Financial Officer
Nextensa NV/SA | 0436.323.915 (RLE Brussels, Dutch-speaking division)
Gare Maritime, Picardstraat 11, B505, 1000 Brussels
+32 2 882 10 08 | [email protected]
www.nextensa.eu
