CURRENT OPERATING INCOME UP 59.8% TO €19.5 MILLION
NET CASH OF €71.0 MILLION
SALES REMAIN RESILIENT
OUTLOOK FOR 2026:
REVENUE GROWTH AND IMPROVED PROFITABILITY
The Hexaom board of directors met on 23 September 2026 and approved the financial statements for the first half of 2026.
| Consolidated earnings in € million (unaudited) | HY1 2026 | HY1 2025 | Change |
| (1 January - 30 June) | |||
| Revenue | 343.9 | 306.3 | +12.3% |
| Current operating income | 19.5 | 12.2 | +59.8% |
| Current operating margin | 5.7% | 4.0% | +1.7 pts |
| Other non-current operating items | -2.6 | -3.0 | |
| Operating income | 16.9 | 9.2 | +83.7% |
| Net financial income | -0.6 | -0.6 | |
| Share of associated companies | -0.1 | -0.6 | |
| Net income, group share | 12.6 | 5.6 | +125.0% |
Solid growth in current profitability, in line with targets
In the first half of 2026, Hexaom reported a 12.3% increase in revenue to €343.9 million, in line with the trend in sales in 2024/2025. On a like-for-like basis (excluding the business generated in January 2026 by the HDV sub-group, which was acquired at the end of January 2025), revenue increased by 11.2%.
As announced, current operating income showed a healthy increase, at €19.5 million, up +59.8%.
The current operating margin is therefore in line with forecasts and stands at 5.7% of revenue, compared with 4.0% in 2025. This 1.7-point increase is mainly due to two factors:
- A return to growth in revenue,
- Measures aimed at improving the net margin on variable costs, combined with effective control of fixed costs.
The contribution of each of the group's businesses to revenue and current operating income for the half-year was as follows:
| Earnings by business | Revenue | Current operating income | |
| € million | € million | As % of revenue | |
| Home Building | 282.3 | 14.2 | 5.0% |
| Renovation* | 20.1 | 2.2 | 10.9% |
| Real Estate Development | 33.9 | 1.8 | 5.3% |
| Land Development | 7.1 | 0.9 | 12.7% |
| Services | 0.5 | 0.3 | 60.0% |
| Total | 343.9 | 19.5 | 5.7% |
* This business covers both "intermediated" Renovation carried out via the Illico Travaux, Camif Habitat and Rénovert franchise networks, as well as "general contracting" renovation now carried out solely by the "Home Building" branch network.
Home Building. The current operating margin rose by 1.7 points compared with the same period last year representing 5.0% of revenue. This marked improvement in operating profitability is mainly due to:
- The return to revenue growth, as expected,
- A net margin on variable costs back to more typical levels at 17.8%, up 0.6 points compared with the first half of 2025. As a reminder, over the whole of 2025, it had risen by 2.4 points compared with 2024,
- Effective control of fixed costs. Over the half-year, they rose by 8.4% (7.6% on a like-for-like basis), whilst revenue increased by 19%.
Renovation. The operating margin for this business represents 10.9% of revenue, compared with 11.8% for the same period in 2025. This slight variation is due to the costs associated with the discontinuation of Camif Habitat's "general contractor" business.
Real Estate Development. The current operating margin rose by 1.4 points and stood at 5.6% of revenue, driven in particular by:
- Well-structured programmes and fixed costs,
- A well-managed mix of block sales and individual buyers.
Land Development. This activity is directly linked to the start of construction projects. Current operating income amounted to €0.9 million, representing 12.7% of revenue.
Services. The services business mainly covers finance and insurance brokerage. Hexaom is simultaneously pursuing its efforts to build relationships with selected partners specialising in interior and exterior home design. Over the half-year, this business recorded an operating profit of €0.3 million.
In accordance with IFRS 3 (Business Combinations) and IAS 38 (Intangible Assets), and as part of the purchase price allocation of the HDV sub-group, the group recognised an intangible asset corresponding to the acquired order book at 29 January 2025.
Valued at €7.8 million at 31 December 2025, this asset mechanically reduced the amount allocated to goodwill. It is amortised over the performance period of the relevant contracts. At 31 December 2025, it had resulted in the recognition of €4.5 million in non-recurring operating expenses. At 30 June 2026, this non-recurring operating expense amounted to €2.6 million. The remaining €0.7 million will be recognised in the second half of the year.
Operating income for the first half of 2026 stood at €16.9 million, up 83.7%, representing an operating margin of 4.9% compared with 3.0% for the same period in 2025.
At €12.6 million, net income represents 3.7% of revenue, compared with 1.8% for the same period in 2025. It includes a financial loss of -€0.6 million and a share of associated companies of -€0.1 million.
Hexaom's already very strong financial position is further strengthened. The group share of equity at 30 June 2026 amounted to €245.1 million and cash assets stood at €144.7 million. Net cash amounted to €71.0 million, compared with €61.6 million at 31 December 2025 and €32.7 million at 30 June 2025.
Resilient sales performance despite a more cautious market
Against a backdrop of deteriorating international geopolitical conditions - which are weighing on the economy, household disposable income and confidence - compounded by uncertainties surrounding the upcoming elections, Hexaom is approaching the coming months with caution. Nevertheless, it draws on the medium-term visibility provided by its order book, its ability to adapt to economic cycles and its capacity to gain market shares in a sector that remains structurally buoyant.
Home Building
Following a satisfactory first half of the year, despite a more challenging basis for comparison, summer sales fell as a result of the deteriorating economic climate (inflation, oil prices, interest rates, etc.). At the end of August, cumulative order intake stood at 2,947 homes, representing revenue of €468.2 million, down by 8.6% in volume and 6.4% in value. The average selling price remains stable at €158,900 excluding VAT.
At this stage, cumulative order intake is in line with the group's full-year forecasts.
Hexaom anticipates a market downturn this financial year, with fewer than 60,000 sales expected compared with 67,000 in 2025, according to Markemétron, but one that is likely to remain relatively resilient thanks to persistent housing needs and persistent demand.
The group remains confident in its ability to increase its market share thanks to the quality of its offering and the services it provides to support prospective buyers in financing their projects.
Renovation
The "General Contractor" business, now driven entirely by the Home Building brand network, generated revenue of €10.4 million at 31 August, compared with €16.7 million last year. This change is partly due to the transfer of Camif Habitat's business to the franchise.
"Intermediated" order intake is riding the momentum of the franchise network and stood at €143.9 million at 31 August, up 24.7% compared with the same period in 2025.
At 31 August, the franchise network comprising Renovation, Illico Travaux, Camif Habitat and Rénovert consisted of 328 franchisees, compared with 295 last year, enabling the group to continue its growth in this promising business segment.
Real Estate Development
At 31 August 2026, this business has a strong outlook, with a backlog of €174.3 million.
Potential inventory for delivery, including programmes where a preliminary land deal has been signed, represent revenue of €435.4 million, or 1,800 homes.
Cumulative net orders stood at €99.2 million excluding VAT at 31 August 2026, compared with €61.4 million excluding VAT in August 2025.
In the coming months, Hexaom will continue to pursue a cautious policy of growth and low-risk commitments in this area.
Land Development
At the end of June, the order book (unreserved inventory) for the Land Development business stood at €16.3 million, representing 196 lots.
Cumulative net orders stood at €11.3 million excluding VAT at 31 August 2026, compared with €11.6 million excluding VAT in August 2025.
This business automatically benefits from the building start of houses sold in the Home Building segment and the completion of projects already underway. Hexaom continues to apply a cautious approach to land commitments and marketing for this segment.
Revenue and profitability on the rise in 2026
Given the visibility provided by its order book and the current pace of new builds, Hexaom forecasts revenue growth of around 20% for 2026, with an operating profit margin of over 5%.
Hexaom: a strong group and a market leader
In the coming months, in the face of uncertainties linked to the deteriorating global geopolitical situation and the upcoming national elections, Hexaom will continue to adopt a measured yet cautious approach, whilst maintaining strict cost control.
In the medium term, the group's priorities remain unchanged and are centred on the four areas already set out:
- Improving its operational profitability across all its business lines.
- Increasing the contribution from its diversification business lines to operating income.
- Expanding its market share by capitalising on its leading positions, the density of its sales networks, the recognition of its brands and the diversity and quality of its product range.
- Improving homebuyers' purchasing capacity through product innovation and the deployment of tailored financing solutions.
The group's growth is also underpinned by very solid fundamentals and a number of key drivers:
- There is a persistently high demand for housing and renovation in France, driven by changes in the number and structure of households, shifts in lifestyles, the accumulated shortfall in supply and the ageing of the existing housing stock.
- A growing awareness amongst public authorities of the vital importance of housing and the need to provide long-term support for building and renovating the nation's housing stock.
In this environment, Hexaom can rely on a solid organisational structure, alongside the agility and dynamism of its teams and sales networks.
Next meeting: 24 September at 10:00 am via webcast
Next release: 2026 Q3 Revenue, 6 November 2026, after market close.
ABOUT THE GROUP
Since 1919, five generations of the same family have succeeded each other at the helm of Hexaom, a group that drives and federates an ecosystem of 50 brands with complementary expertise. A unique entrepreneurial and family history that points to its stability despite the complexity of the housing sector.
Hexaom is a leader in the home building, renovation and first-time owners' markets in France. It serves more than 15,000 customers a year, has built more than 125000 houses, renovated more than 100,000, employs nearly 1,400 people, and posted revenue of €616,2 million in 2025.
Hexaom is listed on Euronext Growth Paris.
Hexaom securities are eligible for inclusion in company retirement savings plans.
ISIN Code: FR 0004159473 - Listed as ALHEX
CONTACTS
HEXAOM
Loic Vandromme Amalia Naveira
Chief Executive Officer Analyst/Investor/Press Relations
Tel: + 33 2 33 80 66 61 Tel: + 33 6 31 35 99 50
E-mail: secretariat.direction@hexaom.fr E-mail: comfi@hexaom.fr
Jean-Christophe Godet
Chief Financial Officer
Tel: + 33 2 33 80 66 61
E-mail: finances@hexaom.fr
GLOSSARY:
Gross order intake: a contract is recorded in the gross order intake as soon as it is signed by the customer and accepted by our sales administration department (administrative control of the documents and validity of the financing plan, site inspection, verification, and acceptance of the selling price). The amount recorded corresponds to the revenue excluding taxes to be generated by the contract.
Backlog (real estate development): represents the group's already secured future revenue, expressed in euros, for its real estate development business. The backlog includes reservations for which notarial deeds of sale have not yet been signed and the portion of revenue remaining to be generated on units for which notarial deeds of sale have already been signed (portion remaining to be built).
Order book (land development): represents recorded land orders that have not been canceled and for which notarial deeds of sale have not yet been signed.
Production in progress: all orders for which the conditions precedent to begin work have been met (building permit and client financing obtained, client ownership of the land) and which have not been accepted by the client (delivered)
Change in like-for-like revenue: changes in revenue for the periods under comparison, recalculated as follows:
- in the event of an acquisition, revenue from the acquired company is deducted from the current period if it was not part of the group during the previous period,
- in the event of a sale, the revenue of the divested company that is no longer part of the group during the current period is deducted from the comparison period.
Net contribution margin: corresponds to the difference between the revenue generated by contracts and the costs directly related to these contracts (construction costs, sales or broker commissions, taxes, insurance, etc.).
Current operating income: intended to present the group's operating performance excluding the impact of non-recurring operations and events during the period.
Cash position: includes cash on hand and demand deposits.
Debt: includes all current and non-current financial liabilities except leases according to the restatement of IFRS 16.
Net cash: cash position less debt.
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