Created in June 2000, the Nexity group(1) is the result of the combination of the historical real estate activities of Compagnie Générale des Eaux (now Vivendi), and in particular the business lines of SEERI and SARI (developer of the La Défense district in Paris), and the historical real estate activities of the Arnault group, a housing developer for the middle classes.

The exit of the Vivendi group was carried out in the form of a leveraged buyout(2) by the executives (Stéphane Richard, Jean-Louis Charon and Alain Dinin), supported by financial investors including LBO France and Caisse des Dépôts.

The Nexity group was then listed on the stock exchange in October 2004 at the initiative of its executives, who believed that the short time frame of leveraged buyouts was no longer compatible with the development and urban planning business lines.

In June 2007, Nexity formed an alliance with the Caisse d’Épargne group (which later became the BPCE group), which has provided it with services and property management activities (Lamy) and non-controlling interests in non-strategic activities (21% stake in Crédit Foncier de France, 33% in the real estate company Eurosic and 40% in Ciloger, an SCPI management company). The aim of this alliance was to develop a service platform dedicated to the various clients: individuals, businesses and local authorities.

Following the 2008 financial crisis, Nexity sold the non-controlling interests mentioned above, and strengthened its geographical presence and market share across all of its historical business lines. The Group also further developed its services activities through external growth, notably with the acquisition in 2014 of Oralia (property management), in 2016 of Perl (social rental usufruct) and of Edouard Denis group (residential development), in 2022 of Angelotti (residential real estate developer in Occitanie), and the acquisition of majority stakes (coworking company Morning in 2018).

To cope with the unprecedented and enduring real estate crisis which began in 2022 and in light of new market conditions, Nexity made the strategic choice to refocus on its domestic activities by selling its Polish and Portuguese subsidiaries, respectively in July and September 2023 (the remaining countries, Belgium, Italy and Germany, being in managed on a run-off basis).

Throughout 2024, Nexity implemented a transformation plan allowing the Group to refocus on its planning, development and serviced properties business lines, notably carrying out the following transactions:

• •Sale of its property management activities to investment company Bridgepoint on 2 April 2024. The Group continues to offer its clients all of its products and services through the strategic partnership supported by this sale;
• •Sale of its subsidiary Nexity Property Management to Crédit Agricole Immobilier on 31 October 2024; and
• •Sale of 50% of the shares in real estate advertising platform Bien'ici to the Arche group. As a major player in the industry, Nexity retains a 6% stake in the platform.

In line with the transformation plan, Nexity carried out the following transactions in 2025:

• •Sale of the residual stake in Ægide-Domitys on 14 February 2025 (18%);
• •Sale of Accessite, a global operator specialising in the valuation of retail assets on behalf of third parties, on 1 October 2025; and
• •Increase in the share capital of the Angelotti group, from 55% to 80% as of 24 October 2025. In accordance with its commitments, Nexity will acquire the remaining 20% in 2026.

Véronique Bédague has been Chairwoman and Chief Executive Officer of the Company since 1 January 2023.

Alain Dinin, Founder of the Company, is its Honorary Chairman.

The main stages in the Company's development are also presented in the introductory section of this Universal registration document.

Nexity operates in planning, development and serviced properties for all customers, whether they are individuals, companies, institutions or local authorities, and is among the market leaders in each of these activities.

With a nationwide presence, experience and expertise in urban planning and regeneration, recognised low-carbon know-how, privileged relationships with institutional investors and social housing operators, and a leading position in serviced real estate (coworking and student residences), Nexity defines itself as an urban operator serving urban regeneration and the new needs of regions and its clients.

Nexity’s unique model, combining its expertise as a planner-developer and developer-operator, creates strong value for its clients. Whatever their real estate needs and issues, Nexity has an appropriate response.

Since the sale of the Services to Individuals business in 2024, Nexity has continued to offer its products and services based on a 6-year strategic partnership entered into in 2024, renewable for 4 years, to perpetuate and amplify existing synergies with Nexity’s development activities.

Combined with a strong commitment to continually improving the client experience and client satisfaction, this model enables the Group to be present at every stage of its clients' real estate projects.

Nexity’s model is primarily aligned with a flow model (services company, low capital-intensive) as opposed to a stock model (real estate company or asset holding company, highly capital-intensive).

The Group sells homes via reservation contracts and subdivisions through purchase agreements, followed by final sales contracts (signed before a notarial deed).

New homes are marketed under the VEFA off-plan sales regime, an original model resulting from the law of 3 January 1967 and gradually improved, which is characterised by a limited level of risk (compared to other models) for developers, clients and banks.

The VEFA off-plan sales model implies that a developer is not obliged to acquire the land until the administrative authorisations are obtained and the pre-sales rate has reached a certain threshold (60% for Nexity).

Since 1 January 2024, the Group has been implementing financial discipline that includes optimising the length of time between the acquisition of land and the first calls for funds (through the simultaneous purchase of land, signing of deeds and calls for funds), thus offsetting the impact of the cost of the land.

For the urban regeneration model, which is more capital-intensive, the land, asset or wasteland to be converted must be managed up to the pre-sales stage and the obtaining of administrative authorisations. To this end, it opts for low-risk schemes, notably through financial partnerships.

Finally, Nexity has not entered into any new land commitments since the end of 2022.

Because the model involves little land and financial capital or intellectual property (little fundamental research, a lot of innovation, but generally not patentable), Nexity relies primarily on human capital, which the Group preserves and develops. Nexity is committed to its employees.

For example:

• •Nexity's share capital offers a substantial representation to the shareholding of employees and managers: 4.1% of the share capital as at 31 December 2025 is held by Group employees and managers; Nexity is thus included in the Euronext FAS-IAS stock market index(1). 
• •Nexity was also recognised as one of the top 22 companies in the SBF 120 for sharing value with employees, according to the inaugural Challenges x Erès ranking.
• •Nexity regularly awards free shares, either specifically to members of the management team (linked to demanding performance criteria), but also through Group plans for all employees. This has increased employee shareholding and helped improve the alignment of interests. 
• In 2025, 85 free shares were granted to each eligible employee. This was the 7th democratic action plan since the IPO in 2004; and
• •Nexity, as an open, diverse and inclusive company, is highly committed to young people through the Nexity Foundation, and occasionally allows its employees to get involved in causes outside the Company.

Nexity considers its customers to be its most valuable assets. Nexity’s objective is to become the preferred real estate player in France by creating a more intense and lasting relationship with each of its clients, whether in its agencies or on its websites.

Nexity's long-term objective is to support customers over time, by offering:

• •The best locations;
• •At affordable prices;
• •High-quality design;
• •Low-carbon construction; and
• •A focus on the quality of delivery.

With this objective in mind, Nexity is accelerating the development of its "phygital" and multi-channel model, in particular with the complete overhaul of its online client portal.

Nexity has once again been named in the Top 5 of the 2026 customer relations rankings produced by the Human Consulting Group (HCG) in partnership with Les Echos. The Group ranks 5th with a score of 15.97/20, confirming the priority given to customer satisfaction and support throughout their entire process.

This distinction highlights the importance of a hybrid customer relationship, combining artificial intelligence for better responsiveness, personalisation and fluidity, and emotional intelligence for listening and quality exchanges. Nexity group's presence in the Top 5 of this ranking is part of a structured approach to improving the customer experience, with one main objective: to be present, clear and useful at every stage.

This approach is based on:

• •The availability of local teams to support clients' projects;
• •The deployment of select artificial intelligence-related tools and uses to improve responses without ever replacing human relations; and
• •The cross-functional management of customer satisfaction and the after-sales service to standardise the level of requirements throughout the country.

This section presents the major market trends facing Nexity. Understanding these trends enables the Group to position its business lines so as to take advantage of their medium- and long-term growth potential. The market environments specific to each of the Group’s business lines are presented in Sections 1.6.1.1, 1.6.2.1 and 1.6.3.1 “Market environment” of this chapter.

Nexity operates in constantly changing markets, influenced by demographic, economic, social, societal and environmental trends. Nexity’s strategy is based on the fact that real estate needs are considerable in most regions: regions where urban regeneration and land recycling will be favoured in the context of healthy sobriety, and needs that relate and will relate to more diversified products, tailored to uses, more affordable, more resilient and specific to the regions.

Whereas from 2020, the impacts of these trends were reinforced by the consequences of the health crisis, the year 2023 marked a clear break and called into question previous development models. The sharp rise in central bank interest rates to combat inflation and the slowdown in construction led to a reversal of the market in terms of the marketing of new homes and commercial real estate. At the same time, pro-cyclical regulatory and tax changes accentuated the reversal (such as the end of the Pinel scheme, for example).

2024 and 2025 were two years of transition and stabilisation, with still-weakened real estate markets grappling with multiple uncertainties (political instability in France and an anxiety-inducing international geopolitical climate) and the impact of the end of the Pinel scheme on individual investors. Activity was relatively low, with limited mobility of economic players (households and companies). However, in the run-up to the 2026 municipal elections, housing, a key priority for the French, has appeared to be an increasingly unavoidable challenge. 2026 should therefore be a year of moderate recovery in the marketing of new homes, with the resale market having already gradually recovered in 2025. Stabilised interest rates, the continuation of the interest-free loan scheme, the status of the "private landlord" and the significant need for social housing should support this gradual recovery, which will however remain conditional on the confidence and solvency of households.

The need for housing (new or renovated) is very high in France and it is not being resolved. Several reasons are behind this phenomenon:

• •Demographic growth: the French population is expected to increase by 1.9 million inhabitants in 2044 compared to 2021, according to INSEE;
• •Downward trend in household size: from 2.6 people in 1990 to 2.2 people in 2020, the size of households is expected to fall to 2.07 by 2030 and 1.99 by 2050(1);
• •Challenges of poor housing conditions: 4.2 million French people live in poor conditions(2);
• •Insufficient social housing: 2.87 million people waiting for social housing in mid-2025 (+52% in 10 years, +6% year-on-year)(3);
• •Shortage of rental housing, particularly for young people moving out of home and students: tension on the rental market is increasingly acute, partly due to the impact of the French Climate and Resilience Act but also to the lower level of residential mobility in general. This tension has a particular impact on small and medium-sized homes, penalising students, young professionals and single-parent families. According to Bien'ici(4), after an explosion in 2022, the demand for rental properties increased again in 2025, (+2% compared to 2024) and pressure increased by 13.5% due to the low level of supply (halved since 2022); and
• •Low levels of construction: in 2025, 381,000 housing units were authorised, an increase of 16% compared to 2024, but this figure remains below the average of the past twenty years, which stands at around 453,000 units. Similarly, the number of housing starts increased by 7% between 2024 and 2025 to reach 280,000 units, compared to an average of 380,000 units recorded since 2006(5).

These various factors result in significant potential demand for new housing (new or renovated) by 2030, estimated at approximately 450,000 housing units minimum per year according to the CNH (French National Housing Board) and 518,000 according to the USH (French Social Housing Federation), far from recent construction levels. According to the central scenario of the SDES(6) published in 2025, the total estimate of housing needs for the period 2020-2050 amounts to 6.8 million units, a new projection that incorporates a data point that has long been underestimated: the improvement of poor housing(7).

However, this quantitative approach to needs on a national level conceals genuine disparities in local regional situations. Metropolitan areas and supply-constrained areas, particularly peri-urban areas, continue to attract people and jobs as part of the urban sprawl around large cities, while less proactive regions are losing their attractiveness, with the exception of certain, particularly coastal regions(8). The Atlantic Arc, the south of France and major cities appear to be the most attractive regions, polarising demand and raising serious questions regarding planning and territorial balance. At the same time, major national projects (reindustrialisation, urban regeneration, etc.) pose greater construction challenges in certain regions. Needs must therefore be considered in the light of local specificities.

In addition to needs, demand is changing and housing must adapt to new uses and meet the aspirations of residents:

• •Smaller housing due to the reduction in the size of households;
• •Flexible housing to evolve over time, support the changes in family sizes and/or the ageing of the French population;
• •Housing with services for specific populations, such as students or seniors: 29% of the French population will be over 65 in 2070, compared to 21.5% today;
• •Housing suitable for working from home: between 2019 and 2023, the proportion of employees working from home at least occasionally increased from 9% to 26%(9);
• •Sustainable, energy-efficient housing that can cope with the climate-related hazards;
• •Housing closer to nature: nature in urban areas is increasingly valued and indeed necessary for its impact on biodiversity, well-being and mental health. Projects systematically include green spaces to make cities more desirable and liveable; and
• •Affordable and accessible housing for all residents aligned with everyone’s financial resources.

Peripheral and secondary areas of major cities are those suffering the most from these structural changes. These regions are facing major challenges in terms of transforming their empty stock associated with significant urban changes (mixed use, changes in destination, facilities to be redesigned, etc.) aimed at preserving their attractiveness.

The future of major cities relies increasingly on the quality and contextualisation of urban projects, their attractiveness and their ability to adapt to needs, particularly in terms of housing and mixed uses. Partnerships between local authorities and private real estate operators like Nexity must provide innovative solutions thanks to their size, resources, expertise and wide range of products adapted to the regions and different categories of users.

In addition, Nexity's skills in urban planning, refurbishment/urban regeneration and real estate operation, as well as its expertise in the development of mixed-use, residential, commercial and service projects, lend it a distinctive ability to operate throughout the territory.

Since 2022, the real estate sector has been facing an unprecedented crisis, both in terms of its intensity, its duration and its global nature, affecting supply and demand and leading to a historic slowdown in private residential and commercial investment. While this crisis confirms the market trends presented above, it has led the Group to adjust its roadmap with the roll-out in 2024 of an in-depth transformation plan notably designed to refocus on its planner-developer-operator positioning and the roll-out of New Nexity, a new simplified, multi-product regional organisation, fully operational at the end of 2025.

In 2024, the Group has thus accelerated the implementation of its proactive decisions in terms of deleveraging as part of its refocusing, reducing operating expenses to resize its cost base, and adapting its offering to new market conditions. It has also rolled out its new organisation, focused on the regions, to better meet the demand for urban operators.

• •Refocusing on planner-developer-operator core business lines
• The Group made three key disposals in 2024, the net proceeds from which (€435 million) were fully allocated to reducing the Group's debt:
  • •Property management for individuals business sold to Bridgepoint,
  • •Nexity Property Management sold to Crédit Agricole Immobilier, and
  • •50% of the shares in the real estate advertising platform Bien'ici sold to the Arche group.
• In 2025, the Group finalised the disposal plan for its property management activities with the sale of its subsidiary Accessite.

• •Resizing: the Group has implemented an Employment Protection Plan which affected 500 jobs, and also significantly reduced, from 2024, its overheads and property expenses. In its 2025 annual results, the Group confirmed its target savings of €100 million by 2026, on a full-year basis, of which more than 90% effective from 2025;
• •Recalibration: the Group has adapted its supply for sale to new market conditions via proactive and deliberate measures: realignment of exit prices with the purchasing power of customers, abandonment of around a hundred projects designed during the previous cycle; and
• •Redeployment: the transformation plan also resulted in an overhaul of the organisational structure, so as to make it more operational, agile and perfectly adapted to the needs of an urban operator. New Nexity was launched on 9 January 2025, and has been fully operational since the end of 2025.

Since 1 January 2025, the Group has aligned its financial communication with the IFRS standards, in the interests of simplification.

The financial information published and presented below is therefore taken from the consolidated financial statements at 31 December 2025, prepared in accordance with IFRS as adopted by the European Union, appearing in Section 5.1 "Consolidated financial statements at 31 December 2025" of this Universal registration document. As a reminder, Nexity’s financial communications were until 31 December 2024 based on operational reporting, with joint ventures proportionately consolidated.

• •Derisked and deleveraged balance sheet:
  • •Net financial debt before the increase in the shareholding in Angelotti at €278 million, i.e. a €52 million reduction in debt (net financial debt of €330 million in 2024); Group net financial debt at the end of 2025 at €328 million, i.e. Group debt halved over two years;
  • •Positive free cash flow for the year, including €107 million of operating free cash flow; and
  • •Opportunistic decisions with accounting impacts on net profit reflected in the generation of free cash flow for the year.
• •Current operating profit(1) positive at €25 million vs. -€118 million in 2024: a return to operating profitability as expected, due to restored margins for the Planning and Development business, incorporating the effects of the cost-savings plan, and the improvement in the profitability of services (on serviced properties with a margin of approximately 13% and a return to breakeven in Distribution) → Leverage ratio at 4.9x, ahead of the anticipated trajectory(2); and
• •Solid liquidity of €588 million
  • •After €321 million in bond redemptions in 2025, mainly using proceeds from disposals in 2024;
  • •Undrawn portion of the credit facility: €475 million; and
  • •Financing secured until 2028.

Demographic changes are generating a structural need for new housing in France due to population growth, the increase in the number of households (children moving out) and migration phenomena, in addition to other macro-trends described in Section 1.3 “Market environment” of this chapter. Faced with this demand, the construction effort remains insufficient, making access to housing more complex for a growing number of households.

The new construction sector is going through an unprecedented crisis in France and the volumes of residential builds authorised and started fell in 2024 to its lowest levels for more than 20 years. In 2025, 381,000 housing units were authorised, an increase of 16% compared to 2024, but this figure remains below the average for the last twenty years, which stands at around 453,000 units. Similarly, the number of housing starts increased by 7% between 2024 and 2025 to reach 280,000 units, compared to an average of 380,000 units recorded since 2006(1). According to the Observatoire Crédit Logement / CSA, interest rates continued to fall in the first months of 2025, remained stable until the summer, then increased slightly to an average of 3.17% in December 2025. This relative stability in rates and the renewed confidence of buyers has allowed the resale market to show signs of recovery in 2025 (+13% to 951,000 units), after a three-year decline and a low point of 845,000 transactions in 2024.

On the other hand, the new construction market remains under strong pressure: production remains stalled, negatively impacted by a dearth of building permits, high construction costs and insufficient profitability for developers. This situation, aggravated by political uncertainty, means the sector remains depressed despite the regulatory adjustments announced.

The new housing market(2) is estimated at 92,400 sales in 2025 (-11% compared to 2024), compared to an average of 138,000 over the past 10 years. The non-renewal of the Pinel scheme led to a 50% decline in sales to individual investors over one year. These now represent only 19% of retail sales of ordinary homes (average of 46% since 2016). Sales to first-time buyers increased by 4% between 2024 and 2025, notably supported by the extension in April 2025 of the interest-free loan scheme to the whole of France.

On the new-home development market, there are numerous developers active at national and regional level. Nexity’s major national competitors on the new housing market are Altarea Cogedim, Icade, Bassac, Bouygues Immobilier, Vinci Immobilier and Kaufman & Broad.

The following table shows the net number of housing reservations and market share of France’s leading residential property developers.

The organisation of planning and residential real estate is based on a multi-brand strategy with a presence throughout France and national expertise in complex projects.

The Group’s operating subsidiaries are responsible for the entire real estate project and are staffed with specialists. Specific service companies common to the entire Group may also assist the operating subsidiaries by setting up specialised operations or providing marketing or technical support.

Nexity is a major player in the planning and development of new housing and subdivisions (development of plots of land to be built), and operates throughout France.

Its clients are:

• •First-time buyers (of homes or plots of land);
• •Other buyers, who already own their main residence, purchasing a new residential home (or a plot of land);
• •Individual investors purchasing a buy-to-let home (whether furnished, unfurnished or under a division of property ownership known as “démembrement”); and
• •Professional landlords purchasing an entire building to generate rental income (social, intermediate or freely available housing).

Access to housing for all is central to Nexity’s concerns whose offer focuses on affordable housing. Nexity has the ability to cover the entire range of housing on the market and is working on sustainable offers in order to offer high-performance and affordable products to all, designed for each stage of life and low-carbon.

As a real estate operator, Nexity is conscious of its need to help facilitate access to housing for all and today offers the following product lines:

• •Freely available housing: development of new homes; housing benefiting from optimised construction processes to address the issues of first-time buyers through its Access design product; wood-frame housing to meet environmental requirements. Some programmes may be co-developed with local or national developers;
• •Standard social housing: imposed by the Law on Solidarity and Urban Renewal (SRU Law - Article 55 of the Law of 13 December 2000), Nexity’s annual social housing production exceeds the 20% threshold. For Nexity, this represented 40% of sales in 2025;
• •Adapted housing for people in vulnerable situations: family shelters, emergency accommodation and inclusive housing. Since 2005, Nexity has made the strategic choice to support social housing players by meeting their needs in terms of urban development, social cohesion and sustainable development. This commitment is reflected in the creation of family shelters and emergency accommodation schemes, as well as the development of inclusive housing for people with disabilities and for seniors experiencing a loss of autonomy, as well as intergenerational residences, with regular events organised by an association. These projects are mainly set up with social housing operator partners, but can also be acquired by private investors;
• •Housing in Social Rental Usufruct (ULS): in supply-constrained areas, in order to promote the production of affordable housing, Nexity is developing Social Rental Usufruct projects. This product is based on the separation of bare ownership and usufruct over a period of 15 to 20 years. The individual or institutional investor acquires the bare ownership of an asset at a discounted price, while its usufruct is sold to an institutional landlord;
• •"Bail Réel Solidaire" (BRS) Housing: in order to promote social home ownership to low-income households, Nexity works in cooperation with social housing operators and solidarity-based land organisations (OFS) to offer housing at affordable prices. Created by the Macron Law of 6 August 2015, the "Bail Réel Solidaire" allows for the separation of land and buildings and thus reduces the price of housing;
• •Social lease-ownership loans housing (PSLA): a home ownership scheme that enables means-tested households to become owners of their main residence, at a controlled price, with the status of first-time buyer tenant;
• •Intermediate housing rental: since 1 January 2014, two tax incentives for intermediate housing rental were introduced by the Government (Order No. 2014-159 of 20 February 2014), exclusively for buyers who are legal entities, with the VAT rate reduced to 10% and exemption from property tax on built properties for the term of ownership of the buildings, up to a limit of 20 years. Since the end of 2024, the purchase of intermediate rental housing has become accessible to individuals provided it is carried out via an SCI (Société Civile Immobilière).;
• •Residences:
  • •Student residences: production of housing for students, which is mainly operated by Nexity via its serviced property company Studéa, as well as by third-party operators. Studéa is the leader in the student residences market and has 150 residences open or under construction in France and abroad, representing more than 17,000 housing units under management,
  • •Serviced student and senior residences: production of serviced senior residences, the majority of which are operated by Ægide-Domitys as part of the partnership signed in 2021 with AG2R La Mondiale, and Edenéa, a Nexity group brand, via its serviced property company Studéa,
  • •Social senior residences: they are an appropriate response to the housing problems of seniors, who often end up alone in oversized, poorly-insulated homes, and of students faced with a shortage of affordable housing. Usually built as rented and social housing, they guarantee access to a large population including seniors, people with disabilities, younger working people and students eligible for social housing,
  • •COMPLICITY® Multigenerational Residences: they are a response to the need for housing adapted to the demographic transition, encouraging social cohesion. COMPLICITY® is an “inclusive living” solution that includes social events at the residences to support senior residents in tailored accommodation and residential spaces, and to facilitate connection and harmonious coliving among all residents. There is a “social and shared living project” for every residence. This ambitious project, approved by elected officials, is the result of a joint development with the municipality, the social housing operator, the condominium managing agent (in the case of programmes in the freely available housing sector) and the social and shared life manager, by involving local community and economic players. There are 12 residences open or under construction in France,
  • •Coliving: to address new lifestyle trends, coliving is a shared mode of living in which private and shared spaces are brought together in the same place. Whether living or working, the objective is to pool rent and expenses in order to live in the heart of major cities whilst enjoying a comfortable and convivial environment. Coliving concerns many populations: working people, single-parent families, people with disabilities and seniors;
• •Refurbishment of real estate assets: a player committed to sustainable and affordable cities, Nexity develops projects to refurbish and convert existing assets throughout the country. The Group develops, in synergy with local authorities, urban and financial solutions to rehabilitate residential real estate assets and to transform office buildings, commercial buildings or car parks, into mixed-use programmes (housing and offices) which are predominantly residential; and
• •Site development and subdivisions: develops and subdivides sites, rendering the land suitable for construction and dividing the land into plots. The Group sells the plots primarily to private individuals who then have their own houses built on the plots, as well as occasionally to residential real estate developers who then develop groups of houses or collective dwellings on the land. For local authorities, the subsidiary develops neighbourhoods that integrate economic, social and environmental issues.

Furthermore, with a view to best serving the interests of its private institutional investor clients, Nexity designs products tailored to their expectations and offers them customisable partnership solutions:

• •Bulk sales of products that meet the investment criteria of institutional clients: the Group offers assets that meet both localisation criteria, throughout France, in various prime or up-and-coming sectors, and with high environmental quality requirements, in all segments of residential real estate-apartment housing, collective dwellings, senior residences, students, coliving or commercial spaces;
• •Establishment of partnerships to develop the respective activities of Nexity and its investor clients: to this end, the Group invests in joint ventures with a view to generating opportunities for all its subsidiaries. To this end, the Group entered into a partnership with the Carrefour Group in 2023 through the creation of a property venture that aims to upgrade 74 Carrefour sites. This long-term agreement will enable Carrefour and Nexity to develop mixed-use projects with high environmental performance, incorporating housing, serviced residences, shops, offices and/or hotels; and
• •Implementation of land banking solutions which are entirely derisked for the Group. 

The Group mainly markets its housing units under the VEFA off-plan sales regime (see Section 1.2.1 “Nexity: leading player in the French real estate market/A low-capital-intensive flow model” of this chapter), or in some cases under the VIR sale of buildings to renovate scheme (refurbishment projects). Plots of land for development are sold under the property dealer scheme.

Construction feasibility and the project’s potential profitability are essential criteria. Except when special opportunities arise, the Group’s Residential Real Estate development strategy does not include buying land to create a real estate portfolio or as a speculative investment.

In order to provide the best possible response to the current scarcity for land facing the Group, Nexity has been developing Nexity Solutions Foncières since 2020 to simplify access to all of the Group's real estate and business expertise for land owners, whether they are individuals or professionals. Its mission is to create value from the real estate assets of its clients, thanks to its service platform and its wide range of products (residential, office, managed residence, refurbishment, fixtures and fittings, retail, etc.).

The development of a new housing programme generally takes place in several stages:

Nexity pays particular attention to client satisfaction. To this end, Nexity has rolled out an internal satisfaction programme throughout the country to disseminate and foster a client culture throughout the Group. Thanks to its process of actively and continuously listening to customer feedback, the Customer Satisfaction Department is able to identify areas for improvement and adjust the relationship model to customer expectations (see Section 3.3.3 "Clients and end-users (ESRS S4)" of this Universal registration document).

The process of a subdivision project is similar to that of a housing project (administrative authorisations, margin generation criteria).

Clients with subdivisions benefit from professional advisors, a website and a toll-free number, which helps the client to define his/her project on the land to be acquired, to complete a financing plan and to develop a timetable for the work. The Group also provides its clients with a financial guarantee covering work not yet carried out, which is mandatory to sign the final sales contract.

Housing developments outside of France can differ in certain respects from those in France. In particular, land may be purchased before the required final building permits have been obtained and ownership may not be transferred until construction is complete, leading to a higher working capital requirement. The development and marketing processes for these projects are adapted to the legal and economic characteristics of each country, with the aim of maintaining a controlled risk profile in each of these local contexts. As a reminder, the Group only carries out marginal international activities (activities in the remaining countries, Belgium, Italy and Germany, are being managed on a run-off basis).

The following table presents a breakdown of the average cost of projects by type of cost, for projects delivered during the 2022-2025 period:

In a market where the cost of producing a home is significantly higher than the purchasing power of customers, it is Nexity's responsibility to constantly challenge its costs.

To this end, Nexity has put in place an operational performance plan, managed by the Construction Department, in conjunction with the regional teams, which has two objectives:

• •To guarantee technical excellence; and
• •To control the cost of operations.

The roadmap is structured around an operational triptych: design better, buy better, execute better. Put simply: better production.

This Construction performance plan is based on four main levers for action, broken down into concrete initiatives to be rolled out in each region:

• •Design optimisation, which aims to improve the quality and efficiency of projects from their upstream phase;
• •Optimising the purchase of supplies, based on the improved structuring of purchases to strengthen economic performance and the reliability of commitments;
• •The streamlining of works purchases, based on panels of construction companies to better control costs and secure partnerships; and
• •Performance in the execution of works, which will strengthen the management of construction sites and risks to make deliveries more reliable and profitable.

For sales of new homes under the VEFA system, the Group is required by law to provide certain warranties to its clients:

• •A warranty against visible defects (garantie des vices apparents), covering visible construction defects reported by the buyer within one month of the buyer taking possession of the home;
• •A proper operation warranty (garantie de bon fonctionnement) covering malfunctions of items of equipment separate from the construction itself (valid for two years from date of delivery); and
• •A 10-year warranty (garantie décennale) covering problems relating to the structural soundness of the construction or the suitability of the structure for its intended purpose (valid for 10 years from date of delivery).

The supply for sale at the end of December 2025 stood at 5,447 units. It rose slightly (+3%) during the second half of the year.

With a supply/total market ratio(3) at its 2019 level, the decrease in supply for sale reflects the Group’s adjustment to new market conditions:

• •Time to market was 5 months (identical to 2019), securing supply rotation and resulting in virtually no unsold completed homes (~100 units);
• •Supply for sale under construction accounted for 48% of total supply, with more than 80% of projects scheduled to be delivered in more than 6 months and 64% in more than one year; and
• •Finally, the percentage of supply for sale located in supply-constrained areas is 15 points higher than in 2022 (91%), with the percentage in zones A/Abis up 17 points. It should also be noted that 100% of the supply for sale is eligible for the interest-free loan scheme since 1 April.

As part of its ongoing review of supply for sale in the planning stage, in light of the context and the targeted analysis of supply carried out during the second half of 2025, the Group made the decision to abandon 19 projects designed prior to year-end 2023, leading to its cancellation of 927 reservations (bulk sales) recorded prior to 2024.

In a housing market still impacted by the non-renewal of the Pinel scheme at the end of 2024 and the deteriorating political environment in the second half of 2025, Nexity has consolidated its leading position by recording a total of 12,008 reservations over the period, i.e. a market share of 13% in a market that is consolidating by +10 basis points compared to 2024. This is a 10% drop in a market that is down 11% over the year.

With a steady improvement in the trend in 2025, notably supported by homebuyers and bulk sales in the second half of the year, Nexity posted above-market commercial performance in each of its markets for the second consecutive quarter.

• •Retail reservations over the year amounted to 4,558 units, i.e. 38% of the Group's housing reservations, a decrease of 10% in volume and 8% in value, reflecting healthy pricing levels achieved after the recalibration in 2024. This change reflected the following two trends:
  • •Decline in individual investors, as expected, due in particular to the non-renewal of the Pinel scheme at the end of 2024 (which, for reference, accounted for 80% of individual investor and 18% of total reservations in 2024), and
  • •Continued strong momentum among homebuyers at +19% over the year, to nearly 2,600 reservations (+23% for first-time buyers), driven notably by:
    • -Appealing product range and effective marketing campaigns featuring innovative, attractive financing solutions aimed at helping first-time buyers and young people access loans in order to become homeowners, in particular by aligning monthly mortgage repayments as far as possible with what they used to pay in rent,
    • -Good momentum in sales launches: 106 launches with retail sales spread over 101 municipalities, reflecting the appeal of our range. The average pre-sales rate before the start of works is 75%, and
    • -Financing conditions with the stabilisation of borrowing rates over the year, the extension of the interest-free loan scheme to the whole country and the appetite of banks (number of loans granted up 34.9% over a rolling 12-month period in January 2026);
• •Bulk sales represented 7,450 reservations for 2025 (62% of the mix), down 9% in volume and 7% in value. More than half of these reservations were made in the fourth quarter, confirming the highly seasonal nature of bulk sales at the end of the year; and
• •In addition, the Planning business accounted for more than 1,400 subdivision reservations for the year, up 32% in volume, reflecting momentum amplified by the extension of the PTZ interest-free loan scheme to single-family homes starting 1 April 2025.

Revenue from Planning and Residential Real Estate Development totalled €2,277 million in 2025, down 5% compared to 2024, mainly reflecting the decline in activity.

Current operating profit was positive at €13 million compared to -€119 million in 2024 and reflects, as expected, the restored margins, mainly thanks to the rising contribution under the percentage-of-completion from project launches aligned with target commitment margins since the beginning of 2024.

The backlog stands at €3.9 billion, stable compared to 30 September 2025 and equivalent to 1.5 years’ revenue. The level secured by sales for which notarial deeds of sale were signed is 48%.

Business potential excluding planning represents the equivalent of 42,000 housing units.

This volume does not yet include the initial contributions from the Carrefour partnership, the first building permits for which were filed in the fourth quarter of 2024 and are currently being processed (for reference, revenue at termination over approximately the next ten years is estimated at more than €2 billion). Around ten other building permits are currently being worked on but have been delayed by the context of upcoming municipal elections in March 2026. An acceleration is expected after the local elections.

The Group obtained in the region of 14,000 building permits in 2025, a very satisfactory volume that will fuel profitable development in 2026.

Aside from the financing of purchases specific to the operating cycles of its development  and planning activities, which mainly consist of inventory components and work in progress held for sale (land, development and construction works, etc.), the Group carries out a variety of different types of investment:

• •Day-to-day operating investments for its activities (fitting out, IT, furniture, maintenance and renovation of managed serviced residences, development of coworking spaces, etc.);
• •External growth investments with the aim of developing the Group’s business by way of acquisitions of companies, equity interests, business goodwill or contributions; and
• •Investments that are more financial in nature, through acquisitions of non-controlling interests (in particular by the investment business).

Day-to-day operating investments in 2025 totalled €39 million net for the Group as a whole (€42 million in 2024 and €56 million in 2023), including €15.6 million for the fitting out of coworking spaces, €5.7 million for the renovation of student residences, and the remainder pertaining to IT investments (€13 million) and other subsidiary investments.

Investments and disposals in subsidiaries and shareholdings over the last three years are presented below.

In 2023, the Group acquired property management contract portfolios and firms for a purchase price of €8.4 million. In addition, Nexity entered into exclusive negotiations in December 2023 to sell its Services to Individuals activities to Bridgepoint for an enterprise value of €440 million. The transaction was completed on 2 April 2024. Lastly, together with Carrefour, the Group created a land banking joint venture (80% owned by Carrefour and 20% by Nexity) for €39 million.

In 2024, no significant acquisitions were made, but the Group sold, in addition to its Services to Individuals activities mentioned above, its subsidiary Nexity Property Management to Crédit Agricole Immobilier on 31 October 2024 as well as most of its stake in Bien'ici on 8 October 2024.

In 2025, the Group increased its stake in Angelotti from 55% to 80% for €34 million and sold its subsidiary Accessite for €8.2 million.

For more than 20 years, the Group’s new housing development and property development business has benefited from several tax measures such as:

• •The Pinel (rental investment) and Loueur en meublé non professionnel (LMNP) schemes allowing clients to deduct their rental expenses or benefit from a tax reduction calculated on the amount of the investment. The Pinel scheme ended for deeds signed after 31 December 2024;
• •The so-called "Jeanbrun" scheme, adopted as part of the 2026 Finance Bill, introduces a new tax scheme to support private rental investment, intended to replace the Pinel scheme. Based on a tax depreciation mechanism for the property, supplemented by the deduction of charges and the possibility of generating a land deficit, this scheme aims to boost the construction of housing and increase the rental supply across the entire country, without zoning. In particular, it encourages the marketing of low-cost housing, thus helping to address ongoing tensions in the housing market;
• •The PTZ interest-free loan scheme, aiming to support the construction of new homes and boost social home ownership by facilitating access to ownership for low-income households. As part of the 2025 Finance Act, the PTZ scheme was extended for new buildings throughout the country as well as to single-family houses until 31 December 2027;
• •Reduced-rate VAT in ANRU urban regeneration zones and QPV priority urban planning districts;

• •The Malraux scheme for rental investments in the renovation of historic buildings (for investments made before 31 December 2024, excluding notable heritage sites); and
• •Tax exemption for family gifts of sums of money invested in new property.

Nexity considers the contracts it signs to be material when they have a significant weighting in the Group’s business activity with one sole counterparty, as well as those that could have reputational importance given their visibility in the event of poor execution or late delivery.

This long-term partnership is enabling the development of mixed-use projects with high environmental performance, incorporating housing, serviced residences, shops, offices and/or hotels.

• •40 city centre sites will be completely refurbished, with the reintegration of a food retail space.
• •The 36 other sites, on the outskirts of cities or in commercial areas, concern existing car parks, which will be partly reallocated to urban projects.

The initial 76 sites represent approximately 800,000 square metres; their development should enable the creation of 12,000 homes, 120,000 square metres of retail space, 10,000 square metres of office and business space and 17,000 square metres of hotels. The number of sites fell from 76 to 74 after local authorities exercised their right of first refusal on 2 sites.

This partnership is fully in line with the strategic plans of the two groups:

For Carrefour, it is part of the Carrefour 2026 strategic plan and the project to upgrade its real estate portfolio in France:

• •Continue the integration of Carrefour shopping centres in redesigned neighbourhoods in close consultation with elected officials and local authorities;
• •Develop projects that are tailored to their environment by integrating a mix of uses on already artificialised land; and
• •Support the ecological urban transition by creating new green spaces and promoting soft local mobility.

For Nexity, this project, which is aligned with its desire to accelerate the focus on urban regeneration, is an opportunity to implement a transformative and exemplary approach, and to rise to the challenges of combating urban sprawl and supporting the energy transition.

Each site will be the subject of a specific urban diversity programme, defined in line with the needs and expectations of each local authority, and will be developed as part of a dedicated vehicle, for the most part majority owned by Nexity.

The first building permits were filed in the fourth quarter of 2024 and are currently being processed. Around ten other building permits are currently being worked on but have been delayed by the context of upcoming local elections in March 2026. An acceleration is expected after these elections.

Nexity operates in a continuously changing environment and, like all companies in its sector, is inevitably exposed to risks whose occurrence could have material impacts. To ensure its continued development and the achievement of its objectives, the Group ensures that it identifies and manages its risk exposure in the regions where it operates and in its different areas of activity: planning, development and serviced properties.

Nexity’s risk management approach applies to the entire Group, parent company and subsidiaries, and is under the responsibility of Executive Management. It encompasses a range of resources, behaviours, procedures and actions to manage the Company’s main risks.

Nexity’s internal control is based on the COSO II framework (Committee of Sponsoring Organizations of the Treadway Commission) and on the reference framework of the French Financial Markets Authority (Autorité des Marchés Financiers - AMF). It is structured around five dimensions: control environment, risk assessment, control activities, information and communication, assessment and management. This ensures a consistent and uniform approach across the Group and facilitates compliance with the French Financial Security Act (known as LSF – Loi de sécurité financière).

Risk management refers to a permanent set of arrangements that enable Executive Management and Nexity’s managers to identify, assess and contain any risks that could lead to a material adverse impact on the Company’s ability to achieve its objectives, its staff, assets, environment or reputation. Risk management forms an integral part of all Group processes (business lines and support functions) and informs decision-making.

In particular, risk management aims to:

• •Safeguard decision-making and the Group’s strategic, operational and support processes in order to facilitate the achievement of objectives;
• •Create and protect the Group’s value, assets and reputation by identifying and analysing the main threats and opportunities; and
• •Rally the Group’s employees around a shared vision of the main risks and make them aware of the issues and risks relating to their activities.

Risk management is based on parallel approaches that are intended to feed off each other:

• •The mapping of major risks, which identifies the main concerns of the Group’s executives that could affect the achievement of the Group’s objectives. The results of this approach are presented in Section 2.2 "Specific risk factors and their management" of this chapter;
• •The mapping of operational risks, fed by the internal control system, which is based on an analysis of risks by operational processes, led by the Risk Department and the network of risk and compliance officers. More information on this approach is provided in Section 2.1.2.1 "Risk management organisation" of this chapter;
• •The mapping of corruption and influence peddling risks, managed by the Compliance Department, is based on the identification and analysis of scenarios specific to the real estate sector, with the aim of defining relevant and tailored action plans. This mapping is formalised in accordance with the recommendations of the French Anti-corruption Agency (AFA) and is based on the assessment of the risks specific to each of the Group's entities. In 2025, this mapping was incorporated into the Group's computerised risk management tool. Further information is provided in Section 3.4.1.4 "Prevention and detection of corruption and bribery (G1-3)" of this Universal registration document;
• •The mapping of risks related to anti-money laundering and combating the financing of terrorism, led by the Compliance Department, was based on the Tracfin guidelines for the real estate sector. It aims to identify and assess the risks specific to each entity, using an approach based on the risk type. In 2025, this mapping was incorporated into the Group's computerised risk management tool; and
• •The CSR risk mapping, managed by the CSR Department, is based on a dual materiality analysis that includes all the methodological elements of the Group’s risks. It complements Nexity’s risk analysis by identifying sustainability issues, both for operational risks and major risks. The risks resulting from the double materiality analysis are presented in Chapter 3 “Sustainability statement” of this Universal registration document;

The Group’s internal control system is defined by Executive Management and implemented by all employees. It complements the risk management system, since it serves to identify and analyse risks while playing an active role in addressing them, in particular through the implementation of controls. Internal control helps control all activities, the efficiency of its operations and efficient use of its resources. It thus allows the Group to appropriately assess material risks, whether strategic, operational, financial, employee or compliance-related.

More specifically, the system aims to ensure:

• •The compliance with applicable laws and regulations;
• •The application of instructions and guidelines set by Executive Management;
• •The proper functioning of the Group’s internal processes; and
• •The reliability of financial and accounting disclosures.

The risk management and internal control system therefore plays an essential role in the execution and management of the Group’s activities, since it makes it possible to:

• •Know and anticipate: ensure regular monitoring of the Group’s significant risks, recognise and monitor the environments in which the Group operates and anticipate changes in the nature or intensity of these risks;
• •Organise: ensure that the main risks identified are effectively taken into account by the Group at the most appropriate level;
• •Manage: ensure that the resources in place are effective to best control the risks identified, in line with the Group’s values and strategy; and
• •Raise awareness and inform: the implementation of a coordinated risk management system is based on raising employee awareness of risk management. It includes risk communication to various stakeholders.

The control environment, vital to the internal control system, proper risk management and the application of procedures, is also based on behaviours, actions, organisation and employees. The smooth running of Nexity’s organisation is based on, among other factors, compliance with the clear principles of action and behaviour that frame its activities and its development:

• •Strict application of Group-wide rules, particularly in terms of undertaking projects;
• •Knowledge of and compliance with the Code of Ethics, the Group's Anti-corruption Code of Conduct and the relevant procedures, (see Section 3.4.1.3 “Corporate culture and business conduct policies (G1-1)” of this Universal registration document);
• •Transparency and loyalty of employees towards their line managers at the operational level and at the central functional departmental level (divisions and the holding company); and
• •Responsibility of the executives of operating entities in communicating the above principles to their teams using the most appropriate means.

In order to prevent and effectively manage its risks, Nexity adopts a moderate risk appetite policy leading it to limit and control acquisitions of high-risk land assets, manage its real estate development operations within a prudential framework, ensure its commitments are highly diversified, and avoid speculative activities and those with high fixed costs.

The Group also aims to ensure that it conducts its business activities at all times in compliance with the legal requirements applicable to its various business lines and with the rules on business ethics. As such, it has set up appropriate training for its employees (see Section 3.4.1.3 “Corporate culture and business conduct policies (G1-1)” of this Universal registration document).

The Group generally considers that its executives and employees demonstrate a shared culture of risk management and works continuously to reinforce it. Risk analysis is integrated into the Company’s various processes: governance, operational and support processes. Measures to support the continuous improvement of risk management are regularly implemented, in particular by raising the awareness of employees and involving them in the deployment of control systems.

In a housing market undergoing profound change, Nexity continued to make changes to its organisational structure in 2025. The Group is thus confirming its ability to adapt and the relevance of its positioning to tackle the real estate crisis. The key points of the updated mapping of major risks at 31 December 2025 mainly relate to strategic risks and risks related to the business lines and relations with third parties.

The conflict in the Middle East is changing the geopolitical context and could have an impact on the macro-economic environment. Nexity operates in France (with its international business managed on a run-off basis) and has no direct exposure in the Middle East. The Group remains attentive to changes in the situation, the consequences of which, if long-lasting, could result in an increase in inflation, particularly in the cost of raw materials, interest rates or tensions in supply chains. 

The mapping of the Group's major risks, broken down into seven risk categories, is presented below.

Additional risks not currently known to Nexity may also adversely affect its business and financial performance. Any of these risks could cause significant differences with the forward-looking information released to the market and filed by the Group with the AMF.

The Sustainability Statement presented in this chapter of the Universal registration document was prepared in the context of the second year of application of the provisions of the EU Corporate Sustainability Reporting Directive (CSRD).

The Group is applying a continuous improvement approach to this reporting and communication exercise.

The Sustainability Statement is prepared on a consolidated basis. Its scope of reporting is identical to the scope of the financial statements, and all subsidiaries are included in the same scope. The non-financial scope is aligned with the financial scope, and its reference period is the same as that for the Group’s financial reporting, i.e. the calendar year from 1 January to 31 December. All metrics for the Sustainability Statement take into account the entire scope. Due to the disposals of Accessite on 1 October 2025 and Service Personnel on 30 July 2025, it is specified when indicators do not include one of these entities.

It should be noted that the option to omit specific information on intellectual property, expertise and innovation results has been applied.

The preparation of the Sustainability Statement is based on the double materiality assessment which was updated in 2025. It has enabled the identification and assessment of the impacts, risks and opportunities (IRO) present throughout Nexity’s value chain (see Section 3.1.3.1 “Strategy, business model and value chain (SBM-1)” of this chapter).

Consequently, the entire Sustainability Statement takes into account Nexity’s value chain and in particular its tier-one suppliers (BTP companies(2)). A table presents the Group’s material IROs broken down across the value chain in the introduction to each corresponding ESRS(3) in this chapter.

All of the data points listed below have been incorporated by reference. They have been addressed within this Universal registration document as follows:

The default time horizons defined by the Group are those defined in the climate-related standard, ESRS E1. These time horizons are measured from the end of the reporting period, i.e. 31 December 2025:

• •Short term is defined as less than 1 year;
• •Medium term is defined as 1 to 5 years; and
• •Long term is defined as more than 5 years.

The time horizons defined by the Group for its analysis of climate-related physical risks are presented in Chapter E1 (see Section 3.2.1.3 "Climate change adaptation" of this chapter).

Data on greenhouse gas emissions are published in accordance with the GHG Protocol for all scopes, as for the 2024 fiscal year.

Emissions related to the administrative carbon footprint are calculated using primary data (88%) and extrapolated data (12%). The uncertainty of data collected ranges from low to high. Scope 3 emissions related to the life cycle of projects are calculated using secondary data (FDES forms (Environmental and Health Declaration Forms), PEP (Product Environmental Profiles), and RE2020 data). This data is highly uncertain. This data will be strengthened in the future with more detailed calculations (RSEE methodology(4)) and management using a carbon tool. The methodology for calculating carbon assessment data is presented in Section 3.2.1.4 "Methodology note and regulatory tables" of this chapter.

With regard to the data for ESRS E5 on the “Circular economy” topic, as the purchases of resource inflows are made by the suppliers in Nexity’s value chain, the monitoring thereof is not yet consolidated by the Group.

Regarding the breakdown of salaried employees by age group, there is no change in methodology for determining the number of employees concerned. There are no other significant methodological changes relating to social indicators.

Nexity applies the EU Taxonomy regulatory framework as defined by the most recent delegated regulation in force (Commission Delegated Regulation (EU) 2026/73, adopted on 4 July 2025 and which entered into force on 28 January 2026). For the 2025 fiscal year, the Company did not apply the principle of materiality by activity (threshold of 10%).

In addition to the ESRS-related sustainability reporting requirements, Nexity publishes additional sustainability- related information in accordance with the following standards:

ESRS E1: Climate change

• •Law No. 2020-105 of 10 February 2020 on the fight against waste and the circular economy;
• •RE2020 environmental regulations for new buildings; and
• •Article L.229-25 of the French Environmental Code, which requires companies with more than 500 employees to perform a greenhouse gas emissions assessment (GHGA), was introduced by the Grenelle II law (Law No. 2010-788 of 12 July 2010). This article has been amended and clarified by subsequent decrees to adjust the application methods.

ESRS E4: Biodiversity and ecosystems

• •Law No. 2023-630 of 20 July 2023 aimed at facilitating the implementation of objectives for combating soil artificialisation and strengthening support for local elected representatives; and
• •Law No. 2021-1104 of 22 August 2021 on the fight against climate change and strengthening resilience to its effects.

ESRS S1: Own workforce

• •Law No. 2018-771 of 5 September 2018 on the freedom to choose one's professional future.

ESRS S4: Clients and end-users

• •Law No. 78-17 of 6 January 1978 on data processing, data files and civil liberties;
• •Law No. 2018-493 of 20 June 2018 on the protection of personal data;
• •The Charter of Fundamental Rights of the European Union;
• •European Union Convention 108 on the protection of individuals with regard to automatic processing of personal data;
• •Order No. 2014-159 of 20 February 2014 on intermediate housing;
• •Law No. 2018-1021 of 23 November 2018 on changes in housing, land management and digital technology;
• •Law No. 2015-990 of 6 August 2015 on growth, activity and equal economic opportunities; and
• •Law No. 2000-1208 of 13 December 2000 on solidarity and urban renewal (Article 55).

ESRS G1: Business conduct

• •Law No. 2016-1691 of 9 December 2016 on transparency, the fight against corruption and the modernisation of economic life (Sapin II Law); and
• •Law No. 2022-401 of 21 March 2022 to improve the protection of whistle-blowers (Waserman Law).

Climate change is a physical reality that is redefining the context of habitability both for society and for the continuity of business activities. As a real estate development company, called upon to orchestrate the design of living spaces ranging individual homes to entire neighbourhoods, the Nexity group is heavily impacted by and attentive to the physical, economic and societal changes brought about by this context. The Group has therefore defined a climate policy based on the two complementary pillars of climate change mitigation and adaptation to the effects of climate change. This policy is presented in this chapter and is the result of a context-induced assessment of impacts, risks and opportunities (IROs).

The table below presents the characteristics of the IROs identified by the double materiality assessment as material to the challenges of climate change mitigation and adaptation:

Climate change mitigation is defined by the IPCC(1) (AR6 report, 2023) as human intervention aimed at reducing greenhouse gas emissions or enhancing atmospheric carbon sinks. Its principle is based on limiting radiative forcing to stabilise the climate and avoid critical warming, through actions such as the decarbonisation of energies, energy efficiency and carbon sequestration.

It is essential because cumulative emissions determine the trajectory of warming over centuries; without an immediate drastic reduction, the impacts (rising water levels, extreme events) would exceed any capacity to adapt, threatening planetary stability and societies.

On a global scale, the mitigation goals aim to limit warming to 1.5°C compared to the pre-industrial era, in accordance with the Paris Agreement, by reducing global greenhouse gas emissions by 45% between 2010 and 2030 and achieving carbon neutrality around 2050. At company level, these objectives consist of aligning strategies with these ambitions, by measuring their carbon footprint using methodological frameworks such as the GHG Protocol, and through commitments to absolute emission reductions (as with the Science Based Targets initiative).

The impact of Nexity’s activities on climate change is predominantly due to greenhouse gas emissions in the Group’s value chain. As a service company, the Group's scope 1 and 2 emissions are linked only to its administrative sites, and scope 3 emissions are for the most part associated with the life cycle of real estate projects brought to market (real estate development activity).

Real estate development consists of the design and construction of housing, offices and/or business premises. The use of construction methods and materials during the construction phase by construction companies emits greenhouse gases, due to the carbon related to the materials on the one hand (extraction, processing, transport) and related energy consumption over the life of the building on the other. It should be noted that the majority of the Group’s real estate projects are carried out in mainland France (97% of 2025 revenue). Real estate development activities do not fall into the category of activities incompatible with carbon neutrality if they are covered by decarbonisation trajectories validated by the SBTi as aiming for neutrality by 2050. As a result, these activities require significant efforts to measure and reduce their impact on the climate. Nexity's trajectory and efforts are described in this chapter.

Although Nexity does not carry out any real estate activity, due to its real estate development activities and as a project owner, the Company has an important responsibility to participate in the transition to global neutrality, based on the significant carbon impact of the construction sector.

The impact of Nexity group’s activities on the climate is measured annually through an assessment of greenhouse gas emissions on the Group's value chain and its operations, as well as on its administrative sites (scopes 1, 2 and 3 of the GHG Protocol). Methodological details and emissions reporting from recent years can be found in the methodological note.

The Nexity group's carbon footprint is the sum of the "administrative" carbon footprint (specific to the operation of the Group's administrative sites) and the "life cycle of buildings delivered" carbon footprint (specific to the development activity). The calculation methods for these two assessments are detailed in the methodological note. This dual approach enables the Company to identify the main sources of its greenhouse gas emissions. For administrative activities, this concerns business travel and the energy consumption of offices. The carbon footprint of the delivered buildings relates to the impact of materials and energy efficiency.

As shown in the diagram below, Nexity’s total emissions for 2025 fiscal year are associated with:

• •For 0.4% of Scopes 1 and 2;
• •Scope 3 - administrative (1.4%); and
• •Scope 3 - life cycle of delivered buildings (98.2%).

As such, a very large proportion of emissions is attributable to the life cycle of the buildings delivered during the year by the Group, which can be broken down into 45.5% of the Group's total carbon footprint for upstream (carbon related to the materials used) and 48.8% of the Group's total carbon footprint for downstream (carbon related to energy consumption during use and the end of life of buildings).

As shown in the table below, the Group’s total carbon footprint for 2025 amounted to 1,201,096 metric tonnes of CO2 (market-based), which represents a decrease of 5.8% compared to the 2024 carbon footprint. This decrease is due to a reduction in the administrative carbon footprint (reduction in scope 1 due to the implementation of the vehicle policy, decrease in scope 2 attributable to a decrease in electricity consumption with the disposal of several sites), as well as the decarbonisation of development activities (scope 3). It should also be noted that the design of projects delivered in 2025 dates back to at least three years previous.

This represents an increase of 22.3% in scopes 1 and 2 and a decrease of 34.6% in scope 3, the life cycle of buildings delivered in absolute value since 2019, for an SBTi objective of -47% and -36% respectively.

The following table shows the progress made in decarbonising Nexity's production (its real estate projects), in intensity. All the regulatory tables relating to the carbon footprint are presented in Section 3.2.1.4 "Methodology note" of this chapter.

Emissions per square metre of residential development under RE2020 fell by 1.5% over one year and are 7.6% lower than in 2019. Those of commercial development fell by 10.1% in one year and are 16.7% lower than in 2019. Total emissions per square metre of the development activity fell by 8.4% in 2025 compared to 2019. These emissions in intensity are influenced by a record year in terms of square metres of residential spaces delivered, this being due to an extension of the period between the filing of the building permit and delivery: some projects for which building permits were filed longer ago - with lower carbon ambitions - were delivered this year.

Total Carbon intensity

Nexity’s carbon intensity in 2025, as presented in the table below, is:

• •For scopes 1 and 2 only: 1.86 tCO2 per million of revenue generated (1.79 tCO2 using the market-based approach); and
• •For scopes 1, 2 and 3: 425.77 tCO2 per million of revenue generated (425.70 tCO2 using the market-based approach).

The IFRS revenue of €2,821 million, used to calculate the intensity of GHG emissions, is disclosed in Notes 3.8 and 6.2 to the Consolidated financial statements presented in Section 5.1 of this Universal registration document.

In order to reduce its impact on climate change, Nexity has developed a policy to measure and reduce the greenhouse gas emissions of its value chain, at the level of the Group and all its subsidiaries. The aim of this policy is to achieve the Group's climate-related objectives.

This policy covers the following aspects:

• •Measurement of greenhouse gas emissions related to its internal (Scopes 1 and 2) and external (Scope 3) scope of responsibility;
• •Decarbonisation trajectory aligned with the objectives of the Paris Agreement; and
• •Identification and activation of the main decarbonisation levers(2).

The topics of energy efficiency and renewable energies are included, on the one hand, in the mitigation policy for Scopes 1 and 2 (administrative activities), and on the other hand in the Group’s Scope 3 mitigation policy related to delivered buildings (energy efficiency and energy vectors of these buildings).

The Group’s mitigation policy is managed by the Group’s CSR Department, which has also overseen its development. The operational monitoring of decarbonisation objectives has been entrusted to:

• •The Group's Real Estate and Purchasing Department and Human Resources Department for scopes 1 and 2, and scope 3 administrative; and
• •The Construction Department for Scope 3 life cycle of projects. It monitors carbon emissions on a quarterly basis, focusing on projects delivered or in the building permit application phase (for operational management of the carbon trajectory of deliveries).

The monitoring of the decarbonisation trajectory was the subject of the first Impact2030 Committee meeting – a committee bringing together Executive Management, the CSR Department and the Regional Departments – in July 2025.

The remuneration of company officers includes a variable component, which was 10% for the 2025 fiscal year, indexed to the objective of decarbonising the life cycle of buildings delivered (scope 3) (see Section 4.4.1 "Remuneration of Nexity’s executive company officers and directors awarded in respect of or paid during the 2025 fiscal year (ex-post)" of this Universal registration document).

To implement the Group’s strong ambition to decarbonise the development activities, in 2022 the CSR Department and the Finance Department defined the procedures for implementing an internal carbon price, which were validated by Executive Management. Beyond education, the objective is to create a true culture of sustainable performance and to contribute to the systematic linking financial and environmental performance in the future. The principle adopted is that of a bonus/penalty system based on the carbon performance of a project in relation to the average carbon objective for the year based on the Group’s carbon trajectory, and the creation of a corresponding carbon margin for each project reviewed by the Group’s Commitments Committee or Acquisition Committee. After analysing the programmes reviewed by the Group Works Council and benchmarking practices in other companies, the internal carbon price was set in 2022 at €100 per metric tonne of CO2.

The carbon margin that appears in the documents to be presented to the committee may thus either represent an improvement in the margin in the event of carbon outperformance in the project, or a deterioration in the margin in the event of carbon underperformance in the project. Thus, a carbon margin that represents an improvement on the “traditional” margin reflects the fact that a programme has made a positive contribution to the Group’s carbon trajectory. As part of this system, the carbon margin is currently only used for information purposes.

As a real estate operator, Nexity has a key role to play in driving the ecological transition, particularly in urban areas. Although it is neither a materials manufacturer nor a construction company, the Group has a responsibility during construction as a project owner and therefore as a principal, and must have an ambitious transition plan.

Global warming requires profound transformations in the functioning of regions and lifestyles, to move towards more energy efficient and sustainable urban models. Nexity has adapted its environmental strategy to take these factors into account and initiate far-reaching changes to its business lines, in particular the design of buildings resulting from its development activities.

The Nexity group’s transition plan is based on decarbonisation objectives. These objectives and their monitoring, the decarbonisation levers and the associated actions to achieve these objectives are presented below.

The transition plan for climate change mitigation is based on a trajectory for reducing greenhouse gas emissions generated directly or indirectly by Nexity in its value chain. Nexity’s carbon trajectory can be broken down into two objectives for 2030. They concern, on the one hand, scope 1 and 2 emissions - which are solely associated, in view of the Group’s activities, with administrative sites and vehicles (0.5% of scopes 1, 2 and 3) - and on the other hand, scope 3 emissions related to the Group’s development activities, i.e. the life cycle of delivered buildings (98.1% of scopes 1, 2 and 3). The rest of scope 3 is related to administrative sites and vehicles (1.4% of scopes 1, 2 and 3) for which the Group has not set itself any objectives.

The Group set itself the following two strategic objectives in 2022 (an ambition was set in 2015, enhanced in 2020 and then 2022):

• •Reduce absolute CO2 emissions related to scopes 1 and 2 by 47% in 2030 compared to the 2019 reference year(3); and.
• •Reduce CO2 emissions per square metre related to the life cycle of delivered buildings by 42% compared to the 2019 reference year (Scope 3 related to development activities). With regard to this objective, the ambition corresponds to the reduction in absolute value of 36.4% of CO2 emissions related to the life cycle of the delivered buildings.(4) (5)

These objectives were validated by the SBTi in July 2023 as being aligned with the objective to limit global warming to 1.5°C(6). These targets were analysed in light of the latest activity forecasts, and the ambition remains unchanged, in absolute value and in intensity; internal management for scope 3 development is always carried out in intensity, which is the most relevant for our activities.

These objectives were set following work carried out in 2021, coordinated by the CSR Department in conjunction with the Construction Department, and with the support of an external firm. The proposed objectives were validated by the Executive Committee in early 2022. The level of ambition of these objectives was put to the vote at the Shareholders' Meeting in May 2022 (Climate & Biodiversity Resolution) and was approved by 88%.

The SBTi certification of its 2030 decarbonisation constitutes a first milestone for Nexity in its objective of contributing to global carbon neutrality by 2050.

In order to achieve the objective by 2030, the carbon intensity trajectory of projects is monitored by the Construction Department when the building permit is filed to steer the trajectory, and at the time of delivery to measure the results.

The RE2020, one of the most ambitious regulations in terms of limiting the carbon impact of buildings in Europe, has been applied since 1 January 2022. It sets both a carbon emissions threshold related to materials and a carbon threshold related to energy consumption over a 50-year period of use of the building. It sets emission intensity ceilings for building permit filings, with decreasing thresholds over time in three-year stages: 2022, 2025, 2028 and 2031.

Reducing the life cycle carbon footprint of buildings requires profound changes in building design. A corporate transformation process based on the design of low-carbon buildings has been in place since 2021 when the Construction Department and a Head of Low-Carbon Deployment position were created. To monitor the progress made in the decarbonisation of the life cycle of buildings, the Group has been monitoring, since the application of the RE2020 in 2022, a performance indicator from the building permit filing stage, which is on average three years prior to the delivery of the building. It should be noted that the average emissions per square metre of projects delivered in 2019 is equivalent to the 2022 threshold of the RE2020.

Targets and performance for reducing the life cycle carbon footprint of buildings - building permit filing stage:

In 2025, the outperformance of building permit filings compared to the 2025 threshold of the RE2020 -11%, i.e -35% compared to the 2022 threshold.

The RE2020 thresholds calculated in view of the Group’s average production that apply to building permit filings are as follows(9):

• •2025 threshold = 977 kg CO2eq/sq.m SHAB (floor space)(10);
• •2028 threshold = 872 kgCO2eq/sq.m SHAB (floor space); and
• •2031 threshold = 787 kg CO2eq/sq.m SHAB (floor space).

The following graph shows the performance in kg of CO2 per square metre on the projects delivered and on the building permit applications filed since 2019. This performance is put into perspective with the declining regulatory thresholds of the RE2020 and with the time horizon of 2030 for the achievement of the -42% objective for deliveries, compared to 2019. There is usually a three-year period between the filing of the building permit application and the delivery of a project, so it can be estimated that the projects delivered in three years will respect the trajectory of deliveries.

Levers for Scopes 1 and 2 (0.4% of the Group’s total emissions)

Two main levers are identified:

• •Energy and carbon performance of the Group’s vehicle fleet (90% of Scopes 1 and 2): fleet optimisation and electrification; and
• •Energy and carbon performance of administrative buildings - which house Group employees - (10% of scopes 1 and 2): teams relocated to newer buildings, sobriety measures, etc.

Scope 1 and 2 emissions and decarbonisation levers for 2030(11)

Levers for scope 3 development (98.2% of the Group’s total emissions)

The decarbonisation objectives for the life cycle of buildings lead the Group to identify levers to reduce this carbon footprint, both upstream (materials) and downstream (emissions related to the building’s consumption during its lifetime). The activation of these levers is a real change management project for the development business lines.

Four main decarbonisation levers make up the Group’s transition plan, the first two focusing on downstream and the other two upstream of construction:

DOWNSTREAM – Carbon related to energy consumption over the lifetime of the building (21% gain)

• •Lever 1 - Energy efficiency of new buildings: develop high-energy performance buildings (7% gain);
• •Lever 2 - Energy mix of new buildings: implement low-carbon energy vectors (14% gain);

UPSTREAM – carbon related to the materials used (21% gain)

• •Lever 3 - Refurbishment and frugality: increase the share of refurbishment in our production and implement actions to save resources and reuse materials (9% gain); and
• •Lever 4 - New construction methods and low-carbon materials: develop new construction methods and use low-carbon products (12% gain).

These decarbonisation levers can contribute in the following proportions to achieving the decarbonisation target of Nexity's projects, i.e. 21% for downstream and 21% for upstream:

The analysis of projects for which building permit applications were filed in 2025 shows that the energy efficiency lever on new buildings led to a gain of 7% compared to the carbon intensity of 2019; the lever related to the energy mix in new projects led to a gain of 13%; refurbishment a gain of 5% and construction methods and low-carbon materials a gain of 10%. Efforts in terms of the energy mix and energy efficiency of new buildings will be maintained, and those relating to refurbishment and new construction methods will be stepped up.

These levers should make it possible to reduce emissions by 73,000 tCO2eq by 2030 compared to the emissions over the life cycle of projects delivered in 2019 through energy efficiency; 146,000 tCO2eq by decarbonising the energy mix; 93,000 tCO2eq thanks to sober construction methods and refurbishment; and 68,000 tCO2eq thanks to the use of low-carbon materials and construction methods(12)

These levers are supported by a cross-functional lever, the support of subsidiaries and the training of employees in changes to the development business lines.

The aforementioned decarbonisation levers are consistent with the climate and transition scenarios selected in the context of Nexity’s resilience study:

• •Lever 1 - The energy efficiency of new buildings is consistent with the objectives of French national regulation RE2020, in force since 2022 and which sets out ambitious decarbonisation thresholds to be met by 2030;
• •Lever 2 - The energy mix of new buildings is based on technological developments and is consistent with a transition of the national energy mix to renewable energies. In ADEME’s four Transition(s) 2050 scenarios, the energy mix in France in 2050 would be composed of at least 70% renewable energies;
• •Lever 3 - Refurbishment and sobriety are consistent with a societal and political change that promotes sobriety, in particular land sobriety, and a shift towards refurbishment and urban renovation. It is consistent with national policies such as the objective of zero net artificialisation by 2050 of the Climate and Resilience Act of 22 August 2021; and
• •Lever 4 - New construction methods and low-carbon materials are consistent with an innovation phase focused on low-carbon construction solutions (low-carbon concrete, wood-concrete mix, wooden structures, bio-sourced insulation, etc.).

The decarbonisation levers mentioned are consistent with the transition opportunities identified (see Section 3.2.1.1 “Climate-related impacts, risks and opportunities (IRO-1; SBM-3)” of this chapter).

Nexity’s strategy in terms of measuring and reducing its impacts on climate change is based in particular on the actions below which correspond to the aforementioned decarbonisation levers.

The carbon assessment shows that emissions related to the vehicle fleet represented 89% of scope 1 and 2 emissions in 2025.

In 2019, Nexity took out a mobility loan to limit the number of company vehicles allocated. From 2021, an action plan for the electrification of the vehicle fleet was put in place. In order to improve the monitoring of the consumption of its vehicle fleet, Nexity equipped itself in 2024 with a vehicle fleet management tool.

Following findings of an increase in vehicle emissions in 2023, an analysis was carried out in 2024 to define a stricter vehicle policy in order to comply with the reduction objectives for Scopes 1 and 2. A new plan, approved by Executive Management at the end of 2024, was rolled out in 2025 and is coordinated by the Real Estate and Purchasing Department and the Human Resources Department. It includes an increase in the number of hybrid and/or 100% electric vehicles in the fleet and proposals from Crédit Mobilité. This plan will make it possible to achieve the objective of a 47% reduction in scopes 1 and 2 by 2030 compared to 2019.

In order to reduce the emissions related to the use of its office sites, a sobriety plan was adopted in 2022 and made permanent: for the main buildings, this includes heating thermostats to be set at 19°C, the automatic switching off of lights and IT equipment at night, and other sobriety actions by Nexity’s Digital Solutions and Innovations Department (DSIN). Several regional office sites are equipped with Technical Building Management solutions to manage the implementation of these measures. Relocations to more energy-efficient regional sites have led to energy efficiency gains. In addition, the Group has signed framework contracts for its supply of green electricity. These framework contracts are accompanied by certificates of guarantee of origin.

Every year, a commuting questionnaire is sent to all employees to establish their modes of travel and decarbonisation levers. In 2025, 56% of commutes were made using public transport and thus low-carbon, thanks to Nexity's presence in major cities on sites accessible by public transport. Since 2017, the Group has offered a bicycle mileage allowance to reimburse expenses related to commuting by bike (purchases, repairs, etc.).

With regard to business travel, the travel policy was also revised in 2021 to restrict air travel. In 2025, 56% of kilometres covered were by train.

Since 2022, actions have been carried out by the DSIN to reduce the carbon footprint of the non-current assets associated with the IT infrastructure, based on the recommendations of the Institut du Numérique Responsable. In order to define and manage the various projects, the DSIN appointed a CSR Manager in May 2020.

The Group's objective is to act on what has the biggest impact and raise awareness among all employees so as to integrate a digital frugality approach into projects and equipment purchases. Extending the life of laptops and mobile phones (scope 3 administrative) is now a reality with the introduction of repairs and refurbishment. In addition, workstations are switched off from 10 pm and the standby time of screens in meeting rooms and printers has been extended (measures impacting scopes 1 and 2 administrative). Awareness-raising campaigns are being rolled out to all employees, providing them with advice and best practices relating to equipment and data storage. The environmentally responsible printing policy in place since 2022 was maintained in 2025, resulting in a reduction in paper consumption. In 2025, the implementation of secure code-triggered printing also had a strong downward impact on print volumes.

The main challenge for Nexity is a reorientation of project practices, in order to integrate within all projects solutions for reducing CO2 emissions, adapting to the new climate context and preserving biodiversity. It is therefore through training and support for employees in all subsidiaries that the aforementioned decarbonisation levers can be activated, in order to meet the RE2020 outperformance objectives.

With this in mind, the Low-Carbon Deployment Department (within the Construction Department) supports and advises the subsidiaries on how to achieve their objectives by making changes to construction materials and energy solutions for completed buildings.

Nexity’s internal training platform offers several training courses on operational topics such as the deployment of heat pumps, the principles and use of low-carbon concrete, decarbonisation of structural works and finishing work, and the RE2020 regulation. Accessible to all employees, all these training courses aim to provide concrete means of integrating decarbonisation solutions from the planning and design stage of projects.

Lastly, Nexity’s subsidiaries can rely on the entities of the Construction Department:

• •The Purchasing and Services Department, whose mandate has been extended to secure the supply of low-carbon materials, equipment and solutions (wood, low-carbon concrete, joinery, wall and floor coverings, etc.) through industrial partnerships and referencing contracts;
• •The Construction Methods Department, which develops and deploys industrialised and off-site construction methods; and
• •The Low-Carbon Department, which deploys decarbonisation levers and innovations, and measures the achievement of objectives.

Nexity designs high-energy performance buildings by optimising orientation, insulation, glazing and energy systems. All the Group’s new residential projects are therefore designed to consume only a small amount of energy for heating, cooling, hot water, ventilation and lighting.

The “Essentiel” residential building (24 units), currently under construction in Lyon Confluence, is an innovation in terms of energy efficiency. Its bioclimatic design will maintain an interior temperature of between 22°C and 26°C throughout the year, without heating or air conditioning. A thick covering that limits heat loss and protects against overheating, limewash finishes, ventilation through louvers, and smart ventilation regulation using sensors are some of the bioclimatic principles applied to this project. The apartments in this building were sold under a Real Solidarity Lease, demonstrating a desire to combine the challenges of energy efficiency, climate comfort and affordable housing.

Nexity relies on labels and certifications (HQE, BREEAM, BEPOS, BBCA) to guarantee the energy performance of its projects, with a view to transparency. As part of its commercial and residential activities, Nexity made a very early commitment to the energy and environmental performance of buildings by anticipating regulations and obtaining labels and certifications. This commitment improves the comfort of building users, especially during summer heat waves, thanks to the performance of the buildings.

To cover energy needs during the use phase of the delivered buildings (downstream of the value chain), Nexity implements decarbonised energy vectors.

In 2022, Nexity launched the deployment of heat pumps and thermodynamic solutions for heating, cooling and domestic hot water production. By largely using renewable heat from the air or the ground, these solutions allow for significant energy savings and reduce the CO2 emissions associated with the operation of a real estate project by around 80% compared to a gas-fuelled installation.

Thanks to this approach, 68% of the building permits filed by Nexity in 2025 related to projects equipped with a heat pump system for domestic hot water. Nexity has established industrial partnerships with three recognised suppliers of this type of equipment and has trained all employees in their use. This approach helped to reduce the emissions related to use (average Energy CI) of the Group's operations by 51% between 2022 and 2025.

Furthermore, Nexity is researching the use of renewable energies such as photovoltaic panels, geothermal energy, wind power and connections to district heating networks (DHN) with significant shares of renewable energy (more than 60%), for the production of heat, domestic hot water and electricity.

On the Engie Campus, delivered in 2024 in La Garenne-Colombes, 100% green energy is generated mainly from geothermal sources (80% of heating needs and 65% of cooling needs), cooling units and boilers powered respectively by electricity and gas guaranteed to be from renewable sources, and photovoltaic panels.

In December 2025, Nexity and Accenta, a global operator in energy-carbon performance for real estate, created a joint venture to develop geothermal energy in collective housing and accelerate the decarbonisation of the residential sector. Surface geothermal energy, a renewable, local and efficient energy solution, is possible in 97% of the metropolitan area. It makes it possible to heat homes at a low marginal cost, while significantly reducing CO2 emissions. The objective is to contribute to the development of this renewable heat production in the Group's main residential projects.

Promote the use of wood

Since 2010, Nexity has developed expertise in wood materials in the commercial market, which was extended to residential projects in 2014. Nexity is developing an affordable low-carbon commercial building, Nex'step, using wood and hemp concrete. The Nex'step concept complies with the 2028 threshold of RE2020 and the first Nex'step building was delivered in 2024 in Saint-Priest.

Regarding Residential real estate, Nexity delivered 620 "Ywood" homes in 2025. This product, developed by Nexity, is based on an industrialised mixed wood/concrete construction system. It reduces emissions by 50% compared to “standard” construction methods. The Ywood construction method includes thermal insulation to exceed RE2020 standards. To mark its commitment to timber construction, both in residential and office buildings, in 2023 Nexity joined the Fibois association and its regional pacts in Lyon, Orléans, Lille, Paris and Strasbourg and renewed its commitment for 2025.

Favour low-carbon concrete

The Group is also developing construction methods involving low-carbon concrete. The Interface project (161 housing units), delivered in 2024 in the 8th arrondissement of Lyon, is the first building in France to be made entirely of low-carbon concrete. The use of low-carbon concrete compared to standard concrete on this project represents a reduction of 640 tCO2.

Develop off-site construction

As part of its deliveries of “Ywood” housing, the Group has for several years been developing off-site two-dimensional construction applied to wood (complete walls with insulation, exterior joinery, façade cladding). In addition, the Group is working off-site to develop two-dimensional mixed wood/concrete buildings, offering a prefabricated concrete structure and wooden façades, like the Merville and Anvin projects. 428 Ywood units with off-site construction were delivered in 2024, i.e. a total of 2,947 units since 2014.

The partnership signed in 2023 with the Carrefour group, to develop 12,000 housing units on 74 sites, includes a strong environmental component and off-site construction, and should make it possible to widely deploy these innovative construction methods proven by Nexity.

The development of new construction methods and new low-carbon products allows Nexity to strengthen its position as a leader in low-carbon construction, thus setting itself apart from its competitors thanks to its less emittive, innovative solutions.

In March 2025, Nexity and Maître Cube, a company specialising in off-site timber construction, signed a strategic partnership with the shared ambition of completing 30,000 square metres of off-site timber construction, corresponding to around 500 units by 2028. This partnership has many economic and environmental benefits:

• •It anticipates the 2028 threshold of RE2020 by guaranteeing a reduction in the carbon impact of the housing units produced by the Group;
• •Using a modular 2D construction method in the design and construction phases, it then acts on the operational efficiency of projects, in terms of the quality of design, construction and use of buildings, as well as reducing time on-site and disruption to local residents; and
• •Finally, it helps to control the cost of housing and strengthens Nexity's ability to consistently produce quality and affordable housing for its customers.

Performance and awards

In 2025, the Group’s low-carbon construction work was once again recognised by the BBCA association at its 2025 Awards. For the 7th consecutive year, Nexity group ranked first in the following categories:

• •Leading developer in number of projects delivered with the “BBCA” label since 2016 and in 2025;
• •Leading developer in terms of “BBCA” square metres delivered since 2016 and in 2025 (all uses combined); and
• •Leading residential real estate developer in terms of “BBCA” square metres delivered since 2016 and in 2025;

Nexity has ranked second in the rankings for BBCA-certified office square metres since 2016 and in 2025.

Furthermore, in 2021, Nexity sponsored the proposal made to the French Ministry of Ecological Transition and Territorial Cohesion in 2021 for a low-carbon label methodology to value the carbon sequestration achieved through the use of bio-sourced materials in construction.

In 2023, Nexity launched Nexity Héritage, its brand dedicated to urban regeneration. By transforming artificialised land, refurbishing and elevating existing buildings, and enhancing biodiversity and heritage, Nexity Héritage embodies the Group’s commitment to “building the city on the city”. This aim of this approach is to limit urban sprawl, reduce the carbon footprint and preserve ecosystems. 4% of building permits filed in 2025 concerned refurbishment projects.

A key partnership with Carrefour, signed in July 2023, provides for the redevelopment of 74 sites across France, marking a first large-scale national urban regeneration project.

In 2024, Nexity was a partner of the Real Estate NZI (Net Zero Initiative) coordinated by Carbone 4, which resulted in the publication in June 2024 of a methodology specific to real estate development. Joint discussions led to recommendations for the recording of emissions associated with this activity, with discussions on avoided emissions and stored carbon (bio-sourced construction materials).

For Scopes 1 and 2, the main costs would be related to the vehicle fleet. The strategy rolled out from 2025 provides for annual savings of approximately 16% compared to previous years.

As a developer, Nexity’s transition levers mainly lie in its ability to adapt the design of its projects and to develop new practices for all its business lines in each project. As it does not operate a real estate business, the activation of the transition levers does not concern CapEx but new ways of working with the project design and construction ecosystem. Similarly, with regard to alignment with the EU Taxonomy (see Section 3.2.4 "Sustainable finance and EU Taxonomy of Sustainable Activities"), Nexity's action plan is to train its business lines in incorporating these requirements into the development of operations. Nexity does not have any significant CapEx expenses related to economic activities dependent on coal, oil and gas. Nexity has maintained the transitional provision to omit the publication of information relating to the future financial impacts related to the E1-9 data points.

The financial items that can be linked to the transition plan mainly comprise:

• •Studies by and support from external firms and design offices;
• •Studies in the design phases of development projects;
• •Support provided by the CSR Department and the Construction Department (training, studies, monitoring tools); and
• •Internal training and awareness-raising costs dedicated to guiding the corporate culture towards the transition of its production.

The transition plan may have an impact on construction costs (works purchases), but the fact that Nexity has anticipated low-carbon design (the average carbon weight of projects delivered in 2019 was already at the 2022 threshold of the RE2020) means the Group is able to produce low-carbon buildings at controlled costs. Dedicated organisation with the Construction Department and its Purchasing Division also enables the signing of partnerships and the ability to carry out referencing or even Group purchases, thus allowing the construction cost of projects to benefit from the Group’s size.

The transition plan is integrated into and aligned with Nexity's overall business strategy, which consists of defending a low-carbon real estate offer accessible to everyone, everywhere in the country. The business strategy is based on the development of a supply of desirable and affordable low-carbon housing, which can create a growing demand for low-carbon housing.

Climate change adaptation is a strategic imperative, given that rising temperatures and increasingly frequent extreme weather events are now set to continue for several decades, even in scenarios of ambitious emission reductions. Mitigation makes it possible to contain the extent of warming in the long term, but it cannot, on its own, protect societies, economies and ecosystems against the already inevitable impacts (IPCC Sixth Assessment Report, 2023).

Mitigation and adaptation must therefore be considered as two inseparable components of the same climate policy: the first aiming to limit the severity of future disruptions, while the second aims to manage and reduce the current and future consequences of such disruptions.

Thus, Nexity group's Impact2030 environmental policy includes a climate change adaptation policy that is complementary to the climate change mitigation policy described above.

In 2024, the CSR Department organised a study of Nexity group’s resilience to climate change with an expert consulting firm in order to determine the various impacts of climate change on its business model. The study seeks to assess the challenges to be addressed for the development activity to anticipate and adapt to the context of climate change and transition.

This resilience study, partly based on the OCARA (Operational Climate Adaptation and Resilience Assessment) methodology developed by Carbone 4, assesses the exposure and vulnerability of the Company’s value chain and business model to the impacts of climate change. It identifies, for different time horizons (2050, 2070, 2100) and according to the IPCC's(13) RCP 8.5 warming scenario, the physical risks weighing on construction site conduct and on delivered buildings as part of the real estate development activities.

The study also qualified the risks and opportunities resulting from a transition context marked by the imperatives of climate change mitigation and adaptation, on a 2050 time horizon.

The table below presents the methods and scenarios used in the resilience study, which is detailed below:

The resilience study conducted by the Group is based on the RCP 8.5 scenario developed by the IPCC, the highest emissions scenario. It proposes projections for the 2050, 2070 and 2100 time horizons. The RCP 8.5 projections inform the resilience study in a high warming scenario, projecting a greater frequency and intensity of climate-related physical risks(15).

The time horizons chosen ensure that the lifespan of a given project is covered, in accordance with French regulations on the calculation of building life cycles (50 years for RE2020). The choice of the medium- and long-term horizons of 2070 and 2100 ensure a robust study, which includes the consideration of climate changes until the end of the century to feed the resilience strategy of the Group’s activities.

Physical climate risks, which are set to intensify in all emission scenarios, impact Nexity's value chain, posing a risk of economic loss for the Group. In order to study the impact of physical risks, two main processes within the value chain of a project were considered:

• •The construction site as an important phase in Nexity’s value chain. The vulnerability of construction-related activities to climate-related hazards was analysed, including the planning and execution phases and logistics; and
• •The building delivered, as a result of the development activity. This involves examining the resilience of buildings resulting from Nexity’s activity in the face of climate-related hazards during their use phase by customers.

Macro-processes were identified for each of the two perspectives using the OCARA method. This dual approach made it possible to identify the adaptation levers necessary to strengthen the resilience of Nexity’s business model and the resulting buildings, to the climate both now and in the future.

The resilience study therefore focuses on the processes that are vital to Nexity’s value chain, namely the integrity of construction sites and completed buildings. Nexity’s administrative sites are not yet included in the scope of the analysis.

The resilience of supplies for construction sites and for completed buildings was analysed. Nexity’s strong ability to adapt in this area (several suppliers for the same service, framework contracts, solid relationships with suppliers) limit the risk on these processes. The level of risk borne by the suppliers themselves (their exposure and vulnerability) was not studied as part of this resilience study.

The analysis of the level of risk for construction sites and delivered buildings, using the OCARA method, is based on knowledge of the development activity and was supplemented by interviews conducted with the Group’s project managers. A sample of projects was identified by ensuring that they presented the following typological criteria: tertiary and residential projects, under construction and recently delivered, using different construction methods (concrete, mixed wood-concrete), geographical positioning and exposure to different hazards.

For each project studied, the study measured the impact of climate hazards (from IPCC scenarios) on the macro-processes identified by the OCARA method. Sensitivity points and adaptation capacities were identified for the projects studied, in relation to the hazards of high temperatures, heavy rainfall, flooding, strong winds, drought and shrinkage-swelling of clays.

For example, heat waves, which are likely to intensify in the climate scenarios studied, are a sensitivity factor on construction sites: they can cause a deterioration in outdoor working conditions, or even a deterioration in the performance of construction site machinery (overheating, breakdown), which could lead to site interruptions. Possible responses to this known risk of heat waves include: adaptation of working hours, provision of sun protection kits for workers, a good water supply for the worksite, adaptation of living quarters to high temperatures. Exposure to high temperatures is also a sensitivity factor for the delivered buildings. Heat waves can create a risk of thermal discomfort inside buildings, which can cause significant discomfort for users and pose risks to their health. Adaptation capacities specific to the building’s design could include for example: building orientation, insulation, high albedo surfaces, open-plan housing and solar protection systems. These design principles are discussed in the section "Actions related to the adaptation policy".

The risk levels for each hazard were determined by cross-referencing two elements: the probability of occurrence of the hazards in the IPCC scenarios; and the sensitivity of the project to climatic hazards (which takes into account the capacity to adapt). The level of resilience of construction sites to hazards was also studied. The ability to adapt to site hazards, inherent in the real estate development business, is the main source of resilience in operations. Various measures may be deployed depending on the risks identified: different working hours, anticipation of groundworks, etc. Measures that can be taken to deal with physical risks vary and depend on the characteristics of each project and its location. The adaptation of delivered buildings from the design phase also benefits from the performance requirements for new builds (RE2020 regulation includes a strong requirement for summer comfort during heat waves).

The lessons learned from this study fed into the discussions for the development of the Group's adaptation strategy, which was formalised in 2025.

A quantitative analysis was also carried out using Bat-ADAPT, a geographical and prospective tool for diagnosing the resilience of real estate activities in the face of climate change. The Bat-ADAPT tool is the result of the work of the Observatoire de l'Immobilier Durable (OID); Nexity has been contributing to the financing and roll-out of this tool since 2023.

An analysis of exposure to climate-related hazards was carried out on a sample of 1,030 Nexity project sites in mainland France recently delivered or under construction at the end of 2024, using their geographical coordinates.

The Bat-ADAPT tool used made it possible to consider the following five climate-related hazards, which represent major challenges for real estate in France:

• •Heat: heat waves pose health risks to building users, requiring adaptation for summer thermal comfort;
• •Drought and SSC(16): droughts can lead to structural damage by causing the clay to shrink and swell and slow down the construction process in the event of water restrictions. Combined with high temperatures, they can be a source of water stress on construction sites or for users;
• •Precipitation and flooding: land located in areas liable to flooding is at risk of temporary submersion, causing material damage to users and depreciation of the value of the property;
• •Fire outbreaks: proximity to forested or planted areas at risk of wildfires increases the threat to homes and infrastructure; and
• •Extreme cold: roads, pipes and electrical systems can be damaged, compromising the operation and safety of a building.

Other relevant climate-related hazards for real estate in France and Nexity’s value chain, such as marine submersion, storms, strong winds and landslides, should be able to be taken into account in the coming years in Bat-ADAPT.

The Bat-ADAPT tool makes it possible to consider different global warming scenarios, including the RCP 8.5 scenario, over various time horizons (2030, 2050, 2070 and 2100).

The proportion of sites in the 1,030 selected projects with a very high exposure to climate-related hazards by 2050 in the RCP 8.5 scenario is presented in the table below. These are site exposure data, which therefore do not take into account the actions to adapt to these risks that may be implemented on the building.

Current design practices for apartment projects aim to take into account most of these risks. Systematising the consideration of these risks is one of the priorities of the Group's adaptation policy (see the section on the objectives and actions of the adaptation policy). Carrying out a Bat-ADAPT analysis from the start-up phase of the project enables their identification.

The cross-referencing of the sensitivity factors from the qualitative analysis (OCARA methodology) with the exposure data from the quantitative analysis (Bat-ADAPT tool) made it possible to identify an overall level of risk(17) per climate-related hazard by 2050. The main results show medium to high risks(18) for the most significant hazards for Nexity: high temperatures, extreme precipitation and flooding, and droughts and risks of SSC.

The most vulnerable processes are presented in the table below:

The transition of society and the economy towards carbon neutrality is creating a new context, to which Nexity must adapt. So-called “transition” risks may be political, legal or technological in nature, or relate to the market or the Company’s reputation. Opportunities are also emerging in a society in transition: energy efficiency and new energy sources, market opportunities and the development of a new offering, opportunities for expertise related to adaptation.

The transition risks and opportunities were assessed in the light of the prospective socio-economic scenarios presented by ADEME(19) in its Transition(s) 2050 study. Specifically adapted to the French climate, ADEME’s scenarios benefit from a transparent methodology, wide recognition by economic and institutional players, and are designed in line with the national energy and climate transition objectives (SNBC(20) and PEE(21)). As Nexity operates almost exclusively in France, these transition scenarios at national level are adapted. In addition, they take into account the challenges of Nexity’s business sector. The four scenarios propose four paths to France’s carbon neutrality in 2050. Adopting to varying degrees the paths of sobriety, cooperation, and technological adaptation, they anticipate changes in regulations and public policies that will directly impact companies operating in France. The horizon that these scenarios have in common is that of a gradual economic and societal transition to carbon neutrality, between the years 2020 and 2050. These scenarios are based on climate projections that predict a +2.1°C temperature increase by 2100.

Transition risks specific to Nexity's value chain have been identified and classified as they constitute a risk of economic loss. The probability of each risk was estimated in each of the four transition scenarios proposed by ADEME in its Transition(s) 2050 study (see Section 3.2.1.1 “Climate-related impacts, risks and opportunities (IRO-1; SBM-3)” of this chapter). An average probability was calculated and the potential impacts on the business model estimated. This analysis was carried out on a “gross risk” basis without taking into account the current pivot of Nexity’s business model towards urban regeneration.

Based on this analysis, the following transition risks have a high to very high impact and a high probability by 2050:

• •Rising construction costs due to the growing demand for low-carbon materials (not addressed in ESRS E1, but covered in section ESRS E5 of this document);
• •Reduction in demand for new construction towards demand for renovation;
• •Increased constraints on new construction due to the limitation of urban sprawl; (not addressed in ESRS E1, but covered in section ESRS E4 of this document); and
• •Increased constraints related to the technical design of buildings (energy performance, materials).

Opportunities of different kinds arise from the transitional context. Several categories of opportunities have been identified: energy efficiency opportunities, opportunities for the development of new products and services, market opportunities, opportunities related to the ability to adapt projects to climate conditions. The resilience study identified, by comparing these types of opportunities with the trends of the four Transition(s) 2050 scenarios, the opportunities specific to Nexity’s value chain. The probability of each opportunity was estimated in each of the four scenarios. An average probability was then established, as well as a level of impact. The following transition opportunities have been identified as having a high to very high impact on Nexity’s model, and having a very high probability of occurrence:

• •Development of low-carbon, highly resilient buildings at controlled costs;
• •Ability to become a player in regional resilience; and
• •Development of modular and multifunctional projects, shared housing projects (not addressed in ESRS E1, but covered in section ESRS E5 of this document).

The resilience study has thus made it possible to identify a series of physical and transition risks induced by the context of climate change. In order to adapt to these risks, Nexity group has developed a policy to prepare a strategy for adapting its business model to climate change. The Group's adaptation policy aims to change its practices to further integrate the anticipation of climate change into its businesses and reduce its vulnerability to climate risks.

The study on the resilience of operations and the business model, initiated in 2024 and finalised in early 2025, forms the basis for the development of Nexity group’s adaptation strategy. In 2025, several actions were taken to define objectives and initiate change management.

The adaptation policy is integrated into the Group's Impact2030 environmental policy in its climate pillar. Its methods and objectives were presented at the first Impact2030 Committee meeting – a committee bringing together Executive Management, the CSR Department and the Regional Departments – held in July 2025.

As part of the Impact2030 strategy, an objective of systematising the analysis of exposure and vulnerability to risks has been defined: 100% of resilience analyses carried out for all new projects.

The identification and analysis of climate-related physical risks in Nexity’s operations has been done since 2022 using the Bat-ADAPT tool. Based on the geographical coordinates of a project, the software makes it possible to visualise exposure to climate-related hazards representing challenges for Nexity’s value chain, over several time horizons(22) and in high-emission scenarios(23). In order to take into account the risks identified during the exposure analysis in the design of buildings, Bat-ADAPT can simulate the vulnerability of a project to each hazard, based on its main construction and programmatic characteristics.

Nexity finances the development of Bat-ADAPT as a member and sponsor of the OID's Building Adaptation Programme. The CSR Department thus participated in the overhaul of the vulnerability matrices during workshops with the OID in 2025, to adapt it to the challenges faced by developers.

The objective is that Nexity's new projects do not present a "very high" risk to the hazards of high temperatures, flooding and forest fires on Bat-ADAPT. This risk is measured in Bat-ADAPT ("cross-analysis", the result of the cross-referencing of exposure and vulnerability). This objective can be achieved with a design that incorporates basic principles for adaptation to these hazards: avoid façades with a high proportion of glass, opt for high albedo coatings, install solar protection, install flood protection systems, plant greenery around the building, etc. Bat-ADAPT makes recommendations for adaptive actions and allows for simulations to improve the vulnerability of a building according to the actions implemented. These simulations and recommendations for adaptive actions, supported by the Guide to Adaptive Actions developed by the OID, help with decision-making while highlighting the importance of a design that incorporates adaptation.

Based on the work of the OID and its signatories, the Commitment Charter for Climate Change Adaptation was signed on 13 November 2025 by Nexity, alongside Bouygues Immobilier, Icade, La Poste Immobilier, SFL and the OID. The aim of this Charter is to accelerate the implementation of concrete, objective and monitored actions, and recommend tools for steering an adaptation strategy. The signatories will meet from 2026 to share feedback and collectively advance the adaptation of the French real estate portfolio.

The CSR Department carried out work to put climate change adaptation at the heart of the Group's shared culture in 2025, including the organisation of conferences and training for all employees.

An online training course, "VISA Adaptation", was developed by the CSR Department and La Cité (internal training body). This 20-minute training course bridges the gap between climate science and the Group's adaptation objectives. It aims to answer, for all employees, the following questions: “Why adapt? What to adapt to? What tools to use to adapt?”. The training defines the concept of climate change adaptation and its relationship with mitigation, addresses the IPCC scenarios and their link with the intensification of hazards, the conclusions of Nexity's resilience analysis, and introduces the Bat-ADAPT tool. It aims to serve as a shared reference on the subject.

With a view to engaging employees and creating meaning around a complex subject, the CSR Department and La Cité also organised a series of three conferences on the theme of adaptation in 2025. The aim was to address this multiscalar subject by narrowing the analysis: observation on the need for adaptation on a global scale, the challenges of adapting in French regions, and the challenges and solutions for buildings. The conferences were broadcast live to all employees. The table below presents the speakers and the topics covered by this series of conferences.

In 2023 and 2024, around fifty of the Group’s CSR officers were trained in Bat-ADAPT and since then have helped to roll out the tool within the subsidiaries. In 2025, with the new objectives presented above, a new training course was developed for all employees. Training all developers and project managers in the tool is an objective for 2026.

In order to integrate the challenges of adaptation into the design of Nexity projects, in 2025, the CSR Department began creating a Guide to climate change adaptation solutions, supported by the design offices Pouget and Urban Water. This guide will be finalised and distributed in the first quarter of 2026. It focuses on making adaptation solutions to the main risks identified in the resilience analysis fully operational. To this end, the guide will present around twenty technical solutions such as ceiling fans, solar protection and greywater treatment with regard to their performance, carbon footprint and cost in the project economy. It will be complementary to the OID Guide to Adaptive Actions, which aims to address in more detail the technical and economic feasibility of the solutions favoured by the Group.

Aware of the impact of repeated droughts due to climate change, which are having an increasing impact on urban development, Nexity and Odalie (a joint venture between the Saur group, an exclusive player in the water sector, and the French start-up InovaYa) have signed a framework agreement to promote the inclusion of Odalie's innovative solutions in Nexity's new build projects. This partnership will enable the deployment of Aquapod, a greywater management solution(24) in buildings developed by Nexity.

The Aquapod solution makes it possible to treat part of the building's greywater with the aim of reusing it (concept of the reuse of treated wastewater (REUT) made possible by the publication of a decree on 12 July 2024). The solution creates a new cycle for this water, which allows buildings to recover and reuse up to 45% of the water consumed. The treated water replaces the drinking water from the network to supply new uses: toilet water, watering of green spaces or exterior cleaning of common areas. A firm believer in the need to save drinking water, Nexity has signed a framework agreement with Odalie to promote the integration of Aquapod in future projects in which the Group is involved, as well as water solutions tailored to the specificities of buildings. As such, Odalie and Nexity are working to meet the needs of local authorities, relieve the strain on this resource, and thus rebalance the water management model in the regions, with a view to adaptation.

Adaptation to high temperatures is at the heart of the design of the "Essentiel" residential building (24 housing units), currently under construction in Lyon Confluence. Its bioclimatic design will maintain an interior temperature of between 22°C and 26°C throughout the year, without heating or air conditioning. A thick covering that limits heat loss and protects against overheating, limewash finishes, ventilation through louvers, and smart ventilation regulation using sensors are some of the bioclimatic principles applied to this project. 

The apartments in this building were sold under a Real Solidarity Lease, demonstrating a desire to combine the challenges of energy efficiency, climate comfort and affordable housing. In 2025, Nexity and In'li, a subsidiary of the Action Logement group, joined forces to build the first "Essentiel" building in the Paris region. This innovative project, consisting of 35 housing units, will offer employees and young professionals in La Garenne-Colombes high quality accommodation, at controlled rents and exemplary from an environmental point of view. This new project involves a collaboration between Nexity's teams in Lyon and those in the Paris region, demonstrating synergy in the development of typologies adapted to hot weather.

Thus, the Group's adaptation policy has a positive impact on user comfort. The adaptation of buildings delivered must ensure a positive impact on the comfort, safety and health of users, despite the context of climate change, and over the life of the building.

Nexity’s carbon assessment presents specificities related to the nature of its activities. It consists of:

• •Emissions related to its administrative sites: these are internal scope 1 and 2 emissions on the one hand (fuel consumption of the vehicle fleet, heating of offices, etc.), and external scope 3 emissions on the other (non-current assets, purchases of services, etc.); and
• •Emissions related to the life cycle of the delivered buildings by its development activity: these are external Scope 3 emissions due to its role as principal in the context of real estate projects.

To carry out the Company’s carbon assessment, a dual methodological approach is applied, with the calculation of a so-called “administrative” carbon assessment using the ADEME Bilan Carbone® method, and the calculation of emissions linked to delivered buildings according to the regulatory method of the RE2020 specific to the life cycle (construction and use) of buildings. It should be noted that the life cycle emissions of a building developed by Nexity are recorded in the year of delivery. It should also be noted that ADEME’s Bilan Carbone® methodology is compatible with the GHG Protocol and that a transposition into the GHG Protocol is carried out based on RE2020 calculations for the life cycle of delivered buildings. To ensure the consistency and consolidation of the two emission footprints, the RE2020 data is converted using data conversion ratios into the GHG Protocol.

As Nexity does not carry out real estate activities, the first part of the carbon assessment concerns only emissions related to the Company’s administrative activities (use of offices, business travel, purchases of services, etc.). The Group carries out this calculation using the ADEME Bilan Carbone® methodology, which is compatible with the GHG Protocol, making it possible to obtain data in GHGA (25) and GHG Protocol formats. This “administrative” carbon assessment covers scope 1 and 2 emissions, and a portion of scope 3 emissions.

In 2025, the CSR Department installed the "Sweep" carbon calculation tool, a recognised SAS solution. The software has been configured to reproduce the accounting method used in 2024 for the "administrative" scope (Bilan Carbone® method set up with the Ekodev design office). The emission factors are mainly those taken from the ADEME V23.7 database.

All emissions due to the administrative activities of Nexity and its consolidated subsidiaries are taken into account in the administrative carbon assessment. The consolidated Group’s administrative scope changes from one year to the next, depending on subsidiary purchases and sales. Isoperimetric carbon assessments have been performed in order to ensure consistency in inter-annual comparisons and to allow for comparison with the reference year. In 2025, the companies Accessite and Service Personnel were removed from the Nexity group scope, respectively on 1 October and 30 July 2025. Their respective activities are taken into account until these dates in the calculation of the 2025 administrative carbon footprint.

Scope 1 corresponds to direct emissions from the combustion of fuels for the vehicle fleet, gas and fuel oil consumption and refrigerants. It should be noted that the Company does not own the offices it occupies. Scope 2 encompasses indirect emissions related to energy consumption, such as electricity and heating and cooling systems for offices. Finally, scope 3 includes all other indirect emissions related to the Company’s administrative sites, including business travel, employee commutes, non-current assets (vehicle fleet and surface area of offices occupied), the purchase of goods and services such as furniture and supplies (excluding the purchases of works which are recorded in scope 3 life cycle of delivered buildings).

79% of the electrical energy consumption of Nexity's office buildings is governed by a framework agreement accompanied by guarantees of origin covering 100% of green electricity consumption. Thus, the corresponding emissions are considered in the Scope 2 market-based calculation.

The second part of the carbon assessment concerns the buildings that Nexity has built. As such, the Company measures the greenhouse gas emissions associated with the complete life cycle of the delivered buildings, over a conventional period of 50 years. This assessment of indirect Scope 3 emissions is based on the RE2020 regulation implemented in 2022, which includes a methodology for assessing the carbon impacts of new buildings.

RE2020 takes into account emissions related to several phases:

• •The construction phase, which includes materials (extraction, processing and transport of materials to the site, as well as on-site energy consumption for machinery and construction equipment);
• •The use phase, which includes energy consumption by future occupants for their heating, lighting and domestic hot water needs, as well as the upkeep and maintenance of buildings; and
• •Lastly, the end-of-life of the building includes demolition, waste transportation and recycling.

Greenhouse gas emissions related to the life cycle of residential and office delivered buildings during the year by Nexity are calculated taking into account the entire life cycle of the buildings, over a conventional period of 50 years.

The life cycle emissions of the delivered buildings are calculated using the in-house Carbone 20 tool, which uses a simplified LCA(26) method based on the RE2020 methodology (description of construction methods and energy solutions planned or implemented) to determine the carbon impact over the life of the buildings. The regulatory calculations imposed by RE2020 are then used.

• •The “construction” carbon intensity (construction CI), expressed in kgCO2 per square metre: this corresponds to the carbon footprint of construction materials and equipment assessed from extraction to end-of-life (Life Cycle Analysis or LCA), using data from the INIES database (Information on Environmental and Health Impacts), FDES (Environmental and Health Declaration Forms) or PEP (Product Environmental Profiles); and
• •The “energy” carbon intensity (energy CI) expressed in kgCO2 per square metre: this corresponds to the carbon footprint of the energy consumed during the use phase of the delivered buildings, over a lifetime of 50 years, using conventional environmental data from RE2020.

The data calculated according to the RE2020 methodology (dynamic LCA) are then transposed according to the GHG Protocol methodology (static LCA), using cross-referencing ratios developed for Nexity by Carbone 4 and Elioth in 2023.

The table below shows the cross-referencing between the RE2020 indicators and the GHG Protocol items:

Emissions by project are consolidated at Group level by the Construction Department each quarter for all projects delivered.

For the 2025 fiscal year, the calculation of the absolute value of the carbon footprint of residential projects was carried out on the basis of secondary data. Work to strengthen data reporting has been carried out in order to improve the reliability of the calculation. Projects for which we do not have data were assigned the most conservative RE2020 and GHG Protocol emission factors. For office buildings, the calculation was based purely on secondary data (no extrapolated data). In the future, data will be increasingly precise with more accurate regulatory calculations (RSEE).

The carbon footprint of delivered buildings includes emissions from real estate development projects under Nexity’s exclusive control and those from joint developments where Nexity has operational control. This does not include emissions from joint development projects over which Nexity does not have operational control.

The reporting date of the Company’s financial statements is 31 December 2025, and the carbon assessment covers the same period. No significant events or changes in circumstances relating to carbon emissions are to be reported for 2025.

Nexity has no locked-in emissions because it does not own any plants or machinery and does not plan to acquire new sites or non-current assets for its activities.

In order to set objectives for 2030 in absolute value, Nexity made assumptions in 2022 with regard to activity growth, in FTE for Scope 1 and 2 and in square metres delivered for the Scope 3 life cycle of delivered buildings.

The Group has implemented rigorous measures to ensure the consistency and accuracy of its environmental data, by regularly recalculating the scopes covered and ensuring that the reference values are representative of the activities.

In order to ensure consistency in the monitoring of decarbonisation objectives, it was necessary to ensure that the reference values of our SBTi objectives (values for the year 2019) correspond to the same scope and cover the same activities as the annual carbon assessment.

For scopes 1 and 2, following the disposal of the Property management activity (SP) which represented 30% of the workforce, on 2 April 2024, the reference year 2019 was recalculated and verified by an independent third party in June 2024. Following the sale of the Nexity Property Management business on 31 October 2024, the reference year 2019 and the year 2024 were recalculated and verified by an independent third party in June 2025. The sale of Accessite on 1 October 2025 and that of Service Personnel (Weekin) on 30 July 2025 had no impact on the administrative carbon footprint beyond 5%.

Nexity has not set a new reference year in 2025, so the reference value remains 2019.

Scope 3 emissions relating to the administrative carbon assessment are reported under the following items: Purchases of goods and services (3.1), Capitalised assets (3.2), Fuel and energy activities (not included in Scopes 1 and 2) (3.3), Waste generated by activities (3.5), Business travel (3.6) and Employee commuting (3.7). ADEME emission factors are applied according to the Bilan Carbone® methodology.

Scope 3 emissions relating to the life cycle of projects are recorded under Capitalised assets (3.2), Use of products sold (3.11) and End of life of products sold (3.12). Their calculation method is detailed in the previous chapters.

The following Scope 3 GHG Protocol items do not relate to Nexity’s activity: Upstream leased assets (3.8), Downstream transport and distribution (3.9), Transformation of products sold (3.10), Downstream leased assets (3.13), and Franchises (3.14). Emissions relating to the transportation of materials are recorded under item 3.2 Capitalised assets (including embodied emissions in delivered buildings by Nexity) and not under item 3.4.

Within the Group, almost all companies accounted for using the equity method are companies that carry out real estate projects. They have no associated staff or infrastructure, so their Scope 1 and 2 emissions are zero. Indirect emissions (Scope 3) resulting from these companies carrying out real estate projects are included in the calculation of Scope 3 emissions associated with the life cycle of the delivered buildings.

Two companies(27) accounted for using the equity method are not included in this category of companies that carry out real estate projects and do employ staff. These companies' administrative emissions are estimated and included in the Group's carbon assessment under item 3.15 Investments(28).

Concerning the Group’s operating activities (Studéa and Edénea residences), their Scope 3 carbon footprint has not yet been calculated. With regard to urban planning activities, pilot studies are underway with Efficacity’s Urban Print tool to estimate the corresponding Scope 3 carbon footprint.

Emissions related to the administrative carbon footprint are calculated using primary data collected from employees (88%) and extrapolated data (12%). Scope 3 emissions related to the life cycle of projects are calculated using secondary data (FDES forms, PEP and RE2020 data).

Nexity is not concerned by the combustion or biodegradation of biomass under its Scopes 1 and 2, because no biogas or biofuel is consumed to heat the Group’s buildings or as fuel for its vehicles.

For Scope 3, the methodology for calculating the life cycle carbon footprint of delivered buildings by Nexity does not yet make it possible to identify biogenic emissions. These emissions correspond to the change in land use (artificialisation and upstream of bio-sourced products).

Emissions due to the life cycle of delivered buildings as part of Nexity’s development activity constitute the vast majority of the Company’s emissions across its value chain. The following tables and graphs present these emissions in absolute value (tCO2) and in carbon intensity (kgCO2/sq.m), according to the GHG Protocol and the RE2020 calculation method.

The energy mix concerns Scopes 1 and 2 consumption: for Nexity, this is the consumption associated with its administrative sites and vehicles. As a planner and developer, Nexity does not carry out activities related to the production of non-renewable or renewable energy. Planning and development projects may include renewable energy solutions, but Nexity never owns these facilities beyond delivery. Moreover, the Nexity Solaire entity values land with third-party investors for the production of photovoltaic energy.

The table below shows the energy mix of the energy consumption of Nexity’s administrative sites and vehicles (Group’s total scopes 1 and 2) in 2025:

The Group's total energy consumption related to scopes 1 and 2 was 28,092 MWh, a decrease of 22% compared to 2024. This decrease is due to lower fuel consumption by the vehicle fleet and lower electricity consumption at the sites.

The Group’s main real estate development activity falls under section F of NACE (Statistical Classification of Economic Activities in the European Community) - Construction sector, which is considered to be a high climate impact sector under ESRS E1.

Nexity’s real estate management activities fall under section L of NACE (real estate activities on behalf of third parties), and are also considered to be a high climate impact sector under ESRS E1. Nexity’s IFRS revenue, including these two activities, was therefore used to determine the energy intensity of Nexity’s activities.

The energy intensity of Nexity’s activities in high climate impact sectors is 9.95 MWh per million of revenue generated. The share of net revenue from activities in high climate impact sectors is 100%.

The role of the Group's Human Resources Department is to manage the skills and commitment of the 3,354 employees of the entire Nexity group, thus contributing to the achievement of the Group’s strategic objectives, as determined by Executive Management. It also ensures compliance with legal and contractual obligations, as well as the maintenance of high-quality social dialogue. In addition, Nexity is committed on a daily basis to offering its employees an attractive quality of life and working conditions in order, on the one hand, to retain its employees and, on the other hand, to attract new skills. The Group’s Human Resources Department is also committed to implementing diversity and inclusion policies. In this respect, it contributes, through its strategic role, to the overall performance and culture of the Company.

Nexity defines its workforce as all employees bound by an employment contract, regardless of the type of contract (permanent or fixed-term), their length of service or working hours (full-time / part-time), as well as temporary workers considered to be workers under the operational control of the Company. This definition differs from the operational definition set out in the French Labour Code, under which temporary workers are not legally considered to be Nexity employees.

As such, any person having a contractual relationship with a third party (temporary workers, service providers or value chain workers) is excluded from this notion of own workforce. Employees on notice who remain contractually bound to Nexity are included in the Company's workforce.

The table below presents the characteristics of the IROs identified by the double materiality assessment as material in terms of working conditions and employee inclusivity:

These policies reflect Nexity's commitment to meeting the challenges identified during the double materiality assessment, by placing the quality of working conditions, skills development and ongoing training, as well as the promotion of inclusion and diversity, at the heart of its actions. Through this approach, the Group affirms its desire to contribute to a responsible business model, promoting personal fulfilment, social cohesion and sustainable performance.

Nexity’s policy on working conditions aims to attract and retain employees. It is based on two main priorities:

• •Offering attractive remuneration conditions to all its employees; and
• •Guaranteeing a respectful and balanced quality of life and working conditions.

Given that almost all Nexity employees work in France, adequate wage is defined in accordance with the legal standards and collective bargaining agreements in force and corresponds to the minimum wage set either by the legislation or by the collective bargaining agreements applicable to the Company's business sector.

As a result, all employees receive remuneration that is at least equivalent to the agreed minimum wages in force or, failing this, the Minimum Interprofessional Growth Wage (SMIC or Salaire Minimum Interprofessionnel de Croissance in French). Furthermore, Nexity ensures equal pay and applies any adjustment imposed by legislation or collective bargaining agreements in order to ensure remuneration is in line with social and economic standards.

The total annual remuneration ratio is 33 (34 in 2024). The latter was calculated by taking the remuneration of the Chairwoman and Chief Executive Officer (company officer) as the numerator and the median remuneration of employees on permanent contracts present as of 31 December 2025 and over the year as the denominator. In addition, the denominator includes the remuneration of the other company officer (Deputy Chief Executive Officer).

The remuneration used to calculate this indicator is the remuneration used to calculate the equity ratio (see Section 4.4.1.5 "Comparison of the remuneration of executive company officers with the Company's performance and the average and median remuneration of employees"). This is the fixed salary calculated for full-time hours excluding absences, to which is added the variable remuneration received over the year, benefits in kind, long-term remuneration granted in 2025, free shares granted in 2025 and employee savings (profit-sharing and incentive payments received in 2025 in respect of 2024).

In order to align the interests of employees and executives with those of the Group, Nexity has developed a remuneration policy based on remuneration for individual and collective performance and on the sharing of the value created, while controlling its costs and respecting the principles of fairness. Remuneration is a key factor in attracting and retaining employees. The remuneration policy, managed by the Human Resources Department, applies to all entities in the UES.

In order to formalise its policy, Nexity has set itself three objectives:

• •To recognise individual performance via salary reviews: ensuring that pay increases are in line with the employee’s performance and follow the rules of fairness;
• •Guarantee equal pay by ensuring a gender pay gap for work of the same value (equivalent position and profile) of less than 5% by 2026; and
• •To set up mechanisms to share results with all employees through free share award plans, and incentive and/or profit-sharing schemes.

As part of the implementation of its policy, Nexity is rolling out the following actions:

Employees’ fixed individual remuneration constitutes the counterpart of the good performance of their role. Variable remuneration, immediate or deferred, serves to reward individual contributions to the Group’s performance by achieving specific objectives over a given period. At the individual level, performance is recognised and rewarded through the allocation of salary measures and, depending on the position held, the allocation of individual variable remuneration according to their individual contribution.

Every year, the Human Resources Department pays particular attention to ensuring that employees with a higher performance or being identified as high-potential (Next) benefit from a retention mechanism (promotion, pay rise or long-term remuneration).

Remuneration is reviewed at least once a year through a structured, global process that is applied by all Group entities, which ensures that remuneration principles are uniformly applied. In order to guarantee the fairness of wage measures granted and identical pay levels for equivalent positions and profiles, the wage review process is underpinned by the principle of non-discrimination. This is notably ensured by a two-stage review process of each employee’s situation (carried out by managers on the one hand and by the Human Resources Department on the other), thus allowing for factual and objective assessments.

The Group also seeks to safeguard the principle of solidarity, with specific attention paid each year to employees on the lowest incomes.

As part of the NAO (Mandatory Annual Negotiations) for the year 2025, Executive Management granted a maximum budget of 2% of the payroll including individual increases. As such, 38% of employees benefited from a pay rise, for a total amount of more than €3 million.

Nexity is committed to ensuring equal pay for women and men and to fighting against gender pay gaps and unjustified treatment.

In 2025, the unadjusted gender pay gap was 45% (48.7% in 2024).

To calculate this metric, the study was carried out on all permanent employees present at 31 December 2025 and throughout 2025. The remuneration taken into account for the calculation of this metric is the remuneration used to calculate the equity ratio (see Section 4.4.1.5 of Chapter 4 "Corporate governance"). This is the fixed full-time salary excluding absences, to which is added the variable remuneration received over the year, benefits in kind, long-term remuneration granted in 2025, free shares granted in 2025 and employee savings schemes (profit-sharing and incentives paid in 2025 in respect of 2024(2)).

In addition, a review of the remuneration components between men and women is regularly carried out according to a methodology that has been validated by the internal audit team so as to calculate an adjusted pay gap. The last audit carried out on 2025 remuneration highlighted that for equivalent skills and profiles, pay equity was respected between men and women.

Furthermore, in accordance with the implementing decree of the French law on the freedom to choose one's professional future (loi "Avenir professionnel"), Group entities whose workforce is affected have measured the indicators defined by the gender equality index in respect of the 2025 fiscal year. Thus, at 31 December 2025, 94% of the total workforce is located in entities covered by this index (legal threshold). In addition, the average score of the main entities that make up the Group is 88.5/100.

Employee savings scheme

In order to strengthen the minimum welfare benefits, in 2015 Nexity set up a comprehensive employee savings scheme consisting of a Group Savings Plan (PEG) and a Group Collective Retirement Savings Plan (PERCOLG) through collective bargaining agreements entered into with the trade union and employee representatives. This scheme evolved in 2020 to take into account the provisions of the Pacte law and to further encourage employee shareholding by introducing matching contributions corresponding to a percentage of the amount saved, capped on the employee shareholding fund. It was then further amended in 2025 to promote employee savings by offering matching contributions on all our savings plans and all payment types.

The Group Savings Plan (PEG) is funded by various sources: profit-sharing, incentives, voluntary contributions from employees, rights deriving from accrued paid leave and free shares awarded as part of Group plans. The PEG offers a comprehensive and clear range of investment funds: five Amundi mutual funds (FCPE), including a so-called “Low Carbon” fund incorporating environmental criteria added in 2022, and one dedicated mutual fund, Nexity Actions, invested solely in Nexity shares.

To enable Group employees to build up a long-term savings supplement in preparation for their retirement, Nexity set up a Group Collective Retirement Savings Plan (PERCOLG). PERCOLG offers a comprehensive and user-friendly range of investment funds: six Amundi mutual funds (FCPE), five of which are freely managed.

At 31 December 2025, the FCPE Nexity Actions mutual fund held 1,301,242 Company shares, representing 2.32% of Nexity’s share capital.

At the collective level, performance is measured on the basis of the economic results achieved by the Company and/or the Group. The efforts made by each company are reflected in the possible payment of incentive and profit-sharing bonuses, provided that the entity’s workforce, economic performance and results allow it.

Profit-sharing agreements are concluded within each structure, if their workforce, economic maturity and results allow it. In 2025, the Group paid its employees €1.5 million in profit-sharing bonuses (€3.9 million in 2024) and €306,000 in incentives (€2.3 million in 2024) - at entity level - linked to the results of the 2024 fiscal year (gross amount before CSG/CRDS). 50% of these employees deposited all or part of their profit-sharing/incentive payments into the Group's employee savings schemes.

In 2025, a new incentive agreement was negotiated within UES PC with the trade union and employee representatives, for a term of one year, incorporating financial and non-financial criteria.

Employee shareholding

To involve employees as shareholders in the creation and sharing of value, employee shareholding operations are regularly proposed to Nexity employees (collective plans for the free share award plans and a capital increase reserved for employees). At 31 December 2025, 61.9% of Group employees held Nexity shares, either directly or via the PEG mutual funds. The percentage of Nexity’s share capital held by Group employees and managers represented 4.13% of the share capital on 31 December 2025.

In 2025, a collective plan was put in place following the approval granted by the Board of Directors on 18 December 2024.

In addition, the collective plan of 18 May 2022 vested on 30 June 2025. Employees were offered the option to save their shares in the PEG's employee shareholding fund and receive the matching contribution. 765 employees, i.e. 34% of employees whose shares vested, chose to save their shares in the PEG.

In order to promote well-being at work, Nexity has introduced a policy to improve the quality of life and working conditions of all its employees. This policy covers three major areas:

• •Flexible work organisation;
• •Work-life balance; and
• •Health and welfare and preventing psychosocial risks.

This policy was developed by the Human Resources Department, in collaboration with its trade union and employee representatives, and formalised through collective bargaining agreements.

The implementation of this policy is performed by the HR teams and monitored by the trade union and employee representatives as part of the social dialogue to assess the performance of the latter and any potential improvements that may be required.

Targets related to quality of life and working conditions (S1-5)

In order to achieve its ambition in this area and in line with the updated 2026 roadmap, a clear and measurable objective has been defined: 

• •to roll out at least five initiatives related to health and safety and quality of life at work per year. 

This objective will be monitored and reassessed annually to analyse the results obtained and redefine the ambition.

Nexity’s Human Resources Department is aware that quality of life at work relies heavily on the well-being of employees, improving their working conditions and paying particular attention to work-life balance. To this end, the Group deploys various measures intended to benefit the greatest number of employees, regardless of their parent company.

These measures include:

Since 2017, the Group has set up arrangements for working from home, allowing all eligible employees who so wish to work from home or in a Nexity third-party location, one day per week. In October 2021, this system was extended to two days per week for compatible positions. Lastly, since 2022, an additional day of working from home has been offered to employees with disabilities or parents caring for a disabled child.

In addition, support for hybrid work was strengthened in 2023 through a dedicated campaign.

At 31 December 2025, 2,535 Group employees were eligible for this scheme. Moreover, as part of the annual campaign related to the professional development interview (PDI), employees who had completed their PDI and were permitted to work from home had the opportunity to express their opinions on their conditions of access to the working from home scheme and the related procedures.

Moreover, a managerial interview is held annually with manager employees on a fixed-day rate in order to take stock of the organisation of their activity within Nexity and to plan potential organisational improvements for the coming year. This interview is an opportunity for employees to discuss workload management with their manager as well as respect for rest periods and the right to disconnect.

In addition, in 2025, an awareness-raising campaign on the right to disconnect was rolled out, notably intended to remind employees of the importance of respecting rest periods and encouraging working practices that are conducive to well-being.

The terms and conditions for organising and managing working time are specific to each company or UES and are defined by collective bargaining agreements, in particular based on the nature of their activity and the provisions of the agreements applicable to them. They depend upon an employee’s status and level of responsibility.

Parenthood support

In addition to the legal framework of 16 weeks of maternity leave and 4 weeks of paternity leave, the Group supports its parent employees through a variety of initiatives. Each year, Nexity offers all its employees the benefit of nursery places and parenting-related services through the signing of a partnership with recognised professionals in the early childhood sector:

• •At 31 December 2025, 55 employees benefited from a nursery place either close to their home or workplace;
• •In the event of failure of usual childcare arrangements, Nexity offers an occasional and emergency childcare service in partnership with this network of nurseries;
• •Since 2023, a parenting support platform has also been made available to employees, giving them access to a variety of content related to parenthood (articles, conferences and exclusive offers); and
• •Lastly, to encourage employees to take full advantage of their rights to paternity leave, Nexity ensures that their full salary is maintained for the duration of this leave. The Group also pays particular attention to those returning to work after maternity leave.

Family leave metrics (S1-15)

All Nexity group employees are eligible for family leave. Family leave includes maternity, paternity and childcare leave, parental leave and adoption leave, regulated by social legislation or through the Group’s collective agreements. In 2025, 6.8% of Group employees took family leave(3).

Number of employees who took family leave:

Family-related leave, introduced within the various UES and entities, notably as part of the agreements on quality of life at work and working conditions, aims to strengthen the balance between personal and professional life for all employees.

Indeed, the legal terms of this leave (duration, conditions, eligibility), may be strengthened by the outcome of social dialogue between the various UESs and the Group. For example, in addition to the legal obligation concerning paternity and childcare leave, the UES Nexity Promotion-Construction honours employees' wages with no seniority-related conditions. In addition, supra-legal leave may be taken. By way of illustration, "back-to-school" leave of between one half-day and one full day has been introduced by the UES Nexity Promotion-Construction, for employees who have completed their probationary period.

Caregiver support service

As part of its prevention policy, Nexity introduced a caregiver support service in 2019 for its employees who are looking after immediate family members (ascendants, descendants, spouses, etc.) or close relatives. This service involves assisting employees in all of their procedures, from analysing their needs, through monitoring all administrative formalities, to implementing solutions adapted to the loss of autonomy of their relative.

As part of its policy related to quality of life and working conditions, Nexity pays particular attention to the prevention of psychosocial risks (PSR). To support this approach of vigilance and responsibility, the Group has implemented a dedicated reporting policy, enabling all employees to report a situation of concern. Standardisation of the procedure at Group level was implemented in 2025 to guarantee homogeneous protection standards for all employees, in line with Nexity's new organisational structure and transformation challenges. The new procedure also redefines the role of the dedicated contact persons and their scope of intervention:

• •In the context of a situation of moral or sexual harassment or discrimination: any employee, regardless of their status, may report a situation to their Human Resources Manager or to their Harassment and Discrimination Officer (employer or SEC).
• •In the context of a situation relating to any other psychosocial risk (working conditions, burn-out, conflict within a team, etc.): any employee, regardless of their status, may report such a situation to their Human Resources Manager or an employee representative.

In accordance with legal and regulatory provisions, the whistle-blowing procedure is strictly supervised at each stage and at all levels of the system: reporting, establishment of facts, investigation and action plan, which may include disciplinary measures. To this end, the system includes a principle of confidentiality and anonymity for all parties concerned, as well as guaranteed protection against any form of retaliation.

In the event of proven facts at the end of the whistle-blowing procedure, the Group may implement a range of remedial measures, such as psychological support, a HR support plan designed to restore the victim's rights and establish a peaceful working environment, or disciplinary action against the perpetrator.

As part of this procedure, three investigations were carried out in 2025. One of them resulted in disciplinary action, as in 2024. In addition, one report, the facts of which had already been established, and therefore did not require the opening of a formal investigation, also resulted in disciplinary action. In 2024, two investigations were carried out, one of which resulted in disciplinary action.

Details of the whistle-blowing procedure are set out in an official document available to all employees. In addition, a "Bien chez Nexity" section, dedicated to the prevention of psychosocial risks, has been set up on the Group's internal social network. This feature aims to facilitate access to awareness-raising and training materials, as well as the whistle-blowing procedure and the contact details of the dedicated contact persons.

The platform notably includes:

• •Access to training dedicated to understanding and regulating stress and the mental load, for employees as well as managerial staff. For more information, please refer to Section 3.3.1.3 "Support the training and skills development of all Group employees (S1-1)" of this chapter;
• •Access to a range of services to help take care of their mental health with analysis of symptoms, guidance and coaching, depending on the needs of the employee; and
• •Access to a psychological support service, which puts employees in touch with a psychologist as quickly as possible. This service is available 7 days a week, 24 hours a day.

Ensuring comprehensive and equitable social protection (S1-11)

In line with the legislation in force in France, all employees exercising their employment contract in France are covered by public programmes and/or benefits offered in the event of loss of income due to illness, temporary incapacity, disability or permanent incapacity, unemployment, parental leave, maternity/paternity leave or retirement.

In addition, all Nexity employees in France benefit from high-quality supplementary social coverage, with advantageous guarantees and controlled social contributions via a supplementary health insurance organisation (insured by AG2R and provided by Vivinter) for temporary incapacity, disability or permanent incapacity and healthcare costs. In order to maintain quality coverage, whether in terms of health or personal protection insurance, negotiations are conducted annually with the trade union and employee representatives. Over the last two years and in particular following the gradual withdrawal of Social Security, the focus has been on maintaining guarantees.

In addition, in line with its desire to support parenthood, Nexity maintains its employees’ salaries during periods of maternity or paternity leave and childcare.

Several health and safety tools are offered to employees:

• •Social protection: in 2011, Nexity established a shared foundation in terms of social protection for its employees to demonstrate its commitment to fairness and its desire to create a social protection system favourable to all employees. The system is based on high-quality health and personal risk insurance guarantees and gives priority to preventive healthcare;
• •Medical teleconsultation: this service is available to all Group employees and their beneficiaries who benefit from Vivinter supplementary health insurance. In 2025, 92 employees benefited from this service;
• •Assistance with Day-to-Day Life: this service was set up to help employees who are immobilised or hospitalised, due to an accident or long-term illness, to carry out day-to-day tasks that they are no longer able to do. In 2025, 38 employees were listened to and cared for; and
• •Sport and well-being: see the paragraph below on the Group's approach to sport and well-being.

For employees working abroad, the table below summarises the social protection cover provided to employees via the social protection system specific to each country and compliance with the regulations in force. The latter can be supplemented via an additional programme, as is the case for employees in Switzerland, whose minimum benefits are enhanced by cover for illness and workplace accidents.

Other actions to promote employee health and safety

Furthermore to psychosocial risks, Nexity regularly carries out several actions relating to prevention and the safety of employees, in particular through the prevention of workplace accidents. Nexity group has not implemented a health and safety management system based on recognised standards and directives, but it is fully committed to prevention and employee health and safety. In this respect, in accordance with social legislation, eligible companies have a single occupational risk assessment document (DUERP or "document unique d’évaluation des risques professionnels" in French), which is updated each year. This document is presented to the employee representatives and monitored regularly. Targeted actions, including training (see Section 3.3.1.3 "Support the training and skills development of all Group employees (S1-1)" of this chapter) are carried out to improve working conditions and prevent risky situations.

Furthermore, an internal “serious incident” platform has been rolled out within the Group. The latter makes it possible to identify so-called serious workplace accidents. This information is shared with the Risk Department, the Human Resources Department and the Safety and Prevention Department to identify any action plans to be implemented.

Moreover, the PAPRIPACT (Annual Programme for the Prevention of Occupational Risks and Improvement of Working Conditions), drawn up by all eligible entities, helps to identify the various risks and implement any preventive measures.

In addition, as part of its health and safety policy, Nexity has implemented several actions throughout 2025 at various Group sites:

• •Face-to-face workshops and webinars on the theme of the 5 senses and well-being at work during the quality of life and working conditions week;
• •Several sporting challenges, including the "Bouge pour la cause" solidarity challenge for Breast Cancer Awareness Month, with the twofold objective of mobilising employees for an important cause and fighting against sedentary lifestyles;
• •Stands run by the nurse to promote prevention among employees for Breast Cancer Awareness Month and Movember;
• •A skin cancer prevention and screening clinic run by a health professional; and
• •A flu vaccination campaign.

Nexity’s training policy, defined by the Human Resources Department, puts human capital at the heart of the strategy and aims to develop and enhance the skills of employees. The ongoing development of employee skills is a significant factor in the Company’s sustainable performance. The training policy is aimed at all Group employees and is based on four key areas:

• •Offering a range of training, open to all, on various topics related to the Company’s activities and strategy;
• •Training managers through the managerial training centre to create a sustainable and responsible environment that fully incorporates the Company’s strategic challenges;
• •Allowing operational functions access to tailor-made and specific training content through the opening of academies; and
• •Setting up dedicated systems to develop skills and career paths.

The training and skills development policy is defined by the Human Resources Department through training guidelines that are presented to the SECs as part of meetings with the trade union and employee representatives, as well as to employees via targeted communications. These training guidelines help to adapt priority training actions to the Group’s strategic choices.

Nexity, a “learning” company

Since its launch in January 2020, La Cité has been the entity driving this ambition to establish Nexity as “the company of possibilities”; a place where employees can grow and develop. La Cité relies on an open collective of experts and focuses on the pooling of expertise and cross-functional work with all departments on skills development topics. La Cité is responsible for the training offered to Nexity’s employees.

La Cité is open to all Nexity employees and offers training that meets the Company's strategic challenges, changes in the business lines and the need to develop the employability of its employees.

In this respect, the Human Resources Department has set the following objectives:

• •Managerial training: 60% of managers trained over two years (2025 and 2026) on “Understanding the Nexity managerial model”. Since its launch, 345 managers have already been trained, i.e. 62%;
• •Business line training: 80% of employees holding a sales position trained in 2025 as part of the Sales Academy. With 56 of the 59 sales advisors trained as part of the Sales Academy, 95% of employees concerned have been trained, in particular on the Nexity sales method;
• •Roll-out of the online training module "Discover Multi-Product at Nexity" to all employees;
• •Training for all: 70 employees trained in first aid in 2025. The objective was exceeded thanks to the mobilisation of the teams: 161 employees took part in this training in 2025; and
• •Support for young people: 100 young secondary school interns, mainly from QPV (priority urban planning districts), were welcomed in 2024/2025. This objective has also been achieved, with 154 young people being welcomed in 2024/2025.

To achieve its objectives, Nexity invested €1.7 million in training for 2025, developing 17,837 hours of training for the entire Group, i.e. an average of 5.32 hours per employee (30,004 hours of training in 2024, representing an average of 7.65 hours). The distribution of training hours between women and men is in line with the breakdown of the workforce, with respectively 48% women and 52% men completing the training hours (60% and 40% in 2024).

More specifically, the training courses and content developed aim to establish a shared knowledge base, develop skills for employees, managers and executives, and share new technical know-how specific to the various positions held by employees.

In the context of adapting to new market conditions, La Cité has prioritised its training actions. 2025 was marked by the following themes:

• •Artificial intelligence: training with the DSIN, Conference Manager, animation of the Academ'IA digital platform, acculturation webinars at the Technical Academy, acculturation during the orientation day;
• •The Business Academies: overhaul of training courses and relaunch of the 6C course for Sales;
• •Catalogue offering: update of the cross-functional training catalogue;
• •Updated E-learning: deployment of the AI certification and the Climate Change Adaptation Visa, design of the Customer Culture Visa and the Quality Visa; and
• •The continued roll-out of training on the Nexity managerial model.

Launched in January 2024, the Academ'IA programme enabled all Group employees to familiarise themselves with the challenges and uses of generative artificial intelligence. From its first weeks, the platform attracted a lot of interest, with more than 700 unique visitors recorded.

This first phase played a key role in demystifying AI, by popularising internal tools and supporting employees in their understanding of risks and opportunities. The "AI passport", obtained by more than 500 employees, was a fundamental milestone in this responsible approach to acculturation.

In 2025, Academ'IA continued to be developed through targeted actions:

• •Support for the drafting of prompts whose content was proposed by La Cité, in masterclass format, led by in-house trainers;
• •Simplification and accessibility through the centralisation of all content, initiatives and productions on a single hub page, being created on Live. This entry point aims to streamline access to information and encourage the appropriation of Generative AI; and
• •Development of an "Artificial Intelligence" AI certification by La Cité and DSIN, a veritable cornerstone of access to AI tools. This certification determines access to internal generative AI solutions, thus guaranteeing informed and secure use. In less than two months, more than 1,100 certification badges were issued, testifying to the strong commitment of employees and the collective skills development.

This year, the Group's CSR approach focused on several major actions. The CSR Department, together with La Cité, organised a series of conferences to raise awareness and mobilise employees around environmental and societal issues. In September, it also defined and rolled out a new visa dedicated to climate change adaptation, thus strengthening the Group's commitment to climate-related challenges.

More generally, the Group continues to offer the CSR Academy to its employees, a practical resource to support the CSR strategy and enable everyone to get involved, both individually and collectively.

Nexity is upholding its commitment to train as many employees as possible in life-saving skills with an "Introduction to First Aid".

In 2025, 161 employees completed this training in partnership with the French Red Cross.

The two mandatory E-learning certifications, "Combating Money Laundering and the Financing of Terrorism" and "Prevention of Corruption and Influence Peddling", were obtained by 1,069 and 930 employees respectively in 2025, as described in this chapter in Section 3.4.1.3 "Corporate culture and business conduct policies (G1-1)".

Managers are an essential component of the Group's transformation and the deployment of New Nexity.

The Managerial Training Centre (CEM) supports this transformation by relying on the three pillars of Nexity's managerial model:

• •Human Capital Development Manager: developing the skills of teams to address the challenges of sustainable performance while guaranteeing their expertise and employability on an individual basis;
• •Change Manager: driving change and transformation by implementing a culture of innovation; and
• •Inclusivity Manager: creating a climate of cooperation and developing cross-functionality, thus enabling everyone to fulfil their potential.

In line with the objective of training 60% of managers in this managerial model by 2026, 345 managers have already completed this training, i.e. 62% of the target population.

In 2025, the Group's Business Academies contributed to a renewed dynamic to meet strategic and operational challenges. Their mission is to develop key skills, strengthen employee commitment and mobilise employees to boost collective performance.

Two structural changes have been made to support this goal:

• •The integration of the Academies within La Cité, a centre of expertise in educational engineering and business skills development; and
• •The appointment of business line sponsors to oversee the consistency of career paths with strategic and operational priorities.

Over the past 10 years, the five academies: Customer Relations, Sales, Development, Technical and Programme, have been promoting a culture of excellence. In 2025, they accelerated their impact through the following concrete actions:

• •Opening of career pathways dedicated to new target customers (e.g. integration of the after-sales service in the Customer Relations Academy);
• •Creation of career pathways to improve quality and customer satisfaction;
• •Roll-out of a common set of commercial practices via the 6C method for all sales advisors;
• •Relaunch of short and inspiring formats (Creative Mornings) to stimulate operational innovation; and
• •Mobilisation of business line communities (e.g. land developers' seminar) to strengthen cohesion and strategic alignment.

These initiatives reflect our desire to rethink the systems in place to support the transformations, further develop business line skills and create the right conditions for a sustainable commitment to the Group's performance.

In order to participate in the Group’s transformation, Nexity has developed a HR policy that encourages employee engagement and development to collectively build the company of tomorrow.

To this end, the Human Resources Department implements engagement initiatives that are consistent with the Group’s values and whose objectives are to enable employees to aim high within the Company and to support the development of their skills throughout their careers at Nexity.

One objective to achieve a Development and Performance Interview (DPI) completion rate of 90% was set for 2026:

The DPI is a key annual ritual in the managerial relationship and the life of the employee in order to strengthen their sense of belonging and commitment by reconciling the quest for meaning and performance. Conducted by the manager with his or her employee, it makes it possible to take stock of the year by assessing the objectives of the past year, skills and performance. It allows employees to plan ahead with their employees by setting annual objectives to be achieved and defining support needs related to their professional development. It is also an opportunity for employees to share their motivation drivers with their manager and to express feedback on his/her management method.

To establish these annual one-to-ones as a tool for performance development and commitment, Nexity aims to maintain the rate of completion of DPIs and optimise the relevant interface.

In 2025, the actions implemented made it possible to achieve an interview completion rate of 94%, i.e. 2,293 employees (compared to 97% in 2024). Of the interviews carried out, 53% were for women and 47% for men.

This system helps to strengthen support for employees' career paths and to promote their commitment and development. Conducted by the HR teams, it provides an opportunity to discuss employees' careers and professional plans and to identify development plans to ensure their achievement.

In 2025, 336 interviews were conducted by the HR teams (569 in 2024).

As part of the agreement on Employment and Career Path Management (GEPP), signed unanimously with the trade union and employee representatives at the end of 2021 and currently under renegotiation, Nexity has strengthened the systems and practices in place to support career paths, by taking into account changes in the business lines. A business line observatory bringing together the trade union and employee representatives, HR and employees in the field was set up to bring this approach to life and make it a place for discussion, reflection and the prospective analysis of jobs. In a context of significant internal and external changes and in line with the GEPP approach, Nexity has carried out a study to identify the impacts of these changes on the business lines and working methods, which revealed that new skills must be developed to collectively adapt to these changes. On the basis of this information, Nexity has built a framework comprising seven cross-functional skills and three managerial skills.

Nexity has also redrafted the job descriptions for its main business lines to take these changes into account. Employees can access a dedicated space entitled “The business line platform” where they can find information (like job descriptions, videos, podcasts) and careers support.

In order to implement its policy on talent development and retention, each year, talent review meetings are held after the Development and Performance Interviews.

The purpose of these committees is to identify both the potential and risks among the managerial population in order to support employees’ career development in a targeted manner.

The talent review meetings held in 2025 identified 356 high-potential employees, of which 150 female managers (42%) and 206 male managers (58%).

The Next programme is sponsored by Executive Management and was launched in 2015. It is an individual Group professional development system for employees identified during the talent review meetings as having a high potential for advancement and high performance within the Group. The Next programme is a comprehensive support system designed to accelerate their careers. In addition to the visibility they benefit from, the Next programme gives them the means to move on to higher-responsibility positions, with the tools they need to progress and develop within the Group.

Around its two central themes, which are management and new collaborative methods, the Next programme serves several purposes:

• •Developing the network: by building a community of managers and transformative agents to increase cross-functionality and agility and create business opportunities;
• •Developing agility: by understanding innovative managerial practices and collaborative methods (for the benefit of internal teams and clients); and
• •Developing cross-functionality: by deepening the understanding of Nexity to enable a better understanding of the Group and career progression opportunities whilst encouraging new synergies.

In 2025-2026, the programme supported 12 employees (of which 33% were women). Since its creation, over 200 high-potential employees have taken part in the programme in 9 groups representing all of Nexity's divisions and business lines. At the end of the programme, the majority of employees move on to key positions within the organisation.

First of all, it should be noted that Nexity ensures compliance with the principle of non-discrimination, both during the recruitment process and throughout the duration of the employment contract. Any decision based on non-professional grounds or prohibited subjective criteria therefore is prohibited for ethical reasons, and to properly manage the image risk arising therefrom.

Discrimination based on physical appearance, age, medical conditions, known or presumed race, nationality, sex, gender identity, sexual orientation, pregnancy, disability, origin, religion, bank domiciliation, political opinions, philosophical opinions, marital and parenthood status, genetic characteristics, customs or traditions, surname, trade union activities, place of residence, ethnicity, loss of autonomy, the ability to express oneself in a foreign language, or vulnerability resulting from one's economic situation, is prohibited.

In 2025, as in 2024, the Group did not identify any incidents of discrimination, i.e. situations in which a person is treated unfairly or unfavourably because of personal characteristics protected by law. As such, Nexity has not recorded any complaints, fines or penalties in this respect.

The number of incidents, complaints and financial penalties was determined following monitoring and consolidation by the various HR operational teams, via the channels described in Section 3.3.1.5 "Processes to remediate negative impacts and channels for own workers to raise concerns (S1-3)" of this chapter.

In addition, the subject of inclusion and equal opportunities is seen as a key priority: the Group firmly believes that the performance of a company notably relies on the diversity of the people that work there. As such, the Group deploys a proactive policy in favour of inclusion.

Firmly of the belief that human capital and the diversity of profiles are both its strength and its primary asset, for several years Nexity has been deploying a proactive inclusion policy based on two particular aspects of diversity:

• •Gender equality; and
• •Employment of people with disabilities.

To make diversity a concrete reality on a daily basis and ensure an inclusive working environment, the Group has put in place an action plan for each aspect in order to include quantifiable objectives and concrete measures to monitor and assess the progress made in each area.

More generally, the Group's commitment to the employment of seniors will be the subject of specific negotiations in 2026.

In order to guarantee equal treatment between women and men, Nexity has been rolling out a Group-wide professional equality policy since 2018, which covers the following aspects:

• •Increase the percentage of women in its governing bodies and business lines traditionally more staffed by men;
• •Maintain equal pay between employees with equivalent positions, skills and backgrounds;
• •Ensure a good work-life balance; and
• •Communicate and raise awareness of gender equality issues.

This policy was developed by the Human Resources Department under the leadership of the Chairwoman and Chief Executive Officer, in collaboration with Executive Management, so as to address the topic at the highest level of the Company. The commitments are monitored annually by a CSR Committee, which meets twice a year and is composed of four directors and members of the Legal, Human Resources and CSR Departments. An internal network dedicated to equality, made up of over 80 committed employees from all business lines, also participates in the proper monitoring of the professional equality policy and contributes to its daily implementation. This network met again in 2025 after pausing in 2024 due to the specific context.

With a view to continuous improvement, this action plan is redefined every 3 years and submitted to the Board of Directors for approval.

Targets relating to gender equality (S1-5)

In order to ensure transparency, accountability and accelerate the increase in the number of women in its governing bodies, Nexity has set itself concrete quantitative targets within its professional equality policy. The 2024-2026 Equality Action Plan provides for the following objectives:

• •40% of women in Club 1797 by 2026; and
• •50% women among the high-potentials identified each year.

These objectives, defined by the Human Resources Department, are monitored annually by the CSR Committee and reassessed every three years to analyse the results obtained and redefine ambitions.

These objectives are also included in collective bargaining agreements and dedicated action plans depending on the eligible entities. They are monitored annually through a presentation to employee representatives, such as the Social and Economic Committee (SEC) and the Professional Equality Committee.

In order to accelerate the achievement of professional equality between women and men, the Diversity Department, composed of two dedicated members of staff, works in close collaboration with various internal stakeholders, including the harassment and discrimination officers, the internal network dedicated to equality, the HR teams and employee representatives. It also collaborates with external service providers, including training organisations and experts on specific topics related to gender equality.

The Group’s 2024-2026 Equality Action Plan is based on the aforementioned quantitative targets and concrete measures such as:

• •To guarantee career development opportunities commensurate with the skills of the Group’s female employees, Nexity has developed a female mentoring programme: each year, volunteer executives support female employees identified as having potential for growth, offering them the benefit of their experience and contributing to their professional and personal development. This scheme is also based on a partnership with two service providers renowned for their expertise in female leadership and Qualiopi-certified, through which coaching and specific training is provided to mentees. In order to incorporate this system into a process of continuous improvement, specifically responding to the needs identified by stakeholders, the content of the programme is reviewed and updated at the end of each academic year, taking into account feedback from the mentees and mentors. In 2025-2026, this scheme will benefit 10 female employees from various business lines and regions;
• •In order to ensure that women are represented when recruiting executives, all new contracts entered into with recruitment firms include a clause whereby the shortlist of male candidates must be in proportion to the number of female applications received, and consistent with the proportion of qualified women in that particular business sector; and
• •An awareness-raising campaign comprising a series of videos about “Women in the field” was launched in 2019, in collaboration with the Communications Department, to promote business lines traditionally more popular with men. The objective is to highlight "role model" female employees in positions of responsibility or traditionally occupied by men with a view to eliminating gender bias in the business lines. To boost the accessibility and attractiveness of these business lines, awareness-raising actions for students are regularly shared via presentations and forums to deconstruct gender stereotypes. All of these initiatives are carried out in conjunction with the Human Resources Development and Engagement Department. Within the Group in 2025, women represented 22% of the workforce of the Digital Solutions and Innovation Department (DSIN) (28% in 2024), and occupied 35% of the so-called technical roles (33% in 2024).

• •Professional Equality Index (see Section 3.3.1.2 “Policies related to own workforce” of this chapter); and
• •In 2025, an allocation criterion linked to equality was included in the executives' individual free share award plans: achievement of the target of 40% women within Club 1797 and no gender pay gap exceeding 5%, for an equivalent profile, position and situation.

• •The actions implemented as part of the work-life balance are presented in Section 3.3.1.2 "Policies related to own workforce (S1-1)" under "Offering attractive remuneration conditions to all employees" of this chapter.

• •A charter of concrete commitments was drawn up on the basis of the results obtained, called "Ensemble pour l’inclusion" (Together for Inclusion). It was signed by Executive Management and approved by all Nexity managers. It was submitted for approval by all the employees and will be included in the employment contract of new recruits;
• •Since 2018, an internal exchange and work network, “Réso”, has been dedicated to gender equality issues within the Group. Composed of more than 80 members from all business lines and meeting when appropriate, this community contributes to the emergence of concrete and innovative actions and allows for the sharing of experiences and best practices. This network, as a space for openness and discovery, establishes a partnership with a different service provider for each meeting, offering talks from inspiring women and men. In 2025, the members of the network met with Bérangère Couillard, President of the High Council for Equality and former Minister Delegate for Gender Equality, to shed light on a major societal issue: "Sexism in France: insight and levers for action";
• •On 25 January 2023, Nexity joined the #StOpE initiative, a collective working to fight everyday sexism in the workplace. In 2025, tools to prevent and raise awareness of sexism and sexual harassment were shared with all Group employees. The new reporting procedure redefines the role of the Harassment and Discrimination Officers and their scope of intervention. These officers are appointed in each UES (Employer and SEC). Training was provided for the Group's Harassment and Discrimination Officers. The year 2026 will then mark the launch of a training course for all Group managers and employees;
• •To analyse the measures introduced and measure the impact of its diversity policy, Nexity has decided to participate in the Inclusion Observatory (ODI). Conducted every two years in partnership with the AFMD and Alternego, this survey aims to evaluate the initiatives implemented and collect employees' perceptions of inclusive practices. This survey tool was rolled out for the first time in June 2025 with more than 740 respondents within the Group. The results will be reported to Management in 2026 and will help define the objectives and actions to be included in the new 2027-2029 Equality Action Plan, as well as in the Disability Agreement as part of its renewal;
• •Lastly, to monitor best practices, Nexity is a member of the AFMD (French Association for Diversity Managers), the French Observatory of the Charter for Parity in Real Estate, and Club Landoy (which works in favour of the employment of seniors) and participates in the various events organised (conferences, workshops, sponsorship programme, etc.); and
• •In addition, an employee communications campaign devoted to inclusion and including a specific gender equality component continued in 2025. This campaign took the form of regular communications on the Group’s intranet site and a dedicated newsletter for diversity ambassadors.

In terms of inclusion, Nexity applies a proactive approach to continuous improvement on a daily basis, defining new priorities and actions each year in conjunction with the Human Resources Department and its equality Réso. The objective is to maintain existing initiatives within its three-year action plan while continuing to come up with new proposals and upholding its efforts in terms of equality.

All the actions and initiatives rolled out as part of the Group’s professional gender equality policy are rigorously monitored through the contribution of the internal network to the implementation of the measures and actions carried out. The results and impacts of these actions are then presented to the members of the network, and are the subject of recommendations and avenues for reflection for future action, thus ensuring ongoing improvement and adaptation to the Group’s evolving needs.

In 2025, the actions implemented led to the achievement of the following results:

More broadly, the Group monitors key metrics on an annual basis to measure its progress and results in terms of gender equality: