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  HEXAOM company press release from 20/02/2024

  20/02/2024 - 10:00



Consolidated (€M)
4th quarter 12 months
(1st January to 31st December)
2023 2022 % change 2023 2022 % change
Revenue 260.6 266.9 -2.4% 1 016.2 964.0 +5.4%
Home Building 220.2 220.5 -0.1% 867.4 809.6 +7.1%
Renovation  13.5 15.4 -12.3% 54.3 52.9 +2.6%
Land Development  5.0 6.8 -26.5% 25.4 33.7 -24.7%
Real Estate Development 21.9 24.2 -9.5% 69.1 67.8 +1.9%

2023 production up 5.4%. with historic volumes in the core business

Over 12 months, the Hexaom Group's production was up 5.4% to €1,016.2 million, on a like-for-like basis, as per forecast. 

For the fourth quarter, the Group posted revenue of €260.6 million, down 2.4% compared to the same period last year. 

The breakdown of annual revenue by business is as follows: 

  • Production for the Home Building business remained buoyant. The Group benefited from the strong 2022 sales, especially during the first half of the year. Revenue amounted to €867.4 million, up 7.1% compared to last year. 
  • The Renovation business is experiencing positive market trends but has faced setbacks due to inflation and the rising prices of building materials. Revenue increased by 2.6% to €54.3 million, driven by an expanding sales network. 

Intermediated business, brought in by the franchise network, is experiencing the strongest growth. Its revenue increased by +22.9% to €8.4 million. The “general contractor” business was virtually stable at €45.9 million, compared with €46.1 million last year. 

  • Revenue from the Land Development business was down 24.7% to €25.4 million reflecting, as expected, property market trends over the last few months.
  • In a sharply contracting market, with an overall decline of about -40% for the year, Real Estate Development revenue did not hit the group's targets. Nevertheless, there was a slight uptick of 1.9% to €69.1 million.

Order intake impacted by a complex and unprecedented market environment

As expected, the Group's order intake at 31st December 2023 reflects a very difficult property market due to:

- the significant tightening of financing conditions,

- an increase in interest rates,

- an inflationary environment that penalises household purchasing power,

- but also regulatory and administrative hurdles (standards, deadlines for issuing building permits, zoning, a surge in the number of appeals, etc.).

This unprecedented situation is having an impact on the entire industry, penalising housing production at a time when the demand for housing is outstripping its supply.

In this environment, the Hexaom Group is maintaining its course by gaining market shares in its core business, consolidating its position in the more buoyant Renovation and Extension market and preserving its margins in each of its businesses.

Home Building Business :

Order intake for 2023 amounted to €559.4 million, down 40.6% in value and 44.7% in volume. This figure is in line with the overall annual market decline of around 44% (source Markemetron). 

While construction costs have begun to stabilise, the average selling price, which had risen sharply in the past two years, only increased slightly in the last months of the year. For the year as a whole, it amounted to €166k excluding VAT. 

In addition, it should be noted that the average contribution from Hexaom customers, which was €54k in 2020, is now €100k. 

These two indicators (average price and contribution) illustrate the market context, but also reflect the Group's move upmarket.

Renovation Business :

The Renovation business is benefiting more favourable market trends as well as momentum from an expanding franchise network and the phased introduction of a general contractor “renovation/extension” offering across all the group's construction salespoints. 

At 31st December 2023, order intake from the intermediated business was up 22.8% to €103.9 million, and the “general contractor” business posted revenue of €39.7 million. 

During the first quarter, the Group will also be launching a new franchise network under the Rénovert brand. Its offering will include a full range of services related to energy renovations – from energy audits to full-service project management for customers during the works phase (project ownership support, project management or general contractor). The aim is to have fifteen or so franchisees by the end of 2024.

Land and Real Estate Development Businesses :

The Real Estate Development's business backlog, at 31st December 2023, is €140.9 million and the total potential inventory to be delivered represents revenue of €349.9 million, i.e. 1,644 housing units. The health of this business remains robust due to the high quality of its programs and land commitments. The Group also continues to favour mixed sales (modest income, institutional investors and social housing). 

For the Land Development business, the order book (reserved inventory not yet signed) stands at €9.2 million, representing 143 lots, in line with group forecasts and trends in the construction market over the past few months.

In an unprecedented context, the Hexaom Group once again demonstrates the strength of its business model

With 2023 revenue up 5% (on a like-for-like basis) as per forecast, the Group confirms the Improvement of its operating profitability for the full year.

In 2024, based on the order intake trend over the last 18 months, the Group expects production to fall by between 25% and 30%. 

Hexaom will also show its proven ability to adapt to market conditions. Thanks to significant production cost variability (100% of production is subcontracted) and a stringent policy for swift market trend alignment, the company is well positioned to effectively manage its profit margins. 

In a challenging property market, despite recent indications that access to financing is improving, the Group will continue to leverage its solid fundamentals to emerge stronger from this phase: 

  • Its leadership in Home Building enables the Group to gain market shares as the sector continues to consolidate and earn the trust of guarantors to take over construction sites from defaulting builders.
  • Its robust Renovation business continues to grow as its sales network and service offerings expand.
  • It has highly variable costs and a sound financial structure coupled with manageable inventory exposure and low working capital requirements.

The Group is confident that it is among the most well-prepared industry leaders to navigate the challenges of this turbulent market, capitalise on emerging opportunities, and strengthen its foothold across its various businesses.

Next press release: 2023 Annual Results, 22nd March 2024 after market close.

Next meeting: 25th March 2024 at 10:00 am at the Edouard 7 Business Centre in Paris


Since 1919, five generations of the same family have successively taken over the helm of HEXAOM, a group that drives and federates an ecosystem of 44 brands and subsidiaries with complementary expertise. A unique story of family entrepreneurship characterized by its stability in a complex market sector. The group, leader in the home building, renovation, and first-time owners' markets in France currently serves more than 10,000 customers a year, has built more than 150,000 houses, has carried out over 90,000 renovations, employs more than 1 500 people, and recorded revenue of €1 016.2 million in 2023. 

HEXAOM is listed on Euronext Growth Paris.

HEXAOM equities are eligible for PEA-PME equity savings plan. ISIN code: FR 0004159473 -Mnemonic ALHEX 


Loic Vandromme
Chief Executive Officer - Tel: + 33 2 33 80 66 61

Jean-Christophe Godet Chief Financial Officer- Tel: + 33 2 33 80 66 61


Amalia Naveira - Analyst/Investor/Press Relations - Tel: + 33 6 31 35 99 50 




Gross order intake: a contract is recorded in the gross order intake as soon as it is signed by the customer and accepted by our sales administration department (administrative control of the documents and validity of the financing plan, site inspection, verification, and acceptance of the selling price). The amount recorded corresponds to the revenue excluding taxes to be generated by the contract. 

Backlog (real estate development): represents the group's already secured future revenue, expressed in euros, for its real estate development business. The backlog includes reservations for which notarial deeds of sale have not yet been signed and the portion of revenue remaining to be generated on units for which notarial deeds of sale have already been signed (portion remaining to be built). 

Order book (land development): represents recorded land orders that have not been canceled and for which notarial deeds of sale have not yet been signed. 

Production in progress: all orders for which the conditions precedent to begin work have been met (building permit and client financing obtained, client ownership of the land) and which have not been accepted by the client (delivered) 

Change in like-for-like revenue: changes in revenue for the periods under comparison, recalculated as follows: 

- in the event of an acquisition, revenue from the acquired company is deducted from the current period if it was not part of the group during the previous period, 

- in the event of a sale, the revenue of the divested company that is no longer part of the group during the current period is deducted from the comparison period. 

B2C (business to consumer): refers to transactions conducted between the company and consumers. 

Net contribution margin: corresponds to the difference between the revenue generated by contracts and the costs directly related to these contracts (construction costs, sales or broker commissions, taxes, insurance, etc.). 

Current operating income: intended to present the group's operating performance excluding the impact of non-recurring operations and events during the period. 

Cash position: includes cash on hand and demand deposits. 

Debt: includes all current and non-current financial liabilities except leases according to the restatement of IFRS 16. 

Net cash: cash position less debt. 

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  Original Source: HEXAOM