What happened? Q1 residential order intakes were particularly weak down 28% in volume and 30% in value, albeit on a quarter which is not significant. First-time and second-time buyers bookings were solid (+23%) but individual investors disappeared with the phasing out of the Pinel buy-to-let scheme. Bulk sales were also soft in this Q1. Commercial offer is down 9% vs Dec, and by 26% vs end March 2024 at 5,188 units. The backlog was down 7% vs Dec and accounting for 1.6 years of activity. Q1 sales were better than expected down 19% yoy and down 9% at constant scope. Residential sales were up 4% while commercial housing plummeted by 86% to EUR15m. Services were a positive surprise up 16% in Q1 (vs +3%e) driven notably by distribution activities. During this Q1, the company have been awarded several projects of urban regeneration notably in Bayeux and Sierentz. The new organisation is also now fully operational from early January. Finally, Nexity is reiterating its guidance aiming at a positive recurring operating profit and an IFRS net debt of less than EUR380m (or less than EUR500m under management accounts). BNPP Exane View: The company''s transformation is now complete. First-time and second time buyers bookings are seeing further progress but overall the market is held back by multiple uncertainties in spite of some governmental initiatives (extension of the 0 interest loan, tax-free donation for housing investments). We do not expect a V shape scenario to materialize, but Nexity should take advantage of a weakening competitive landscape.