Nextensa NV/SA

NEXTA.BR

REIT - Diversified · Real Estate

Exchange

Euronext Brussels

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Good

Dividends

Weak

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Winston Score History

The full picture

Nextensa is a Belgian real estate company that owns and develops a mix of commercial and residential properties. Its portfolio includes office buildings, retail spaces, and housing projects, mainly serving businesses looking for office space and individuals or families seeking homes. The company is best known for its large-scale redevelopment of the Tour & Taxis site in Brussels, a historic former freight depot being transformed into a mixed-use urban district.

Nextensa earns money by collecting rent from tenants in its commercial properties and by selling completed residential units. It operates primarily in Belgium and Luxembourg, with a market value of around €500 million, making it a mid-sized player in the European real estate market. Its main competitive advantage is its control over large, well-located urban development sites, but rising interest rates remain a key risk, as higher borrowing costs can squeeze property values and make new development projects more expensive to finance.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+60.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+152.8% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

63.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€6M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Nextensa NV/SA grew revenue 60% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

26.4%

Modest — 26.4% gross margin

Profit after running costs

Operating Margin

17.6%

Healthy — 17.6% operating margin

Return on the money invested

ROCE

3.0%

Weak — 3.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+17.5%

Fast-growing sales (+17.5% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

2/6 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

-244%

Weak — only -244% of profit becomes cash

Spare cash per sale

FCF Margin

-56.1%

Burning cash (-56.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.71

Moderate — manageable debt (0.71)

Covers its interest

Interest Cover

2.23x

Tight — interest eats into profit (2.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

14.1x

no trend

Attractive valuation — P/E 14.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+0.1

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

1.52%

no trend

Small dividend — 1.52% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-63.3%

no trend

Dividend cut (-63.3% YoY) — warning sign

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