Nextensa Model update after FY25 results, hold reiterated

We update our model after the FY25 results and include the new guidance on the Bel Tower project and Proximus HQ into our estimates. The Proximus HQ project moved from development projects to investment properties, resulting in a higher debt ratio as we don't factor in an immediate exit. We accelerate disposals of standing assets into our model from €50.0m to €100.0m per annum to counterbalance the €565m cash drain from developments. We downgraded Nextensa from Accumulate to Hold ahead of the results, reflecting the valuedestructive impact of delays to the Lakeside permitting process. We reiterate this recommendation at an unchanged target price. While we continue to view the shares as undervalued on a longterm basis, the development pipeline is heavily backend loaded, with value crystallization only expected from FY28 onwards. As a result, we see limited nearterm catalysts and do not recommend increasing exposure at this stage.