Slide 1: FY 2022 Results
1 April 2022 — 31 March 2023 Presentation FY 2022 Results 31 May 2023 Marina Real III (Denía, Alicante) AEDAS Homes | FY 2022 Results 1
Slide 2: Legal Disclaimer
Legal Disclaimer By attending this presentation (the “Presentation”) and/or by accepting this Presentation you will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this disclaimer, This presentation has been prepared by AEDAS Homes,
Slide 3: Highlights
Gaetana (Torrejón de Ardoz, Madrid) 01 Highlights AEDAS Homes | FY 2022 Results 3
Slide 4: Context remains volatile, but solid sector fundamentals support long-term growth
Context remains volatile, but solid sector fundamentals support long-term growth Economy showing positive signs Households still financially resilient Solid long-term fundamentals Positive growth outlook for Spain… Reduction in outstanding mortgage balance… Limited supply of new-build homes: fewer t
Slide 5: Tier-1 landbank attractive to mid-high segment of demand
Tier-1 landbank attractive to mid-high segment of demand Diversified, high-quality and liquid landbank covering ~5 years of deliveries Discerning customer base with mid-to-high purchasing power Over 15,0001 units (€2.1Bn GAV), of which ~ 75% are active, located in the most Retail customer Product dy
Slide 6: Financial strength as a value lever to grow our business
Financial strength as a value lever to grow our business Access to developer loans at optimal conditions thanks to long-standing 1 relationships with main retail banks €2.0BN 1 funding sources Diversified Capital markets access: Green Bond (€325M long term, fixed rate) + 2 MARF Commercial Paper Prog
Slide 7: Consolidating our leadership position on strong FY 2022 results
Consolidating our leadership position on strong FY 2022 results while sticking to our proven strategy 3,544 €920M 17.9% Residential Homes delivered1 Total revenues Adjusted EBITDA Margin Development BTS 15,255 €297M 1.9x Residential Development Landbank (units) Net Financial Debt NFD/ EBITDA BTR Rea
Slide 8: Business update
Espai Soul(Valencia) Marbella 02 Business update AEDAS Homes | FY 2022 Results 8
Slide 9: Executive Summary FY 2022
Bolzano (Valencia) Executive Summary FY 2022 Sales Deliveries • Strong sales coverage: 75% and • Standout number of deliveries: 1 32% of FY 2023 and FY 2024 target deliveries, respectively 2 2,730 units (BTS+BTR) at an ASP of €324k • Order Book: 3,703 units (3,136 BTS • New business line (Real Estat
Slide 10: Order Book backed by BTS product
Order Book backed by BTS product Units (#) ASP (€K) Order Book (€M) BTS product focused on most resilient demand segment BTS +4% 360 +5% +1% 346 1,129 3,113 3,136 1,077 • 2,100+ units sold, in line with Business Plan, accelerating in Q4 2022/23 (625 units) • Focused on the most resilient segment of
Slide 11: Optimal absorption rates level, 25-30 months to fully sell a development
Optimal absorption rates level, 25-30 months to fully sell a development Evolution of quarterly sales absorption rate (BTS)1 9% 8% 6% 5% 3% Stabilized long term level: >3.5% 2% 0% mar-20 Mar-20 jun-20 Jun-20 sep-20 Sep-20 dic-20 Dec-20 mar-21 Mar-21 jun-21 Jun-21 sep-21 Sep-21 dic-21 Dec-21 mar-22 M
Slide 12: Operating activity reinforced by BTS product
Operating activity reinforced by BTS product Operating levels in line with mid-term targets ▪ Solid BTS activity with increases across 3,235 3,362 5,740 all operating KPIs ▪ 600+ BTS units with building permit Units put on the Construction starts Total units under granted, pending construction start
Slide 13: Strong visibility over revenues for next two years
Strong visibility over revenues for next two years Targeting annual revenues of over €1bn Units on the market Sales Construction progress (calculated over number of BTS and BTR units) (calculated over number of BTS and BTR units) (calculated over number of BTS and BTR units) 25% 4% 100% 100% 100% 10
Slide 14: Selective, rigorous and efficient land investment approach
Selective, rigorous and efficient land investment approach Selective land investments aiming to optimize size of landbank... …optimizing our use of equity… New transactions identified and executed 1 Preference for purchase options or …in addition to deferring capital (expressed as total ready to bui
Slide 15: Reaffirming our commitment to reducing our carbon footprint
Reaffirming our commitment to reducing our carbon footprint New 100% 62% ~25% agreements ▪ All FY 2022 completed ▪ Of the developments ▪ Of units delivered to be ▪ Signed agreements with ▪ Fioresta: 1st multi- developments achieved activated in FY 2022 are built fully or partially benchmark supplier
Slide 16: FY 2022 financial results
03 FY 2022 financial results Qian (Majadahonda, Madrid) AEDAS Homes | FY 2022 Results 16
Slide 17: Solid financial results with EPS of €2.42/share
Solid financial results with EPS of €2.42/share (+14%) Higher level of operating activity reflected in 20% increase in revenues… €164M (expressed in millions of euro) +20% 15 1 920 766 138 Adjusted EBITDA (+10% vs. FY21), with 18% margin vs. 20% in FY21 2,730 units (+21% vs. FY21) ASP: €324k (-2% vs
Slide 18: BTS: Core business line targeting the most resilient customer base
BTS: Core business line targeting the most resilient customer base Resolutions 37 units (FY22) vs 41 units (FY21) Financial disclosure 3k+ units in Order Book (ASP: €360k) KPI FY 2022 FY 2021 Δ North Norte Costa Costadel del Sol Sol Revenues (€m) 773 730 +6% Catalonia Cataluña& yAragon Aragón Andalu
Slide 19: BTR: Opportunistic business line focusing on Institutional clients
BTR: Opportunistic business line focusing on Institutional clients Financial disclosure 567 units on Order Book1 (€176k) KPI FY 2022 FY 2021 Δ North North Revenues (€m) 112 16 +590% Costa del Sol Costa del Sol Gross Margin (€m) 21 4 +434% Catalonia & Aragon Catalonia and Aragon Andalusia & Canarias
Slide 20: Boosting our complementary asset-light Real Estate Services division
Boosting our complementary asset-light Real Estate Services division FY22 Deliveries Plan VIVE End-to-end project management Future pipeline ▪ €5.0M in revenue ▪ 23 developments targeting affordable rental ▪ Working on new agreements for “living” projects demand with institutional investors and fami
Slide 21: Balance sheet at 31 March 2023
Balance sheet at 31 March 2023 31 March 2023 31 March 2022 Change • Increase in inventories due to Inventories1 €1,611m €1,520m advanced degree of construction €91m progress on WIPs (nearly 6,000 • Land €568m €644m (€76m) units under construction) as well • Works in progress €794m €672m €122m as the
Slide 22: Sound financial profile: diversified debt structure and strong liquidity
Sound financial profile: diversified debt structure and strong liquidity… €504M1 gross financial debt by the end of FY 2022… …and €300M available liquidity that could reach €671M Diversified funding sources Nominal cost of debt (expressed in € millions) 371 671 Greenverde Bono Bond 4.0% 4,0% Project
Slide 23: Supported by strong cash generation capacity
…supported by strong cash generation capacity… 13% FFO yield1 in FY 2022 +€19M in other operational cash flows as a result of : (expressed in € millions) Includes €121M of cash outflow on net investments ▪ Higher tax payment given higher + €42M land payments committed in prior years 1.5 + €94M new i
Slide 24: Highly contained leverage levels reflected in the credit rating
…with highly contained leverage levels that are reflected in the credit rating Solvent credit profile with solid debt ratios Net financial debt trend in FY 2022 (€M) 31/03/23 31/03/22 31/03/21 (expressed in millions of euro) Gross financial 3.0 3,0 296,7 296.7 495.3 459.0 352.3 9,9 9.9 (8,3) (8.3) d
Slide 25: Trend in valuation metrics
Trend in valuation metrics GDV1 GAV1 (€m) 5,805 (€m) 5,594 5,097 5,340 5,248 5,075 2,158 2,075 2,088 1,962 1,907 1,768 Dec 2018 Dec Dic-2018 2019 Sep-2020 Dic-2019 Sep 2020 Mar-2021 Mar 2021 Mar-2022 Mar 2022 Mar-2023 Mar 2023 Dec 2018 Dec Dic-2018 2019 Sep-2020 Dic-2019 Sep 2020 Mar-2021 Mar 2021 M
Slide 26: Shareholder Remuneration
Pizan (Vilanova i la Geltrú, Barcelona) 04 Shareholder Remuneration AEDAS Homes | FY 2022 Results 26
Slide 27: Shareholder remuneration: 2.15 €/share and ~90% pay-out
Shareholder remuneration: 2.15 €/share and ~ 90% pay-out • The Board of Directors has agreed to propose to the AEDAS I Homes Annual General Meeting a dividend distribution of €94 million, equivalent to €2.15 per share1 (~ 90% pay-out ratio) • The proposed calendar for distributing these dividends is
Slide 28: Takeaways
05 Takeaways Estronci 81 (L'Hospitalet de Llobregat, Barcelona) AEDAS Homes | FY 2022 Results 28
Slide 29: FY 2022 Key Takeaways
FY 2022 Key Takeaways Despite the current context, Build to Sell (BTS) operating activity continues to evolve positively, 1 with strong visibility on FY 2023 and FY 2024 goals 2 Demand from the mid-high segment continues to demonstrate great resilience Exercising investment discipline, focused on op
Slide 30: Appendices
Nisart (Sitges, Barcelona) 06 Appendices AEDAS Homes | FY 2022 Results 30
Slide 31: FY 2022 Consolidated P&L
FY 2022 Consolidated P&L (€M) FY 2022 FY 2021 Δ (€M) Δ (%) 1 Reduction in Gross Margin due mainly to lower gross Revenue derived from delivery of housing units 884.6 746.7 137.8 18.5% development margin (26.7% in FY 2022 vs. 28.7% in Revenue derived from land sales 30.2 14.7 15.5 104.9% FY 2021) com
Slide 32: Consolidated balance sheet at 31 March 2023
Consolidated balance sheet at 31 March 2023 (€M) March 2023 March 2022 Var. (€m) Var. (%) Other assets 37.4 37.8 (0.4) -1% Deferred tax assets 5.3 7.0 (1.7) -24% NON-CURRENT ASSETS 42.7 44.8 (2.1) -5% Inventories 1,610.7 1,520.3 90.3 6% Trade and Other Receivables 42.9 64.5 (21.7) -34% Other current
Slide 33: Financial leverage
Financial leverage 31 March 31 March 31 March AEDAS Homes 2023 2022 2021 LTC1 18.4% 18.0% 16.4% LTV2 14.2% 13.2% 12.0% • Well-contained leverage level Net financial (NFD) / EBITDA 1.9x 1.8x 1.7x due to prudent financial and Interest coverage 6.9x 7.5x 9.4x shareholder remuneration Average cost of de
Slide 34: 8,623 units on the market
At 31 March 2023 8,623 units on the market1 Starting point 8,197 units 13,585 3,235 units units 8,623 units Accumulated launches as of March Accumulated deliveries as of March Launches FY 2022 Units on the market as of 31 March 2022 2023 2023 Note: (1) “Units on the market” includes all units availa
Slide 35: Order Book: 3,703 units (€1,229m)
At 31 March 2023 Order Book: 3,703 units (€1,229m) Starting point €2,732m 8,197 units €333K/unit 3,136 units BTS €3,129m (ASP €360K) 9,722 units €832m 567 units BTR €322K/unit 2,178 units (ASP €176K) €382K/unit €1,229m 3,703 units €332K/unit Accumulated sales up to March 2022 Accumulated deliveries
Slide 36: Construction and building permits
At 31 March 2023 Construction and building permits Units under construction (BTR+BTS) 3,362 units 2,959 units 5,337 units1 5,740 units As of 31 March 2022 Broke ground in FY 2022 Completed product FY 2022 Under construcion as of 31 March 2023 Building permits in hand, pending construction start (BTS
Slide 37: Regional breakdown
At 31 March 2023 Regional breakdown On the market1 Building permits granted in FY 2022 Order Book North North 750 units North 264 units 9% Andalusia & 7% 257 units Madrid Canaries Andalusia & 8% Madrid 1,935 units 584 units Andalusia & Canaries 826 units 16% Madrid Canaries 22% 349 units 25% 1,064 u
Slide 38: Active Units and Permit Request Status
At 31 March 2023 Active Units and Permit Request Status Active Units1 Permit Request Status Completed product, pending delivery Design phase 901 units >12 months2 2,366 units 8% <4 months 1,186 units 21% 885 units 42% 32% 11,194 2,792 active units units Marketing 2,187 units Under construction 5-8 m
Slide 39: Corporate calendar
Linneo (Mislata, Valencia) As of 31 May 2023 Corporate calendar 20 July Annual General Confirmed 2023 Meeting 21 July Q1 2023 Results Confirmed 2023 published 31 July Dividend TBC 2023 distribution 29 November H1 2023 Results TBC 2023 published AEDAS Homes | FY 2022 Results 39
Slide 40: Back cover
Mourelle (Calvia, Palma de Mallorca) Back cover AEDAS Homes | FY 2022 Results 40