Aedas Homes Sa · BME:AEDAS
Aedas Homes Sa — H1 2024/25 Earnings Presentation
36 slides from Aedas Homes Sa's earnings presentation, Nov 6, 2024
Slide 1: H1 2024/25 Results Presentation
H1 2024/25 Results 1 April — 30 September 2024 Presentation 6 November 2024 Unic (Jávea, Alicante) AEDAS Homes | H1 2024/25 Results Presentation
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: Market underpinned by solid fundamentals
Market ✓ Positive outlook for the Spanish economy: GDP growth of +2.9% in 2024 and +2.1% in 2025 vs. +0.8% and +1.2%, respectively, in the Eurozone (IMF, October 2024) 01 underpinned ✓ Easing of monetary policy: 110 bps reduction since June 2024 by solid ✓ Yawning gap between number of households an
Slide 4: Consolidating our development platform
Azure (Estepona, Málaga) 01 Consolidating our development platform AEDAS Homes | H1 2024/25 Results Presentation
Slide 5: Market consolidation: acquisition of Grupo Priesa
Market consolidation: acquisition of Grupo Priesa An attractive strategic transaction aimed at expanding the AEDAS balance sheet and entering new consolidated markets ▪ Acquisition in August 2024 of 100% of Grupo Priesa’s shares, with the goal of expanding the Transaction AEDAS balance sheet and num
Slide 6: Growth strengthened through co-investment and providing development services
Growth strengthened through co-investment and providing development services 2,400+ new units(1) in “Co-investment” or “Management Only” format expected to generate €28m in fees, primarily over the next 4 years Closing date Structure AEDAS’s stake Transaction overview Renderings of assets Villalbill
Slide 7: Active investment activity: Over €110 million in new BTS investment
Active investment activity: Over €110 million in new BTS investment Investment with elevated visibility Demonstrating capacity to Focus on optimising and over future revenue identify attractive land rotating capital ▪ €110m+1 IN NEW INVESTMENT ATTRACTIVE INVESTMENT AREAS, LIQUID LAND (100% RTB PLOTS
Slide 8: Continuing our scale up: ~21,200 units in total land bank under management
Continuing our scale up: ~21,200 units in total land bank under management (80% active) Comprises wholly-owned land, co-investments and developments under management for 3rd parties DEMONSTRATED CAPACITY TO Spain’s leading development platform with land for ~21,200¹ units Land bank under management,
Slide 9: Largest active residential portfolio in Spain: ~17,000 active units
Largest active residential portfolio in Spain: ~17,000 active units Comprises wholly-owned units, units in co-investments and units under management for 3rd parties Evolution of Active Units over the half-year period Breakdown of active land bank Under Completed Total Breakdown by investment structu
Slide 10: Business performance
Elion (El Cañaveral, Madrid) 02 Business performance AEDAS Homes | H1 2024/25 Results Presentation
Slide 11: Net BTS sales up +42%: €641m in new revenue
Net BTS sales up +42% : €641m in new revenue 1,4921 BTS pre-sales, with ASP holding above €400k Increase in absorption rate, climbing above 6% Sales evolution in units (BTS y BTR) and ASP for BTS product BTS absorption rate (rolling quarterly average)1,2 465 422 374 415 452 402 10% 5.000 5,000 ASP B
Slide 12: €297m in revenue generated from deliveries (+30%)
€297m in revenue generated from deliveries (+30%), with deliveries concentrated in the second half of the year Revenue (€m) Units (#) BTS ASP (€k) BTS product breakdown: geographic and type 922 Even distribution Primary contribution of 297 +30% +45% across main AEDAS Primary Residence 358 360 market
Slide 13: Order Book strengthened by strong sales momentum
Order Book strengthened by strong sales momentum, with higher ASP and inclusion of the Priesa portfolio Order Book1 (€m) Units1 (#) ASP1 (€k) High-quality, diversified and growing Order Book BTS +41% 1.628 1,628 +39% 3,962 3.962 +2% 3,900+ BTS units Promoción 404 411 with ASP on the 16% residencial
Slide 14: Elevated visibility over delivery target achievement
Elevated visibility over delivery target achievement On track towards consolidating our goal of generating ~€1 billion in revenue from deliveries On the market1 Net pre-sales levels1 Level of construction progress1 (calculation based on the number of BTS and BTR units slated for a given (calculation
Slide 15: Further strengthening our commitment to building a sustainable development industry
Further strengthening our commitment to building a sustainable development industry and improving access to affordable housing 12,700+ 16,300+ 9,400+ 9,300+ active units targeting an active units that have/will have a active units with a active units that implement “A-A” Energy BREEAM or Life Cycle
Slide 16: Financial Results
Maranta (Boadilla del Monte, Madrid) 03 Financial Results AEDAS Homes | H1 2024/25 Results Presentation
Slide 17: Revenue up +33% on improved delivery pace and Priesa acquisition
Revenue up +33% on the back of improved delivery pace and the Priesa acquisition’s positive impact on net profit TOTAL REVENUE GROSS MARGIN EBITDA ATTRIBUTABLE NET INCOME expressed in millions of euro and margin (%) expressed in millions of euro and margin (%) expressed in millions of euro and margi
Slide 18: Residential development: BTS deliveries and sales are accelerating
Residential development Real Estate Services Land development and sales BTS deliveries and sales are accelerating KPI H1 2023/241 H1 2024/252 Change Details Revenue (€m) 1 229 265 +16.1% 1▪ Increase in revenue due to higher volume of deliveries (+16%) ▪ ASP of deliveries in line with H1 2023/24 due
Slide 19: Completing turnkey BTR deliveries and committed to affordable housing
Promoción residencial Residential development Servicios Real Estate Inmobiliarios Services Land development Desarrollo and y venta suelo sales Completing turnkey BTR deliveries and committed to affordable housing KPI H1 2023/24 H1 2024/25 Change Details Revenue (€m) 2 - 32 n.a. 1▪ Awarded 3 lots und
Slide 20: Boosting our end-to-end development management business
Land development and Residential development Real Estate Services sales Boosting our end-to-end development management business KPI H1 2023/24 H1 2024/25 Change Detail Revenue (€m) 1 1.4 5.9 +304.4% 1▪ Significant increase in revenue from new co-investment projects signed in Q4 2023/24 (74% of total
Slide 21: Selectively rotating non-strategic assets
Residential development Real Estate Services Land development and sales Selectively rotating non-strategic assets Non-active plots from Priesa under analysis for development or potential divestment 5 land divestment transactions in H1 2024/25 Significant divestment concentration in €9 million in tot
Slide 22: Balance sheet at 30 September 2024
Balance sheet at 30 September 2024 ▪ Increase in Inventories value due to 30 September 2024 31 March 2024 Change construction progress and the integration of Grupo Priesa INVENTORIES1 €1,658m €1,487m €171m ▪ 5,000+ WIPs ongoing ▪ Land ▪ New investment in construction (€279m) €495m €479m €16m ▪ Grupo
Slide 23: Solvent position supported by efficient liquidity management
Solvent position supported by efficient liquidity management and financing that is still long term and under optimal conditions €634m1 in gross financial debt at 30 September 2024… … and €199m in available liquidity with potential to reach €580m Diversified sources of capital Average nominal cost of
Slide 24: Improvement in cash flow: greater volume of deliveries
Improvement in cash flow: greater volume of deliveries and efficient use of capital (€m) H1 2024/25 H1 2023/24 1 Increase due to the collection of interest on loans granted to co-investment vehicles EBITDA 27.8 17.8 2 Increase due mainly to the rise in Corporate Tax payments Adjustments (34.2) (0.3)
Slide 25: Sustainable leverage levels aligned with business activity
Sustainable leverage levels aligned with business activity, with reaffirmation of credit rating Solvent credit profile with solid debt ratios Net financial debt trend during H1 2024/25 (€m) 30/09/24 30/09/23 30/09/22 (expressed in millions of euro) 141 539 Gross financial 628 652 563 debt 28 5 Avail
Slide 26: Takeaways
Luzán del Canal (Zaragoza) 04 Takeaways Middel AEDAS Homes Views Results | H1 2024/25 III (Fuengirola, PresentationMálaga)
Slide 27: Making the most of the market momentum
Making the most of the market momentum Outstanding Largest active Strongly Financial sales residential committed to stability levels portfolio growth ✓ +68% increase in net BTS pre- ✓ 80% of land bank under ✓ Acquisition of 100% of Grupo ✓ Accelerating deliveries: sales (€641m, 1,492 units) manageme
Slide 28: Appendices
South Place (Estepona, Málaga) 05 Appendices Middel AEDAS Homes Views Results | H1 2024/25 III (Fuengirola, PresentationMálaga)
Slide 29: H1 2024/25 Consolidated P&L
H1 2024/25 Consolidated P&L (€m) H1 2024/25 H1 2023/24 Δ (€m) Δ (%) 1 Revenue increase of 33%: This growth was driven by a Revenue derived from housing units delivered 297.2 228.6 68.6 30% higher volume of BTS and BTR deliveries (+30% in Revenue derived from land sales 3.5 - 3.5 n.a. revenue), an in
Slide 30: Consolidated balance sheet at 30 September 2024
Consolidated balance sheet at 30 September 2024 (€m) 30 September 2024 31 March 2024 Δ (€m) Δ (%) Other fixed assets 137 122 15 12% Deferred tax assets 9 7 2 26% NON-CURRENT ASSETS 145 129 17 13% Inventories 1,658 1,487 171 11% Trade receivables 71 61 10 17% Other current assets 51 46 5 11% Unrestri
Slide 31: Financial leverage at 30 September 2024
Financial leverage at 30 September 2024 Financial debt in line with the operational activity in H1 2024/25 AEDAS Homes debt ratios Bond covenants 30 September 30 September 30 September 30 September 30 September 30 September Ratio Ratio 2024 2023 2022 2024 2023 2022 LTC1 32.5% 31.0% 29.2% Net total L
Slide 32: Accumulated operating data
As of 30 September 2024 Accumulated operating data 7,561 units on the market1,2 Order Book2: 3,937 units with a total value of €1,585m (expresseden (expresado in unidades, units, #) #) (expresseden (expresado in unidades, units, #) #) (11,958) €4,921m 18,610 14,403 units €342k/unit €3,977m 11,958 un
Slide 33: Accumulated construction data
As of 30 September 2024 Accumulated construction data ~ 5,000 units under construction1 7841 units pending construction start (expresseden (expresado in unidades, units, #) #) (expressed en (expresado in units, #) #) unidades, 759 (824) 5,038 4,973 650 (759) 893 784 Under As of construction March 20
Slide 34: Accumulated permit data
As of 30 September 2024 Accumulated permit data Status of pending permits1 (expresseden (expresado in unidades, units, #) #) Outstanding permits (grouped by number of months since request was made) (650) 2,609 18% 1,435 1,824 12% 57% 13% < 4 meses 5-8 meses < 4 months 5-8 months 9-12 meses 9-12 mont
Slide 35: Upcoming dates in our corporate calendar
As of 6 November 2024 Upcoming dates in our corporate calendar Second payment of Extraordinary 15-31 December 2024 Confirmed Dividend Publication of 9M 2024/25 Trading 12 February 2025 TBC Update 30 May 2025 Publication of FY 2024/25 Results TBC Comte (Valencia) AEDAS Homes | H1 2024/25 Results Pres
Slide 36: Back cover
Anzio (Pozuelo de Alarcón, Madrid) Back cover AEDAS Homes | H1 2024/25 Results Presentation