Aedas Homes Sa · BME:AEDAS
Aedas Homes Sa — FY2024/25 Earnings Presentation
36 slides from Aedas Homes Sa's earnings presentation, May 28, 2025
Slide 1: FY 2024/25 Results
FY 2024/25 Results 1 April 2024 — 31 March 2025 28 May 2025 Odina (Valencia) AEDAS Homes | FY 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
✓ Positive outlook for the Spanish economy: GDP +2.5% in 2025 and +1.8% in 2026 Market with inflation kept under control at around 2.0% - 2.5% and unemployment rate 01 underpinned by below 12% (Sources: IMF and INE) solid ✓ Benign monetary environment: 210 bps cut in interest rates since June 2024 f
Slide 4: 01 Solid and diversified business growth
Koyrs (Alcalá de Henares, Madrid) 01 Solid and diversified business growth AEDAS HomesMiddel Views | FY 2024/25 IIIpresentation results (Fuengirola, Málaga)
Slide 5: Leader in investment: opportunities worth €450m
Leader in investment: proven ability to originate attractive and unique opportunities worth €450m New managed investment2: €450m (+2.0x vs. FY 2023/24) Diversifying our activity… …with a focus on resilient areas Second to none structuring and liquid investment strategy (85% of RTB units) Core focus
Slide 6: Optimizing resources in investment structures
Optimizing resources in investment structures €170m in deferred payments schedule linked to new investment of 100% AEDAS Homes in FY 2024/25 (49% of the total) Total investment 100% AEDAS Payment schedule €343m1 of new BTS investment (€m) Total Paid Pending FY 25/26 FY 26/27 FY 27/28 Following 100%
Slide 7: Third-party management reaching a new high: €1.1bn of new managed investment
Third-party management reaching a new high: €1.1 bn of new managed investment1 ~ 3,400 new units managed for third parties: €40m+ in fees from FY 2025/26 onwards5 Cumulative experience3 Boosting affordable housing developments and new housing solutions… Units per structure ~8,900 units 8% Plan Vive
Slide 8: Spain's largest active residential landbank: ~14,000 units
Spain’s largest Active residential landbank: ~14,000 units Attributable GDV €4.1 billion9 (+4%) Evolution of Active Units under management over FY 2024/25 Breakdown of active landbank Under Completed Total active Breakdown by investment structure (expressed in units) In design Marketing construction
Slide 9: Business growing: ~20,200 units in landbank (+12%)
Business growing: ~20,200 units in landbank (+12%) ~70% now active, with attributable GDV reaching €6.8 billion5 EFFICIENT PORTFOLIO Benchmark development platform in Spain, with ~ 20,2001 units located in the Landbank under management, by most dynamic and in-demand areas investment structure ROTATI
Slide 10: 02 Operating performance
Jardines Hacienda Rosario – Los Poetas (Sevilla) 02 Operating performance AEDAS HomesMiddel Views | FY 2024/25 IIIpresentation results (Fuengirola, Málaga)
Slide 11: +56% in revenues for BTS sales: €1.4 billion
+56% in revenues for BTS sales: €1.4 billion Annual sales record1: 3,224 units at an ASP of €436k (+5%) Absorption rates throughout FY 2024/25: climbing above 7% 13,400+ units sold in the last 5 years for €4.9 billion BTS absorption rate (rolling quarterly average)2 Total net units per year (#) Tota
Slide 12: Delivery record: 3,151 units valued at €1,076m
Delivery record: 3,151 units valued at €1,076m (+11%), excluding “Management Only” BTS product breakdown: Value of deliveries (€m) Units (#)1 ASP of deliveries (€k) by Regional Branch and type of use2 +7% Costa del Sol and East Primary contribution of +11% 1,076 3,151 +4% recorded the greatest Prima
Slide 13: Solid Order Book: €1.66 billion+ in future revenues
Solid Order Book: €1.66 billion+ in future revenues (only BTS) +44%1 increase in the Order Book value (BTS), reflecting the strong momentum in sales activity After delivery of the BTR projects, the Order Book is comprised solely of BTS: 3,740 units2 (€m) Conversion from reservations to 26% 1,404 pri
Slide 14: Elevated visibility on the next two years
Elevated visibility on the next two years: ~ €1 billion in annual revenue generation On the market1 Net sales levels1 Construction progress1 (calculated based on the number of units slated for delivery) (calculated based on the number of units slated for delivery) (calculated based on the number of
Slide 15: New ESG Strategic Plan 2024-2026
New ESG Strategic Plan 2024-2026 sets out the leadership roadmap for a sustainable future, with tangible actions across all areas Delving deeper into the 8 lines of initiative established in previous Strategic Plan, including 3 additional actions, plus a crucial new strategic line of initiative: Cir
Slide 16: Advancing on eco-sustainability and affordable housing
Advancing on eco-sustainability at our developments and committed to providing access to affordable housing 2,060 01 02 03 04 05 units Recycling centres Sustainable design: Modern Methods of Circular Economy plan Managing water efficiently Affordable housing Building’s Manual Construction 42% of dev
Slide 17: 03 Financial Results
Seyssel (Barberà del Vallès, Barcelona) 03 Financial Results AEDAS HomesMiddel Views | FY 2024/25 IIIpresentation results (Fuengirola, Málaga)
Slide 18: Over €1.1 billion in revenue with a +37% increase in EPS
Over €1.1 billion in revenue with a +37% increase in EPS TOTAL REVENUE GROSS MARGIN EBITDA ATTRIBUTABLE NET PROFIT (expressed in millions of euros) (expressed in millions of euros and margin %) (expressed in millions of euros and margin %) (expressed in millions of euros and €/share) +1% (5%) 1,156
Slide 19: BTS accelerating: +45% in new pre-sales and +7% in deliveries
Land development and Residential Development Real Estate Services divestment BTS accelerating: +45% in new pre-sales and +7% in deliveries KPI FY 2023/24 FY 2024/25 Change Details Revenues (€m)1 1 879 937 +6.6% 1▪ +7% increase in revenue: +4% increase in delivery volume and +2% in ASP. Key drivers:
Slide 20: BTR: Margin improvement
Land development and Residential Development Real Estate Services divestment BTR: Margin improvement KPI FY 2023/24 FY 2024/25 Change Details Revenues (€m) 1 71 89 +26.2% 1 Delivery of three projects with ASP of €174k per unit: 2 projects in Alcalá de Henares, Madrid (379 units, of which 195 were de
Slide 21: Real Estate Services sees significant increase across the board
Land development and Residential Development Real Estate Services divestment Real Estate Services sees significant increase across the board: new co-investments, new products and increased revenue KPI FY 2023/24 FY 2024/25 Change Details Revenues (€m) 1 9.4 13.1 +40.2% 1▪ Significant increase in rev
Slide 22: Active rotation of non-strategic land with stable margins
Residential Development Real Estate Services Land development and divestment Active rotation of non-strategic land with stable margins and transfer of recently acquired assets to co-investments KPI FY 2023/24 FY 2024/25 Change Details Revenues (€m) 58.1 31.8 (45.2%) 1 Non-strategic assets Breakdown
Slide 23: Inventories at stable value and solid credit profile
Inventories at stable value, co-investment participation increasing, and solid credit profile Resumen Balance sheet balance summary a 31 deat ▪ Stability in Inventories’ value (€1.5bn) 31 March 2025 31 March 2024 Change marzo 31 March de 2025 ▪ Increase in the “Land” line item due to an active land
Slide 24: Ample liquidity position supported by diversified capital sources
Ample liquidity position supported by diversified capital sources €565m1 in gross financial debt with at lower rate… … and €409m of available liquidity, which could reach ~€800m Diversified capital sources Average nominal cost of debt: 4.4% vs. 4.8% (expressed in millions of euros) 395 804 Commercia
Slide 25: Solid credit profile
Solid credit profile Cash flow generation capacity demonstrated Net financial debt reduced by €44m Solid debt ratios (€m) FY 2024/25 Evolution of net financial debt in FY 2024/25 (€m) EBITDA 164.5 Net financial 14.2% net LTV (+/-) Other adjustments to profit 18.6 debt NFD March-24 March-24 310 (16.3
Slide 26: Asset valuation summary
Asset valuation summary ▪ +23% vs FY 2023/24 attributable GDV 5,810 6,178 5,075 5,594 ▪ 65% of attributable GDV is allocated to 5,024 active units: +4% vs. FY 2023/24 Attributable GDV ▪ 35% of attributable GDV is allocated to non- (€m)1 active units: +84% due to new long-term investments volume (e.g
Slide 27: 04 Remuneration
Eneo (Alcalá de Henares, Madrid) 04 Remuneration AEDAS HomesMiddel Views | FY 2024/25 IIIpresentation results (Fuengirola, Málaga)
Slide 28: Attractive shareholder remuneration: €136m to be distributed
Attractive shareholder remuneration: €136m to be distributed during FY 2025/26 ▪ New Shareholder Remuneration Policy: a more attractive policy based on Over 13.3 €/share2 paid out since first dividend distribution (€/share2) the strong visibility over cash flows (minimum dividend of 50% of the attri
Slide 29: 05 Takeaways
Orizonne (Villajoyosa, Alicante) 05 Takeaways AEDAS HomesMiddel Views | FY 2024/25 IIIpresentation results (Fuengirola, Málaga)
Slide 30: Spain's benchmark development platform, with solid growth outlook
Spain’s benchmark development platform, with solid growth outlook Leading diversified Largest active Sales Financial platform in landbank under strength stability the market management ✓ +56% in net BTS sales ✓ Acceleration in deliveries: ✓ €450m in new managed ✓ ~ 70% of landbank under (€1.4bn; 3,2
Slide 31: 06 Appendices
Mune (Mungía, Vizcaya) 06 Appendices AEDAS HomesMiddel Views | FY 2024/25 IIIpresentation results (Fuengirola, Málaga)
Slide 32: FY 2024/25 Consolidated P&L
FY 2024/25 Consolidated P&L (€m) FY 2024/25 FY 2023/24 Δ (€m) Δ (%) 1 +1% revenue growth: +8% increase in revenue from Revenue from delivery of developments sold 1,027.8 949.5 78.3 8.2% developments thanks to a higher volume of BTS and BTR Revenue from land sales 115.2 185.7 (70.5) (38.0%) deliverie
Slide 33: Consolidated balance sheet at 31 March 2025
Consolidated balance sheet at 31 March 2025 Change (€m) 31 March 2025 31 March 2024 △ €m △ (%) Other non-current assets 42.9 27.2 15.7 58% Non-current investments in group companies and associates 127.7 94.5 33.2 35% Deferred tax assets 51.6 6.9 44.7 646% NON-CURRENT ASSETS 222.2 128.6 93.6 73% Inve
Slide 34: Financial leverage at 31 March 2025
Financial leverage at 31 March 2025 Financial debt in line with the operational activity in FY 2024/25 AEDAS Homes debt ratios Green Bond covenants Ratio 31 March 2025 31 March 2024 31 March 2023 Ratio 31 March 2025 31 March 2024 31 March 2023 LTC1 18.0% 20.8% 18.4% Net total LTV 15.0% 17.6% 15.1% N
Slide 35: Key dates on our corporate calendar
Sirani (Terrassa, Barcelona) At 28 May 2025 Key dates on our corporate calendar 3 July 2025 Annual General Meeting Confirmed Post AGM Dividend distribution Confirmed Q1 2025/26 Trading Update 23 July 2025 Confirmed published H1 2025/26 Results 26 November 2025 TBC published AEDAS Homes | FY 2024/25
Slide 36: Back cover
Vanian Views (Estepona, Málaga) Back cover AEDAS Homes | FY 2024/25 results presentation