Aedas Homes SaBME: AEDAS

FY 2024-25 Results Presentation

· Issued by Aedas Homes Sa
FY 2024/25

1 April 2024 - 31 March 2025

Results

28 May 2025

AS Homes | FY 2024/25 results presentati

AED on

Odina (Valencia)



01

Market underpinned by solid fundamentals

  • Positive outlook for the Spanish economy: GDP +2.5% in 2025 and +1.8% in 2026 with inflation kept under control at around 2.0% - 2.5% and unemployment rate below 12% (Sources: IMF and INE)

  • Benign monetary environment: 210 bps cut in interest rates since June 2024

  • Recovery in the volume of new-build home completions: 100,980 units (+13%), but with over 111,548 new households formed in 2024 and stronger growth prospects

  • Acceleration in sales, with absorption rates above 7%

  • 3,224 net BTS sales (+48% vs. BTS net sales from FY 2024/23, of which 538 are co-

    investments)

  • ASP for BTS: €436k (+5% vs. FY 2023/24 BTS sales)

  • Order Book: 3,740 units (100% BTS) with a value of €1.66bn (€1.24bn as of March 2024), of which €534m are co-investments

02

Exceptional sales momentum

  • Second consecutive year with revenues above €1.1bn

  • 5,211 deliveries, of which 2,060 correspond to Plan Vive I and 511 are BTR units

  • Total revenue from deliveries: €1,028m (+8% vs. FY 2023/24)

  • Gross development margin for BTS product: 23.4% (24.6% for units completed in the period)

03

Leading delivery volumes and revenue

04

Solid and diversified business growth

  • Intensified land investment efforts: €450m in new investment

    • Product diversification: flex living, concessions, affordable housing

    • Landmark transactions: Grupo Priesa, selective Habitat landbank

    • Deferred payment schemes (incl. urbanization/committed transaction): ~45%

  • Spain's go-to industrial partner: new co-investments and management contracts with

AEDAS Homes | FY 2024/25 results presentation 3

expected fees of €40m+ in coming years

Koyrs (Alcalá de Henares, Madrid)

AEDAS HomesM| FiYd2d0e2l4/V2i5erwessulItIsIp(rFesueenntagtiiornola, Málaga)

01 Solid and diversified business growth


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

Core focus on BTS, strong entrance into flex living and committed to affordable housing

*

*

11%

BTS market-rate

13%

12%

7,467

units

64%

Concessions

* 72% Primary residence

-

Assuring Company balance sheet

while growing co-investment profile

*

22%

*

7,467

units

Residential development

78%

Co-investment

* Revenue

estimation: €1.8bn1

(19% investment in land over revenues)

Flex living

BTS Affordable

c.2/3 of investment focused on Centre Regional Branch, thanks to the acquisition of the Habitat landbank

3%

7%

15%

7,467

units

10%

65%

1%

Catalonia East Andalusia Costa del Sol

North

-

…and Madrid city underpinning the

stability of our landbank

35%

4,821

units5

65%

Others

Madrid city

Centre



-



Second to none structuring and liquid investment strategy (85% of RTB units)

Accumulated investment (expressed in RTB cost terms) and most relevant operations (€m)³

Q1

Q2

Q3

Q4

500

Corporate transaction Acquisition of 100% of Grupo Priesa (480 BTS units (100%) + 4 BTS co-investments + 1 flex living co-investment) -Investment: €83m²,4

14%

committed

400

300

Alternatives Entry into flex living through co-investment (158 units)

Land under management

Plots for development for c.140 units in a consolidated area in the Madrid Region

200

100

Concessions 3 awarded Plan Vive III lots (944 units) under co-investment but with control

Alternatives Second flex living purchase under co-investment (190 units)

Portfolio acquisition

~2,800 units acquired from Habitat, 88% located in the Madrid region - Investment: €170m

0

Diversification

Consolidation of the sector

Stability

(€m)

Notes: (1) Includes only estimated revenues associated with the BTS product of the Residential Development business line; (2) Total investment undertaken adįusted, for the įoint venture assets of Grupo Priesa, based on AEDAS Homes' share in those įoint ventures; (3) Transactions formalized but initially committed during the fiscal year are shown in the chart under the formalization date of the transaction; (4) RtB cost equals to the fair market value of the assets; (5) Units associated to the Centre Regional Branch

AEDAS Homes | FY 2024/25 results presentation 5

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