FY 2024/25 Individual Financial Statements

Audit Report on Financial Statements issued by an Independent Auditor

AEDAS HOMES, S.A.

Financial Statements and Manaqement Report for the year ended

March 3 1, 2025

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Ernst & Young, S.L.

C/ Raimundo Fernandez Villaverde, 65 28003 Madrid

Tel: 902 365 456

Fax: 915 727 238

ey.com

AUDIT REPORT ON FINANCIAL STATEMENTS ISSUED BY AN INDEPENDENT AUDITOR

Translation of a report and financial statements oriqinally issued in Spanish. In the event of discrepancy, the Spanish-lanquaqe version prevails

To the shareholders of AEDAS HOMES, S.A.:

Report on the financial statements

Opinion

We have audited the financial statements of AEDAS HOMES, S.A. (the Company), which comprise the balance sheet as at March 31, 2025, the income statement, the statement of chanqes in equity, the cash flow statement, and the notes thereto for the year then ended.

In our opinion, the accompanyinq financial statements qive a true and fair view, in all material respects, of the equity and financial position of the Company as at March 31, 2025 and of its financial performance and its cash flows for the year then ended in accordance with the applicable requlatory framework for financial information in Spain (identified in note 2.1 to the accompanyinq financial statements) and, specifically, the accountinq principles and criteria contained therein.

Basis for opinion

We conducted our audit in accordance with prevailinq audit requlations in Spain. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report.

We are independent of the Company in accordance with the ethical requirements, includinq those related to independence, that are relevant to our audit of the financial statements in Spain as required by prevailinq audit requlations. In this reqard, we have not provided non-audit services nor have any situations or circumstances arisen that miqht have compromised our mandatory independence in a manner prohibited by the aforementioned requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Domicilio Social: Calle de Raimundo Fernández Villaverde, 65.28003 Madrid - Inscrita en el Registro Mercantil de Madrid, tomo 9.364 qeneral, 8.130 de la sección 3º del Libro de Sociedades, folio 68, hoja n" 87.690-1, inscripción 1º. C.I.F. B-78970506.

A member lir m of Erns I & Young Global Limited.

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Key audit matters

Key audit matters are those matters that, in our professional judqment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forminq our audit opinion thereon, and we do not provide a separate opinion on these matters.

/Measurement of eqUity instruments and loans to group companies

Description

Our

response

As indicated in notes 4.5, 7 and 8 to the accompanying financial statements, at March 31, 2025, the Company recognized non-current equity investments amount to 351,091 thousand euros and non-current and current loans to group companies amounting to 54,317 thousand euros and 245,486 thousand euros, respectively, through these investees, the Company manages the acquisition of land and sites and their exploitation by sale housing developments.

At each reporting date, the Company's directors test these equity investments and loans for indications of impairment. Impairment losses are recognized when their carrying amount exceeds their recoverable amount.

Impairment loss is calculated as the difference between the investment's carrying amount and recoverable amount, deemed to be the hiqher of fair value less costs to sell and the present value of the projected cash flows from the investment.

The Company takes investee's equity into consideration, adjusted for any unrealized qains existing at the measurement date, unless better evidence of the recoverable amount of the investment is available.

To estimate the aforementioned unrealized capital qains, the Company uses appraisals carried out by an independent expert on the investment properties owned by each of the qroup companies and compares them to the net book value of the related assets.

The risk of the incorrect valuation of the movements in these assets and their possible impairment, as well as the relevance of the amounts involved, cause us to consider the valuation of the investments in qroup companies and non-current and current loans to qroup companies as a key audit matter.

In this reqard, our audit procedures included the followinq, amonq others:

Understanding Company manaqement"s processes to determine the measurement of equity instruments and loans to group companies, includinq evaluation of the design and implementation of the relevant controls.

Reviewing the analysis carried out by the Company to identify indications of impairment and calculation of the recoverable amount, through the evaluation, in collaboration with our valuation experts, the valuation methodology used by the independent expert for a sample of the properties appraised by the latter, the review of which specifically encompassed a mathematical assessment of the model, an analysis of the projected cash flows and a review of the discount rates used.

Reviewinq the disclosures included in the notes to the accompanyinq financial statements in conformity with the applicable requlatory financial reportinq framework.

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Other information: manaqement report

Other information refers exclusively to the 2025 manaqement report, the preparation of which is the responsibility of the Company's directors and is not an inteqral part of the financial statements.

Our audit opinion on the financial statements does not cover the manaqement report. Our responsibility for the manaqement report, in conformity with prevailinq audit requlations in Spain, entails:

1. Checkinq only that that the non-financial statement and certain information included in the Corporate Governance Report and the Annual Report on the Remunerations of Directors, to which the Audit Law refers, was provided as stipulated by applicable requlations and, if not, disclose this fact.

2. Assessinq and reportinq on the consistency of the remaininq information included in the manaqement report with the financial statements, based on the knowledqe of the entity obtained durinq the audit, in addition to evaluatinq and reportinq on whether the content and presentation of this part of the manaqement report are in conformity with applicable regulations. If, based on the work we have performed, we conclude that there are materia! misstatements, we are required to disclose this fact.

Based on the work performed, as described above, we have verified that the information referred to in paraqraph a) above is provided as stipulated by applicable requlations and that the remaininq information contained in the manaqement report is consistent with that provided in the 2025 financial statements and its content and presentation are in conformity with applicable requlations.

Responsibilities of the directors and the audit and control committee for the financial statements

The directors are responsible for the preparation of the accompanyinq financial statements so that they qive a true and fair view of the equity, financial position and results of the Company, in accordance with the requlatory framework for financial information applicable to the Company in Spain, identified in note 2.1 to the accompanyinq financial statements, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessinq the Company's ability to continue as a going concern, disclosinq, as applicable, matters related to qoinq concern and usinq the qoinq concern basis of accountinq unless the directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The audit and control committee is responsible for overseeinq the Company's financial reporting process.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.

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Reasonable assurance is a high level of assurance, but is not a quarantee that an audit conducted in accordance with prevailinq audit requlations in Spain will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the agqreqate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with prevailing audit regulations in Spain, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understandinq of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressinq an opinion on the effectiveness of the Company's internal control.

Evaluate the appropriateness of accountinq policies used and the reasonableness of accounting estimates and related disclosures made by manaqement.

Conclude on the appropriateness of the director's use of the qoinq concern basis of accountinq and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast siqnificant doubt on the Company's ability to continue as a goinq concern. If we conclude that a material uncertainty exists, we are required to draw attention in our duditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a qoinq concern.

Evaluate the overall presentation, structure and content of the financial statements, includinq the disclosures, and whether the financial statements represent the underlyinq transactions and events in a manner that achieves fair presentation.

We communicate with the audit and control committee of the Company reqardinq, amonq other matters, the planned scope and timing of the audit and significant audit findinqs, including any significant deficiencies in internal control that we identify durinq our audit.

We also provide the audit and control committee of the Company with a statement that we have complied with relevant ethical requirements, includinq those related to independence, and to communicate with them all matters that may reasonably be thought to bear on our independence, and where applicable, related safequards.

From the matters communicated with the audit and control committee of the Company, we determine those matters that were of most siqnificance in the audit of the financial statements of the current period and are therefore the key audit matters.

We describe these matters in our auditor's report unless law or requlation precludes public disclosure about the matter.

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Report on other legal and requlatory requirements European sinqle electronic format

We have examined the diqital file of the European sinqle electronic format (ESEF) of AEDAS HOMES,

S.A. for the 2025 financial year, consistinq of an XHTML file containing the financial statements for the year, which will form part of the annual financial report.

The directors of AEDAS HOMES S.A. are responsible for submittinq the annual financial report for the 2025 financial year, in accordance with the formattinq requirements set out in Deleqated Requlation EU 2019/815 of 17 December 2018 of the European Commission (hereinafter referred to as the ESEF Requlation). In this reqard, the Corporate Governance Annual Report and the Board remuneration report have been incorporated by reference in the manaqement report.

Our responsibility consists of examining the digital file prepared by the directors of the Company, in accordance with prevailing audit regulations in Spain. These standards require that we plan and perform our audit procedures to obtain reasonable assurance about whether the contents of the financial statements included in the aforementioned digital file correspond in their entirety to those of the financial statements that we have audited, and whether the financial statements and the aforementioned file have been formatted, in alI material respects, in accordance with the ESEF Regulation.

In our opinion, the diqital file examined corresponds in its entirety to the audited financial statements, which are presented, in all material respects, in accordance with the ESEF Requlation.

Additional report to the audit and control committee

The opinion expressed in this audit report is consistent with the additional report we issued to the audit and control committee on May 28, 2025.

Term of enqaqement

The ordinary general shareholders' meeting held on July 20, 2023 appointed us as auditors for 3 years, commencing on March 31, 2024.

Previously, we were appointed as auditors by the shareholders for 3 years and we have been carryinq out the audit of the financial statements continuously since December 31, 2016.

ERNST & YOUNG, S.L.

(Registered in the Official Register of Auditors under No. 50530)

(Signed on the original version In Spanish)

Fernando Gonzalez Cuervo (Reqistered in the Official Reqister of Auditors under No. 21268)

Vay28, 2025

Financial statements for the year ended 31 March 2025 and accompanying Management Report

AEDAS HOMES, S.A.

BALANCE SHEET AS AT 31 MARCH 2025 AND 31 MARCH 2024

(Thousands of euros)

The accompanying notes 1 to 20 are an integral part of the balance sheet as at 31 March 2025

1

AEDAS HOMES, S.A.

NET INCOME STATEMENT FOR THE YEARS ENDED 31 MARCH 2025 AND 31 MARCH 2024

(Thousands of euros)

The accompanying notes 1 to 20 are an integral part of the net income statement for the year ended 31 March 2025

2

AEDAS HOMES, S.A.

STATEMENT OF CHANGES IN EQUITY

FOR THE YEARS ENDED 31 MARCH 2025 AND 2024

1. STATEMENT OF RECOGNISED INCOME AND EXPENSE

   (Thousands of euros)

   	Note	Year ended 31 March 2025	Year ended 31 March 2024
   PROFIT FOR THE YEAR (I) Income and expense recognised directly in equity TOTAL INCOME AND EXPENSE RECOGNISED DIRECTLY IN EQUITY (II) TOTAL AMOUNTS TRANSFERRED TO PROFIT OR LOSS (III) TOTAL RECOGNISED INCOME AND EXPENSE (I+II+III)	3
   		113,182	107,462
   		-	-
   		-	-
   		-	-
   		113,182	107,462

   The accompanying notes 1 to 20 are an integral part of the statement of changes in equity for the year ended 31 March 2025

   AEDAS HOMES, S.A.

   STATEMENT OF CHANGES IN EQUITY

   FOR THE YEARS ENDED 31 MARCH 2025 AND 2024

2. STATEMENT OF TOTAL CHANGES IN EQUITY

(Thousands of euros)

The accompanying notes 1 to 20 are an integral part of the statement of changes in equity for the year ended 31 March 2025

4

AEDAS HOMES, S.A.

STATEMENT OF CASH FLOWS FOR THE YEARS ENDED 31 MARCH 2025 AND 31 MARCH 2024

(Thousands of euros)

The accompanying notes 1 to 20 are an integral part of the statement of cash flows for the year ended 31 March 2025

Notes to the financial statements for the year ended 31 March 2025

1. Core business

   Aedas Homes, S.A. (hereinafter, the Company) was incorporated as an open-ended sole-shareholder company on 9 June 2016 before Madrid notary public Mr. Carlos Entrena Palomero (protocol deed entry no. 955) under the name of SPV Spain 19, S.L.U. Its registered office is located in Madrid, on Paseo de la Castellana 130, 28046 (Madrid). It is duly registered with the Companies Register in Madrid, Spain.

   The Company was incorporated as a result of the subscription and payment by Structured Finance Management (Spain), S.L. of 3,000 indivisible shares, numbered sequentially, with a unit par value of 1 euro. They were paid for in cash. In 2016, a letter of intent was signed between the then Sole Shareholder and the company domiciled in Luxembourg called Hipoteca 43 Lux, S.À.R.L. for the sale of 100% of the shares held by the former in SPV Spain 19, S.L. The sale of those shares closed on 5 July 2016.

   The Company's name was changed to Aedas Homes Group, S.L.U. on 18 July 2016 (before notary public Mr. Carlos Entrena Palomero, protocol entry no. 1228). The current name was taken in the wake of the corporate restructuring exercise.

   On 12 September 2017, the Company's legal form of incorporation was changed to that of a public limited company (sociedad anónima) so that it took the name of Aedas Homes, S.A.

   The shares of Aedas Homes, S.A. began trading on the Madrid, Barcelona, Bilbao and Valencia stock exchanges on 20 October 2017. They were listed at a price of 31.65 euros per share, having obtained all the required permits from the securities market regulator ("CNMV" for its acronym in Spanish).

   The Company's corporate purpose is to acquire, permit, manage, market and develop properties of any kind for holding, use, management, sale or lease.

   The foregoing activities may be performed in whole or in part on an indirect basis through ownership interests in other companies with similar corporate purposes. To that end, the Company may acquire, administer and sell securities of all kinds, including but not limited to, shares, convertible bonds and unitholding of any kind. As at 31 March 2025 and 2024, the Company was the parent of a group of companies (the Group). A list of the Company's subsidiaries is provided in Appendix I of these annual financial statements. Aedas Homes,

   S.A. and the subsidiaries itemised in Appendix I have drawn up consolidated financial statements, applying the International Financial Reporting Standards adopted by the European Union (IFRS-EU), as it is a public interest entity listed on the Spanish stock exchange, authorising their issuance on 28 May 2025.

   On 30 March 2020, the Company's shareholders resolved, in general meeting and on the basis of a report from the Board of Directors, to change the Company's fiscal year to the 12 months elapsing between 1 April and 31 March of the following year, with the exception of the first fiscal year following the change, which ran from 1 January 2020 until 31 March 2020. Basis of presentation of the financial statements.

2. Financial reporting framework applicable to the Company

   The accompanying financial statements for the year ended 31 March 2025 were authorised for issue by the directors in keeping with the financial reporting regulatory framework applicable to Company, namely:

   • Spain's Code of Commerce and other company law.

   • Spain's General Accounting Plan enacted by Royal Decree 1514/2007, as amended by Royal Decrees 1159/2010, 602/2016 and 1/2021 and by Law 7/2024, and, specifically, the accounting standards adapting the Plan for real estate companies (published via Ministerial Order on 28 December 1994). Pursuant to Transitional Provision Five of Royal Decree 1514/2007 enacting the General Accounting Plan, as a general rule, the sector adaptations and other implementing accounting regulations in force on the date of publication of the said Royal Decree continue to apply insofar as they do not contradict the terms of the Code of Commerce, Corporate Enterprises Act (approved by Royal Decree-Law 1/2010), specific provisions or the General Accounting Plan itself.

   • The binding rules issued by the ICAC (acronym in Spanish for the Audit and Accounting Institute) implementing the General Accounting Plan and complementary rules and regulations.

   • Other applicable Spanish accounting regulations that are binding upon the Company.

   1. Fair presentation

      The accompanying financial statements were prepared from the Company's auxiliary accounting records in accordance with prevailing accounting legislation to give a true and fair view of its equity, financial position and performance. The statement of cash flows has been prepared to present accurately the origin and usage of the Company's monetary assets such as cash and cash equivalents.

   2. Functional and presentation currency

      The accompanying financial statements for the year ended 31 March 2025 are presented in euros, which is the Company's functional and presentation currency. They are presented in thousands of euros other than certain specific figures disclosed in the notes, which, for practical reasons, are presented in millions of euros or just euros for simplification and/or clarification purposes. The financial statements for the year ended 31 March 2024 were authorised and presented in euros.

   3. Non-mandatory accounting policies applied

      The Company has not applied any non-mandatory accounting policies. Further, the Company's directors have drawn up these financial statements for the year ended 31 March 2025 in accordance with all mandatory accounting principles and rules which have a material impact thereon. All mandatory and material accounting policies have been applied.

   4. Critical issues regarding the measurement and estimation of uncertainty

      In preparing the Company's financial statements, its directors used estimates to measure the fair value of certain assets, liabilities, income and expenses and to provide the breakdown of contingent liabilities. Those estimates were made on the basis of the best available information at year-end. However, the uncertainty inherent in those estimates means that future events could oblige the directors to modify them in the next financial year, prospectively if warranted. Essentially, those estimates refer to:

      • Assessment of the potential impairment of the Company's financial investments in Group companies, associates and other related parties and the accounts receivable from Group companies, associates and other related parties (note 4.5).

      • The probability of obtaining future taxable income when recognising deferred tax assets (note 4.8).

        In addition to other relevant information regarding the estimation of uncertainty at the reporting date, the key assumptions regarding the future that imply a considerable risk that the carrying amounts of assets and liabilities may require material adjustment in the next financial year, are as follows:

        Impairment of investments in Group companies, associates and other related parties

        The measurement of investments in Group companies and associates requires the use of estimates to determine their fair value for impairment testing purposes. Unless better evidence is available, the recoverable amount is estimated on the basis of the equity of the investee, adjusted by any unrealised capital gains, net of the tax effect, existing on the measurement date implicit in the appraisal of the real estate assets belonging to the Company's investees (note 4.5).

        The recoverable amount of the real estate properties held by the Group companies is estimated on the basis of appraisals performed by independent experts unrelated to the Group. As at 31 March 2025, the Group measured the net realisable value of its real estate inventories, understood as their estimated sale price less all of the estimated costs necessary to complete their development. Their fair value was determined on the

        basis of appraisals performed by independent experts. Savills Valoraciones y Tasaciones, S.A. appraised the Group's real estate asset portfolio as at 31 March 2025 (without considering prepayments to suppliers). The assets were appraised using the 'market value' assumption, in keeping with the Valuation - Professional Standards and Guidance notes published by Great Britain's Royal Institution of Chartered Surveyors (RICS) (note 7).

   5. Comparative information

      As required under Spanish company law, the Company discloses comparative information in respect of the previous reporting period for all amounts disclosed in the financial statements for the year ended 31 March 2025(balance sheet, statement of profit or loss, statement of changes in equity and statement of cash flows). Both years' lines items are comparable and uniform, except as disclosed in note 2.8 below.

      A summary of the significant accounting policies applied is provided in note 4 below.

   6. Aggregation

      Certain of the items presented in the balance sheet, statement of profit or loss, statement of changes in equity and statement of cash flows are aggregated to facilitate reader comprehension. However, to the extent that the effect of so doing is significant, these items are disclosed separately in these notes.

   7. Changes in accounting policies

      The accounting policies applied during the year ended 31 March 2025 are not materially different from those applied in the year ended 31 March 2024.

   8. Fair value

      Fair value is the price that would be received to sell an asset or paid to transfer or cancel a liability in an orderly transaction between market participants at the measurement date. Fair value is determined without any deduction for transaction costs the Company may incur on sale or other disposal. The amount an entity would receive or pay in a forced transaction, involuntary liquidation or distress sale is not considered fair value.

      As a general rule, fair value is calculated by reference to a reliable market input. The fair value of financial instruments for which there is no active market is determined using valuation models and techniques.

      The inputs used to determine fair value are classified into three levels according to the fair value hierarchy:

      • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date.

      • Level 2: estimates based on quoted prices in active markets for similar instruments or by means of other valuation techniques for which all of the significant inputs are based on market data that are observable either directly or indirectly.

      • Level 3: estimates in which at least one significant input is not based on observable market data.

      Fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. To that end a significant input is one that has a decisive influence on the outcome of the measurement. In assessing the importance of a given input to the measurement, the Company takes into account the specific characteristics of the asset or liability being measured.

3. Appropriation of profit

   The proposal for the appropriation of profit for the year ended 31 March 2025 will be approved by the Board of Directors of the Company at the same meeting at which it authorises the issue of these annual financial statements and will be disclosed in note 20 "Events after the reporting period", as prescribed in the Corporate Enterprises Act and in keeping with the Company's disclosure requirements under the applicable financial reporting framework.

4. Recognition and measurement standards

   The main recognition and measurement rules used by the Company to draw up the accompanying financial statements in accordance with prevailing accounting principles are the following:

   1. Intangible assets

      Intangible assets are initially measured at either acquisition or production cost. The cost of intangible assets acquired in a business combination is their acquisition-date fair value.

      Following initial measurement, they are stated at cost less accumulated amortisation and any impairment losses.

      Intangible assets are amortised on a straight-line basis as a function of their estimated useful lives and residual values. Amortisation methods and periods are reviewed at the end of each reporting period, and adjusted prospectively where applicable. Intangible assets are tested for impairment at least at each financial year-end and any impairment is recognised.

      Software

      This heading includes the costs incurred for software developed by third parties. It is amortised on a straight-line basis over its estimated useful life of three years.

      Expenses for repairs that do not prolong the useful life of the assets, as well as maintenance expenses, are taken to profit and loss in the year incurred.

   2. Property, plant and equipment

      Items of property, plant and equipment are initially recognised at either acquisition or production cost. The cost of property, plant and equipment acquired in a business combination is the fair value of the assets at the acquisition date.

      Following initial recognition, these assets are carried at cost less accumulated depreciation and any impairment losses.

      Expenses for repairs that do not prolong the useful life of the assets, as well as maintenance expenses, are taken to profit and loss in the year incurred. Expenses incurred to upgrade, expand or improve these assets that increase their capacity or productivity or prolong their useful life are capitalised as an increase in the carrying amount of the item, while the carrying amount of any substituted assets is derecognised.

      Once ready for their intended use, items of property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives.

      The annual depreciation charges are made with a balancing entry in the statement of profit or loss as a function of the assets' estimated useful lives. The average estimated useful lives of the items comprising property, plant and equipment are shown below:

      	Annual depreciation rate
      Straight-line depreciation schedule:
      Buildings	14%
      Other facilities	20%
      Furniture & fittings	10%
      Computer hardware	25%
      Other items of PP&E	20%

   3. Impairment of non-financial assets

      The Company assesses whether there is any indication that a non-current asset or cash-generating unit ("CGU") may be impaired at least at each reporting date. If there is, it proceeds to estimate the asset's recoverable amount.

      The recoverable amount is the higher of fair value less costs to sell and value in use. When the carrying amount exceeds the recoverable amount, the asset is considered impaired. Value in use is the present value of expected future cash flows, discounted using risk-free market rates, adjusted for the risks specific to the asset. For those assets that do not generate cash inflows that are largely independent of the inflows of other assets or groups of assets, the recoverable amount is determined for the cash-generating units to which the assets belong, such cash-generating units being understood to mean the smallest identifiable group of assets that generates cash inflows that are largely independent of the inflows of other assets or groups of assets.

      Impairment losses and any subsequent reversals are recognised in profit and loss. Impairment losses are reversed only if the circumstances that gave rise to the impairment cease to exist. Goodwill impairment losses cannot be reversed. Any such reversal is limited to the carrying amount that would have been determined had no impairment loss been recognised for the asset in question.

   4. Leases

      Leases are classified as finance leases when, based on the economic terms of the arrangement, substantially all the risks and rewards incidental to ownership of the leased item are transferred to the lessee. All other lease arrangements are classified as operating leases.

      Operating lease payments are expensed in profit and loss as they accrue.

      The Spanish financial reporting framework prevailing at the date of authorising these annual financial statements for issue has not adopted the concepts prescribed in IFRS 16 - Leases, which will nevertheless be applied in the annual consolidated financial statements authorised by the Group under the International Financial Reporting Standards adopted by the European Union ("IFRS-EU").

   5. Financial instruments

      Financial assets

      The Company's financial assets are classified into the following categories:

      1. Financial assets at amortised cost: this category includes financial assets, including those admitted to trading on an organised market, which the Company holds with the objective of collecting the contractual cash flows and whose contractual terms give rise to payments on specific dates that are solely payments of principal and interest on the principal outstanding.

         As a general rule, this category includes:

         1. Trade receivables: originated by the sale of goods or provision of services in the ordinary course of business for which collection is deferred; and

         2. Non-trade accounts receivable: originated by the provision by the Company of loans and credit carrying fixed or determinable payments.

      2. Financial assets at cost: this category includes the following investments (if any): a) equity instruments in Group companies, jointly-controlled entities and associates; b) equity instruments whose fair value cannot be estimated reliably and derivatives with such investments as underlying; c) hybrid financial assets whose fair value cannot be estimated reliably, unless they qualify for measurement at amortised cost; d) contributions made under unincorporated joint venture and similar agreements ("contratos de cuentas en participación");

      e) profit-participating loans whose interest is contingent; and f) financial assets which should be classified in the next category whose fair value cannot be estimated reliably.

      For these purposes, Group companies are companies controlled by the Company; associates are companies over which the Company has significant influence. Jointly controlled entities are companies where control is contractually shared with one or more venturers.

      Financial assets are, in general terms, initially recognised at the fair value of the consideration delivered plus directly attributable transaction costs. However, transaction costs directly attributable to assets recognised at fair value through profit or loss are recognised in profit or loss for the year.

      In addition, in the case of equity investments in Group companies that give control over the subsidiary, the fees paid to legal advisors and other professionals in connection with the acquisition are also recognised directly in the statement of profit or loss for the year.

      Financial assets are carried at amortised cost by recognising the interest accrued using the effective interest method in the statement of profit or loss.

      Investments in Group companies, associates, jointly controlled entities and other related parties are measured at cost less any impairment loss. Impairment loss is calculated as the difference between the investment's carrying amount and recoverable amount, deemed to be the higher of fair value less costs to sell and the present value of the projected cash flows from the investment. The recoverable amount of investments in equity instruments is estimated on the basis of the equity of the investee, adjusted for any unrealised gains at the measurement date (net of the tax effect), unless better evidence is available (note 7).

      The recoverable amount of the real estate properties held by the Group companies is estimated on the basis of appraisals performed by independent experts unrelated to the Group. Those appraisals calculate fair value primarily using the discounted cash flow method or the dynamic residual method for the properties owned by its investees, in keeping with the Valuation and Appraisal Standards published by the Royal Institution of Chartered Surveyors (RICS) of Great Britain, and the International Valuation Standards (IVS) published by the International Valuation Standards Committee (IVSC).

      The Company holds majority interests in certain companies. The accompanying financial statements are the Company's separate financial statements and are not presented on a consolidated basis with those of the entities in which it has a majority interest.

      The Company tests its financial investments in Group companies for impairment at least at each year-end. If the recoverable amount of a financial asset is lower than its carrying amount this is deemed objective evidence of impairment and the corresponding impairment loss is recognised in profit and loss.

      The criteria used by the Company to calculate impairment losses on financial assets at amortised cost, if any, are based on an individual assessment of the risk of non-performance of each debtor. The Company did not have any material balances receivable that presented a risk of non-collection that had not been written down for impairment at 31 March 2025 or 31 March 2024.

      The Company derecognises a financial asset or part of a financial asset when the contractual rights to the cash flows have expired or when the risks and rewards incidental to ownership of the asset have been substantially transferred; it determines whether substantially all the risks and rewards of ownership of the financial asset have been transferred by comparing the Company's exposure, before and after the transfer, to the variability in the amounts and timing of the net cash flows of the transferred asset. It is considered that it has transferred substantially all the risks and rewards of ownership of a financial asset if its exposure to such variability is no longer significant in relation to the total variability in the present value of the future net cash flows associated with the financial asset.

      Whenever a financial asset is derecognised, the difference between the consideration received, net of attributable transaction costs, including any new financial asset obtained less any liability assumed, and the carrying amount of the asset transferred, determines the gain or loss generated, and is recognised in the statement of profit or loss for the year to which it relates.

      Financial liabilities

      The financial liabilities assumed or incurred by the Company correspond mainly to financial liabilities at amortised cost, specifically debts and payables owed by the Company originating from the purchase of goods and services in the ordinary course of business and non-trade payables that originate from loans or credit received by the Company that cannot be considered derivatives. They are initially measured at the fair value of the consideration received less directly attributable transaction costs. They are subsequently measured at amortised cost.

      Financial assets and liabilities are presented separately on the balance sheet and are presented net if and only if the Company has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

      In keeping with the applicable financial reporting framework, the following are classified as current liabilities: obligations that fall due or will be extinguished within 12 months of the reporting date and those related with the normal operating cycle, including those the Company expects to settle in the course of that cycle regardless of their maturity. The "normal operating cycle" is the period of time between the acquisition of assets for use in its business activities and their realisation in cash or cash equivalents. In the specific instance of the Company's business, essentially residential developments, it is therefore understood that all of the liabilities directly or indirectly related with the acquisition or financing of its real estate inventories should be recognised as current liabilities.

      The Company derecognises its financial liabilities when the related obligation is discharged, cancelled or expires.

      Loans received from related parties are recognised as financial liabilities at amortised cost so long as the contractual terms of the loans enable the reliable estimation of the cash flows of the financial instrument, to which end the Company calculates the fair value at the time of grant using a market interest rate for a loan with similar characteristics; subsequent to initial recognition, the interest expense is accrued using the effective interest method.

      Trading derivatives are recognised at fair value and subsequent changes in their fair value are recognised in profit and loss for the year.

      Treasury stock

      Treasury stock acquired by the Company during the year are recognised at the amount of consideration given in exchange and are presented as a deduction from equity. The gains and losses resulting from the purchase, sale, issuance or cancellation of own equity instruments are recognised directly in equity and are not reclassified to profit or loss under any circumstances.

   6. Cash and cash equivalents

      The Company recognises cash, demand deposits and other highly liquid short-term investments that can be monetised within three months of their acquisition, are not subject to a risk of changes in value and are part of the Company's standard cash management strategy within "Cash and cash equivalents" on the balance sheet.

      For cash flow statement purposes, any occasional bank overdrafts used as part of the Company's cash management strategy are recognised as a decrease in cash and cash equivalents.

   7. Provisions and contingencies

      In drawing up the annual financial statements, the Company's directors distinguish between:

      • Provisions: liabilities recognised to cover a present obligation arising from past events, of uncertain timing and/or amount, settlement of which is expected to result in an outflow of resources embodying economic benefits.

      • Contingent liabilities: a possible obligation that arises from past events whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the Company's control.

        The financial statements recognise all provisions in respect of which it is considered more likely than not that a present obligation exists. Contingent liabilities are not recognised in the financial statements, but are disclosed in the accompanying notes, unless the possibility of an outflow of resources embodying economic benefits is considered remote.

        Provisions are measured at the present value of the best estimate of the expenditure required to settle or transfer the present obligation based on information available concerning the obligating event and its consequences; changes in the provision's carrying amount arising from discounting are recognised as a finance cost as accrued.

        The compensation to be received from a third party when an obligation is settled is recognised as a separate asset so long as it is virtually certain that the reimbursement will be received, unless the risk has been contractually externalised so that the Company is legally exempt from having to settle, in which case the reimbursement is taken into consideration in estimating the amount of the provision, if any.

   8. Income tax

      Tax expense (tax income) comprises current tax expense (current tax income) and deferred tax expense (deferred tax income).

      Current tax is the amount of income tax payable (recoverable) by the Company in respect of the taxable profit (tax loss) for the year. In addition to withholdings and payments on account, current tax is reduced by the application of unused tax credits and unused tax losses.

      Deferred tax expense or income corresponds to the recognition and derecognition of deferred tax assets and liabilities. These include taxable and deductible temporary differences between the carrying amount of an asset or liability and its tax base, and unused tax credits and unused tax losses. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply when the asset is realised or the liability settled.

      Deferred tax liabilities are recognised for all taxable temporary differences, except to the extent that they arise from the initial recognition of goodwill or the initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction affects neither accounting profit nor taxable profit.

      Deferred tax assets are only recognised when the Company considers it probable that future taxable profit will be available against which these assets may be utilised within the foreseeable future, even if the legally-stipulated deadline for utilising them is longer.

      Deferred tax assets and liabilities relating to transactions charged or credited directly to equity are also recognised in equity.

      At each year-end, the deferred tax assets recognised are reassessed and their carrying amount is reduced if there are any doubts about their recoverability. At the end of each reporting period, previously unrecognised deferred tax assets are also reassessed. A previously unrecognised deferred tax asset is recognised if it has become probable that taxable profit will be available against which the asset can be utilised.

      Note, lastly, that in 2017, the Board of Directors resolved to apply the tax consolidation regime (contemplated in article 55 et seq. of the Spanish Corporate Income Tax - Law 27/2014) from 2018 on. Subsequently, Hipoteca Finco Lux, S.à.r.l., an entity not resident in Spain, domiciled in Luxembourg, having become the parent of the tax group by virtue of having lifted its indirect ownership interest above 70%, designated Aedas Homes, S.A. as the representative of the Tax Group made up of the Tax Group parent (Hipoteca Finco Lux, S.à.r.l.) and its subsidiary, Aedas Homes, S.A., and, in turn, the subsidiaries of the latter: Aedas Homes Opco, S.L.U, Aedas Homes Living, S.L.U, Aedas Homes Canarias S.L.U, Aedas Homes Rental, S.L.U, Aedas Homes Servicios Inmobiliarios, S.L.U. and Live Virtual Tours, S.L.U.

   9. Distinction between current and non-current

      The following assets are classified as current assets: those associated with the normal operating cycle (which is generally considered to be one year); other assets that are expected to mature, be sold or realised within 12 months of the reporting date; financial assets held for trading other than financial derivatives due for settlement more than 12 months from the reporting date; and cash and cash equivalents. Any assets that do not meet these criteria are classified as non-current assets.

      Likewise, the following liabilities are classified as current liabilities: those related with the normal operating cycle; financial liabilities held for trading other than financial derivatives due for settlement more than 12 months from the reporting date; and, in general, all liabilities that fall due or will be extinguished within 12 months of the reporting date. All other liabilities are presented as non-current.

   10. Income and expenses Ordinary income and expenses

       Revenue and expenses are recognised on an accrual basis, i.e., when earned or incurred, respectively, regardless of when actual collection or payment occurs. This income is measured at the fair value of the consideration received less discounts and taxes.

       To determine whether to recognise revenue, the Company follows the five-step process prescribed in the financial reporting framework applicable to the Company, which is in turn based on the contents of IFRS 15 Revenue from contracts with customers:

       1. Identification of the contract with a customer.

       2. Identification of the performance obligations.

       3. Determination of the transaction price.

       4. Allocation of the transaction price to the performance obligations.

       5. Revenue recognition when the performance obligations have been satisfied.

       Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer and when the Company retains neither continuing managerial involvement to the degree usually associated with ownership, nor effective control over the goods sold; in the case of real estate inventories, this usually takes place when the deeds are formally exchanged.

       Revenue from the provision of services is recognised by reference to the stage of completion of the transaction at the reporting date, whenever the outcome of the transaction can be estimated reliably.

       As a general rule, commissions paid to external agents that are not specifically allocable to the developments, albeit unquestionably related thereto, incurred between the start of the development work and recognition of the related sales as revenue are accrued under "Current prepayments and accrued income" on the asset side of the balance sheet and are expensed upon recognition of the related revenue, so long as at each reporting date the margin deriving from the sales contracts entered into and pending recognition as revenue is higher than these expenses. If a given development does not present a positive margin, these expenses are reclassified to profit and loss for the year.

       Sales costs, other than sales commissions conditional upon the sale going through, are expensed currently.

       Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets - assets that necessarily take a substantial period of time to get ready for their intended use or sale - are capitalised within the cost of those assets until they are substantially ready for their intended use or sale or their development is suspended. Interest income earned on the temporary investment of specific borrowings pending investment in qualifying assets is deducted from the borrowing costs eligible for capitalisation.

       In the case of funds obtained from generic loans, the amount of borrowing costs eligible for capitalisation is determined by applying a capitalisation rate to the sum invested in the asset in question. That capitalisation rate is the weighted average rate of interest borne on the loans received, other than loans arranged specifically to finance certain assets, that were outstanding during the reporting period. The amount of borrowing costs capitalised during the year may not exceed total interest expense incurred during the year.

       Revenue from holding company activities

       The income generated by the Company in the form of dividends from Group companies, jointly-controlled entities and associates and the interest income on loans extended to those investees is recognised on an accrual basis in accordance with the contents of Recognition and Measurement Standard No. 9 of the Spanish General Accounting Plan.

       When these sources of income derive from the Company's ordinary business activities, as is the case for holding companies whose core business is to manage investments in and finance subsidiaries, they are presented as revenue in accordance with the general financial reporting framework applicable in Spain.

       For recognition as revenue, income must meet the following conditions:

       1. It must derive from habitual or ordinary transactions.

       2. It must derive from the Company's standard activity.

       3. It must represent a significant share of its sources of income.

       If these conditions are not met, the income must be recognised within finance income, therefore only impacting the Company's net finance cost or income in the year the income is accrued and collected.

   11. Transactions in foreign currency

       The Company's functional currency is the euro. As a result, transactions denominated in currencies other than the euro are considered foreign-currency transactions and are recognised at the exchange rate prevailing on the transaction date.

       At year-end, any monetary assets and liabilities denominated in foreign currency are translated at the spot rate prevailing at the reporting date. Any resulting gains or losses are recognised directly in profit or loss in the year incurred.

       There were no balances in foreign currency as at 31 March 2025. Nor did the Company carry out transactions in foreign currency of significant amount in the year then ended (or the previous year).

   12. Business combinations

       The Group companies account for the business combinations to which they are party. Business combinations are transactions in which an entity acquires control of one or more businesses.

       In business combinations involving either the merger or division of several companies, or the acquisition of all of the assets and liabilities of a company or a part of a company constituting one or more businesses, the acquisition method outlined in item 2 of Measurement and Recognition Standard No. 19 of the General Accounting Plan is applied. This method stipulates that the acquiror recognise, at the acquisition date, the assets acquired and liabilities assumed in the business combination at their fair values, additionally recognising any difference between the value of said assets and liabilities and the cost of the business combination. That difference is calculated as the sum of: i) the acquisition-date fair values of the assets received, liabilities incurred or assumed and the equity instruments issued in exchange for the business or businesses acquired; and ii) the fair value of any additional consideration that depends on future events or delivery of certain conditions, so long as it is deemed probable that such contingent consideration will become payable and its fair value can be measured reliably.

       Elsewhere, transactions involving mergers, divisions or non-monetary business contributions between Group companies, as defined in the standard governing the measurement of intra-group transactions, are accounted for in accordance with that standard. Specifically, in transactions between Group companies involving the parent, either directly or indirectly, the assets and liabilities constituting the business acquired are measured at the amount at which they would be recorded, pro forma for the transaction, in the consolidated annual financial statements of the Group in accordance with the rules for drawing up such statements stipulated in Spain's Code of Commerce. In the case of transactions between other Group companies, the assets and liabilities of the business are measured at the amounts at which they were carried in the separate annual financial statements prior to the transaction. Any difference arising from application of the above criteria is recognised within one of the Company's reserve headings.

       In business combinations involving the acquisition of the shares of a company, including those received by virtue of a non-monetary contribution upon the incorporation of the company or subsequently in the course of a rights issue, or other transactions or developments the result of which is that a company obtains control over another company, whether or not it already held an equity interest in that company, the investing company must account for the investment in the equity of other group companies in its separate annual financial statements in accordance with the rules established in section 2.4 of the General Accounting Plan measurement standard addressing financial instruments.

       Impact of the Priesa Group business combination

       In August 2024, Aedas Homes S.A. acquired 100% of the shares of Promociones y Propiedades Inmobiliarias Espacio S.L.U. ("Priesa"), the parent of the Priesa Group, made up of 23 entities. As allowed under article 49 bis of Law 3/2009 (3 April 2009), on structural changes to corporate undertakings, this transaction was structured as a merger by absorption of companies not under common control, allowing for the simultaneous merger of Priesa and the subsidiaries listed below (the "transferor" or the "group of transferors") into a Company investee, Aedas Homes Opco, S.L.U. (the "successor").

       Entities merged into Aedas Homes Opco, S.L.U. (ownership interest):

       • Espacio Abstract, S.L.U. (100%)

       • Espacio Alicante, S.L.U. (100%)

       • Espacio Mallaeta, S.LU. (100%)

       • Espacio Cosmo, S.L.U. (100%)

       • Espacio Project Management, S.L.U. (100%)

       • Espacio Valdebebas 175, S.L. (100%)

       • Espacio Singulart Almería, S.L.U. (100%)

       • Heco Homes Gredos, S.L.U. (100%)

       • Espacio Promoción X, S.L.U. (100%)

       • Espacio Desarrollos Urbanos, S.L.U. (100%)

       • Espacio Ciresa, S.L.U. (100%)

       • Espacio Insigne, S.L.U. (100%)

       • Espacio Promoción XI, S.L. (100%)

         Entities not merged but contributed to Aedas Homes Opco, S.L.U. (ownership interest):

       • Espacio Proyectos SPV II, S.L.U. (100%)

       • Espacio Son Puig, S.L. (30%)

       • Partida De La Rápita, S.L. (33%)

       • Torres y Santa Marta, S.L. (50%)

       • Espacio Promoción IV, S.L. (10%)

       • Espacio Promoción VII, S.L. (50%)

       • Espacio Áurea, S.L. (50%)

       • Marina De Fuengirola Siglo XXI, S.L. (33%) (*)

       • Nueva Marina Real Estate, S.L. (20%)

       • Espacio Promoción VIII, S.L. (30%)

         (*) This investee was subsequently sold to third parties; that sale closed prior to 31 March 2025.

         The total agreed transaction price was 35,572 thousand euros, later adjusted to 35,047 thousand euros (a reduction of 525 thousand euros for adjustments detected in the course of reviewing the net assets acquired, in keeping with the price adjustment criteria set down in the share purchase agreement). The original consideration schedule agreed by the Company was:

       • Payment of cash: 20,759 thousand euros.

       • Deferred payments: 14,813 thousand euros (recognised under "Non-current borrowings - Other financial liabilities").

       In accordance with the financial reporting framework applicable to the Company and the criteria adopted by its management, this transaction was accounted for, for the purpose of these separate (stand-alone) annual financial statements, as an increase in the value of the Company's equity investment in Aedas Homes Opco,

       S.L.U. in the amount of 35,047 thousand euros, i.e., at the cost, rather than at the fair value (which in this case is higher than the amount of consideration), of the net assets acquired from the Priesa Group, as this accounting treatment is believed to provide a more faithful and clearer picture of the transaction and its carrying amount.

   13. Director and key management personnel remuneration

       The remuneration earned by the Company's key management personnel (note 17) is recognised on an accrual basis such that the Company recognises a liability for the corresponding accrual at each reporting date in respect of any amounts that have not yet been paid.

   14. Environmental assets and liabilities

       Environmental assets are long-lived assets used in the ordinary course of the Company's business whose ultimate purpose is to minimise its environmental impact or improve its environmental record and include assets designed to reduce or eliminate future contamination.

       Given the business activity performed by the Company, it has no environmental liabilities, expenses, assets, provisions or contingencies that could be material in respect of its equity, financial position or performance. Environmental disclosures are accordingly not provided in these annual financial statements.

   15. Related party transactions

       The Company carries out all transactions with related parties (whether financial, commercial or other in nature) at transfer prices that meet the OECD's rules governing transactions with Group companies and associates. The Company has duly met its documentation requirements in respect of these transfer prices so that its directors believe there is no significant risk of related liabilities of material amount. Nevertheless, the accompanying financial statements for the year ended 31 March 2025 should be interpreted in the context of the Group to which the Company belongs (note 1).

       In the event of a significant difference between the price so established and the fair value of a transaction between related parties, the difference would be considered a distribution of profits or contribution of funds between the Company and the related party in question and as such would be recognised with a charge or credit to a reserves account, as warranted.

       Related-party transactions are governed by Measurement Standard No. 13 of Spain's General Accounting Plan. Specifically:

       • A company is deemed part of the Group when both entities are bound by a direct or indirect controlling relationship, equivalent to that defined in article 42 of Spain's Code of Commerce, or when the entities are controlled by any means by one or more legal persons acting jointly or under shared management by contractual or bylaw-stipulated agreement.

       • An entity is considered an associate when, without qualifying as a Group company in the sense outlined above, the parent company or parent natural persons exercise significant influence over the entity.

       • One party is considered related to the other when one of them exercises or has the power to exercise, directly or indirectly or by virtue of shareholder agreements, control over the other or can significantly influence the financial and operating decision-making of the other.

       The Group's related parties include, in addition to its subsidiaries, jointly-controlled entities and associates, the Parent's shareholders, key management personnel (the members of its Board of Directors and its executives, along with their close family members) and the entities over which its key management personnel have control or significant influence. Specifically, related-party transactions are those performed with non-Group agents with whom there is a relationship in accordance with the definitions and criteria derived from ministerial orders and CNMV circulars.

       The Company conducts all related-party transactions on an arm's length basis.

   16. Termination benefits

       Under prevailing company law, the Company is obliged to pay severance to employees who are discontinued under certain circumstances. Termination benefits, if any, that can be reasonably estimated are recognised as an expense in the year in which the Company creates a valid expectation on the part of those affected by the redundancy decision.

   17. Share-based payment transactions

       The Company recognises, on the one hand, the goods and services received as an asset or expense, depending on their nature, at the time they are received and, the corresponding increase in equity, if the transaction is settled using equity instruments, or the corresponding liability, if it is settled in an amount that is based on the value of the equity instruments, on the other.

       In the case of equity-settled share-based transactions, both the services provided and the related increase in equity are measured at the fair value of the equity instruments granted with reference to the date of their grant. If, on the other hand, they are settled in cash, the goods and services received and the corresponding liability are recognised at the fair value of the latter, with reference to the date on which the vesting conditions are met.

5. Intangible assets

   The reconciliation of the carrying amount of intangible assets at the beginning and end of the year ended 31 March 2025:

   	Thousands of euros
   	Software	Intangible asset prepayments	Total
   Cost Balance as at 1 April 2024 Additions Amounts derecognised	9,030 2,297 (27)	700 - -	9,730 2,297 (27)
   	11,300	700	12,000
   Accumulated amortisation: Balance as at 1 April 2024 Charges	(5,146) (2,135)	- -	(5,146) (2,135)
   	(7,281)	-	(7,281)
   Book value as at 31 March 2025	4,021	700	4,721

   The reconciliation of the carrying amount of intangible assets at the beginning and end of the year ended 31 March 2024:

   	Thousands of euros
   	Software	Intangible asset prepayments	Total
   Cost Balance as at 1 April 2023 Additions Amounts derecognised	6,520 2,510 -	688 42 (30)	7,208 2,552 (30)
   	9,030	700	9,730
   Accumulated amortisation: Balance as at 1 April 2023 Charges	(3,381) (1,765)	- -	(3,381) (1,765)
   	(5,146)	-	(5,146)
   Book value as at 31 March 2024	1,750	700	4,584

   The main additions in both years related to software developed by third parties to speed up and improve the Company's administrative and business processes to make them more efficient.

   No items of intangible assets had been pledged as collateral at either 31 March 2025 or 31 March 2024.

   At 31 March 2025, the original cost of fully amortised intangible assets still in use was 2,808 thousand euros (31 March 2024: 2,651 thousand euros).

6. Property, plant and equipment

   The reconciliation of the carrying amount of property, plant and equipment at the beginning and end of the year ended 31 March 2025:

   Year ended 31 March 2025	Thousands of euros
   	Buildings	Other facilities	Furniture & fittings	Computer equipment	Other items of PP&E	Prepayments and PP&E in progress	Total
   Cost Balance as at 1 April 2024 Additions Amounts derecognised Transfers	4,308 174 367	73 185 - -	616 41 - -	856 58 (1) -	120 31 (31) -	350 1,927 - (367)	6,323 2,416 (32) -
   	4,849	258	657	913	120	1,910	8,707
   Accumulated depreciation: Balance as at 1 April 2024 Charges	(1,305) (638)	(59) (23)	(235) (61)	(693) (69)	(105) (11)	- -	(2,398) (802)
   	(1,943)	(82)	(299)	(762)	(116)	-	(3,200)
   Book value as at 31 March 2025	2,906	176	361	151	4	1,910	5,507

   The reconciliation of the carrying amount of property, plant and equipment at the beginning and end of the year ended 31 March 2024:

   Year ended 31 March 2024	Thousands of euros
   	Buildings	Other facilities	Furniture & fittings	Computer equipment	Other items of PP&E	Prepayments and PP&E in progress	Total
   Cost
   Balance as at 1 April 2023	2,449	73	475	797	117	755	4,666
   Additions	1,859	-	141	59	3	1,310	3,372
   Amounts derecognised	-	-	-	-	-	(1,715)	(1,715)
   Transfers	-	-	-	-	-	-	-
   	4,308	73	616	856	120	350	6,323
   Accumulated depreciation:
   Balance as at 1 April 2023	(773)	(51)	(181)	(615)	(90)	-	(1,710)
   Charges	(532)	(8)	(54)	(78)	(15)	-	(688)
   Amounts derecognised	-	-	-	-	-	-	-
   	(1,305)	(59)	(235)	(693)	(105)	-	(2,398)
   Book value as at 31 March 2024	3,003	14	381	163	15	350	3,925

   The additions in both years mainly reflect the acquisition of computer equipment (hardware) and investments in new offices.

   The Company has taken out insurance policies to cover the carrying amount of its property, plant and equipment.

   At 31 March 2025, the original cost of fully depreciated property, plant, and equipment still in use was 1,154 thousand euros (31 March 2024: 1,080 thousand euros).

   At both reporting dates, all of the Company's property, plant and equipment was located in Spain.

   Operating leases

   The future minimum payments under non-cancellable leases over offices and company cars at year-end break down as follows:

   	Thousands of euros
   	31 March 2025	31 March 2024
   Within one year Between one and five years More than five years	1,212 901 -	1,318 2,105 9
   	2,113	3,432

7. Equity investments in group companies, jointly controlled entities and associates

The breakdown of the Company's "Non-current investments in group companies and associates" is provided in the table below:

The reconciliation of the Company's "Non-current investments in group companies and associates" at the beginning and end of the year ended 31 March 2025 is shown below:

The main movements during the year ended 31 March 2025:

• Between April 2024 and March 2025, the Company reduced its equity interest in Java Investments Holdings, S.à.r.l. ("JIH") through share sales triggered by milestones at four real estate developments being managed by four special-purpose vehicles (SPVs), by 7,857 thousand euros in total. After those share shares, the Company's ownership interest in stood at 39.24% as at 31 March 2025, with the King Street Group owning the rest of JIH's shares. The Company is managing those developments end to end.

• On 12 July 2024, the Company acquired all the shares of Altacus Investment, S.L., Cirilla Investments, S.L and Lysistrata Investments, S.L. for 2,200 thousand euros, 2,700 thousand euros and 2,000 thousand euros, respectively. Subsequently, on 23 October 2024, the Company sold equity interests of 25% in each of those entities, which have been adjudicated concessions under the scope of Madrid's affordable rental scheme, Plan Vive 3, to Constructora San José for 550 thousand euros, 675 thousand euros and 500 thousand euros, respectively.

• On 22 and 23 July 2024, the Company entered into binding agreements with a vehicle managed by Banco Santander for the development and operation of shared living complexes ("Flex Living") in Valencia and Madrid, through two joint ventures in which it holds non-controlling interests through:

  • Servicios Inmobiliarios Residencial en Venta JV 2, S.L.U. (10% interest).

  • Flexliving Valdemarín, S.L. (10% interest).

    Those shares were sold for 8,380 thousand euros and 3 thousand euros, respectively. In addition, two contributions were made to Flexliving Valdemarín, S.L. in July 2024 and January 2025, in the amounts of 1,317 thousand euros and 27 thousand euros, respectively.

• As detailed in note 4.12 above, on 12 August 2024, the Company acquired 100% of Promociones y Propiedades Inmobiliarias Espacio S.L.U. ("Priesa"), the parent of the Priesa Group, made up of 23 entities. The Priesa Group (transferor) was later merged by absorption into Aedas Homes Opco,

  S.L.U. (successor). In accordance with the applicable financial reporting framework, the Company's management has opted to account for the transaction by adding the cost of the Priesa Group acquisition, in the amount of 35,047 thousand euros, to the carrying amount of its investment in the successor (i.e. Aedas Homes Opco, S.L.U.), without recognising the fair value gain derived from the business combination.

• On 13 March 2025, the Company acquired 40% of Fiji Investments Holdings, S.à.r.l. ("FIH") for 13,857 thousand euros in order to participate in several co-investment real estate developments being carried out through seven special-purpose vehicles ("SPVs"): Aedas KS Atalanta, S.L.U., Aedas KS El Verger, S.L.U., Aedas KS Finley, S.L.U., Aedas KS Llunare, S.L.U., Aedas KS Rocabella, S.L.U. and Aedas KS Silgar, S.L.U., each set up to carry out residential developments in Spain. The remainder of FIH is owned by the King Street Group. The Company is managing those developments end to end.

• On 22 November 2024, BTS Servicios Inmobiliarios JV1, S.L. made a partial reimbursement of capital, in the amount of 1,000 thousand euros, with Aedas Homes S.A. recovering a share of 24.50%, or 245 thousand euros, equivalent to its equity interest in this investee.

• In December 2024, Aedas Homes, S.A. made several contributions to Global Disosto, S.L. totalling 65,844 thousand euros. The main reason for the contributions was to finance the acquisition by that investee of assets from Promociones Habitat, S.A.

  The reconciliation of the Company's "Non-current investments in group companies and associates" at the beginning and end of the year ended 31 March 2024:

  	Thousands of euros
  	31 March 2023	Additions	Derecognitions	(Impairment) / Reversals	31 March 2024
  Aedas Homes Opco, S.L.U.	200,288	-	-	-	200,288
  Aedas Homes Servicios Inmobiliarios, S.L.U.	4,574	-	-	-	4,574
  Live Virtual Tours, S.L.U.	9	150	-	(159)	-
  Java Investments Holdings, S.à.r.l.	-	29,258	-	-	29,258
  BTS Servicios Inmobiliarios JV1, S.L.U.	-	4,900	-	-	4,900
  	204,871	34,308	-	(159)	239,020

  The main movements during the year ended 31 March 2024:

• On 25 September 2023, Aedas Homes Servicios Inmobiliarios, S.L.U. incorporated BTS Servicios Inmobiliarios JV1, S.L. On 11 March 2024, Aedas Homes, S.A. acquired 100% of its equity. BTS Servicios Inmobiliarios JV1, S.L. issued new shares on 20 March 2024 to make room for new shareholders, with the Company reducing its interest to 24.5%.

• Also on 25 September 2023, Aedas Homes Servicios Inmobiliarios, S.L.U. incorporated Servicios Inmobiliarios Residencial en Venta JV2, S.L.

• On 5 February 2024, the Company entered into a private agreement with Java Investments Holdings, S.à.r.l., an investee majority-owned by the King Street Group, for the joint development, through that investee, of Build-to-Sell (BTS) developments in Spain.

  • Total capital commitment: 270 million euros, of which:

    • 150 million earmarked to seven developments in progress (682 units).

    • 120 million euros earmarked to future acquisitions of ready-to-build (RTB) land within a period of 18 months.

  • The Company holds a non-controlling interest in this investee that will decline over time as certain milestones are met.

  • It is acting as the end-to-end manager at four SPVs set up to carry out developments.

• On 15 March 2024, the board of Live Virtual Tours, S.L., a company wholly-owned by Aedas Homes, S.A., agreed to embark on the orderly liquidation of its assets and liabilities with the idea of proposing its full dissolution once that process is complete, in keeping with the simultaneous dissolution and liquidation procedure provided for in company law.

• On 20 March 2024, the Company entered into an agreement with Spanish investors for the incorporation of a joint venture for the purpose of developing 198 units in Las Rozas (Madrid) and Zaragoza:

  • Capital commitment: 20,000 thousand euros.

  • Company shareholding: 24.5%.

  • Role: end-to-end management of these developments.

The most significant information regarding the Company's subsidiaries, jointly controlled entities and associates at 31 March 2025 and 31 March 2024 is as follows:

1. Unaudited figures. Figures as at 31 March 2025. These companies' financial year ends on 31 December.

2. Non-cash contribution; the remaining contributions were cash contributions