Integrated Annual Report 2024/25

‌Integrated Annual Report

2024/25

Odina

(Godella)

Integrated Annual Report 2024/25

+

+

Chairman's

statement

+

Chief Executive

Officer's statement

1

The year in brief

4

Creating value together

7

Appendices

2

Who we are

5

Our environmental commitment

3

Financial performance

6

Corporate governance

Table of contents

02 TABLE OF CONTENTS

+ ‌Chairman's statement

SANTIAGO FERNÁNDEZ VALBUENA

Dear shareholder,

It is once again my pleasure to introduce this Integrated Annual Report, which provides an account of our activities from the economic, social and environmental angles, framed by the good governance principles that form a cornerstone of our strategy. Thanks to the hard work of our entire team, in FY 2024/25, we consolidated our leadership position in the residential sector, met our business targets and made progress towards creation of a more flexible, innovative and sustainable organisation.

We achieved excellent results, helped by a favourable economic climate. For the second year in a row, we recognised over €1.1 billion of revenue, specifically

€1.16 billion, so maintaining our cruising speed, and EBITDA of €164 million. I want to highlight the 5,211 homes delivered, evidence of our ability to execute. For the seventh year running, we met our guidance, reinforcing AEDAS Homes' status as a reliable and benchmark developer.

Than½s Ěo Ěhc hard wor½ or our cnĚirc Ěca", wc consolidaĚcd our

lcadcrship posiĚion in Ěhc rcsidcnĚial sccĚor, "cĚ our busincss ĚarφcĚs and "adc proφrcss Ěowards crcaĚion or a "orc

½c"iblc, innovaĚivc and susĚainablc orφanisaĚion

Integrated Annual Report 2024/25

+

+

Chairman's statement

Chief Executive Officer's statement

1

The year in brief

2

Who we are

3

Financial performance

4

Creating value together

5

Our environmental commitment

6

Corporate governance

7

Appendices

The Spanish economy continued to perform well in 2024, growing faster than the rest of the eurozone. The interest rate cuts after two years of increases bolstered momentum in the residential sector, shoring up demand

and market activity. Framed by the scarcity of zoned land and capital constraints, housing production is insufficient to meet growing demand, posing both a challenge and opportunity for the sector in the coming years. The Bank of Spain estimates the cumulative deficit at 500,000 units.

At AEDAS Homes we remained true to our strategy of focusing on the provision of quality housing in Spain's most dynamic markets, investing in land prudently and selectively. Convinced that anticipation and adaptation are the keys to success, we made inroads on our strategy of building ourselves into a residential development platform

that is capable of providing flexible and efficient solutions for emerging needs, while maximising value creation for our investors and shareholders and society at large. This is allowing us to make the most of our

resources and capabilities to develop homes with our own or third-party capital or in partnership with other investors, including the public sector, and offer a product range

that includes both market-rate and affordable units and alternative products, such as Flex Living.

In our direct development business line, last year we reinforced the real estate services area by entering the Flex Living segment with three co-investment transactions encompassing 845 units,

signing two management agreements for the development of 266 homes for third parties and through the public-private partnership format, having been awarded concessions concessions to develop 944 affordable units, all of which strengthen our position as a reliable industrial partner.

Our commitment to sustainability is an integral part of how we approach our

business. As members of the United Nations Global Compact, we are helping deliver the 2030 Agenda for Sustainable Development through the ambitious social, environmental and governance objectives set down in our ESG Strategic Plan 2024-2026, designed to make us a benchmark in the construction of sustainable, resilient and inclusive cities in Spain by 2030.

We are spearheading the sector's transformation towards a more sustainable and circular economy that is capable of tackling the risks posed by climate change by committing strategically to industrialisation and the use of sustainable materials so as

to drive decarbonisation and reduce energy consumption. We are aiming to have 30% of the homes we deliver in 2026 be built fully or partially offsite and we want 60% to achieve the highest energy efficiency ratings ("AA").

Integrated Annual Report 2024/25

+

+

Chairman's statement

Chief Executive Officer's statement

1

The year in brief

2

Who we are

3

Financial performance

4

Creating value together

5

Our environmental commitment

6

Corporate governance

7

Appendices

I would like to highlight the role of technology in achieving our business objectives, which has been part of AEDAS Homes' DNA

from the outset. It drives and enables our strategy and activities, allowing us to execute faster, with greater precision and at lower costs, in turn benefitting our profit margins and product quality, thus

enhancing the customer experience and our shareholders' returns. All of the company's processes, from land acquisitions through to delivery of our homes, are being steadily digitalised. Since 2024, we have been executing an artificial intelligence strategy, deploying generative AI agents in multiple areas. In their first year in operation, these

agents have lifted our employees' productivity

by between 12% and 15%.

The results we are presenting in this report are attributable to the fine work done by our team of excellent professionals, whose passion, creativity and talent make us better day after day. I will never tire of repeating that human capital is, without a shadow of a doubt, what sets a company apart in this business and our company's most valuable

asset. We are proud of our entire team and of our classification for the fourth year in a row as a Great Place to Work, recognition of a work climate that stimulates and inspires us.

Our partnerships with our shareholders, customers, suppliers and society in general have also been essential to achieving these results, multiplying our positive impact and contributing to the sector's transformation. They all help us to create value. My sincere thanks to all of you.

None of this would be possible without the faith, commitment and loyalty of our shareholders, who push us to achieve our

goals. We are rewarding their trust once again this year with an attractive shareholder remuneration policy, which translates into a high return every year.

We are working to build a fairer and more inclusive and sustainable world, contributing through our social responsibility to addressing the housing affordability problem in public-private partnerships. We are developing over 4,500 affordable rental homes together with the regional authorities of Madrid, already delivering 2,060 this year, which makes us the largest affordable housing platform in Spain. We also support social, cultural and sports activities in the communities where we build our homes.

Last year was a year of major progress and delivery of our business targets, thanks to our efficient and transparent governance model. The Board of Directors I chair and indeed the entire company are unwaveringly committed to upholding the most stringent corporate governance standards and principles. It is not just our duty, it is how we view our business.

Many thanks,

Santiago Fernindez Valbuena CHAIRMAN OF THE BOARD OF DIRECTORS

Integrated Annual Report 2024/25

+

+

Chairman's statement

Chief Executive Officer's statement

1

The year in brief

2

Who we are

3

Financial performance

4

Creating value together

5

Our environmental commitment

6

Corporate governance

7

Appendices

+ ‌Chief

Executive Officer's statement

DAVID MARTÍNEZ

Dear AEDAS Homes shareholders,

In FY 2024/25, we delivered our business, earnings and investment targets, generating value for our shareholders and stakeholders, creating significant visibility around our prospects for the next few years and cementing our solid leadership position in the Spanish residential development sector.

Earnings-wise, we reported €1.16 billion of revenue, topping the €1.1 billion mark for the second year in a row, EBITDA of €164 million and a net profit of €150 million.

We ended the year in a position of financial strength: our net debt of €266 million implies a net debt-to-EBITDA ratio of 1.6x and an LTV ratio of 14.2%.

The organisation once again demonstrated an unrivalled ability to execute, delivering 5,211 homes, an unmatched milestone in recent sector history. Of that total, 2,060 were affordable housing units under Madrid's Plan Vive scheme, making us the largest affordable housing platform in Spain and reinforcing our social commitment.

We extended and honed our select land investment policy, investing a total of €450 million using a wide range of structures, including one-off acquisitions, M&A

deals, portfolio acquisitions, concession adjudications and co-investments. The highlights were the acquisition of a portfolio of land from Habitat and the acquisition of Promociones y Propiedades Inmobiliarias Espacio (Priesa Group). Thanks to these transactions, the land bank under management stands at 20,249 units, and is highly liquid, thanks to excellent locations where demand is strong.

These strong results were accompanied by healthy economic growth, buoyed by expansionary monetary policy, marked by a succession of rate cuts since June 2024.

Indeed, Spain is outperforming the main eurozone economies. Demand for housing remains remarkably dynamic, thanks

to favourable job creation, household savings and demographics. The statistics office estimates that more than 245,000 households will be formed annually over the next 15 years, which is more than double the number of houses completed last year, highlighting the urgent need to increase housing production.

Integrated Annual Report 2024/25

+

+

Chairman's

statement

Chief Executive Officer's statement

1

The year in brief

2

Who we are

3

Financial performance

4

Creating value together

5

Our environmental commitment

6

Corporate governance

7

Appendices

Once again last year, AEDAS Homes proved its credentials as a predictable and reliable company, delivering orderly and sustained growth, capable of generating diluted earnings per share of €3.47 and a return on equity of 15.2%. We are a company that can anticipate and adapt to new needs and demands, optimise our capabilities and resources, and capitalise on opportunities.

As such, we are shaping ourselves into a residential development platform,

investing our own capital and with partners and managing developments for third parties, focusing on market-rate housing, affordable housing and alternative solutions responsive to new ways of living.

Within this diversified and flexible platform, the company concentrated, within the Residential Development line, primarily on Build-to-Sell (for sale to individuals, BTS) developments targeted at mid-to-upper income families looking for high-quality and sustainable homes and, to a lesser degree, Build-to-Rent (for sale to institutional investors, BTR) developments.

Last year, the provision of value-added services to third parties experienced significant growth. We are providing these services to both institutional investors and family offices, who see AEDAS Homes as the trusted industrial partner in

Spain for their investments in residential development, specifically valuing the opportunity to leverage our track record, market knowledge and management

capabilities. In FY 2024/25, we closed four co-investments for the development of BTS units, affordable rental housing within a public-private partnership (Plan Vive III) and our first Flex Living projects.

Our Real Estate Development line delivered 3,070 homes (BTS + BTR) for nearly €1.03 billion euros (year-on-year growth of 8%).

We also delivered 2,060 affordable rental units under Plan Vive I and 81 BTS homes through two co-investment vehicles. In total, as I already mentioned, 5,211 homes delivered, a sector record.

Sales activity in the BTS segment was also remarkable: we sold 3,275 homes off-plan (growth of 51% year-on-year) at an average sales price of €436,000 (+5%), for a pipeline of €1.42 billion. We sold another 944

units earmarked for affordable rent to an institutional investor (turnkey development) and managed the sale of another 138 BTS units for third parties. As a result, our total managed Order Book ended the year at 3,740 units valued at €1.66 billion.

The portfolio of housing in production at the reporting date stood at 13,809 active units: 2,819 at the design phase, 1,941 at the marketing phase, 7,454 under construction and the remaining 1,100 already complete.

72% per cent of the units in production were BTS units, 4% were BTR units, 18% were Concession units and 6%, Flex Living units, a diversified and risk-mitigating portfolio. Our coverage ratios for the next

two years, 76% and 39% of deliveries of units wholly-owned by AEDAS Homes, leave us confident about our ability to meet our guidance.

AEDAS Homes is leading the transformation of the sector into a modern, efficient, competitive and

BREAKDOWN OF ACTIVE

UNITS UNDER MANAGEMENT

BTS

72%

Concessions

18%

Living

6%

13,809

units

BTR

4%

sustainable industry. That transformation is delivering shorter delivery times, lower costs, higher product quality and safer construction processes. It is also having

a lower impact on the environment and generating higher returns for our shareholders and other stakeholders.

We are pioneering the large-scale use of Modern Methods of Construction and encouraging the entire value chain to embrace new technology, spearheading sector innovation. We enhanced our Developer Operating System, allowing real-time connection to our network by thousands of professionals, boosting

Integrated Annual Report 2024/25

+

+

Chairman's

statement

Chief Executive Officer's statement

1

The year in brief

2

Who we are

3

Financial performance

4

Creating value together

5

Our environmental commitment

6

Corporate governance

7

Appendices

process efficiency and quality across the board. And in 2024, we introduced artificial intelligence in multiple areas of our operations, unlocking productivity gains for our employees.

Framed by our unwavering environmental, social and governance commitments, which are firmly embedded into our strategy, we are working to build more sustainable and pleasant cities. We want to build a better future, which is why are aligned with the United Nations 2030 Agenda and the effort to tackle climate change, as set down in the targets embedded into our new and ambitious ESG Strategic Plan 2024-2026.

Credit for last year's good results goes to our excellent team of professionals. It is their dedication and embodiment of AEDAS Homes' values that sets us apart and allows us to lead change. Thanks to

the commitment of our entire team, we are improving all the time and having a positive impact on society.

We want to contribute actively to addressing the housing affordability problem. To that end, we engage tirelessly with the authorities, sharing ideas and best practices and participating in public-private partnerships for the development

of affordable housing. We have become the

largest affordable housing development platform in Spain, developing 4,500+ homes for the regional government of Madrid. We plan to continue to work to put homes within more people's reach.

We have come a very long way together in a very short period of time. A mere nine years ago, a small group of people with a big dream invested themselves in a different way of producing homes. Today we are more than 300 professionals working in 24 Spanish provinces and 80+ municipalities, and we have delivered 17,000+ homes, generating 41,000+ jobs and becoming the leading residential development platform in the process, a benchmark in Spain.

We have shaped the sector's transformation into a one capable of building faster and more efficiently and sustainably, embracing industrialised construction and digitalisation of our production chain, translating into tangible benefits for our customers and suppliers and higher returns for our shareholders. Through public-private partnerships we are fulfilling our promise to help address

housing affordability. Here at AEDAS Homes

we are driving the advances our sector and society need in order to respond to the requirement to increase the supply of housing.

Generation of this much value in so little time is attributable to the talent and hard work of our exceptional multidisciplinary team. While I feel very proud of everything we have achieved in the last few years, my greatest honour has been to head up this team of people committed to delivering the best homes in the market.

I encourage you to read on for a more detailed account of these last 12 months of innovation, partnerships and shared value creation.

Thanks for your vote of confidence,

David Martínez

CHIEF EXECUTIVE OFFICER OF AEDAS HOMES

Integrated Annual Report 2024/25

+

+

Chairman's

statement

Chief Executive Officer's statement

1

The year in brief

2

Who we are

3

Financial performance

4

Creating value together

5

Our environmental commitment

6

Corporate governance

7

Appendices

The year in brief

+

+

Integrated Annual Report 2024/25

Chairman's

statement

Chief Executive Officer's statement

‌

1

1.1

AEDAS Homes

at a glance

1.3

Milestones

1.2

Key

figures

1

The year

in brief

2

Who

we are

3

Financial

performance

4

Creating value

together

5

Our environmental

commitment

6

Corporate

governance

7

Appendices

09 1. THE YEAR IN BRIEF /

‌1AE.D1AS Homes

Key figures

At 31 March 2025

REVENUE

Integrated Annual Report 2024/25

+

Chairman's

statement

+

Chief Executive

at a glance

1. According to the Madrid developers' association, ASPRIMA, every home built generates 2.4 indirect jobs. Calculated multiplying that ratio

   of 2.4x by the number of homes completed (with work completion certificates) during the financial year by our BTS, BTR and Real Estate Services business lines. In FY 2023/24, AEDAS Homes' activities generated 7,565 indirect jobs.

2. The total number of units comprising the land bank includes: (i) all of the units 100%-owned by the company at 31 March 2025; (ii) the units associated with investment commitments that had yet to close at 31 March 2025; (iii) the units of the investees in which the company has

   either a majority or minority interest; and (iv) the

   units managed on behalf of third parties.

3. Includes Andorra.

   AEDAS Homes S.A. is the leading residential development platform in Spain. It is tapping innovation,

   sustainability and technology to drive transformation of the real estate sector. Headquartered in Madrid, present across the country's main property markets and publicly traded since 2017, it builds high-quality, comfortable and efficient homes that respond to what its customers, investors and society need.

   €1.16bn

   INDIRECT JOBS1

   12,506

   LAND BANK UNDER MANAGEMENT2

   20,249

   units

   DIRECT JOBS

   357

   MARKET CAPITALISATION

   €1.15bn

   FOOTPRINT

   25

   provinces3

   80+

   municipalities

   Officer's

   statement

   1

   The year

   in brief

   2

   Who

   we are

   3

   Financial

   performance

   4

   Creating value

   together

   5

   Our environmental

   commitment

   6

   Corporate

   governance

   7

   Appendices

   10 1. THE YEAR IN BRIEF / 1.1 AEDAS HOMES AT A GLANCE

   
   
   

   Platform activity

   Units

   delivered in FY 2024/25

   In units

   Integrated Annual Report 2024/25

   +

   Chairman's

   statement

   +

   Chief Executive

   Officer's

   statement

   TOTAL DELIVERIES

   5,211

   BTR

   511

   AFFORDABLE HOUSING

   (PLAN VIVE I IN MADRID)

   2,060

   BTS1

   2,640

   1

   The year

   in brief

   2

   Who

   we are

   Active units

   At 31 March 2025

   Active units2

   Units on the market3

   Units under

   construction 7,454

   10,980

   13,809

   3

   Financial

   performance

   4

   Creating value

   together

   5

   Our environmental

   commitment

   6

   1. Includes 81 units delivered by co-investment vehicles.

   2. Active units under management are all the housing units that are, at a point in time, in one of the phases of the residential development process, i.e., the process that spans from when a unit goes into the design phase until its delivery, after completing the marketing and construction phases. Includes the units 100%-owned by AEDAS Homes (BTS, BTR and Concessions (Plan Vive III)); the units at co-investment vehicles, including the Flex Living developments; the units under Management Only arrangements, including the Plan Vive I units; and the developments already active on land whose acquisition has been committed to but not completed at year-end.

   3. Units on the market are units for which sales and marketing activities have begun. This total includes the units 100%-owned by AEDAS Homes (BTS, BTR and Concessions (Plan Vive III)); (ii) the units at co-investment vehicles, including the Flex Living developments; (iii) the units under Management Only arrangements, including the Plan Vive I units; and (iv) the developments already active on land whose acquisition has been committed to but not completed at year-end.

   Corporate governance

   7

   Appendices

   11 1. THE YEAR IN BRIEF / 1.1 AEDAS HOMES AT A GLANCE

   
   
   

   AEDAS Homes'

   footprint4

   At 31 March 2025

   Centre Regional Branch CO
   
   

   Madrid, Valladolid, Pontevedra and A Coruña PO

   Catalonia & Aragon Regional Branch
   
   

   Barcelona, Tarragona, Girona and Zaragoza

   East & Mallorca Regional Branch
   
   

   Valencia, Alicante, Murcia, Castellón and Baleares

   Andalusia & Canaries Regional Branch Sevilla, Granada, Córdoba, Almería, Cádiz, Santa Cruz de Tenerife and Las Palmas
   
   
   Costa del Sol Regional Branch
   
   

   Málaga

   North Regional Branch
   
   

   Navarra, Vizcaya and Cantabria

   TF

   GC

   CA VZ

   NA

   GI

   BA

   VA ZA

   TA

   MD

   CA

   VA IB

   AL

   CO MU

   SE

   GR AL

   MA

   CA

   Costa del Sol Regional Branch

   10%

   Andalusia & Canaries Regional Branch

   14%

   East & Mallorca Regional Branch

   17%

   North Regional Branch

   3%

   20,249

   units

   Catalonia & Aragon Regional Branch

   9%

   Centre Regional Branch

   48%

   Integrated Annual Report 2024/25

   +

   Chairman's

   statement

   +

   Chief Executive

   Officer's

   statement

   1

   The year

   in brief

   2

   Who

   we are

   3

   Financial

   performance

   4

   Creating value

   together

   5

   Our environmental

   commitment

4. In units. The total number of units comprising the land bank includes: (i) all of the units 100%-owned by the company at 31 March 2025; (ii) the units associated with investment commitments that had yet to close at 31 March 2025;

   (iii) the units of the investees in which the company has either a majority or minority interest; and (iv) the units managed on behalf of third parties.

   Duc Ěo roundinφ, Ěhc ĚoĚal su" or Ěhc pcrccnĚaφcs in Ěhc φraphic "ay bc sliφhĚly hiφhcr or lowcr 100%.

   6

   Corporate

   governance

   7

   Appendices

   12 1. THE YEAR IN BRIEF / 1.1 AEDAS HOMES AT A GLANCE

   
   
   

   1.2

   ‌Key figures

   Homes delivered

   Units

   5,211

   2,938

   Active units under management

   13,901

   13,809

   1,661

   1,242

   Units

   Order Book1

   €m

   Key business indicators

   Under construction

   Units

   Pre-sales2

   €m

   Investment in land under management3

   €m

   8,620

   7,454

   1,424

   962

   450

   222

   At 31 March 2025

   FY 2024/25

   FY 2023/24

   1. The order book under management at 31 March 2025 is defined as the potential future revenue derived from the units sold (but not yet delivered and excluding sales of Off-Balance Sheet units and the sale of a turnkey development that closed in FY 2024/25) corresponding to the Residential Development business line and Co-Investment transactions.

   2. The pre-sales total at 31 March 2025 includes 51 units, with a sales value of €20m, associated with an Off-Balance Sheet transaction for which marketing has begun for which the assets are not yet recognised within Inventories as the land acquisition has not yet closed, so that these sales are not yet included in the order book.

   3. In FY 2024/25, this indicator is defined as total investments adjusted, with respect to the co-investment assets derived from the Priesa Group, to reflect the company's ownership interest

in these co-investments.

Integrated Annual Report 2024/25

+

+

Chairman's

statement

Chief Executive Officer's statement

1

The year in brief

2

Who we are

3

Financial performance

4

Creating value together

5

Our environmental commitment

6

Corporate governance

7

Appendices

Key financial indicators

Revenue

€m

223

236

€m

Gross development margin

Net margin

1,145

1,156

€m

At 31 March 2025

FY 2024/25 FY 2023/24

213

206

EBITDA

€m

Net attributable profit

€m

Diluted earnings per share (EPS)

€/share

173

164

150

109

3.47

2.53

ROE

%

Dividend payout*

%

Net debt/EBITDA

X

15.2%

11.7%

178%

91%

1.8 x

1.6 x

(*) Both FY 2023/24 and FY 2024/25 include the dividend paid against the share premium account

Integrated Annual Report 2024/25

+

+

Chairman's

statement

Chief Executive Officer's statement

1

The year in brief

2

Who we are

3

Financial performance

4

Creating value together

5

Our environmental commitment

6

Corporate governance

7

Appendices

Creating shared value

Shareholders

€97m paid out in dividends in FY 2024/25 for a dividend yield of 13% per share based on

the closing share price as of 28 March 2024

51% share price gain

Customers

67% of our customers come from Spain

Sold homes to buyers from 69 nationalities

Strategic commitment to northern Spain, with two new sales offices in Bilbao and A Coruña

24% reduction in customer claims response times

1,600+ customers opted for the personalisation service

Employees

Great Place to Work for the fourth year running

Participation in 90 young talent events

ESG targets included in both short-term variable

remuneration model and longterm incentive plans

Suppliers

825 suppliers seamlessly using

Promociona

231 critical supplier

assessments

7th AEDAS Homes Architects

Gathering

1st Product Ǫuality Gathering

Community

Tax contribution of €70 million

Delivered 2,060 affordable homes and broke ground on a further 944 units (Plan Vive Madrid)

24 charitable projects and sporting and cultural event sponsorships

Launch of art competitions in six cities through

ConLasArtes

by AEDAS Homes and launch of a new artistic endeavour,

LIENZOS by AEDAS Homes, in the form of four painting competitions

Integrated Annual Report 2024/25

+

+

Chairman's

statement

Chief Executive Officer's statement

1

The year in brief

2

Who we are

3

Financial performance

4

Creating value together

5

Our environmental commitment

6

Corporate governance

7

Appendices

Environmental milestones

Key environmental indicators for our developments

Corporate governance indicators

100% of completed developments with

life cycle assessments

71% of completed developments with

'AA' energy performance ratings

63% of completed developments

equipped with sustainable drainage

42% of completed developments fitted with recycling facilities

First measurement of Scope 3 emissions and ongoing calculation of Scope 1 and 2 emissions

Renewal and first review of certification of the compliance system under UNE 19601

Management of one notification received through the Whistleblowing Channel

Integrated Annual Report 2024/25

+

+

Chairman's

statement

Chief Executive Officer's statement

1

The year in brief

2

Who we are

3

Financial performance

4

Creating value together

5

Our environmental commitment

6

Corporate governance

7

Appendices

2024

‌1Mil.es3tones

APRIL

• Flex Living debut, with first development in Valencia

• Broke ground on first development in Los Berrocales (Madrid)

• Arrival in the province of Castellón

  MAY

  
  
  

  • Prizes for the 'Best Development Initiative in Market-Rate Housing' for Fioresta and 'Best Business Innovation Initiative' for AEDAS Homes GPT Architecture at the 21st edition of the ASPRIMA-SIMA 2024 Awards

    JUNE

    JULY

    
    
    

    • 7th AEDAS Homes Architects Gathering, focusing on healthy homes

    
    
    

    • Approval at the Annual General Meeting of a total dividend from FY 2023/24 earnings equivalent

      to €2.49/share and an extraordinary dividend against the share premium account equivalent to €2.01/ share

      
      
      
      
      
      

    • Awarded three concessions under the Madrid Region's affordable housing scheme, Plan Vive III

      AUGUST

      
      
      

    • Acquisition of Promociones y Propiedades Inmobiliarias Espacio (Priesa Group)

    • Launch of the first

      LIENZOS painting competition
      
      

      in Zaragoza

    • Consolidation of the Flex Living business line with

      
      
      

      two new developments in Madrid

      SEPTEMBER

      
      
      
      
      
      

  • Arrival in the province of Almería

    Integrated Annual Report 2024/25

    +

    +

    Chairman's

    statement

    Chief Executive Officer's statement

    1

    The year in brief

    2

    Who we are

    3

    Financial performance

    4

    Creating value together

    5

    Our environmental commitment

    6

    Corporate governance

    7

    Appendices

    
    
    

    OCTOBER

    
    
    
    
    
    

    • Support for women's sports with a sponsorship deal for the Athletic Rincón Club's female football team

      NOVEMBER

      
      
      

    • 3rd AEDAS Homes Technology Gathering: Artificial Intelligence,

      the key to transforming the real estate sector

      
      
      

    • First development in A Coruña

      DECEMBER

      
      
      
      
      
      

    • Acquisition of a portfolio of land from Habitat

    • First housing development in Malaga's

      Zeta district

      2025

      JANUARY

      
      
      
      
      
      

      • First development in Vizcaya

        FEBRUARY

        
        
        

• Inauguration of a multi-

  product office in Bilbao

  
  
  

• Launch of the first major timber development in the Canary Islands

MARCH

• Incorporation of a new co-investment vehicle with an institutional investor for the development of BTS units and with a capital commitment of around €100 million

• Total homes delivered top 17,000, with 5,211 delivered in FY 2024/25

• AEDAS Homes generates over €1.1 billion

of revenue for the second year in a row

Integrated Annual Report 2024/25

+

+

Chairman's

statement

Chief Executive Officer's statement

1

The year in brief

2

Who we are

3

Financial performance

4

Creating value together

5

Our environmental commitment

6

Corporate governance

7

Appendices

Integrated Annual Report 2024/25

+

Chairman's

statement

Who we are

+

Chief Executive Officer's statement

2

2.1

Our

background

2.3

Our business

model

2.2

Our strategic

vision

2.4

Our lines of

business

1

The year

in brief

2

Who

we are

3

Financial

performance

4

Creating value

together

2.5

Committed to

sustainable development

5

Our environmental

commitment

6

Corporate

governance

7

Appendices

19 2. WHO WE ARE /

2.1

‌Our background

20

2. WHO WE ARE / 2.1 OUR BACKGROUND

Integrated Annual Report 2024/25

+

+

Chairman's

statement

Chief Executive Officer's statement

The year in brief

2

Who we are

3

Financial performance

4

Creating value together

5

Our environmental commitment

6

Corporate governance

7

Appendices

1

Corporate culture

Mission

We develop high-quality, sustainable

homes designed for comfortable living

- homes which make our investors, employees and suppliers proud.

Vision

We are the yardstick in the home development sector for our professionalism and ability to create innovative and sustainable solutions tailored for our customers' chosen lifestyles.

Purpose

We create places to live that maximise our customers' wellbeing.

Passion

Values

We are passionate about homes and we love to make people happy, which is why we never settle.

Excellence

We strive unwaveringly to attain excellence by paying attention to the small details.

Creativity

We resolve the challenges we face in creative, innovative ways, ensuring that we deliver the best possible results.

Integrity

We are guided by strong principles and treat our customers, employees, partners and shareholders with the utmost respect.

Resilience

We have the ability to overcome adverse circumstances and adapt to change.

Integrated Annual Report 2024/25

+

+

Chairman's

statement

Chief Executive Officer's statement

1

The year in brief

2

Who we are

3

Financial performance

4

Creating value together

5

Our environmental commitment

6

Corporate governance

7

Appendices

The history of

AEDAS Homes

2016

• AEDAS Homes is founded: a residential

  real estate developer led by an

  experienced, well-reputed team.

  2017

• AEDAS Homes breaks ground on approximately 1,700 units across 34

  developments in five regions of Spain

• The company increases its land bank by around 2,700 housing units in Madrid

  and other areas, lifting it to almost 13,000 units

• AEDAS Homes goes public, marking

  the largest IPO by a Spanish residential developer

  2018

• AEDAS Homes beats expectations by

putting 4,000+ homes on the market and acquiring land with development capacity for 2,600+ units

2019

• The company enters its first build-to-rent (BTR) agreement for the development of

  194 units in Madrid for Ares Management

• An agreement is reached with Castlelake for the creation of a feeder company to

  jointly invest in land

• Diversification of financing sources by arranging first commercial paper

  programme

• Approval of the AEDAS Homes Green Book

  2020

• Successful Covid-19 contingency plan with

  2,480+ homes pre-sold despite lockdown

  2021

• Approval of the ESG Strategic Plan 2021-2023

• Issuance of €325m of green bonds, securing the highest rating among EMEA

  developers from the three main credit rating agencies

  2021

• Acquisition of Áurea Homes and creation

  of the North Regional Branch

• Adjudication of a project management agreement for the development of around

  3,600 affordable rental units on behalf of a

  third-party investor under Plan Vive I

  2022

• Creation of our new Real Estate Services division with 4,700 units under

  management between co-investments and projects managed for third parties

  2023

• Agreements reached with sustainable construction material suppliers

• Record number of deliveries: 3,544 units, including the 814 delivered by the Real

  Estate Services division

  2024

• Approval of the ESG Strategic Plan 2024-2026

• Completion of two co-investments with

  an equity value of close €300 million, one with an institutional investor and the other with a group of family offices

  2024

• Decisive entry into the Flex Living

  segment, investing a total of €150 million in three developments with 845 units

• Record revenue, topping the €1.1 billion

  mark for the first time

• Adjudication of concessions for three

  affordable housing developments with close to 950 units under Plan Vive III, bringing total affordable units to 4,500+ and consolidating leadership of the public-private partnership segment

• Acquisition of Promociones y Propiedades Inmobiliarias Espacio (Priesa) and

  a portfolio of land from Habitat Inmobiliaria, with development capacity of 4,000+ units (excluding Priesa's Flex Living units)

  2025

• Completion of a co-investment with

  an institutional investor with a capital commitment of nearly €100 million for the development of BTS homes in Spain

• Record deliveries: 5,211 units, including

2,060 affordable rental units under Madrid's Plan Vive I scheme, and record revenue, topping the €1.1 billion mark for the second time

Integrated Annual Report 2024/25

+

+

Chairman's

statement

Chief Executive Officer's statement

1

The year in brief

2

Who we are

3

Financial performance

4

Creating value together

5

Our environmental commitment

6

Corporate governance

7

Appendices

Corporate and shareholder structure

CORPORATE STRUCTURE

At 31 March 2025

AEDAS HOMES, S.A.

100%

100%

24.5%

75%

75%

40%

100%

AEDAS HOMES

OPCO, S.L.U.

10%

39.24%

75%

10%

100%

Wholly-owned subsidiaries

Group Companies

(full consolidation)

Wholly-owned subsidiaries

Group Companies

(full consolidation)

100%

Wholly-owned subsidiaries

Group Companies

(full consolidation)

Partially-owned subsidiaries

Associates

(equity method)

Partially-owned subsidiaries

Associates

(equity method)

Note: LIVE Virtual Tours, S.L., which is 100% owned by AEDAS Homes, S.A., was in the process of liquidation at the close of FY 2024/25.

Integrated Annual Report 2024/25

+

+

Chairman's

statement

Chief Executive Officer's statement

1

The year in brief

2

Who we are

3

Financial performance

4

Creating value together

5

Our environmental commitment

6

Corporate governance

7

Appendices

SHAREHOLDER

STRUCTURE

At 31 March 2025

Castlelake

79.0%

Own shares

1.1%

Rest

19.8%

Thc U.S. rund CasĚlcla½c is Ěhc "aįoriĚy sharcholdcr or AEDAS Ho"cs, wiĚh a 79% sĚa½c

+ For more informaĒion, refer Ēo "Shareholders"

Duc Ěo roundinφ, Ěhc ĚoĚal su" or Ěhc pcrccnĚaφcs in Ěhc φraphic "ay bc sliφhĚly hiφhcr or lowcr 100%.

Integrated Annual Report 2024/25

+

+

Chairman's

statement

Chief Executive Officer's statement

1

The year in brief

2

Who we are

3

Financial performance

4

Creating value together

5

Our environmental commitment

6

Corporate governance

7

Appendices

‌2.2

Integrated Annual Report 2024/25

+

Chairman's

statement

+

Chief Executive

Officer's

statement

1

The year

in brief

2

Who

we are

3

Financial

performance

4

Creating value

together

1. Our environmental commitment

2. Corporate governance

3. Appendices

Business and financial strategy

In just nine years, we have reported exponential growth across all our key metrics: over €1.65 billion invested in land; 28,000+ units put on the market, 17,000+ homes delivered and 4,500+ homes earmarked for affordable rent under public-private partnerships.

The company's strong momentum, underpinned by the course astutely taken by an extraordinary team of professionals, is evident in the milestones attained in FY 2024/25:

• Record revenue from homes delivered:

  over €1 billion (3,000+ BTS and BTR units delivered).

• Excellent sales performance: over €1.4 billion in pre-sales, driven by the sale of

  homes to individuals.

• Visibility into delivery of our targets for the coming years, borne out by coverage

  ratios of 76% and 39% for FY 2025/26 and FY 2026/27, respectively.

• Dynamic investment activity to replenish our land bank. In FY 2024/25, the Group

  invested €450 million in its managed land bank. Those investments have development capacity of 7,400+ units, notably including the land acquired as part of an M&A deal and the purchase of another portfolio of land.

• New co-investment agreements

  arranged directly by the company with institutional investors and corporates valued at around €150 million for the

  rental units (Plan Vive III) and our maiden Flex Living developments, shoring up our business growth while optimising use of our funds.

• Boosted development services for third parties, outside of our co-investments,

which take the form of public-private partnerships (delivery of 2,060 affordable rental units in FY 2024/25 and another 1,500 under construction or complete) and other managed BTS developments with 260+ units under real estate management

Integrated Annual Report 2024/25

+

Chairman's

statement

+

Chief Executive

Officer's

statement

1

The year

in brief

2

Who

we are

development of BTS units, affordable

service agreements.

3

Financial

performance

COVERAGE OF BTS AND BTR DELIVERIES*

Marketing kickoffs Pre-sales levels Construction progress

4

Creating value

together

At 31 March 2025

Under construction Completed

(*) Only including units 100%-owned by AEDAS Homes, i.e., the units belonging to the Residential Development business line that are consolidated, excluding the Priesa Group units

100% 100%

100%

100%

100%

46%

5

Our environmental

commitment

6

Corporate

governance

7

2024/25 2025/26 2026/27

2024/25 2025/26 2026/27 2024/25 2025/26 2026/27

Appendices

26 2. WHO WE ARE / 2.2 OUR STRATEGIC VISION

In order to be able to continue to notch up new successes and provide our shareholders with attractive and growing remuneration, we are aware that we need to stay consistently at the forefront of our sector. That ambition

is behind the four dimensions of our

defined business strategy.

NEW INVESTMENT IN MANAGED LAND BANK

At 31 March 2025

€ m

450

222

2023/24 2024/25

To conĚinuc achicvinφ ncw succcsscs and uphold our co""iĚ"cnĚ Ěo officr aĚĚracĚivc rcĚurns Ěo sharcholdcrs, AEDAS Ho"cs is awarc or Ěhc nccd Ěo sĚay aĚ Ěhc rorcrronĚ or our busincss

Integrated Annual Report 2024/25

+

+

Chairman's

statement

Chief Executive Officer's statement

1

The year in brief

2

Who we are

3

Financial performance

4

Creating value together

5

Our environmental commitment

6

Corporate governance

7

Appendices

The four dimensions and their key lines of initiative

AĚ AEDAS Ho"cs, wc providc soluĚions by dcvclopinφ producĚs and scrviccs ĚhaĚ "ccĚ c"crφinφ nccds

Integrated Annual Report 2024/25

+

+

Chairman's

statement

Chief Executive Officer's statement

1

The year in brief

2

Who we are

3

Financial performance

4

Creating value together

5

Our environmental commitment

6

Corporate governance

7

Appendices

Thc cfficicnĚ allocaĚion or rcsourccs in our rcsidcnĚial dcvclop"cnĚs

is ½cy Ěo sarcφuardinφ our co"pcĚiĚivcncss

Integrated Annual Report 2024/25

+

+

Chairman's

statement

Chief Executive Officer's statement

1

The year in brief

2

Who we are

3

Financial performance

4

Creating value together

5

Our environmental commitment

6

Corporate governance

7

Appendices

0ur ĚarφcĚ ror Ěhc co"inφ ycars is Ěo incorporaĚc Modcrn McĚhods or ConsĚrucĚion in aĚ lcasĚ 30% or Ěhc ho"cs wc dclivcr, hclpinφ us Ěo build rasĚcr, bcĚĚcr and "orc susĚainably

Integrated Annual Report 2024/25

+

+

Chairman's

statement

Chief Executive Officer's statement

1

The year in brief

2

Who we are

3

Financial performance

4

Creating value together

5

Our environmental commitment

6

Corporate governance

7

Appendices