Interim financial statements 2025/26

Report on Limited Review

AEDAS HOMES, S.A. AND SUBSIDIARIES

Interim Condensed Consolidated Financial Statements and Interim Consolidated Management Report

for the six-month period ended

September 30, 2025

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Ernst & Young, S.L.

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REPORT ON LIMITED REVIEW OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish-language version prevails (see note 15 of the interim condensed consolidated financial statements).

To the Shareholders of AEDAS HOMES, S.A. at the request of Management:

Report on the interim condensed consolidated financial statements

Introduction

We have carried out a limited review of the accompanying interim condensed consolidated financial statements (hereinafter the interim financial statements) of AEDAS HOMES, S.A. (hereinafter the Parent Company) and subsidiaries (hereinafter the Group), which comprise the balance sheet at September 30, 2025, the statement of profit or loss, the statement of other comprehensive income, the statement of changes in equity, the statement of cash flows, and the notes thereto, all of them consolidated, for the six-month period then ended. The parent's directors are responsible for the preparation of said interim financial statements in accordance with the requirements established by IAS 34, "Interim Financial Reporting," adopted by the European Union for the preparation of interim condensed financial reporting as per article 12 of Royal Decree 1362/2007. Our responsibility is to express a conclusion on these interim financial statements based on our limited review.

Scope

We have performed our limited review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Reporting Performed by the Independent Auditor of the Entity". A limited review of interim financial statements consists of making inquiries, primarily of personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A limited review is substantially less in scope than an audit carried out in accordance with regulations on the auditing of accounts in force in Spain and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the accompanying interim financial statements.

Conclusion

During the course of our limited review, which under no circumstances can be considered an audit of accounts, no matter came to our attention which would cause us to believe that the accompanying interim financial statements for the six-month period ended September 30, 2025 have not been prepared, in all material respects, in accordance with the requirements established in International Accounting Standard (IAS) 34, Interim Financial Reporting as adopted by the European Union in conformity with article 12 of Royal Decree 1362/2007 for the preparation of interim financial statements.

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

2

Emphasis of matter paragraph

We draw attention to the matter described in the accompany interim explanatory Note 2.a, which indicates that the abovementioned accompanying interim financial statements do not include all the information that would be required for complete consolidated financial statements prepared in accordance with International Financial Reporting Standards, as adopted by the European Union.

Therefore, the accompanying interim financial statements should be read in conjunction with the Group's consolidated financial statements for the year ended March 31, 2025. This matter does not modify our conclusion.

Report on other legal and regulatory requirements

The accompanying interim consolidated management report for the six-month period ended September 30, 2025 contains such explanations as the parent's directors consider necessary regarding significant events which occurred during this period and their effect on these interim financial statements, of which it is not an integral part, as well as on the information required in conformity with article 15 of Royal Decree 1362/2007. We have checked that the accounting information included in the abovementioned report agrees with the interim financial statements for the six-month period ended on September 30, 2025. Our work is limited to verifying the interim consolidated management report in accordance with the scope described in this paragraph, and does not include the review of information other than that obtained from the accounting records of AEDAS HOMES, S.A. and its subsidiaries.

Paragraph on other issues

This report has been prepared at the request of Management with regard to the publication of the semi-annual financial report required by article 100 of Royal Legislative Decree 6/2023, of March 17, on Securities Markets and Investment Services.

ERNST & YOUNG, S.L.

(Signed in the original version)

Fernando Gonzdlez Cuervo

November 25, 2025

Interim condensed consolidated financial statements for the six months ended 30 September 2025

AEDAS HOMES, S.A. and Subsidiaries

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025 AND 31 MARCH 2024

(Thousands of euros)

The accompanying notes 1 to 15 are an integral part of the interim condensed consolidated financial statements for the six months ended 30 September 2025

(*) Unaudited

1

CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE SIX MONTHS ENDED

30 SEPTEMBER 2025 AND 30 SEPTEMBER 2024

(Thousands of euros)

The accompanying notes 1 to 15 are an integral part of the

interim condensed consolidated financial statements for the six months ended 30 September 2025 (*) Unaudited

CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025 AND 30 SEPTEMBER 2024

(Thousands of euros)

The accompanying notes 1 to 15 are an integral part of the

interim condensed consolidated financial statements for the six months ended 30 September 2025 (*) Unaudited

AEDAS HOMES, S.A. and Subsidiaries

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025 AND 30 SEPTEMBER 2024

(Thousands of euros)

The accompanying notes 1 to 15 are an integral part of the interim condensed consolidated financial statements for the six months ended 30 September 2025 (*) Unaudited

4

AEDAS HOMES, S.A. and Subsidiaries

CONSOLIDATED STATEMENT OF CASH FLOWS FOR

THE SIX MONTHS ENDED 30 SEPTEMBER 2025 AND 30 SEPTEMBER 2024

(Thousands of euros)

The accompanying notes 1 to 15 are an integral part of the

interim consolidated statement of cash flows for the year ended 30 September 2025

(*) Unaudited

5

Notes to the interim condensed consolidated financial statements for the six months ended 30 September 2025

1. Parent and Group activities

   The Group is made up of Aedas Homes, S.A. (hereinafter, "Aedas Homes, S.A.", the "Parent" or the "Company") and its Subsidiaries (hereinafter, the "Aedas Group" or the "Group").

   The Parent's registered office is located in Madrid, Spain, at Paseo de la Castellana, 130. It is registered with the Madrid Companies Register.

   The corporate purpose of Aedas Homes, S.A., as Parent, is to acquire, permit, manage, market and develop properties of any kind for holding, use, management, sale or lease.

   The above activities may also 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 Parent may acquire, administer and sell securities of all kinds, including but not limited to, shares, convertible bonds and unit holdings of any kind. Appendix I of these notes itemises the activities performed by Aedas Homes, S.A.'s subsidiaries.

   The Group operates primarily in Spain, although in 2025 it embarked on two international projects that are currently undergoing viability studies and/or at the start-up stage in Portimão (Portugal) and Andorra (see below).

   The Parent was incorporated under the name of SPV Spain 19, S.L.U. as a result of the subscription and payment of 3,000 indivisible equity interests (participaciones sociales), numbered sequentially, with a unit par value of 1 euro. They were paid for in cash. Hipoteca 43 Lux, S.À.R.L. acquired 100% of those interests on 5 July 2016. The Parent's name was changed to Aedas Homes Group, S.L.U. on 18 July 2016. It assumed its current name in the wake of the restructuring transaction outlined in Note 1.a.

   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. (Sociedad Unipersonal).

   The shares representing the share capital of Aedas Homes S.A. have been trading on the continuous stock markets of Madrid, Barcelona, Bilbao and Valencia since 20 October 2017.

   The deeds declaring the loss of sole-shareholder status (Sociedad Unipersonal) were placed on public record on 23 November 2017.

   As detailed in note 13, on 16 June 2025, Neinor Homes, S.A. (whose shares are publicly traded on the Spanish stock exchange) preliminarily announced a voluntary tender offer for all of the share capital of Aedas Homes, S.A. Note that as of the date of preparing these interim condensed consolidated financial statements, that transaction, which would lead to a change of control at the Group, had yet to close.

   Changes in the Group's composition

   As at 30 September 2025, Aedas Homes, S.A. was the Parent of a group of companies. Appendix I itemises the Group companies consolidated by the Parent and provides their salient information as at the reporting date, before making the corresponding uniformity adjustments, as appropriate, to their separate financial statements in order to align them with the prevailing International Financial Reporting Standards adopted by the European Union (IFRS-EU). The figures disclosed in Appendix I were provided by the Group entities and their equity positions are those stated in their respective accounting records as of the reporting date.

   Additions to the consolidation scope during the six months ended 30 September 2025

   The Group's consolidation scope underwent the following changes during the six months ended 30

   September 2025:

   New incorporations and scope additions

   AEDAS HOMES ASC, S.L.U. - Local development vehicle (Siscaró residential development in Andorra)

   During the six months ended 30 September 2025, the Group incorporated a vehicle called Aedas Homes ASC, S.L.U., with registered office in Andorra La Vella, in order to carry out the Siscaró residential development. As at 30 September 2025, that vehicle was still at the incorporation/start-up phase and had not carried out any significant transactions or operations with a material impact on these interim condensed consolidated financial statements. The Group will determine the definitive method for accounting for this new vehicle in accordance with its ultimate legal structure and governance arrangements, in keeping with IFRS 10, IFRS 11 and IAS 28.

   AHLC - PROMOÇÃO IMOBILIÁRIA, LDA. - Local developer (Ribamar, Portimão, Portugal)

   During the six months ended 30 September 2025, the Group incorporated AHLC - Promoção Imobiliária, Lda. (a limited liability company), with initial share capital of 10 thousand euros (subscribed but not paid for) as the vehicle that will carry out the Ribamar development in Portimão (Praia da Rocha). This initiative is part of a strategic alliance with LandCo (Banco Santander Group), in which the Group holds a 65% interest and LandCo holds the remainder (a non-controlling interest). The developer is in the process of carrying out viability studies and starting up the development and, as at the reporting date, its consolidation did not have a material impact on these interim condensed consolidated financial statements.

   Scope exits - Loss of control

   GLOBAL QUITINA, S.L.U. (currently AEDAS ACTIVE 1, S.L.) - MAUI development - Loss of control (29 April 2025)

   With effect from 29 April 2025, the Group lost control over Global Quitina, S.L.U., a company associated with the MAUI development, as a result of a capital increase in the amount of 38 thousand euros subscribed by the Group and third parties under the scope of a shareholder agreement. As a result of that transaction, the Group's shareholding decreased from 100% to 19.15%. That same day, the new shareholders made an additional contribution of 10 million euros, recognised at that investee within "shareholder contributions" in equity, to finance the acquisition of land, an option to purchase land from a third party and the working capital requirements contemplated in the related projections.

   Accounting treatment used

   • Date of loss of control: 29 April 2025. In keeping with IFRS 10, the Group proceeded to deconsolidate its investment in that entity from that date, deconsolidating the assets, liabilities and equity attributable to the former subsidiary.

   • Retained interest: the Group's remaining interest of 19.1525% was reclassified and remeasured at fair value in accordance with the Group's accounting policies, and is now consolidated using the equity method, as prescribed in IFRS 9 and IAS 28.

   • Gain/loss on disposal: the difference between (i) the fair value of the consideration received, including the initial measurement of the Group's retained interest; and (ii) the carrying amount of the net assets and liabilities of the subsidiary on the date of deconsolidation has been recognised in these interim condensed consolidated financial statements, albeit not material in amount.

   • Recognition of shareholder contributions: the additional 10-million-euro contribution has been

   recognised in the investee's equity, within "shareholder contributions".

   GLOBAL ENCONO, S.L.U.

   With effect from 1 April 2025, the Group lost control over its former subsidiary, GLOBAL ENCONO, S.L.U., as a result of its sale to a third party on 20 June 2025.

   As prescribed in IFRS 10, the loss of control triggered the derecognition of that subsidiary's assets, liabilities and non-controlling interests and the recognition of the gain/loss calculated as the difference between:

   1. the fair value of the consideration received; and

   2. the carrying amount of the net assets of the entity sold as at the transaction date.

      The accounting effects of these transactions have been recognised in these interim, condensed consolidated financial statements, albeit not significant in amount.

2. Basis of presentation of the interim condensed consolidated financial statements

   1. Basis of presentation

      The interim condensed consolidated financial statements of the Group comprising Aedas Homes S.A. and its subsidiaries for the six months ended 30 September 2025 were prepared from the accounting records of the Parent and the other companies comprising the Group (refer to Appendix I) in keeping with the IFRS-EU in effect on their date of issuance.

      The Group has drawn up the accompanying interim condensed consolidated financial statements in accordance with IAS 34 Interim Financial Reporting. The related disclosures accordingly do not include all of the information and disclosures required when preparing annual consolidated financial statements under IFRS-EU. As a result, these interim condensed consolidated financial statements should be read together with the Group's annual consolidated financial statements for the year ended 31 March 2025.

      The accounting policies used to prepare these interim condensed consolidated financial statements for the first six months of the year ending 31 March 2026 are the same as those used to draw up the annual consolidated financial statements for the year ended 31 March 2025.

      New IFRSs and amendments not effective as of 30 September 2025

      At the date of authorising the accompanying interim financial statements for issue, the following standards and amendments had been published by the IASB but their application was not yet mandatory:

      Standards and amendments

      Mandatory application: in annual periods beginning on or after

      Amendments to IFRS 9 and IFRS 7	Amendments to the Classification and Measurement of Financial Instruments	1 January 2026
      Annual Improvements to IFRS Accounting Standards - Volume 11		1 January 2026
      IFRS 18	Presentation and Disclosure in Financial Statements	1 January 2027
      IFRS 19	Subsidiaries without Public Accountability: Disclosures	1 January 2027

      The Group is currently analysing what impact these new pronouncements will have on its consolidated financial statements when they are applied for the first time. IFRS 18 will supersede IAS 1 Presentation of Financial Statements and introduces new presentation requirements for the statement of profit or loss, including new totals and subtotals. All items of income and expenses will have to be classified into one of five categories of operating, investing, financing, income tax and discontinued operations, the first three of which are new categories. All entities will be affected by these new requirements. IFRS 18, along with its derivative amendments, becomes effective for annual reporting periods starting on or after 1 January 2027, and requires retrospective application.

      The Group is currently working to identify what impacts these new criteria will have on its consolidated financial statements and the accompanying notes. Our preliminary analysis suggests that IFRS 18 will primarily affect the presentation of certain items of the consolidated statement of profit or loss but will not modify their recognition or measurement.

      The Group uses certain alternative performance measures (APMs) that are not defined in IFRS-EU because its management believes that those additional measures contain essential information for assessing the Group's performance.

      Specifically, in the consolidated statement of profit or loss, the APMs used are Gross Margin, Net Margin and EBITDA, and they are defined as follows:

      • Gross Profit: the difference between revenue from the sale of developments and provision of services and the cost of goods sold and services rendered. The percentage Gross Margin is calculated by dividing the absolute Gross Profit by revenue from sales and services.
      • Net Margin: the difference between the Gross Profit and other costs, namely: marketing, sales, other direct development costs and taxes related with developments. The percentage Net Margin is calculated by dividing the absolute Net Margin by revenue from sales and services.
      • EBITDA: the difference between the Net Margin and other expenses/income, namely: general expenses, other operating income and other operating expenses. The percentage EBITDA Margin is calculated by dividing EBITDA by revenue from sales and services.

      The Group's statutory auditor conducted a limited review of these interim condensed consolidated

      financial statements but not a full-scope audit.

   2. Functional and presentation currency

      The interim condensed consolidated financial statements are presented in euros, which is the Group's functional and presentation currency. They are presented in thousands of euros other than certain specific figures provided in the notes, which, for practical reasons, are presented in millions of euros or just euros for simplification and/or clarification purposes. The reader should note that the interim condensed consolidated financial statements for the six months ended 30 September 2024 were presented in units of euros.

      However, this approach does not affect the accuracy or clarity of the information or the fair view provided by the disclosures in these notes to the interim condensed consolidated financial statements.

   3. Responsibility for the information presented and estimates made

      The Parent's directors are responsible for the information included in these interim condensed

      consolidated financial statements.

      The Group's interim condensed consolidated financial statements for the six months ended 30 September 2025 make occasional use of estimates made by the executives of the Group and of its consolidated companies, later ratified by their respective directors, in order to quantify certain of the assets, liabilities, income, expenses and obligations recognised therein. These estimates relate basically to the following:

      • The estimation of the net realisable value of the Group's inventories or real estate assets: at each year-end, the Group measures the realisable value of its inventories, understood as their estimated sale price less all of the estimated costs necessary to complete their construction. Their fair value is determined on the basis of appraisals performed by independent experts. Savills Valoraciones y Tasaciones, S.A. appraised the Group's 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 3).

      • The probability of obtaining future taxable income when recognising and/or continuing to recognise deferred tax assets.

      Although these estimates were made on the basis of the best information available as at 30 September 2025, considering the above observations, regarding the facts analysed, future events could make it necessary to revise these estimates (upwards or downwards) in coming years. Changes in accounting estimates would be applied prospectively in accordance with IAS 8, recognising the effects of the change in estimates in the related consolidated statement of profit or loss.

   4. Principles of consolidation

      In order to present the financial information on a uniform and comparable basis, the accounting policies and measurement rules used by the Parent have been applied to all of the companies consolidated.

      The universe of companies included in the consolidation scope in the reporting period ended 30 September 2025 is itemised in the accompanying Appendix I.

      Subsidiaries

      Subsidiaries are investees over which the Parent exercises control either directly or indirectly via other subsidiaries. The Parent controls a subsidiary when it is exposed, or has rights, to variable returns from its involvement with it and has the ability to affect those returns through its power over the investee. The Parent is deemed to have power over an investee when it has existing rights that give it the current ability to direct its relevant activities. The Parent is exposed, or has rights, to variable returns from its involvement with the investee when the returns obtained from its involvement have the potential to vary as a result of the entity's performance.

      The Parent re-evaluates whether it controls an investee when events and circumstances indicate the existence of changes in one or more of the control elements itemised above. The Parent consolidates a subsidiary from when it obtains control (and deconsolidates it when it ceases to have such control).

      The interests of minority shareholders (hereinafter, "non-controlling interests") are measured at their percentage interest in the fair values of the identifiable assets and liabilities recognised. Accordingly, any loss attributable to non-controlling interests in excess of the carrying amount of such interests is recognised with a charge against the Parent's equity. Non-controlling interests in:

      1. The equity of the Group's investees: are presented under "Non-controlling interests" in the consolidated balance sheet within Group equity.

      2. Profit or loss for the period: are presented under "Profit/(loss) for the period attributable to non-controlling interests" in the consolidated statement of profit or loss.

         The income and expenses of subsidiaries acquired or disposed of during the period are included in the interim condensed consolidated statement of profit or loss from the acquisition date or until the date of change in control, as warranted.

         Material intra-group balances and transactions among fully-consolidated investees are eliminated upon consolidation, as are the gains or losses included in the inventories deriving from purchases from other Group companies.

         All of the assets, liabilities, equity, income, expenses and cash flows related with transactions among the Group companies are fully eliminated upon consolidation.

         Investments in associates and joint ventures

         An investment in an associate or a joint venture is measured using the equity method of accounting whereby they are initially recognised at cost, and the carrying amount of the investment is increased or decreased to recognise the Group's share of the profit or loss of the investee after the date of acquisition. The Group recognises its share of such investees' profit or loss within its profit or loss for the period. Distributions received from these investees reduce the carrying amount of the investment. Adjustments to the carrying amount may also be necessary for changes in the Group's proportionate interest in the investee arising from changes in the investee's other comprehensive income (e.g. to account for changes arising from revaluations of property, plant and equipment). The Group recognises its share of any such changes in other comprehensive income.

         The Parent has notified all the companies in which it has ownership interests of 10% or more, directly or indirectly through subsidiaries, of this fact, in keeping with article 155 of Spain's Corporate Enterprises Act.

         Reporting date uniformity adjustments

         All of the Group companies share the same reporting date, i.e., 31 March, except for Espacio Son Puig, S.L., Espacio Proyectos SPV II, S.L.U., Partida De La Rápita, S.L, Espacio Promoción IV, S.L, Espacio Promoción VII, S.L, Espacio Áurea, S.L, Nueva Marina Real Estate, S.L, Espacio Promoción VIII, S.L. Aedas KS Fonsalía S.L.U., Aedas KS Santa Clara S.L.U., Aedas KS Levante, S.L.U., Aedas KS Iberia, S.L.U., Servicios Inmobiliarios Residencial en Venta JV2, S.L.U., BTS Servicios Inmobiliarios JV1, S.L., Varía ACR Móstoles Fuensanta, S.L., Espacio Áurea, S.L., Allegra Nature, S.L., Residencial Henao, S.L., Áurea Etxabakoitz, S.L., Residencial Ciudadela Uno, S.L., Nature Este, S.L. y Domus Avenida, S.L., Global Disosto, S.L.U, Aedas Active I, S.L., Aedas KS Atalanta, S.L.U., Aedas KS Volanta, 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., Aedas KS Silgar, S.L.U., AHLC Promoção Inmobiliara, Ltd. and Aedas Homes ASC, S.L.U., whose reporting date coincides with the calendar year, i.e., 31 December. This circumstance does not have a significant impact on these interim condensed consolidated financial statements.

         More specifically, the financial statements of the companies whose reporting date is different from that of the Group are consolidated by making uniformity adjustments to include transactions related to the same date and periods as the interim condensed consolidated financial statements since, in keeping with IFRS 10, the Group is not obliged to issue interim financial statements for those investees as of the same date and periods, since the difference between those companies' and the Group's reporting dates is not more than three months. There were no significant transactions or events at those companies between the two reporting dates.

   5. Comparative information

   The information contained in these interim condensed consolidated financial statements for the six months ended 30 September 2025 is presented, for comparative purposes, alongside the information as at 31 March 2025 for each heading of the consolidated balance sheet and alongside the figures for the six months ended 30 September 2024 for each heading of the consolidated statement of profit or loss, consolidated statement of other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows.

   Note, however, that in these interim condensed consolidated financial statements, certain headings and disclosures have been aggregated or disaggregated, as the case may be, by comparison with the prior reporting period. These changes were made to make the information presented clearer and do not alter the fair view provided by the accompanying financial statements. Nor do these changes undermine materially the uniformity of the information presented.

   In making a comparison the reader should note the changes in the Group's financial structure disclosed

   in notes 1 and 2.e above.

3. Real estate inventories

   The breakdown of the Group's inventories at 30 September 2025 and 31 March 2025 is as follows:

   	Thousands of euros
   	30 Sept. 2025	31 Mar. 2025
   Land and sites	511,761	541,059
   Developments in progress (*)	833,188	645,688
   Completed buildings	138,467	252,616
   Prepayments to suppliers	36,909	39,460
   	1,520,325	1,478,823

   (*) As at 30 September 2025 and 2024, "Developments in progress" include the cost of the land on which the developments are being carried out, among other costs.

   An analysis of the movement under inventories in the six months ended 30 September 2025:

   	Thousands of euros
   	31 Mar. 2025	Advances	Land purchases	Purchases	Amounts derecognised	Capitalised borrowing costs	30 Sept. 2025
   Inventories	1,478,823	(2,551)	19,553	276,670	(260,484)	8,314	1,520,325

   The Group purchased 19,553 thousand euros of land during the six months ended 30 September 2025, of which 19,300 thousand euros corresponded to purchases committed to in previous reporting periods, with the remaining 253 thousand euros related to new acquisitions.

   Deferred payments on land recognised on the consolidated balance sheet at 30 September 2025 amounted to 142,884 thousand euros, of which 9,155 thousand euros corresponds to land newly acquired during the six months ended 30 September 2025. The current balance of deferred land payments is 79,252 thousand euros, with the remaining 63,632 thousand euros due more than 12 months from the reporting date.

   As at 30 September 2025, the Group held options for the acquisition of land in the amount 33,535 thousand euros, on which it had paid 1,100 thousand euros by way of down payments and deposits, which are recognised within current assets on the consolidated balance sheet. In addition, as at 30 September 2025, the Group was committed the acquisition of land for 138,195 thousand euros, of which 30,420 thousand euros relates to Chamartín Norte. Of the total commitment amount, the sum of 37,921 thousand euros was prepaid to suppliers during the reporting period, leaving the sum of 100,273 thousand euros pending payment. Of the latter amount, 11,459 thousand euros relates to Castellana Norte.

   As at 30 September 2025, the Group was contractually committed to the sale of land in the amount of 928,396 thousand euros.

   The net cash outflow attributable to the purchase and sale of land in the six months ended 30 September 2025 amounted to 1,349 thousand euros, broken down as follows:

   Thousands of euros

   Land purchases committed to during the previous reporting period	(19,300)
   Prepayments to suppliers and deposits for call options arranged in prior reporting periods	5,530
   Payments deferred on land purchased during the period that were committed to in the previous reporting period	8,955
   Land purchases related to new acquisitions	(253)
   Deferred payments for land purchased during the period	220
   Prepayments to suppliers and deposits for call options arranged in prior reporting periods
   Deferred payments for land purchased in prior reporting periods	(5,643)
   Prepayments to suppliers and call options arranged during the current reporting period	(658)
   Payments made during the six months ended 30 September 2025 for the purchase of land	(11,149)
   Land sold during the period	6,443
   Deferred payments for land sold during the period	(2,075)
   Collections on land sold in previous reporting periods	(963)
   Land sold to co-investment vehicles	6,988
   Deferred payments on land sold to co-investment vehicles in FY 2025-26	(1,808)
   Collection of proceeds from Selwo sale closed in FY 2023-24	3,913
   Payments collected during the six months ended 30 September 2025 from the sale of land	12,498
   Increase/(decrease) in working capital attributable to land purchases/sales during the six months ended 30 September 2025	1,349

   The Group capitalised 8,314 thousand euros of borrowing costs within inventories during the six months ended 30 September 2025 (9,051 thousand euros in the six months ended 30 September 2024).

   During the reporting period, the Group derecognised inventories carried at 237,912 thousand euros, corresponding to development sales of 325,974 thousand euros and land sales of 13,613 thousand euros, generating gross margins of 23.5% and 18.1%, respectively.

   None of the Group's real estate inventories is located outside of Spain. The breakdown by location of the Group's inventories, stated at their carrying amounts, without considering prepayments to suppliers:

   	Thousands of euros
   	30 Sept. 2025	31 Mar. 2025
   Centre	455,037	448,997
   North	81,094	70,651
   Catalonia & Aragon	192,355	189,519
   Costa del Sol	231,439	225,445
   Rest of Andalusia & Canaries	223,349	205,386
   East & Mallorca	297,822	299,365
   	1,481,096	1,439,363

   The Group reviews the carrying amounts of its real estate inventories for indications of impairment periodically, recognising the required impairment provisions as warranted. The cost of the land and sites, developments in progress and completed developments is reduced to fair value by recognising the appropriate reversible impairment provisions. If the fair value of the Group's inventories is above cost, however, their cost is left unchanged, in keeping with the financial reporting framework applicable to the Group, namely IFRS-EU.

   Note in this respect that the Parent's directors have decided to have the Group's property portfolio appraised by an external expert as at 31 March each year, which is the end of its reporting period, based on its belief that the risk of additional impairment losses in the interim is not significant in view of the scant volatility in prior assessments and prevailing residential sector trends. Savills Valoraciones y Tasaciones, S.A. appraised the Group's asset portfolio as at 31 March 2025.

   At 30 September 2025, the net realisation value of the Group's inventories amounted to 1,802 million euros. That value was arrived at on the basis of the net realisation value as at 31 March 2025 (1,864 million euros), adjusted for (i) the real estate inventories whose purchase closed during the six months elapsing between 1 April 2025 and 30 September 2025; (ii) the movement in developments under construction during the same period (without considering prepayments to suppliers), and (iii) the net realisation value at 31 March 2025 of homes delivered during the reporting period. On that basis, the Group did not have to recognise any new inventory impairment losses in these interim condensed consolidated financial statements for the six months ended 2025. Based on management's best estimates using the data available as at the date of preparing these interim condensed consolidated financial statements, unrecognised, unrealised gains on the Group's real estate inventories amounted 304 million euros (compared to approximately 425 million euros as at 31 March 2025, on the basis of the above-mentioned expert appraisal).

   At 30 September 2025, there were assets recognised under "Real estate inventories" with a gross cost of 850 million euros (755 million euros at 31 March 2025) that guarantee developer loans arranged by the Group (note 5).

   At 30 September 2025, the Group recognised current provisions totalling 27,875 thousand euros, of which 25,467 thousand euros corresponded to provisions for the completion of works, 2,408 thousand euros corresponded to provisions for lawsuits and the remainder related to provisions of lesser amount (37,073 thousand euros at 31 March 2025, of which 33,446 thousand euros related to the provision for works completion and 3,627 thousand euros to coverage of lawsuits).

4. Equity

   1. Share capital

      The Parent's share capital consisted of 43,700,000 shares with a unit par value of 1 euro at both 30 September 2025 and 31 March 2025. The shares are fully subscribed and paid in.

      None of the Company's shares was pledged at 30 September 2025.

      Based on the disclosures made to the Spanish securities market regulator by each of the Parent's significant shareholders (those with a shareholding of more than 3%), the list of significant shareholders and their ownership interest as at 30 September 2025 and 31 March 2025 was as follows:

      		% voting rights attributed to the shares		% voting rights held via financial instruments
      	% of total	Direct	Indirect	Direct	Indirect
      HIPOTECA 43 LUX S.A.R.L. O'NEILL, RORY JOSEPH	79.02% 79.02%	79.02% -	-79.02%	- -	- -

   2. Share premium

      The share premium account amounted to 309,981 thousand euros at 30 September 2025.

      At the Annual General Meeting held on 3 July 2025, it was agreed to pay out a dividend, which was partially charged against the share premium account, specifically the amount obtained by multiplying

      0.57 euros per share by the number of shares outstanding other than directly-held Treasury shares as of the ex-dividend date. Payment of this dividend (note 4.i) had the effect of reducing the share premium account by 24,728 thousand euros.

      The share premium account is unrestricted.

   3. Legal reserve

      In accordance with article 274 of the consolidated text of the Spanish Corporate Enterprises Act, 10% of profits must be earmarked to the legal reserve each year until it represents at least 20% of share capital.

      The legal reserve may be used to increase capital in an amount equal to the portion of the balance that exceeds 10% of capital after the increase.

      Except for this purpose, until the legal reserve exceeds the limit of 20% of capital, it can only be used to offset losses, if there are no other reserves available.

      The Parent's legal reserve stood at 9,593 thousand euros at both 30 September 2025 and 31 March

      2025, having been fully endowed above the minimum threshold of 20% of share capital in prior years.

   4. Voluntary reserves

      Parent company reserves

      This reserve came about as a result of the difference between the fair value at which the real estate development business was contributed by the-then sole shareholder in 2017 and the amounts at which that business was carried in the latter's financial statements at the time.

      The movement for the six-month period ended 30 September 2025 corresponds to the application that has been approved by the entity's governing bodies during the period, in the amount of 308,468 thousand euros, which is detailed in section (g) below; and the result of purchases and sales of "treasury shares", which is disclosed in section (f): 1,314 thousand euros; and, finally, it corresponds to the impact on "reserves" arising from the delivery of Parent Company shares to certain Group employees in accordance with the commitment assumed under the incentive plans described in section (j) of this Note, 837 thousand euros.

      The movement under this heading in the year ended 31 March 2025 was shaped primarily by the purchase and sale of Treasury shares (refer to section f) below) in the amount of 202 thousand euros (increase) and also the impact (decrease) on reserves, in the amount of 602 thousand euros, of the delivery of Parent company shares to AEDAS employees, framed by the commitments assumed in the incentive plans described in section i) below.

      Reserves in consolidated companies

      The movement under this heading during the six months ended 30 September 2025 and the year ended 31 March 2025 related primarily to the appropriation of the earnings of the consolidated investees for the prior reporting periods.

   5. Capitalisation reserve

      Article 25 of Spain's Corporate Income Tax Act (Law 27/2014) allows enterprises to reduce their tax income base by 10% of the increase in their own funds for the year so long as the increased own funds remain in equity for five years from the end of tax year in which they are used to reduce taxable income, unless used to offset losses. The enterprises opting to apply this tax benefit must set up a capitalisation reserve in the amount of the increase in own funds. That reserve must feature as a separate and appropriately named reserve account on reporters' balance sheets and is restricted for five years.

      At 30 September 2025, the Group had set aside a capitalisation reserve of 5,787 thousand euros, of which 893 thousand euros was allocated by the Parent and 4,894 thousand euros, by Aedas Homes Opco, S.L.U. (31 March 2025: 5,788 thousand euros, 894 thousand euros set up by the Parent and the remaining 4,894 thousand euros, by Aedas Homes Opco, S.L.U.).

   6. Treasury shares

      The Board of Directors of the Parent agreed at a meeting held on 25 July 2019 to roll out a share buyback programme, initially in the form of a Discretionary Programme and then, as approved at a Board meeting on 25 September 2019, a Repurchase Programme, under which it authorised a share buyback of up 50 million euros or up to 2,500,000 shares. The Repurchase Programme was valid for up to 36 months and was managed by JB Capital Markets, S.V., S.A.U.

      On 25 February 2020, the Board of Directors agreed to increase the limit on that buyback programme to 150 million euros, leaving the rest of the terms and conditions intact, increasing the maximum number of shares the Parent could buy back in executing the programme accordingly, to 4,909,139 shares from 27 February 2020, the date on which those modifications were announced. The rest of the features of the Repurchase Programme were left unchanged.

      Subsequently, on 12 July 2022, the Parent agreed to renew the Repurchase Programme on the following terms:

      • Rationale: (i) to reduce the Parent's share capital; (ii) to be able to honour the obligations intrinsic to the Parent's convertible bonds; and (iii) to be able to comply with the obligations derived from the allocation of shares to certain employees.

      • Maximum permitted monetary amount of buyback: 50 million euros.

      • Maximum number of shares to be acquired in executing the Repurchase Programme: 2,500,000.

      • Term of effectiveness: 36 months from 27 September 2022.

      • Price and volume: share acquisitions on the price and volume terms stipulated in article 3 of the Delegated Regulation. Specifically, the Parent could not buy back shares at a price higher than the higher of the last transaction price and the highest independent bid at the time and could not buy back more than 25% of the average daily trading volume.

      • Lead manager: JB Capital Markets, S.V., S.A.U.

        That Repurchase Programme was temporarily suspended on 17 June 2025 on the occasion of the announcement of a voluntary tender offer for all of the Parent's shares by Neinor DMP BIDCO S.A.U. on 16 June 2025 (note 13). That programme ultimately terminated on 27 September 2025 when it was not renewed.

        Against this backdrop, during the six months ended 30 September 2025, the Parent's Treasury shares decreased by 179,986 shares, or 3,069 thousand euros, those shares having been delivered to Group employees in July 2025 in keeping with the long-term incentive plan ("LTIP").

        As a result, as at 30 September 2025, the Group's balance sheet recognised Treasury shares of the Parent equivalent to 0.73% of its share capital, carried at 5,411 thousand euros, which were bought back at an average price of 17.05 euros per share.

        Treasury shares delivered to employees

      • June 2021: Delivery of 30,090 shares to employees under the scope of the First Cycle of the First LTIP, in a total amount of 593 thousand euros.

      • June 2022: Delivery of 86,933 shares to employees under the scope of the Second Cycle of the First LTIP and the New Incentive, in a total amount of 1,786 thousand euros.

      • July and August 2023: Delivery of 52,631 shares to employees under the scope of the Third Cycle of the First LTIP and the New Incentive, in a total amount of 1,006 thousand euros.

      • July and August 2024: Delivery of 106,273 shares to employees under the scope of the First Cycle of the Second LTIP, in a total amount of 2,450 thousand euros.

      • July 2025: Delivery of 179,986 shares to employees under the scope of the Second Cycle of the Second LTIP, in a total amount of 3,069 thousand euros.

        Reduction of share capital via the cancellation of Treasury shares

      • 27 July 2021: cancellation of 1,160,050 shares with a unit par value of one euro, acquired for 22,702 thousand euros.

      • 25 September 2023: cancellation of 3,106,537 shares with a unit par value of one euro, acquired for 60,072 thousand euros.

        Purchase of Treasury shares

      • Year ended 31 March 2025: cash outflow of 802 thousand euros.

      • Year ended 31 March 2024: cash outflow of 7,077 thousand euros.

      Treasury shares balance

      At 30 September 2025: 317,293 shares representing 0.73% of capital carried at 5,411 thousand euros acquired at an average price of 17.05 per share.

      At 31 March 2025: 497,279 shares representing 1.14% of capital carried at 8,480 thousand euros acquired at an average price of 17.05 per share.

   7. Shareholder (owner) contributions

      On 28 May 2025, the Board of Directors of the Parent Company approved the application of 308,468 thousand euros from the equity caption "Contributions from shareholders (owners)" to "Reserves", with the aim of aligning the classification within equity and more faithfully and accurately reflecting the nature and composition of Consolidated Equity, without altering its total amount. This application was incorporated into the preparation process of the consolidated annual financial statements for the period and was subsequently ratified by the General Shareholders' Meeting held on 3 July 2025.

      Furthermore, it should be noted that no "Contributions from shareholders" were recorded during either

      the six-month period ended 30 September 2025 or the annual period ended 31 March 2025.

      Consequently, as of 30 September 2025, the balance of "Contributions from shareholders (owners)" of the Parent Company amounted to 431,603 thousand euros (compared with 740,071 euros thousand as of 31 March 2025).

   8. Dividend distribution

      As provided for in article 273 of the Corporate Enterprises Act, once the legal and bylaw-stipulated requirements have been met, dividends may be distributed against profit for the year or freely distributable reserves so long as the value of equity is not lower than or would not fall below share capital as a result of the distribution. Any profit recognised directly in equity may not be distributed either directly or indirectly for such purposes. If prior-year losses were to reduce the Parent's equity to below the amount of share capital, profit would have to be allocated to offset those losses.

      Approval of a new dividend policy:

      The Board of Directors, at a meeting held on 28 May 2025, approved the Parent's new shareholder

      remuneration policy, pursuant to which:

      • The Parent's Board of Directors would approve, annually, the distribution of a dividend equivalent to at least 50% of profit attributable to equity holders of the Parent until FY 2027/28, inclusive, this new policy applying in FY 2025/26 with a charge against the cash flow generated in FY 2024/25.

      • This minimum dividend may be complemented by additional dividends that may be approved as a function of cash generation.

      • Distribution of any additional dividend would be subject to a leverage ceiling of 25% of the net LTV ratio (i.e., the ratio of net debt to gross asset value).

      • The dividend may be paid in cash or via the delivery of Treasury shares.

      • The Parent's Board of Directors reserves the right to modify its shareholder remuneration policy in the event of material developments that could affect the Company's earnings performance or financing needs, warranting its discontinuation; those events could include significant changes in macroeconomic conditions or a decision to undertake a significant transaction or acquisition that could impact the capacity for remuneration.

      • This policy was approved following consideration of the following factors, among others: (i) the volume of profit attributable to equity holders of the Parent; (ii) visibility into cash generation; (iii) leverage metrics; and (iv) the liquidity needed to fund organic growth.

      • Lastly, any resolutions taken in executing this policy must comply with applicable company law and internationally recognised good governance practices.

        Dividends paid during the six months ended 30 September 2025

        On 28 May 2025, the day it authorised the annual consolidated financial statements for issue, the Board of Directors approved a proposal for the distribution of profit for the year ended 31 March 2025, which was ultimately approved at the Annual General Meeting held on 3 July 2025. Specifically:

      • The proposed total amount payable to shareholders amounted to 136,656 thousand euros, considering the number of shares outstanding as of the dividend distribution date and excluding the number of Treasury shares held as treasury stock as of that same date (317,293 shares). The Parent's profit for the year ended 31 March 2025 was 113,181 thousand euros.

      • As a result, the Parent paid out a dividend against profit for the year ended 31 March 2025 equivalent to 2.58 euros per share, or 111,927 thousand euros, considering the number of shares outstanding as of the dividend distribution date and excluding the number of Treasury shares held as treasury stock as of that same date (317,293 shares). The difference between the dividend so paid out and the Parent's profit, equivalent to approximately 1,254 thousand euros, has been recognised within the Parent's retained earnings.

      • In addition, it was proposed to top up that dividend with a distribution of 0.57 euros per share against the share premium account for a total payment of 24,728 thousand euros, considering the number of shares outstanding as of the dividend payment date and excluding the number of Treasury shares held as treasury stock as of that same date (317,293 shares).

      • The dividend was paid on 11 July 2025.

      There were no limits on the distribution of dividends other than those contemplated in Spanish company law and the Green Bond indenture (note 5) at 31 March 2025 or 30 September 2025.

   9. Other equity instruments

      At 30 September 2025, the Company's own share account (acquired under the Discretionary Programme, the Repurchase Programme and block trades) amounted to 5,411 thousand euros, corresponding to 317,293 shares representing 0.73% of share capital; the average purchase price was

      17.05 euros (31 March 2025: 8,480 thousand euros; 497,279 shares; 1.14% and 17.05 euros, respectively).

   10. Non-controlling interests

   This heading presents the share of the equity of the fully-consolidated Group companies that is held by minority shareholders.

   The reconciliation, by subsidiary, of the opening and closing balances of non-controlling interests during the six months ended 30 September 2025:

   	Ownership interest attributable to the Parent	Thousands of euros
   		31 Mar. 2025	Profit for the period attributable to NCI	Other changes	30 Sept. 2025
   SPV Spain 2, S.L.	87.5%	43	-	-	43
   Altacus Investments, S.A.	75.0%	529	(3)	1,054	1,580
   Lysistrata Investments, S.A.	75.0%	474	(3)	803	1,273
   Cirilla Investments, S.A.	75.0%	649	(6)	567	1,210
   Domus Avenida, S.L.	52.0%	144	29	(2)	170
   		1,837	17	2,422	4,276

   No dividend payments were agreed between 1 April 2025 and 30 September 2025.

   The reconciliation, by subsidiary, of the opening and closing balances of non-controlling interests during the year ended 31 March 2025:

   	Ownership interest attributable to the Parent	Thousands of euros
   		31 Mar.	2024	Profit/(loss) attributable to non-controlling interests	Other changes	31 Mar. 2025
   SPV Spain 2, S.L.	87.5%		159	(5)	(111)	43
   Altacus Investments, S.A.	75.0%	-		(11)	539	529
   Lysistrata Investments, S.A.	75.0%	-		(13)	487	474
   Cirilla Investments, S.A.	75.0%	-		(13)	662	649
   Domus Avenida, S.L.	52.0%		409	6	(272)	144
   		568		(36)	1,305	1,837

   The movement recognised under "Other changes" mainly reflects the share attributable to the Group of

   the contributions made to those investees by their owners.

5. Borrowings and other financial liabilities

   The Group had the following borrowings at 30 September 2025:

   	Thousands of euros
   	30 September 2025
   	Limit	Current liabilities			Non-current liabilities	Total
   		Due in the long term	Due in the short term
   Developer loans (a)	939,574	209,997	343			9,159	219,499
   Land financing	47,900	20,492	23,814		-		44,306
   Bank borrowings (developer loans)	987,474	230,489	24,157		9,159	263,805
   Green bond issue	255,000	-	252,858		-		252,858
   Commercial paper (b) Interest on notes and other marketable securities	35,650 -	- -	30,397 3,853		-	4,578	34,975 3,853
   Notes and other marketable securities	290,650	-	287,108		4,578	291,686
   Revolving credit facility	55,000	-	-		-	-
   Corporate debt	2,360	-		1,917	-		1,917
   Interest on development financing	-	-		3,910	-		3,910
   Other bank borrowings	57,360	-	5,827		-	5,827
   Lease liabilities - IFRS 16	-	-		1,612	2,312	3,924
   Other borrowings - Plan Vive grants (c) Other borrowings (d)	- -	- -	-	1,118	34,615 3,217	34,615 4,335
   Other financial liabilities (b) and (e)	-	-	2,730		40,144	42,874
   Total borrowings and other liabilities	1,335,484	230,489	319,822		53,881	604,192

   1. The balance recognised under "Developer loans - Non-current liabilities" relates to mortgages associated with real

      estate inventories.

   2. Unsecured debt.

   3. Grants related to assets awarded on 18 July 2024 by the regional government of Madrid to three Group companies, Lysistrata, Cirilla and Altacus Investments, for the construction of energy-efficient homes earmarked for affordable rent to be financed from Next Generation EU funds. The related developments are located in Villalbilla, Navalcarnero and Aranjuez, respectively. The grants total 36,615 thousand euros and are subject to delivery of specific milestones set down in the concession contract and rules, so that they are theoretically repayable; however, Group management considers that the probability that they will have to be repaid is remote. At 30 September 2025, the balance pending collection was recognised under "Grants receivable - Plan Vive - Madrid regional government".

   4. "Other borrowings" within non-current liabilities includes the deferred price for the Priesa Group business combination that was outstanding at 30 September 2025.

   5. Note that due to its nature, the debt classified within the "Other financial liabilities" subtotal does not compute for

   financial covenant calculation purposes.

   The Group had the following borrowings at 31 March 2025:

   	Thousands of euros
   	31 March 2025
   	Limit	Current liabilities		Non-current liabilities	Total
   		Due in the long term	Due in the short term
   Developer loans (a)	795,616	160,942	35	9,403	170,380
   Land financing	47,900	23,974	20,771	-	44,745
   Bank borrowings (developer loans)	843,516	184,916	20,806	9,403	215,125
   Green bond issue	255,000	-	-	251,695	251,695
   Commercial paper (b) Interest on notes and other marketable securities	250,000 -	- -	45,974 3,853	19,539 -	65,514 3,853
   Notes and other marketable securities	505,000	-	49,828	271,234	321,062
   BTR development financing (c)	16,499	-	8,234	-	8,234
   Revolving credit facility	55,000	-	-	-	-
   Corporate debt	17,000	-	16,898	-	16,898
   Overdraft credit facility	10,000	-	-	-	-
   Interest on development financing	-	-	4,472	-	4,472
   Interest on other bank borrowings	-	-	2,096	-	2,096
   Other bank borrowings	98,499	-	31,700	-	31,700
   Lease liabilities - IFRS 16	-	-	1,816	3,053	4,869
   Other borrowings - Plan Vive grants (d) Other borrowings (e)	- -	- -	- 929	36,677 8,039	36,677 8,968
   Other financial liabilities (b) and (f)	-	-	2,745	47,769	50,514
   Total borrowings and other liabilities	1,447,015	184,916	105,079	328,406	618,401

   1. The balance recognised under "Developer loans - Non-current liabilities" relates to mortgages associated with real

      estate inventories.

   2. Unsecured debt.

   3. Mortgage loans.

   4. These are grants related to assets awarded on 18 July 2024 by the regional government of Madrid to three Group companies, Lysistrata, Cirilla and Altacus Investments, for the construction of energy-efficient homes earmarked for affordable rent to be financed from Next Generation EU funds. The related developments are located in Villalbilla, Navalcarnero and Aranjuez, respectively. The grants total 36,677 thousand euros and are subject to delivery of specific milestones set down in the concession contract and rules, so that they are theoretically repayable; however, Group management considers the probability that they will have to be repaid is remote. At 31 March 2025, the balance pending collection was recognised under "Grants receivable - Plan Vive - Madrid regional government".

   5. "Other borrowings" within non-current liabilities includes the deferred price for the Priesa Group business combination that was outstanding at 31 March 2025.

   6. Note that due to its nature, the debt classified within the "Other financial liabilities" subtotal does not compute for

      financial covenant calculation purposes.

      At 30 September 2025, non-current debt accounted for 47.87% of the total (83.13% at 31 March 2025).

      Developer loans

      At 30 September 2025, the Group had arranged mortgages in an aggregate amount of 939,574 thousand euros in order to finance 87 developments (31 March 2025: 795,616 thousand euros financing 93 developments). The balance recognised at 30 September 2025 using the amortised cost method was 219,499 thousand euros (31 March 2025: 170,380 thousand euros). The mortgages carry interest at Euribor plus spreads ranging between 110 and 300 basis points.

      The Group has arranged developer loans totalling 939 million euros, which it has drawn down by 224 million euros (23.86% of the total available); it has also drawn down 133 million euros which are secured by the special buyers' account, leaving 582 million euros available for drawdown.

      That undrawn amount becomes available for draw down as the following two milestones are met: (i) attainment of a specific volume of sales contracts at each development (a percentage that can change from one development to the next but in all instances exceeds 30%); (ii) execution and invoicing of each development milestone.

      At 30 September 2025, the progress made on the Group's developments qualified it to draw down an additional 27.8 million euros corresponding to supplier invoices authorised and not drawn as they are not yet due.

      Land financing

      At 30 September 2025, the Group recognised five loans secured by mortgages that fund the acquisition of land with a total face value of 44,306 thousand euros; those loans accrue interest at 3- and 12-month Euribor plus spreads of between 200 and 300 basis points.

      Corporate debt

      At 30 September 2025, the Group recognised two credit facilities with a combined limit of 2,360 thousand euros; they accrue interest at 3- and 12-month Euribor plus spreads of between 135 and 150 basis points. These facilities are not secured.

      At 30 September 2025, one of those facilities was drawn down by 1,917 thousand euros.

      Loans classified as current liabilities that fall due in the long term

      The maturity profile of the loans classified within current liabilities that fall due in the long term by their maximum remaining maturity (i.e., assuming they are not cancelled upon the sale of the homes they finance):

      Maturity	Thousands of euros
      	Current
      	30 Sept. 2025	31 Mar. 2025
      31 Mar. 2026	12,586	39,742
      31 Mar. 2027	52,611	64,280
      31 Mar. 2028	32,923	14,822
      31 Mar. 2029	27,517	8,874
      31 Mar. 2030 et seq.	127,727	88,542
      	253,364	216,260

      Green bonds

      On 21 May 2021, Aedas Homes Opco, S.L.U. issued 325 million euros of green bonds due 15 August

      2026. The bonds are listed on the Irish Stock Exchange's Global Exchange Market.

      The bonds carry a coupon of 4%, payable six-monthly.

      The green bonds constitute senior secured debt of the Issuer. Specifically, they are secured by (i) a personal guarantee extended by AEDAS; (ii) a first-ranking pledge, under Spanish law, over all of the share capital of the Issuer; and a (iii) a first-ranking pledge, under Spanish law, over all of AEDAS Group's credit claims as a result of any intra-group loans.

      The gross proceeds will be used by the above-mentioned subsidiary for general corporate purposes, including to repay existing corporate borrowings, bolster liquidity and pay the fees and charges related with the issue. That subsidiary has committed to use an amount equivalent to the net proceeds to finance or refinance eligible green assets categorised as green buildings.

      In February 2024, Aedas Homes Opco, S.L.U. repurchased bonds with a total face value of 1,564 thousand euros on the open market, leaving bonds with a face value of 323,436 thousand euros outstanding at 31 March 2024.

      On 20 March 2024, Aedas Homes Opco S.L.U. launched a public partial buyback offer which closed on 3 April 2024, repurchasing bonds with a total face value of 68,436 thousand euros.

      The bonds repurchased in April 2024 with a face value of 68,436 thousand euros, coupled with those bought back on the open market in February 2024 with a face value of 1,564 thousand euros, were cancelled on 3 April 2024. Following the cancellation of those bonds, the face value of the bonds still outstanding stands at 255,000 thousand euros.

      To meet potential contingencies, the bond issue has an associated back-up revolving facility. The limit on that facility is 55 million euros and it matures on 15 February 2026. That facility accrues a variable rate of interest on the amount drawn of Euribor plus a spread of between 2% and 3%, depending on the Net Secured Loan-to-Value ratio, subject to a floor of 0% if Euribor is negative. The facility also accrues a commitment fee of 30% of the spread. The revolving facility was undrawn at 30 September 2025.

      The bonds imply compliance with a series of covenants whose breach would limit certain transactions outside the ordinary course of the Group's business. Compliance with those covenants at 30 September 2025 was as follows:

      	30 Sept. 2025	31 Mar. 2025
      Pari Passu Senior Secured Loan to Value Ratio	4.3%	-% (*)
      Net Total Loan to Value Ratio	21.9%	15.0%
      Net Secured Total Loan to Value Ratio	18.1%	9.0%

      (*) Net debt for the purposes of this ratio was negative.

      Note, lastly, that this issue features a bond repurchase clause triggered by a change of control at the Group (note 13), as set down in the indenture.

      Commercial paper

      On 9 July 2024, the Parent renewed its AEDAS HOMES 2024 Commercial Paper Notes Program on Spain's alternative fixed income market (MARF for its acronym in Spanish), substituting the commercial paper programme arranged on 27 June 2023. Under the new programme, it can issue up to 150,000 thousand euros of commercial paper with terms of up to 24 months. The aim is to diversify the Group's sources of financing. This programme matured on 9 July 2025, when it was not renewed.

      During the six months ended 30 September 2025 and before the programme expired, the Parent issued a total of 15,600 thousand euros of commercial paper under the programme and repaid 45,100 thousand euros of commercial paper at maturity, leaving an outstanding balance of 34,000 thousand euros due on several dates between the reporting date and January 2027. The effective nominal annual cost of the commercial paper issues is 3.51%.

      On 3 September 2024, the Parent renewed another new commercial paper programme with AIAF, another Spanish alternative fixed income market, under which it could issue up to 100,000 thousand euros of paper with terms of between three working days and 364 calendar days, similarly in order to diversify the Group's sources of financing. This programme matured on 3 September 2025, when it was not renewed.

      During the six months ended 30 September 2025 and before the programme expired, the Parent issued a total of 1,300 thousand euros of commercial paper under the programme and repaid 3,100 thousand euros of commercial paper at maturity, leaving an outstanding balance of 1,700 thousand euros due on several dates between the reporting date and December 2025. The effective nominal annual financial cost of these commercial paper issues is 3.07%.

      Commercial paper is initially recognised at the fair value of the consideration received plus directly attributable transaction costs.

      Subsequently, the implicit interest on the paper is accrued using the effective interest rate on the transaction so that the carrying amount of these borrowings is adjusted for the interest accrued. The commercial paper issued by the Group was carried, using the amortised cost measurement method, at 30,397 thousand euros at 30 September 2025.

      Overdraft credit facility

      The overdraft credit facility arranged between Aedas Homes Opco, S.L.U. and Société Générale, Sucursal en España, for up to 10 million euros, matured on 1 August 2025.

      Trend in borrowings

      Changes in liabilities arising from financing activities

      Below is an account of the changes in liabilities resulting from the Group's financing activities during the six months ended 30 September 2025, distinguishing between those that gave rise to inflows and outflows of cash and those that did not:

      	Non-current bank borrowings	Non-current commercial paper and bonds	Other non-current liabilities	Current bank borrowings	Current commercial paper and bonds	Other current liabilities	TOTAL
      Balance as at 1 April 2025	9,403	271,234	47,769	237,422	49,828	2,745	618,401
      Changes derived from financing cash flows	-	-	-	45,686	(30,691)	-	14,995
      Assumption of developer loans	-	-	-	(26,843)	-	-	(26,843)
      Interest accrued without an impact on financing cash flows	-	-	-	10,380	6,264	-	16,644
      Other changes	(244)	(267,420)	(9,936)	(10,882)	261,706	3,089	(23,687)
      Fixed asset suppliers Lease agreements	-	764	2,312	-	-	1,605	4,681
      Balance as at 30 September 2025	9,159	4,578	40,145	255,764	287,108	7,439	604,192

      1. During the six months ended 30 September 2025, the net cash inflow related with bank borrowings amounted to 157 thousand euros, made up of developer loan drawdowns of 220,582 thousand euros, offset by developer loan repayments on delivery of housing units of 201,739 thousand euros.

   Effect of the tender offer on Group financing (refer to note 13)

   Some of the Group's financing arrangements as of the date of preparing these interim condensed consolidated financial statements for the six months ended 30 September 2025 are subject to prepayment clauses in the event of a change of control at the Group. In general terms, in virtually all of the financing arrangements that contain this type of trigger, the Group has either already obtained a waiver or is in the process of negotiating a waiver with the corresponding financial institutions. Group management's best estimate is that the probability of obtaining waivers in the arrangements for which they have not yet been secured is high, except for the green bonds, for which a bond repurchase is considered the most likely scenario in the event of a change of control. In the event that the bonds are not prepaid, they would be repaid upon maturity in August 2026.

   Cash and cash equivalents

   This consolidated balance sheet heading includes cash in demand deposits and cash equivalents that meet all of the following conditions: (i) investments with an original maturity of three months or less; (ii) investments that are highly liquid, meaning readily convertible into cash without incurring penalties; (iii) the risk of changes in value of the investments is negligible; and (iv) the primary purpose for holding them to meet short-term cash commitments, as part of the Group's cash management policy. Their carrying amount approximates their fair value.

   Note with respect to the cash and cash equivalents recognised on the Group's consolidated balance

   sheet at 30 September 2025 that:

   • As per Law 20/2015, the sum of customer prepayments placed on deposit in special customer accounts stood at 49,138 thousand euros at 30 September 2025 (52,114 thousand euros at 31

     March 2025).

   • Balances pledged as collateral at 30 September 2025: sureties provided to customers of 1,568 thousand euros; and performance bonds of 2,555 thousand euros (total: 4,124 thousand euros) (31 March 2025: total amount of pledged cash: 2,248 thousand euros).

   • Restricted cash at 30 September 2025: 53,262 thousand euros (31 March 2025: 54,362 thousand euros).

   • The cash balances are on deposit at highly solvent entities and earn interest at market rates.

6. Tax payables | receivables and tax matters

   1. Applicable legislation and years open to inspection

      In accordance with prevailing tax legislation, tax returns cannot be considered final until they have been inspected by the tax authorities or until the four-year inspection period has elapsed. At 30 September 2025, the Parent and other Group companies had all their tax returns open to inspection for all required years.

      The Parent's directors do not anticipate the accrual of additional liabilities other than those already provided for as a result of any review by the tax authorities of the years open to inspection.

   2. Income tax expense for the period

      Income tax expense breaks down as follows:

      	Thousands of euros
      	Six months ended 30 Sept. 2025	Six months ended 30 Sept. 2024
      Current tax	(3,396)	(3,211)
      Deferred tax	(2,458)	-
      (Expense)/Income	(5,854)	(3,211)

   3. Deferred tax

      The breakdown of the tax credits recognised by the various Group companies at 30 September 2025 and 31 March 2025:

      	Thousands of euros
      	30 Sept. 2025	31 Mar. 2025
      Aedas Homes, S.A. Aedas Homes OPCO, S.L.U. Other Group companies	3,362 40,042 438	3,561 47,213 867
      TOTAL	47,842	51,642

      The reconciliation of the movement in deferred tax assets and liabilities during the six months ended 30 September 2025 is shown below:

      	Thousands of euros
      	31 Mar. 2025	Statement of profit or loss	Other	30 Sept. 2025
      Deferred tax assets Deductible temporary differences	51,642	(3,800)	-	47,842
      Total deferred tax assets	51,642	(3,800)	-	47,842
      Deferred tax liabilities Taxable temporary differences	(1,624)	(654)	301	(1,977)
      Total deferred tax liabilities	(1,624)	(654)	301	(1,977)
      Total net deferred tax assets	50,018			45,865

      During the six months ended 30 September 2025, the movement in deferred tax assets and liabilities originated mainly from the credit applicable to the reporting period of part of the deferred tax assets arising as a result of the accounting of the business combination with Priesa Group in FY 2024-25.

      The Parent's directors believe there are no indications that the deferred tax assets recognised are impaired on the basis of:

      • The Group's current business plan; and

      • The appraisal of its real estate inventories, which indicates a gross asset value (GAV) of 1,802 million euros, implying unrecognised unrealised capital gains of approximately 304 million euros (note 3).

   On the basis of the foregoing, the Parent's directors expect that it will be possible to utilise the tax assets

   recognised within a near and reasonably foreseeable future.

   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.

7. Related-party transactions

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 Spain's Ministry of Finance Order EHA 3050/2004 (of 15 September 2004) and CNMV Circular 1/2005 (of 1 April 2005), as well as other applicable company law.

The main transactions completed with related parties in the six-month period ended 30 September 2025:

• Shareholder contributions and loans extended to associates.

• Contracts entered into with associates: provision of management, monitoring and sales and marketing services.