Trading statement H1 2025/26

In compliance with the reporting requirements under article 227 of Law 6/2023, of

17 March, on Securities Markets and Investments Services, AEDAS Homes, S.A. ("AEDAS" or the "Company") hereby informs the National Securities Market Commission of the following:

OTHER RELEVANT FACTS

26 November 2025 AEDAS Homes, S.A.

Trading statement for H1 2025/26 (April - September 2025)

AEDAS Homes is issuing the following update on trading activity for the Company and its group in the first half of the fiscal year ending on 31 March 2026. The information disclosed here has been subject to a limited review carried out by its statutory auditor and has been approved by the Company's corporate bodies.

Operating performance in H1 2025/26

During the first half of FY 2025/26, AEDAS Homes delivered 848 homes (vs 922 in H1 2024/25, of which 184 came from a single BTR development), representing turnover of €326 million (+10% vs H1 2024/25). All this revenue originated from BTS deliveries to individual customers at an average sales price (ASP) of €384,000, up 7% compared to BTS deliveries in H1 2024/25.

Additionally, the Company continued delivering the affordable rental homes under development for the Madrid Region's Plan Vive I scheme, handing over 1,052 affordable units in total, as well as delivering 369 homes to individual customers through its co-investment vehicles, lifting the total delivery volume to 2,269 homes.

By business line, these forward sales break down as follows:

• Residential Development: €456 million (vs €523 million in H1 2024/25) corresponding to the forward sale of 1,144 BTS units, of which 40 pertained to an affordable BTS development (vs 1,344 units in H1 2024/25) at an ASP of €399,000 (+2% YoY, or +4% excluding the affordable BTS development); and
• Real Estate Services considering only the co-investment format: €184 million

  (vs €117 million in H1 2024/25), corresponding to the forward sale of 331 units

  ‌1 Includes 51 units sold in FY 2024/25 for €20 million from a development that, during that fiscal year, was considered a project in the acquisition phase and/or formal closing phase, and excludes the sales of two projects in acquisition phase and/or formal closing phase at 30 September 2025, as well as the "management only" units sold.

  (vs 148 in H1 2024/25) at an ASP of €555,000, which was lower year-on-year (H1 2024/25 ASP: €793,000) due to shifts in product composition.

  The above sales and deliveries volumes meant that at 30 September 2025, the Company had a total Order Book under management comprised of 3,998 units and valued at €1.8 billion (vs €1.66 billion at 31 March 2025).

  By business line, the Order Book breaks down as follows:

• Residential Development2: €1.26 billion (vs. €1.13 billion at 31 March 2025), comprised of 3,104 BTS units at an ASP of €405,000; and
• Real Estate Services considering only the co-investment format: €543 million (vs. €534 million euros at 31 March 2025), comprised of 894 BTS units at an ASP of €608,000.

From an operational standpoint, at 30 September 2025, the Company's Residential Development business line had a total of 8,741 active units, of which 515 were already completed and 63% already sold, 4,795 under construction, and the remaining 3,431 in either the marketing or design phase. Additionally, its Real Estate Services business line had a total of 3,931 active units, of which 2,624 units pertained to co-investments; of these, 139 were already completed, 1,477 were under construction, and the remaining 1,008 were in either the marketing or design phase.

Overall, the Company enjoys good visibility for the coming years, as shown in the following charts depicting the current coverage levels in the Residential Development business line.

Marketing launches

Pre-sales levels

Construction progress

100% 100%

3%

97%

61%

60%

40%

30%

FY 2025/26 FY 2026/27 FY 2027/28

FY 2025/26 FY 2026/27 FY 2027/28

FY 2025/26 FY 2026/27 FY 2027/28

Launched

Pre-sold Delivered

Under construction Completed

Coverage ratios are calculated based on the total number oG BTS + BTR units slated Gor delivery in that fiscal year

Lastly, it is worth highlighting that, in April 2025, the Company, along with non-institutional Spanish investors, set up a new co-investment vehicle ("AEDAS Active

1, S.L.") with approximately €42 million in total committed capital, aiming to invest in land recently acquired by the Company to develop BTS products, as well as in new pre-identified plots located within the Company's geographic footprint.

Investment activity in H1 2025/26

During the first half of FY 2025/26, the Company's investment and divestment efforts were significantly conditioned by the restrictions defined in the prior notice of the voluntary public tender offer announced on 16 June 2025.

The total volume of new investments in land under management completed and/or committed to amounted to €37 million (in Ready-to-Build, or RTB, cost terms), with an estimated development capacity of 363 units, of which €17 million corresponded to investments in co-investment vehicles for BTS developments.

As for disposals, the Company closed the sale of several assets for a total of €7 million (of which €5 million corresponded to divestment transactions committed to in FY 2024/25), as well as committing to the sale of a rustic site and the transfer of three assets to Aedas Active 1, S.L., for a total of €6 million. The overall amount generated from the sale of assets in the period came to €14 million.

As a result of these deliveries, investments and disposals, the development capacity of the land bank under management at 30 September 2025 stood at 18,836 units, of which 4,155 units were managed through co-investment vehicles or other third-party agreements.

Breakdown of landbank under management

Financial Results in H1 2025/26

During the first half of the 2025/26 fiscal year, AEDAS Homes recognised total revenues of €348 million (+13% vs H1 2024/25), of which €326 million was generated by its Residential Development business (+10% vs H1 2024/25, driven primarily by a higher ASP of the homes delivered during the period), gross profit from development of €77 million, implying a gross development margin of 23.5% (vs 22.4% in H1 2024/25) and EBITDA of €41 million, equivalent to a margin of 11.8% (+271 bps vs H1 2024/25). Net financial debt stood at €377 million, with an average nominal cost of 4.2% and an LTV of 20.9% (vs. €539 million, 4.9%, and 26.8%, respectively, as of 30

September 2024).

About AEDAS Homes

AEDAS Homes is a leading residential developer in Spain, managing a land bank with a development capacity of 18,800+ residential units as of 30 September 2025. Since its founding in 2016, the Company has put 30,000+ units on the market in the most dynamic areas in Spain, and in the process, has become an icon of innovation, sustainability and professionalism in the sector.

The Company's core business focuses on high-quality, sustainable multi-family and single-family homes in Spain's most desirable locations. It also develops turnkey Build-to-Rent projects for institutional investors, and through its asset-light Real Estate Services division, provides integrated project management services for third parties, including co-investing with partners on residential and alternative living projects.

As of the end of September 2025, the covenant ratios for the Green Bond issued in May 2021 and maturing in August 2026, were as follows:

For further information, please contact:

investor@aedashomes.com

Disclaimer

By accessing this document (the "Document") and/or accepting this Document, you will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this disclaimer.

This Document has been prepared by AEDAS Homes, S.A. (the "Company") and Gor the purposes oG this disclaimer, "Document" means this document, its contents or any part oG it. This Document may not be copied, distributed, reproduced or passed on, directly or indirectly, in whole or in part, or disclosed by any recipient to any other person, for any purpose other than the aforementioned.

This Document has not been verified by independent third parties and therefore no representation, warranty or undertaking, express or implied, is made, nor is any guarantee given as to the fairness, accuracy, completeness or correctness of the information or opinions contained herein and nothing in this Document is, or shall be relied upon as, a promise or representation.

None of the Company nor any of its employees, officers, directors, advisers, representatives, agents or affiliates shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss, damage or harm howsoever arising from any use of this Document or its contents or otherwise arising in connection with this Document.

This Document is for informational purposes only and is incomplete without reference to, and should be viewed solely in conįunction with, the Company's publicly available inGormation and, iG applicable, the oral briefing provided by the Company. The information and opinions contained in this Document are provided as at the date of the Document and are subįect to verification, correction, completion and

change without notice. In giving this Document, no obligation is undertaken to amend, correct or update this Document or to provide access to any additional information that may arise in connection with it is undertaken.

Likewise, it is not the Company's intention to provide, nor can this material be deemed to provide, a complete and comprehensive analysis of the Company's financial or trading position or prospects.

This Document does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your investment obįectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Company and the group. You are solely responsible for seeking independent professional advice in relation to the Company and the group. Neither the Company nor its affiliates, nor any of their employees, officers, directors, advisors, consultants or agents assumes any responsibility or liability for any information or action taken by you or any of your officers, employees, agents or associates based on such information.

This Document contains financial information regarding the businesses and assets of the Company and the group. Such financial information may not have been audited, reviewed or verified by any independent accounting firm. The inclusion of such financial information in this Document or any related Document should not be regarded as a representation or warranty by the Company, its affiliates, advisors or representatives or any other person as to the accuracy or completeness oG such inGormation's portrayal of the financial condition or results of operations by the Company and the group and should not be relied upon when making an investment decision. Certain financial and statistical information in this document has been subįect to rounding off adįustments. Accordingly, the sum of certain data may not conform to the expressed total.

Certain statements in this Document are forward-looking. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions, many of which are generally beyond the Company's control, and could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These include, among other factors, changing economic, business or other market conditions, changing political conditions and the prospects for growth anticipated by the Company's management. These and other Gactors could adversely aGGect the outcome and financial effects of the plans and events described herein. Any forward-looking statements contained in this Document and based upon past trends or activities should not be taken as a representation that such trends or activities will continue in the future.

The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The market and industry data and forecasts that may be included in this Document were obtained from internal surveys, estimates, experts and studies, where appropriate as well as external market research, publicly available information and industry publications. The Company, its affiliates, directors, officers, advisors and employees have not independently verified the accuracy of any such market and industry data and forecasts and make no representation s or warranties in relation thereto. Such data and forecasts are included herein for informational purposes only.

The distribution of this Document in other įurisdictions may be restricted by law and persons into whose possession this Document comes should inform themselves about and observe any such restrictions.

Neither this document nor any of the information contained herein constitutes or forms part of, and should not be construed as, an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, or any advice or recommendation with respect to such securities of the Company in any įurisdiction, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. Any purchase of or subscription Gor securities oG the Company should be based solely on each investor's own analysis of all public information, the assessment of risk involved and its own determination of the suitability of any such investment. No decision should be based on this Document.