Trading statement Q1 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

23 July 2025 AEDAS Homes, S.A.

Trading statement for Q1 2025/26 (April-June 2025)

AEDAS Homes is issuing the following update on trading for the Company and group's activity for the first quarter of its 2025/26 fiscal year, ended 30 June 2025. The figures provided here are based on unaudited data that the Company's relevant corporate bodies have reviewed.

Operating Performance in Q1 2025/26

During the first quarter of its 2025/26 fiscal year, AEDAS Homes delivered 423 homes (vs 415 delivered in Q1 2024/25), generating €171 million in revenue from these deliveries (up 12% vs Q1 2024/25). All of these deliveries were to private customers, at an average selling price (ASP) of G404k, 9% higher than the ASP reported in Q1 2024/25.

Likewise, during the quarter, the Company continued delivering the affordable rental units developed through the Plan Vive I scheme, handing over a total of 481 affordable homes, while also delivering 197 homes in co-investment vehicles, bringing the total volume of homes delivered to 1,101.

In terms of sales activity, the Company is reporting total net sales of €342 million1

(down 8% vs Q1 2024/25) between April and June 2025, as follows:

• Residential Development business line: €236 million, corresponding to the sale of 586 BTS units at an ASP of €402k; and
• Real Estate Services business line under the co-investment format: €106 million, coming from the sale of 178 units at an ASP of €597k.

  ‌1Includes 51 units sold in fiscal year 2024/25 for G20 million in a development which was considered "off balance" in that fiscal year

  As a result of this sales and delivery activity, at 30 June 2025, the Company's Order Book, standing at 3,881 units, was valued at €1.74 billion (vs G1.66 billion at 31 March 2025), with the following breakdown:

• Residential Development business line2: G1.19 billion (vs G1.13 billion at 31 March 2025), consisting of 2,968 BTS units at an ASP of G401k; and

• Real Estate Services business line under the co-investment format: G545 million (vs G534 million at 31 March 2025), comprised of 913 BTS units at an ASP of G597k.

Taking all this into account, the Company enjoys good visibility for the coming years (as illustrated in the following charts, which show the target coverage solely for its Residential Development business line), and is able to reconfirm its goal of generating around G1 billion in revenue annually through its Residential Development business line.

Marketing launches

Pre-sales levels

Construction progress

100%

100%

2%

98%

52%

51%

48%

27%

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

Q1 2025/26 Financial Results

Earnings-wise, in Q1 2025/26, AEDAS Homes generated total revenues of €185 million (up 15% vs Q1 2024/25), of which G171 million corresponded to the Residential Development division (up 12% vs Q1 2024/25, driven mainly by a higher ASP of delivered units), a gross development margin of €38 million, or 22%, EBITDA of €20 million (up 14% vs Q1 2024/25), and net financial debt of €290 million.

‌2Excludes the sales amount of the 944 units earmarked for affordable rental reported in FY 2024/25

About AEDAS Homes

AEDAS Homes is a leading residential developer in Spain. As of 30 June 2025, the Company manages a land bank with a development capacity of 19,457 residential units. Since its founding in 2016, the Company has put 28,000+ 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 June 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 of 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 brieGing 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 of such inGormation's portrayal oG 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 oG 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.

The definition and purpose of the Alternative Performance Measures are available in the Investors Kit on the AEDAS Homes website here.