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Aedas Homes (AEDAS) investor relations material
Aedas Homes Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 May, 2025
Executive summary
Achieved record revenue of €1.16 billion for the second consecutive year, with net profit reaching €150 million, driven by strong sales, delivery volumes, and forward sales of 3,224 units for €1.4 billion, resulting in an order book valued at €1.66 billion and high revenue visibility.
Delivered 5,211 homes, including 3,151 BTS/BTR units and 2,060 affordable rental units, with net BTS sales up 48% year-over-year and average selling price rising 5% to €436,000.
Significant land investments of €450 million, including acquisitions of Grupo Priesa and Habitat land bank, expanded the platform and support future growth.
Launched ESG Strategic Plan 2024-2026, emphasizing sustainability, circular economy, and energy efficiency, with delivery of 2,060 affordable housing units.
Maintained leadership in the sector, managing a land bank of 20,200 units with a gross development value of €6.8 billion, ensuring revenue visibility through 2029.
Financial highlights
Total revenue reached €1.156 billion, with €1.028 billion from home deliveries, €115 million from land sales, and €13 million from services, the latter up 40% year-over-year.
Gross margin was 21.7% (down from 22.4%), with EBITDA at €164 million (margin 14.2%) and net profit at €150 million, up 37% year-over-year.
Net margin improved to 12.9%, and EPS rose to €3.47.
Free cash flow reached nearly €175 million, reducing net financial debt by €44 million; cash position increased to €292 million.
Net asset value per share increased to €33.89, with 100%-owned land bank valued at nearly €1.9 billion and €425 million in unrealized capital gains.
Outlook and guidance
Revenue for fiscal year 2025 expected to exceed €1 billion, with build-to-sell gross development margin guidance at around 25%.
Order book of €1.66 billion covers 76% of 2025/26 and 39% of 2026/27 deliveries, providing strong revenue visibility.
Continued focus on product diversification, co-investment growth, and further improvements in return on equity.
Minimum dividend policy of 50% of attributable net income, with potential for additional payouts if LTV remains below 25%.
What is driving the increase in land value?
Explain the deferred payment schedule.
How will the new ESG plan impact operations?
How does Aedas address land scarcity and cost?
Co-investment P&L contribution outlook
What's the rationale for new dividend policy?
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Frequently asked questions
Aedas Homes S.A. is a Spanish company in the real estate sector, specializing in the acquisition, construction, promotion, and sale of residential properties. The company is focused on developing projects in various Spanish cities, including Valencia, Alicante, Barcelona, Madrid, Malaga, and Seville. Aedas Homes primary focus is on quality multifamily homes in attractive locations, and it aims to be a 100% sustainable real estate developer. Aedas Homes S.A. is headquartered in Madrid, Spain, and its shares are listed on the Madrid stock exchange.
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