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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Aedas Homes
Aedas Homes (AEDAS) investor relations material
Aedas Homes has been acquired
Aedas Homes Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary26 Nov, 2025
Executive summary
A voluntary public tender offer for all shares was announced by Neinor DMP BidCo, S.A.U. on 16 June 2025, pending regulatory approval as of 30 September 2025.
The Group delivered 848 units (vs. 922 in H1 2024/25), with total revenue of €347.7m (+13% YoY), gross profit of €80.1m, and EBITDA of €41.0m (margin 11.8%).
Dividend of €3.15 per share (€136.7m total) was paid in July 2025, and a new shareholder remuneration policy was adopted, targeting at least 50% payout of attributable profit.
Order book at 30 September 2025 comprised 3,998 units valued at €1.8bn, up from €1.66bn at 31 March 2025.
Established new co-investment vehicle in April 2025 with €42m committed capital for land and BTS product development.
Financial highlights
Revenue: €347.7m for H1 2025/26 (+13% YoY); Residential Development revenue €326m (+10% YoY).
Gross profit: €80.1m (gross margin 23.0%, up from 22.4% YoY); development gross profit €77m (margin 23.5%).
EBITDA: €41.0m (margin 11.8%, up 271bp YoY due to lower general expenses).
Net profit: €20.4m (attributable to equity holders: €20.3m), down from €24.7m YoY.
Net financial debt: €377.3m (net LTV 20.9%, down from 26.8% YoY); gross debt €553.6m (avg. cost 4.2%).
Cash and cash equivalents: €176.3m unrestricted at period end.
Outlook and guidance
Order book and active unit pipeline provide strong visibility for future years, with €1.8bn (3,998 units) at 30 September 2025, up from €1.66bn at 31 March 2025.
Land bank under management: 18,836 units, with 4,155 managed through co-investment vehicles.
Coverage ratios for the next three fiscal years indicate strong pre-sales and construction progress.
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Latest events from Aedas Homes
- Q1 2025/26 revenues rose 15% year-over-year to €185 million, with strong order book growth.AEDAS
Q1 2026 - Revenue up 33% to €307m, net profit €25m, and order book at €1.7bn in H1 2024/25.AEDASQ2 2025
- Q1 2024/25 revenue up 42% year-over-year, with strong sales and a record order book.AEDASQ1 2025
- Record revenue and profit, strong order book, and €3.15 dividend proposal signal growth.AEDASQ4 2025
- Revenue up 9% and sales up 44% year-on-year, with a record land bank and strong margins.AEDASQ3 2025
Aedas Homes
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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.