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Instone Real Estate Group (INS) investor relations material
Instone Real Estate Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Strong retail (B2C) sales momentum continued, up 58% year-over-year in H1 2025, with robust demand from private investors and owner-occupiers; first institutional deal signed in July and further transactions in negotiation.
Five new project acquisitions with a GDV of €350M signed or near signing, expanding the pipeline and targeting above-average margins and IRRs.
Management continuity secured with early board contract extensions for CEO and COO.
Adjusted revenue for H1 2025 was €231M, down 9.6% year-over-year, mainly due to reduced construction services and fewer institutional sales.
Project portfolio remains robust at €6.84B, with 43 projects and 13,793 units.
Financial highlights
Adjusted revenues reached €231M for H1 2025; gross margin at 25.3%, with a slight decrease expected in H2.
Adjusted earnings after tax totaled €17.2M, down 16.1% year-over-year; sales at €96.3M, down 21% due to prior year institutional sale.
Q2-2025 revenues at €126M, gross margin 24.1%, EBIT €16M (12.7% margin), EAT €9.7M (7.7% margin), and EPS €0.22.
Cash and cash equivalents stood at €425.3M, and the equity ratio was 29.3% as of June 30, 2025.
Platform costs decreased 12% year-over-year due to lower FTE and LTIP provisions.
Outlook and guidance
Full-year 2025 guidance confirmed: revenue €500–600M, gross margin ~23%, adjusted earnings after tax €25–35M, and sales target above €500M.
Expecting additional positive sales momentum from five further retail-focused project launches by year-end.
Recovery in demand is expected, but sales volumes are not anticipated to reach pre-crisis levels in 2025.
Leverage ratios expected to rise with planned growth investments but to remain within prudent limits.
Lower margin expected in H2-2025 as planned.
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