Aedas Homes (AEDAS) Q1 2025 earnings summary

Executive summary

• Delivered 415 homes in Q1 2024/25, up from 337 in Q1 2023/24, with €153M in revenue, exceeding forecasts by €13M.

• Net sales reached €371M (+59% vs Q1 2023/24), with strong performance in both Residential Development and Real Estate Services.

• Order book at quarter-end valued at €1.46B, up from €1.24B as of March 2024, providing strong visibility for future activity.

• Maintains annual revenue goal of over €1B and commitment to stable shareholder returns.

Financial highlights

• Total Q1 2024/25 revenue: €161M (+42% vs Q1 2023/24); Residential Development revenue: €153M (+35%).

• Gross development margin: €36M (24%), at the high end of guidance.

• EBITDA: €17M (+69% vs Q1 2023/24).

• Net financial debt: €405M at quarter-end.

Outlook and guidance

• Reconfirms target of generating around €1B in annual revenue through Residential Development.

• Strong sales coverage and order book provide stability and visibility for the next three years.