Aedas Homes (AEDAS) Q1 2026 earnings summary

Executive summary

• Order book at 30 June 2025 reached 3,881 units valued at €1.74 billion, up from €1.66 billion at 31 March 2025, reflecting strong sales and delivery activity.

• Residential Development business line accounted for €1.19 billion of the order book, with 2,968 units at an average selling price (ASP) of €401k.

• Real Estate Services business line under co-investment format contributed €545 million, with 913 units at an ASP of €597k.

Financial highlights

• Q1 2025/26 total revenues were €185 million, up 15% year-over-year.

• Residential Development division generated €171 million in revenue, up 12% year-over-year, driven by higher ASP of delivered units.

• Gross development margin was €38 million, representing 22%.

• EBITDA reached €20 million, up 14% year-over-year.

• Net financial debt stood at €290 million as of 30 June 2025.

Outlook and guidance

• Target of generating around €1 billion in annual revenue through the Residential Development business line is reaffirmed.

• Coverage ratios for the next three fiscal years indicate strong visibility, with high levels of pre-sales and units under construction.