Aedas Homes (AEDAS) Q2 2025 earnings summary

Executive summary

• Revenue grew 33% year-over-year to €307m in H1 2024/25, driven by strong sales, robust Spanish housing demand, and the delivery of 922 units, with 1,492–1,500 BTS units sold (+68%) at an ASP of €429k.

• Net attributable profit rose to €25m (vs. €3.6m in H1 2023/24), supported by higher business volumes and a €15m bargain purchase gain from the Priesa/Grupo Priesa acquisition, which added 1,100–1,126 active units and expanded market reach.

• The land bank expanded to 21,172 units, with 16,928–17,000 active units under management and nearly 10,000 under construction.

• The order book reached 4,289 units (€1.69bn), providing strong visibility for future revenue.

• Diversification included new co-investment agreements, management contracts, and expansion into affordable and flexible living segments.

Financial highlights

• Revenue: €307m (+33% year-on-year); gross profit: €69m (+23%); EBITDA: €28m (+56%).

• Gross margin: 22.4%–24.3%; net margin: 16.2%; EBITDA margin: 9.1%.

• Net income attributable to parent: €24.7m–€25m (+591%), EPS €0.57 (diluted).

• Free cash flow improved by €69m; net financial debt: €539m; net LTV: 26.8%; interest coverage: 8.1x; average cost of debt: 5.3%.

• Dividend payments totaled €58m in H1 2024/25.

Outlook and guidance

• 90% of FY 2024/25 deliveries already sold; 56% of FY 2025/26 and 18% of FY 2026/27 targets covered, providing strong revenue visibility.

• Revenue goal of around €1bn for FY 2024/25 reaffirmed, with robust order book and positive market fundamentals.

• Management expects robust full-year results and plans to continue scaling up activity, especially in affordable housing.

• Spanish GDP growth forecast at +2.9% in 2024 and +2.1% in 2025, outpacing the Eurozone.