Aedas Homes (AEDAS) Q2 2025 earnings summary

Executive summary

• Revenue grew 33% year-over-year to €307m, driven by strong sales, increased deliveries, and the integration of Grupo Priesa, which added over 1,100 units and a €15m bargain purchase gain.

• Net BTS pre-sales surged 68% to €641m (1,492 units), with a solid order book of €1.7bn and cancellations at ~1%.

• The land bank expanded to over 21,000 units, with nearly 17,000 active and about 10,000 under construction.

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

• Strong commitment to growth, affordable housing, and product diversification, including new management contracts and flex living investments.

Financial highlights

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

• Gross margin: 22.4% (down from 24.2%); net margin: 16.2% (down from 16.9%); EBITDA margin: 9.1% (up from 7.7%).

• Net attributable profit rose to €25m, supported by higher business volumes and a €15m bargain purchase gain from Priesa.

• Net debt: €539m; net LTV: 26.8%; interest coverage: 8.1x; average borrowing cost: 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.

• Revenue goal of around €1bn for FY 2024/25 reaffirmed, supported by strong sales momentum and a robust order book.

• Platform ready to scale up production beyond 4,000 units annually.

• Expectation of improved margins in 2025 with lower interest rates and house price appreciation.

• Market fundamentals remain solid, with demand outstripping supply and stable macroeconomic conditions.