Aedas Homes (AEDAS) Q2 2026 earnings summary

Executive summary

• A voluntary public tender offer for all shares was announced by Neinor DMP BidCo, S.A.U. on 16 June 2025, pending regulatory approval as of 30 September 2025.

• The Group delivered 848 units (vs. 922 in H1 2024/25), with total revenue of €347.7m (+13% YoY), gross profit of €80.1m, and EBITDA of €41.0m (margin 11.8%).

• Dividend of €3.15 per share (€136.7m total) was paid in July 2025, and a new shareholder remuneration policy was adopted, targeting at least 50% payout of attributable profit.

• Order book at 30 September 2025 comprised 3,998 units valued at €1.8bn, up from €1.66bn at 31 March 2025.

• Established new co-investment vehicle in April 2025 with €42m committed capital for land and BTS product development.

Financial highlights

• Revenue: €347.7m for H1 2025/26 (+13% YoY); Residential Development revenue €326m (+10% YoY).

• Gross profit: €80.1m (gross margin 23.0%, up from 22.4% YoY); development gross profit €77m (margin 23.5%).

• EBITDA: €41.0m (margin 11.8%, up 271bp YoY due to lower general expenses).

• Net profit: €20.4m (attributable to equity holders: €20.3m), down from €24.7m YoY.

• Net financial debt: €377.3m (net LTV 20.9%, down from 26.8% YoY); gross debt €553.6m (avg. cost 4.2%).

• Cash and cash equivalents: €176.3m unrestricted at period end.

Outlook and guidance

• Order book and active unit pipeline provide strong visibility for future years, with €1.8bn (3,998 units) at 30 September 2025, up from €1.66bn at 31 March 2025.

• Land bank under management: 18,836 units, with 4,155 managed through co-investment vehicles.

• Coverage ratios for the next three fiscal years indicate strong pre-sales and construction progress.