Aedas Homes (AEDAS) Q3 2025 earnings summary

Executive summary

• Delivered 1,351 units in 9M 2024/25, up from 1,147 in 9M 2023/24, with revenue from home deliveries rising 20% year-on-year to €465 million.

• Total revenue reached €485 million (+9% year-on-year), with strong operational execution and a managed order book of €1.85 billion at December 2024.

• Sales activity robust, with €980 million in units sold (+44% year-on-year), and 35% of sales concentrated in Q3 2024/25.

• Land bank expanded to 23,411 units (+5,408 units since March 2024), with nearly 70% already active, supporting future monetization.

Financial highlights

• Residential Development revenue: €465 million (+20% year-on-year); Real Estate Services revenue: €166 million.

• Gross profit from development: €105 million, margin 22.6%; BTS gross margin above 25%.

• EBITDA: €53 million (+21% year-on-year), with margin up 108 bps vs. 9M 2023/24.

• Net debt at €663 million as of December 2024, expected to decrease with Q4 deliveries.

Outlook and guidance

• Targeting total revenue of over €1 billion for FY 2024/25, with BTS gross margin close to 24%.

• Maintains goal of €1 billion annual Residential Development revenue, with strong coverage ratios for the next three years.

• Some East Regional Branch deliveries may be delayed due to autumn 2024 flash flooding.