Aedas Homes (AEDAS) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of €1.16 billion for the second consecutive year, with net profit reaching €150 million, driven by strong sales, delivery volumes, and forward sales of 3,224 units for €1.4 billion, resulting in an order book valued at €1.66 billion and high revenue visibility.

• Delivered 5,211 homes, including 3,151 BTS/BTR units and 2,060 affordable rental units, with net BTS sales up 48% year-over-year and average selling price rising 5% to €436,000.

• Significant land investments of €450 million, including acquisitions of Grupo Priesa and Habitat land bank, expanded the platform and support future growth.

• Launched ESG Strategic Plan 2024-2026, emphasizing sustainability, circular economy, and energy efficiency, with delivery of 2,060 affordable housing units.

• Maintained leadership in the sector, managing a land bank of 20,200 units with a gross development value of €6.8 billion, ensuring revenue visibility through 2029.

Financial highlights

• Total revenue reached €1.156 billion, with €1.028 billion from home deliveries, €115 million from land sales, and €13 million from services, the latter up 40% year-over-year.

• Gross margin was 21.7% (down from 22.4%), with EBITDA at €164 million (margin 14.2%) and net profit at €150 million, up 37% year-over-year.

• Net margin improved to 12.9%, and EPS rose to €3.47.

• Free cash flow reached nearly €175 million, reducing net financial debt by €44 million; cash position increased to €292 million.

• Net asset value per share increased to €33.89, with 100%-owned land bank valued at nearly €1.9 billion and €425 million in unrealized capital gains.

Outlook and guidance

• Revenue for fiscal year 2025 expected to exceed €1 billion, with build-to-sell gross development margin guidance at around 25%.

• Order book of €1.66 billion covers 76% of 2025/26 and 39% of 2026/27 deliveries, providing strong revenue visibility.

• Continued focus on product diversification, co-investment growth, and further improvements in return on equity.

• Minimum dividend policy of 50% of attributable net income, with potential for additional payouts if LTV remains below 25%.