Corpovael (CADUA) Investor Presentation summary

Company overview and history

• Specializes in affordable, middle-income, and residential housing, with over 23 years in the market and more than 123,000 homes sold across 6 states, mainly in Quintana Roo, Jalisco, and Aguascalientes.

• Holds leading market share in Quintana Roo, with 34% of INFONAVIT-backed home sales in 2024, and up to 95% in Tulum.

• Went public in 2015 and has issued debt six times totaling MXN 2,502 million; first in Mexico’s housing sector to issue a certified green bond.

• Recognized for sustainability and governance, with multiple awards including Climate Bond Initiative Certification and EDGE Certification from IFC.

• Maintains a four-year land reserve policy for new developments.

Product mix and market positioning

• Offers homes in four segments: affordable entry-level (up to MXN 1.5M), middle-income (MXN 1.5M–3M), middle-income residential (MXN 3M–5M), and residential (above MXN 5M).

• Main funding sources include INFONAVIT, FOVISSSTE, commercial banks, and buyers’ own funds.

• Adjusted price ranges as of March 2025 to reflect current market conditions.

• Weighted average sale price has increased over time, reaching MXN 1,570,000 in Q1 2025.

Financial performance and industry comparison

• Revenue for LTM Q1 2025 was MXN 4,398 million, with EBITDA margin at 16% and net margin at 4%.

• ROE declined to 2.8% in LTM Q1 2025, reflecting industry-wide margin pressures.

• Total debt as of March 2025 was MXN 2,428 million, with a net debt/EBITDA ratio of 2.78x.

• Outperformed industry peers in unit sales growth (9%) and net income growth (25%) in Q1 2025.

• Maintains a higher leverage ratio (Total Liabilities/Equity at 1.2x) compared to some peers.