Corpovael (CADUA) Q3 2025 earnings summary

Executive summary

• Total revenue in 3Q25 grew 20.4% year-over-year to MXN 1,417 million, driven by higher average sale prices and new revenue from construction services under Infonavit's "Vivienda para el Bienestar" program.

• Net income surged 278.6% year-over-year to MXN 128 million in 3Q25, with a net margin of 9.0% versus 2.9% in 3Q24.

• Homes sold decreased 7.2% year-over-year to 1,044 units in 3Q25, but average sale price increased 14.6% to MXN 1.2 million.

• Free cash flow was positive at MXN 286 million in 3Q25, though down 16.3% from 3Q24.

• The company advanced sustainability initiatives, including a new MXN 700 million revolving credit facility to support affordable, sustainable housing.

Financial highlights

• EBITDA rose 38.5% year-over-year to MXN 212 million in 3Q25, with margin improving to 15.0%.

• Operating income increased 76.5% to MXN 129 million in 3Q25, with a 9.1% margin.

• Gross income grew 11.5% to MXN 326 million, but gross margin declined 1.8 pp to 23.0% due to lower-margin construction services.

• SG&A expenses fell 10.2% year-over-year, improving the expense-to-revenue ratio by 4.7 pp.

• Cash and cash equivalents stood at MXN 529 million at quarter-end, nearly flat year-over-year.

Outlook and guidance

• Debt is expected to decline as homes under development are sold in coming quarters.

• The company remains focused on financial discipline, innovation, and expanding sustainable housing offerings.