Instone Real Estate Group (INS) Q4 2025 earnings summary

Executive summary

• Achieved all operational and financial goals for 2025, with revenues of €504.4m and EAT of €31.6m, despite a challenging market and year-over-year declines of 4.3% and 14.4%, respectively.

• Retail business was the main growth engine, with retail sales doubling to €299.5m (+100% yoy), driven by private buy-to-let investors and attractive tax incentives.

• Institutional business contributed significantly, with €140m–€195m in Q4 deals and moderate recovery; negotiations for new deals are ongoing.

• Launched Westway/Vestway joint venture sales platform to increase market penetration, improve margins, and scale private customer business.

• Project portfolio expanded to €7.1bn GDV, with 90% of under-construction projects pre-sold.

Financial highlights

• Adjusted revenues reached €504.4m for 2025 (-4.3% yoy), with gross margin at 23.8% (up from 22.6% in 2024).

• Adjusted earnings after tax were €31.6m (-14.4% yoy); EPS: €0.71 (-15.7% yoy).

• Sales volume increased to €502.3m (+52.1% yoy), supported by strong retail and institutional segments.

• Proposed dividend of €0.43 per share (5.1% yield), intended as a floor for coming years.

• Tangible book value per share at €14.12.

Outlook and guidance

• Expecting gradual recovery in 2026 with revenues of €550–600m and gross margin above 24%.

• Anticipate adjusted net earnings of €35–40m and sales volume of €650–750m, mainly from private investor business.

• DPS of €0.43 set as medium-term floor.

• Guidance assumes no prolonged Middle East conflict or lasting macroeconomic turmoil.