Vinte Viviendas Integrales (VINTE) Q4 2025 earnings summary

Executive summary

• 4Q25 revenue rose 13.2%, EBITDA 27.1% and net income 23.5% YoY; gross and EBITDA margins expanded, reflecting stronger profitability after the Javer and Derex integrations.

• FY25 revenue reached Ps. 16,194 million, up 9.1% on a pro forma basis; net income attributable to controlling interests was Ps. 1,413 million and EPS was Ps. 5.02.

• FY25 net debt/EBITDA was 2.58x, the lowest quarterly level since 2019; 2026 revenue growth guidance is 10%.

Financial highlights

• 4Q25 revenue was Ps. 4,650 million, up 13.2%; average selling price increased 15.7% to Ps. 1,127 thousand while homes closed declined 0.6% to 4,052.

• 4Q25 gross profit rose 19.8% to Ps. 1,518 million; gross margin expanded 1.8 p.p. to 32.7%.

• 4Q25 EBITDA increased 27.1% to Ps. 829 million; EBITDA margin expanded 1.9 p.p. to 17.8%.

• FY25 pro forma revenue grew 9.1% to Ps. 16,194 million, EBITDA rose 8.5% to Ps. 2,849 million, and net income attributable to controlling interests increased 18.4% to Ps. 1,413 million.

• FY25 pro forma EPS was Ps. 5.02, up 17.0% YoY; 4Q25 net income was Ps. 406 million, up 23.5%.

Outlook and guidance

• 2026 revenue growth guidance is 10%; approximately 20 new developments are planned, including entry into Cuernavaca, Morelos.

• Cuernavaca entry is expected to contribute to an estimated 10% increase in total revenues; continued efficiency gains and synergies are also expected in 2026.

• Longer-term synergy priorities include consolidating the Northwest region; procurement scale benefits and improved financing conditions have already been realized.