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AEDAS Homes | FY 2024/25 results presentation Odina (Valencia) FY 2024/25 Results 28 May 2025 1 April 2024 — 31 March 2025
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AEDAS Homes | FY 2024/25 results presentation 2 Legal Disclaimer By attending this presentation (the “Presentation”) and/or by accepting this Presentation you will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this disclaimer. This presentation has been prepared by AEDAS Homes, S.A. (the “Company”) and comprises slides for a corporate presentation to the market of the Company and its subsidiaries (the “Group”). For the purposes of this disclaimer, “Presentation” means this document, its contents or any part of it. This Presentation may not be copied, distributed, reproduced or passed on, directly or indirectly, in whole or in part, or disclosed by any recipient to any other person, for any purpose other than the aforementioned. 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This Presentation is for informational purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the Company’s publicly available information and, if applicable, the oral briefing provided by the Company. The information and opinions contained in this Presentation are provided as at the date of the Presentation and are subject to verification, correction, completion and change without notice. In giving this Presentation, no obligation is undertaken to amend, correct or update this Presentation or to provide access to any additional information that may arise in connection with it is undertaken. Likewise, it is not the Company's intention to provide, nor can this material be deemed to provide, a complete and comprehensive analysis of the Company's financial or trading position or prospects. 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By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions, many of which are generally beyond the Company's control, and could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These include, among other factors, changing economic, business or other market conditions, changing political conditions and the prospects for growth anticipated by the Company’s management. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Any forward-looking statements contained in this Presentation and based upon past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The market and industry data and forecasts that may be included in this Presentation were obtained from internal surveys, estimates, experts and studies, where appropriate as well as external market research, publicly available information and industry publications. The Company, its affiliates, directors, officers, advisors and employees have not independently verified the accuracy of any such market and industry data and forecasts and make no representations or warranties in relation thereto. Such data and forecasts are included herein for informational purposes only. The distribution of this Presentation in other jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. 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The definition and purpose of the Alternative Performance Measures referenced in this presentation are available on the Company's website: here
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AEDAS Homes | FY 2024/25 results presentation 3 01 ✓ Positive outlook for the Spanish economy: GDP +2.5% in 2025 and +1.8% in 2026 with inflation kept under control at around 2.0% - 2.5% and unemployment rate below 12% (Sources: IMF and INE) ✓ Benign monetary environment: 210 bps cut in interest rates since June 2024 ✓ Recovery in the volume of new-build home completions: 100,980 units (+13%), but with over 111,548 new households formed in 2024 and stronger growth prospects Market underpinned by solid fundamentals 02 Exceptional sales momentum ✓ Acceleration in sales, with absorption rates above 7% ✓ 3,224 net BTS sales (+48% vs. BTS net sales from FY 2024/23, of which 538 are co- investments) ✓ ASP for BTS: €436k (+5% vs. FY 2023/24 BTS sales) ✓ Order Book: 3,740 units (100% BTS) with a value of €1.66bn (€1.24bn as of March 2024), of which €534m are co-investments 03 Leading delivery volumes and revenue ✓ Second consecutive year with revenues above €1.1bn ✓ 5,211 deliveries, of which 2,060 correspond to Plan Vive I and 511 are BTR units ✓ Total revenue from deliveries: €1,028m (+8% vs. FY 2023/24) ✓ Gross development margin for BTS product: 23.4% (24.6% for units completed in the period) Liderazgo en volumen de entregas e ingresos04 Solid and diversified business growth ✓ Intensified land investment efforts: €450m in new investment ✓ Product diversification: flex living, concessions, affordable housing ✓ Landmark transactions: Grupo Priesa, selective Habitat landbank ✓ Deferred payment schemes (incl. urbanization/committed transaction): ~45% ✓ Spain’s go-to industrial partner: new co-investments and management contracts with expected fees of €40m+ in coming years
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AEDAS Homes | FY 2024/25 results presentation Middel Views III (Fuengirola, Málaga) 01 Solid and diversified business growth Koyrs (Alcalá de Henares, Madrid)
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AEDAS Homes | FY 2024/25 results presentation 5 - - 78% 22% Residential development Co-investment 35% 65% Madrid city Others - 64%12% 13% 11% BTS market-rate BTS Affordable Concessions Flex living Leader in investment: proven ability to originate attractive and unique opportunities worth €450m Diversifying our activity…New managed investment2: €450m (+2.0x vs. FY 2023/24) Core focus on BTS, strong entrance into flex living and committed to affordable housing …with a focus on resilient areas 7,467 units 7,467 units c.2/3 of investment focused on Centre Regional Branch, thanks to the acquisition of the Habitat landbank …and Madrid city underpinning the stability of our landbank Assuring Company balance sheet while growing co-investment profile 4,821 units5 7,467 units 72% Primary residence * * * Revenue estimation: €1.8bn1 (19% investment in land over revenues) * Notes: (1) Includes only estimated revenues associated with the BTS product of the Residential Development business line; (2) Total investment undertaken adjusted, for the joint venture assets of Grupo Priesa, based on AEDAS Homes’ share in those joint ventures; (3) Transactions formalized but initially committed during the fiscal year are shown in the chart under the formalization date of the transaction; (4) RtB cost equals to the fair market value of the assets; (5) Units associated to the Centre Regional Branch Second to none structuring and liquid investment strategy (85% of RTB units) (€m) Accumulated investment (expressed in RTB cost terms) and most relevant operations (€m)³ Q1 Alternatives Entry into flex living through co- investment (158 units) Concessions 3 awarded Plan Vive III lots (944 units) under co- investment but with control Corporate transaction Acquisition of 100% of Grupo Priesa (480 BTS units (100%) + 4 BTS co-investments + 1 flex living co-investment) – Investment: €83m²,4 Alternatives Second flex living purchase under co-investment (190 units) Portfolio acquisition ~2,800 units acquired from Habitat, 88% located in the Madrid region – Investment: €170m Diversification Consolidation of the sector Stability Land under management Plots for development for c.140 units in a consolidated area in the Madrid Region Q2 Q3 Q4 65% 1% 10% 15% 7% 3% Centre Catalonia East Andalusia Costa del Sol North 0 100 200 300 400 500 14% committed * *
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AEDAS Homes | FY 2024/25 results presentation 6 - Optimizing resources in investment structures €343m1 of new BTS investment 100% AEDAS Homes €58m1 in new commitments (€9m disbursed) €286m1 in new formalized investment 42% deferred: 64% purchase, 36% urban development works €312m in pending payments (including urban development works and purchases from previous years) Notes: (1) Excludes new investments signed/committed by AEDAS Homes in FY 2024/25 that have been transferred to the new BTS j oint venture established during the fiscal year, as well as joint ventures and other assets available for sale; (2) Excludes one land plot pending notarization, which is included under “New Commitments”, as well as the pending urbanization amount; (3) Includes investment commitments from previous years totalling €77m (excluding Castellana Norte); (4) Includes swaps amounting to €2m in FY 2026/27 a nd €1m in FY 2027/28 (€m) Total Total investment 100% AEDAS Paid Pending Payment schedule FY 25/26 FY 26/27 FY 27/28 Following New investment FY 2024/251 Habitat deed of sale2 Espacio (100%) Other deeds of sale New commitments Subtotal Investment from previous fiscal years with payment pending Past investments3 Total Urban develop. works c.30% FPL: deferred payments + urban development works €37m Includes €9m of swaps (no impact on cash), as well as €35m of committed investment whose disbursement is subject to fulfilment of previously agreed conditions €170m in deferred payments schedule linked to new investment of 100% AEDAS Homes in FY 2024/25 (49% of the total) 134.7 (68.4) 66.3 66.1 0.1 42.5 (42.5) - - 65.8 (54.1) 11.6 4.9 5.4 1.4 57.5 (8.8) 48.7 20.4 15.5 12.8 343.4 (173.9) 169.5 98.9 30.5 23.1 17.0 142.7 43.0 54.6 26.8 18.2 312.2 141.9* 85.14 50.04 35.2 42.9 42.9 7.5 9.7 8.9 16.9 - - - - - - - -
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AEDAS Homes | FY 2024/25 results presentation 7 Third-party management reaching a new high: €1.1 bn of new managed investment1 AEDAS Homes is the go-to trusted industrial partner in Spain, thoroughly analyzing potential new co-investments with double-digit returns ~ 3,400 new units managed for third parties: €40m+ in fees from FY 2025/26 onwards5 Cumulative experience3 - - Units per structure Units per product 3,372 units 3,372 units Boosting affordable housing developments and new housing solutions… …and exporting our leading BTS practice across the portfolio Plan Vive III 75% stake Partner: Spanish construction company Size: 944 units Flex living 10% stake Partner: Spanish institutional investor Size: 348 units 4 vehicles 10-50% stake Partners: various (Priesa co-investment) Size: 512 units FIJI 20%2 stake Partner: foreign institutional investor Size: 805 units Notes: (1) Total estimated investment to carry out in each project (including external financing, as well as investment from partner); (2) Final effective stake; (3) Includes data from Áurea, as well as “Management Only” contracts; (4) Includes only tho se co-investments originated and designed from the beginning by AEDAS Homes and in which it participates as a minority/majority investor; (5) Includes only the estimated fees to be collected from 1 April 2025 onwards (that is, fees that have already been invoiced are not taken into account in the calculation) ~8,900 units (3,200+ already delivered) 22 contracts €400m+ in new equity originated4 in < 2 years 92% 8% Co-investment Management only 47% 28% 25% BTS Concessions Flex Living Flex living 30% stake Partner: Spanish asset manager (Priesa co-inv.) Size: 497 units Management only 0% stake 2 contracts (one of which is in Andorra) Size: 266 units
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AEDAS Homes | FY 2024/25 results presentation 8 Spain’s largest Active residential landbank: ~14,000 units (expressed in units) In design Marketing Under construction Completed product Total active units Starting point at 31 March 2024 2,6542 (AH1: 95%) 1,506 (AH1: 92%) 8,6206 (AH1: 51%) 1,121 (AH1: 100%) 13,901 (AH1:68%) Units in 3,9733 3,8294 3,3857 5,668 Impact of “Management only” contracts - - 266 - Impact from Priesa 21 254 8518 17 Units out (3,829)4 (3,648)5 (5,668) (5,211) End of period as of 31 March 2025 2,819 (AH1: 92%) 1,941 (AH1: 43%) 7,454 (AH1: 65%) 1,595 (AH1: 60%) 13,809 (AH1: 67%) Evolution of Active Units under management over FY 2024/25 80% on the market 85% with First Occupancy Permit Cost stabilityOptimal levels favouring a natural rotation of landbank Breakdown by investment structure Breakdown by product type Breakdown of active landbank Attributable GDV €4.1 billion9 (+4%) 13,809 units 13,809 units 72% 4% 18% 6% BTS BTR Concessions Flex Living 67% 20% 13% AH (Balance) Co-investments Management Only Notes: (1) % of units corresponding to AEDAS Homes’ consolidated business, i.e., the business where AEDAS retains control (in cluding active off-balance sheet transactions); (2) Includes 431 active off -balance sheet units as of 31 March 2024; (3) Includes B TS and BTR units in design phase, new off-balance sheet transactions activated, Plan Vive III, two flex living projects, as well as net deactivat ions/adjustments; (4) Includes 141 off-balance sheet project units whose commercialization has been launched, Plan Vive III, the two flex living projects, and BTS and BTR units that have been launched commercially; (5) Adjusted by deactivated units; (6) Includes Plan Vi ve I units under construction; (7) Excludes the 81 units that were under construction but not yet marketed as of 31 March 2024, which have been launched during FY 2024/25; (8) Includes 497 flex living units whose construction began following the acquisition of Grupo Pr iesa; (9) Attributable GDV results from adding the GDV of the Residential Development business line units to the GDV of the join t ventures, but only by the final ownership stake AEDAS estimates to hold in each joint venture (however, the GDV associated with the two flex liv ing projects totalling 348 units is not included); for clarification, the attributable GDV of active off -balance sheet units is included
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AEDAS Homes | FY 2024/25 results presentation 9 - Business growing: ~20,200 units in landbank (+12%) Benchmark development platform in Spain, with ~ 20,2001 units located in the most dynamic and in-demand areas North (3%) Units: 547 AH (100%): 100% Catalonia & Aragon (9%) Units: 1,893 AH (100%): 81% East & Mallorca (17%) Units: 3,387 AH (100%): 73% Costa del Sol (10%) Units: 1,965 AH (100%): 70% Andalusia & Canaries (14%) Units: 2,838 AH (100%): 91% Centre (48%) Units: 9,619 AH (100%): 72% 2 OPTIMIZED LAND BANK GROWTH 2,200+ units³ (100% attributed to AH Balance and Co-investments offsetting the drop in Management Only) 3 PRODUCT DIVERSIFICATION Flex living and BTS product lead growth, with a drop in Concessions due to first deliveries not being offset by new entries 1 EFFICIENT PORTFOLIO ROTATION CAPACITY ~13,800 active² (in line with FY 2023/24), of which 54% are under construction 4 STRENGTHENING THE “AH BALANCE” LANDBANK 15,500 units vs. 13,425 units in March 2024 ~70% now active, with attributable GDV reaching €6.8 billion5 Landbank under management, by product type Landbank under management, by investment structure 20,249 units 20,249 units Notes: (1) Includes committed transactions pending notarization (“off -balance sheet transactions”) as of 31 March 2025; (2) Incl udes those off-balance sheet transactions already active; (3) Variation compared to March 2024 (18,003 units as of 31 March 2024 ); (4) Includes Andorra; (5) Attributable GDV results from adding the GDV of the Residential Development business line units to the GDV of the joint ventures, but only by the final ownership stake AEDAS estimates to hold in each joint venture (however, the GDV associated with the two flex living projects totaling 348 units is not included); for clarification, off-balance sheet units (both active and inactive) are also included 25 provinces4 >80 municipalities 77% 15% 9% AH (Balance) Co-investment Management only 81% 3% 12% 4% BTS BTR Concessions Flex Living
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AEDAS Homes | FY 2024/25 results presentation Middel Views III (Fuengirola, Málaga) 02 Operating performance Jardines Hacienda Rosario – Los Poetas (Sevilla)
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AEDAS Homes | FY 2024/25 results presentation 11 693 1.037 832 962 1.404 67% 33% Primary residence Others 0 1,000 2,000 3,000 4,000 5,000 0% 2% 4% 6% 8% 10% Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 (Available BTS stock) (Absorption rate) Stock: rolling 3-month average (#) Absorption rate +56% in revenues for BTS sales: €1.4 billion Min: 3.1% (August 2023) Absorption rates throughout FY 2024/25: climbing above 7% BTS absorption rate (rolling quarterly average)2 Annual sales record1: 3,224 units at an ASP of €436k (+5%) 13,400+ units sold in the last 5 years for €4.9 billion FY 2024/25 FY 2023/24 FY 2022/23 FY 2021/22 FY 2020/21 BTS BTR 2,480 3,084 2,178 2,503 3,224 Total net units per year (#) Total revenues per year (€m) FY 22/23 FY 23/24 FY 24/25 FY 20/21 FY 21/22 €4.9 billion March 2024 5.3% Rolling annual average: >7% BTS focused on primary residence, with exposure to international clients 1 1,404 1,038 72% 28% Spanish International 23% 15% 28% 18% 12% 5% Centre Catalonia East Andalusia Costa del Sol North Notes: (1) Excludes 51 units sold from Off-Balance Sheet Assets, as well as the sale of a turnkey project in FY 2024/25; (2) The rolling quarterly absorption rate is defined as the ratio between the average number of net homes sold over a three -month period and the available stock in that three-month period, where the three-month period includes the month prior to each of the three months in which the net sales occurred.
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AEDAS Homes | FY 2024/25 results presentation 12 73% 18% 8% 26% 16% 23% 17% 14% 3% Value of deliveries (€m) Delivery value: c.€1,100m €1,026m linked to Residential Development (+8%), especially BTS product (+7%) Units (#)1 Record deliveries Boost in BTS product (+4%) and acceleration in BTR deliveries (+33%) ASP of deliveries (€k) Improved ASP BTS product (+6% or +2% (€366k) excl. co- investments) offsets BTR product mix Deliveries to customers with solvent profiles ~75% paid in cash or with debt <80% LTV (and of these, the average LTV was 54%) Effort rate: 5.4 years vs. 7.2 years average in Spain Delivery record: 3,151 units valued at €1,076m (+11%), excluding “Management Only” 3,151 1,076 BTS BTR +11% BTS product breakdown: by Regional Branch and type of use2 Costa del Sol and East recorded the greatest increase in deliveries €987m Primary contribution of Primary Residence product3 41% +7% 2,938968 +4% Co-investment BTS BTR Co-investment 879 937 71 8919 49 FY 2023/24 FY 2024/25 Notes: (1) A total of 5,211 units were delivered, of which 2,060 corresponded to Plan Vive I; (2) Includes deliveries of BTS product in joint venture format; (3) In terms of units 330 341 FY 2023/24 FY 2024/25 Centre Catalonia & Aragon East & MallorcaCosta del Sol Andalusia & CanariesNorth Primary residence Second residence Investment % Homeowners “trading up” as % of Primary Residence total 2.456 2.559 383 51199 81 FY 2023/24 FY 2024/25 2,456 2,559
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AEDAS Homes | FY 2024/25 results presentation 13 1,242 1,661 1,404 (987) (89) 90 Order Book FY 2023/24 Net sales FY 2024/25 BTS deliveries FY 2024/25 BTR deliveries FY 2024/25 Integration Priesa Order Book FY 2024/25 Conversion from reservations to private contracts accelerating Private BTS contracts +8 p.p. vs FY23 3,740 units Solid Order Book: €1.66 billion+ in future revenues (only BTS) +44%1 increase in the Order Book value (BTS), reflecting the strong momentum in sales activity Very solid Order Book Cancellations of private contracts below 1% 51% of the Order Book’s value is concentrated in our East & Mallorca and Costa del Sol Regional Branches 37 48 44 FY 2022/23 FY 2023/24 FY 2024/25 Private contract resolutions (#) €1,661m After delivery of the BTR projects, the Order Book is comprised solely of BTS: 3,740 units 2 (€m) 369 436 374 174 c.300 444 83% 76% 95% 100% 52% 68% ASP (€k) 100% AH 26% 74% Reservations Private contracts €1,153m BTS 20% 13% 35% 13% 15% 4% Centre Catalonia East Andalusia Costa del Sol North Notes: (1) Change in the BTS sales portfolio in FY 2024/25 vs. the BTS sales portfolio in FY 2023/24; (2) Excludes the sale o f three BTR projects intended for affordable rental housing, as well as Off -Balance Sheet transactions
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AEDAS Homes | FY 2024/25 results presentation 14 DeliveredSoldLaunched Elevated visibility on the next two years: ~ €1 billion in annual revenue generation On the market1 Net sales levels1 Construction progress1 Under construction Completed 76% 39% 100% FY 2024/25 FY 2025/26 FY 2026/27 ~ 1,700 new units put on the market with an expected GDV of more than €700m Improvement in pre-sales levels vs. FY 2023/24: 76% vs. 67% and 39% vs. 34% Progress on construction starts FY+2: 80% vs. 74% in FY 2023/24 Furthermore, AEDAS Homes has the following BTS deliveries in co-investment format slated for delivery: over €350m in FY 2025/26 and over €280m in FY 2026/27 *73% in monetary terms (vs. 67% in FY 2023/24) *34% in monetary terms (vs. 27% in FY 2023/24) (calculated based on the number of units slated for delivery) 56% 77% 100% 44% 3% FY 2024/25 FY 2025/26 FY 2026/27(calculated based on the number of units slated for delivery)(calculated based on the number of units slated for delivery) 100% 100% 100% FY 2024/25 FY 2025/26 FY 2026/27 Note: (1) Excludes units associated with joint venture vehicles, as well as units from Grupo Priesa and the sale of three BTR projects for the construction of homes intended for affordable rental
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AEDAS Homes | FY 2024/25 results presentation 15 New ESG Strategic Plan 2024-2026 sets out the leadership roadmap for a sustainable future, with tangible actions across all areas 31 ACTIONS ENVIRONMENTAL SOCIALGOVERNANCE Initiative line SGDs Actions (#) 1 2 3 4 5 6 7 8 9 Climate change 3 actions (#) Healthy and sustainable developments 7 actions Eco-efficient operations 1 action Circular Economy – new initiative line 1 action Excellence and innovation with customers 4 actions Human capital 4 actions Social footprint 3 actions ESG governance and value generation 3 actions Transparency and brand 5 actions 8 actions (≠ vs. prior Plan) 11 actions (-1 vs. prior Plan) 12 actions (+5 vs. prior Plan) Delving deeper into the 8 lines of initiative established in previous Strategic Plan, including 3 additional actions, plus a crucial new strategic line of initiative: Circular Economy
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AEDAS Homes | FY 2024/25 results presentation 16 Advancing on eco-sustainability at our developments and committed to providing access to affordable housing 01 Sustainable design: Building’s Manual 100% of developments finalized in FY 2024/25 included a section on efficiency, sustainability, and health. 02 Modern Methods of Construction 36% of the units delivered in FY 2024/25 were built partially or fully offsite 05 Managing water efficiently 63% of developments finalized in FY 2024/25 have sustainable drainage systems 09 Roadmap for decarbonization Road map drafted and implemented 04 Circular Economy plan 92% of non-hazardous waste at developments finalized in FY 2024/25 was recovered 10 Life Cycle Assessment (LCA) Carried out on 100% of developments finalized in FY 2024/25 08 Carbon footprint Baseline calculation for Scope 3 emissions determined 07 Green Building seals 35% achieved Green Book high or excellent level 100% achieved Ecoliving or BREEAM 03 Recycling centres 42% of developments finalized in FY 2024/25 had specialized recycling centres incorporated onsite 2,060 units Affordable housing units delivered in FY 2024/25 + Deliveries slated for 2025/26 1,522 units New concessions project New investments in 2024/25 900+ units Climate change Healthy and efficient developments Eco-efficient operations Circular Economy 06 Energy efficiency 71% of developments launched targeting AA 71% of developments finalized achieved AA in the future 944 units
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AEDAS Homes | FY 2024/25 results presentation Middel Views III (Fuengirola, Málaga) 03 Financial Results Seyssel (Barberà del Vallès, Barcelona)
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AEDAS Homes | FY 2024/25 results presentation 18 - 173 164 FY 2023/24 FY 2024/25 256 251 FY 2023/24 FY 2024/25 Over €1.1 billion in revenue with a +37% increase in EPS ▪ Gross development margin: 22.9% vs 23.4% due to delivery of 511 BTR units and lower margins on completions finalized in previous fiscal years ▪ Land sales margin: 9.4%3 vs 16.6% (reduction due to conversion of recently acquired assets to joint ventures) ▪ Services margin: 26.4% vs 32.5% due to decision to reinforce headcount focused on Flex Living ▪ Net margin: €206m (-3%) with a margin of 17.8% vs 18.6%. Excluding non-recurring effects: sales (+€6.2m due to higher delivery volume and greater weight of second homes) and marketing (-€2.6m) and development taxes (reduction of €5m) ▪ Overhead costs (excluding LTIP): €40m, including €4.4m impact from the acquisition of Grupo Priesa (excluding acquisition impact, costs would have been €36m, +2%) ▪ Improvement in net finance cost as a result of higher finance income (partial bond buyback at a discount + interest accrued on loans to joint ventures), offsetting an increase in finance costs due to higher non-capitalised borrowing costs ▪ Non-recurring impacts from the acquisition of Grupo Priesa: €2m of advisory expenses and a bargain purchase gain of €52m ▪ Second consecutive year with revenues exceeding €1,100m ▪ Deliveries¹: €1,028m (+8.2%) ▪ Land sales²: €115m (28% from rotation of non-strategic land, 72% transferred to joint ventures) ▪ Services: €13m (+40%) – new joint ventures and “Management Only” contracts (71% of the increase) and higher invoicing to existing joint ventures (29% of the increase) (expressed in millions of euros and margin %)(expressed in millions of euros) (expressed in millions of euros and margin %) +1% Notes: (1) Includes other income associated with furnishing delivered units; (2) Includes €1m in “Other Income”; (3) Excludes €1m on “Other Income”; (4) Calculated on a diluted basis. (2%) 22.4% 21.7% 15.1% 14.2% (5%) 109 150 FY 2023/24 FY 2024/25 38% 3.474 €/share 2.534 €/share TOTAL REVENUE GROSS MARGIN EBITDA ATTRIBUTABLE NET PROFIT (expressed in millions of euros and €/share) 1,145 1,156 FY 2023/24 FY 2024/25
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AEDAS Homes | FY 2024/25 results presentation 19 - 22% 14% 28% 15% 15% 5% 26% 16% 23% 18% 13% 4% BTS accelerating: +45% in new pre-sales and +7% in deliveries €1,073m Centre Catalonia & Aragon East & Mallorca Costa del SolAndalucia & Canaries North Deliveries1 Pre-sales2 Order Book2 €937m €1,127m Details ▪ +7% increase in revenue: +4% increase in delivery volume and +2% in ASP. Key drivers: ▪ East & Mallorca and Costa del Sol Regional Branches: main contributors to revenue growth (20%+ improvement), due to higher delivery volume (Costa del Sol, 90%+ but with lower ASP (€513k)) and ASP improvement (East & Mallorca, +16% to €394k) ▪ North Regional Branch: decrease in volume, but improvement in ASP (+14%, to €420k) ▪ Andalusia and Canaries Regional Branch: +19% in deliveries, ASP in line with FY 2023/24 (€246k) 1 ▪ Reduction in development margin, but showing signs of recovery ▪ Developments completed before FY 2024/25 (36%3 of total revenues) with gross development margin of 21.3% ▪ Developments completed in FY 2024/25 (64%3 of total revenue) with gross development margin of 24.6% 2 ▪ Units on the market: 5,549 units (12% less than in FY 2023/24), but with an estimated value of €2,659m (+3%) ▪ Units pre-sold: 2,808 units (+12% vs. FY 2023/24) with an aggregated value of €1,127m (ASP: €401k, +7% vs. FY 2023/24) ▪ Units available with improvement in estimated ASP: 2,741 units (28% less than in FY 2023/24), with an estimated sales value of €1,531m, 7% lower than in FY 2023/24 thanks to a higher ASP (€559k vs. €432k) 3 Notes: (1) Excludes income associated with furnishing delivered homes; (2) Excludes 51 homes sold from “Off -Balance Sheet” projects; (3) Excludes income from “AOC” FY 2023/24 FY 2024/25 ChangeKPI Revenues (€m)1 +6.6% Gross margin (€m) +2.7% Gross margin (%) 24.3% 23.4% (0.9 p.p) Deliveries (#) +4.2% Deliveries ASP (€k) +2.4% Pre-sales (#) 1,923 +39.7% Pre-sales ASP (€k) 4.1% Revenues (€m) +45.5% 1 2 3 879 937 219 2,559 366 2,6862 3992 1,0732 2,456 213 358 384 738 Residential Development Real Estate Services Land development and divestment DeliveriesPre-salesFY 24/25 breakdown 19% 10% 32% 12% 23% 4%
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AEDAS Homes | FY 2024/25 results presentation 20 - 100% 73% 27% BTR: Margin improvement KPI Revenues (€m) Gross margin (€m) Gross margin (%) 17.7% Deliveries (#) Deliveries ASP (€k) Pre-sales (#) 944 Pre-sales ASP (€k) - Revenues (€m) DeliveriesPre-salesFY 24/25 breakdown Deliveries Order Book €89m 944 units Details 1 2 Delivery of three projects with ASP of €174k per unit: 2 projects in Alcalá de Henares, Madrid (379 units, of which 195 were delivered ahead of schedule), and 1 project in Alicante (132 units) 1 Gross development margin of 18%, above the FY 2023/24 developer gross margin (13%) 2 Active units: 558 units across 4 projects, all in the design phase (i.e. not yet in on the market), located in Valencia and Alicante, following changes in the perimeter of active BTR units at the close of FY 2023/24 (two projects were substituted by three new projects potentially to be developed as turnkey BTR) 4 Residential Development Real Estate Services Land development and divestment 3 Awarded three lots under Plan Vive III to develop 944 affordable rental units on concessional land in Villalbilla, Aranjuez and Navalcarnero (Madrid region) ▪ JV concession with Constructora San José, with AEDAS retaining control thanks to its 75% stake ▪ Turnkey projects with BREEAM environmental certification and which employ Modern Methods of Construction (MMC), forward sold to a company focused on residential rentals in Spain ▪ Estimated delivery date: H1 2026; broke ground in August 2024 3 FY 2023/24 FY 2024/25 Change Available units 558 units Note: (1) Excludes income derived from upgrades 89 16 511 174 13.1% 327 1741 571 71 9 383 184 +4.6 p.p +2.9x - - +26.2% +70.5% +33.4% (5.4%) - 100% Centre Catalonia & Aragon East & Mallorca Costa del SolAndalucia & Canaries North
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AEDAS Homes | FY 2024/25 results presentation 21 - 20% 12% 19%26% 23% KPI Revenues (€m) +40.2% Gross margin (€m) +14.0% Gross margin (%) 32.5% 26.4% (6.1 p.p) Pre-sales (#) 2531 Pre-sales ASP (€k) 6521 Management only (#)2 (50.1%) Financial resultOperating result 1 2 Details ▪ Significant increase in revenue (+40%) ▪ Existing agreements prior to April 2024 (80% of total revenue): +11% due to higher invoicing from co-investments formalized in FY 2023/24 (+32%) ▪ New agreements formalized in FY 2024/25 (20% of total revenue): 2 new flex living co-investments, 1 BtS co-investment, 5 co-investments from Priesa (4 BTS and 1 flex living), and 2 new management contracts for BTS projects ▪ BTS Co-investment: 1,317 units (86% active) ▪ BTS Management Only: 266 units (100% active) ▪ Flex living: 845 units (100% active) 1 Deliveries (#) 81 FY 24/25 breakdown Order Book: BTS co-investment €534m ▪ Gross margin reduction due to decision to reinforce headcount2 ▪ Reduction in Management-only units due to the delivery of the first 2,060 units from Plan Vive I, which were not offset by the new units added to the perimeter (Málaga and Andorra) 4 Residential Development Real Estate Services Land development and divestment Management only Notes: (1) Excludes commercial activity from joint ventures prior to those formalized in FY 2023/24; (2) Land bank; (3) Exclu ding Plan Vive III co-investment as AEDAS Homes retains control FY 2023/24 FY 2024/25 Change # under management by management type # under management by product type 4,749 units Co-investment (#)2 996 197.3%4 4 ▪ Strong sales performance of BtS under co-investment: 538 units sold with a total value of €332m (ASP: €616k) ▪ Main markets: Costa del Sol and Andalusia and Canaries branches (51% of total sales value, with ASP above €1.1m) 3 BTS Concessions3 Flex Living 4,749 units 3 616 538 3.5 13.19.4 3.0 2,961 1,788 99 3,582 (18.2%) (5.5%) +112.6% 4 Centre Catalonia & Aragon East & Mallorca Costa del SolAndalusia & Canaries North 50% 32% 18% 38% 62% Real Estate Services sees significant increase across the board: new co-investments, new products and increased revenue Co-investment
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AEDAS Homes | FY 2024/25 results presentation 22 - Active rotation of non-strategic land with stable margins and transfer of recently acquired assets to co-investments Non-core assetsCo-investmentsTotal Residential Development Real Estate Services Land development and divestment KPI FY 2023/24 FY 2024/25 Change (45.2%) Gross margin (€m) (49.3%) Gross margin (%) 16.4% 15.2% (1.2 p.p) 4.8 31.858.1 9.5 Revenues (€m) Sales (#) (51.9%)389809 (35.7%) Gross margin (€m) (72.2%) Gross margin (%) 16.7% 7.2% (9.5 p.p) 5.9 82.1127.6 21.4 Revenues (€m) Sales (#) (8.5%)805880 Gross margin (€m) (65.1%) Gross margin (%) 16.6% 9.4% (7.2 p.p) 10.8 114.0 30.9 Revenues (€m) Sales (#) (29.3%)1,1941,689 185.7 (38.7%) Non-strategic assets ▪ Divestment value in line with the expected targets, including the sale of certain Priesa assets initially identified for disposal ▪ Margin in line with the FY 2023/24 margin ▪ Rationale: a number of land plots located in areas classified as “non-consolidated urban” and “sectorized developable,” in addition to jointly- owned, undivided properties or plots intended for single-family homes ▪ Disbursement: €25m already paid, remainder pending collection 1 31% 3%62% 4% 389 BTS units 35% 54% 11% 805 BTS units Breakdown of non- strategic assets by Regional Branch Breakdown of co-investment by Regional Branch Co-investment assets ▪ Margin lower than that of the two transfers completed in FY 2023/24, as the land was mostly acquired within the last 18 months (including one asset whose deed of sale was formalized after the co-investment date) ▪ Rationale: expand co-investment activity based on seed portfolios previously secured by AEDAS to optimize resources and boost activity ▪ Disbursement: 100%, except for swaps or deferred payments agreed with the original sellers 2 Details Centre Catalonia & Aragon East & Mallorca Costa del SolAndalusia & Canaries North
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AEDAS Homes | FY 2024/25 results presentation 23 31 March 2025 €1,479m €541m €646m €253m 31 March 2024 Inventories at stable value, co-investment participation increasing, and solid credit profile INVENTORIES1 ▪ Land ▪ Works in progress ▪ Completed product (€8m) €62m €12m (€79m) €987m €8.5m6 €931m €9.9m6 EQUITY ▪ Treasury stock €56m (€1.4m) Change €466m3 €475m5LONG-TERM FINANCIAL DEBT (€9m) €92m2 €74m4SHORT-TERM FINANCIAL DEBT €18m €344m €292m €290m €239m TOTAL CASH ▪ Available cash €54m €52m €128m €94m LONG-TERM INVESTMENTS IN GROUP AND ASSOCIATED COMPANIES €33m €1,487m €479m €634m €332m Resumen balance a 31 de marzo de 2025 Balance sheet summary at 31 March 2025 ▪ Stability in Inventories’ value (€1.5bn) ▪ Increase in the “Land” line item due to an active land acquisition strategy focused on covering deliveries from FY 2028/29 onwards (more than 60% of the new purchases “100% AEDAS”) ▪ Uptick in construction starts driven by Plan Vive III and construction progress (new investment: ~€600m) ▪ Accelerated delivery pace in FY 2024/25 and reduction of unsold completed stock (956 units, 57% of which already sold (vs. 45%)) ▪ Increase in investments in associated companies: co- investment in flex living + JVs resulting from the acquisition of Grupo Priesa + new co-investment in BTS offsets recovery of contributions from existing JVs as of March 2024 ▪ Strong cash position with €292m in available cash (+€52m vs. FY 2023/24) thanks to greater delivery volume and optimizing investment schemes ▪ Increase in short-term debt due to project-related debt and reduction in long-term debt due to partial buyback of the Green Bond, offsetting the rise in project debt and commercial paper ▪ Shareholder remuneration of €97m: €87m as dividend charged to share premium and €10m as complementary dividend charged to FY 2023/24 results; the dividend charged to FY 2024/25 results is not yet reflected in the accounts Notes: (1) Total inventory amount includes “Advances to suppliers”; (2) Valued at amortised and includes €17m in unsecured co rporate debt, €46m in commercial paper, €21m in land loan and €8m in short-term project financing; (3) Valued at amortised and includes €161m in long-term project financing, €24m in land financing, €9m in mortgage loans, €252m in Green Bond and €20m in commercial paper; (4 ) Valued at amortised and includes €23m in debt associated with land cost recovery, €49m in commercial paper and €3m in short -term project debt (including land loan); (5) Valued at amortised and includes €154m in long-term project debt and €321m in Green Bond; (6) As of 31 March 2024, the treasury stock consisted of 583,260 shares while as of 31 March 2025 it consisted of 497,279 shares
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AEDAS Homes | FY 2024/25 results presentation 24 (expressed in millions of euros) Ample liquidity position supported by diversified capital sources €565m1 in gross financial debt with at lower rate… … and €409m of available liquidity, which could reach ~€800m Diversified capital sources Average nominal cost of debt: 4.4% vs. 4.8% 2 (expressed in millions of euros) 2 6.6% 6.1% 4.0% 5.1% 31/03/24 409 804 292 52 65 395 Caja disponible Caja restringida Revolving credit facilities Total liquidez operativa Financiación proyectos no dispuesta Total liquidez máxima Available cash Restricted cash Revolving credit facilities Total operating liquidity Undrawn project financing2 Total maximum liquidity Notes: (1) Not valued at amortized cost; (2) Adjusted for the portion of restricted cash allocated to project financing and e xcluding the undrawn portion of the debt formalized for BTR project financing, which was cancelled in April 2025 following BTR p roject deliveries in FY 2024/25 82% of gross financial debt matures post-FY 2025/261 ▪ Ample liquidity of €409m (+€55m) thanks primarily to the increase in available cash, +€52m over 31 March 2024 ▪ Furthermore, AEDAS could draw down additional project financing (€395m2 in committed debt pending draw down for BTS projects) 5.8% 4.9% 4.0% 3.8% Corporate debt Project financing Green Bond Commercial paper 103 340 15 9 98 FY 2025/26 FY 2026/27 FY 2027/28 FY 2028/29 FY 2029/30+ 60% 3% 2%18% 17% Green Bond 45% Commecial Paper 12% Corporate debt 3% Project financing 40%
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AEDAS Homes | FY 2024/25 results presentation 25 - 266 (174) (5) 95 41 310 NFD March-25 Free cash flow Others Dividends Net investment (group & intr.financ) NFD March-24- Solid credit profile Cash flow generation capacity demonstrated Net financial debt reduced by €44m Solid debt ratios - 14.2% net LTV (16.3% March-24) 6.9x interest coverage (7.0x March-24) 1.6x DFN/EBITDA (1.8x March-24) B+ BB- BB- / BB 3 3 Notes: (1) Includes investments in real estate assets; (2) Includes treasury stock movements, restricted account movements an d receipt of subsidies; (3) The first rating refers to the corporate rating and the second rating refers to the bond issuance ra ting ▪ Good delivery pace, with positive impact on investment recovery ▪ High volume of acquisitions executed (including transactions committed in previous fiscal years (€45m)) but with efficient payment structures Evolution of net financial debt in FY 2024/25 (€m)(€m) FY 2024/25 EBITDA 164.5 (-) Net interest paid (28.4) (-) Taxes paid (36.9) FFO 117.8 (+/-) Other adjustments to profit 18.6 (+) Changes in inventories (ex. sales and land acquisitions) 141.3 (-) Payments for investments (223.7) (+) Proceeds from disposals 88.3 (+/-) Other working capital changes 67.6 (-) Capex in PP&E/intangible assets1 (16.9) FREE CASH FLOW 174.4 ▪ The generation of free cash flow, along with lower net investment in group companies (including financial instruments, as well as the combining of businesses related to the acquisition of Grupo Priesa) (€47m less), and a lower cash outflow for dividend payments (€52m less), has contributed to reducing the net financial debt Last update: Jul-24 Last update: Jul-24 2 Net financial debt March-24 Net financial debt March-25
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AEDAS Homes | FY 2024/25 results presentation 26 Asset valuation summary Attributable GDV (€m)1 Tota GAV allocated to AEDAS Homes 100% portfolio (€m)2 NAV (€m) ▪ +23% vs FY 2023/24 attributable GDV ▪ 65% of attributable GDV is allocated to active units: +4% vs. FY 2023/24 ▪ 35% of attributable GDV is allocated to non- active units: +84% due to new long-term investments volume (e.g. Habitat) ▪ 94% of attributable GDV is allocated to Residential Development: +21% vs. FY 2023/24 ▪ Similar levels to FY 2023/24, with latent capital gains of €440m ▪ +5% of l-f-l appreciation of existing non- active units or units at Design phase ▪ New investments formalized (deed of sale) during the year account for 20% of the total ▪ Furthermore, co-investments have a GAV of €688m (+2.3x, due to greater investment volume) ▪ +4.1% vs FY 2023/24 NAV ▪ NAV per share3: €33.89 (vs €32.63 in FY 2023/24) ▪ Including appreciation of the co-investment assets but only for AEDAS Homes’ attributable share at each fiscal year-end Notes: (1) Includes 100% of the GDV of “Residential Development” units as well as the GDV associated with assets in joint ven tures, but only their attributable share (i.e., the final effective stake AEDAS Homes holds in each joint venture, explicitly ex cluding the amount associated with the two flex livings that will jointly develop 348 units); for clarification, the GDV of “Off -Balance Sheet” units is also excluded; (2) Excludes the GAV of joint ventures; (3) The NAV per share calculation excludes the treasury stock po sition at the close of each fiscal year 5,075 5,594 5,810 5,024 6,178 FY 2020/21 FY 2021/22 FY 2022/23 FY 2023/24 FY 2024/25 1,907 2,075 2,088 1,895 1,879 FY 2020/21 FY 2021/22 FY 2022/23 FY 2023/24 FY 2024/25 1,503 1,527 1,456 1,407 1,464 FY 2020/21 FY 2021/22 FY 2022/23 FY 2023/24 FY 2024/25
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AEDAS Homes | FY 2024/25 results presentation Middel Views III (Fuengirola, Málaga) 04 Remuneration Eneo (Alcalá de Henares, Madrid)
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AEDAS Homes | FY 2024/25 results presentation 28 - - - - Attractive shareholder remuneration: €136m to be distributed during FY 2025/26 Over 13.3 €/share2 paid out since first dividend distribution (€/share2) Significant improvement in ROE, hitting 15% Upward trend in earnings per share (€/share2) ▪ New Shareholder Remuneration Policy: a more attractive policy based on the strong visibility over cash flows (minimum dividend of 50% of the attributable net income and possibility to distribute additional dividends if LTV is not higher than 25.0% (vs. 20.0%)) ▪ The Board of Directors has agreed to propose a dividend distribution of €136m1 (€3.151,2 per share) to the upcoming Annual General Meeting ▪ €2.58/share2 against FY 2024/25 profit ▪ €0.57/share2 against the share premium account ▪ More than €580m in dividends (€13.36/share2) distributed since July 2021 ▪ Above 2021–2026 Business Plan estimates ▪ Over €80m in treasury shares amortized since 2021 Notes: (1) Dividend subject to approval by the Annual General Meeting; (2) On a diluted basis 8.6% 9.5% 10.8% 11.7% 15.2% FY 2020/21 FY 2021/22 FY 2022/23 FY 2023/24 FY 2024/25 1.40 2.16 2.15 4.50 3.15 FY 2020/21 FY 2021/22 FY 2022/23 FY 2023/24 FY 2024/25 €2.01 (extra- ordinary) €2.49 (ordinary) 1 1.91 2.11 2.42 2.53 3.47 FY 2020/21 FY 2021/22 FY 2022/23 FY 2023/24 FY 2024/25
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AEDAS Homes | FY 2024/25 results presentation Middel Views III (Fuengirola, Málaga) 05 Takeaways Orizonne (Villajoyosa, Alicante)
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AEDAS Homes | FY 2024/25 results presentation 30 Spain’s benchmark development platform, with solid growth outlook ✓ +56% in net BTS sales (€1.4bn; 3,224 units) ✓ Solid Order Book ▪ Value: €1.7bn ▪ Cancellations: < 1% ✓ Visibility with strong sales coverage ▪ FY25/26 (76%) and FY26/27 (39%) Sales strength ✓ Acceleration in deliveries: +8% in development revenue with 3,070 units delivered ✓ 23.4% gross development margin (BTS) ✓ Available cash position improved by €52m ✓ Improved ROE: 15.2% vs. 11.7% in FY 2023/24 Financial stability Leading diversified platform in the market ✓ €450m in new managed investment (+2.0x) ✓ Acquisition of 100% of Grupo Priesa and purchase of a resilient landbank from Habitat ✓ Asset diversification: flex living, concessions and affordable housing ✓ Optimal disbursement structure for AEDAS 100% investment ✓ New management contracts and new co-investment in BTS Largest active landbank under management ✓ ~ 70% of landbank under management is active ✓ ~14,000 active units, 80% on the market ✓ ~7,500 units under construction and 3,200+ units with permit in hand or pending
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AEDAS Homes | FY 2024/25 results presentation Middel Views III (Fuengirola, Málaga) 06 Appendices Mune (Mungía, Vizcaya)
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AEDAS Homes | FY 2024/25 results presentation 32 (€m) FY 2024/25 FY 2023/24 Δ (€m) Δ (%) Revenue from delivery of developments sold 1,027.8 949.5 78.3 8.2% Revenue from land sales 115.2 185.7 (70.5) (38.0%) Revenue from services 13.1 9.4 3.8 40.2% REVENUE 1,156.2 1,144.7 11.5 1.0% Direct costs of developments sold (792.0) (727.0) (65.0) 8.9% Direct costs of land sales (103.3) (154.9) 51.6 (33.3%) Direct costs of services provided (9.7) (6.3) (3.3) 52.8% GROSS PROFIT 251.2 256.5 (5.2) (2.0%) Gross margin, % 21.7% 22.4% - (68 bps) Sales and marketing costs (36.6) (29.1) (7.5) 25.9% Other operating expenses (8.5) (14.0) 5.5 (39.2%) NET MARGIN 206.2 213.4 (7.3) (3.4%) Net margin, % 17.8% 18.6% - (81 bps) Overheads (40.3) (35.1) (5.2) 14.7% Provision for LTIP (4.1) (6.5) 2.5 (37.7%) Other income and expenses 2.7 1.1 1.6 144.8% EBITDA 164.5 172.9 (8.4) (4.9%) EBITDA margin, % 14.2% 15.1% - (88 bps) Depreciation and amortisation (5.2) (4.7) (0.4) 8.7% Gain on the sale of property, plant and equipment 1.3 - 1.3 n.a. Net finance cost (ex.non-recurring items) (24.0) (24.8) 0.9 (3.5%) Non-recurring items (2.4) - (2.4) n.a. Gain on a bargain purchase 52.1 - 52.1 n.a. Share of profit/(loss) of equity-accounted investees 1.0 0.4 0.6 135.7% Impairment losses (2.4) 3.2 (5.6) (175.8%) PROFIT BEFORE TAX 184.9 146.9 38.0 25.9% Income tax (35.3) (37.9) 2.7 (7.0%) PROFIT FOR THE YEAR 149.7 109.0 40.7 37.4% Net profit margin, % 12.9% 9.5% - 343 bps Non-controlling interests 0.0 (0.1) 0.1 (140.7%) ATTRIBUTABLE NET PROFIT 149.7 108.9 40.8 37.5% Net attributable profit margin, % 12.9% 9.5% - 344 bps FY 2024/25 Consolidated P&L 4 Impact of €4.4m derived from the acquisition of Grupo Priesa; excluding this impact, structural costs would have come to €36m 2 Gross margin deterioration: (i) higher volume of deliveries from BTR projects, which generate a lower gross margin; (ii) significant weight of deliveries of BTS product completed before FY 2024/25, with lower margins compared to deliveries completed during FY 2024/25 +1% revenue growth: +8% increase in revenue from developments thanks to a higher volume of BTS and BTR deliveries and a slight increase in ASP; +40% increase in revenue from the Real Estate Services line, driven by higher revenues from existing contracts as of March 2024 and the closing of new co-investments and new “Management Only” contracts; decrease in land sales revenue mainly due to a lower volume of transfers to new co-investments 1 1 3 Increase due to a higher volume of deliveries and a greater share of second-home deliveries. However, in relative terms, costs as a percentage of residential revenue remained in line with the previous fiscal year 2 3 4 5 5 Extraordinary result of €50m recorded in connection with the acquisition of Grupo Priesa: a €52m bargain purchase gain from consolidation, reflecting that the fair value of Grupo Priesa’s net assets exceeds the provisional allocation of the business combination cost; and €2m in advisory- related service costs 5
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AEDAS Homes | FY 2024/25 results presentation 33 Consolidated balance sheet at 31 March 2025 Change (€m) 31 March 2025 31 March 2024 △ €m △ (%) Other non-current assets 42.9 27.2 15.7 58% Non-current investments in group companies and associates 127.7 94.5 33.2 35% Deferred tax assets 51.6 6.9 44.7 646% NON-CURRENT ASSETS 222.2 128.6 93.6 73% Inventories 1,478.8 1,487.0 (8.2) (1%) Trade receivables 96.0 60.9 35.1 58% Other current assets 87.4 45.9 41.5 91% Unrestricted cash 291.9 239.5 52.4 22% Restricted cash 52.1 50.3 1.9 4% CURRENT ASSETS 2,006.2 1,883.6 122.6 7% TOTAL ASSETS 2,228.4 2,012.2 216.2 11% EQUITY 986.9 931.1 55.8 6% Notes and other marketable securities 271.2 320.7 (49.5) (15%) Bank borrowings 9.4 - 9.4 n.a. Other financial liabilities 47.8 0.7 47.1 6,974% Deferred tax liabilities 1.6 0.6 1.0 170% NON-CURRENT LIABILITIES 330.0 322.0 8.1 3% Development financing due in the long term 184.9 153.9 31.0 20% Development financing due in the short term 29.0 3.1 25.9 835% Corporate debt 16.9 22.5 (5.6) (25%) Financing interests 10.4 6.9 3.5 51% Notes and other marketable securities 46.0 48.7 (2.7) (6%) Trade payables and provisions 305.5 249.5 56.0 22% Customer prepayments 240.1 162.1 78.0 48% Other current liabilities 78.6 112.4 (33.8) (30%) CURRENT LIABILITIES 911.5 759.1 152.3 20% TOTAL EQUITY AND LIABILITIES 2,228.4 2,012.2 216.2 11%
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AEDAS Homes | FY 2024/25 results presentation 34 Financial leverage at 31 March 2025 Financial debt in line with the operational activity in FY 2024/25 AEDAS Homes debt ratios Green Bond covenants Ratio 31 March 2025 31 March 2024 31 March 2023 LTC1 18.0% 20.8% 18.4% LTV2 14.2% 16.3% 14.2% Net financial (NFD) / EBITDA 1.6x 1.8x 1.9x Interest coverage 6.9x 7.0x 6.9x Average nominal cost of debt 4.4% 4.8% 4.5% Ratio 31 March 2025 31 March 2024 31 March 2023 Net total LTV 15.0% 17.6% 15.1% Net secured total LTV 9.0% 12.4% 12.1% Fixed charge coverage ratio 6.9x 7.0x 6.9x Pari passu senior secured LTV n.a.3,4 4.4%3 12.1% Notes: (1) Calculated as net financial debt over inventories; (2) Calculated as net financial debt over gross asset value (GA V); (3) Change in calculation methodology (i.e., excluding mortgage-backed debt); (4) Net financial debt was negative
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AEDAS Homes | FY 2024/25 results presentation Key dates on our corporate calendar At 28 May 2025 3 July 2025 Annual General Meeting Confirmed Post AGM Dividend distribution Confirmed 23 July 2025 Q1 2025/26 Trading Update published Confirmed 26 November 2025 H1 2025/26 Results published TBC Sirani (Terrassa, Barcelona)
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AEDAS Homes | FY 2024/25 results presentation Back cover Vanian Views (Estepona, Málaga)