Earnings release
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1Q25 EARNINGS RELEASE
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1Q25 EARNINGS RELEASE 2 of 18 ri.caduinmobiliaria.com CADU REPORTS TOTAL REVENUES OF MXN 852 MILLION AND EBITDA OF MXN 138 MILLION IN 1Q25. OPERATIONAL AND FINANCIAL HIGHLIGHTS Homes Sold went from 810 in 1Q24 to 543 in 1Q25 (-33.0%). During 1Q25, Total Revenue reached MXN 852 million, 9.5% less than 1Q24. In 1Q25, the Average Sale Price amounted to MXN 1.5 million, increasing 36.4% compared to the MXN 1.1 million amounted in 1Q24. Gross Income totaled MXN 230 million in 1Q25, decreasing 11.0% compared to the MXN 259 million recorded in 1Q24. Operating Income went from MXN 100 million in 1Q24 to MXN 65 million in 1Q25, decreasing 35.3%. During 1Q25, EBTIDA amounted to MXN 138 million, decreasing 11.6% compared to the MXN 156 million accounted for 1Q24. In 1Q25, Net Income was MXN 31 million, vs. MXN 67 million in 1Q24 (-54.1%). During 1Q25, Free Cash Flow was -MXN 174 million, vs. MXN 72 million in 1Q24. The Working Capital Cycle (WCC) increased by 51 days, from 773 days on March 31, 2024 to 824 days by the end of March 2025. As of March 31, 2025, the balance of Cash & Cash Equivalents totaled MXN 491 million, growing 1.9% compared to the figure recorded at the end of 1Q24. Total Debt (excluding credit origination costs and amortized issuance expenses) totaled MXN 2,428 million at the end of 1Q25, vs. MXN 2,051 million at the end of 1Q24 (+18.4%). As of March 2025, taking into account the current market conditions and features of its projects according to the current prices of the products under development, the Company decided to adjust its price ranges; considering, as of 1Q25, entry-level housing with a price of up to MXN 1.5 million, middle-income housing ranging from MXN 1.5 million to MXN 3.0 million, medium -income residential housing ranging from MXN 3.0 million to MXN 5.0 million, and residential housing surpassing MXN 5.0 million. Cancun, Q. Roo, Mexico, April 21, 2025. – Corpovael, S.A.B. de C.V. (BMV: CADUA), a homebuilder focused on the development of affordable entry-level, middle-income, middle-income residential and residential housing in Mexico, announced today its results for the first quarter of 2025 (“1Q25”). The figures presented in this report are expressed in current Mexican nominal pesos (MXN), are preliminary and unaudited, and are prepared in accordance with IFRS and interpretations in force to this date and may present minimal variations due to rounding. Should there be any discrepancies or questions arising from this English version, please refer to the Spanish-language earnings release.
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1Q25 EARNINGS RELEASE 3 of 18 ri.caduinmobiliaria.com 1Q25 VS. 1Q24 RESULTS COMPARISONS *Figures in Mexican pesos. Considering 310,875,668 outstanding shares as of 1Q25 and 319,172,265 as of 1Q24. ** Do not consider the credit opening commissions nor the issuance expenses pending amortization. BALANCE SHEET INDICATORS (MXN million) FINANCIAL INDICATORS Items As of March, 2024 As of March, 2025 Indicator 1Q24 LTM 1Q25 LTM Cash & Cash Equivalents 482 491 ROE (%) 5.5 3.6 Accounts Receivable 847 1,063 ROA (%) 2.6 1.6 Inventory 8,721 9,464 EBITDA (MXN Million) 710 698 Other assets 1,434 1,354 Net Income (MXN Million) 295 196 Total Assets 11,484 12,373 EPS (MXN) 0.91 0.63 Bank Debt 1,513 1,926 WCC (days) 773 824 Local Notes 538 502 Total Debt 2,051 2,428 Other Liabilities 4,091 4,434 Total Liabilities 6,142 6,862 Stockholders' Equity 5,342 5,512 KEY INDICATORS (MXN Million) Indicator 1Q24 1Q25 ∆% Homes Sold (Units) 810 543 (33.0%) Average Sale Price (MXN thousands) 1,069 1,459 36.4% Home Sold Revenue 866 792 (8.5%) Land Plot Sales 61 32 (47.6%) Other 14 28 95.2% Total Revenue 942 852 (9.5%) Operating Income 100 65 (35.3%) EBITDA 156 138 (11.6%) EBITDA Margin (%) 16.6 16.2 (0.4 pp.) Net Income 67 31 (54.1%) Net Margin (%) 7.1 3.6 (3.5 pp.) FCFF 72 (174) (342.1%) Interest Coverage 2.37x 2.54x 0.17x Net Debt / LTM EBITDA** 2.21x 2.78x 0.57x Leverage (Liabilities/Equity)** 1.15x 1.24x 0.10x EPS* (MXN) 0.21 0.10 (51.6%)
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1Q25 EARNINGS RELEASE 4 of 18 ri.caduinmobiliaria.com Message from the CEO Dear Investors, In March 2025, we started the sales of our entry-level housing in Cancun and Playa del Carmen, same that were under development during 2024 and could not be titled that year. This will allow us to return to the targets set at Guide. On the other hand, we continue with the development of new projects in Jalisco and Quintana Roo, which are expected to materialize towards year-end. During the quarter, m iddle-income and residential housing remained well accepted in the demand segment, so we will continue to strengthen the promotion and development of new projects in these niches, both in Quintana Roo and in Jalisco. We continue to monitor cash flows, leverage and profitability indicators, to reach efficiencies to gradually improve these indicators hand-in-hand to the achievement sales targets set early this year. CADU's commitment to sustainability remains a priority. During 1Q25, we continued to develop homes under the ECOCASA program and promoted EDGE certified projects, thus reaffirming our leadership in construction of sustainable housing, seeking to mitigate environmental impact and offer homes with greater added value. In regard to our commercial position, we maintain our main focus on Quintana Roo, where the economic evolution of the market remains favorable. According to data from SEDETUR, during 2024, over 5 thousand hotel rooms were added contributed to maintaining a significant flow of passengers to the Cancun airport. This dynamic has boosted the potential demand for Infonavit affiliates in the state; since, as of February 2024, it registered an increase of over 55% compared to the same period 2023. We will also continue to follow the evolution of the main macroeconomic variables and effects of the new Infonavit reform, which dully started in February 2025, as well as the possible challenges that could arise from the tariffs imposed by the United States. Finally, in the next days we will release our annual and sustainability reports, for the year 2024. We are confident that, even when the first two months of 2025 posted a decline in sales compared to 2024, progress was made in March, driving us positive to meet the targets set at the beginning of the year, as with this trend the objectives for next quarters will be met. Pedro Vaca Elguero, Chairman and CEO
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1Q25 EARNINGS RELEASE 5 of 18 ri.caduinmobiliaria.com OPERATING RESULTS NOTE: Affordable entry-level homes (AEL) are homes priced under MXN 1.5 million, used homes are affordable entry-level homes purchased and refurbished by CADU for resale, middle -income homes are homes priced from MXN 1 .5 million to MXN 3.0 million, middle-income residential homes are homes priced from MXN 3.0 million to MXN 5 million, and residential homes are homes exceeding the MXN 5 million price tag. In 1Q25, homes sold amounted to 543, decreasing 33.0% against the 810 units sold in 1Q24. This decrease was mainly driven by lower sales of affordable entry -level housing , due to the completion of one of the two projects in this segment in Cancun, in this quarter there was one development less in sales than 1Q24; in addition, a lower rate of sales was recorded in the affordable entry-level housing and middle-income housing segments in Playa del Carmen, mostly as the entry-level inventory was available until March and the average housing inventory was lower given the completion of a stage of the project in sales (the sale of another phase is expected to start in June 2025). The middle-income residential segment continued to reflect the lower supply of units that comes from the final sales phase of this segment's project (it is expected that, during the second half of the year, the sales of new medium-residential housing projects in Jalisco will begin). On the other hand, units sold in the residential segment grew 40.0%, from 5 in 1Q24 to 7 in 1Q25. Homes Sold (Units) by Housing Segment 1Q24 % Total 1Q25 % Total ∆% AEL 685 84.6% 431 79.4% (37.1%) AEL (UH) 5 0.6% 4 0.7% (20.0%) Middle-income 109 13.5% 97 17.9% (11.0%) Middle-Income Residential 6 0.7% 4 0.7% (33.3%) Residential 5 0.6% 7 1.3% 40.0% Total Units 810 100.0% 543 100.0% (33.0%) Total Revenue (MXN Million) 1Q24 % Total 1Q25 % Total ∆% AEL 539 57.3% 414 48.5% (23.2%) AEL (UH) 3 0.3% 3 0.3% (22.4%) Middle-Income 235 25.0% 232 27.2% (1.3%) Middle-Income Residential 23 2.4% 15 1.7% (36.7%) Residential 66 7.0% 129 15.2% 96.7% Home Sold Revenue 866 92.0% 792 93.0% (8.5%) Land Plot Sales 61 6.5% 32 3.8% (47.6%) Other Revenue 14 1.5% 28 3.3% 95.2% Total Other 75 8.0% 60 7.0% (20.4%) Total Revenue 942 100.0% 852 100.0% (9.5%) Consolidated Revenue Homes Sold (Units)
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1Q25 EARNINGS RELEASE 6 of 18 ri.caduinmobiliaria.com Total revenues went from MXN 942 million in 1Q24 to MXN 852 million in 1Q25, decreasing 9.5%. This variation was due to the lower generation of income from homes sold (-MXN 74 million vs. 1Q24) and land plot sales (-MXN 29 million vs. 1Q24), which was partially offset by a higher contribution of other revenues (+MXN 14 million vs. 1Q24). Regarding revenue by segment , during 1Q25 there was a 96.7% growth in residential segment vs. 1Q24, driven by the combined effect of a higher volume sold (+40.0%) and a higher average price (+40.5%). On the other hand, revenues from the affordable entry-level segment in 1Q25 decline 23.2% vs. 1Q24, affordable entry -level (UH) 22.4%, middle-income 1.3% and middle-income residential 36.7%. NOTE: UH refers to Used Homes. Revenue from home sales went from MXN 866 million in 1Q24 to MXN 792 million in 1Q25, decreasing 8.5%. This variation derives, mainly, from the lower level of income registered in Playa del Carmen (-31.4%) and Tulum (-12.6%); in Playa de Carmen, until March, there was availability of affordable entry-level housing and the sale of one phase of the middle-income project located at that market was completed (the sale of another phase is expected to begin in June 2025). This was partially offset by the 22.9% increase registered in Cancun, since this is the only market that encompasses developments in the entry-level, middle-income and residential segment, as we were able to tap into stability of its demand. Homes Sold Revenue by Market (MXN Million) 1Q24 % Total 1Q25 % Total ∆$ ∆% Cancun 281 32.4% 345 43.5% 64 22.9% Playa del Carmen 310 35.8% 212 26.8% (97) (31.4%) Tulum 249 28.7% 218 27.5% (31) (12.6%) CDMX 23 2.7% 15 1.8% (8) (36.7%) Other (UH) 3 0.4% 3 0.3% (1) (22.4%) TOTAL 866 100.0% 792 100.0% (74) (8.5%) Homes Sold Revenue by Market 1Q24 1Q25 Residential 7.6% 16.3% Middle-income Residential 2.7% 1.8% Middle-income 27.1% 29.3% AEL (UH) 0.3% 0.3% AEL 62.2% 52.2% Home Sold Revenue by Housing Segment
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1Q25 EARNINGS RELEASE 7 of 18 ri.caduinmobiliaria.com The following table shows the annual comparison of average prices by segment: Average Sale Price by Housing Segment (MXN Thousands) Segment 1Q24 1Q25 ∆$ ∆% AEL 786 960 173 22.0% AEL (UH) 691 670 (21) (3.0%) Middle-Income 2,159 2,394 235 10.9% Middle-Income Residential 3,849 3,653 (196) (5.1%) Residential* 13,150 18,473 5,324 40.5% Total 1,069 1,459 390 36.4% **Only 60% of the sales price of the units of the Blume development and, as of September 2023, 89% of the sales sale price of the Aldea Tulum development are considered, due to the fact that these developments have partnerships. Average sale price in 1Q25 amounted to MXN 1.5 million, increasing 36.4% compared to MXN 1.1 million in 1Q24. This increase was driven by the combined effect of a greater share of the residential segment in the revenue mix (+8.7 pp.) and a higher average price in the affordable entry level (+22.0%), middle-income (+10.9%) and residential (+40.5%) segments. FINANCIAL PERFORMANCE Income Statement Revenue and Cost of Sales Breakdown (MXN Million) Items 1Q24 % Rev 1Q25 % Rev Home sold revenue 866 92.0% 792 93.0% Land plot sales revenue 61 6.5% 32 3.8% Other revenue 14 1.5% 28 3.3% Total Revenue 942 100.0% 852 100.0% Cost of homes sold 660 76.2% 604 76.2% Cost of land plots 23 37.2% 18 56.5% Cost of other revenue 0 0.0% 0 0.0% Total cost of sales 683 72.5% 622 73.0% Cost of sales 629 66.8% 5.8% 552 64.7% Capitalized interest 54 71 8.3% In 1Q25, the ratio of cost of sales to revenues was 73.0%, increasing 0.5 pp. against the 72.5% recorded in 1Q24. This increase is mainly due to the greater share of homes sold in total revenue, since their margins are usually lower than those of other revenues; in addition, the land plots sales in the period had a lower margin. Regarding other non-operating income, remember that these do not have an associated cost. The increase in capitalized interest was due to the investment cycle, as these are higher in middle-income and residential housing, mainly in the latter segment Cost of Sales Average Sale Price
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1Q25 EARNINGS RELEASE 8 of 18 ri.caduinmobiliaria.com Gross income went from MXN 259 million in 1Q24 to MXN 230 million in 1Q25, decreasing 11.0%. This is mainly due to the lower income level over the quarter . Gross margin stood at 27.0% in 1Q25 (-0.5 pp. vs. 1Q24). During 1Q25, SG&A reached MXN 165 million, increasing 4.5% when compared to MXN 158 million in 1Q24. This increase is mainly attributed to higher selling expenses in general and commissions for higher sales of residential housing. Thus, the ratio of expenses to revenues was 19.4% in 1Q25 (+2.6 pp. vs. 1Q24). EBITDA went from MXN 156 million in 1Q24 to MXN 138 million in 1Q25, decreasing 11.6%. This decrease is due to the combined effect of lower gross income and a higher proportion of income expenses recorded. In 1Q25, the EBITDA margin stood at 16.2%, decreasing 0.4 pp. vs. 1Q24. In 1Q25, operating income totaled MXN 65 million, 35.3% lower than the MXN 100 million in 1Q24. This variation is attributed to the same factors behind EBITDA. Operating margin in 1Q25 stood at 7.6%, compared to 10.7% in 1Q24. Gross Income (MXN Million) 1Q24 % Rev 1Q25 % Rev ∆$ ∆% Gross Income 259 27.5% 230 27.0% (28) (11.0%) SG&A (MXN Million) 1Q24 % Rev 1Q25 % Rev ∆$ ∆% SG&A 158 16.8% 165 19.4% 7 4.5% EBITDA Breakdown (MXN Million) Items 1Q24 1Q25 ∆$ ∆% EARNINGS AFTER TAXES 67 31 (36) (54.1%) (+) Income Tax 9 14 5 58.1% EARNINGS BEFORE TAXES (EBIT) 76 45 (31) (41.1%) (+) Capitalized CFR 54 71 16 30.2% (+) Non-capitalized Interest 30 24 (6) (18.7%) (-) Other income (expenses), net 5 4 (1) (23.7%) (+) Depreciation & Amortization 2 3 1 56.9% EBITDA 156 138 (18) (11.6%) EBITDA Margin 16.6% 16.2% - (0.4 pp.) Operating Income (MXN Million) 1Q24 % Rev 1Q25 % Rev ∆$ ∆% Operating Income 100 10.7% 65 7.6% (35) (35.3%) SG&A EBITDA Operating Income Gross Income
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1Q25 EARNINGS RELEASE 9 of 18 ri.caduinmobiliaria.com Net Income and EPS (MXN Million) Items 1Q24 1Q25 ∆$ ∆% Consolidated Net Income 67 31 (36) (54.1%) Net Margin 7.1% 3.6% - (3.5 pp.) Controlling Interest 66 31 (35) (52.8%) Earnings per share* (MXN) 0.21 0.10 (0.11) (51.6%) *Figures in pesos. Considering 310,875,668 shares outstanding as of 1Q25 and 319,172,265 as of 1Q24. Net income decreased 54.1%, from MXN 67 million in 1Q24 to MXN 31 million in 1Q25. This result is mainly due to the lower operating income generated in the quarter and, to a lesser extent, to the higher amount of Income Tax in the period (MXN 14 million, vs. MXN 9 million in 1Q24). In 1Q25, the net margin was 3.6%, vs. 7.1% in 1Q24 (-3.5 pp.). 1Q25 Earnings Per Share (EPS) was MXN 0.10, down 51.6% from MXN 0.21 in 1Q24. Financial Position Cash & Cash Equivalents (MXN Million) As of March, 2024 As of March, 2025 ∆$ ∆% Cash & Cash Equivalents 482 491 9 1.9% The Cash & Cash Equivalents balance went from MXN 482 million at the end of 1Q24 and MXN 466 million at the end of 4Q24 to MXN 491 million at the end of 1Q25, increasing 1.9% and 5.5%, respectively. This stability is still in line with the objective of maintaining a balance that optimizes the use of resources to reduce financial costs. The reserve fund generated to guarantee the payment of the "CADU20V" Green Bond totaled MXN 52 million at the end of this quarter. The majority of CADU’s cash resources are invested in high-quality, short-term debt instruments. Working Capital Cycle (WCC) Items As of March 31, 2024 As of March 31, 2025 ∆ days Amount (MXN Million) Days Amount (MXN Million) Days Accounts Receivable 847 71 1,063 87 16 Inventory (includes land bank) 8,721 1,013 9,464 1,055 42 Suppliers (includes land plot suppliers) 2,335 271 2,444 273 1 Prepayments 346 40 412 46 6 WCC 6,887 773 7,672 824 51 The Working Capital Cycle went from 773 days at the end of 1Q24 to 824 days at the end of 1Q25, increasing by 51 days. This is due to a higher level of inventory and accounts receivable, given a higher volume of work in process and finished homes that was not displaced in the period, and the payment terms granted to customers who acquired land plots in mid-2024 and, to a lesser extent, to those customers who purchased residential housing. Net Income Cash & Cash Equivalents Working Capital Cycle (WCC)
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1Q25 EARNINGS RELEASE 10 of 18 ri.caduinmobiliaria.com As of March 31, 2025, accounts receivable totaled MXN 1,063 million (87 portfolio days) , vs. MXN 847 million (71 portfolio days) at the end of 1Q24. This increase is explained by the payment terms that have been provided in the last 12 months to clients of residential housing and land plots, as these range from 24 to 36 months, in the case of land. The inventory balance went from MXN 8,721 million at the end of 1Q24 to MXN 9,464 million at the end of 1Q25. This increase is mainly due to land plots acquisitions, the work in progress in Guadalajara, the start of a new middle income housing project in Cancun and a greater volume of work in process in affordable entry level projects, which will be delivered in next months. At the end of 1Q25, the suppliers account (including land suppliers) was MXN 2,444 million (MXN 641 million from suppliers and MXN 1,804 million from land plot suppliers), which compares to MXN 2,335 million ( MXN 577 million from suppliers and MXN 1,758 million from land plot suppliers) recorded in the same period 2024. This variation derives from the purchase of land plots, since most of the payments are scheduled to be settled as the projects materialize. Prepayments went from MXN 346 million as of March 31, 2024 to MXN 412 million as of March 31, 2025. This increase is due to the advances of projects in the residential segment that are in process of being sold (Blume and La Vela) and of one of the developments in Guadalajara that is in its pre-sale phase (it will be delivered in 2026). Total debt (excluding loan origination fees and unamortized issuance costs ) increased 18.4%, from MXN 2,051 million at the end of 1Q24 to MXN 2,428 million at the end of 1Q25. This variation derives from the 27.3% increase in bank debt, which was partially offset by the 6.6% decrease in stock market debt. Bank Debt (MXN million) Items As of 1Q24 % of total debt As of 1Q25 % of total debt ∆$ ∆% Bridge loans 829 41.2% 1,360 56.6% 530 64.0% Land Bank - - - - - - Working Capital loans 683 34.0% 566 23.5% (117) (17.2%) Total without loan origination fees 1,513 75.2% 1,926 80.1% 413 27.3% Loan origination fees (25) (1.2%) (14) (0.6%) 11 (42.5%) Total 1,488 73.9% 1,912 79.5% 424 28.5% Bank debt (excluding loan origination fees) went from MXN 1,513 million at the end of 1Q24 to MXN 1,926 million at the end of 1Q25, increasing 27.3%. This is due to the 64.0% increase in bridge loans to the development of projects, which will gradually decrease as the units of these projects are titling in the following periods. On the other hand, loans for working capital were reduced by 17.2%. Debt
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1Q25 EARNINGS RELEASE 11 of 18 ri.caduinmobiliaria.com Debt Securities – Local Notes (MXN Million) Items As of 1Q24 % of total debt As of 1Q25 % of total debt ∆$ ∆% CADU 19 36 1.8% - - (36) (100.0%) CADU 20V 502 24.9% 502 20.9% - - Total without unamortized issuance costs 538 26.7% 502 20.9% (36) (6.6%) Unamortized issuance costs (13) (0.6%) (9) (0.4%) 4 (27.9%) Total 525 26.1% 493 20.5% (32) (6.1%) Total Debt without loan origination fees and unamortized issuance costs 2,051 101.9% 2,428 101.0% 378 18.4% Credit operating costs and issuance expenses (38) (1.9%) (24) (1.0%) 14 (37.5%) Total Debt* 2,013 100.0% 2,405 100.0% 392 19.5% *As of March 31, the Company´s entire debt balance was dominated in Mexican pesos. As of March 31, debt securities (excluding unamortized issuance costs) was MXN 502 million, decreasing 6.6% compared to the MXN 538 million recorded in the same period 2024. This decrease goes in line with the payment schedule, during 2Q24 the total amortization of the CEBUR "CADU19" was fully settled. At the end of 1Q25, bridge loans represented 56.0% of debt (excluding loan origination fees and unamortized issuance costs ); while loans for working capital and stock market debt accounted for 23.3% and 20.7%, respectively. Debt Maturities as of March 2025 (MXN Million) Items Actual year Up to 1 years Up to 2 years Up to 3 years Up to 4 years Total Bank Loans 362 343 776 403 43 1,926 CADU 20V - - - 502 - 502 Total 362 343 776 905 43 2,428 % Total 14.9% 14.1% 31.9% 37.3% 1.8% 100.0% Note: The figures in the above table exclude loan origination fees and unamortized issuance costs. Regarding the maturity profile, 14.9% of debt matures in the next 9 months, 14.1% in 1Q26, 31.9% within 2 years, 37.3% matures in 3 years and 1.8% in 4 years. For the next six quarters, the debt maturities are as follows: Debt Maturities as of March 2025 (MXN Million) Items 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Bank Loans 28 143 191 343 134 40 Total 28 143 191 343 134 40 % Total 1.2% 5.9% 7.9% 14.1% 5.5% 1.6% Note: The figures in the above table exclude loan origination fees and unamortized issuance costs. Only 1.2% of total debt matures in 2Q25, 5.9% matures during 3Q25, 7.9% towards 4Q25, 14.1% until 1Q26, 5.5% in 2Q26 and 1.6% during 3Q26. As of March 31, 2025, CADU's corporate credit rating was “HR A-” from HR Ratings and “BBB+/M” from Verum. Regarding the Company's debt securities, Verum and HR Ratings assigned ratings of “A+/M” and “HR AA” to CADU20V, respectively.
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1Q25 EARNINGS RELEASE 12 of 18 ri.caduinmobiliaria.com Leverage and Interest Coverage (Times) Items As of March, 2024 As of March, 2025 Covenant Net Debt to EBITDA 2.21 2.78 No greater than 3.0 Total Liabilities / Equity 1.15 1.24 No greater than 3.0 EBITDA / Interest Paid 2.37 2.54 No less than 2.5 Note: The metrics in the above table are calculated using Net Debt and Total Liabilities without considering origination fees and unamortized issuance costs. The weighted average cost of debt, at the end of 1Q25, was 11.73% (TIIE + 2.47 pp. / not considering commissions). As of March 31, excluding loan origination fees and unamortized issuance costs, 79.3% of the debt was contracted at a floating rate and the remaining 20.7% at a fixed rate of 9.13%. Total Liabilities and Stockholders' Equity (MXN Millions) Items As of March, 2024 % Total As of March, 2025 % Total ∆$ ∆% Total Liabilities 6,142 53.5% 6,862 55.5% 720 11.7% Stockholders' Equity 5,342 46.5% 5,512 44.5% 169 3.2% Total 11,484 100.0% 12,373 100.0% 889 7.7% Stockholders' equity was MXN 5,512 million at the end of 1Q25, increasing 3.2% compared to MXN 5,342 million in the same period of 2024. At the end of March 2025, the capital structure was made up of 55.5% liabilities and 44.5% equity compared to 53.5% liabilities and 46.5% equity as of March 31, 2024. Cash Flow Cash Flow (MXN Million) Items 1Q24 1Q25 ∆% Earnings before taxes (EBT) 76 45 (41.1%) Investment adjustments and others 26 22 (16.4%) Financing activities 54 71 30.2% Cash Flow before taxes 156 137 (12.2%) Cash flow from operating activities (88) (314) 255.3% Net cash flow from operating activities 68 (177) (360.4%) Net cash Flow from investment activities 4 3 (24.0%) Net cash flow from financing activities (134) 200 249.2% Δ Cash and cash equivalents (62) 26 141.4% Cash and equivalents - beginning of the period 544 466 (14.4%) Cash and equivalents - end of the period 482 491 1.9% Free Cash Flow to Firm 72 (174) (342.1%) Free cash flow went from MXN 72 million in 1Q24 to -MXN 174 million in 1Q25. This variation is attributed to higher inventory in process and a higher balance in accounts receivable recorded by the Company this period, given the housing development to be displaced in next quarters. Total Liabilities and Stockholders' Equity Cash Variations
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1Q25 EARNINGS RELEASE 13 of 18 ri.caduinmobiliaria.com ESG During 1Q24, CADU started the EDGE certification process for the middle -income housing that will be sold throughout the year, noting that one of its project has already received preliminary EDGE certification, which means it is capable of achieving savings of up to 21% in energy, 43% in water, and 52% in embodied energy in materials. In 2Q24, the Company started the EDGE certification process for two of its projects in Playa del Carmen, which encompassed over 700 affordable entry-level and middle-income homes. During 3Q24, CADU was recognized in the third edition of the Leading Companies in Sustainable Innovation Award granted by HSBC. This award is given to those companies that, with the power of their impact, generate sustainable strategies in Mexico. In September 2024, CADU renewed its commitment to the United Nations Global Compact, remaining part of the select group of companies worldwide committed to human rights, fight against corruption and care for the environment. Furthermore, in line with its strong commitment to adopting best practices in Environmental, Social, and Corporate Governance (ESG), CADU has been recognized and certified by a number of institutions. The distinctions include: Climate Bond Initiative certification , under the “Low Carbon Buildings” modality, marking the “CADU 20V” green bond as the first in Latin America’s housing sector to achieve this distinction. PRIME Corporate Governance Certification , granted by Bancomext, Nacional Financiera, BMV, BIVA, and AMIB for complying with the PRIME Guide, which promotes best ESG practices. GREEN BOND Award from Environmental Finance for innovation, leadership, best practices, and contribution to sustainable financial market development. First GREEN BOND recognition for a housing developer in the local market , presented by the Green Finance Advisory Board as part of the Green, Social and Sustainable Bonds 2020-2021 Awards. These awards are granted to companies that reinforce their commitment to be sustainable and show an increasingly robust strategy implementation. EDGE Advanced certification from the IFC (World Bank Group) for CADU’s homes that allow savings of up to 47% in energy, 39% in water, and 75% in embodied energy in materials. Recognition by Grupo Expansion, Transparencia Mexicana, and Mexicanos Contra la Corrupción for CADU’s efforts against corruption. ESR Distinction for Large Companies granted by the Mexican Center for Philanthropy (Cemefi) and the Alliance for Corporate Social Responsibility for Mexico (AliaRSE), highlighting CADU’s commitment to ESG issues. For more detailed information on these achievements, please refer to CADU’s 2023 Annual Sustainability Report.
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1Q25 EARNINGS RELEASE 14 of 18 ri.caduinmobiliaria.com Recent Developments On April 21, CADU announced that, following a favorable opinion from the Audit Committee, the Board of Directors approved the ratification of the appointment of RSM México Bogarín, S.C. as the external auditor for year 2025. On April 2, 2025, CADU published the calls for the Ordinary General Meeting of Shareholders and the Extraordinary General Meeting of Shareholders, which will be held on April 22, 2025. On February 26, 2025, CADU announced that, after the cancellation of 8.3 million shares, as approved at the Extraordinary General Shareholders Meeting held on April 23, 2024, the CNBV authorized, last January, to update the registration of the shares in the National Securities Registry. The exchange of the title was successfully carried out on March 7, 2025. Analyst Coverage As Corpovael, S.A.B. de C.V. (“CADU”) has securities listed under the International Regulations of the Mexican Stock Exchange, the Company’s stock has a formal coverage from: Actinver Casa de Bolsa, Punto Casa de Bolsa, and Apalache Análisis. For more information, please go to: https://ri.caduinmobiliaria.com. About CADU Corpovael, S.A.B. de C.V. “CADU” (BMV: CADUA) is a business group dedicated to the integrated development of affordable entry -level, middle -income, middle -residential and residential housing in Mexico. CADU has a successful track record of over two decades in the housing sector, where it has built a successful business model under the quest for high and sustained profitability; anchoring its competitive advantage in an agile and vertically integrated structure (developing activities of land acquisition, urb anization, construction, and marketing), in regions where it has identified a high potential demand for housing. It operates mainly in Quintana Roo, Mexico City and Jalisco. Forward-looking statements Information presented by the Company may contain forward -looking statements about future events and/or financial results. The reader should understand that the results obtained may differ from the projections contained in this document, as part results in no way offer any guarantee of future performance. For this reason, the Company assumes no responsibility for anu. Indirect factors or elements beyond its control that might occur inside Mexico or abroad.
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1Q25 EARNINGS RELEASE 15 of 18 ri.caduinmobiliaria.com 1Q25 Conference Call
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1Q25 EARNINGS RELEASE 16 of 18 ri.caduinmobiliaria.com Corpovael, S.A.B. de C.V. and Subsidiaries Consolidated Statements of Financial Position As of March 31, 2025 and March 31, 2024 (Figures in MXN thousands) As of March As of March ∆% 2024 2025 Assets Current Assets: Cash and cash equivalents $431,624 $438,851 1.7% Accounts receivable (net) 846,654 986,088 16.5% Other accounts receivable (net) 404,825 320,596 (20.8%) Housing inventory 2,626,740 2,995,754 14.0% Other current assets 193,444 70,591 (63.5%) Total Current Assets 4,503,287 4,811,880 6.9% Non-current Assets: Restricted Cash 50,619 52,352 3.4% Housing inventory 6,094,375 6,468,737 6.1% Property, plant and equipment (net) 24,904 24,587 (1.3%) Other non-current assets 810,837 1,015,783 25.3% Total Non-current Assets 6,980,735 7,561,459 8.3% Other non-current assets Total Assets $11,484,022 $12,373,339 7.7% Liabilities and Stockholders' Equity Current Liabilities Bank loans 639,730 704,852 10.2% Debt securities 35,714 - (100.0%) Suppliers 877,259 1,104,860 25.9% Taxes payable 55,941 24,866 (55.5%) Other current liabilities 405,991 466,105 14.8% Total Current Liabilities 2,014,635 2,300,683 14.2% Non-current Liabilities Bank Loans 873,184 1,221,326 39.9% Debt securities 502,100 502,100 0.0% Lease liabilities 9,247 6,388 (30.9%) Suppliers 1,457,802 1,339,600 (8.1%) Employee’s benefits 265 489 84.5% Deferred tax 1,284,565 1,491,225 16.1% Total Non-current Liabilities 4,127,163 4,561,128 10.5% Total Liabilities $6,141,798 $6,861,811 11.7% Stockholders' Equity Capital Stock 159,586 155,438 (2.6%) Retained earnings 5,132,652 5,305,962 3.4% Controlling Interest 5,292,238 5,461,400 3.2% Non-controlling interest 49,986 50,128 0.3% Total Stockholders' Equity 5,342,224 5,511,528 3.2% Total liabilities and Stockholders' Equity $11,484,022 $12,373,339 7.7% Financial Statements
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1Q25 EARNINGS RELEASE 17 of 18 ri.caduinmobiliaria.com Corpovael, S.A.B. de C.V. and Subsidiaries Consolidated Statements of Comprehensive Income (Figures in MXN thousands) 1Q24 % of Revenue 1Q25 % of Revenue ∆% Revenue: Home Sold $866,258 92.0% $792,362 93.0% (8.5%) Land Plot Sales 61,020 6.5% 31,996 3.8% (47.6%) Other income 14,338 1.5% 27,982 3.3% 95.2% 941,616 100.0% 852,340 100.0% (9.5%) Costs and expenses: Construction Cost (628,935) 66.8% (551,714) 64.7% (12.3%) Capitalized Interest (54,162) 5.8% (70,527) 8.3% 30.2% Cost of Sales (683,097) 72.5% (622,241) 73.0% (8.9%) Gross Income 258,518 27.5% 230,099 27.0% (11.0%) Expense (156,420) 16.6% (162,504) 19.1% 3.9% Depreciation and amortization (1,722) 0.2% (2,701) 0.3% 56.9% General Expenses (158,142) 16.8% (165,205) 19.4% 4.5% Operating Income 100,377 10.7% 64,894 7.6% (35.3%) Financial Income 5,062 0.5% 3,860 0.5% (23.7%) Financial Expenses (29,649) 3.1% (24,119) 2.8% (18.7%) (24,587) 2.6% (20,259) 2.4% (17.6%) Earnings before income taxes 75,790 8.0% 44,635 5.2% (41.1%) Income taxes: Current (401) 0.0% 0 0.0% (100.0%) Deferred (8,351) 0.9% (13,837) 1.6% 65.7% Net (8,752) 0.9% (13,837) 1.6% 58.1% Net Comprehensive Consolidated Income $67,038 7.1% $30,798 3.6% (54.1%) Controlling Interest 66,310 7.0% 31,275 3.7% (52.8%) Non-controlling interest 728 0.1% (477) 0.1% (165.5%) Net Comprehensive Consolidated Income 67,038 7.1% 30,798 3.6% (54.1%) Net Income (Loss) per Share* 0.21 0.10 (51.6%) *Considering 310,875,668 outstanding shares as of 1Q25 and 319,172,265 as of 1Q24.
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1Q25 EARNINGS RELEASE 18 of 18 ri.caduinmobiliaria.com Corpovael, S.A.B. de C.V. and Subsidiaries Statements of Consolidated Cash Flows (Figures in MXN Thousands) 1Q24 1Q25 Operation Activities Earnings before taxes 75,788 44,635 Items Related to Investment Activities Depreciation and Amortization 1,722 2,701 Interest income (5,061) (3,860) Interest Expense 29,649 23,164 Allowance for doubtful accounts - - Allowance for inventory impairment - - Net employee Benefit cost - - Income for transportation and furniture sale - - Capitalized Interest Recognized in Cost of Sales 54,162 70,527 Cash Flow from Earnings Before Taxes 156,260 137,167 Cash Flow from or used in Operating Activities Decrease (increase) in accounts receivable (167,398) (153,633) Decrease (increase) in inventory 17,473 (215,615) Decrease (increase) in other accounts receivable and other current assets (83,822) 21,534 Increase (decrease) in accounts payable 33,743 (16,977) Increase (decrease) in other liabilities 111,633 50,711 Net Cash Flows from or used in Operating Activities 67,889 (176,813) Investment Activities Investments in shares - - Investment in property, plant and equipment (1,152) (891) Charge for the sale of machinery and equipment - - Interest received 5,061 3,860 Net Cash Flows from or used in Investment Activities 3,909 2,969 Financing Activities Bank loans 593,757 930,490 Debt certificates - - Payment of financing to the trust - - Amortization of bank loans (559,022) (665,986) Amortization of debt certificates (107,143) - Credit opening costs with financial institutions - (2,972) Interest paid (56,634) (57,233) Buyback program (1,351) (3,262) Costs related to debt issuance 5 - Bank loan origination fees / Lease payment (3,333) (1,529) Net Cash Flows from or used in Financing Activities (133,721) 199,508 Increase (decrease) in Cash and Cash Equivalents (61,923) 25,664 Cash and Cash Equivalents at the Beginning of the Period 544,166 465,539 Cash and Cash Equivalents at the end of the Period 482,243 491,203 Notes to the financial statements: For a more thorough analysis and understanding of our financial performance, we highly recommend reviewing the detailed notes to the financial statements at https://ri.caduinmobiliaria.com/en.