- The Spanish homebuilder achieved a gross development margin of €36 million, equivalent to a margin of 24% of revenues, which is at the high end of the company's estimate for the whole fiscal year.
Strong sales pace and delivery coverage levels
- The residential developer reported total net sales of €371 million between April and June, up 59% over the same period a year ago: €299 million from the sale of 736 BTS units (excluding co-investment) at an average selling price (ASP) of €407,000—6% higher than the ASP for 2023/24—and €72 million from the sale of 86 units (under co-investment format) through the asset-light Real Estate Services business line at an ASP of €837,000.
- After this excellent quarterly sales performance, the AEDAS Homes Order Book stood at €1.46 billion at the end of June 2024 (vs €1.24 billion at the end of March 2024), corresponding to a total of 3,774 units sold: 2,827 BTS, 511 BTR, and 436 BTS under co-investment.
- This strong sales pace has translated into elevated delivery coverage for the coming years: 84% for the current fiscal year, ending on 31 March 2025, and 48% for 2025/26.
Elevated operational visibility - As of the end of June, the developer had a total of 10,068 active units.
- Of these active units, 9,188 corresponded to its Residential Development line: 1,112 were already completed and pending delivery; 4,344 were under construction; and 3,732 were in the marketing or design phase.
- The remaining 880 active units corresponded to its Real Estate Services line and are being developed under a co-investment format. Of these, 718 were under construction and 162 in the marketing phase at quarter-end.
Selective, disciplined investment approach -
During the first quarter, AEDAS Homes’ acquisitions and investment commitments totalled €29 million for land with a development capacity of 491 units, of which 111 are earmarked for affordable housing.
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In addition, the homebuilder acquired a plot in Valencia for €7 million to develop a 158-unit co-living project—the Company’s first—and was awarded three lots in the Madrid Regional Government’s Plan Vive III scheme to develop 944 units of affordable rental housing, a further confirmation of its commitment to improving access to housing.
- With these new investments, the AEDAS Homes land bank now stands at 15,366 units (including 880 units in co-investment projects), located in Spain’s most dynamic residential markets.
Goal: €1 billion in revenue -
David Martínez, CEO of AEDAS Homes: “The strong start to our 2024/25 fiscal year confirms the company’s strength and business prospects, reflected in optimal sales coverage levels and strong visibility over cash generation for the coming years”.
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"In this context, the company is maintaining both its annual goal of generating more than €1 billion in turnover and its commitment to offering attractive, stable shareholder returns, underpinned by the company’s leading market position and operational strength”.
