.jpg "David Martínez, CEO de AEDAS Homes (6)")
AEDAS Homes, a leading Spanish homebuilder, has closed out the first half of its 2024/25 fiscal year (April to September 2024), with net profit of €25 million (vs €3.6 million in the same period last year), driven by increased revenue from homes delivered and the positive impact of the Inmobiliaria Espacio (Grupo Priesa) integration.
La company posted total revenue of €307 million, up 33% over the same period last year (vs €230 million), mainly due to the robust pace of home deliveries, which hit 922 units (vs 637 last year) and generated €297 million in revenue (up 30%).
Reaffirming its strong management capacity, the homebuilder increased gross margin by 23% to €69 million, and boosted EBITDA by 56% to €28 million (vs gross margin of €56 million and EBITDA of €18 million in the same period last year).
Strong Order Book: 4,289 units, valued at €1.7 billion
With these half-year results, AEDAS Homes can reaffirm its strong visibility on future goals, backed by a current Order Book with 4,289 units valued at €1.7 billion, up 36% vs 31 March 2024. This Order Book provides delivery coverage of 90% of the units slated for delivery this fiscal year, as well as 56% of those due in FY 2025/26 and 18% in 2026/27 (excluding co-investments).
In the first six months of the fiscal year, the developer closed 1,492 net Build-to-Sell (BTS) sales (up 68%), for €641 million, with an average sale price of €429,000.
David Martínez, CEO of AEDAS Homes, explained: “Sales in the first half of this fiscal year have continued to grow, giving us very good visibility on future revenue generation. And given that the bulk of our annual deliveries, and therefore revenue, is generally concentrated in the second half of the fiscal year, this significant bump in our half-year numbers allows the company to consolidate its annual revenue goal of above €1 billion”.
17,000 units: the largest active residential portfolio under management in the sector
This elevated visibility that AEDAS Homes enjoys is also backed by the company’s land bank which stood at 21,172 units under management as of the September close. Of these, 16,928 (or 80%) were active, with 9,980 units under construction, 5,908 in design or marketing, and 1,040 completed at the end of the period.
Consolidation and diversified growth
AEDAS Homes' extensive land bank continues to experience diversified product growth, thanks to new investment volumes. During the first half of the fiscal year, the company invested €111 million in ready-to-build land to develop additional BTS product and formalized the acquisition of Grupo Priesa for a net transaction cost of approximately €50 million, demonstrating its ability to maximize market opportunities. It also launched its first co-investments in the flex living space and was awarded 944 units through the Plan Vive III public-private partnership model to develop affordable rental housing in the Madrid Region.
On this note, Mr. Martínez pointed out that over 245,000 new households are expected to form annually in Spain over the next 15 years, while the overall development sector produces fewer than 100,000 units each year, saying: This imbalance highlights the enormous challenge facing the sector to meet the country's needs. At AEDAS Homes, we continue to scale up our activity and work with public administrations and other economic and social agents to increase housing supply, both for homeowners and renters”.
