AEDAS Homes, closed out the first nine months of its 2023/24 fiscal year (1 April to 31 December 2023) with operating and financial figures that put the Spanish homebuilder on track to achieve its annual goals, reporting net profit of €21.8 million (up 56%), improvements in both gross and net margin in absolute terms, and improved EBITDA (€43.5 million, up 20%).
AEDAS Homes posted revenues of €444 million, up 24% over the same period in 2022/23. Driving this increase was the handover of 1,147 homes to customers, up 11% over the 1,029 deliveries in the corresponding period a year earlier. At the December close, the company had a further 1,900 homes completed and ready to deliver to customers —more than half of them with a First Occupancy Permit in hand— putting the company on course to hit its target of c. 3,000 homes delivered this year.
“These strong operating and financial figures confirm that the company is firmly on track to generate one billion euro in revenues this year”, explained David Martínez, CEO of AEDAS Homes, who stated that, in line with the company’s business plan, “the bulk of handovers is slated to take place in the final quarter of the year”.
Dynamic sales levels: elevated visibility through FY 2025/26
These figures consolidate the company’s elevated visibility over future revenues, with close to 4,400 units forward sold (up 24% vs March 2023) in a solid Order Book valued at €1.52 billion. “The dynamism in BTS sales in recent months —we forward sold 615 units this past quarter—, coupled with the forward-sale of two turnkey BTR projects, mean that sales have jumped by 10%, implying €681 million in future revenues”, Mr. Martínez explained.
As of the end of December, AEDAS Homes had optimal coverage levels, with 95% of its FY 2023/24 deliveries, 57% of its FY 2024/25 deliveries, and 28% of its FY 2025/26 deliveries forward sold. “Demand for the AEDAS Homes product remains exceptionally resilient,” Mr. Martínez pointed out, noting that the average selling price for BTS units in the first nine months was €415,000, up 7% year-on-year.
€110 million invested in new land
AEDAS Homes also has nearly 5,000 units currently under construction, with 81% of its 11,200-unit landbank currently active. The homebuilder is continuing to selectively rotate its assets with a focus on enhancing liquidity; over the nine-month period, the company identified €110 million in investments, as well as divesting non-strategic land for €55 million, which generated an average gross margin of 17%.
Mr. Martínez referred to the company’s years-long “strategy of deploying third-party to develop residential projects”, in a nod to the recent agreement reached with King Street Capital Management, L.P., to invest up to €270 million of equity to develop new-build residential projects in Spain. He concluded by saying that AEDAS Homes will keep “diversifying its sources of capital, scaling its activity, and above all, generating value for shareholders, with one clear goal in mind: to continue growing as a company in a changing environment”.
