Aedas Homes S A : allocates €110 million to shareholders in the first half of the fiscal year

AEDAS Homes, a leading Spanish homebuilder, closed out the first half of its 2023/24 fiscal year (April to September 2023) reporting revenues of €230 million, up 7% over the same period last year, booked primarily from the delivery of 637 homes (up 22%) to individual customers. Bearing in mind that most of the company's deliveries and revenues are concentrated in the second half of the year, the increase in these half-year figures means that AEDAS Homes is confirming itsbusiness plan goals, which target a record annual turnover of more than €1 billion this year.

AEDAS Homes posted a gross margin of 24.2% in this six-month period, mainly due to the product and geographic mix, and an EBITDA of €17.8 million. These figures are in line with business plan forecasts at the six-month mark and are not representative of the company's expected year-end results, as the majority of its deliveries are scheduled for the last six months of the fiscal year.

David Martínez,CEO of AEDAS Homes, highlighted that "AEDAS Homes has once again demonstrated great resilience in its activity, thanks to our positioning in the mid-to-high segment of the market, qualityproduct, efficientmodel and financial solvency". Mr. Martinez pointed out that these half-year results demonstrate the platform's ability to reach milestones at each phase of the development cycle, thus putting the company on the path towards achieving its annual goals.

A solid Order Book

With these half-year results, AEDAS Homes has also confirmed its elevated visibility, thanks to indicators like its Order Book (4,280 units forward-sold), valued at €1.45 billion and up 18% since the end of March 2023, and the fact that 90% of the units slated for delivery in the current fiscal year 2023/24 are already sold.

Furthermore, between April and September 2023, the homebuilder closed 1,214total net sales -Build to Sell (BTS) and Build to Rent (BTR)- for €451 million (up 7%). The average sales price for the company's BTS product (up 12% to €444,000) and residual cancellation levels (less than 1%) attest to the solvent nature and economic strength of the AEDAS Homes customer base. In the words of Mr. Martínez, "these figures confirm the resilience of AEDAS Homes customers in a context of rising interest rates and high inflation while at the same time, demonstrate the quality of the homes the company develops".

Construction completed on 1,100 units

Another indicator that reflects the good visibility that AEDAS Homes has on its goals is the developer's operating progress over these last six months. 77% of the company's landbank is currently active (11,406 units) with nearly 6,000 units under construction, 1,101 already completed and 1,200+ with building permits granted, as of September 30.

Looking ahead to the mid and long term, the company has continued to stick to a selective land investment strategy and use its resources as efficiently as possible by opting for investments with purchase options and deferred payments. As such, the company's large, diversified, and liquid land bank has a current development capacity for 15,333 units (including committed transactions), after having earmarked €51 million for new investments during the first half of the year.

"In a context of heightened uncertainty, the company's strongbusiness fundamentals and stable sales levels, among other indicators, mean we are on track to deliver our business plan goals in the coming years and maintain our commitment to maximise shareholder returns, thanks to a remuneration policy that is stable over time and backed by the company's solid financial footing", Mr. Martinez concluded.

In the first six months of the 2023-24 fiscal year, AEDAS Homes has remunerated its sharholders with €110 million-€50 million corresponding to the final dividend paid in July 2023 and €60 million through the capital reduction with the cancellation of treasury stock.

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