In the first quarter, the developer Aedas Homes delivered its strongest ever results, even though the period is typically slower for such builders. Revenues jumped 42 percent from a year earlier, topping 161 million euros. During these three months, the leadership under David Martínez also marked a strategic move into the coliving segment by purchasing land in Valencia on which a nearly 160-apartment complex will rise.
In the quarter, Aedas closed with an EBITDA of 17 million euros, supported by a promoter gross margin of 24 percent. Net pre-sales reached 371 million euros, up 59 percent from the same period the previous year, and the order book grew to 3,774 homes, which will generate up to 1.46 billion euros in revenue upon delivery. The company has 84 percent of the homes it plans to complete this year already reserved, with about half of the next year accounted for as well.
Over the last three months, the group invested 29 million euros in land acquisitions to enable the construction of 491 dwellings, including 111 with some level of public protection. The land bank will allow Aedas Homes to develop up to 15,366 homes in coming years, of which 1,112 are already awaiting delivery, 4,344 are under construction, and 3,732 are on the market.
In a statement, chief executive David Martínez highlighted the strong figures: “The excellent start to the 2024-2025 fiscal year confirms the business’s resilience and its positive outlook, with robust sales coverage and clear cash flow visibility for years ahead. In this context, the company maintains a target to exceed 1 billion euros in annual revenue and to continue delivering attractive, stable returns to shareholders, backed by leadership and solid operations.”
Entry into the coliving sector
During the first quarter, Aedas Homes formalized its entry into the coliving submarket, one of the alternatives within the broader residential market. These properties are built on land designated for tertiary or service uses and are intended for mid-length stays. The promoter confirmed in the results presentation that it paid 7 million euros for a plot in Valencia to support its first project, which will comprise 158 apartments. This development is part of a larger alliance whose full details have not yet been disclosed.
Additionally, Aedas won three parcels in the third phase of the Vive Plan, Madrid’s public-private housing initiative aimed at providing more affordable rental housing. The parcels secured by the promoter will enable the construction of 944 homes in Aranjuez, Villalbilla, and Navalcarnero.