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Investing.com -- Aedas delivered impressive second quarter and first half results, exceeding analyst estimates across all reported metrics.
The company’s revenues increased by approximately 30% year-over-year to €186.7 million, significantly higher than the €120.5 million forecast. This growth was driven by a 10% beat in both deliveries and average prices, with 425 units delivered at an average price of €365,000 per unit, resulting in development sales of €155 million. Services revenues contributed €3.2 million.
Development margin improved to 23.5% in the first half of 2025, up from 22.4% in the same period last year. The second quarter showed particularly strong profitability with margins of approximately 25%. EBITDA reached €21 million, compared to €14 million in the second quarter of 2024, with robust margins of 11.2%. The company maintained a controlled loan-to-value ratio of 21.9%.
Commercial activity was also strong with €640 million in pre-sales, including €456 million in fully owned units and €184 million in co-investments. This resulted in an order book of approximately €1.8 billion in future sales, comprising €1.3 billion in fully owned units and €543 million in co-investments, reaching a new high and providing strong visibility for upcoming periods.
For the full fiscal year 2025, Aedas reports high visibility over scheduled deliveries, with 60% of units already finished and 52% pre-sold.
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