Aedas Homes S A : FY 2022-23 Results Presentation

1 April 2022 - 31 March 2023

Presentation

FY 2022

Results

31 May 2023

Marina Real III (Denía, Alicante)

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The definition and purpose of the Alternative Performance Measures are available in the Company's website, in particular, in section "Shareholders and Investors >> Investor kit >> Alternative Performance Measures" https://www.aedashomes.com/en/investors/investor-kit/capital/contribution

AEDAS Homes | FY 2022 Results

2

Gaetana (Torrejón de Ardoz, Madrid)

01

Highlights

Context remains volatile, but solid sector fundamentals support long-term growth

Economy showing positive signs

Positive growth outlook for Spain…

(OECD Report, March 2023)

5.5%

3.5%

	1.7%					1.7%
						1.5%
			0.8%
2022A	2023E	Euro	2024E

Spain	area

…with a stable labour market (20M+ in employment)

(evolution of workforce, INE, IMF April 2023)

21

20	Unemployment rate:
13.3% in Q1 2023
19	Unemployment rate
2023E-24E:12%-13%

18

Households still financially resilient

Reduction in outstanding mortgage balance…

(€bn, Bank of Spain)

700					12
600					10
500					8
					6
400					4
300					2
200	08/2011	12/2013	04/2016	08/2018	0
04/2009	12/2020 03/2023
	Outstanding mortgage balance		New mortgages

…with new mortgages still with attractive conditions…

(fixed rate mortgage loans data except for tenure, March 2023, INE)

64%	3.2%	25 years
Fixed rate	Interest rate	average term

…and household savings at positive levels

(INE and Bank of Spain, 2022)

+6.5%	7.2%	Net Financial
Total payroll	Gross household	Wealth
Stable in 2022
vs. 2021	savings rate

Solid long-term fundamentals

Limited supply of new-build homes: fewer than 90,000 units completing construction annually

(thousands of new-build homes completed, MITMA)

		87	94	89
Average 2017-22: 78k
78
54	64

2017

2018

2019

2020

2021

2022

Household formation: the lever which supports growth in residential demand

(new households formed, in millions, INE)

21,7

+2,7M	21,0

20,0

18,9

2022

2027

2032

2037

AEDAS Homes | FY 2022 Results

4

Tier-1 landbank attractive to mid-high segment of demand

Diversified, high-quality and liquid landbank covering ~5 years of deliveries

Over 15,0001 units (€2.1Bn GAV), of which ~ 75% are active, located in the most dynamic regions of Spain

North (7%4)

Catalonia &

Aragon (16%4)

90%

ready-to- build land4

Madrid (26%4)

Discerning customer base with mid-to-high purchasing power

Retail customer		Product
profile2		type2
€385k	Foreigners	67%
Average	28.7%	Primary
Selling Price3	Spanish	residence
	nationals
	71.3%
46 years		90%

Design	Completed
phase
product
21%
8%

>11,000+. 0

activeactiveunits units

Under

Marketingconstruction

20%51%

Andalusia & Canary

Islands (16%4)

Costa del Sol (16%4)

East & Mallorca (19%4)

20 provinces 60+ municipalities

Average			Multi-family
customer age		Alone	product
		19.5%
	With
		~60%
30-35%	partner
80.5%
Settle 100% in			have
		sustainability
cash
		high on their list

Notes: (1) Landbank March 2022 (17,000 units) + new Investments completed in FY 2022 (1,428) + committed investments but pending to be executed in FY 2022 (496) - deliveries FY 2022 (2,730) - land sales (431) - share exchange (439) - adjustments (69) = 15,255 units; (2) Data 2022; (3) Average Selling Price of BTS units sold in FY 2022; (4) In terms of GAV for the landbank recorded in the balance sheet as of March 2023 and in terms of RtB cost for the committed investments as of March 2023

AEDAS Homes | FY 2022 Results

5