AEDAS Homes S.A.

Investor Presentation • Jun 29, 2021

Translating an Expansive Cycle into Value

Strategic Update

29 June 2021

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Today's Presenters

David Martínez Chief Executive Officer

Alberto Delgado Chief Operating Officer

Sergio Gálvez Chief Strategy & Investment Officer

María José Leal Chief Financial Officer

Today's Agenda

Section		Speaker	Page
01	Looking ahead and building on our foundations: 5-year revised Business Plan	David Martínez	5
02	Operationally ready to seize the opportunity	Alberto Delgado	15
03	Disciplined acceleration of our land investment strategy	Sergio Gálvez	21
04	Shareholder value creation at the forefront of our goals	María José Leal	28
05	Key takeaways and medium-term objectives	David Martínez	33

Looking ahead and building on our foundations: 5-year revised Business Plan 01

Operational Ramp-up Phase Completed: Targets Delivered

Largest listed homebuilder in Spain

c. 2,000 deliveries achieved in FY2020

Replenished best-in-class c.€2bn land bank located in the most attractive regions in Spain

Robust capital structure: 12% LTV1 , highest-quality credit rating in the Spanish homebuilding industry (B+ / BB- / Ba2), diversified portfolio of sources of funding

Business conducted under shareholder value creation principles and financial discipline, to sustainably attain AEDAS goal of €250m+ EBITDA (20%+ margin) and ROE around 15%

Pure-play homebuilder strategy

Source: Company Information Note: FY2020E ended in March 2021 (1) Pro-Forma for €325m Bond Issuance

Looking Ahead: Spanish Homebuilding Tailwinds Supporting AEDAS Homes Opportunity

Favourable housing markets prospects fuelled by a positive forthcoming economic scenario coupled with unprecedented savings levels

Expanding demand for new-build housing supported by strong affordability metrics and benign financing conditions

Imbalance between growing demand for new-build homes and limited supply will drive pricing power, margin expansion and top-line growth

The AEDAS product is at the sweet spot of customer demand

Pandemic impact on small landowners has dynamised the land market

Favourable Housing Market Prospects in Spain, Fuelled by Economic Recovery and Extraordinary Household Savings

Spanish Real GDP and Inflation Expected Evolution (%)

The Spanish economy is ready for take-off

Spanish households hit record savings levels

Source: INE, Banco de España (1) Banco de España Base Case Scenario

Spanish Families' Savings (as % of Gross Disp. Income)1

Strong Affordability Metrics and Attractive Financing Conditions Supporting Demand for New Housing Product

Historical Housing Mortgages Average Interest Rate Financial Effort to Buy vs. Rent (as % of Disp. Income)1 ²

Affordability at its highest in years Unprecedented financing conditions

Source: Company Information, Idealista (publicly disclosed data), INE

(1) % of annual disposable income per household required on average to finance a house mortgage vs. house rental in Spain

(2) Monthly average of annual mortgage interest rates from INE database

COVID-19 Period

Attractive Homebuilding Cycle Ahead with an Imbalance Between Growing New Housing Demand and Limited New Supply

New-Build Housing Transactions in Spain (000's Units)

Striking imbalance between demand and supply of new-build housing

Source: Company Information, INE, Ministerio de Fomento (Vivienda Libre Nueva)

Early Evidence of HPI Acceleration

(20)% (15)% (10)% (5)% -% 5% 10% 15% New-build homes prices trending upwards

1Q10 4Q10 3Q11 2Q12 1Q13 4Q13 3Q14 2Q15 1Q16 4Q16 3Q17 2Q18 1Q19 4Q19 3Q20

House Price Index Growth (%) Homebuyers' New Preferences

Pricing power being recovered AEDAS is at the sweet spot in customer demand

Source: INE, Banco de España

AEDAS: Uniquely Positioned to Capture The Opportunity

1	Strategically	 Largest listed pure-play homebuilder in Spain by market cap and leading player in terms of LTM deliveries  Best-in-class c.€2bn fully-permitted land bank deliberately located in Spain's most dynamic regions (expected to concentrate c. 60% of new-build home demand by 2030)
2	Operationally	 Operational ramp-up complete and platform now operating at levels consistent with run-rate targets of 3,000-3,700 deliveries per annum
		 Consistently selling over 250 units per month and sustaining a stock of c.10,000 active units
3	Access to Land	 Proven disciplined investment approach with €500m+ land acquisitions since January 2017  Pipeline of c.€800m supports acceleration of investment budget targeting €200-300m of acquisitions in the next 12 months
4	Financially	 / Ba2)1 Conservative capital structure with a 12% LTV and best credit rating (B+ / BB- in the Spanish industry
		 Ample liquidity of €310m+ and long-term maturities following recent bond issuance

A New 5 Year Business Plan with More Ambitious Goals Governed by Financial Performance and Shareholder Remuneration

	FY 2021E	FY 2022E / 2023E (per annum)	FY 2024E / 2025E (per annum)
Revenue	€750m+	~€1,000m / year	~€1,400-1,500m / year
EBITDA (Margin)	€140m+ ( ~20%)	€190-200m / year ( ~20%)	€300-350m / year (21 23%) -
Implied ROE	8-10%	~12%	~18%
Dividends	50% pay-out1 + potential extraordinary dividend up to 20% LTV

Source: Company Information Note: FY2021E ended in March 2022, idem for FY2022-25E (1) Computed on prior year net income

02 Operationally ready to seize the opportunity

Differentiated Scalable Operating Model with a Winning Decentralized Strategy

One Strategy, Decentralized Execution

6 regional branches supported by 3 core teams at headquarters

Source: Company Information

(1) FTEs corresponding to Centre regional branch only, excluding core central teams FTEs located in Madrid headquarters

Relentless Focus on Profitability with Multiple Levers to Maximize Margins and ROE Sustainability across the Development Cycle (1/2)

	Year 1	Year 2	Year 3	Levers to Maximize Margins
1 Land Investment				1  Deep knowledge of local land markets and off
2 Product Definition and Design	6-7 Months			market sourcing capabilities across Spain 2  Established framework ensuring product quality
3 Permitting	6-9 Months			and feasibility, with a high degree of standardisation and a clear focus on ESG Excellence
4 Marketing and Sales		24-36 Months		 Shift towards bilateral processes with proven architects and contractors
5 Procurement	3 Months			 ESG fully compliant operations backed by Company's well-established "Green Book"
6 Construction		18-21 Months		3  Long-standing relationships with local administrations, optimizing timings and resources
		27-33 Months	2-3 Months Delivery	Please refer to next page for stages (4), and (5) 4 5 6

Relentless Focus on Profitability with Multiple Levers to Maximize Margins and ROE Sustainability across the Development Cycle (2/2)

	Year 1	Year 2	Year 3	Levers to Maximize Margins
1 Land Investment				4  Strong digital strategy, capillarity of sales points
2 Product Definition and Design	6-7 Months			 Full control on pricing strategy, not conditioned by financing constraints
3 Permitting	6-9 Months			 Premium pricing leveraging on brand awareness 5
4 Marketing and Sales		24-36 Months		 Well-defined turnkey contracts hedging supplies cost increases and protecting AEDAS' margins
5 Procurement	3 Months			 Close, sticky relationships with top tier contractors given high recurring volumes and product quality
6 Construction		18-21 Months		6  Leveraging on quality, factory-build components and offsite construction (25% of deliveries by 2023)
		27-33 Months	2-3 Months Delivery

Limited Impact of Hard Costs on Net Development Margin

Denotes % of Development ASP A 4.0% increase in Raw Materials Costs would be fully offset by just an increase of ~1.0% of HPA

Source: Company Information (1) Activated Financial Costs

Scaled-up Platform with a Winning Business Model Already Operating Consistently with Company's Run-Rate Target

May 2021

Active1 Units Evolution (units)

2021 Monthly Net Sales Evolution (units)

Proven Track Record

Accumulated 3,400+ units already delivered as of May 2021A, in line with deliveries target communicated at IPO for the same period

Source: Company Information. Note: FY2018 and FY19 ended December 2018/19

(1) Refers to AEDAS land bank units that are already under some of the active development phases (in design, on the market, under construction or completed pending delivery) (2) Computed taking into account a 30 months development period after land acquisition and a run-rate target of 3,000 deliveries per year

Cook L'Hospitalet de Llobregat Barcelona

03 Disciplined acceleration of our land investment strategy

The Opportunity – Robust and Growing Residential Product Demand in AEDAS' Core Locations Paving the Way for a New Cycle

Population and Residential Demand Concentrated in AEDAS Footprint

Key Takeaways

1

2

3

Investment strategy validated by the expected demand of new-build houses across 2021-30E in Company's footprint

Land bank concentration in areas of strong structural demand provides visibility over BP and a privileged positioned to source new land in those locations

Significant imbalance between a strong expected demand for new-build housing and the supply of land available, to elevate land prices from 2022 onwards

80 municipalities, where AEDAS has a strong presence, will concentrate c.60% of the new-build house demand by 2030

The next 12-18 months will be a unique investment window for AEDAS, operationally and financially ready

The Opportunity – Limited Competition for Land Providing a Unique Opportunity to Secure High-Quality Assets at Attractive Prices

Category	Considerations
National Players	 Limited appetite for land in the medium-term, given sizeable land banks either legacy or as a result of recent large-scale acquisitions
Mid-sized Regional Players	 High number of competitors shifting towards PRS strategies, devoting most of their resources to the development and management of rental portfolios
Small Local Players	 More strict financing requirements hindering access to land and leading to reduced investment volumes and forcing disposal of land plots and WIP

The Opportunity – Quality Assets Expected to Come to Market in the Next 12-18 Months

Institutional Land Owners with Increased Pressure to Wind-Down Portfolios

Relevant Number of Strategic Land Plots Soon to Become RTB and Come to Market

Increased pressure to liquidate significant parts of their land portfolios to offset business plan delays caused by COVID-19

Large land packages expected to come to market at attractive prices

Meaningful number of land plots undergoing transformation in the last 4-5 years soon to become ready-to-build and come to market

AEDAS Disciplined and Focused Investment Approach As a Guarantee of Future Land Bank Quality

Supporting Pillars of AEDAS' Land Acquisition Strategy Land Bank Footprint1

100% Cherry-picked portfolio, plot by plot (96% of deals proactively sourced off-market, rarely engaging in competitive processes)

Focused on best locations within the 6 AEDAS' regions: portfolio consistent with housing demand, with a strong weight of the Madrid area (39% of 2020/21 investment)

100% residential fully permitted land and 92% ready to build, for mid to mid-high segment as primary residences (92% of 2020/21 investments) which has allowed 66% of last 4 years investments2 to be already active and /or delivered

Robust economic returns on worst case scenarios and significant room for upside: since IPO, all the land invested has a minimum 20% target net development margin

Hybrid sourcing approach: (i) self-sourced deals and (ii) REOs and NPLs acquisitions (20%+ of historical closed deals)

Comprehensive and speedy due diligence process, led in-house, taking on average 8 weeks, which allows AEDAS team to close 1 deal by public deed every 10 days

Land Sourced According to Strict Profitability and Demand-driven Criteria

AEDAS' Proven Sourcing and Investment Platform is Uniquely Positioned to Seize the Opportunity

…Backing Land Bank Replenishment (Land Bank Evolution

Source: Company Information

Note: FY2014 to FY2018 ended December 2014-2018. FY2019 and FY2020 ended March 2020/2021

(1) Average yearly investment in land since Dec-2017; (2) Includes active and completed units (as of FY2020) bought since Jan-2017;

(3) Financial reporting year end changed from December to March

15.5 15.5

Well-identified and Partially Secured Pipeline to Reach AEDAS' Land Investment Targets in the Coming Years

Pipeline by Status Pipeline by Region Next 12 months Guidance

47% 15% 15% 13% 7% 3% ~5 deals ~€60m ~30 deals ~€140m ~70 deals ~€600m Binding deals, pending signing Non-binding offer accepted, under exclusive Due Diligence Potential Transactions in preliminary stages €0.8bn 3 2 1 c.3.1k-3.3k units of land bank replenished (vs. 4.0k units in the last 2 years) €200- 300m Land Investments (vs. €132m in the last year) Madrid East & Mallorca North Andalusia & Canary Islands Catalonia & ZaragozaCosta del Sol

Source: Company Information

04 Shareholder value creation at the forefront of our goals

A Strong Balance Sheet Ready to Support a Larger Investment Budget

Key Financial Highlights AEDAS Capital Structure as of FY2020 PF for Bond

A New Business Plan with More Ambitious Goals and Stronger Focus on Financial Performance and Shareholder Remuneration

	FY 2021E	FY 2022E / 2023E (per annum)	FY 2024E / 2025E (per annum)
Revenue	€750m+	~€1,000m	~€1,400-1,500m
EBITDA (Margin)	€140m+ ( ~20%)	€190-200m ( ~20%)	€300-350m (21 23%) -
Net Income	€90m+	€130-140m	€210-250m
Implied ROE	8-10%	~12%	~18%
Dividends	50% pay-out1 + potential extraordinary dividend of up to 20% LTV

Source: Company Information Note: FY2021E ended in March 2022, idem for FY2022-25E (1) Computed on prior year net income

Limited Exposure to Construction Costs Inflation, to be Successfully Offset by the Expected HPA Evolution across the Next 5 years

AEDAS' Targets Substantially Above Research Consensus

EBITDA and EBITDA Margin (€m, %)

AEDAS Business Plan Targets Guidance (range midpoint) Broker Consensus Median as of Jun-2021 Denotes EBITDA margin (%)

Significant Valuation Upside Based on Current Trading Levels and AEDAS De-risked New Business Plan

Current AEDAS Market Valuation in Context

Source: Company Information, Market data as of 23-Jun-2021 Note: FY2022E ending in 31-Mar-2023, FY2023E ending in 31-Mar-2024, FY2024E ending in 31-Mar-2025, FY2025E ending in 31-Mar-2026 Etheria (Offsite development) El Cañaveral Madrid

Key Takeaways and Medium-Term Objectives

The Spanish homebuilding industry is on the cusp of an expansion cycle, driven by the post-Covid economic recovery and structural imbalance between supply and demand

1II

1 I

This new cycle will offer an unprecedented opportunity to create more value for shareholders

1III

AEDAS Homes is operationally and financially ready to scale up and capture this opportunity

Fully ramped up platform positioned in the right locations; proven land sourcing capabilities to capture investments opportunities identified in pipeline

Strong financial foundation and ample firepower

Ambitious new 5-year Business Plan, with the goal of taking AEDAS Homes to up to €1.5bn in revenue and up to €300-350m in EBITDA by FY 2025

Source: Company Information Note: FY 2025 ending in 31-Mar-2026

"Translating an Expansive Cycle into Value"

Q&A Session