AEDAS Homes S.A.

Investor Presentation • Feb 25, 2020

Full Year 2019 Results Presentation 26 February 2020

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I Operational ramp-up 833 units delivered (80% of annual target) in 2019. Remaining built and sold units now have First Occupancy Permit and are currently being delivered.

III

Landbank of 15,426 units

Successful ongoing replenishment with new locations where demand and pricing II dynamics are attractive

Strong financials

32.7% gross margin Above expectations, reflecting strong cash generation IV Strategy & Outlook

Business Plan is on track Attractive shareholder Remuneration and Financial Policy approved by the BOD

Key highlights

01

Business as usual, strong operational profile

Business update

Business plan on track: Coverage ratios provide strong visibility

100% of 2019 target deliveries have First Occupancy Permits, all final units sold and currently being delivered

			CONSTRUCTION			DELIVERY
Development	Municipality	Total Project Units	FCC1	# FCC	FOP1	2019 Target Delivery	Delivered 31 Dec 2019	Forecast 29 Feb 2020
Nou Eixample Mar	Vilanova i la Geltrú	59	✓	59	✓	59	58	58
Galera Sun Bay	Estepona	5	✓	5	✓	5	5	5
Brisas del Arenal	Jávea	11	✓	11	✓	11	11	11
Hacienda del Mar 2	Alicante	4	✓	4	✓	4	4	4
Villas de Arco Norte	Dos Hermanas	50	✓	50	✓	50	49	50
Jardines Hacienda Rosario	Sevilla	78	✓	78	✓	78	77	77
Ramón y Cajal	Sevilla	54	✓	54	✓	36	34	35
Villas de Arco Norte II	Dos Hermanas	62	✓	62	✓	62	59	61
Jardines Hacienda Rosario	Sevilla	63	✓	63	✓	60	55	57
Terrazas de Los Fresnos I	Boadilla del Monte	30	✓	30	✓	30	30	30
Marina Real	Denia	80	✓	80	✓	80	80	80
Merian	Torrejón de Ardoz	10	✓	10	✓	10	9	9
Tasman	Sant Just Desvern	30	✓	30	✓	30	29	30
Dampier	Masnou	26	✓	26	✓	21	15	15
Humboldt	Vilanova i la Geltrú	93	✓	93	✓	90	79	88
New Folies	Andratx	41	✓	41	✓	35	34	35
Villas de Arco Norte III	Dos Hermanas	27	✓	27	✓	24	12	20
Altos del Pilar	Madrid	100	✓	100	✓	99	91	97
Ulloa	Alcorcón	54	✓	54	✓	54	50	53
Torre Estronci 99	Hospitalet de Llobregat	55	✓	55	✓	54	45	51
Altos de La Reserva	Boadilla del Monte	11	✓	11	✓	10	5	9
South Bay Las Mesas	Estepona	47	✓	20	✓	12	0	11
Vanian Gardens	Estepona	72	✓	38	✓	22	2	16
Cabot	Madrid	28	✓	28	✓	28	0	4
Altos de Los Fresnos	Boadilla del Monte	35	✓	35	✓	31	0	21
Escalonia I	Las Rozas	60	✓	60	✓	60	0	43
TOTAL		1,185		1,124		1,055	833	970

Landbank & land acquisitions: 1,767 units acquired and access up to 1,465 units

Landbank1 = 15,426 units (5,592 units launched + 9,834 units in future developments)

Closed deals 1,259 units (€90m)

(1) FULLY PERMITTED LAND

(2) PROJECT LAND

RoFO 854 units

Call Options 611 units

Closed deals 508 units (€22.7m)

LAND INVESTMENT IN 2019

TOTAL 2019 = 3,232 units

NAV per share1 : 3.3% increase in 2019

(1) 2019 NAV per share calculation excludes 1,487,822 treasury stock shares. Total NAV by year-end Source: Savills and AEDAS Homes Financial Statements.

Gross Development Value Savills appraisal

Valuation drivers	Dec 2018	Dec 2019	Variation	%		according to Savills	5.4%
GDV €/sqm	2,816	2,888	65	2.3%
ASP € thousands/unit	342	345	3	0.9%	2.0%	3.4%
GAV €/sqm	978	1,035	54	5.5%
IRR weighted by GDV	11.85%	11.39%	(46 bps)	-	GDV	ASP	Pending

The two plots of land divested of by AEDAS Homes in 2019 were sold at 101% of Savills GAV

02

Robust results highlighting profitability and cash generation capacity

Full Year 2019 Financial Results

Consolidated P&L: sound EBITDA margin driven by tight cost control and high-end product mix

(€m)	2019	2018	Variation (€ m1)	(%)
Home development revenues	295.6	65.6	230.0	351%
Land sales	15.9	14.2	1.7	-
REVENUES	311.5	79.8	231.7	290%
Cost of Goods Sold	(209.7)	(56.0)	153.7	274%
GROSS MARGIN	101.8	23.8	78.0	328%
margin % Gross	32 .7%	29 8%	-
Marketing and Sales commissions	(18.3)	(7.9)	(10.4)	132%
Other expenses related to developments & Taxes	(3.0)	(2.5)	(0.5)	20%
NET MARGIN	80.5	13.4	67.1	500%
margin % Net	25 8%	16 8% ,	-
Overheads	(25.2)	(19.5)	(5.7)	29%
Other operating income & expenses	0.4	1.6	(1.2)	75%
Inventory Impairment losses /Gains	0.0	0.1	(0.1)	100%
EBITDA	55.7	(4.4)	60.2	-
margin % EBITDA	17.9%	-5.5%	-
Depreciation and Amortization	(1.5)	(0.4)	(1.1)	275%
Financial Results	(9.6)	(3.3)	(6.3)	190%
EBT	44.6	(8.1)	52.7	651%
Corporate tax	(10.5)	12.0	(22.5)	188%
NET INCOME	34.1	3.9	30.2	774%
% Net Income	14.5%	4.8%	-
Minority interests	2.5	1.4	1.1	78.6%
NET INCOME ATTRIBUTABLE TO THE PARENT COMPANY	31.6	2.5	29.1	1,164%

	Variation
(€ m1)	(%)
	290%
	328%
-	bps +290
	500%
-	bps +900
	-
-	bps +2 340 ,
	651%
	774%
-	bps +970
	1,164%

Consolidated pro-forma P&L (January to December 2019 with 1,055 deliveries)

(€m)	2019 Pro-Forma1	20192
REVENUES	406.5	311.5
Cost of Goods Sold	(278.6)	(209.7)
GROSS MARGIN	127.9	101.8
margin % Gross	31 5%	32 7%
Marketing and Sales commissions	(20.6)	(18.3)
Other expenses related to developments & Taxes	(3.7)	(3.0)
NET MARGIN	103.6	80.5
margin % Net	25 5%	25 8%
Overheads	(25.2)	(25.2)
Other operating income & expenses	0.4	0.4
Inventory Impairment losses /Gains	(0.1)	(0.1)
EBITDA	78.9	55.8
margin % EBITDA	19 4%	9% 17

Balance sheet

(€m)	31/12/2019	31/12/2018	Variation (€m)	Variation (%)
NON- CURRENT ASSETS	37	27	10	37%	19% increase in inventories
Inventories	1,276	1,076	200	19%	due to increase in
Trade and Other Receivables	49	42	7	17%	construction activity and completed housing units
Short Term Accruals	18	14	4	29%	soon to be delivered.
Cash and Equivalents	149	103	48	44%
CURRENT ASSETS	1,492	1,235	257	21%
TOTAL ASSETS	1,529	1,262	272	22%	Advances to
EQUITY	939	935	4	1%	Completed suppliers product 1%
of which stock Treasury	(31)	(1)	(30)	-	7%
Long-Term Financial Borrowings	0	58	(58)	-	FY 2019
Other Long-Term Borrowings	2	1	1	100%	€1,275m Land 49% Work in
NON-CURRENT LIABILITIES	2	59	(57)	97%	Progress 43%
Provisions	9	1	8	800%
Short-Term Financial Borrowings	309	92	217	236%
Other Short-Term Borrowings	2	3	(1)	33%
Trade and other payables	268	172	96	56%
CURRENT LIABILITIES	588	268	320	119%
TOTAL EQUITY AND LIABILITIES	1,529	1,262	272	22%

Net financial debt amounted to €214.5m by 2019 year-end

(1) LTC: Calculated as Net Financial Debt divided by inventory carrying cost, excluding land prepayments (2) LTV: Calculated as Net Financial Debt divided by total GAV

(€m)	December 2019	December 2018
(A) Developer secured loans	79.3	57.1
(B) Unsecured debt	230.6	97.3
Corporate facility term loan	150.0	61.6
Commercial paper	78.0	34.0
Other financial debt	2.6	1.7
Gross Financial Debt (A+B)	309.9	156.2
(C) Unrestricted Cash	95.4	60.5
Net Financial Debt (A+B-C)	214.5	95.7
(D) Restricted Cash	53.3	42.5
Total Cash (C+D)	148.7	103.0
Deferred Land Payments (€m)	3.9	9.3
LTC1	17%	9%
LTV2	11%	5%
LTC1 including restricted cash	13%	4%
NFD/EBITDA	3.9x	-
Average cost of debt	2.90%	2.44%

2019 Pro-Forma1 cash-flow generation

(€m)	2019 Pro-Forma1
EBITDA	78.9
(+) Cash recovered from land bank	86.2
(-) Land investments paid	(109.2)
(-) Financials costs paid	(6.0)
(-) Cash tax	(2.0)
FUNDS FROM OPERATIONS	47.8
(-) Net WIP investments and developer loans disposals	(91.5)
(-) Shares repurchase & dividends paid	(30.6)
(-) Other company expenses	0.0
CHANGE IN NET DEBT	(74.3)

• (+) Cash recovered from land bank 86.2
• (-) Land investments paid (109.2)
• (-) Financials costs paid (6.0)

FUNDS FROM OPERATIONS 47.8

• (-) Net WIP investments and developer loans disposals (91.5)
• (-) Shares repurchase & dividends paid (30.6)
• (-) Other company expenses 0.0

CHANGE IN NET DEBT (74.3)

03

Relevant corporate announcements

Changing fiscal year: Now running from 1st April to 31st March

Adapting fiscal year to business plan seasonality to maximize customer satisfaction

Shareholder Remuneration Policy

Expected 2020-23 Total Shareholder Remuneration of up to €1bn1

• The Company's current share buy-back program is being scaled up from €50m to €150m.
• The Company will pay a dividend of €1.00/per share out of 2020 results.
  • Dividends are to be paid semi-annually following the market presentations of first-half and full-year results (50% in each period).
• Dividends will grow in line with the cash-flow generated by the Company during the 2020-2023 period.
  • The first interim dividend of €0.50/per share will take place in November 2020.
  • Ordinary dividend distribution could be complemented by extraordinary dividends and additional share buy-back programs.

19 AEDAS Homes FY 2019 Results 26 February 2020

Disciplined Financial and Investment Policy

Financial leverage is estimated to stand below 3x Net Financial Debt to EBITDA ratio.

Forecasted Net Financial Debt to EBITDA ≤ 3x

The company plans to invest more than €700m in land acquisitions between 2020 and 2023.

Closing remarks

2020 Prospects

Solid progress on sales and coverage ratios provide us with excellent visibility on the future performance of AEDAS Homes.

Competitive Shareholder Remuneration Policy, fully compatible with future business plans and corporate development.

Drivers of our business:

• Demand: strong operational performance indicates sustainability of demand for AEDAS Homes projects.
• Construction Costs: Moderate inflation of costs, expected to be partially offset by HPA.
• Execution Risk: Hands-on approach and long-term relationships with major regional contractors in Spain allows us to minimize construction risks.

Appendix

On track to deliver 2017-2023 Business Plan

(1) Active units are all units which have entered design phase, up until they are delivered.

(2) Units under construction exclude delivered and completed units.

(3) Total completed units, yet to be delivered.

24 AEDAS Homes FY 2019 Results 26 February 2020

5,592 units on market at 2019 year end 1,2

(1) A Project is launched when marketing kicks off (2) Accumulated launches

Strong evolution of sales; 2,738 units in orderbook (€925m)

FY 2019

26 AEDAS Homes FY 2019 Results 26 February 2020

High visibility, with 91% of 2021 deliveries under construction1

Units under construction

Regional breakdown

Launches

Permits granted

Permit request maturity

Cash-Flow Statement

(€m)	31/12/2019	31/12/2018
(A) Earnings Before Taxes	44.5	-8.1
(B) Adjustment to Profit/Losses	5.8	-6.2
(B1) Change in Trade Provisions	1.1	3.0
(B2) Change in Investment properties	1.6	-0.5
(B3) Financial cost / (income)	9.4	3.2
(B4) Other Income / (expense)	-6.2	-11.9
(C) Change in Working Capital	-164.3	-143.0
(C1) Inventories	-169.9	-185.3
(C2) Trade and other receivables	-8.6	10.1
(C3) Trade and other payables	14.2	33.1
(C4) Other operating cash flows	0.0	-0.9
(D) Net cash-flow from operating activities (A+B+C)	-114.0	-157.3
(E) Net cash-flow from investment activities	-12.7	-5.9
(F) Net cash-flow from financing activities	172.4	93.7
Net cash increase / (decrease) (D+E+F)	45.8	-69.5
Cash Beginning-of-Period	103.0	172.4
Cash End-of-Period	148.7	103.0
Of which unrestricted Cash	95 4	60 5