Vía Célere increases its net profit to 12.1 million euros

Vía Célere, a real estate developer specialized in the development, investment, and management of real estate assets, has achieved a net profit of 12.1 million euros in the first quarter of 2024, which is 20.5 million more than in the same period of the previous year. The company’s adjusted EBITDA rose to 20.4 million euros, 22 million more than in the first quarter of 2023. Additionally, revenue amounted to 108.1 million euros, exceeding the 46.1 million of the same period last year, resulting in a 230% increase from 2023.

The developer achieved these results after completing the delivery of 656 units during the first three months of 2024, surpassing the 167 units delivered over the same period the previous year. Of the 656 units, 97 belong to its Build to Sell business line, while the remaining 559 units are part of the Build to Rent model. Vía Célere delivered 2,520 units over the past 12 months, its record number of deliveries over a 12-month period.

As a result, Vía Célere has already delivered more than 80% of its portfolio of 1,910 homes for rent located in the main urban centers with the highest demand for housing: Madrid (997 homes), Valencia (114), Seville (319), Málaga (321) and Vizcaya (159). The company expects the remaining units, located in the province of Malaga, to be delivered in two phases: 177 homes in the second quarter of 2024 and 144 in the first quarter of 2025.

In total, Vía Célere has 5,236 units under development, between the design and the delivery phases, with 3,540 currently in the construction phase, including both Build to Rent and Build to Sell. Additionally, it has a backlog of 2,928 units with purchase agreements, amounting to 815 million euros, with deliveries primarily scheduled between 2024 and 2026. The company has already met 93% of its 2024 target, 76% of its 2025 target, and 43% of its 2026 target.

Additionally, the company has maintained its policy of financial prudence, reducing its adjusted net debt by 10% compared to December 2023, to 184.7 million euros, resulting in a Net Adjusted Loan-to-Value ratio of 15%.

Héctor Serrat, CEO of Vía Célere, has stated, “With these results, Vía Célere expands on the excellent trend set in recent quarters, demonstrating the strong interest generated by our homes in our target markets. These figures are supported by both our successful business model and our land bank, one of the largest and highest quality in all of Spain. In the coming months and in the following years, we will continue to develop this land portfolio as we seek to fulfill our ambitious growth objectives.”

Expansion of housing market supply in urban areas with the highest demand

Vía Célere has one of the most extensive land portfolios in Spain, with over 3,500 plots currently under construction. The distribution of this land is concentrated in urban areas with high housing market demand, and 80% of the plots are ready to build. This allows the developer to maintain its current level of activity without the need for new land acquisitions in the coming years. However, Vía Célere remains open to selective land acquisitions, in order to capitalize on opportunities presented by market dislocation.

Within the development of its land portfolio, Vía Célere has strengthened its presence during the first months of the year in markets with high housing demand, with new launches in Madrid, Ibiza, Barcelona, and Valladolid.

In Madrid, Vía Célere has strengthened its position as the leading residential developer, with the launch of two new housing projects in the Los Berrocales area: Célere Domus, featuring 74 homes, and Célere Bifaz, with 87 homes.

Furthermore, the company has expanded its presence in the exclusive Ibiza market with its Célere Ópal residential complex development, featuring 90 homes; in Barcelona with the launch of Célere Arts II, offering 56 homes; and in Valladolid with Célere Parqueluz III, consisting of 78 units.