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Instone Real Estate Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Retail sales grew 88% year-over-year in 9M 2025, marking the strongest private customer business since 2022, while the first institutional deal of €55 million was closed and further deals are in advanced negotiation.
Project acquisitions with GDV over €1.1 billion secured year-to-date, with a diversified portfolio of 46 projects and 14,187 units totaling €7.1 billion GDV as of 30/09/2025.
Strategy is increasingly focused on buy-to-let investors, leveraging favorable tax incentives and strong demand.
Project portfolio remains concentrated in major German metropolitan regions, with 98% of projects in these areas.
Financial highlights
Adjusted revenues for 9M 2025 were €347.5 million, down 9.6% year-over-year, with gross margin at 23.9% and adjusted earnings after tax at €21.4 million.
Q3 2025 revenues were €116.5 million, a 7.3% decrease from Q3 2024; EBIT for Q3 was €6.3 million, and EAT margin at 3.6%.
Sales contract volume rose to €229 million (450 units), up from €156.6 million (336 units) in the prior year period.
Liquidity at end of Q3 exceeded €220 million, with net corporate cash of €150 million and net financial debt at €159.7 million.
Free cash flow was €-25.7 million, a significant decline from €132.4 million in the previous year.
Outlook and guidance
Full-year 2025 guidance confirmed: sales contract volume above €500 million, adjusted revenues in the lower half of €500–600 million, gross margin around 23%, and adjusted EAT of €25–35 million.
Expecting 10 sales launches in 2025, with further increase in 2026 and a target of €2 billion GDV in acquisitions by end of 2026.
Demand is expected to rebound but not to pre-crisis levels in 2025.
What was the net cash impact of Westville sale?
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Detail the ramp-up strategy for B2C sales volume.
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Next Instone Real Estate Group earnings date
Q4 202519 Mar, 2026
Next Instone Real Estate Group earnings date
Q4 202519 Mar, 2026
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Frequently asked questions
Instone Real Estate Group SE is a German real estate developer focused on residential properties. The company is involved in various aspects of real estate development, including the construction of new apartment buildings, urban residential quarters, and the renovation of heritage-protected properties. Additionally, Instone repurposes former military and industrial sites into residential spaces. Their projects are primarily located in metropolitan areas across Germany. The company is headquartered in Essen, Germany, and its shares are listed on the Frankfurt Stock Exchange.
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