Corpovael (CADUA) Q4 2025 earnings summary

Executive summary

• Achieved double-digit revenue and net income growth for FY2025, meeting guidance for over 5% growth in revenue and EBITDA, driven by projects in Quintana Roo, new developments in Jalisco, and strong performance in the affordable entry-level segment.

• Positive free cash flow was maintained throughout the year, with disciplined capital allocation optimizing the working capital cycle and reducing debt.

• Total debt was reduced by 21.2%, improving leverage ratios and credit ratings.

• ESG initiatives advanced, with over 2,400 homes EDGE certified and multiple sustainability awards received.

• Homes sold in 4Q25 surged 173.7% year-over-year, supported by mortgage origination improvements.

Financial highlights

• Total revenue in 4Q25 was MXN 1,771 million, up 48% year-over-year; FY2025 revenue reached MXN 5,088 million, up 13.4%.

• Net income in 4Q25 was MXN 138 million (+96.4% YoY); FY2025 net income was MXN 412 million (+77.4% YoY).

• EBITDA in 4Q25 was MXN 234 million (+18.4% YoY); FY2025 EBITDA was MXN 785 million (+9.7% YoY).

• Free cash flow in 4Q25 was MXN 509 million; FY2025 free cash flow was MXN 790 million (+285.4% YoY).

• EPS for FY2025 was MXN 1.36, up 81.4% year-over-year.

Outlook and guidance

• FY2026 guidance projects total revenue and EBITDA growth rates above 5%.

• Expected 2026 mix: 40% middle/residential and 60% social interest housing; residential segment to represent approximately 6% of total revenue.

• Positive free cash flow and stable working capital cycle anticipated.

• Prudent stance maintained amid challenging economic growth environment, leveraging financial strength.