Instone Real Estate Group (INS) Q4 2024 earnings summary

Executive summary

• Achieved all financial and operational goals in a challenging market, with Q4 2024 sales at €173.6 million, the strongest since Q4 2021, driven by both private and institutional demand.

• FY 2024 revenues reached €527.2 million, with earnings after tax at €36.9 million, maintaining solid profitability and ample financial headroom for growth.

• Proposed dividend per share of €0.26, intended as a floor for future years.

• The independent auditor issued an unqualified opinion, confirming compliance with German accounting standards.

Financial highlights

• Adjusted revenues for 2024 reached €527.2 million, with a gross margin of 22.6%, slightly above expectations.

• Q4 2024 revenues were €142.7 million, with a gross margin of 18.4%.

• Adjusted earnings after tax were €36.9 million, in the upper half of guidance.

• Net financial debt reduced to €132.5 million; net financial debt/adjusted EBITDA at 2.1x.

• Cash and equivalents at year-end were €266.2 million.

Outlook and guidance

• 2025 revenues expected at €500–600 million, with gross margin around 23% and adjusted earnings after tax guided at €25–35 million.

• Sales volume forecasted to exceed €500 million, with dynamic sales recovery anticipated.

• Dividend of at least €0.26 per share planned for 2025.

• Recovery in institutional market anticipated in H2 2025; retail momentum to continue.