Instone Real Estate Group (INS) Q4 2025 earnings summary

Executive summary

• Achieved all operational and financial goals for 2025, with revenues of €504.4m and EAT of €31.6m, despite a challenging market and year-over-year declines; robust demand in Q4 and retail business as the main growth engine, driven by private buy-to-let investors.

• Attractive tax incentives and new sales launches accelerated growth, with institutional business contributing significantly, especially in Q4 with €140m–€195m in deals.

• Founded Westway/Vestway, a joint venture sales platform, to increase market penetration, improve margins, and scale private customer business.

• Project portfolio expanded to €7.1bn GDV, with 90% of under-construction projects pre-sold.

Financial highlights

• Adjusted revenues reached €504.4m, in line with expectations; gross margin at 23.8%, slightly above initial guidance and up from 22.6% in 2024.

• Adjusted earnings after tax were €31.6m, within the targeted range; sales volume increased to €502.3m (+52.1% yoy).

• Proposed dividend of €0.43 per share, yielding 5% at current share price, intended as a floor for coming years.

• Tangible book value per share at €14.12.

• Net financial debt: €151.5m; LTC ratio: 11.9%; Net debt/EBITDA: 2.8x.

Outlook and guidance

• Expect gradual recovery in 2026 with revenues of €550–600m, gross margin above 24%, and adjusted net earnings of €35–40m.

• Sales volume forecasted at €650–750m, mainly driven by private investor business; institutional market recovery could provide further upside.

• Guidance assumes no prolonged Middle East conflict or lasting macroeconomic turmoil.