Instone Real Estate Group (INS) Q4 2025 earnings summary

Executive summary

• Achieved all operational and financial goals for 2025 despite a challenging market, with revenues of EUR 504.4 million and EAT of EUR 31.6 million, supported by robust retail demand and moderate institutional recovery.

• Retail segment sales more than doubled year-over-year, driven by private buy-to-let investors and tax incentives, while institutional business contributed EUR 140 million in Q4 and EUR 195 million in deals signed.

• Launched Westway/Vestway joint venture sales platform to boost private investor sales and improve margins.

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

Financial highlights

• Adjusted revenues for 2025 reached EUR 504.4 million (-4.3% yoy), with gross margin at 23.8% (up from 22.6% in 2024).

• Adjusted earnings after tax were EUR 31.6 million (-14.4% yoy); EPS at EUR 0.71 (-15.7% yoy).

• Sales volume increased to EUR 502.3 million (+52.1% yoy), supported by strong retail and institutional segments.

• Proposed dividend of EUR 0.43 per share, yielding 5% at current share price levels.

• Net financial debt at EUR 151.5 million; LTC ratio at 11.9%; Net debt/EBITDA at 2.8x.

Outlook and guidance

• 2025 expected to be the trough for revenues and earnings, with gradual recovery anticipated from 2026.

• 2026 revenue guidance: EUR 550–600 million; gross margin expected to exceed 24%; adjusted net earnings forecasted at EUR 35–40 million.

• Sales volume expected to rise to EUR 650–750 million, mainly from private investor business.

• DPS of EUR 0.43 set as medium-term floor.

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