EQS-News

Instone Group has a very solid start to the year; signs of a pickup in demand

EQS-News: Instone Real Estate Group SE / Key word(s): Quarter Results Instone Group has a very solid start to the year; signs of a pickup in demand 08.05.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Instone Group has a very solid start to the year; signs of a pickup in demand

• Adjusted revenues were nearly stable at EUR 119.5 million in Q1-2024 (Q1-2023: EUR 123.5 million), mainly based on construction of sold units progressing according to plan
• A continued high adjusted gross profit margin of 27.4 percent (Q1-2023: 27.4 percent) underscores the quality of Instone Group projects and cost discipline
• Sales amounting to EUR 88.0 million (Q1-2023: EUR 52.7 million) confirm a continued moderate recovery in demand
• Very solid earnings after tax of EUR 9.6 million, slightly above the previous year also as a result of  improvements in efficiency (Q1-2023: EUR 8.5 million)
• A strong balance sheet remains a key pillar of the business model (loan-to-cost: 17.3 percent)
• Resumption of acquisitions; initial transactions are in advanced negotiations
• Outlook for 2024 reiterated adjusted revenues of EUR 500 to 600 million, adjusted earnings after tax of EUR 30 to 40 million, sales of over EUR 300 million

Essen, Germany, 8 May 2024: Instone Real Estate Group SE (“Instone Group”) had a very solid start to the year in an industry environment that remains challenging. Based on a high number of projects already sold, adjusted revenues on the basis of the planned construction progress was around the same level as in the previous year. Thanks to a continuing high adjusted gross profit margin, successful improvements in efficiency and a lower tax rate, earnings after tax increased slightly at the start of the year compared to the previous year’s level.