Vinte Viviendas Integrales Expands Geographic Reach Through Derex Acquisition While Reporting Strong Q3 2025 Results

Vinte Viviendas Integrales (BMV: VINTE) has announced the acquisition of Derex, a prominent developer of sustainable housing communities in northwestern Mexico, marking a significant geographic expansion for the company. This strategic move enables VINTE to enter high-growth markets including Tijuana, Hermosillo, Nogales, and Mexicali, strengthening the company's presence in underserved regions and supporting its goal of nationwide housing leadership. Derex brings a 26-year track record with over 23,000 homes delivered and currently operates four active developments with an average home price of MXN 870,000.

The company reported strong third-quarter 2025 financial results, with total revenue reaching MXN 4.12 billion, representing a 17.5% year-over-year increase on a pro forma basis that includes the Javer integration. Average selling price increased 15.5% to MXN 1.03 million, while EBITDA grew 22.3% year-over-year to MXN 773.9 million, achieving an 18.8% margin. Net income showed robust growth, rising 28.3% year-over-year, reflecting the company's operational efficiency and market positioning.

Management highlighted continued synergy capture from the Javer integration, positive operating cash generation of approximately MXN 207 million in the third quarter, and maintenance of a solid balance sheet with net leverage at 2.78x. The company titled 3,967 homes in the third quarter, representing a 4.5% increase on a pro forma basis. Mortgage funding sources remained stable through the first nine months of 2025, with Infonavit continuing as the largest channel and Unamos Créditos serving as a meaningful contributor alongside banks and Fovissste, reflecting the platform's diversified financing mix.

VINTE maintains its position as Mexico's leader in green-certified housing, with over 23,112 EDGE certified homes, 25.2% of which are EDGE Advanced certified. This represents an increase from 20,723 EDGE certified homes at the end of the fourth quarter 2024, when 21.3% were EDGE Advanced certified. The EDGE certification demonstrates enhanced home efficiency, translating into lower utility bills for homeowners and providing VINTE with access to green bond financing. The company has issued eight labeled bonds totaling MXN 6.4 billion, creating a capital structure that supports access to cheaper ESG capital.

The acquisition of Derex presents additional opportunities for ESG advancement, as historically both Javer and Derex did not certify their homes, leaving VINTE with a significant portion of its portfolio that can be certified with relative ease. This potential for additional certification could further improve capital costs and enhance the value of these transactions. Management reiterated its 2025 guidance of 15,000 home deliveries including Javer, with continued emphasis on digital platforms such as Xante, iVentas, and Emobel to drive efficiency and improve customer experience.

The company continues to gain market share in the affordable and middle-income segments and remains well-positioned to benefit from structural housing undersupply, rising household formation, and increasing ESG capital inflows. Stonegate Capital Partners' analysis indicates a valuation range of $43.67 to $66.32 based on DCF modeling and $42.99 to $65.94 based on EV/EBITDA comparables, reflecting confidence in the company's growth trajectory and strategic positioning within Mexico's evolving housing market.