Haya Real Estate reports transaction volumes of €1,825 million in the first nine months of 2022
- Transaction volumes have increased by 2% thanks to real estate market conditions during the period
- Revenues reached €128.7 million and driving an Adjusted EBITDA of €34.3 million
- Free cash flow generation of €26.2 million in the period ending with €44.4 million of cash position as of September 2022
November 29th, 2022, Madrid. Haya Real Estate (“Haya”), one of the Spanish market leaders in the management of real estate debt and property assets, announced today its financial results for the first nine months of 2022, reporting transaction volumes of €1,824.6 million (€2,776 million on an LTM basis). This performance has been driven by REOs activity whose volume increased by €182 million, recovering pace curves in the clients thanks to good real estate market conditions.
Haya reports revenues of €128.7 million in the period (€185 million on an LTM basis), which have driven operating results (adjusted EBITDA) to €34.3 million (€55.3 million on an LTM basis), maintaining an EBITDA margin of 27%. The company manages €12.2 billion in Assets under Management (AuMs) as of September 30th, 2022.
Haya has generated a free cash flow of €26.2 million during 9M 2022 (€43.4 million on an LTM basis) resulting in a cash conversion of 77%. Haya Real Estate cash position has reached €44.4 million as of September 30th, 2022.
Haya ́s business update
Haya had increased transaction volumes by 2% despite the termination of Sareb and Unicaja contracts, thanks to REOs business performance. The company expects that 2022 results will be driven by the last quarter of the year due to the seasonality of the business, however the period could be affected by a potential macro slowdown in the economy.
In addition, the company has continued focused on operational efficiency helped by its Transformation Plan to adapt its structure to the new market reality. In this regard, Haya successfully completed its labor restructuring process in September which was agreed with the unions in May of this year.
Additionally, Haya ́s Transformation Plan is also focused on developing technological platforms to offer digitalized services and exploring new business areas to diversify the company ́s revenue base.
Finally, Haya sees the need for consolidation in the servicing sector in Spain due to sector conditions. In this respect, the company have mandated an advisor to explore different alternatives in the market to reinforce its position. After the refinancing and recapitalization process completed in June 2022, Haya has strengthened its capital structure that provides long term financial stability to explore different strategic options.
Enrique Dancausa, CEO of Haya, said: “September results show the resilience of our business activity despite the termination of some of our contracts due to our diversified portfolio and distinguishing capabilities. In addition, we have been able to keep cost control allowing us to maintain EBITDA margins. All these unique characteristics permit Haya to lead the inevitable transformation of the industry.”
About Haya Real Estate
Haya is one of the leading companies in the management of Non-Performing Loans and Real Estate Owned assets (NPLs and REOs, respectively) in Spain. The company manages assets as well as financial and real estate vehicles for a wide variety of clients, from financial institutions to international investors. In total, Haya is responsible for €12.2 billion of AuMs (Assets under Management) as of September 2022.
Haya offers products and services covering the entire value chain of NPLs and REOs. Its NPL services focus on the management of corporate or individuals’ debt, with a high degree of specialization in the valuation, management and recovery of loans and the conversion of non- performing loans into real estate owned assets. Real estate services are delivered to a portfolio of ~114,000 assets, and they range from asset boarding, property management, maintenance and valuation to its commercialization. Haya's services are fully integrated into the lifecycle of each NPL / REO, and also involve portfolio advisory and underwriting capabilities, rental management, land management, completion of works in progress.
Haya’s main clients include financial institutions such as BBVA, Caixabank, Cajamar, and international investment funds such as Cerberus Capital Management. The company employs ~587 professionals, featuring an extensive sales network that covers the entire Spanish geography. Haya has invested in cutting-edge technology, data analysis and IT tools focused on industrialization, process efficiency and performance delivery which are key to deal with current market environment.
Financial results presentation conference details
Enrique Dancausa, CEO of Haya, and Omar Suarez, CFO, will host a conference call today to present the results, which will be simultaneously broadcast over the internet, at 10:30 AM (Central European Time).
To participate in the Haya Real Estate September 2022 Earnings Call, please dial in to the conference call at:
- Spain: +34 911 140 101
- United Kingdom: +44 207 194 3759
- United States: +1 646 722 4916
- PIN: 84291514#
The conference call can also be accessed via webcast at:
https://onlinexperiences.com/Launch/QReg/ShowUUID=5FD44227-3082-40A1-86BE-725412858564
Contact details:
Investor Relations:
+34 917 929 777
ir@haya.es
Media Relations:
Kreab.
+34 91 702 71 70
hre@kreab.com