Haya Real Estate hits record revenues of €273.7 million in 2018

• OHaya Real Estate achieved record transaction volumes of €4,794.2 million in 2018, 13% up versus 2017.
• Five new servicing contracts have been awarded in 2018.
• Operating results amounted to €132.6 million, maintaining a strong adjusted EBITDA margin of 48%.
• Haya generated a strong Free Cash Flow of €122.6 million, representing a cash conversion of 92% in the period.

March 28, 2019, Madrid. Haya Real Estate (“Haya”), the Spanish market leader in the management of real estate debt and property assets, announced today its financial results for 2018, reporting transaction volumes of €4,794.2 million, 13% up versus 2017, with more than 30,000 units sold and 20,000 loans recovered in the year.

Total revenues amounted to €273.7 million, which represents a year-over-year growth of 7% due to the increase in volume fees, management fees and other revenues. Operating results (adjusted EBITDA) amounted to €132.6 million, 9% down compared to the same period of last year due to an increase in operational and personnel costs because of the strong performance in REOs and reinforcement of key corporate functions. The company maintained a strong adjusted EBITDA margin of 48%.

During 2018, Haya generated a strong Free Cash Flow of €122.6 million, an increase of 23% versus December 2017, representing a cash conversion of 92% in the period.

In this period, Haya has managed close to €40 billion in AuMs after winning five new contracts of €4.0 billion (€3.1bn of REOs and 0.9Bn of REDs) including the renewal of Bankia, BBVA REOs, two new institutional funds portfolios and one new RED portfolio from Cerberus.

The company’s transaction volumes - up by 13% - increased across all three of its product lines (REDs, REO Conversion and REOs). In particular, REO volumes increased by 21% up to €2,001.5 million, REO Conversion volumes increased 18% reaching €1,287.0 million and RED volumes reached €1,505.7 million, 1% more than last year.

In 2019, as anticipated, Haya will be the servicer of the Apple portfolio, €2.2 billion of REOs to be owned by a Joint Venture set up between Cerberus and Santander.

Additionally, Haya is well positioned to win a potential new servicing agreement for Divarian, the Joint Venture created by BBVA and Cerberus in October 2018, due to demonstrated experience, track record and relationship with both companies.

Carlos Abad, CEO of Haya, said: I am pleased to share 2018 results, a year in which we have continued to grow in transaction volumes and revenues maintaining an adjusted EBITDA margin of 48% and generating a strong free cash flow. Additionally, Haya has been able to renew its contract with Bankia after a very competitive process and was awarded four additional servicing contracts including with BBVA and institutional funds.

In 2019, our management focus will go to securing the renewal of our contract with Sareb; on successfully onboarding the portfolios acquired by Cerberus; on continuing to build our long-term business; and first and foremost on maintaining the excellence in servicing our existing clients”

Financial results presentation conference details

Carlos Abad, CEO of Haya and Bárbara Zubiria, CFO, will host a conference call today to present the results, which will be simultaneously broadcast over the internet, at 10:00 AM (Central European Time).

To participate in the conference, please dial in:

• Spain: +34 911140101
• UK: +44 2071943759
• US: +1 6467224916
• Pin Code: 81341440#

The conference call can also be accessed via webcast at:

www.haya.es

About Haya Real Estate

Haya is one of the leading company 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 €26.1 billion of AuMs (Assets under Management) as of June 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 ~163,000 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 ~661 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.

Contact details:

Investor Relations:

+34 917 929 777
ir@haya.es

Pubic Relations / Media:
Kreab.

+34 91 702 71 70
hre@kreab.com