Haya Real Estate reports transaction volumes of €1,373 million in the first half of 2022

Due to the positive performance of REO activity and the recovery of NPL market total volumes have increased by 10% compared to H1 2021.
Revenues amounted to €94.1 million driving an Adjusted EBITDA of €27.4 million in the semester.
During the first half of the year, Haya Real Estate completed its refinancing and recapitalization process, with the support of more than 90% of its bondholders. The transaction provides long-term financial stability and reinforces its capital structure.

August 29th, 2022. Haya Real Estate ("Haya"), the Spanish market leader in the management of real estate debt and property assets, announced today its results for the first half of 2022, reporting transaction volumes of €1,373 million. It represents an increase of 10% over the same period of the previous year. This rise is mainly due to the activity of the REO portfolio, which increased by 20%, and the recovery of the NPL market, which grew by 13% compared with the first semester of 2021. The company managed €26,055 million in Assets under Management as of June 2022.

Revenues have reached €94.1 million in the period, driving the operating result (adjusted EBITDA) to €27.4 million (in LTM period, the figures stand at €197 million and €62.7 million, respectively). The improvement in its business activity, together with the measures implemented through the Transformation Plan have allowed to continue achieving a sustainable adjusted EBITDA margin.

Haya has also recorded a cash flow of €19.8 million (€61.3 million in LTM period) ending with a liquidity position at €39.4 million after the finalization of the refinancing process, which involved the repayment (€55.5 million) of the former Senior Secured Notes.

Haya ́s Business and Financial Update

During the early part of the year, Haya has recorded a good business performance, despite the termination of the contracts with Unicaja and Sareb in the period. This performance is the result of a solid situation in the Spanish real estate market and the improvement of the NPL market.

The company is focused on developing new business opportunities in the Spanish servicing market, while continuing to work to offer the highest quality service to its clients. Haya has launched a new division specializing in debt management for SMEs in view of the foreseeable increase in defaults that may occur in the coming months in this segment.

In June, the refinancing and recapitalization process that the company initiated in February was completed. The transaction is a very important milestone and has been supported by more than 90% of the bondholders. As a result, Haya eliminates the refinancing risk and provides long-term stability to the business reinforcing its capital structure.

The operation involves the redemption of the former Senior Secured Notes which were exchanged for a New Senior Secured Notes valued at €368.4 million. These new Senior Secured Notes were issued by Haya Holdco 2 plc which holds 100% of Haya’s share capital. This process has led to the creation of a new corporate structure in the United Kingdom.

Enrique Dancausa, CEO of Haya, said, "The results for the period reflect the improvement of the Spanish real estate market. Undoubtedly, the completion of the refinancing and recapitalization process has been an important milestone that will allow us to continue successfully developing our business in the long term. In addition, our clear focus on our customers and service excellence, together with the search for new business opportunities, are the pillars that drive us to continue working to remain a top- level player in Spanish servicing market".

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).

Spain: +34 911 140 101
United Kingdom: +44 207 194 3759
United States: +1 646 722 4916
PIN: 78805095#

The conference call can also be accessed via webcast at:
https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=FB3B9058-DC18-4FA9-BCF6-36EF122DB91A

About Haya Real Estate

Haya is 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 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.

Financial results presentation conference details

Contact details:

Investor Relations:

+34 917 929 777
ir@haya.es

Pubic Relations / Media:
Kreab.

+34 91 702 71 70
hre@kreab.com