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

Stonegate Capital Partners has updated its coverage on Vinte Viviendas Integrales following the company's third quarter 2025 results and strategic acquisition activities. The October 2025 acquisition of Derex represents a significant geographic expansion for VINTE, enabling entry into high-growth markets in northwestern Mexico including Tijuana, Hermosillo, Nogales, and Mexicali. 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, strengthening VINTE's presence in underserved regions and supporting its goal of nationwide housing leadership.

VINTE reported strong quarterly performance with total revenue of MXN 4.12 billion, representing a 17.5% year-over-year increase on the pro forma base that includes Javer. The company achieved an average selling price increase of 15.5% to MXN 1.03 million, while EBITDA reached MXN 773.9 million with an 18.8% margin, up 22.3% year-over-year. Net income showed robust growth with a 28.3% year-over-year increase. 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 of 2025, 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. This diversified financing mix, combined with geographic and price-point diversification, provides flexibility across markets and segments. 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.

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 growth from 20,723 EDGE certified homes at the end of 2024, when 21.3% were EDGE Advanced certified. The EDGE certification demonstrates enhanced home efficiency, translating into lower utility bills for homeowners and access to green bond financing for VINTE. The company has issued eight labeled bonds totaling MXN 6.4 billion, creating a capital structure that underpins access to cheaper ESG capital. Significant opportunity exists for further certification improvements, as historically Javer and Derex did not certify homes, leaving VINTE with a substantial portion of its portfolio that can be certified with relative ease.

The company continues to gain market share in the affordable and middle-income segments and is well-positioned to benefit from structural housing undersupply, rising household formation, and ESG capital inflows. Stonegate Capital Partners' valuation analysis using both DCF modeling and EV/EBITDA comparable analysis indicates strong potential, with DCF valuation ranging from $43.67 to $66.32 and EV/EBITDA valuation ranging from $42.99 to $65.94. The combination of strategic acquisitions, operational efficiency, and ESG leadership positions VINTE for continued growth in Mexico's evolving housing market.