DALLAS, TX -- April 28th, 2026 -- Vinte Viviendas Integrales (BMV: VINTE): Stonegate Capital Partners Updates Coverage on Vinte Viviendas Integrales (BMV: VINTE). Management’s 1Q26 message centered on scaling the larger Vinte/Javer/Derex platform with tighter capital allocation, continued integration, and margin expansion rather than pursuing growth at the expense of returns. The release also reinforced management’s focus on generating ROIC above its cost of capital and on leveraging adjacent business lines and PropTech capabilities alongside the core housing platform. Overall, VINTE’s message was one of profitable growth, financial discipline, and value creation supported by broader platform scale.
Quarterly Results: VINTE reported 1Q26 revenue of MXN ~$3.50B, up 7.0% y/y, despite a 14.5% decline in deliveries, as ASP increased 24.2% to MXN ~$1.19M. EBITDA rose 18.0% to MXN ~$617M, with margin expanding 160bps y/y to 17.6%, while net income increased 33.9% to MXN ~$304M. Management highlighted continued operational and financial efficiencies across Vinte, Javer, and Derex, with balance sheet trends remaining constructive as net leverage improved to 2.54x, the lowest quarterly level since 2019. Operating cash flow, including long-term land, was negative MXN ~$47M in the quarter, though management noted this was in line with the annual plan and materially better than 1Q25.
Home Deliveries and Mortgage Metrics: VINTE titled 2,923 homes in 1Q26, down 14.5% y/y, while average selling price increased 24.2% to MXN ~$1.19M, again underscoring that revenue growth is being driven more by price and mix than by volume. Management attributed the lower delivery count to project timing and the ramp of new communities rather than any change in strategy and indicated that launches in social- and middle-income projects should support higher volume through the balance of 2026. Mortgage funding also remained diversified, although fewer lower-priced units weighed on traditional Infonavit mix, while Unamos Créditos and bank financing remained solid. Management highlighted rising Infonavit purchasing power and strong bank appetite as supportive for future deliveries.
ESG Strategy: VINTE remains differentiated in sustainable housing and green financing, with 1Q26 materials continuing to highlight more than 20,000 EDGE-certified homes. Sustainability also remains a financing advantage, with 74% of debt tied to sustainable/SDG/EDGE financing, 100% of debt denominated in pesos, and six sustainable, green, and SDG bonds outstanding as of quarter-end.
Outlook: Management said 1Q26 results were in line with the annual business plan and reiterated confidence in the year, with volume expected to improve as VINTE ramps new projects, including several in the social- and middle-income segments. The message remains centered on synergy capture, margin expansion, and disciplined capital allocation, with key tailwinds including resilient housing demand, rising Infonavit purchasing power, strong bank appetite, and lower funding costs. We would also note that the Board has proposed a MXN 1.78/share dividend for approval at the April 30 Annual Meeting, equivalent to 34.3% of FY25 net income, further reinforcing management’s shareholder-return framework.
Valuation: We use a DCF Model and an EV/EBITDA comp analysis to guide our valuation. Our DCF analysis produces a valuation range of $41.81 to $66.10 with a mid-point of $52.02. Our EV/EBITDA valuation results in a range of $49.04 to $55.32 with a mid-point of $52.18.
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.
SOURCE: Stonegate, Inc.
