DALLAS, TX -- March 2nd, 2026 -- Vinte Viviendas Integrales (BMV: VINTE): Stonegate Capital Partners Updates Coverage on Vinte Viviendas Integrales (BMV: VINTE). Management increasingly framed VINTE’s growth around the broader housing ecosystem, leveraging the Company’s increased size and prop tech capabilities to support that growth. For example, management noted that Xante sold more than 50% of its full-year 2025 sales in just January and February 2026, with the platform beginning to support sales across a wider portion of the portfolio, including Javer homes. Management also highlighted Casa Bravo, VINTE’s rent-to-own platform, as another area where scale across the broader platform should support growth. Taking together, these initiatives suggest VINTE is moving beyond pure land-and-home expansion and further leveraging its digital and adjacent housing platforms to deepen customer reach, improve monetization, and capture additional operating leverage.
Quarterly Results: VINTE reported total revenue of MXN ~4.65B, up 13.2% y/y, on the pro forma base that includes Javer. ASP increased 15.7% to MXN ~1.13M. EBITDA was MXN ~829M (17.8% margin), up 27.1% y/y, while net income rose 23.5% y/y. Management highlighted continued synergy capture from the Javer integration, positive operating cash generation, and a solid balance sheet with net leverage at 2.58x.
Home Deliveries and Mortgage Metrics: VINTE titled 4,052 homes in 4Q25, down 0.6% on a pro forma basis, while average selling price rose 15.7%, reinforcing that growth is being driven more by price and mix than by volume. Mortgage funding remained diversified with management also citing a more favorable rate backdrop, higher Infonavit financing capacity, and improving affordability as supportive for future deliveries. Management added that housing demand in VINTE’s markets is driven more by employment and export-related activity than GDP, while lower rates and 99.5% rental occupancy in Mexico continue to support demand, including from buyers seeking rental investment opportunities.
ESG Strategy: VINTE remains Mexico’s leader in sustainable housing, with 26,091 EDGE-certified homes in 4Q25, including 32% EDGE Advanced, up from 20,273 in 4Q24. This supports lower utility costs for homeowners and stronger access to green financing; VINTE has issued eight labeled bonds totaling MXN 6.4B. We also see further upside as the Company expands certifications across the Javer and Derex portfolios.
Outlook: Management guided to ~10% revenue growth in FY26, supported by the planned launch of 20 new developments. Importantly, management indicated that 2026 growth should be driven more by price, mix, and new project openings than by materially higher unit volumes. The outlook also reflects continued platform integration, broader market reach, and increasing contribution from digital tools and adjacent platforms. With structural housing undersupply, supportive employment trends in key export-oriented markets, easing rates, and tight rental market conditions, VINTE appears well positioned to sustain growth. With a history of double-digit growth, we believe VINTE is poised to maintain that growth now at an even larger scale.
Valuation: We use a DCF Model and a EV/EBITDA comp analysis to guide our valuation. Our DCF analysis produces a valuation range of $42.07 to $66.04 with a mid-point of $52.16. Our EV/EBITDA valuation results in a range of $47.98 to $54.16 with a mid-point of $51.07.
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