Stonegate Capital Partners Initiates Coverage on Vinte Viviendas Integrales Following Strong Growth and ESG Leadership

Stonegate Capital Partners has initiated coverage on Vinte Viviendas Integrales (BMV: VINTE), following the company's substantial growth driven by strategic acquisitions and expanding environmental initiatives. VINTE reported total revenue of MXN 3.66 billion, representing a 211.3% year-over-year increase primarily attributed to the Javer acquisition. While this represents significant growth compared to the previous year, the company would have seen a 6.8% decrease compared to pro forma second quarter 2024 revenue, indicating some normalization following the acquisition integration period.

The company's operational performance showed remarkable improvement in home deliveries, with VINTE titling 3,715 homes in the second quarter of 2025, more than doubling year-over-year figures with a 337.1% increase due to Javer's contribution. INFONAVIT remains the primary financing source, accounting for 48% of titled homes, while over 67% of mortgage volume was funded through INFONAVIT and Unamos Créditos, VINTE's two most critical government-backed lending channels. Average selling prices increased 11.8% to $975,000, up from $872,000 last year, reflecting both market conditions and the company's strategic positioning.

VINTE's consolidated EBITDA reached $647.6 million, showing a 124.7% year-over-year increase, though representing a 16.4% decrease on a pro forma basis, with an EBITDA margin of 17.7%. The company expects year-over-year pro forma results to improve as integration of Javer continues. Beyond traditional housing operations, VINTE saw significant growth through its Xante platform, which grew revenues and EBITDA by 49% and 135% respectively, driven by convertible financing from IDB Invest of up to 500 million pesos. This financing is expected to increase capacity and consolidate Xante's position as the group's used housing proptech platform.

Environmental, social, and governance initiatives remain a cornerstone of VINTE's strategy, with the company maintaining its position as Mexico's leader in green-certified housing. The company now has over 23,112 EDGE certified homes, with 25.2% achieving EDGE Advanced certification, up from 20,723 EDGE certified homes in the fourth quarter of 2024, of which 21.3% were EDGE Advanced certified. EDGE certification enhances energy, water, and material efficiency, translating into lower utility bills for homeowners and access to green bond financing for VINTE. The annual carbon savings from these homes now stands at 26,519 tons, up from 22,754 tons at the end of 2024.

The company has issued over MXN 2.5 billion in green bonds, supported by international financial institutions including IFC, IDB Invest, and DEG. This substantial green bond issuance is expected to support the construction and certification of over 14,800 EDGE certified homes and related infrastructure. Management has reiterated its 2025 guidance of 15,000 home deliveries including Javer contributions, with continued emphasis on digital platforms including Xante, iVentas, and Emobel to drive efficiency and improve customer experience. The company continues to gain market share in the affordable and middle-income segments and appears well-positioned to benefit from structural housing undersupply, rising household formation, and increasing ESG capital inflows into sustainable housing development.