Vinte Viviendas Integrales (BMV: VINTE) has expanded its geographic footprint through the acquisition of Derex, a leading developer of sustainable housing communities in northwestern Mexico. This transaction enables VINTE to enter high-growth markets including Tijuana, Hermosillo, Nogales, and Mexicali, marking a significant strategic expansion for the company. 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.
The company reported strong third-quarter 2025 results with total revenue reaching MXN 4.12 billion, representing a 17.5% year-over-year increase on a pro forma basis that includes Javer. Average selling price increased 15.5% to MXN 1.03 million, while EBITDA grew 22.3% year-over-year to MXN 773.9 million, achieving an 18.8% margin. Net income showed robust growth, rising 28.3% year-over-year as management highlighted continued synergy capture from the Javer integration and positive operating cash generation of approximately MXN 207 million during the quarter.
VINTE titled 3,967 homes in the third quarter, representing a 4.5% increase on a pro forma basis. The company maintained stable mortgage funding sources through the first nine months of 2025, with Infonavit continuing as the largest channel. Unamos Créditos served as a meaningful contributor alongside banks and Fovissste, reflecting the platform's diversified financing mix. This geographic and price-point diversification provides flexibility across different market segments and regions.
The company reinforced its position as Mexico's leader in green-certified housing, now boasting over 23,112 EDGE certified homes, with 25.2% achieving EDGE Advanced certification. This represents an increase 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 costs for homeowners while providing VINTE access to green bond financing. The company has issued eight labeled bonds totaling MXN 6.4 billion, creating a capital structure that supports access to cheaper ESG capital.
Management expects these environmental metrics to improve further by year-end as the company certifies additional home batches. The recent acquisitions present significant opportunity for certification expansion, as historically neither Javer nor Derex certified their homes, leaving VINTE with a substantial portion of its portfolio that can be certified with relative ease. This positions the company to further improve capital costs and enhance the value of these strategic transactions.
Company leadership reiterated its 2025 guidance of 15,000 home deliveries, including Javer properties, while emphasizing the role of digital platforms such as Xante, iVentas, and Emobel in driving operational efficiency and improving customer experience. VINTE continues to gain market share in the affordable and middle-income housing segments and remains well-positioned to benefit from structural housing undersupply, rising household formation, and increasing ESG capital inflows throughout Mexico.
