Vinte Viviendas Integrales Expands Geographic Reach with Derex Acquisition While Reporting Strong Q3 Growth
Vinte Viviendas Integrales strengthens its position as Mexico's housing leader through strategic acquisition and continued financial growth, positioning the company to capitalize on underserved markets and ESG financing opportunities.
Vinte Viviendas Integrales (BMV: VINTE) has significantly expanded its geographic footprint with the acquisition of Derex, a leading developer of sustainable housing communities in northwestern Mexico. This strategic move enables VINTE to enter high-growth markets including Tijuana, Hermosillo, Nogales, and Mexicali, marking a substantial expansion beyond its current operations. 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 results with total revenue reaching MXN 4.12 billion, representing a 17.5% year-over-year increase on a pro forma basis that includes the Javer integration. 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 in the third quarter.
VINTE titled 3,967 homes in the third quarter, up 4.5% on a pro forma basis, with mortgage funding sources remaining stable through the first nine months of 2025. Infonavit continues as the largest funding channel, while Unamos Créditos serves as a meaningful contributor alongside banks and Fovissste, reflecting the platform's diversified financing mix. The company maintains a solid balance sheet with net leverage at 2.78x, supporting ongoing integration efforts and pricing discipline expected to drive year-over-year pro forma improvements into the fourth quarter and 2026.
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 at the end of 2024. This 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 supports access to cheaper ESG capital.
Management has identified significant opportunity in certifying previously uncertified homes from both Javer and Derex acquisitions, providing additional potential for improved capital costs and transaction value. The company 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 continues to gain market share in affordable and middle-income segments, positioning the company to benefit from structural housing undersupply, rising household formation, and increasing ESG capital inflows across Mexico's evolving housing market.