Neinor Homes (HOME) investor relations material

Executive summary

• Achieved record operational performance in 1H 2025, with strong execution in product launches, construction, and commercialization, and full integration of last year's acquisition, Aviatat.

• Reiterated full-year 2025 guidance, citing strong visibility on deliveries and dynamic sales in the Spanish residential market.

• Accelerated strategic roadmap with the voluntary tender offer for AEDAS, aiming for equity-efficient growth and higher return on equity.

• Revenue for H1 2025 was €146.2 million, with a gross margin of €58.1 million and EBITDA of €17.5 million.

• The main business lines are development, asset management, and rental, with development generating €134.9 million in revenue and a 35% gross margin.

Financial highlights

• 1H25 revenues reached €148 million, with 803 housing unit deliveries; adjusted EBITDA at €18 million and net income of €6 million.

• Gross margin improved to over 30% in 1H25, the best first half in five years.

• Net debt at €334 million, loan-to-value at 22.9%, within target range.

• Cash and cash equivalents at period end were €446.1 million; capital increase of €228.7 million completed in June 2025.

• Year-over-year, total revenues declined 19% and adjusted net income dropped 44%.

Outlook and guidance

• Full-year 2025 guidance reiterated, with most deliveries and financial results expected in 2H.

• EBITDA guidance for 2025 set at €100–110 million; margin expansion expected in 2H and into 2026.

• Focus for H2 2025 is on monitoring ongoing construction, capturing price increases, and delivering scheduled developments.

• The group aims to reinstate suspended dividends after the AEDAS transaction and maintain strong financial discipline.

• Continued focus on disciplined capital allocation and equity-efficient growth.