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Neinor Homes (HOME) investor relations material
Neinor Homes H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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.
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