Neinor Homes (HOME) investor relations material

Opening remarks and agenda

• 2026–2028 guidance update covered asset rotation, equity recycling into asset management and revised targets.

Guidance on key objectives

• FY26 EBITDA guidance of €240M–€260M and net income of €120M–€140M reiterated, regardless of Río Real closing.

• FY27 EBITDA guidance raised €20M to €260M–€280M; net income guidance is €150M–€170M, with expectations at €160M–€170M; higher finance costs reflect Euribor rising from 2% to 3%.

• FY28 targets: 5,000–7,000 units, EBITDA of €260M–€280M, net income of €160M–€170M and net debt of €550M–€650M; margins expected broadly steady versus FY27.

• Net debt guidance: €1.0B–€1.1B in FY26 and €800M–€850M in FY27; leverage expected at 2x–2.5x EBITDA.

• €555M of distributions planned for 2027–2028, including €250M in 2027 and €200M–€250M in 2028, subject to growth opportunities and AGM timing.

Market trends and strategic opportunities

• Spanish residential demand and pricing remained resilient amid energy, inflation, interest-rate and geopolitical pressures, while housing supply remains short.

• Spain needs 1M homes; affordable housing and flex living were identified as significant, underpenetrated growth segments.

• Forward sales provide visibility through 2028; turnkey contracts lock costs for more than 70% of 2028 deliveries.

• Delivery pipeline exceeds 5,000 units; new investments include ~450 flex living units and ~560 affordable housing units.

• Asset management spans multiple residential verticals, with >€1.5B invested since 2023, >13,000 units under management and ~60% active.