Neinor Homes (HOME) H1 2025 earnings summary

Executive summary

• Achieved record operational and commercialization performance in 1H25, with strong execution of product launches, construction, and value creation initiatives.

• Fully integrated the Habitat acquisition and launched a voluntary takeover bid for AEDAS Homes, aiming to create a leading residential developer in Spain, backed by €1.25 billion in committed financing.

• Reiterated full-year 2025 guidance, citing strong visibility on deliveries, robust sales momentum, and a favorable market environment.

• Accelerated investment roadmap and de-risked strategy with the voluntary tender offer for Aedas, targeting equity-efficient growth and higher ROE.

• Spanish residential market remains structurally undersupplied, with solid demand and healthy affordability.

Financial highlights

• 803 units delivered/notarized in 1H25, with revenues of €148 million and adjusted EBITDA of €18 million; net income of €6 million.

• Gross margin exceeded 30%, with build-to-sell margins at 28–29% and development segment at 35%.

• Net debt at €334 million, loan-to-value at 22.9%, and cash position of €178 million, excluding €228 million in restricted cash.

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

• Capital increase of €228.7 million completed in June 2025 to support the AEDAS Homes acquisition.

Outlook and guidance

• Full-year 2025 EBITDA guidance reiterated at €100–110 million, with margin expansion expected in H2 and into 2026.

• FY25 guidance maintained: c.2,000 deliveries, revenues of €600–700 million (ASP: €375–400k/unit), and 28% gross margin.

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

• Coverage ratios: ~90% for 2025, 60% for 2026, 20% for 2027, ahead of sales curve.

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