Neinor Homes (HOME) H1 2025 earnings summary

Executive summary

• Achieved record operational and commercialization performance in H1 2025, with 1,701 pre-sold units (up 45% YoY) and strong execution in product launches, construction, and value creation initiatives.

• Fully integrated the Habitat acquisition and expanded Asset Management, now managing 10,762 units (+57% YoY).

• Reiterated FY25 guidance, supported by strong delivery visibility, robust sales momentum, and favorable market conditions.

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

• Spanish residential market remains structurally undersupplied, with solid demand, healthy affordability, and a macroeconomic backdrop outpacing major European economies.

Financial highlights

• H1 2025 revenues reached €148 million, with 803 units delivered (421 fully owned, 381 via asset management); core Build-to-Sell contributed €112 million from 323 units at €348,000 ASP.

• Gross margin stood at 30.6% (development segment at 35%), with gross profit of €45–58.1 million and EBITDA of €17.5–18 million.

• Adjusted net income was €6 million; net profit reported at €3.2 million, reflecting seasonality with most deliveries in H2.

• Net debt at €334 million; LTV at 22.9% (within 20–30% target), LTC at 30.9%; cash and cash equivalents at €446.1 million.

• €228–228.7 million equity raised in June 2025 for Aedas transaction, treated as restricted cash.

Outlook and guidance

• FY25 guidance maintained: 2,000 deliveries, €600–700 million revenues (ASP €375,000–400,000), and €100–110 million EBITDA (~28% gross margin).

• Margin expansion expected in H2 and into 2026, supported by pricing power and controlled construction costs.

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

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

• Group aims to reinstate suspended dividends after the Aedas transaction and maintain strong financial discipline.