Neinor Homes (HOME) H1 2026 earnings summary

Executive summary

• Achieved record operational and financial results in H1 2026, driven by the successful integration of AEDAS, which increased the land bank by over 60% and market presence, with ownership rising to 97.9% by June 30, 2026.

• Delivered 2,400 units (including 2,392 from fully owned and asset management portfolios), with €680 million in revenue and strong cash flow generation.

• Maintained strong margins and accelerated shareholder remuneration, distributing €169 million YTD and repaying €100 million of Apollo's debt ahead of schedule.

• Reiterated all 2026 guidance targets, supported by high pre-sales coverage and robust order book.

• Appointed new CFO and COO, and expanded investment and management teams.

Financial highlights

• H1 2026 revenues reached €680 million, up 359% year-over-year, with €660 million from development and €28 million from ancillary divisions.

• Gross profit of €187 million (27.6% margin); EBITDA of €119 million (17.5% margin); adjusted net income of €54 million after one-off PPA impacts.

• Net debt broadly flat at €1,166 million after €169–170 million in dividends and €200 million investment in AEDAS stake.

• NAV at €1,811 million (€18.32/share); GAV at €3,116 million.

• Cash and cash equivalents totaled €803 million at June 30, 2026.

Outlook and guidance

• FY26 guidance reiterated: 5,000–7,000 unit deliveries, €1.6–1.8 billion revenue, EBITDA €240–260 million, net income €120–140 million (adjusted for one-offs), and 24–25% gross margin.

• Nearly 19,000 units under production, with 89% of 2026 and 78% of 2027 deliveries pre-sold.

• Guidance includes €100 million from Río Real land sale, expected to close in Q4 2026.

• Focus on price increases and asset management expansion, with sufficient liquidity to meet future obligations.