Neinor Homes (HOME) H2 2024 earnings summary

Executive summary

• Met FY24 guidance for the sixth consecutive year, with €502mn revenue and 2,397 units notarized.

• Expanded asset management to €1.2bn AUM and 10,944 housing units, exceeding five-year targets.

• Monetized two BTR projects for €90mn and advanced strategic land-bank value crystallization.

• Announced €125mn in new shareholder distributions, progressing toward a €600mn five-year target.

Financial highlights

• FY24 revenue was €502mn: €488mn from core development and services, €10mn from asset-management fees, and €4mn from rental income.

• Gross margin reached 28.5%, with €143mn gross profit; adjusted EBITDA was €102mn, 2.1% above guidance.

• Adjusted net profit was €68.8mn, 5.9% above guidance, with EPS of €0.92.

• Adjusted net debt was €238mn and cash €368mn; LTV was 16.2%, rising to 20.5% after pending distributions.

• Delivered 2,397 units, above the c.2,000 target; order book grew 183% year over year.

Outlook and guidance

• FY25 guidance: €100mn EBITDA, €600–700mn revenue, and 20–30% LTV.

• FY25 began with 416 units sold in the first seven weeks for €152mn; 2025 order-book coverage stood at 70%, with 50% for 2026.

• Planned 2025 investment of €100–200mn, with a €300mn land-acquisition pipeline under negotiation.

• Positive margin outlook for 2025–26, supported by house-price appreciation outpacing construction-cost inflation.

• Spanish residential outlook upgraded to positive for 2025; GDP growth forecast at 2.3%.