Neinor Homes (HOME) H2 2024 earnings summary

Executive summary

• Achieved record commercialization in 2024 with over 2,600 units sold and a strong start to 2025, indicating a positive outlook.

• Accelerated asset management business, investing €750 million and managing over 10,900 units, with €1.2 billion AUM, exceeding five-year targets.

• Monetized build-to-rent portfolio with two project sales for €90 million and continued to crystallize value from the strategic land bank.

• Positioned for growth with a target of €100–200 million in investments and opportunistic annual returns above 20%.

• Achieved six consecutive years of meeting operational and financial guidance, focusing on asset-light, equity-efficient growth.

Financial highlights

• FY24 revenues reached €502 million, with gross margin at 29% and adjusted EBITDA at €102 million, both above guidance.

• Adjusted net income was €69 million (+6% vs. target), EPS €0.92, and LTV at 16.2%, below 20–25% guidance.

• Delivered 2,397 units, surpassing the target, with orderbook growing 183% year-over-year.

• Net debt at year-end was €238 million, including a €62 million dividend payment.

• Revenues exclude €60 million from build-to-rent share deals.

Outlook and guidance

• Official 2025 guidance: €100 million EBITDA, €600–700 million revenues, and loan-to-value between 20–30%.

• Guidance is considered conservative, with potential for upside if current trends continue.

• Order book coverage stands at 70% for 2025 and 50% for 2026, with strong early sales in 2025.

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

• Shareholder remuneration program on track, with €188 million (16% yield) to be distributed over the next 12 months.