Neinor Homes (HOME) H2 2024 earnings summary

Executive summary

• Achieved record commercialization in 2024 with over 2,600 units sold, strong start to 2025, and six consecutive years of meeting guidance, focusing on asset-light, equity-efficient growth.

• Accelerated asset management business, managing over 10,900 units, €1.2–1.3bn AUM, and exceeding five-year targets through major JV agreements.

• Monetized BTR portfolio with two project sales for €90mn and continued value crystallization from strategic land bank.

• Significant shareholder remuneration: €125–188mn announced for 2025, with €263–176.9mn already distributed.

• Strategic plan execution advanced, including capital rotation, debt refinancing, and integration of Promociones Hábitat.

Financial highlights

• FY24 revenues reached €502mn, gross margin at 29–30.2%, and EBITDA at €102–102.1mn, all above guidance.

• Net income was €69mn (+6% vs. target), with adjusted net profit of €68.8mn and EPS of €0.92.

• Loan-to-value at 16–16.2%, below guidance; net debt at €238–242.4mn; cash position at €368–368.4mn.

• Delivered 2,397–2,400 units, surpassing targets; orderbook grew 183% year-over-year.

• Asset management contributed €10mn in fees and €17mn EBITDA; rental income at €4mn.

Outlook and guidance

• Official 2025 guidance: €100mn EBITDA, €600–700mn revenues, and LTV between 20–30%, with conservative assumptions.

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

• Continued focus on co-investment, asset management, and new land acquisitions; integration of Promociones Hábitat and workforce restructuring in H1 2025.

• Gross development margins expected to remain at or above 24% for blended BTS and BTR.

• Positive market fundamentals and robust business plan visibility support ongoing shareholder distributions.