Neinor Homes (HOME) H2 2025 earnings summary

Executive summary

• Delivered a seventh consecutive year of meeting targets, with FY25 performance at the high end of guidance and adjusted net income 7% above target.

• Completed the AEDAS acquisition, securing operational control and creating a national leader in a fragmented residential market.

• Delivered ~3,000 homes; 25,000 units in production support future profit visibility.

• NAV per share increased 25% plus dividends.

Financial highlights

• FY25 revenue was €697mn, EBITDA €110mn, and gross margin 27%, above the 24%-25% target.

• Adjusted net income was €70mn, 7% above guidance; consolidated net income was €122mn, including a non-cash purchase price allocation impact from AEDAS.

• Adjusted EPS was €0.70; NAV was €1,888mn (€19.14 per share).

• Cash and equivalents reached €802.7mn, up 118% year over year.

Outlook and guidance

• Combined platform delivery target is 5,000-6,000 units annually, primarily build-to-sell.

• Updated guidance and the business plan are to be presented at the AGM after completion of the mandatory tender offer; no significant guidance changes are expected.

• Land bank expanded to 38,000 units; pre-order book reached 8,909 units worth €3.2bn.

• Focus remains on efficient capital allocation, balance-sheet strength, and sustainable shareholder returns.