Neinor Homes (HOME) H2 2025 earnings summary

Executive summary

• Achieved a transformational year by completing the largest M&A in the Spanish residential sector in a decade, securing control of AEDAS, and consolidating market leadership in a fragmented market.

• Delivered approximately 3,000 homes, with 1,917 from the fully owned portfolio and 1,010 from asset management, and maintained disciplined execution and focus.

• Net profit reached €122 million in FY25, exceeding targets, with adjusted net profit of €70 million (7% above guidance) and strong shareholder value creation (NAV per share up 25%).

• Operational growth supported by a record order book of nearly 9,000 units and a land bank expanded to 38,000 units, providing strong profit visibility.

• Operates in a resilient Spanish residential market with strong demand fundamentals, low leverage, and healthy affordability.

Financial highlights

• FY25 revenues reached €697 million, at the high end of guidance, with €645 million from core build-to-sell and €29 million from ancillary services.

• Gross margin stood at 27%, above the 24-25% target, and EBITDA was €110 million.

• Adjusted net profit was €70 million (EPS €0.70), and consolidated net income including AEDAS was €122 million, driven by a non-cash gain from purchase price allocation.

• Adjusted net debt rose to €1,124 million post-AEDAS, with LTV at 36% consolidated and 16% standalone, both below or within target ranges.

• Cash and equivalents increased to €803 million, up 118% year-over-year.

Outlook and guidance

• Delivery target for the combined platform is 5,000-6,000 units per year, primarily build-to-sell.

• Expanded land bank to 38,000 units and pre-order book to 8,909 units (€3.2bn), strengthening future revenue visibility.

• Business plan and updated guidance to be presented at the AGM following completion of the mandatory tender offer; no significant changes expected from previous guidance.

• Management emphasizes efficient capital allocation, balance sheet strength, and sustainable shareholder returns.