Neinor Homes (HOME) Q1 2025 earnings summary

Executive summary

• Pre-sold 670 build-to-sell units in 1Q25, up 86% year-over-year, setting a new commercialization record.

• Total pre-sales reached €246mn, a 97% increase year-over-year, with an average selling price of €366,000 per unit.

• Fully owned portfolio pre-sold 401 units for €146mn, up 19% in volume and 28% in value year-over-year.

Outlook and guidance

• Maintains high visibility for FY25-26 results, supported by an orderbook of 3,828 units worth €1,270mn.

• Pre-sales coverage ratio stands at 76% for FY25 and 58% for FY26; Asset Management division coverage even higher.

• Positive long-term view of the Spanish residential sector due to a significant housing production deficit.

Segment performance

• Asset Management division contributed to scaling up units under commercialization and higher forward-sold positions.