Neinor Homes (HOME) H1 2026 earnings summary

Executive summary

• Completed AEDAS acquisition, the largest in company history, increasing land bank by over 60% and raising ownership to 97.9% by June 30, 2026, with integration finalized in four months and no operational disruption.

• Achieved record operational and financial results in H1 2026, delivering 2,400 units and €680 million in revenue, with strong margins and cash flow.

• Maintained solid business margins, accelerated shareholder remuneration, and repaid €100 million of Apollo's debt ahead of schedule.

• Reiterated all 2026 guidance targets, supported by high pre-sales coverage and robust order book.

• Appointed new CFO and Group COO, and expanded investment team.

Financial highlights

• H1 2026 revenue reached €680 million, with €632–660 million from development and €28 million from ancillary divisions; EBITDA at €119 million (17.5% margin); gross profit of €187 million (27.6% margin).

• Net income was €54 million, impacted by €30 million in one-off purchase price allocation from AEDAS acquisition; adjusted net income at €54 million.

• Net debt broadly flat at €1,166 million after €170 million in dividends and €200 million investment in AEDAS stake; LTV at 36.1–37.4%.

• NAV at €1,811 million (€18.32/share); GAV at €3,116 million.

• Cash and cash equivalents totaled €803 million at June 30, 2026.

Outlook and guidance

• Reiterated 2026 targets: 5,000–7,000 unit deliveries, €120–140 million net income (adjusted for one-offs), and 24–25% gross margin.

• Nearly 19,000 units under production, with 89% of 2026 and 78% of 2027 deliveries pre-sold.

• Guidance includes €100 million from Río Real land sale, expected to close in Q4 2026.

• Focus shifting from volume to price increases, supported by robust orderbook and market fundamentals.

• Management expects sufficient liquidity to meet future obligations.