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, acquiring 79.2% of AEDAS and consolidating market leadership, with a provisional gain from the transaction recognized in 2025.

• Delivered approximately 3,000 homes, with revenues, EBITDA, and net income all at or above the high end of guidance, supported by strong operational execution and financial discipline.

• Net profit attributable to the parent company reached €123.3 million, nearly doubling from the prior year, with consolidated net income including AEDAS at €122 million.

• Maintained strong shareholder value creation, with NAV per share up 25% year-over-year and robust cash generation.

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

Financial highlights

• Consolidated FY25 revenues reached €704.6 million, up 45% year-over-year, with gross margin at 27%-28.9% and EBITDA at €110 million.

• Net income (excluding AEDAS) was €70 million, 7% above guidance; consolidated net income including AEDAS was €122-123.3 million, reflecting non-cash gains from purchase price allocation.

• Adjusted net financial debt rose to €1,124 million post-AEDAS, with LTV at 34.3%-36%.

• Cash and cash equivalents at year-end were €803 million, up 118% year-over-year.

• Total assets more than doubled to €3.93 billion from €1.73 billion at prior year-end.

Outlook and guidance

• Delivery target for the combined platform is 5,000-6,000 units per year, primarily build-to-sell, with expanded land bank of approximately 38,000 units.

• Pre-order book increased to 8,909 units (€3.2bn), strengthening future revenue visibility.

• Focus for 2026 on delivering developments, capturing price increases, and integrating AEDAS, with no significant changes expected from previously communicated guidance.

• Business plan and updated guidance to be presented at the AGM following completion of the mandatory tender offer.