Neinor Homes accelerates growth in 1H25 with 1,701# pre-sold (+45%), while reaffirms its FY25 targets
Neinor reiterates its FY25 EBITDA target of €100-110mn, supported by enhanced visibility on yearly deliveries and best-in-class profitability
Commercialization environment remains highly dynamic with 1,701# pre-sold in 1H25 (€579mn), a +45% year-on-year
Successfully crystallized value of BTR portfolio as part of a broader asset rotation program with +€400mn in disposals since 2023
Neinor's disciplined investment strategy has combined scale and returns, deploying €1.8bn since 2023 while targeting +20% IRRs
Neinor expects that the voluntary tender offer for Aedas will be settled in 4Q25, marking a transformational milestone in the Company's strategic roadmap
MADRID, 25 July 2025, Neinor Homes ("Neinor") (HOME SM), the leading residential platform in Spain, has announced its results for the first half of 2025, confirming the continued growth of its Asset Management business, solid operating margins, and a record commercialization activity. The period also marks an acceleration in the Company's investment strategy with the launch of a voluntary tender offer for 100% of Aedas Homes' capital.
Reiterate FY25 targets with bulk of deliveries scheduled to take place during 2H25
In the first six months of 2025, Neinor notarized 803# housing units across its fully owned portfolio and Asset Management business. Total revenues amounted to €148mn, of which the core Build-to-Sell (BTS) business contributed €112mn through the delivery of 323 units at an average selling price (ASP) of €348,000. The growing Asset Management platform contributed €9mn, while ancillary activities including land sales, rental income, and construction services generated an additional €27mn.
Overall business profitability remained strong, with the Company achieving a 30.6% gross margin, supported by a favourable product mix, disciplined pricing strategy, and tight control over construction costs. This performance translated into a gross profit of €45mn and an EBITDA of €18mn. At the bottom line, adjusted net income stood at €6mn, reflecting the expected concentration of deliveries in the second half of the year.
During the semester, Neinor distributed €155mn (€2.07/sh) to shareholders across three dividend payments in January, March, and May. Despite these outflows, the balance sheet remained robust, with adjusted net debt increasing to €334 million at the end of June, up from €238mn at year-end. It is important to note that the €228mn raised in the accelerated share capital increase completed in June are considered restricted, as they will be used for the voluntary tender offer of AEDAS Homes. It is important to note that the €228mn raised in the accelerated share capital increase completed in June are considered restricted, as they will be used to partially finance the voluntary tender offer for 100% of Aedas Homes' capital. As a result, the Company's loan-to-value (LTV) ratio increased to 22.9%, from 16.2% at year-end.
Despite the delivery calendar being heavily weighted toward the second half of the year, Neinor maintains strong visibility and reiterates its full-year 2025 guidance:
Deliveries: c.2,000
Total Revenues: €600–700mn (ASP: €375,000–400,000 per unit)
EBITDA: €100–110mn (c.28% gross margin)
Strong commercial performance ...
