Record 1H26 performance, with 2,392 deliveries, solid margins and €54mn
Net Income (+753% YoY), on track to meet FY26 guidance of €120-140mn
Cash flow performance was also strong, funding c.€170mn of shareholder
remuneration, c.€200mn of additional investment in AEDAS and c.€100mn of
early repayment of the Apollo debt
Seamless integration of AEDAS completed in just four months, without any
disruption to deliveries, commercial or construction activity
Record commercial activity, with 3,000 units pre-sold and an all-time-high
€3.325bn orderbook providing multi-year visibility over future earnings
Post-AEDAS, Neinor prioritises its equity-efficient growth strategy: c.€180mn
deployed YTD, of which only c.€90mn own equity
MADRID, 27 July 2026 – Neinor Homes ("Neinor") (HOME SM), the leading residential
platform in Spain, today reported very solid operational and financial results for 1H26,
despite heightened geopolitical uncertainty and amid the integration of AEDAS. The
semester was marked by record deliveries, extremely dynamic commercialisation
activity and strong cash flow generation, giving the Company increased visibility over
its full-year targets and supporting the reiteration of its FY26 guidance.
Strong financial performance with €119mn EBITDA provides visibility over FY26
guidance of €240-260mn
During the first half of 2026, Neinor delivered a strong financial performance, with
growth across all key metrics driven by the acquisition of AEDAS and its successful
integration. Total Revenues reached €680mn (+359% YoY), representing
approximately 40% of the FY26 guidance, with the following breakdown:
Residential Development: €660mn, including €632mn from the delivery of 1,565
units at an ASP of €404k/unit and €28mn from ancillary divisions, mainly the
construction unit;
Asset Management: Fee business grew 119% YoY to c.€20mn, already
exceeding the whole of FY25, also benefitting from the AEDAS acquisition
These figures exclude the €100mn Río Real disposal announced in March whose
closing is expected during the second half of the year.
During the first half of 2026, Gross Profit reached €187mn (+313% YoY),
corresponding to a 27.6% gross margin. The Company maintained solid underlying
business margins following the acquisition of AEDAS, demonstrating once again the
conservative underwriting assumptions applied to the transaction.
EBITDA amounted to €119mn (+577% YoY; 17.5% margin), supported by tight cost
control, with structure costs running at approximately €40mn (+143% YoY), well below
revenue growth. On top of the record fee generation, the Asset Management business
contributed a further c.€10mn of direct EBITDA impact through JV associates, primarily
reflecting the sale of Neinor's 20% stake in the "La Térmica" development in Málaga, a
disposal that was not contemplated in the Company's business plan.
At the bottom line, Adjusted Net Income reached €54mn (+753% YoY; EPS of
€0.54/sh), after adjusting for one-off items, including a €30mn non-cash PPA impact
related to the AEDAS acquisition. This extraordinary growth was achieved despite
materially higher financial expenses, which increased from €10mn to €40mn year-on-
year following the financing of the AEDAS acquisition, as well as higher structure costs
and tax expenses associated with the enlarged perimeter. Overall, the Company
remains fully on track to deliver its FY26 Net Income target of €120-140mn.
Adjusted Net Debt stood at €1,166mn at the end of June (LTV of 37.4%), remaining
broadly stable during the semester despite the significant capital deployed over the
period.
The Company distributed €169mn to shareholders (DPS of c.€1.71/sh, approximately
70% of its €250mn FY26 target), of which €92mn was already reflected in the FY25
year-end Net Debt figure and €77mn was distributed during the semester; in addition,
the June Net Debt position already recognises a further €33mn of distributions pending
payment. Neinor also invested c.€200mn to increase its stake in AEDAS to 97% and
began the early repayment of its senior secured notes, with €66mn already repaid
ahead of the original schedule and a further €33mn to be executed shortly.
The Company's ability to absorb these outflows while maintaining a stable debt position
underlines the strong cash flow generation of the underlying business. Supported by
second-half cash flows and continued progress on its asset rotation programme,
Neinor reiterates its FY26 Net Debt guidance of €1,000-1,100mn, implying an
accelerating deleveraging trajectory over the coming quarters.
Seamless AEDAS integration and record commercial activity provide multi-year
earnings visibility
Neinor completed the seamless integration of AEDAS in record time, closing the
process in just four months without any disruption to deliveries, commercial or
construction activity. The integration also strengthened the Group's operations, with
Alberto Delgado (AEDAS) appointed as new Group COO, leading operations alongside
Gabriel Sánchez, Neinor's CBO.
This underpinned strong operational performance during 1H26, with the Company
delivering 2,392#, of which 1,690# corresponded to its fully owned portfolio and 702# to
its Asset Management business, keeping Neinor fully on track to reach its total FY26
deliveries of 5,000-7,000# (c.40% already executed in 1H26).
Commercial activity remained highly dynamic, with the Company pre-selling 3,000#
during 1H26, of which 1,923# corresponded to its fully owned portfolio and 1,077# to its
Asset Management business. In economic terms, pre-sales value reached €1,168mn in
the semester, including a €210mn contribution from land sales, with commercialisation
remaining resilient across all regional branches despite heightened geopolitical
uncertainty.
At the end of June, Neinor managed a record orderbook of 9,314# (€3,325mn) in future
revenues, of which 6,122# corresponded to its fully owned portfolio and 3,192# to its
Asset Management business. This provides exceptional visibility over future earnings,
with the Company nearly six months ahead of its sales curves. Pre-sales coverage for
2026 stood at 89%, while coverage for 2027 already stands at 78%. This allows Neinor
to maintain a disciplined commercial strategy focused on price maximisation rather
than volume growth.
Reinforcing Neinor's investment platform to fuel equity-efficient growth
Neinor continues to prioritise its equity-efficient growth strategy through the Company's
Asset Management arm, growing the platform while optimising its own capital
deployment alongside third-party partners. The clearest example during the semester
was the new JV signed with Stoneshield Capital in the luxury segment (c.€120mn),
through the monetisation of the Río Real strategic asset, allowing the Company to
maximise returns and accelerate cash flow generation.
Following the integration of AEDAS, Neinor has also significantly strengthened its
investment platform and created dedicated specialist teams across Corporate
Transactions, Build-to-Sell and Alternative Living & Affordable Housing. This greater
capillarity by asset type enhances the Company's origination capabilities and allows it
to analyse, underwrite and execute opportunities with greater agility across the full
residential spectrum.
During the first half of the year, Neinor closed or has under binding contract €177mn of
investments (including 100% of Río Real), comprising €162mn in Build-to-Sell (c.850#)
and a new €15mn Flex Living project (459#) that broadens the Company's product
offering. Of the total, only €87mn was funded with Neinor's own equity, with the
remaining €90mn contributed by JV partners. Looking ahead, the Company is
analysing a pipeline exceeding €350mn, comprising approximately €150mn in Build-to-
Sell and €200mn across Alternative Living and Affordable Housing, which the
Company is well positioned to convert into long-term, value-accretive growth.
Jordi Argemí, CEO of Neinor Homes, commented: “We integrated the largest
acquisition in our history without missing a delivery, posted record commercial activity
and generated cash enough to fund our shareholder commitments, a higher AEDAS
stake and early debt repayment. Every FY26 target stands — and our equity-efficient
model is delivering more growth, with less equity per euro, and better returns for our
shareholders.”
Borja García-Egotxeaga, CEO of Neinor Homes, added: “The Spanish residential
market has once again proven its resilience despite heightened geopolitical
uncertainty, underpinned by solid fundamentals, low household leverage and a
structural shortage of homes. On cost inflation, our track record speaks for itself:
margins have held through far tougher environments, and our outlook remains
positive.”
-ENDS-
About Neinor Homes
Neinor Homes is the leading residential property developer in Spain, with a fully owned
land bank to develop c.23,300 homes, and a GAV to June 2026 of +€3,100mn. This
land bank is located in some of the fastest growing regions with the best economic
fundamentals in Spain: Madrid, Guadalajara, Western and Eastern Andalusia, Levante,
Basque Country and Catalonia.
Neinor is a fully integrated and well-established residential platform of scale in Spain,
covering the entire development value chain from land buying, planning and urban
management, product design, delegated development and construction, sales and
marketing and rentals. We are committed to creating and delivering attractive risk
adjusted returns for shareholders through our disciplined capital allocation strategy and
our excellence in operations and risk management.
Neinor’s operational excellence, investment strategy and results achieved since 2019
have enabled us to deliver on our 5-year business plan, launched in March 2023, in a
sustainable and capital-efficient manner. This plan combines a €600mn shareholder
remuneration plan and an investment of €1,000mn in new opportunistic land
acquisitions, half of which are expected to be undertaken in joint ventures with strategic
partners through co-investment agreements, with a +20% IRR target.
We offer shareholders attractive risk adjusted returns in a country where there are
strong and sustainable supply and demand fundamentals and supported by a resilient
macroeconomic environment and outlook. Spain remains one the most attractive and
safest residential markets worldwide, with one of the lowest ratios of new supply per
capita globally since 2013.
For more information:
NEINOR HOMES
Investor Relations Department
investor.relations@neinorhomes.com
H/ADVISORS MAITLAND
NeinorHomes@h-advisors.global
David Sturken +44 7990 595 913
Billy Moran +44 7554 912 008
