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 and improving visibility over FY25 targets
Neinor’s BTS strategy maintained strong commercialization momentum in 1H25, bolstered by the continued expansion of its Asset Management division. During the first half, the Company pre-sold 1,701 housing units, representing a 45% year-over-year increase versus the 1,173 units pre-sold in 1H24. These transactions generated a total economic value of €579mn, with an ASP of €340,000 per unit.
Within Neinor’s fully owned BTS portfolio, pre-sales reached 957 units worth €348mn (ASP: €364,000 per unit), marking a +20% increase over the same period last year. In addition, Neinor sold 251 units from its Build-to-Rent (BTR) portfolio, including the Delta and Seville developments to Round Hill Capital, as well as part of the Sardes portfolio to 1810 Capital.
As of June 30, Neinor’s total managed orderbook stood at a record 4,520 housing units, representing €1.63bn in future revenues. Of these, 2,274 units belong to Neinor’s fully owned portfolio and had an economic value of €824mn (ASP: €363,000 per unit).
Neinor closed the semester managing an active portfolio of 10,762 units, up 57% year-over-year, driven primarily by the rapid scale-up of its Asset Management business, especially following the agreement with Bain Capital to manage Habitat’s portfolio in 2H24. Of these, 6,658 units are under construction or already finished, a 68% increase year-over-year. Looking ahead, the Company anticipates a highly dynamic second half in terms of construction activity, with over 2,000 units to start construction in 2025.
As of June 30, Neinor’s total managed land bank reached 22,400 units, with 11,900 units corresponding to its fully owned portfolio and the remainder linked to the Asset Management mandates with Bain Capital, Orion, AXA IM, Avenue, Santander, Ameris, Urbanitae, and HMB.
Successfully crystallized value of BTR portfolio as part of broader asset disposal program accumulating +€400mn in sales since 2023
During the first half of 2025, Neinor successfully fulfilled its strategic objective to fully monetize its Build-to-Rent (BTR) portfolio. Since 2023, the Company has sold 1,340 rental units across six developments to institutional investors including Savills IM, CBRE IM, Kygal, Harrison Street, DeA Capital, Avalon, and Round Hill Capital, generating c.€325mn in revenue and delivering strong development margins of +24%. As of June 2025, c.€80mn in BTR assets remained on Neinor’s balance sheet, which will now be monetized through the Company’s BTS strategy.
In parallel, Neinor has complemented its BTR sales with an additional +€100mn in other asset disposals, bringing total divestments to over €400mn since the launch of its Strategic Plan in 2023. These asset sales have played a pivotal role in accelerating execution of Neinor’s Strategic Plan, enabling the Company to fast-track its €600mn shareholder remuneration program, pursue equity-efficient growth with €1bn in new investments, and enhance overall shareholder returns towards c.15% ROE.
With the BTR monetization program now complete, Neinor is shifting its focus towards the active crystallization of its strategic land bank (c.2,900#) while leveraging its Asset Management platform.
Highly disciplined investment strategy with €1.8bn deployed at +20% IRR
Since launching its Strategic Plan in March 2023, Neinor and its private investment partners have jointly deployed +€1.8bn in new acquisitions, far exceeding the original five-year target of €1bn set through 2027. Of the total, Neinor has contributed c.€1bn of its own equity, representing 2x its initial commitment, and 1.6x the amount earmarked for its Asset Management platform at the beginning of the plan.
Crucially, these investments have been executed under a disciplined framework, targeting opportunistic returns of +20% IRR and a multiple of +1.8x. The most significant of these is the voluntary tender offer for Aedas, where Neinor has already secured a minimum acceptance of 79%.
Altogether, these acquisitions comprise a residential portfolio of c.31,000 housing units across Spain’s most dynamic regions, with the following geographic split: Madrid (44%), Levante (16%), South-West (16%), South-East (12%), East (7%), and North (5%). Of the total, Neinor fully owns 16,100 units, while the remaining 14,700 units are held via minority stakes of 10–30% through co-investment structures.
Looking ahead, Neinor is actively reviewing additional granular opportunities totalling up to €350mn, which would enable the development of more than 3,000 housing units, primarily in Madrid and Malaga, two of the Company’s core strategic markets.
Borja García-Egotxeaga, Neinor Homes CEO commented: “The fundamentals of the Spanish housing market remain very strong, supported by a solid macroeconomic backdrop and a persistent structural undersupply. In this context, the voluntary tender offer for Aedas Homes is a transformational step for Neinor, enabling us to significantly scale the platform at precisely the right moment in the cycle.”
Jordi Argemí, Neinor Homes’ Deputy CEO and Chief Financial Officer, commented that: “Neinor’s investment strategy over the past two and a half years has been nothing short of exceptional. We’ve maintained strict discipline, consistently targeting returns above 20% IRR, while at the same time successfully deploying €1.8bn — well ahead of our original Strategic Plan objectives. Looking ahead, we are very excited about the Company’s future growth prospects, as we continue to see highly attractive opportunities to further scale our platform.”
-ENDS-
About Neinor Homes
Neinor Homes is the leading residential property developer in Spain, with a fully owned land bank to develop c11,900 homes, and a GAV to June 2025 of €1,457mn. 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.
We are the only listed residential property developer with a multi-sector strategy to market in Spain, and our strategies include Build-to-rent (BTR); Build-to-sell (BTS); and the largely untapped senior living rental market in Spain, which we are progressing.
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
H/ADVISORS MAITLAND
David Sturken 3
Billy Moran 8
