Neinor Homes reiterates 2026–27 guidance backed by strong visibility, resilient margins and robust housing market fundamentals

Madrid, 8 April, 2026 – Neinor Homes (“Neinor”), Spain’s leading listed residential developer, today reiterated its 2026–27 guidance at its Annual General Meeting (AGM), supported by strong earnings visibility, a resilient margin outlook and robust Spanish housing market fundamentals. The company highlighted the strength of its forward sales order book, continued pricing power across its core markets and substantial cash flow generation over the period, which will support both shareholder returns and further growth opportunities. Having successfully navigated different inflationary and market environments in recent years, Neinor remains confident in its ability to protect profitability, allocate capital with discipline and continue creating value through the cycle. 

Strong earnings visibility into 2026–27

Neinor enters 2026–27 with strong earnings visibility, underpinned by +75% and +65% pre-sales coverage for 2026 and 2027, 100% of deliveries already under construction through turnkey agreements and low cancellation rates. This provides a high degree of certainty over both revenues and cost execution and supports confidence in the delivery of the company’s targets.

For the 2026–27 period, Neinor expects to deliver 5,000–7,000 units per year, of which c.4,000 units are expected to come from its fully owned portfolio, with the balance coming from its Asset Management business. Within the fully owned portfolio, Neinor expects an average selling price (ASP) of c.€350k per unit. In addition to development revenues, the company also expects c.€400mn of asset disposals, resulting in total revenues of €1.6–1.8bn in 2026 and €1.5–1.6bn in 2027.

EBITDA is expected to be in the range of €240–260mn in both years, while Net Income is forecast to increase from €120–140mn in 2026 to €150–170mn in 2027, mainly driven by strong underlying business margins and lower financial expenses. Accordingly, EPS is expected to reach €1.21–1.42 in 2026 and €1.52–1.72 in 2027, compared with c.€0.93 under the original 2023–27 Strategic Plan, representing an increase of c.+41% and c.+74%, respectively.

The company also started 2026 strongly from a commercial standpoint, pre-selling more than 1,100# during the first quarter. Importantly, sales momentum has remained intact over the past six weeks despite heightened geopolitical uncertainty. This continued momentum, together with the launch of Río Real in Marbella through Neinor’s joint venture with Stoneshield Capital, further reinforces visibility on future earnings and supports the delivery of the company’s 2026–27 financial targets.

Beyond 2027, Neinor also benefits from strong long-term visibility supported by a total land bank of c.39,000#, of which c.25,000# are fully owned and c.14,000# belong to its Asset Management business. Within its fully controlled portfolio, 12,518# are currently active and at different stages of production, of which 8,699# are either under construction or completed, providing a solid foundation for future delivery and earnings growth.

Resilient margin outlook supported by a proven track record of delivering industry-leading margins through inflationary environments

Neinor maintains a resilient margin outlook for 2026–27, underpinned by a proven track record of successfully navigating multiple inflation shocks while continuing to deliver industry-leading profitability. Over recent years, the company has managed through labour cost inflation, supply chain disruption and energy-driven cost pressures, while consistently delivering gross margins above its 24–25% guidance. This performance reflects Neinor’s proactive cost management, disciplined execution and pricing power, together with the strength of Spanish housing market fundamentals, and supports confidence in its ability to offset any cost inflation and sustain strong profitability through the cycle.

A disciplined and flexible capital allocation framework with +€1,200mn FCF to be deployed over 2026-27

Neinor enters 2026–27 with a highly cash-generative profile and expects to generate +€1,200mn of FCF over the period before shareholder remuneration, new investments and debt repayment. This level of cash flow generation provides significant flexibility to allocate capital across shareholder returns and further growth opportunities, while maintaining a disciplined and conservative balance sheet.

Over the period, the company expects to deploy this capital across c.€500mn of shareholder remuneration, c.€360mn of debt repayment following the AEDAS acquisition and c.€400mn of new high-return investment opportunities. This framework remains fully aligned with value creation, with the objective of delivering 15% ROE by 2027 while preserving financial flexibility and the ability to adapt to market conditions.

Neinor believes that periods of uncertainty and market dislocation can also create attractive investment opportunities. Supported by its operating platform, strong cash flow generation and disciplined capital allocation framework, the company is well positioned to remain selective and pursue value-accretive growth opportunities as they arise.

Borja García-Egotxeaga, CEO of Neinor Homes, commented: “Over the years, we have successfully navigated different inflationary and market environments while consistently protecting profitability and delivering on our targets. This reflects both the strength of Spanish housing market fundamentals and Neinor’s proactive and disciplined approach to managing costs, pricing and execution. We enter this next phase with strong visibility on earnings, a high-quality land bank and a resilient operating model, which gives us confidence in our ability to sustain strong margins through the cycle and continue delivering attractive returns for our shareholders. Importantly, more uncertain market environments can also create attractive investment opportunities, and Neinor is well positioned to pursue them with discipline.”

Jordi Argemí, Deputy CEO and CFO of Neinor Homes, added: “Our capital allocation framework is designed to be both disciplined and flexible. The +€1,200mn of FCF we expect to generate over 2026–27 gives us the ability to support shareholder returns, continue deleveraging and pursue further high-return growth opportunities, all while maintaining balance sheet strength. In more uncertain environments, we often see more attractive investment opportunities, and Neinor is well positioned to act from a position of strength.”