Neinor Homes completes a transformational year, delivering on its FY25 guidance and positioning for further growth

Madrid, 20 January 2026 - Neinor Homes announces that, while its consolidated accounts are yet to be formulated and approved by the relevant corporate bodies, the company has sufficient visibility to confirm the fulfilment of its operational and financial targets for the seventh consecutive year. This performance has been driven by flawless operational execution, robust demand across Spain’s structurally undersupplied residential market, and Neinor’s Management Team dealmaking capabilities, which enabled the successful execution of the transformational acquisition of AEDAS Homes.

Furthermore, Neinor will publish its FY25 results on 25 February after market close.

7th consecutive year delivering on operational and financial targets with AEDAS acquisition to positively impact FY25 Net Income 

During FY25, Neinor delivered and notarized approximately 2,900 housing units (2,397 units in FY24), fully in line with its targets, reflecting consistent execution across both its fully owned portfolio and its growing Asset Management business. Of the total deliveries, nearly 1,900 units corresponded to Neinor’s own portfolio, while approximately 1,000 units were delivered through Neinor’s Asset Management business.

Over the period, Neinor generated total revenues of approximately €700mn, at the higher end of its guidance (€600-700mn). Accordingly, the company confirms that it has successfully maintained a strong profitability profile with Adjusted EBITDA also at the higher end of its guidance (€100-110mn) and in line with sell-side consensus gathered by the company.

These figures exclude the positive impact from the acquisition of AEDAS Homes, which was executed on 22 December 2025, with Neinor acquiring a controlling stake of 79.20%. This transaction is expected to trigger a positive non-cash impact on Net Income versus guidance provided at its Strategic Plan 2023-27 of €65mn.

Commercialization activity momentum kept strong in 2025 growing +6% YoY

Commercialization activity remained highly dynamic during 2025 bringing total gross pre-sales for the year to more than 2,800 units (2,649# in 2024) with a total value of approximately €1bn (c.€840mn in 2024).

In its fully owned portfolio, Neinor achieved pre-sales of more than 1,900 housing units, with an ASP of nearly €340k per unit representing more than €650mn in future development revenues. The Asset Management portfolio accounted for nearly 30% of total pre-sales, with around 900 housing units pre-sold for approximately €330mn, implying an ASP of approximately €370k per unit.

By the end of the year, Neinor was managing a Total Orderbook of more than 3,500 pre-sold units (3.627# in 2024), representing +€1,200mn (€1,291mn in 2024) in future revenues and an implied ASP of c.€335k per unit. 

The AEDAS acquisition was strategically transformational, highly accretive and significantly accelerated execution of Neinor’s 2023-27 Strategic Plan 

The acquisition of AEDAS Homes was strategically transformational, highly accretive and significantly accelerated the execution of Neinor’s Strategic Plan (2023–27). Representing the largest M&A transaction in the sector in recent decades (€1.8bn), the transaction positions Neinor as Spain’s leading and most diversified residential platform, with the capacity to develop approximately 43,200 housing units in a highly fragmented market. As a result, Neinor is uniquely positioned to operate at scale across all key regions and housing segments, while consolidating its role as the go-to, professionally managed platform for institutional capital seeking exposure to Spain’s structurally undersupplied residential market and its long-term demographic and demand fundamentals.

From a financial perspective, the acquisition of AEDAS has had a material and accelerating impact on Neinor’s 2023-27 Strategic Plan. Underwritten at returns above 20% IRR and a c.1.8x MOIC, the transaction delivers a high-quality portfolio of approximately 20,200 housing units, including nearly 14,000 units already under production, significantly fast-tracking execution of Neinor’s business plan. As a result, Neinor has upgraded its cumulative net income guidance from €360mn to €510mn (+40%), while increasing expected shareholder distributions from €600mn to €850mn (+40%) over the life of the plan, materially enhancing value creation and visibility through to 2027.

Strong macro and demographic tailwinds support Spain’s residential market

Despite persisting macroeconomic and geopolitical uncertainty, the Spanish economy is expected to have grown by approximately 2.9% in 2025, significantly outperforming the European Union average of 1.4%. GDP growth expectations for Spain were revised upwards over the course of the year, increasing the full-year forecast by 0.7 percentage points. Looking ahead to 2026, the Spanish economy is expected to grow by around 2.2%, once again exceeding the average EU forecast growth of 1.0% (Source: Bloomberg).

Spain’s economic performance has been supported by robust private consumption, which remains the main driver of GDP growth. During 2025, the Spanish economy created more than 500,000 new jobs, while the number of registered affiliates to the Social Security system reached a new historical high of approximately 21.8 million. (Source: Social Security).

The Spanish economy continues to benefit from a strong balance sheet, characterized by low leverage across households, non-financial corporations and financial institutions. In addition, the pivotal shift in the interest rate cycle, which began in 2024 and continued throughout 2025 with four rate cuts from 3.0% to 2.0%, is expected to further support consumer confidence, stimulate spending and improve affordability conditions in the housing market.

During 2025, housing market activity in Spain strengthened further. Comparing the first nine months of the year, total residential property transactions reached 551,257 units, up from 516,378 units last year, representing a year-on-year increase of +6%. This performance points to a renewed pickup in housing market turnover, supported by improving demand conditions and sustained buyer appetite (Source: Fomento).

In contrast, supply-side indicators continue to reflect a more moderate pace of activity. New housing completions totalled 58,804 units in 9M25, down from 61,910 units in 9M24, implying a year-on-year decline of more than 5%. This slowdown highlights the persistent gap between housing demand and new supply, reinforcing the structural undersupply that continues to characterise the Spanish residential market (Source: Fomento).

Eyeing further growth opportunities in a buoyant Spanish Residential Market 

Building on its proven execution track record, Neinor has materially exceeded the investment objectives set out in its 2023-27 Strategic Plan. The plan originally contemplated €1.0bn investments, split evenly between €500mn of Neinor’s own equity and €500mn from strategic partners. Just three years into the plan, and following the acquisition of AEDAS Homes, Neinor has already deployed more than €2.7bn of capital, representing c.170% fulfilment of the original five-year investment target. Of this amount, over €1.95bn has been invested directly by Neinor, with the remainder contributed by its strategic partners. As a result, the company has assembled a high-quality portfolio exceeding 31,000 housing units, located in Spain’s most dynamic and sought-after residential regions, significantly enhancing scale, visibility and long-term growth potential.

Against the current macroeconomic and residential backdrop, Neinor is well positioned to continue selectively deploying capital under its equity-efficient strategy, capturing the structural growth opportunities offered by the Spanish market across its core build-to-sell business, as well as in emerging alternative living segments such as independent senior living and flex living.

Borja García-Egotxeaga, CEO of Neinor Homes, commented: “Neinor is today the largest homebuilder in Spain, operating in a market with very strong macroeconomic and structural fundamentals. Looking ahead, we see a wide range of growth opportunities across our core and adjacent businesses. Nonetheless, our approach will remain fully disciplined: we will not grow for the sake of growth, but rather pursue selective, surgical opportunities where returns are compelling and value creation for our shareholders is clear.”

Jordi Argemí, Deputy CEO and CFO, explained: “We are very proud of what we have achieved since unveiling our Strategic Plan in March 2023. Over this period, Neinor has consistently outperformed its operational and financial targets, as once again demonstrated by today’s results. This sustained execution has translated into strong shareholder value creation, with the Company delivering a total shareholder return of over 200% over the last three years.”