Neinor Homes taps its Green Bond raising €100mn ahead of the closing of the AEDAS transaction

Madrid, 20 October, 2025 - Neinor Homes, the leading Spanish homebuilder, has successfully tapped its €325mn Green Bond issuance maturing in February 2030 through a private placement to institutional investors, upsizing it by an additional €100mn. The tap issuance was priced at 102.75%, representing an implied yield of c.4.9%, which is lower than the original issuance, helping optimize the overall cost of debt.

Net proceeds from the issuance will be used for general corporate purposes, including to partially fund the voluntary tender offer for AEDAS Homes, the settlement of which may occur slightly ahead of initial expectations. Moreover, in line with its proven track record of disciplined capital allocation, the issuance will also enable the company to deploy additional funds as part of its equity-efficient growth strategy and shareholder remuneration policy. Furthermore, the company has pledged to invest an amount equivalent to 100% of the proceeds in Eligible Green Projects as defined in its updated 2024 Sustainable Financing Framework.

Deutsche Bank and Société Générale acted as Lead Placement Agents on the transaction. Banco Santander, Citibank and J.P. Morgan acted as Placement Agents

A buoyant housing demand outlook, while supply remains limited

Spain’s economic outlook has continued to strengthen throughout the year. According to Bloomberg Consensus, the Spanish economy is expected to grow by 2.7% in 2025 and 2.0% in 2026, supported by robust employment trends and strong private consumption. These growth rates outperform most developed economies and the broader Eurozone, where GDP is projected to expand by 1.3% and 1.1% respectively (source: Bloomberg consensus).

In the year to June, total housing transactions increased by 8.5%, demonstrating the continued strength of housing demand in the current environment. Conversely, the number of newly completed homes during the same period declined by 5.1%. Overall, we continue to expect annual supply of approximately 100,000 homes, well below net new household formation, which has ranged between 150,000 and 250,000 per year. Furthermore, the tailwinds from declining interest rates over the past year have reduced mortgage costs for homebuyers, contributing to improved affordability in the Spanish housing market — particularly for Neinor’s clients in the mid-to-high segment of housing demand.

Borja García-Egotxeaga, CEO of Neinor Homes, commented: “Following last year’s Green Bond issuance, we successfully refinanced our debt structure, enabling greater financial flexibility and more efficient capital allocation. Since then, we have secured a transformational transaction that strengthens our growth outlook in the short and medium term and we have returned €155 million to shareholders. While we continue to finalize the voluntary tender offer for AEDAS, we are now tapping our existing bond. We keep seeing very interesting opportunities in the strong residential sector in Spain and Neinor will be in the best position to manage them.”

Jordi Argemí, Deputy CEO and CFO, stated: “Our return to the public credit markets in November last year proved to be a highly strategic move, providing the flexibility needed to execute the largest M&A transaction in the Spanish residential sector in over a decade — a deal that has already created value for our bondholders. With this milestone, Neinor is positioned to become a larger and stronger company, generating substantial cash flows in the years ahead. We remain firmly committed to maintaining strict financial discipline and prudent capital allocation, and we reiterate our confidence that our credit metrics will normalize rapidly following the completion of the AEDAS transaction.”