Neinor receives shareholder approval to proceed with voluntary tender offer over AEDAS as it reiterates FY25 targets

MADRID, 20 October, 2025 – Neinor Homes (“Neinor”), Spain’s leading listed residential developer, announces that its shareholders have approved the voluntary tender offer (VTO) for 100% of AEDAS Homes (“AEDAS”) at the Extraordinary General Shareholder Meeting (EGSM) held today in Bilbao. This follows the regulatory clearances obtained in September from the Foreign Direct Investment (FDI) Board and the Spanish Antitrust authority (CNMC). To initiate the offer period, Neinor is now only pending approval of the prospectus by the Spanish Securities Market Regulator (CNMV) and reiterates its expectation to complete the transaction in the fourth quarter of 2025.

Neinor Homes reiterates its FY25 guidance targeting €100-110mn EBITDA

As of October, Neinor confirms that it has received the Final Construction Certificate (CFO, Certificado Final de Obra) for 100% of the developments scheduled for delivery in 2025. From a commercialization standpoint, the company maintains a strong visibility with a pre-sales coverage ratio of  approximately 97% and deliveries expected to accelerate throughout 4Q25 - fully aligned, with the patterns witnessed in previous years and the company’s delivery calendar.

From a financial perspective, and as detailed during the half-year results presentation, Neinor expects Total Revenues to remain in the range of €600-700mn with an average selling price (ASP) of €375-400k per unit. In terms of profitability, Neinor continues to benefit from a supportive market backdrop and expects gross margins to reach approximately 28% while, at EBITDA level, Neinor reiterates its objective of €100-110mn – these figures exclude any impact from the acquisition of AEDAS Homes.

Maintaining a record orderbook of +4,500 units pre-sold (+€1.6bn) providing solid revenue visibility through 2027

Commercialization activity remained highly dynamic over the summer bringing total gross pre-sales for the year to more than 2,200 units (1,701# in 1H25) with a total value exceeding €750mn in future revenues (€579mn in 1H25). During 3Q25, the average selling price (ASP) of the whole portfolio has remained roughly unchanged at €340k per unit.

As part of its fully owned portfolio, Neinor achieved pre-sales of 1,550 housing units year-to-september, with an ASP above €330k per unit representing over €515mn in future development revenues. The Asset Management portfolio accounted for nearly 30% of total pre-sales, with around 650 housing units sold for approximately €240mn, implying an ASP of approximately €360k per unit.

By the end of September, Neinor was managing a total Orderbook of more than 4,500 pre-sold units, representing +€1,600mn in future revenues and an implied ASP of c.€360k per unit. Neinor’s fully owned portfolio accounted for approximately 2,300 units valued at over €840mn, implying an ASP of nearly €370k per unit. Meanwhile, the Asset Management portfolio comprised around 2,200 units with an economic value of approximately €790mn.

With regard to future visibility, both Neinor’s fully owned portfolio and its Asset Management business show high pre-sales coverage ratios. For 2025, coverage stands at 97% across both portfolios, for 2026, it is approximately 75% across both. As for 2027, pre-sales coverage stands at around 30% for the fully owned portfolio and around 40% for the Asset Management business.

Following the strong commercialization performance year-to-date, coverage ratios are tracking slightly ahead of the company’s business plan curves for 2026 and 2027, providing flexibility to shift focus from volumes towards pricing to maximize margins in a buoyant market where housing demand continues to grow, supply is limited and our clients continue to show healthy affordability ratios.

Borja García-Egotxeaga, CEO of Neinor Homes, commented: “We are delighted to have the support of our shareholders in a transformational transaction such as the voluntary tender offer for 100% of AEDAS Homes. However, it is critical that we continue to deliver and execute well at the operational level. We are entering the busiest season of the year as we deliver homes to our customers, and we take the opportunity to reiterate our confidence in achieving our FY25 objectives.”

Jordi Argemí, Deputy CEO and CFO of Neinor Homes, added: “We are pleased to have fulfilled another milestone in the voluntary offer for AEDAS – a transformational transaction that will allow us to create the clear leader in the Spanish residential market. Despite our leadership, the sector remains highly fragmented, which presents us with exciting opportunities to continue growing under our equity-efficient strategy in the years ahead.”