Neinor records €122mn FY25 Net Income after executing largest M&A in Spanish Residential of the last decade

• Delivered c.3,000 homes and c.€70mn adjusted Net Income, beating guidance (excl. AEDAS)

• Closed Spain’s largest residential transaction in a decade, secured control of AEDAS and created the National Champion in Spain

• Strong operational growth with c.25,000# units under production providing solid multi-year earnings growth visibility

Neinor Homes closed FY25 with standout operational and financial results and successfully executed the largest M&A transaction in the Spanish residential sector of the last decade - cementing its position as the national champion and unlocking a new phase of growth.

During FY25 and excluding the impact from acquiring a 79.2% stake in AEDAS, Neinor has notarized a total of 2,901 housing units, of which 1,891 corresponded to the fully owned portfolio and 1,010 to the Asset Management business. Total revenues for 2025 reached €697mn with the following breakdown:

• Development business and ancillary services: The core build-to-sell business contributed €645mn with the delivery of 1,531# at an average selling price (ASP) of €421k/#. These were complemented by the ancillary services with 8# delivered, construction business and other revenues with €29mn, bringing total development revenues to €674mn;
• Neinor Asset Management: Fees from Asset Management reached €19mn, including €4mn from the management of rental properties through its OpCo Renta Garantizada;
• Rental Portfolio: Plus, the company collected €4mn from its rental portfolio. During FY25 Neinor has sold 352 rental units for €70mn and these disposals have been accounted directly in the P&L as margin. At year end, 212# remained in the balance sheet as investment property, currently being monetized under a privatization strategy.

Gross profit amounted to €188mn, implying a gross margin of 27%, above the Company’s 24–25% guidance range. Margin performance reflects disciplined land acquisition and pricing strength in a supply-constrained market.

EBITDA before non-recurring items reached €110mn, at the upper end of the €100–110mn guidance range. At the bottom line, Neinor recorded adjusted net profit of c.€70mn (EPS of €0.70/sh), representing a 7% beat versus guidance.

On 17 December 2025, Neinor successfully acquired 79.2% of AEDAS Homes share capital. Given the timing of the closing the impact on the P&L was limited to the delivery of 26 housing units, contributing approximately €12mn in Revenues bringing the Group Total revenues to €709mn while at the EBITDA level, the impact was –€1mn resulting in the Group Total EBITDA to €109mn.

Furthermore, the full consolidation of AEDAS triggered a Purchase Price Allocation (PPA) net of transaction costs of €63mn, recorded as a non-cash accounting impact. On a consolidated basis, Net Income has reached €122mn.

On the balance sheet, Neinor ended the period with an adjusted net debt position of €228mn (ex-AEDAS), representing a conservative loan-to-value (LTV) ratio of 16%, well below the Company’s 20–25% target range. Including AEDAS, adjusted net debt amounted to €1,124mn, implying an LTV of 36%, under the 37.5–40% range communicated to the market. Cash at year-end stood at a record level of €803mn, of which €203mn are restricted, primarily related to the closing of the AEDAS transaction under the MTO process.

Disciplined and equity efficient investment strategy underpins strong growth in all operating business KPI’s

Since the launch of its 2023–27 Strategic Plan in March 2023, Neinor has delivered a structural expansion across all core operating metrics.

• Total land bank: Following the incorporation of AEDAS, the combined platform reaches a total land bank of c.38,000#, compared to 14,600# in 2023. Approximately c.24,200# are fully owned and c.13,800# belong to Neinor’s asset management business.
• Active Portfolio: Portfolio under production expanded from 5,907# in 2023 to 24,719# in 2025 (+4.2x), effectively transforming the operational scale of the platform. Of these, 16,820# are fully owned and 7,899# relate to the Asset Management platform.
• WIP and Finished Product: Have grown from 4,146 units to 12,631 units (+3.1x), materially enhancing visibility for upcoming years. Of these, 7,897# correspond to the fully owned portfolio, while 4,734# belong to the Asset Management business.
• Orderbook: Increased from 1,283# (€434mn) in 2023 to 8,909# (€3.2bn) in 2025 (+6.9x), significantly strengthening forward revenue visibility. Of the total orderbook, 5,938# (c.€1.96bn) correspond to the fully owned portfolio, while 2,971# (c.€1.27bn) relate to Asset Management vehicles.

Borja García-Egotxeaga, CEO of Neinor Homes, commented: “This was a transformational year for Neinor. We outperformed operationally, strengthened our balance sheet and closed the largest residential transaction in Spain in over a decade, creating the undisputed national champion. At a time when markets are being reshaped by AI and technological change, investors are seeking resilient, income-generating real assets. Spanish housing sits at the intersection of structural demand and constrained supply. With scale, visibility and disciplined execution, Neinor is building a platform designed to lead this cycle and create long-term shareholder value.”

Jordi Argemí, Deputy CEO and CFO of Neinor Homes, said: "Year 2025 demonstrates the financial strength and scalability of our platform. We delivered at the top end of guidance and expanded our land bank to 38,000 units. The AEDAS acquisition is materially accretive - enhancing earnings visibility, growth and our dividend capacity, all while maintaining disciplined leverage within our target range. Our focus remains clear: capital allocation, balance sheet strength and sustainable shareholder returns.”