Neinor Homes completes a transformational year, delivering on its FY25 guidance and positioning for further growth
Neinor Homes completes a transformational year, delivering on its FY25 guidance and positioning for further growth
- In a FY25 trading update, Neinor confirms it has delivered c.2,900 units with Total Revenues and Adj. EBITDA at the higher-end of its guidance
- At the Net Income level, Neinor will report a beat to its targets due to the positive impact from the acquisition of 79.2% stake in AEDAS Homes
- In 2025, commercialization momentum remained strong, with over +2,800 units pre-sold (+6% YoY)
- The transformational +€1.8bn acquisition of AEDAS Homes (c.20,200 units) represented a step-change in scale, is highly accretive and fast-tracks execution of Neinor’s 2023-27 Strategic Plan
- Spain remains one of the strongest residential markets globally, backed by structural undersupply, economic growth and improving affordability
- With limited competition and strong fundamentals, Neinor enters 2026 with a clear competitive advantage to seize long-term value for its shareholders by leveraging its equity efficient growth strategy
Madrid, 20 January 2026 - Neinor Homes (“Neinor”) 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 EBITDA1 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.”
* For the full regulatory announcement please refer to Neinor’s webpage (https://www.neinorhomes.com/en/corporate/investors/market-notifications/other-relevant-information/)
-ENDS-
About Neinor Homes
Neinor Homes is the leading residential property developer in Spain, with a fully owned land bank to develop c11,900 homes, and a GAV to June 2025 of +€1,400mn. This land bank is located in some of the fastest growing regions with the best economic fundamentals in Spain: Madrid, Guadalajara, Western and Eastern Andalusia, Levante, Basque Country and Catalonia.
Neinor is a fully integrated and well-established residential platform of scale in Spain, covering the entire development value chain from land buying, planning and urban management, product design, delegated development and construction, sales and marketing and rentals. We are committed to creating and delivering attractive risk adjusted returns for shareholders through our disciplined capital allocation strategy and our excellence in operations and risk management.
We are the only listed residential property developer with a multi-sector strategy to market in Spain, and our strategies include Build-to-rent (BTR); Build-to-sell (BTS); and the largely untapped senior living rental market in Spain, which we are progressing.
Neinor’s operational excellence, investment strategy and results achieved since 2019 have enabled us to deliver on our 5-year business plan, launched in March 2023, in a sustainable and capital-efficient manner. This plan combines a €600mn shareholder remuneration plan and an investment of €1,000mn in new opportunistic land acquisitions, half of which are expected to be undertaken in joint ventures with strategic partners through co-investment agreements, with a +20% IRR target.
We offer shareholders attractive risk adjusted returns in a country where there are strong and sustainable supply and demand fundamentals and supported by a resilient macroeconomic environment and outlook. Spain remains one the most attractive and safest residential markets worldwide, with one of the lowest ratios of new supply per capita globally since 2013.
For more information:
NEINOR HOMES
Investor Relations Department
investor.relations@neinorhomes.com
H/ADVISORS MAITLAND
NeinorHomes@h-advisors.global
David Sturken +44 7990 595 913
Billy Moran +44 7554 912 008
1 Adjusted EBITDA corresponds to the yearly operational profit before non-recurrent expenses.
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