Neinor Homes Report Shows Impressive Growth and Future Outlook

Neinor Homes Reports Significant Growth in Pre-Sales for 2025

Neinor Homes (Madrid: HOME), the premier residential platform in Spain, has shared optimistic news about its growth trajectory. In the first half of 2025, the company recorded pre-sales of 1,701 units, reflecting a remarkable increase of 45% compared to the previous year. This achievement aligns well with Neinor's commitment to enhancing its market position and addressing the housing demand across Spain.

Reconfirmed Targets for FY25

The leadership at Neinor has reaffirmed its forecast for FY25, expecting an EBITDA of €100-110 million. This projection is driven by a well-defined strategy that capitalizes on robust demand and efficient project execution. The company anticipates strong visibility on deliveries, particularly as the second half of the year is gearing up to be more active.

Sales Performance and Revenue Generation

In the first six months, Neinor not only notarized 803 housing units but also generated total revenues of €148 million. The core Build-to-Sell (BTS) segment alone contributed €112 million by selling 323 units at an average selling price of €348,000. Alongside this, the expanding Asset Management platform added €9 million, while other activities such as land sales and construction services brought in an additional €27 million.

Strong Financial Position and Strategic Investments

Financial resilience remains a hallmark of Neinor Homes, achieving a gross margin of 30.6%. This robust performance translated into a gross profit of €45 million, with an EBITDA of €18 million. However, the company reported an adjusted net income of €6 million, reflecting the expected fluctuations in delivery volumes throughout the year.

Shareholder Returns and Capital Strategy

Throughout this reporting period, Neinor has been proactive in returning value to its shareholders, distributing €155 million across several dividends. Though the adjusted net debt rose to €334 million, the company maintains a strong balance sheet, attributed in part to the additional €228 million raised through a capital increase aimed at financing strategic initiatives.

Commercialization Success and Market Position

Neinor’s BTS strategy has exhibited exceptional momentum, leading to an impressive 1,701 housing units pre-sold during the first half of the year. The total economic value of these pre-sales is estimated to be around €579 million, with an average selling price of €340,000 per unit. In addition, the company successfully penetrated the Build-to-Rent (BTR) sector, further diversifying its offerings.

Asset Management Growth and Future Prospects

The robust performance of Neinor's Asset Management division is noteworthy, fueled by strategic transactions and partnerships. The company managed to dispose of a significant portion of its BTR portfolio, which has resulted in strong revenue generation and sustainable margins. Moving forward, Neinor is focused on crystallizing the value of its strategic land bank, which is indicative of its aggressive growth strategy.

Acquisitions and Long-Term Strategy

Since the launch of its strategic plan in early 2023, Neinor has effectively deployed over €1.8 billion in acquisitions. These transactions are strategically aligned with the company’s goal to achieve returns of over 20% IRR, setting a solid foundation for ongoing investments. Following the anticipated tender offer for Aedas Homes, Neinor aims to accelerate its growth and expand its market share in key regions.

Leadership Insights

CEO Borja García-Egotxeaga expressed optimism for the future, citing solid fundamentals in the housing market supported by a durable economic backdrop. Deputy CEO Jordi Argemí further emphasized the company's disciplined investment approach, which has proven to be fruitful and sustainable.

Conclusion and Future Directions

As Neinor Homes forges ahead, the company remains well-positioned to capitalize on market opportunities. With ambitious growth plans, strong pre-sale numbers, and a commitment to delivering shareholder value, Neinor stands out as a key player in Spain’s real estate market.

Frequently Asked Questions

What were Neinor Homes' pre-sale numbers for the first half of 2025?

Neinor Homes recorded 1,701 pre-sold units in the first half of 2025, marking a 45% increase year-over-year.

What is Neinor's projected EBITDA for FY25?

The company has reaffirmed its EBITDA target for FY25 at €100-110 million, supported by strong delivery visibility.

How has Neinor Homes performed financially?

Neinor achieved revenues of €148 million in the first half of 2025, with a gross margin of 30.6% and an EBITDA of €18 million.

What is the company's focus moving forward?

Neinor is focusing on monetizing its strategic land bank and continuing to execute its asset management strategies to enhance growth.

Who are key leaders at Neinor Homes?

CEO Borja García-Egotxeaga and Deputy CEO Jordi Argemí are leading the company's strategic vision and implementation.

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