Core Viewpoint - Neinor Homes is accelerating its shareholder distributions for FY26, announcing a €92 million payout, which reflects a strong outlook for deliveries and cash generation [1][5][6]. Financial Summary - The upcoming distribution of €92 million is the first installment of a total €250 million dividend for FY26, translating to a gross payment of €0.9327 per share and a net payment of €0.9234 per share, with a yield of approximately 5% [1][2][16]. - The last trading day to qualify for this distribution is February 9, with payments scheduled for February 12 [1][16]. - Under the 2023–2027 Strategic Plan, Neinor has already distributed over €450 million to shareholders, equating to a cumulative dividend per share (DPS) of more than €5, and has set a target of €850 million for total shareholder remuneration [3][4][18]. Strategic Insights - The company has increased its shareholder remuneration target to €850 million, with approximately €400 million still to be distributed over FY26 and FY27, which could yield an additional €4.12 per share and an aggregate yield of around 21% for shareholders [4][18]. - CEO Borja García-Egotxeaga emphasized that the distribution reflects the strength of Neinor's business model and the visibility on cash generation, aligning shareholder returns with the execution of the business plan [5][19]. - Deputy CEO and CFO Jordi Argemi noted that the decision to accelerate the FY26 distribution is consistent with the company's balance sheet discipline and strong cash generation visibility [6][20]. Company Overview - Neinor Homes is the leading residential property developer in Spain, with a land bank capable of developing approximately 11,900 homes and a gross asset value (GAV) exceeding €1.4 billion as of June 2025 [8][22]. - The company operates a fully integrated residential platform covering the entire development value chain, committed to delivering attractive risk-adjusted returns through disciplined capital allocation and operational excellence [10][23]. - Neinor is the only listed residential property developer in Spain with a multi-sector strategy, including Build-to-Rent (BTR), Build-to-Sell (BTS), and senior living rental markets [11][24].

The mandatory tender offer is launched as a consequence of Neinor successfully securing a 79.20% controlling stake in AEDAS through the voluntary tender offer completed in DecemberThe offer price of €24.00 per share, which has the consideration of an equitable price, represents a 12.5% premium over the price of the voluntary tender offerThe acceptance period of the mandatory tender offer will run from 30 January to 27 February, both dates inclusiveThis step completes the roadmap communicated to the market a ...

The mandatory tender offer is launched as a consequence of Neinor successfully securing a 79.20% controlling stake in AEDAS through the voluntary tender offer completed in DecemberThe offer price of €24.00 per share, which has the consideration of an equitable price, represents a 12.5% premium over the price of the voluntary tender offerThe acceptance period of the mandatory tender offer will run from 30 January to 27 February, both dates inclusiveThis step completes the roadmap communicated to the market a ...

Core Viewpoint - Neinor Homes has successfully met its operational and financial targets for the seventh consecutive year, driven by strong demand in Spain's residential market and the strategic acquisition of AEDAS Homes, positioning the company for further growth [1][3][9]. Financial Performance - In FY25, Neinor delivered approximately 2,900 housing units, an increase from 2,397 units in FY24, aligning with its targets [3][7]. - Total revenues reached approximately €700 million, at the higher end of the guidance of €600-700 million, while Adjusted EBITDA was also at the higher end of its guidance, between €100-110 million [4][7]. - The acquisition of AEDAS Homes is expected to positively impact net income, with a projected non-cash impact of €65 million [5][10]. Acquisition Impact - The acquisition of AEDAS Homes for €1.8 billion is a significant step in scaling Neinor's operations, allowing the company to develop approximately 43,200 housing units [9][10]. - This transaction is expected to enhance Neinor's cumulative net income guidance from €360 million to €510 million, representing a 40% increase, and expected shareholder distributions from €600 million to €850 million, also a 40% increase [10]. Market Dynamics - Spain's residential market remains strong, supported by structural undersupply, economic growth, and improving affordability, with GDP growth expected at 2.9% in 2025 [11][12]. - The housing market activity strengthened, with residential property transactions increasing by 6% year-on-year, while new housing completions declined, highlighting the ongoing supply-demand imbalance [14][15]. Strategic Growth - Neinor has exceeded its investment objectives set in its 2023-27 Strategic Plan, deploying over €2.7 billion of capital, significantly surpassing the original target of €1 billion [17]. - The company is well-positioned to continue capital deployment under its equity-efficient strategy, targeting growth in both its core build-to-sell business and emerging segments like independent senior living [18][19].

Core Viewpoint - Neinor Homes has reported strong growth in its Asset Management business, solid operating margins, and record commercialization activity in the first half of 2025, alongside a strategic move to acquire Aedas Homes through a voluntary tender offer [1][19]. Financial Performance - In the first half of 2025, Neinor notarized 803 housing units, generating total revenues of €148 million, with the Build-to-Sell (BTS) business contributing €112 million from 323 units sold at an average selling price (ASP) of €348,000 [2][3]. - The company achieved a gross margin of 30.6%, resulting in a gross profit of €45 million and an EBITDA of €18 million, with adjusted net income at €6 million [3]. - Neinor distributed €155 million to shareholders through dividends, while adjusted net debt rose to €334 million, increasing the loan-to-value (LTV) ratio to 22.9% [4]. Commercialization and Sales - The company pre-sold 1,701 housing units in 1H25, a 45% increase year-over-year, generating an economic value of €579 million with an ASP of €340,000 per unit [5][6]. - Within the BTS portfolio, pre-sales reached 957 units valued at €348 million, marking a 20% increase compared to the previous year [6]. Strategic Initiatives - Neinor's disciplined investment strategy has led to the deployment of €1.8 billion since 2023, targeting a return of over 20% IRR [15][16]. - The company has successfully monetized its Build-to-Rent (BTR) portfolio, generating approximately €325 million in revenue from the sale of 1,340 rental units since 2023 [12][13]. - The total managed order book reached a record 4,520 housing units, representing €1.63 billion in future revenues [9]. Future Outlook - Neinor anticipates delivering around 2,000 units in 2025, with total revenues projected between €600 million and €700 million [8]. - The company is actively reviewing additional opportunities totaling up to €350 million for the development of over 3,000 housing units, primarily in Madrid and Malaga [18]. - The voluntary tender offer for Aedas Homes is expected to be settled in 4Q25, marking a significant milestone in Neinor's strategic roadmap [7][19].

Core Insights - Neinor Homes has successfully completed the sale of two build-to-rent (BTR) projects in Guadalajara and Seville to Round Hill Capital, enhancing its cash flow generation without significantly impacting its 2025 income statement [1][3] - The company has also agreed to sell three rental buildings with 128 housing units in Malaga, Alicante, and Valencia to 1810 Capital, while retaining management of these properties [2][3] - Overall, these transactions amount to approximately €50 million, contributing to Neinor's strategy of monetizing its BTR portfolio [3][4] Company Strategy - Neinor has executed a successful BTR monetization strategy, selling a total of 1,334 rental assets to institutional investors since the launch of its Strategic Plan, generating proceeds of approximately €325 million with a gross development margin of 24% [4][12] - The remaining rental assets have been shifted to a build-to-sell strategy, which is being commercialized on a retail basis [4][12] - The company aims to fund a €600 million shareholder remuneration target, having already distributed approximately €125 million in 1Q25 [6][14] Market Environment - The commercialization environment in Spain remains dynamic, supported by solid fundamentals, with Neinor pre-selling 670 build-to-sell units in 1Q25, reflecting an 86% year-on-year increase [5][6] - The Spanish residential sector continues to benefit from accumulated housing demand and improving financing conditions for homebuyers, leading to an optimistic margin outlook for FY25-26 [6][15] Company Overview - Neinor Homes is the leading residential property developer in Spain, with a land bank capable of developing approximately 12,000 homes and a gross asset value (GAV) of €1.5 billion as of December 2024 [7][8] - The company operates a fully integrated residential platform covering the entire development value chain, committed to delivering attractive risk-adjusted returns for shareholders [8][9]