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]