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Neinor Homes Sa — Neinor Homes Sa Ord — FY2025 Earnings Presentation

25 slides from Neinor Homes Sa's earnings presentation, Feb 26, 2026

  1. Slide 1: FY25 Results Presentation

    FY25 RESULTS PRESENTATION FINANCIAL RESULTS | FEBRUARY 2026

  2. Slide 2: Index

    2 INDEX 01 _KEY HIGHLIGHTS 02 _AEDAS TRANSACTION UPDATE I February 2026 03 _FY25 RESULTS REVIEW 04 _KEY TAKEAWAYS 05 _APPENDIX FY25 Results Presentation Térmica Beach, Málaga (JV with Ginkgo)

  3. Slide 3: Key Highlights

    3 01 _ KEY HIGHLIGHTS I February 2026 FY25 Results Presentation Paterna Homes, Valencia (JV with Ameris)

  4. Slide 4: Building the National Champion in a Highly Fragmented Market

    BUILDING THE NATIONAL CHAMPION IN A HIGHLY 4 FRAGMENTED MARKET 01_FY25 Results Review 03_Residential Market HALO (Heavy Assets, Low Transformational year while Obsolescence) Leading in a delivering on guidance structurally scarce market 02_AEDAS Acquisition 04_Capital Allocation I February 2026 Crea

  5. Slide 5: FY Results: Operational and Financial Snapshot

    FY 25 RESULTS : OPERATIONAL AND FINANCIAL SNAPSHOT 5 DEVELOPMENT ACTIVITY 1 FINANCIALS c38,000# c24,200# €697mn €110mn TOTAL OWNED TOTAL EBITDA 7 LAND BANK LAND BANK REVENUES 7 24,719# 12,631# €70mn (€0.70/ sh ) ACTIVE WIP & FP NET INCOME 4,7 EPS 4,5,7 I February 2026 8,909# 2,927# €1,124mn 35.9% (

  6. Slide 6: Disciplined, Equity Efficient and Accretive Growth in a Highly Fragmented Market

    DISCIPLINED, EQUITY EFFICIENT AND ACCRETIVE GROWTH 6 IN A HIGHLY FRAGMENTED MARKET A Highly Fragmented Residential Market with 90 -100k annual output ( ‘000# delivered 1 ) AEDAS Neinor 5-7 2025 Acquisition Via Celere 2.3 (Jun -25) MVC 2 Pryconsa 1.8 Selected peers: JV with Bain Capital Kronos 1.5 10

  7. Slide 7: High Quality Land Bank Acquired at Attractive Cost and With the Most Resilient Client Profile

    HIGH QUALITY LAND BANK ACQUIRED AT ATTRACTIVE 7 COST AND WITH THE MOST RESILIENT CLIENT PROFILE Quality Portfolio Bought At Top -8 Provinces Represent +80% of GAV Attractive Levels Land Bank 1 GAV by Region GDV 1 Book Value 1,2 4% <1% 1% 1% c.€10bn c.€2.5bn <1% <1% 10% <1% <1% 1% Focusing on the Med

  8. Slide 8: Spain Continues to Be One of the Safest Residential Markets Worldwide

    SPAIN CONTINUES TO BE ONE OF THE SAFEST RESIDENTIAL 8 MARKETS WORLDWIDE SHOWING SUSTAINABLE GROWTH GDP Growth Forecasts Job Market Growth (%) (2019Q1 -2025Q3;%) 2.3 2.4 2.0 GDP Spain’s GDP expected to grow at c.2% 1.9 Spain 15.0 annually, above the Eurozone average 1.4 1.5 Growth 1.0 1.0 Germany 2.4

  9. Slide 9: Spanish Resi Offers an Opportunity Beyond Macro Cycles With +800K Production Deficit

    SPANISH RESI OFFERS AN OPPORTUITY BEYOND MACRO 9 CYCLES WITH +800K ACCUMULATED PRODUCTION DEFICIT Net Household Formation vs Housing Completions (2014 –2025) 900 +800 ('000) 800 700 600 500 400 311 300 265 258 I February 2026 200 136 117 122 91 95 72 71 78 65 84 80 80 87 84 100 35 33 42 38 43 49 59

  10. Slide 10: Aedas Transaction Update

    10 02 _ AEDAS TRANSACTION I February 2026 UPDATE FY25 Results Presentation Kyrenia , Madrid

  11. Slide 11: Successful Transaction: Full Control of Aedas Secured in 8 Months

    SUCCESSFUL TRANSACTION: FULL CONTROL OF AEDAS 11 SECURED IN 8 MONTHS Transaction Successfully Closed on 17 December 2025… 16 June 18 September 23 October 26 November 17 December 28 January 5-6 March (expected) M&A Announcement FDI Authorization ABB €140mn VTO Approval Neinor joins AEDAS’s BoD MTO Ap

  12. Slide 12: FY25 Results Review

    12 03 _ FY25 RESULTS I February 2026 REVIEW FY25 Results Presentation Paseo Berrocales (JV with Habitat), Madrid

  13. Slide 13: FY25 Results Review: High-End of Guidance Achieved While Executing Strategic M&A Transaction

    FY25 RESULTS REVIEW: HIGH -END OF GUIDANCE ACHIEVED 13 WHILE EXECUTING STRATEGIC M&A TRANSACTION (€ mn , FY25 FY25 FY25 unless stated Guidance Ex -AH Actual Key Highlights otherwise ) Deliveries 1 ▪ Deliveries: Notarized 1,917# (1,565# 3 BTS|352# BTR) from c.2,000# 1,891# 1,917# (#) fully owned port

  14. Slide 14: A Long Standing Execution Track Record, Best in Class Profitability and Shareholder Returns

    A LONG STANDING EXECUTION TRACK RECORD, BEST IN 14 CLASS PROFITABILITY AND SHAREHOLDER RETURNS Highly Industrialized and Delivering Best -in -Class Margins Scalable Business Model and Solid Cash Flow Generation 2017 -25 Total Revenues +€5,000mn We buy land with discipline EBITDA +€900mn Net Income +

  15. Slide 15: Key Takeaways

    15 04 _ KEY TAKEAWAYS I February 2026 FY25 Results Presentation Torre Mare (JV with Habitat), Malaga

  16. Slide 16: Unique Halo Positioning – Built to Lead the Transformation of Spanish Residential

    UNIQUE HALO POSITIONING – BUILT TO LEAD THE 16 TRANSFORMATION OF SPANISH RESIDENTIAL 01_HALO Positioning 03_Residential Market Heavy Assets & Low Structurally undersupplied Obsolescence in a business market with conservative with high visibility and cash leverage and healthy flow generation affordab

  17. Slide 17: Appendix

    05 _ APPENDIX Freya, Madrid 17 FY25 Results Presentation I February 2026

  18. Slide 18: Appendix: Income Statement

    APPENDIX: INCOME STATEMENT 18 (€mn, unless stated otherwise) 2021 2022 2023 2024 2025 6 2017 -25 YoY (%) 2024 -25 Development1 889.2 753.6 590.7 491.8 678.3 4,961.6 38% Services2 26.8 11.5 3.3 10.3 19.1 187.9 85% Total Revenues 916.0 765.1 594.0 502.1 697.5 5,149.5 39% COGS -671.3 -569.6 -420.1 -358

  19. Slide 19: Appendix: Balance Sheet

    APPENDIX: BALANCE SHEET 19 (€mn, unless stated otherwise) 2021 2022 2023 2024 2025 YoY (%) 2024 -25 Investment property 105.6 143.7 148.7 131.7 56.3 -57% Other non-current assets 36.7 56.8 51.3 68.7 238.0 247% Deferred tax assets 98.3 94.8 105.6 93.0 152.4 64% Non-current assets 240.7 295.2 305.6 29

  20. Slide 20: Appendix: Cash Flow Statement

    APPENDIX: CASH FLOW STATEMENT 20 (€mn, unless stated otherwise) 2021 2022 2023 2024 2025 YoY (%) 2024 -25 EBT 123.1 119.5 99.5 76.7 137.2 79% Adjustments 50.3 14.8 19.4 22.8 -40.4 N.M. CF from operating activities 173.5 134.3 119.0 99.6 96.7 -3% Working capital change -19.0 57.1 -22.2 -29.8 -772.0 N

  21. Slide 21: Appendix: Net Debt Position

    APPENDIX: NET DEBT POSITION 21 (€mn, unless stated otherwise) 2021 2022 2023 2024 2025 YoY (%) 2024 -25 Gross debt 646.7 555.6 388.0 577.7 1,726.4 199% Non-current liabilities 342.5 358.7 164.5 360.1 741.6 106% Bank borrowing 44.8 84.7 163.5 360.1 741.6 106% Corporate financing 0.0 20.0 138.9 319.1

  22. Slide 22: Appendix: FY25 GAV Bridge

    APPENDIX: FY25 GAV BRIDGE 22 FY25 GAV BRIDGE 1,987 189 3,227 -0 -662 204 1,465 43 I February 2026 FY25 Results Presentation NEINOR LfL Change Investment Neinor Asset GAV FY25 GAV FY24 Capex Sales Management Other Source: Neinor Homes.

  23. Slide 23: Appendix: FY25 GAV to NNAV Bridge

    APPENDIX: FY25 GAV TO NNAV BRIDGE 23 FY25 GAV TO NNAV BRIDGE 3,227 2,547 (€20.42/ sh ) (€19.14/ sh ) (€18.96/ sh ) 144 2,014 -1,124 1,888 152 1,870 -214 -170 I February 2026 NEINOR GUIDANCE FY25 Results Presentation Source: Neinor Homes.

  24. Slide 24: Disclaimer

    DISCLAIMER 24 ThisPresentationhas been preparedby NeinorHomes,S.A. (“Neinor”) forinformationpurposesonlyand it is not regulatedinformationor Certainfinancialand statisticalinformationcontainedin thisPresentationis subjectto roundingadjustments.Accordingly,any informationwhichhas been subjectto prior

  25. Slide 25: Investor Relations

    investor.relations@neinorhomes.com Paseo de la Castellana, 20, 5 th floor 28046 Madrid

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