Neinor Homes Sa · BME:HOME
Neinor Homes Sa — H1 2024 Earnings Presentation
29 slides from Neinor Homes Sa's earnings presentation, July 2024
Slide 1: 1H24 Results Presentation
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Slide 2: Index
—— INDEX 01_SPANISH RESIDENTIAL FUNDAMENTALS 02_KEY HIGHLIGHTS 03_FINANCIAL RESULTS 04_KEY TAKEAWAYS 05 APPENDIX Bliss Homes, Casares:
Slide 3: Frontloading execution and upside potential
FRONTLOADING EXECUTION AND UPSIDE POTENTIAL EMERGING THROUGH THE DEPLOYMENT OF JV CAPITAL
Slide 4: 1H24 Results: Operational and Financial Snapshot
1H24 RESULTS: OPERATIONAL AND FINANCIAL SNAPSHOT DEVELOPMENT ACTIVITY! =e FINANCIALS — c17,400# c12,000# €182mn €22mn MANAGED FULLY OWNED TOTAL EBITDA LAND BANK LAND BANK REVENUES 6,843# 3,960# €12mn (€0.16/sh) ACTIVE WIP & FP NET INCOME* EPS*5 1,761# 582# €210mn 14.3% (€601mn) DELIVERIES ADJ. NET D
Slide 5: Spanish Residential Fundamentals
Ol SPANISH RESIDENTIAL FUNDAMENTALS =: 2.
Slide 6: Spanish economy will continue to outperform its European peers
SPANISH ECONOMY WILL CONTINUE TO OUTPERFORM ITS EUROPEAN PEERS ON STRONG INTERNAL DEMAND Real GDP growth consensus (2023-25) m 2023 2024 2025 2.5% 2.3% 2.0% 12% 1.2% 13% le 1] TI 0.79 r) oe a + 6 O -1% -2h Real GDP growth by factors (2023; p.p) m General Government m Household consumption Gross fixe
Slide 7: Spanish population grew by 1.6mn in the last 5 years
SPANISH POPULATION GREW BY 1.6MN IN THE LAST 5Y’S AND GROWTH IS EXPECTED TO ACCELERATE UNTIL 2029 Spanish population growth (2019-2029) +1.6mn population growth (2019-24) +2.9mn population growth (2024-29) 1 1 1 I L 50% of population growth Bl 1 1 concentrated in Madrid, Barcelona, Valencia and Mala
Slide 8: Spanish cities expected among fastest growing in Europe until 2040
UNTIL 2040, SPANISH CITIES ARE EXPECTED TO BE AMONGST THE FASTEST GROWING IN EUROPE Population growth European cities (2024-40) ee ne | cir Population growth (2019-23) Relative growth (%) Absolute growth (00's) 15 oso || HELSINKI | STOCKHOLM 1.81% +14.6% |] +7.1% +13.3% +106k +125k +330k 0.9 09 1.41
Slide 9: Spain is one of the safest residential markets worldwide
SPAIN IS ONE OF THE SAFEST RESIDENTIAL MARKETS 3 WORLDWIDE BEING UNDERSUPLIED, UNDERLEVERAGED... HOUSING PERMITS (2019-21) RELATIVE TO 2021 STOCK HOUSEHOLD DEBT TO GDP (%) 2.0% 110% 100% 1.5% 90% 80% 1.0% 70% + “ 0.5% 60% 0% | 52% | 50% S [47% | $ oo% | 40% 47% 3 : wzeteSs5Resozxixyooe SSEEGGEGEGEGS
Slide 10: Steady house price increases even in periods of heightened uncertainty
... WITH STEADY HOUSE PRICE INCREASES EVEN IN PERIODS __ OF HEIGHTNED UNCERTAINTY House Price evolution (2021-1Q24) (2005=100) 220 200 180 —== 160 140 120 105 a 100 < 80 F 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 —Germany —Spain —UK US 1H2¢ Rest source: Dallas FED
Slide 11: Key Highlights
02_ KEY HIGHLIGHTS
Slide 12: Dynamic commercialization activity with sales rates above 5%
depending on sales rate) (Months to s EXPERIENCING DYNAMIC COMMERCIALIZATION ACTIVITY WITH SALES RATES >5%; GOOD PERSPECTIVES FOR 2H24... lam 7% l7m 6% 20m 5% 25 A% 33m 3% 50m 2% Net absorption rate! (%) >6% sales rate is deemed ‘too fast’ as it implies selling a development under 16 months foregoin
Slide 13: Recent trends of HPA and CCI point to improving outlook
.»RECENT TRENDS OF HPA AND CCI POINT TOWARDS AN IMPROVING OUTLOOK FOR UPCOMING YEARS... Evolution of HPA’ and CCI (%) 25% > HPA is expected to continue to pull ahead due to supportive macro and 20% residential fundamentals > CCl should remain stable (i.e. growing slightly) mainly due to labour as ma
Slide 14: Managed land bank to keep growing with JV and own capital
MANAGED LAND BANK TO KEEP GROWING AS WE ACCELERATE LAND INVESTMENTS WITH JV & OWN CAPITAL Land bank evolution since 2017 (000’s) ] 6.3 2017 2018 2019 2020 2021 2022 2023 1H24 m Fully owned land bank JV land bank Manage one of the largest land banks in our history with 17.4k# in the most dynamic regi
Slide 15: Ready to tap into most attractive living opportunity in Spain
«AND READY TO TAP INTO THE MOST ATTRACTIVE LIVING OPPORTUNITY IN SPAIN REQUIRING €45BN INVESTMENT Population in Spain (mn) Coverage ratio (%) - units per population >65 years 85+ 1.6 > Care homes Stock (units) 80-84 SN 1.3 7579 a 1. No purposed 1.9m 85k 102k | 1.0K | 7074 a 2.2 Go 6X BED [2.4 for 10
Slide 16: Financials
03_ FINANCIALS
Slide 17: 1H24 Results Review: strong commercialization activity while accelerating dividends
1H24 RESULTS REVIEW: STRONG COMMERCIALIZATION vy ACTIVITY WHILE ACCELERATING DIVIDENDS €mn, unless Sinoa otherwise) jaws | KEY CONSIDERATIONS Deliveries (#) 582 > Deliveries: Notarized 582# BTS during 1H24. In July, Neinor has announced the sale of its 6!» BTR project with 337# for €58mn - the finan
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Slide 19: Accelerating strategic plan execution driven by JV business
ACCELERATING STRATEGIC PLAN EXECUTION DRIVEN BY HIGHER THAN ANTICIPATED APETITE ON JV BUSINESS
Slide 20: Appendix
05_ APPENDIX
Slide 21: Appendix: Income Statement
APPENDIX: INCOME STATEMENT 21 1H24 Results Presentation
Slide 22: Appendix: Balance Sheet
APPENDIX: BALANCE SHEET 22 1H24 Results Presentation
Slide 23: Appendix
APPENDIX 1H24 Results Presentation 23
Slide 24: Appendix: Net Debt Position
APPENDIX: NET DEBT POSITION 24 1H24 Results Presentation
Slide 25: Appendix: Land Bank
APPENDIX: LAND BANK 25 ▪ ▪ ▪ ▪ 7% 38% ▪ 31% ▪ ▪ 4% ▪ ▪ ▪ ▪ 5% ▪ 15% ▪ ▪
Slide 26: Appendix: 1H24 GAV Bridge
APPENDIX: 1H24 GAV BRIDGE 1H24 GAV BRIDGE 110 2 1,459 — a lil 1 1,474 -149 GAV FY23 LfL Change Capex Investment Sales Other GAV 1H24 as
Slide 27: Appendix: 1H24 GAV NNAV Bridge
APPENDIX: 1H24 GAV NNAV BRIDGE 27
Slide 28: Disclaimer
DISCLAIMER 28
Slide 29: Paseo de la Castellana, 0, 5th floor
investor.relations@neinorhomes.com Paseo de la Castellana, 20, 5th floor 28046 Madrid sts Neinor ...:;