Neinor Homes Sa · BME:HOME
Neinor Homes Sa — Merger or Acquisition (September 2024)
25 slides from Neinor Homes Sa's merger presentation, September 2024
Slide 1: Neinor Homes signs a JV with Bain Capital to strengthen its leading position in the Spanish residential market
NEINOR HOMES SIGNS A JV WITH BAIN CAPITAL TO STRENGTHEN ITS LEADING POSITION IN THE SPANISH RESIDENTIAL MARKET
Slide 2: Index
INDEX 01_A TRANSFORMATIONAL DEAL 02_NEINOR HOMES: BUSINESS UPDATE 03_A PERFECT CONTEXT 04_KEY TAKEAWAYS Noba Homes: Seresianan’ A ‘ies * },
Slide 3: A Transformational Deal
TRANSFORMATIONAL DEAL Lagune Homes, 98 CV: AM Orion)
Slide 4: Neinor Homes is leading the transformation of the Spanish residential sector with its equity efficient strategy
NEINOR HOMES IS LEADING THE TRANSFORMATION OF THE SPANISH RESI. WITH ITS EQUITY EFFICIENT STRATEGY A transformational dedl... .. With a highly compelling rationale to strengthen Neinor's leadership position in the Spanish market 4 September 2024
Slide 5: Attractive economics and quality asset base
NEINOR HOMES IS LEADING THE TRANSFORMATION OF THE SPANISH RESI. WITH ITS EQUITY EFFICIENT STRATEGY Attractive economics in addition to the equity efficient structure.... Complemented by a quality asset base as demonstrated by Habitat's development business KPI's ...
Slide 6: Habitat has a sizable and high-quality land bank focused in the most dynamic Spanish regions
HABITAT HAS A SIZABLE AND HIGH-QUALITY LAND BANK FOCUSED IN THE MOST DYNAMIC SPANISH REGIONS Habitat’s Land Bank’ by region and financial snapshot c.8,000# LAND BANK 3,914# ACTIVE 2,246# WIP & FP 1,939# (€614mn) ORDERBOOK €105mn »~ NET DEBT 44% 15% 35008 LTV (%) : Levante . * 800# South-West (Er, 7
Slide 7: Madrid land bank map
7 M-30 Pozuelo Majadahonda de Alarcón Torrejón de Ardoz Boadilla del Monte Alcorcón Leganés Getafe M-40 Mostolés Arganda del Rey A-5 A-4 Fuenlabrada A-3
Slide 8: A solid orderbook with 1,939 units pre-sold
A SOLID ORDERBOOK' WITH 1,939# PRE-SOLD FOR €614MN AND +70% COVERAGE FOR 2024-25... El Almaez 9 Madrid |@& 96# =| 95% Pre-sold La Encina Q Madrid |@ 92# n | September 2024 ntat
Slide 9: Similar housing product targeting the medium-high segment of demand
AND SIMILAR HOUSING PRODUCT TARGETTING THE MEDIUM-HIGH SEGMENT OF DEMAND WITH +€300K/# ASP Torre Mare 9 Malaga | @ 98# 9 Malaga | @ 61# x 95% Pre-sold Paseo Berrocales 9 Madrid | @ 106# | September 202.
Slide 10: Operational Business Update
02 OPERATIONAL BUSINESS UPDATE
Slide 11: €1.2bn raised from value-add and opportunistic capital for BTS and independent senior verticals
€1.2BN RAISED FROM VALUE-ADD AND OPPORTUNISTIC CAPITAL FOR THE BTS AND INDEPENDENT SENIOR VERTICALS Capital raised from JV partners (2023-27) a EI ey BainCapital ¢7oomn —700mn eurbanitae = €150mn~—e5mn BTS Investment | BVA Managers €100mn €50mn BTS ORION ania €50mn €50mn BTS MANAGERS > 4€800mn of ca
Slide 12: ▪ ▪ ▪ 9% ▪ 27% 35% ▪ ▪ 6% ▪ 11% ▪ ▪
12 ▪ ▪ ▪ 9% ▪ 27% 35% ▪ ▪ 6% ▪ 11% ▪ ▪ ▪ 13% ▪ ▪
Slide 13: Crystallizing our BTR platform with core capital managing +€600bn
ON THE WAY TO SUCESSFULLY CRYSTALLIZE OUR BTR 5 PLATFORM WITH CORE CAPITAL MANAGING +€600BN BIR disposals since 2023 | Asset | units | Province | Buyer —_| 375 Hacienda Homes 147# Malaga 275 Sky . 213# Val Homes aenera inaneigement Europa _ ©) HARRISON STREET Homes 146# Madrid o DEA CAPITAL . Sales
Slide 14: Financial Business Update
02 FINANCIAL BUSINESS UPDATE
Slide 15: Managing c.9,500 BTS JV portfolio to generate €50-75mn additional earnings until 2028
MANAGING c9,500# BTS JV PORTFOLIO TO GENERATE €50-75MN ADDITIONAL EARNINGS UNTIL 2028 Strategic Plan Guidance and comparison with market consensus! (2024-28) JV Investment Criteria 359 > Investment: €50mn equity committed by Neinor at higly opportunitic returns of +25% IRR and 2-2.5x MOIC 345 > Targ
Slide 16: High visibility over c.€290mn distributions pending for 2024-2025
HIGH VISIBILITY OVER c.€290MN DISTRIBUTIONS PENDING _, FOR 2024-2025, NEARLY c.30% OF THE MARKET CAP Shareholder Remuneration Targets (2023-27) > High visibility over 75% of the 600 strategic plan €600mn target > In the next 18-months Neinor targets distributions of €288mn (€3.84 DPS), which is equi
Slide 17: A Perfect Context
SAI Larne 03 es A PERFECT CONTEXT Rubi Homes, Barcelona, (JV with Orion) ¢
Slide 18: Spanish GDP consensus continues to trend upwards, outpacing other major economies
SPANISH GDP CONSENSUS CONTINUES TO TREND UPWRDS, OUTPACING OTHER MAJOR ECONOMIES Spanish Real GDP growth Real GDP growth consensus consensus (2024;%) by country (2024-25;%) > Post release of m2024 = 2025 2@24 GDP growth figures, annual consensus increased further to 2.6% 2.6 2.0 1.3 1.3 1.17.1 y J 0
Slide 19: Strong demand outlook driven by acceleration in household growth and limited supply
al STRONG DEMAND OUTLOOK DRIVEN BY ACCELERATION | IN HOUSEHOLD GROWTH AND LIMITED SUPPLY Spanish population growth (2019-2029) +1.6mn population growth (2019-24) +2.9mn population growth (2024-29) I 1 1 I L 50% of population growth Bl 1 1 concentrated in Madrid, Barcelona, Valencia and Malaga Spanis
Slide 20: A sector supported by underleveraged, undersupplied, underpriced market
IN A SECTOR THAT CONTINUES TO BE SUPPORTED BY THE 20 UNDERLEVERAGED UNDERSUPPLIED UNDERPRICED > Spanish households have > Today, Spain produces 50% > Real house prices are still halved leverage since GFC less new homes per capita 25% below GFC levels and today is lower than in than the US, Germany a
Slide 21: Supply expected to remain stable driving stabilization on costs and house price increases
SUPPLY IS EXPECTED TO REMAIN STABLE DRIVING A STABILIZATION ON COSTS AND HOUSE PRICE INCREASES Evolution of HPA’ and CCI (%) —= Phase I: 2017-18 -~-- Phase Il:2019 --—- Phase Ill: 2020-22 ---- Phase IV: >2023 > Supply increased from 30k > In 2019, supply > Surge in CCI due to supply chain > Normatiz
Slide 22: Key Takeaways
04 KEY TAKEAWAYS
Slide 23: Fast forward strategic plan execution through improved visibility on the equity efficient strategy
7 FAST FORWARD STRATEGIC PLAN EXECUTION THROUGH IMPROVED VISIBILITY ON THE EQUITY EFFICIENT STRATEGY Excellent visibility on the two main pillars of the business plan... ..amid a perfect context to grow September 202.
Slide 24: Disclaimer
DISCLAIMER 24
Slide 25: Paseo de la Castellana, 0, 5° planta
investor.relations@neinorhomes.com Paseo de la Castellana, 20, 5° planta 28046 Madrid sts Neinor ...:;
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