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Neinor Homes Sa — Neinor Homes Sa Ord — 1H26 Earnings Presentation

28 slides from Neinor Homes Sa's earnings presentation, Jul 28, 2026

  1. Slide 1: 1H26 Results Presentation

    1H26 RESULTS PRESENTATION FINANCIAL RESULTS | JULY 2026

  2. Slide 2: Index

    2 INDEX 01 _KEY HIGHLIGHTS 02 _RESIDENTIAL MARKET UPDATE 03 _OPERATIONAL RESULTS REVIEW I July 2026 04 _FINANCIAL RESULTS REVIEW 05 _KEY TAKEAWAYS 1H26 Results Presentation 06 _APPENDIX Las Rozas Homes, Madrid

  3. Slide 3: Key Highlights

    3 01 _ KEY HIGHLIGHTS I July 2026 1H26 Results Presentation Siscaró , Andorra (JV with Castlelake )

  4. Slide 4: 1H26: Resilient Market and Strong Results Amid AEDAS Integration and Geopolitical Uncertainty

    1H26: RESILIENT MARKET AND STRONG RESULTS AMID 4 AEDAS INTEGRATION AND GEOPOLITICAL UNCERTAINTY 01_Residential Market 03_Financial Results A step change in scale Residential fundamentals without disruption, solid and Macro strength prevail margins and stronger cash over geopolitical uncertainty flow

  5. Slide 5: 1H26 Results: Operational and Financial Snapshot

    1 H 26 RESULTS : OPERATIONAL AND FINANCIAL SNAPSHOT 5 DEVELOPMENT ACTIVITY 1 FINANCIALS c.36,600# c.23,300# €680mn €119mn MANAGED FULLY OWNED TOTAL EBITDA 3 LAND BANK LAND BANK REVENUES 18,933# 13,401# €54mn (€0.54/ sh ) ACTIVE WIP & FP NET INCOME 3 EPS 3 9,314# 2,392# €1,166mn 37.4% I July 2026 ( €

  6. Slide 6: Residential Market Update

    6 02 _ RESIDENTIAL MARKET UPDATE I July 2026 1H26 Results Presentation Lunara, Cadiz

  7. Slide 7: Spanish Macro Remains Resilient Despite Heightened Geopolitical Uncertainty

    SPANISH MACRO REMAINS RESILIENT DESPITE HEIGHTENED 7 GEOPOLITICAL UNCERTAINTY +2.3% YoY +622k 22.4mn 3.8x vs 2026 GDP Growth Jobs Created YTD Record Social Security Spain vs Eurozone GDP Consensus Jun -26 Affiliates Jun -26 Growth (2.3% vs 0.6%) Resilient Macro Outlook GDP Growth Consensus Compariso

  8. Slide 8: Household Balance Sheets Remain Exceptionally Strong, Underpinning Demand Resilience

    HOUSEHOLD BALANCE SHEETS REMAIN EXCEPTIONALLY 8 STRONG, UNDERPINNING DEMAND RESILIENCE 43% 30% 11.3% -43pp Household Debt to GDP Mortgage Debt to GDP Savings Rate Decrease in HH Debt to 1Q26 1Q26 1Q26 GDP since Peak (2010) Household Debt at Record Lows Household Debt -to-GDP Comparison (%) ▪ Househo

  9. Slide 9: Supply-Starved Market With Housing Completions Broadly Flat Since 2020

    SUPPLY -STARVED MARKET WITH HOUSING COMPLETIONS 9 BROADLY FLAT SINCE 2020 82k 564k -85% vs +4% vs Housing Completions Peak Housing Housing Completions Average LTM Mar -26 Completions 2008 Peak in 2008 2020 -1Q26 A Chronic Housing Shortage LTM Housing Completions (#) ▪ Despite a buoyant housing deman

  10. Slide 10: Spanish House Prices Have Lagged International Peers, Real Prices Still -21% Vs 2007

    SPANISH HOUSE PRICES HAVE LAGGED INTERNATIONAL 10 PEERS, WITH REAL PRICES STILL -21% VS 2007 PEAK 132 86 +10% vs -21% vs Nominal House Price Real House Price Nominal Prices Real Prices Index 1Q26 Index 1Q26 2007 Peak 2007 Peak Spanish Real House Prices Remain Nominal House Prices Comparison (2005=10

  11. Slide 11: Operational Results Review

    11 03 _ OPERATIONAL RESULTS REVIEW I July 2026 1H26 Results Presentation Creative Homes Bulevar III, Málaga (JV with Orion)

  12. Slide 12: Swift Integration of Aedas Completed in Just Months, Without Any Disruption in Deliveries

    SWIFT INTEGRATION OF AEDAS COMPLETED IN JUST 4 12 MONTHS, WITHOUT ANY DISRUPTION IN DELIVERIES Record 1H26 Deliveries Mar -26 Apr / May -26 Jun -26 5,000 -7,000 c.40% Fulfilment ✓ ✓ ✓ 2,392 Closing of the 2 nd Key organisational Integration Tender Offer over changes: Operations, completed without 1H

  13. Slide 13: Multi-Year Visibility With 2,392 Already Delivered and c.19,000 Under Production

    MULTI -YEAR VISIBILITY WITH 2,392# ALREADY DELIVERED 13 AND c.19,000# CURRENTLY UNDER PRODUCTION Active Portfolio Record Orderbook Development Status 18,933# Under Production 9,314# (€3,325mn) 13,401# WIP & FP 2,392# Already Delivered 49% of Active Portfolio 71% of Active Portfolio Pre -sales Covera

  14. Slide 14: Demonstrated Capacity to Absorb Cost Inflation Through Pricing Power and Healthy Affordability

    DEMONSTRATED CAPACITY TO ABSORB COST INFLATION 14 THROUGH PRICING POWER AND HEALTHY AFFORDABILITY Construction Cost Inflation Sensitivity Gross Margin Outlook SELLING PRICE ▪ Despite 85% accumulated cost inflation since 2015, we have kept 100% gross margins consistently above our 24 -25% guidance ▪

  15. Slide 15: Accelerating Equity-Efficient Growth Through an Expanding Asset Management Platform

    ACCELERATING EQUITY -EFFICIENT GROWTH THROUGH AN 15 EXPANDING ASSET MANAGEMENT PLATFORM Prioritising Balance Sheet Optimisation and Equity - Key Figures and Pipeline Efficient Growth Through Neinor Asset Management ▪ Signed new Luxury segment JV €177mn Closed YTD¹ with Stoneshield (c.€120mn) through

  16. Slide 16: Financial Results Review

    16 04 _ FINANCIAL RESULTS REVIEW I July 2026 1H26 Results Presentation Alborán Bora, Málaga (JV with Habitat)

  17. Slide 17: 1H26 Results: Strong Start of the Year With Significant Visibility Over Yearly Guidance

    1H26 RESULTS: STRONG START OF THE YEAR WITH 17 SIGNIFICANT VISIBILITY OVER YEARLY GUIDANCE (€ mn , unless FY26 stated otherwise) 1H26 GUIDANCE KEY CONSIDERATIONS Total 2,392 5,000 -7,000 ▪ Revenues: c.40% of FY26 target: i) Development Deliveries (#) €632mn 1 and Ancillary Divisions 2 €28mn; ii) Ass

  18. Slide 18: Key Takeaways

    18 05 _ KEY TAKEAWAYS I July 2026 1H26 Results Presentation Azure Homes, Guadalajara

  19. Slide 19: Sustainable Growth and Superior Returns Powered by Neinor's Equity-Efficient Model

    SUSTAINABLE GROWTH AND SUPERIOR RETURNS POWERED 19 BY NEINOR’S EQUITY -EFFICIENT MODEL 01_Market Fundamentals 03_Cash Flow Generation Strong structural Expect strong underlying fundamentals with persistent business margins and cash supply shortage flow generation 02_Reiterate Guidance 04_Equity -Eff

  20. Slide 20: Appendix

    06 _ APPENDIX Sinán , Madrid 20 1H26 Results Presentation I July 2026

  21. Slide 21: Appendix: Income Statement

    APPENDIX: INCOME STATEMENT 21 (€mn, unless stated otherwise) 2021 2022 2023 2024 2025 5 2017 -25 1H25 1H26 Change (%) Development1 889.2 753.6 590.7 491.8 678.3 4,961.6 139.0 660.1 375% Services2 26.8 11.5 3.3 10.3 19.1 187.9 9.0 19.8 119% Total revenues 916.0 765.1 594.0 502.1 697.5 5,149.5 148.0 6

  22. Slide 22: Appendix: Balance Sheet

    APPENDIX: BALANCE SHEET 22 (€mn, unless stated otherwise) 2021 2022 2023 2024 2025 1H25 1H26 Change (%) Investment property 105.6 143.7 148.7 131.7 56.3 49.0 41.9 -14% Other non-current assets 36.7 56.8 51.3 68.7 238.0 67.9 202.2 198% Deferred tax assets 98.3 94.8 105.6 93.0 152.4 95.7 143.1 50% Non

  23. Slide 23: Appendix: Cash Flow Statement

    APPENDIX: CASH FLOW STATEMENT 23 (€mn, unless stated otherwise) 2021 2022 2023 2024 2025 2017 -25 1H25 1H26 Change (%) EBT 123.1 119.5 99.5 76.7 137.2 742.3 1.0 26.4 N.M. Adjustments 50.3 14.8 19.4 22.8 -40.4 157.1 12.2 75.5 521% CF from operating activities 173.5 134.3 119.0 99.6 96.7 899.4 13.2 10

  24. Slide 24: Appendix: Net Debt Position

    APPENDIX: NET DEBT POSITION 24 (€mn, unless stated otherwise) 2021 2022 2023 2024 2025 1H25 1H26 Change (%) Gross debt 646.7 555.6 388.0 577.7 1,726.4 511.4 1,646.3 222% Non-current liabilities 342.5 358.7 164.5 360.1 741.6 359.9 989.1 175% Bank borrowing 44.8 84.7 163.5 360.1 741.6 359.9 989.1 175%

  25. Slide 25: Appendix: 1H26 GAV Bridge

    APPENDIX: 1H26 GAV BRIDGE 25 1H26 GAV BRIDGE 358 12 237 3,131 35 3,116 -656 I July 2026 1H26 Results Presentation GAV FY25 LfL Change Capex Investment Sales Neinor Asset Management GAV 1H26 GAV FY25 LfL Change Capex Investment Sales Neinor Asset GAV 1H26 Management Source: Neinor Homes.

  26. Slide 26: Appendix: 1H26 GAV to NNAV Bridge

    APPENDIX: 1H26 GAV TO NNAV BRIDGE 26 1H26 GAV TO NNAV BRIDGE 3,116 2,395 (€18. 32 / sh ) (€1 7.43 / sh ) (€1 5.98 / sh ) -1,166 1,811 1 144 1,723 -139 1,579 -232 I July 2026 1H26 Results Presentation Inventory Cost GAV Net Debt WC & Other NAV Taxes NNAV DTAs outside BS Adj. NNAV Inventory GAV Net WC

  27. Slide 27: Disclaimer

    DISCLAIMER 27 ThisPresentationhas been preparedby NeinorHomes,S.A. (“Neinor”)forinformationpurposesonlyand it is not regulatedinformationor Certainfinancialand statisticalinformationcontainedin thisPresentationis subjectto roundingadjustments.Accordingly,any informationwhichhas been subjectto priorr

  28. Slide 28: investor.relations@neinorhomes.com

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

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