Neinor Homes Sa · BME:HOME
Neinor Homes Sa — Neinor Homes Sa Ord — H1 2025 Earnings Presentation
29 slides from Neinor Homes Sa's earnings presentation, Jul 25, 2025
Slide 1: 1H25 Results Presentation
TH25 RESULTS ree PRESENTATION | d fae r Ee Beis ote bry FINANCIAL ReEsuirs | suty 2028 tt r Fa Sf, ee
Slide 2: Index
INDEX 01_KEY HIGHLIGHTS 02_ SPANISH RESIDENTIAL FUNDAMENTALS 03_FINANCIAL RESULTS 04 VOLUNTARY TENDER OFFER UPDATE 05_KEY TAKEAWAYS 06_APPENDIX
Slide 3: Key Highlights
Ol KEY SF HIGHLIGHTS —_ = falHomies) Estepona, (JV. with Urbanitae)
Slide 4: 1H25 Key Highlights: Solid Strategic Plan Execution Powering Value Creation
1H25 KEY HIGHLIGHTS: SOLID STRATEGIC PLAN EXECUTION POWERING VALUE CREATION
Slide 5: 1H25 Results: Operational and Financial Snapshot
1H25 RESULTS: OPERATIONAL AND FINANCIAL SNAPSHOT DEVELOPMENT ACTIVITY’ S55] FINANCIALS c.22,400# c.11,900# €148mn €18mn MANAGED FULLY OWNED TOTAL EBITDA4 LAND BANK LAND BANK REVENUES 10,762# 6,658# €6mn (€0.1/sh) ACTIVE WIP & FP NET INCOME4 EPS4.S 4,520# 803# €334mn 22.9% (€1,633mn) DELIVERIES ADJ.
Slide 6: A Scalable and Industrialized Business Model in a Highly Fragmented Market
A SCALABLE AND INDUSTRIALIZED BUSINESS MODEL IN A HIGHLY FRAGMENTED MARKET Cash-cycle of standard development takes c.3Ys, is highly scalable and driven by... — 2 months --> <------ 8 months -------- »<- 20 months -><- 3 months ~-> fev stage 1: Land Stage 2: |e | Stage 3: Stage 4: Stage 5: Acquisiti
Slide 7: Spanish Residential Fundamentals
02 SPANISH RESIDENTIAL FUNDAMENTALS «« Lactea Homes, Rubs (JV with Orion Capital)
Slide 8: Spanish GDP Continues to Top Growth Forecasts
SPANISH GDP CONTINUES TO TOP GROWTH FORECASTS AMONGST DEVELOPED ECONOMIES IN BOTH 25 AND 26 GDP growth comparison Spanish GDP growth consensus (2025-26) (2025-26) 3.0 3.0 25 2.0 2.5 eis _ 1.0 2.0 0.5 | a | i a a Re s oO & ea e 0.0 15 RY << oO 9 ‘. * eg s 1.0 a a a a a a OE Co Co ME Co MT o EE Co) gg
Slide 9: 2000Q4 2002Q2 2003Q4
40% 50% 60% 70% 80% 90% 100% 110% 2000Q4 2002Q2 2003Q4 Spain 2005Q2 2006Q4 2008Q2 2009Q4 United Kingdom 2011Q2 2012Q4 2014Q2 2015Q4 2017Q2 2018Q4 Germany 2020Q2 2021Q4 United States 2023Q2 2024Q4 9
Slide 10: Affordability Ratio Has Improved During 2024
" AFFORDABILITY RATIO HAS IMPROVED DURING 2024 GIVEN DELEVERAGE AND LOWER INTEREST RATES ) New houses finished! Building Permits Comparison (2003-2024) (2013-2024) 700 600 0.6% 8 0.5% c 2 5 A jo 0.4% 2 5 0.4% E 2039 20.3% me ioe 5 0.2% 0.2% . Coy ores 8 0.0% = mrOuonaoarennunnreanHeom oOovyrnvonaano
Slide 11: Real House Prices Growth Has Remained Muted
REAL HOUSE PRICES GROWTH HAS REMAINED MUTED WHILE AFFORDABILITY REMAINS AT HEALTHY LEVELS Real house prices index House price to income (2005=100) (2005-24) 160 10.0 150 95 140 , 130 130.4 9.0 120 N77 8.5 116.1 110 8.0 100 75 90 , 7.0 80 76.8 70 65 60 6.0 GSGGGGGSISGGGGG Sasgre2eereagg mowoenmar-nyt
Slide 12: Financial Results
03_ FINANCIAL RESULTS
Slide 13: 1H25 Results: Reiterate FY25 Targets with High Visibility
1H25 RESULTS: REITERATE FY25 TARGETS WITH HIGH VISIBILITY OVER DELIVERIES, SOLID MARGINS AND CF’S (€mn, unless stated otherwise) Deliveries (#) Total revenue Adj. EBITDA? EBITDA Net income? EPS (€/sh)3:4 LTV (%) 803 148 18 13 6 (€0.1/sh) 22.9% } as | KEY CONSIDERATIONS Deliveries: 803# housing units
Slide 14: Successful BTR Portfolio Crystallization as Part of Broader Asset Rotation Plan
SUCCESSFUL BTR PORTFOLIO CRYSTALLIZATION AS PART OF BROADER ASSET ROTATION PLAN WITH +€400MN IN DISPOSALS Asset disposals since 2023 (€mn) = Successful crystallization of BTR portfolio with c.€325mn (1,340#) sold to institutional investors achieving a +24% development margin 440 = Remainder of portf
Slide 15: ▪ ▪ 5% 7% ▪ 44% ▪ 16% ▪ ▪ 16% 12% ▪
15 ▪ ▪ 5% 7% ▪ 44% ▪ 16% ▪ ▪ 16% 12% ▪
Slide 16: Voluntary Tender Offer Update
04_ _., VOLUNTARY
Slide 17: Aedas Homes Voluntary Tender Offer Update: Expected Closing by 4Q25
AEDAS HOMES VOLUNTARY TENDER OFFER UPDATE: EXPECTED CLOSING BY 4Q25 OFFER PRIC * Following the €136mn dividend paid by AEDAS on 11 July (€3.15/sh), the offer price has been adjusted downwards from €24.485/sh to €21.335/sh = Successful ABB at €15,25/sh at a +10% vs pretransaction levels to raise €228
Slide 18: 18
18
Slide 19: Sustainable Growth, Superior Returns: The Equity Efficient Model
SUSTAINABLE GROWTH, SUPERIOR RETURNS: THE EQUITY EFFICIENT MODEL 19
Slide 20: Appendix
06_ > APPENDIX
Slide 21: Appendix: Income Statement
APPENDIX: INCOME STATEMENT (€mn, unless stated otherwise) 2020 2021 2022 2023 2024 ~=—2017-24 Development! 554.7 889.2 753.6 590.7 491.8 4,283.3 Services? 24.1 26.8 11.5 3.3 10.3 168.7 Total revenues 578.8 916.0 765.1 594.0 502.1 4,452.0 COGS 413.7 671.3 569.6 -420.1 -358.9 -3,186.4 Gross profit 165
Slide 22: Appendix: Balance Sheet
APPENDIX: BALANCE SHEET (€mn, unless stated otherwise) 2020 2021 2022 2023 2024 1H24 Investment property 0.2 105.6 143.7 148.7 131.7 84.1 Other non-current assets 22.2 36.7 56.8 51.3 68.7 44.2 Deferred tax assets 25.5 98.3 94.8 105.6 93.0 90.1 Non-current assets 41.9 240.7 295.2 305.6 293.4 218.3 In
Slide 23: Appendix: Cash Flow Statement
APPENDIX: CASH FLOW STATEMENT (€mn, unless stated otherwise) 2020 2021 2022 2023 «2024 2017-24 + ©—«1H24_ [Ei change (%) EBT 90.7 123.1 119.5 99.5 76.7 605.1 -92% Adjustments 19.0 50.3 14.8 19.4 22.8 197.6 39% CF from operating activities 109.7 173.5 134.3 119.0 99.6 802.6 -41% Working capital chang
Slide 24: Appendix: Net Debt Position
APPENDIX: NET DEBT POSITION 24 (€mn, unless stated otherwise) 2020 2021 2022 2023 2024 1H24 PE Mchange (%) Gross debt 335.6 558.6 443.2 376.7 572.8 408.5 I 25% Non-current liabilities 73.2 342.5 327.5 163.5 360.1 197.1 [ESO 33% Bank borrowing 70.7 44.8 68.4 163.5 360.1 197.1 83% Corporate financing
Slide 25: ▪ ▪ ▪ ▪ 9% 30% ▪ 27% ▪ ▪ 8% ▪ ▪ ▪
25 ▪ ▪ ▪ ▪ 9% 30% ▪ 27% ▪ ▪ 8% ▪ ▪ ▪ ▪ 10% ▪ 16% ▪ ▪
Slide 26: Appendix: 1H25 GAV Bridge
APPENDIX: 1H25 GAV BRIDGE 1H25 GAV BRIDGE 96 ] 1,459 14 | 6 1 1,457 -126 GAV FY24 — LfL Change Capex Investment Sales Neinor Asset Other GAV 1H25 Management
Slide 27: Appendix: 1H25 GAV to NNAV Bridge
APPENDIX: 1H25 GAV TO NNAV BRIDGE 1H25 GAV TO NNAV BRIDGE (€15.80/sh) a (€14.09/sh) (€14.11/shy 152 1,422 mm. 1,268 1,270 ; . T | Inventory GAV Net WC & Other NAV Taxes DTAs NNAV DTAs Adj. NNAV Cost Debt outside BS
Slide 28: Disclaimer
DISCLAIMER
Slide 29: Contact
investor.relations@neinorhomes.com Paseo de la Castellana, 20, 5th floor 28046 Madrid SWS Neinor .ou:;