 Record 1H26 performance, with 2,392 deliveries, solid margins and €54mn
Net Income (+753% YoY), on track to meet FY26 guidance of €120-140mn
 Cash flow performance was also strong, funding c.€170mn of shareholder
remuneration, c.€200mn of additional investment in AEDAS and c.€100mn of
early repayment of the Apollo debt
 Seamless integration of AEDAS completed in just four months, without any
disruption to deliveries, commercial or construction activity
 Record commercial activity, with 3,000 units pre-sold and an all-time-high
€3.325bn orderbook providing multi-year visibility over future earnings
 Post-AEDAS, Neinor prioritises its equity-efficient growth strategy: c.€180mn
deployed YTD, of which only c.€90mn own equity
MADRID, 27 July 2026 – Neinor Homes ("Neinor") (HOME SM), the leading residential
platform in Spain, today reported very solid operational and financial results for 1H26,
despite heightened geopolitical uncertainty and amid the integration of AEDAS. The
semester was marked by record deliveries, extremely dynamic commercialisation
activity and strong cash flow generation, giving the Company increased visibility over
its full-year targets and supporting the reiteration of its FY26 guidance.
Strong financial performance with €119mn EBITDA provides visibility over FY26
guidance of €240-260mn
During the first half of 2026, Neinor delivered a strong financial performance, with
growth across all key metrics driven by the acquisition of AEDAS and its successful
integration. Total Revenues reached €680mn (+359% YoY), representing
approximately 40% of the FY26 guidance, with the following breakdown:
 Residential Development: €660mn, including €632mn from the delivery of 1,565
units at an ASP of €404k/unit and €28mn from ancillary divisions, mainly the
construction unit;
 Asset Management: Fee business grew 119% YoY to c.€20mn, already
exceeding the whole of FY25, also benefitting from the AEDAS acquisition
These figures exclude the €100mn Río Real disposal announced in March whose
closing is expected during the second half of the year.
During the first half of 2026, Gross Profit reached €187mn (+313% YoY),
corresponding to a 27.6% gross margin. The Company maintained solid underlying
business margins following the acquisition of AEDAS, demonstrating once again the
conservative underwriting assumptions applied to the transaction.
EBITDA amounted to €119mn (+577% YoY; 17.5% margin), supported by tight cost
control, with structure costs running at approximately €40mn (+143% YoY), well below