Madrid: Neinor Homes (Neinor) has announced its financial results for the fiscal year 2025 (FY25), showcasing an adjusted net profit of approximately 70 million euros, surpassing its own guidance. The company's revenue for the year stood at 697 million euros, excluding the impact from the acquisition of AEDAS Homes.
According to BERNAMA News Agency, Neinor's earnings before interest, tax, depreciation, and amortisation (EBITDA) before non-recurring items reached 110 million euros, positioning it at the upper echelon of the company's guidance range. The gross profit was reported at 188 million euros, translating to a gross margin of 27 percent.
Neinor disclosed that it notarised 2,901 housing units over the year, with 1,891 units stemming from its fully owned portfolio and 1,010 units deriving from its asset management business. The company's CEO, Borja Garca-Egotxeaga, remarked on its operational achievements, reinforcing its balance sheet, and highlighted the completion of the largest residential transaction in Spain over the past decade, establishing Neinor as a leading national entity.
Deputy CEO and Chief Financial Officer, Jordi Argem, noted that the company performed at the top end of its guidance. It also expanded its total land bank to 38,000 units, with the AEDAS acquisition anticipated to bolster earnings visibility and enhance dividend capacity.
The core build-to-sell business generated 645 million euros in revenue, while construction and other related activities contributed 29 million euros. Asset management fees totaled 19 million euros, and rental income was recorded at 4 million euros.
Neinor concluded FY25 with an adjusted net debt of 228 million euros, not accounting for AEDAS, which equates to a loan-to-value ratio of 16 percent-below its targeted range of 20 to 25 percent. The company also reported growth in operational metrics across its land bank, production portfolio, work-in-progress, finished units, and order book since the initiation of its 2023-2027 Strategic Plan.