Neinor Homes S.A. — 2025 Results Preview and Strategic Developments

2025 Performance Highlights

  • Pre‑sales – The group closed 2025 with a total pre‑sales book exceeding 3,500 residential units, generating more than €1.2 billion in expected future revenues.
  • Deliveries – During 2025, Neinor delivered and registered ownership of ≈2,900 homes, compared with 2,397 units delivered in 2024. The increase of nearly 21 % year‑on‑year aligns with the company’s delivery targets.
  • Revenue and EBITDA – At the end of the year, total revenues and adjusted EBITDA were positioned in the upper part of the planned ranges, €600–700 million and €100–110 million, respectively.
  • Net profit – The acquisition of a 79.20 % stake in Aedas Homes is expected to have a positive, non‑monetary impact on net earnings, in comparison with the €65 million guidance set in the 2027 strategic plan.

Aedas Homes Acquisition

  • Transaction – The purchase of Aedas Homes was completed in December 2025.
  • Impact – Neinor’s management stated that the acquisition will enhance the group’s profitability and operational scale, although the effect on cash flow is described as “non‑monetary.”
  • Share‑price dispute – A hedge fund (Yosemite) has challenged the offer price of €24 per share, arguing that it falls short of the asset‑net value. The fund proposes an adjustment to €27–30 per share, citing the company’s balance‑sheet valuation. The request is under review by the Comisión Nacional del Mercado de Valores (CNMV).

Market Context

  • Stock performance – The share price on 18 January 2026 was €19.34, with a 52‑week high of €19.56 and a low of €11.
  • Capitalisation – The market capitalisation stands at approximately €1.9 billion.
  • Financial metrics – The price‑to‑earnings ratio is 25.52, reflecting investor expectations of future growth in the Spanish residential‑development sector.

Strategic Outlook

The company’s 2025 results demonstrate a robust execution of its development plan, with significant increases in deliveries and pre‑sales. The acquisition of Aedas Homes is positioned to reinforce Neinor’s market presence across Spain’s major regions, including Madrid, Catalonia, and Valencia, and to expand its portfolio of buildable land and finished properties. Management anticipates that the combined operations will generate additional revenue streams and synergies, contributing to the firm’s long‑term profitability targets set for the 2027 horizon.