Neinor Homes completes a transformational year, delivering on its FY25 guidance and positioning for further growth
- In a FY25 trading update, Neinor confirms it has delivered c.2,900 units with Total Revenues and Adj. EBITDA at the higher-end of its guidance
- At the Net Income level, Neinor will report a beat to its targets due to the positive impact from the acquisition of 79.2% stake in AEDAS Homes
- In 2025, commercialization momentum remained strong, with over +2,800 units pre-sold (+6% YoY)
- The transformational +€1.8bn acquisition of AEDAS Homes (c.20,200 units) represented a step-change in scale, is highly accretive and fast-tracks execution of Neinor’s 2023-27 Strategic Plan
- Spain remains one of the strongest residential markets globally, backed by structural undersupply, economic growth and improving affordability
- With limited competition and strong fundamentals, Neinor enters 2026 with a clear competitive advantage to seize long-term value for its shareholders by leveraging its equity efficient growth strategy
Madrid, 20 January 2026 – Neinor Homes (“Neinor”) announces that, while its consolidated accounts are yet to be formulated and approved by the relevant corporate bodies, the company has sufficient visibility to confirm the fulfilment of its operational and financial targets for the seventh consecutive year. This performance has been driven by flawless operational execution, robust demand across Spain’s structurally undersupplied residential market, and Neinor’s Management Team dealmaking capabilities, which enabled the successful execution of the transformational acquisition of AEDAS Homes.
Furthermore, Neinor will publish its FY25 results on 25 February after market close.
7th consecutive year delivering on operational and financial targets with AEDAS acquisition to positively impact FY25 Net Income
During FY25, Neinor delivered and notarized approximately 2,900 housing units (2,397 units in FY24), fully in line with its targets, reflecting consistent execution across both its fully owned portfolio and its growing Asset Management business. Of the total deliveries, nearly 1,900 units corresponded to Neinor’s own portfolio, while approximately 1,000 units were delivered through Neinor’s Asset Management business.
Over the period, Neinor generated total revenues of approximately €700mn, at the higher end of its guidance (€600-700mn). Accordingly, the company confirms that it has successfully maintained a strong profitability profile with Adjusted EBITDA1 also at the higher end of its guidance (€100-110mn) and in line with sell-side consensus gathered by the company.
These figures exclude the positive impact from the acquisition of AEDAS Homes, which was executed on 22 December 2025, with Neinor acquiring a controlling stake of 79.20%. This transaction is expected to trigger a positive non-cash impact on Net Income versus guidance provided at its Strategic Plan 2023-27 of €65mn.
Commercialization activity momentum kept strong in 2025 growing +6% YoY
Commercialization activity remained highly dynamic during 2025 bringing total gross pre-sales for the year to more than 2,800 units (2,649# in 2024) with a total value of approximately €1bn (c.€840mn in 2024).
In its fully owned portfolio, Neinor achieved pre-sales of more than 1,900 housing units, with an ASP of nearly €340k per unit representing more than €650mn in future development revenues. The Asset Management portfolio accounted for nearly 30% of total pre-sales, with around 900 housing units pre-sold for approximately €330mn, implying an ASP of approximately …