Madrid, April 26^th, 2017.- Neinor Homes just submitted to the CNMV, the Spanish stock regulator, the results for the quarter ended March 31^st. You can download the quarterly presentation clicking HERE.

Highlights below:

• Seven land plots suitable for building c. 700 units were acquired during the quarter, for a total of EUR 51.6 million with an expected developer margin of c.20%, above target margins.
• 319 units were pre-sold during a traditionally slow quarter, for EUR 116 million. This figure reflects a year to date outperformance of expectations of 60% in volume, and 46% in units. Neinor Homes captured 4.5% house price appreciation (HPA) during the period, and the total accumulated pre-sales (order book) reached 1,511 units or EUR 483 million.
• The company successfully delivered Los Alerces in Mostoles Madrid at the expected gross margin of c. 22%. Neinor Experience, the customer-focused team in-company, managed the delivery, notarizing the development’s 40 units in 5 working days and fully attending the onboarding process of the new home-owners.
• Increased development activity with 3 sites starting construction and 7 sites launched in Q1. As at the end of the quarter 60 sites, representing almost 4,000 units, are in production.
• Reported margin for the sites under construction (WIP) stands at c. 22%, accretive to target margins.
• Ancillary businesses kept delivering cash to finance the ramp-up of developments: very strong legacy sales of EUR 57 million, 1% above book value, put the accumulated in the year 41% ahead of expectations. Servicing kept its steady pace with revenues of EUR 6.5m, and 4% ahead of expectations.

Juan Velayos, CEO of Neinor Homes, stressed that “the Company had a robust performance in the first quarter, that puts it on track to achieve the yearly target. Very strong pre-sales in a traditionally slow quarter, solid stream of acquisitions above target margins, accelerated development activity with a clear focus on margin protection, one development fully delivered, and the ancillary businesses providing steady cash flows to finance the growth”.

The Company, which trades in the Spanish stock-market since March 29^th under ticker-symbol HOME, will present its quarterly results via webcast at 18.45CET.

About Neinor Homes

Neinor Homes is the leading residential developer in Spain with the largest and best quality land bank in the country, with an investment totalling more than 1.1 billion euros. With a buildable area of approximately 1,250 km2, divided between Madrid, Catalonia, Balearic Islands, Basque country, Andalusia and Valencia.

Its 30-year track record as a residential developer took a new dimension on March 29th 2017, when Neinor Homes shares were listed on the Spanish continuous market and became the largest ever European residential developer IPO. Neinor Homes continues to drive the change in the sector basing its daily activity on three pillars: institutionalisation, product and customer.