In addition, Neinor is promoting capital efficient growth with a direct investment and co-investment plan of more than 1,000 million euros.

This strategy will allow us to optimize the balance sheet by improving shareholder returns by up to 15%

At Neinor Homes we have over-achieved the targets set out in the business plan since 2019. We have delivered 8,671 homes (+11%), generating €518 million in EBITDA (+15%) and obtaining €344 million in net profit (+23%), which has made us the most profitable developer in Spain. The company has also combined excellent operating and financial results with non-financial results.

For two consecutive years we have been selected by Sustainalytics as the developer with the best ESG ranking worldwide.

Strong fundamentals provide excellent visibility for the coming years.

Furthermore, in 2023, the Spanish residential sector is one of the most attractive and least risky in the world, benefiting from a very low level of supply. We must also add the low degree of household leverage and housing prices that are still below their pre-financial crisis level.

Despite these variables, the capital markets still do not correctly reflect the performance and solid fundamentals of the sector. This has led Spanish developers to trade at the highest discount levels in their history, thus undermining their growth potential.

 Firmly committed to optimizing our balance sheet through shareholder remuneration while launching a new line of co-investment.

In this context, Neinor Homes has decided to develop a growth strategy based on two pillars. On one hand, we will make a clear commitment to the shareholder. The company will use its privileged cash generation potential to increase dividend payments in the most attractive payout bracket, a policy that will be maintained over the coming years.

Therefore, the board of Neinor Homes has unanimously approved a strategic plan that provides for the distribution of a dividend program of 600 million euros, of which 450 million euros will be distributed over the next three years, thus accelerating the process of enhancing the value of its land bank and optimizing its balance sheet. Faced with the challenge of continuing its growth trajectory in a capital-efficient manner, Neinor has designed a powerful investment plan of more than 1,000 million euros.

To accomplish this, in addition to direct investment, we are launching a new co-investment business line for build-to-sell, build-to-rent and senior living that will allow us to grow and continue to optimize our balance sheet while improving returns. As part of this new strategy, the company is already making progress on several vehicles with different investors, both for BTS, BTR and Senior Living, which it expects to consolidate during the year.