A solid performance in FY 2019

• A profitable company: €489m revenues and €64m net income
• Guidance exceeded

1. Developer gross margin 30% v. 28% guidance
2. EBITDA adjusted €104m v. €70m+ guidance

• High visibility of cash flows and dividend through 2022: given the solid works progress and pre-sales coverage
• Strong asset base: €1,288m NAV / €16.30 NAV per share
• Dividend anticipation: Company announced the anticipation by 1 year of its first dividend: €40 million to be distributed during 2020, payable quarterly

See our FY2019 corporate video in this link https://youtu.be/Wx-bfH3ibTQ

Launching Neinor Rental

• Capturing the biggest residential opportunity: demographic shift and a big mismatch between supply and demand, providing a unique opportunity in the Private Rented Sector (PRS). With the medium-term goal of being one of the PRS market leaders.
• Neinor Rental’s seed portfolio of 1,200 units: launching a fully owned, fully bank-financed initial portfolio with attractive economics: 6-7% gross yield, 15% RoE, in 3 regions with great rental market dynamics. It represents €250+m NAV of platform valuation once stabilized.
• A flexible add-on to capture the upside for our shareholders: Neinor Rental is an add on to our core homebuilding business. We do not need to raise equity at a depressed valuation and we are keeping business plan guidance and intended dividend pay-out ratio.

Full presentation and Webcast details

Presentation: you can find the full presentation on the following link

https://neinorhomes.com/shareholders-and-investors/financial-information/financial-reports.

Webcast: Management will host a webcast to discuss the full year results tomorrow afternoon (February 27^th) at 13:00 Madrid / 12:00 London time. You can register and participate through the following link: https://edge.media-server.com/mmc/p/qrvqy65z. Phone access will be available for those of you willing to ask live questions during the Q&A session. Please contact the Investor Relations team to get dial-in details at [email protected].

General shareholder meeting – 1^st of April in Bilbao

The Board has also agreed to call for the Annual General Shareholder Meeting that will occur in Bilbao, in the Bolsa de Bilbao (Calle Jose Maria Olabarri), and is expected to take place on second call, on the 1^st of April 2020.

Post FY19 Roadshow

Management will be on the road over the next few weeks with the following schedule

• March 3^rd to 4^th in London
• March 5^th in Madrid – CEO breakfast with local investors hosted by Banco Santander
• March 9^th, 10^th and 11^th in New York, Boston and Toronto
• March 11^th and 12^th in MIPIM, France
• March 18-19 in London for the JP Morgan Small/Midcap CEO Conference and an additional day meeting investors
• March 26^th in London for the BofA Merrill Lynch European Real Estate Conference

Please get in touch with the Investor Relations team ([email protected] and [email protected]) to make sure you meet us as we travel to your city.