Neinor Homes sets a new commercialization record in 1Q25 and announces dates for shareholder distribution of €0.41/sh

Madrid, 8 April 2025.- Neinor Homes, the leading listed Spanish residential developer, announces that during 1Q25 has pre-sold 670 build-to-sell (BTS) units, reflecting an 86% year-on-year increase. This performance was driven by the solid fundamentals of the Spanish Residential sector as well as the ramp-up of the Asset Management division, which allowed Neinor to significantly scale up units under commercialization.

In monetary terms, total pre-sales reached €246mn (€366,000 average selling price per unit), which compares with €125mn (€347,000 average selling price per unit) in the same period of last year implying a +97% year-on-year growth.

Considering only the fully owned portfolio, Neinor pre-sold 401 BTS units during 1Q25 for a total consideration of €146mn (€364,000 per unit). These figures represent a 19% year-on-year increase in volume and a 28% increase in economic value.

High visibility over FY25-26 results, supported by a solid and growing orderbook

Neinor closed the quarter managing an orderbook with 3,828 housing units worth €1,270mn (average selling price of €332,000 per unit). Of the total orderbook, Neinor’s fully owned portfolio accounts for 43% of the units (1,636) and 50% of the economic value (€638mn).

These figures provide strong visibility for deliveries in the coming years, with Neinor maintaining a healthy pre-sales coverage ratio of 76% for FY25 and 58% for FY26. On the Asset Management division, coverage ratios are even higher, at 92% and 68%, respectively, driven by a stronger forward-sold position within Habitat’s portfolio.

Since 2023, Neinor Homes distributed a total of €356mn to shareholders

Last week, at the Annual General Meeting (AGM), shareholders approved four distributions totaling €123 million (gross dividend per share of €1.64) to be executed over the next 12 months. The distributions will be made in four equal payments of €30.8 million (gross DPS of €0.41 per share), and shareholders have agreed to delegate their execution to the Board of Directors over the coming year.

Given the high visibility over FY25 results, the Board of Directors has decided to approve the first of the four payments. The distribution will take place on 14 May, with the last trading date entitled to receive the payment set for 9 May.

The payment will be executed through a capital reduction with a return of contributions to shareholders, following the same structure used in recent years. As a result, it will be subject to a 1% tax on the value of the returned contributions, which Neinor Homes will withhold, self-assess, and remit to the Bizkaia Regional Tax Authority.

Borja García-Egotxeaga, Neinor Homes’ CEO comments that: “Since 2014, the Spanish housing market has built a housing production deficit of more than 1 million homes, representing approximately 10-years of annual production at the current levels. These trends underpin our positive long-term view of the Spanish residential sector. The record commercialization figures achieved in 1Q25, as well as over the last six years, provide strong evidence of this.”

 Jordi Argemi, Neinor’s Deputy CEO and CFO says: “Today, we are announcing the first of four shareholders distributions that will take place in the next 12-months representing a yield of 13%. This shows, once again, our commitment to shareholders. We remain focused on accelerating distributions under our five-year target of €600mn, of which 59% (€356mn) has already been executed.”