Neinor Homes has just released the audited half-year results for the period ended June 30^th, 2018. Highlights of the quarterly results:

• Deliveries

• 2018: 4 sites/249 units delivered as projected. On track to deliver 750+ units in H2
• 2019: all 31 sites WIP progressing as per plan
• 2020: 100% of the c. 4,000 units to be delivered already in commercialization. 1,800+ of the units already have received the works’ license

• Pre-sales: 464 units / EUR 150 million pre-sold during the quarter. Pre-order book up to EUR 929 million.
• Revenue visibility:  90%+ pre-sold on remaining 2018 deliveries, c. 70% on 2019 and c. 10% for 2020
• Commercialization starts: 3,000+ started pre-sales during Q2

• Expected gross margin on WIP 28%+, above plan: the work in progress sites have a cumulative gain of gross margin of c.2% vs the target set at IPO, thanks to a continued strong HPA which more than compensate for cost pressures
• Land bank: totaling 13,500+ units, focus on maintaining top quality, efficient use of equity and optionality of strategic land
• Financials: 
• Revenues in the quarter up to c. EUR 60 million thanks to deliveries, operating EBITDA of EUR 5.3m and quarterly earnings before tax positive for the first time (EUR 2.5 million). The cumulative operating EBITDA for the 6 months ended on June 30^th was EUR 2.6m and the net income was minus EUR 8.2 million.
• The accounts were audited by Deloitte with an unqualified opinion
• Investor Days: Company will celebrate Investor Days from the 24^th to the 27^th of September. Please see more information on https://neinorhomes.com/uploads/galeria/128/V2_Save_the_date_Investor_Days_3.jpg and contact the IR team to register for one or more of the days.

Audited financial statements: Neinor Homes released its half-year audited financial accounts ahead of most of the IBEX 35 companies, in line with best practices. The Company will release within the next hour the full financial statements in the following link: https://neinorhomes.com/shareholders-and-investors/financial-information/financial-reports

Results presentation: you can find the full presentation on the following link: https://www.neinorhomes.com/uploads/informes_financieros/86/en/180723_H1_2018_Presentation_FINAL.pdf

Earnings call: Management will host a webcast to discuss the results tonight (Monday 23^rd of July) at 7pm CET. You can register and participate of the webcast through the following link: https://edge.media-server.com/m6/p/9azdzki5 . Phone access will be available for those investors willing to ask live questions during the Q&A session. Please contact the Investor Relations team to get dial-in details.