Neinor Homes Completes a Transformational FY25 Year and Sets Stage for Further Growth
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etc., and hashtags in Madrid, January 20, 2026 — Neinor Homes, a leading residential property developer in Spain, announced today that it has successfully completed a transformational year, meeting its FY25 operational and financial goals and positioning itself for future expansion. This accomplishment marks the seventh consecutive year the company has delivered on its targets, underscoring sustained performance in an evolving market. Neinor will publish its final FY25 results on February 25, after the market close. During fiscal year 2025, Neinor Homes delivered approximately 2,900 housing units, representing a significant achievement compared with prior years. The delivery figure includes nearly 1,900 units from the company’s own portfolio and around 1,000 units through its Asset Management business, reflecting strong execution across all operational fronts. The company recorded total revenues of approximately €700 million, which places it at the upper end of the guidance range it provided for the year. Similarly, adjusted EBITDA — a key measure of operational profitability — was also at the upper end of the guided range, demonstrating disciplined cost management and robust market demand. Neinor’s performance in FY25 confirms its ability to deliver consistent results, even as market conditions fluctuate. Management attributes this success to operational excellence, strong demand across Spain’s residential sector, and a highly engaged leadership team capable of executing complex strategic initiatives. A central highlight of Neinor’s FY25 was the strategic acquisition of a controlling stake — 79.20% — in AEDAS Homes, finalized on December 22, 2025. This transaction represents one of the most significant mergers and acquisitions in the Spanish residential property sector in decades and dramatically expands the company’s scale and long-term growth potential. The AEDAS acquisition, valued at approximately €1.8 billion, is expected to have a highly accretive effect on Neinor’s net income over time. Although this positive impact is not yet fully reflected in the FY25 figures, it is projected to deliver a significant non-cash boost compared with prior guidance. With this acquisition, Neinor now commands one of the largest development portfolios in Spain, encompassing more than 20,200 additional housing units. The deal accelerates the execution of the company’s Strategic Plan for 2023–27, enabling faster scale and increased capacity to serve diverse residential segments across key regions. Throughout 2025, Neinor Homes sustained high levels of commercialization activity. The company achieved over 2,800 gross pre-sales — a 6% increase compared to 2024 — showcasing the continued appetite for residential properties in Spain. Total pre-sales value exceeded approximately €1 billion, with an implied average selling price (ASP) well above the prior year. Specifically, pre-sales from Neinor’s fully owned portfolio amounted to more than 1,900 units, with a strong ASP near €340,000 per unit. The Asset Management segment contributed nearly 900 pre-sales with an ASP close to €370,000 per unit, highlighting strong performance across both business models. By the end of the year, Neinor had accumulated a total order book of over 3,500 pre-sold units, representing future revenues of more than €1.2 billion and reinforcing its long-term visibility. The AEDAS acquisition was not merely a scale play but a transformational milestone. It accelerates Neinor’s ability to execute its strategic ambitions across the residential market, including build-to-sell, build-to-rent, and alternative living segments such as senior living and flex dwelling concepts. As a result of the acquisition, Neinor has recalibrated its strategic expectations. Cumulative net income guidance has increased from €360 million to approximately €510 million, marking a 40% upward revision. Similarly, expected shareholder distributions have risen from €600 million to around €850 million, also up by 40%. These revisions reflect enhanced visibility and value creation potential through 2027. Moreover, the integrated portfolio now positions Neinor as one of Spain’s most diversified residential platforms. Its expanded footprint empowers the company to serve institutional capital seeking exposure to Spain’s fundamentally undersupplied housing market. Neinor’s strong operational results come amid broader positive trends in the Spanish economy. In 2025, Spain’s GDP growth outpaced the European Union average, underpinned by resilient private consumption and robust labor market gains. These macroeconomic tailwinds support housing demand and enhance consumer confidence. Spain also continues to benefit from interest rate reductions, lower leverage across households and businesses, and favorable demographic dynamics — all of which contribute to improved housing market conditions. This backdrop further strengthens the case for Neinor’s strategy and long-term opportunity. Despite these positives, challenges remain on the supply side. Housing completions fell somewhat in 2025 relative to the prior year, reflecting ongoing structural undersupply in the residential sector. The mismatch between robust demand and slower supply growth underscores the importance of developers like Neinor in bridging the gap. Since unveiling its Strategic Plan in March 2023, Neinor has materially exceeded its initial investment objectives. The original plan contemplated €1 billion in cumulative investment over five years, split between company equity and strategic partner contributions. However, thanks to the AEDAS acquisition and disciplined capital allocation, Neinor has deployed approximately €2.7 billion in capital within just three years. Of that total, over €1.95 billion has been directly invested by Neinor, while the remainder has come from strategic co-investors. This capital deployment has enabled the assembly of a high-quality portfolio encompassing more than 31,000 housing units in Spain’s most dynamic regions, enhancing growth visibility and operational scale. The company has also maintained financial discipline, deploying capital through equity-efficient strategies that prioritize return on investment without compromising shareholder value. Borja García-Egotxeaga, CEO of Neinor Homes, said the company is now Spain’s largest residential developer, operating in a market with strong macro fundamentals and enduring structural demand. He emphasized that while growth opportunities are abundant, Neinor will continue to pursue only those that deliver compelling returns for shareholders. Jordi Argemí, Deputy CEO and CFO, expressed pride in the company’s performance since the launch of its strategic plan. He highlighted that sustained execution has translated into strong shareholder value, with total shareholder returns exceeding 200% over the past three years. As Neinor enters 2026, it does so with a competitive advantage grounded in its enlarged scale, diversified portfolio, and equity-efficient growth strategy. The company remains focused on capturing opportunities in both core build-to-sell and adjacent segments such as flexible living solutions and senior housing. With strong operational momentum, favorable market dynamics, and disciplined capital allocation, Neinor Homes is poised to continue its growth trajectory while delivering long-term value for its shareholders. Neinor Homes Completes a Transformational FY25 Year and Sets Stage for Further Growth
Exceptional Delivery and Revenue Performance in FY25
Strategic Acquisition of AEDAS Homes
Maintaining Strong Commercialization Momentum
Comprehensive Strategic Advantages
Macro and Market Tailwinds Supporting Growth
Investment Track Record and Capital Deployment
Statements from Leadership
Looking Ahead: Growth Opportunities in 2026 and Beyond