Neinor Homes, S.A.

Reported full-year 2025 revenues were close to €700 million stand-alone, or €709 million consolidated including AEDAS; EBITDA was €110 million; gross margin was 27%; and stand-alone net income was €70 million, which management said was a 7% beat versus the €65 million guidance. AEDAS contributed €12 million of revenue, about negative €1 million of EBITDA, and €52 million of non-cash net income from purchase price allocation, lifting consolidated net income to €122 million. Net debt increased to €1.1 billion and consolidated LTV was 36%, while stand-alone year-end LTV was 16% after including a €92 million dividend paid earlier in the month. Management said 2025 was the high end of the year’s guidance and reiterated that, once the tender offer is fully finalized, it will present the business plan and updated guidance at the April AGM; it also said the prior June framework targeted 20% to 30% LTV at Neinor HoldCo level and around 40% on a consolidated basis, with deleveraging expected at AEDAS.

Borja Garcia-Egotxeaga framed the quarter and year as proof of disciplined execution, saying Neinor has now delivered on operational and financial targets for seven straight years. His tone was confident and strategic: he emphasized the enlarged scale from AEDAS, a quality land bank concentrated in high-growth regions, and a structurally undersupplied Spanish housing market with resilient affordability. He repeatedly stressed that growth will be pursued with discipline and equity efficiency, not for its own sake.

Jordi Argemí focused on the mechanics of the AEDAS transaction and the financial bridge from stand-alone to consolidated results. He said Neinor closed 2025 with €70 million of stand-alone net income, €709 million of consolidated revenue including AEDAS, €110 million of EBITDA, 27% gross margin, and 36% consolidated LTV after the acquisition, while stand-alone LTV was 16% and already reflected a €92 million dividend. He also noted that the €52 million net income uplift from AEDAS is non-cash PPA/badwill accounting, and he said the group’s cash/debt priorities are now about deleveraging AEDAS, where corporate debt is around €300 million.

Analysts pressed management on 2026 starts, land acquisition plans, leverage after remaining dividends, the future gross development margin outlook for the combined platform, and whether Neinor would pursue affordable housing more aggressively. Management deferred detailed forward guidance until the tender offer is finished and said the full business plan will be presented at the April AGM, but it did say the enlarged group should deliver 5,000 to 6,000 units annually over time and that launch planning is being adjusted to that scale. On capital deployment, management said it has a pipeline of more than €500 million across build-to-sell, senior, flex, and strategic land, while also emphasizing discipline and selective use of JVs versus direct deals. In response to a webcast question about missing the squeeze-out, management said that would still be “fantastic” because control is already secured and the focus is now on operating the business, not repurchasing minority shares.