Renta 4 | According to the company’s communication to the National Securities Market Commission (CNMV), Neinor Homes has released its preliminary results for the 2025 financial year. Neinor forecasts deliveries of approximately 2,900 units (including all business lines; versus Renta 4 estimate of 1,700 units for the BTS business alone).
According to the statement, Neinor Homes would have met the upper range of its annual revenue targets (€600-700 million; versus €655.3 R4 estimate) and EBITDA (€100-110 million; versus €110.4 R4 estimate). In addition, it is noted that net profit for 2025 will be positively impacted by the acquisition of 79.20% of the share capital of AEDAS Homes.
At the operational level, Neinor would have managed, both directly and indirectly through its joint ventures and collaboration agreements, more than 2,800 pre-sales of homes for an approximate amount of €1 billion.
The company would thus close 2025 with a pre-sale book (including both its direct activity and that through third parties) of more than 3,500 homes, for a total amount of over €1.2 billion.
Assessment: We expect this news to have a positive impact on the share price, given the fulfilment of the upper range of the guidelines and the company’s operational visibility. In this regard, we should remember that the context of imbalance between supply and housing in Spain augurs well for solid pre-sale levels and product absorption ratios for Spanish developers.
The audited financial information of the Company and its group for the 2025 financial year is expected to be published on 25 February after the market closes.
We reiterate our Overweight recommendation with a target price of €20.60 per share.
