Neinor Homes, the leading residential property developer in Spain, reported record financial and operational results for the first half of 2026 (1H26), delivering adjusted net income of €54mn (+753% YoY) and total revenues of €680mn (+359% YoY). The strong performance, underpinned by the seamless integration of AEDAS and robust commercial activity, positions the company to meet its full-year guidance while funding significant shareholder remuneration and debt repayment.

The Madrid-based developer generated €119mn in EBITDA (17.5% margin), up 577% from the prior year period. Gross profit reached €187mn (+313% YoY), reflecting a gross margin of 27.6%. Management attributed the growth to tight cost control, with structure costs rising only 143% to approximately €40mn, well below the revenue growth rate. The Asset Management segment contributed significantly, with fee business growing 119% YoY to c.€20mn and providing an additional c.€10mn of direct EBITDA impact through joint venture associates.

Financial Performance and Cash Flow

Despite materially higher financial expenses, which increased from €10mn to €40mn due to the financing of the AEDAS acquisition, Neinor maintained strong profitability. Adjusted net debt stood at €1,166mn at the end of June, representing a loan-to-value (LTV) ratio of 37.4%. The company distributed €169mn to shareholders during the period, equivalent to a dividend per share (DPS) of c.€1.71, covering approximately 70% of its €250mn FY26 target.

Cash flow generation was sufficient to fund c.€170mn in shareholder remuneration, c.€200mn in additional investment to increase the stake in AEDAS to 97%, and c.€100mn in early repayment of Apollo debt. Of the senior secured notes, €66mn was repaid ahead of schedule, with a further €33mn pending execution. Neinor reiterated its FY26 net debt guidance of €1,000-1,100mn, implying an accelerating deleveraging trajectory.

Operational Highlights and Orderbook

Operational execution remained resilient despite geopolitical uncertainty. Neinor delivered 2,392 units in 1H26, comprising 1,690 from its fully owned portfolio and 702 from its Asset Management business. This progress keeps the company on track for its FY26 delivery target of 5,000-7,000 units. Commercial activity set new records, with 3,000 units pre-sold, generating €1,168mn in pre-sales value including €210mn from land sales.

The company’s orderbook reached an all-time high of 9,314 units valued at €3.325bn at the end of June. Pre-sales coverage for 2026 stood at 89%, while coverage for 2027 already reached 78%, allowing Neinor to prioritize price maximization over volume growth. The integration of AEDAS was completed in four months without disruption to deliveries or construction activity, with Alberto Delgado appointed as Group COO alongside CBO Gabriel Sánchez.

What the Numbers Show

The disproportionate growth in net income (+753%) compared to revenue (+359%) highlights the operational leverage achieved through the AEDAS integration. While structure costs increased, they grew at less than half the rate of revenue, expanding margins significantly. Furthermore, the ability to fund €169mn in shareholder distributions and €100mn in debt repayment while maintaining stable net debt underscores the quality of cash conversion. The equity-efficient strategy is evident in recent investments, where only €87mn of €177mn deployed came from own equity, with JV partners contributing the remainder.

Looking ahead, Neinor continues to expand its investment platform through its Asset Management arm. A new joint venture with Stoneshield Capital in the luxury segment (c.€120mn) was signed via the monetization of the Río Real asset. The company has closed or bound contracts for €177mn in investments, including €162mn in Build-to-Sell and €15mn in Flex Living. A pipeline exceeding €350mn is currently under analysis, focusing on Build-to-Sell and Alternative Living opportunities.