NEINOR FY25 ADJUSTED NET PROFIT HITS 70 MLN EUROS, REVENUE 697 MLN EUROS

KUALA LUMPUR, Feb 27 (Bernama) -- Neinor Homes (Neinor) reported an adjusted net profit of about 70 million euros for financial year 2025 (FY25), beating its guidance, while revenue reached 697 million euros, excluding the impact of its acquisition of AEDAS Homes. (1 Euro = RM4.57)

Earnings before interest, tax, depreciation and amortisation (EBITDA) before non-recurring items came in at 110 million euros, at the upper end of the company’s guidance range. Gross profit was 188 million euros, implying a gross margin of 27 per cent.

In a statement, Neinor said it notarised 2,901 housing units during the year, comprising 1,891 units from its fully owned portfolio and 1,010 units from its asset management business.

Neinor Chief Executive Officer (CEO), Borja García-Egotxeaga said the company has outperformed operationally, strengthened its balance sheet and completed the largest residential transaction in Spain in over a decade, creating the undisputed national champion.

Meanwhile, its Deputy CEO and Chief Financial Officer, Jordi Argemí said the company delivered at the top end of guidance and expanded its total land bank to 38,000 units, adding that the AEDAS acquisition is expected to enhance earnings visibility and dividend capacity.

Revenue from the core build-to-sell business amounted to 645 million euros, while construction and other ancillary activities generated 29 million euros. Fees from asset management totalled 19 million euros, and rental income stood at 4 million euros.

On the balance sheet, Neinor ended FY25 with adjusted net debt of 228 million euros, excluding AEDAS, corresponding to a loan-to-value ratio of 16 per cent, below its 20 per cent to 25 per cent target range.

Neinor also said its operational metrics have expanded across its land bank, portfolio under production, work-in-progress and finished units, as well as its order book, since the launch of its 2023–2027 Strategic Plan.

-- BERNAMA