- Strong earnings visibility for 2026-27 supported by forward sales order book, low cancellation rates and turnkey construction agreements
- Sustained commercial momentum in 1Q26, with +1,100# pre-sold for c.€450mn, while sales activity remained resilient through March despite geopolitical uncertainty
- Resilient margin outlook, with c.5% annual house price growth expected over 2026-27 to offset any cost inflation and support Neinor's track record of industry-leading profitability
- Substantial cash flow generation, with +€1,200mn of FCF expected over 2026-27 to be deployed flexibly across shareholder distributions, further growth opportunities and deleverage
Neinor Homes ("Neinor"), Spain's leading listed residential developer, today reiterated its 2026-27 guidance at its Annual General Meeting (AGM), supported by strong earnings visibility, a resilient margin outlook and robust Spanish housing market fundamentals. The company highlighted the strength of its forward sales order book, continued pricing power across its core markets and substantial cash flow generation over the period, which will support both shareholder returns and further growth opportunities. Having successfully navigated different inflationary and market environments in recent years, Neinor remains confident in its ability to protect profitability, allocate capital with discipline and continue creating value through the cycle.
Strong earnings visibility into 2026-27
Neinor enters 2026-27 with strong earnings visibility, underpinned by +75% and +65% pre-sales coverage for 2026 and 2027, 100% of deliveries already under construction through turnkey agreements and low cancellation rates. This provides a high degree of certainty over both revenues and cost execution and supports confidence in the delivery of the company's targets.
For the 2026-27 period, Neinor expects to deliver 5,000-7,000 units per year, of which c.4,000 units are expected to come from its fully owned portfolio, with the balance coming from its Asset Management business. Within the fully owned portfolio, Neinor expects an average selling price (ASP) of c.€350k per unit. In addition to development revenues, the company also expects c.€400mn of asset disposals, resulting in total revenues of €1.6-1.8bn in 2026 and €1.5-1.6bn in 2027.
EBITDA is expected to be in the range of €240-260mn in both years, while Net Income is forecast to increase from €120-140mn in 2026 to €150-170mn in 2027, mainly driven by strong underlying business margins and lower financial expenses. Accordingly, EPS is expected to reach €1.21-1.42 in 2026 and €1.52-1.72 in 2027, compared with c.€0.93 under the original 2023-27 Strategic Plan, representing an increase of c.+41% and c.+74%, respectively.
Borja García-Egotxeaga, CEO of Neinor Homes, commented: "Over the years, we have successfully navigated different inflationary and market environments while consistently protecting profitability and delivering on our targets.."
Jordi Argemí, Deputy CEO and CFO of Neinor Homes, added: "Our capital allocation framework is designed to be both disciplined and flexible. The +€1,200mn of FCF we expect to generate over 2026-27 gives us the ability to support shareholder returns."
* For the full regulatory announcement please refer to Neinor's webpage (https://www.neinorhomes.com/en/corporate/investors/market-notifications/other-relevant-information/
For more information:
NEINOR HOMES
Investor Relations Department
investor.relations@neinorhomes.com
