Neinor Homes closed the first half of 2026 with a net profit of 14 million euros, which represents an increase of 331% compared to the same period of the previous year, driven by the purchase and integration of Aedas Homes within the group.
According to the latest income statement of the residential developer, the adjusted net profit reached 53.6 million euros, 753% more, once extraordinary items were filtered out, including the non-monetary accounting impact of 30 million euros related to the acquisition of Aedas Homes.
"This extraordinary growth was achieved despite the significant increase in financial expenses, which rose from 10 to 40 million euros as a result of the financing of the acquisition of Aedas, as well as the increase in structural expenses and the tax burden associated with the new perimeter of the group," argues the developer.
Despite the strong increase in costs, the company maintains its forecasts unchanged for the entire 2026 fiscal year, in which it expects to achieve a net profit of between 120 and 140 million euros, compared to the 123.4 million achieved the previous year, a figure that did not yet include the effect of Aedas.
The turnover stood at 680 million euros, 359% more, which represents around 40% of the target set for the entire year. Of that amount, 660 million comes mainly from the delivery of 1,565 homes, with an average selling price of 404,000 euros, while the remaining 20 million derives from commissions from the asset management business.
The gross operating result (Ebitda) rose to 119 million euros between January and June, an increase of 577% and aligned with the target of between 240 and 260 million for the total fiscal year. The margin stood at 17.5%, above the 15.8% recorded in the first half of 2025.
These figures do not include the divestment of the Río Real project, valued at 100 million euros and announced in March, whose formalization is expected for the second half of the year.
The adjusted net debt reached 1,166 million euros at the end of June, with an LTV (loan-to-value ratio) of 37.4%, practically unchanged compared to the beginning of the fiscal year. This debt position already incorporates 33 million euros corresponding to dividends still pending payment.
Commercial activity and pre-sales portfolio
In the commercial sphere, pre-sales totaled 3,000 homes in the semester, of which 1,923 belong to its balance sheet portfolio and 1,077 to the asset management business. In terms of value, the volume of pre-sales reached 1,168 million euros, with a contribution of 210 million linked to land sale operations.
At the end of June, Neinor managed a record pre-sales portfolio of 9,314 homes, which represent 3,325 million euros in future revenues. "This provides exceptional visibility on future results, with the company almost six months ahead of its sales curves," explains the developer.
The pre-sales coverage for 2026 stands at 89%, while for 2027 it already reaches 78%. "This allows Neinor to maintain a disciplined commercial strategy, focused on maximizing prices above growth in volumes," it concludes.