Neinor seals new €110mn JV, brings cash forward and improves guidance to 2028
- Asset rotation accelerates: €260mn signed YTD at a 17% premium to GAV and a 42% gross margin, including a new €110mn JV – smart capital allocation in action
- 2026 on track: Neinor confirms guidance, doubling net income and will pay the remaining c.€80mn dividend (€0.82/sh) in December, increasing shareholder remuneration to c.€280mn, all while integrating AEDAS
- 2027 raised: EBITDA up 8% to €260–280mn, net income to the high end (€160–170mn) and net debt guidance improved to €800–850mn – c.60% of the c.€250mn dividend is brought forward to 1H27
- 2028 unveiled: Backed by strong business visibility, Neinor guides to €260–280mn EBITDA, €160–170mn net income, €200–250mn of distributions and net debt down to €550–650mn, taking shareholder returns to c.€555mn (€5.71/sh) over the next two years
Madrid, 5 October 2026 – Neinor Homes ("Neinor" or the “Company”), Spain's leading residential developer, announces the acceleration of its asset rotation plan, with €260mn signed year-to-date at a 17% premium to GAV and a 42% gross margin. Despite a complex geopolitical and macroeconomic environment, this faster-than-expected execution significantly improves the Company's cash flow generation profile and de-risks its business plan, with strong visibility not only in 2026 but also over 2027–28. It also allows Neinor to accelerate its 2027 shareholder remuneration while reducing net debt and, as a result, to upgrade the guidance unveiled at its AGM in April 2026.
Acceleration in asset rotation confirms Neinor’s disciplined investment strategy
The €260mn asset rotation plan includes the sale of a €110mn land portfolio to a new joint venture (JV) with Orion Capital Managers, Neinor's largest shareholder, in which Orion holds a 90% interest and Neinor 10%. The portfolio comprises land not yet in development and not scheduled for delivery in the coming years. The transaction was awarded through a competitive process coordinated by Alantra, an independent adviser, which approached more than 30 investors. Orion submitted the most compelling offer, supported by its deep knowledge of the Spanish residential market.
Neinor monetises land at a premium to the acquisition cost of AEDAS earlier this year, retains exposure to the projects through its 10% equity stake and earns management fees and promote on top. Neinor expects to deliver at least the profits assumed in the business plan, with cash flows brought forward by more than two years. This is the same playbook executed with Joaquín Lorenzo and AXA in 2023, and earlier this year with Río Real and Stoneshield. It confirms the significant value embedded in Neinor's land bank.
In addition, as part of the €400mn asset rotation plan for 2026–27 and the land bank optimisation strategy, the Company has up to €100mn under negotiation, as it capitalises on a buoyant Spanish residential market and strong appetite from institutional investors to invest alongside Neinor.
A de-risked 2026–28 plan supports strong shareholder returns and faster deleveraging
Visibility on the business plan has improved significantly throughout the year. Neinor has an excellent forward-sold position, with a record orderbook of over €2bn and 92%, 84% and 38% of 2026, 2027 and 2028 deliveries pre-sold. Construction risk is mitigated, with turnkey contracts already in place for over 70% of 2028 target deliveries. Interest rate risk is hedged across corporate debt and development loans against Euribor above 3%. Altogether, this gives Neinor greater comfort in reiterating its 2026 guidance, lifting 2027 towards the high end of the ranges and extending visibility into 2028, while it continues to further optimise pricing, structure and financial costs.
- 2026: The closing of the Orion transaction allows Neinor to reiterate its 2026 guidance of €240–260mn EBITDA and €120–140mn net income (€1.23–1.44/sh). The notarisation of Río Real remains pending.
- 2027: With improved visibility on the business plan, Neinor raises its 2027 targets towards the high end of its April AGM guidance: €260–280mn EBITDA (previously €240–260mn) and €160–170mn net income (previously €150–170mn), or €1.65–1.75/sh.
- 2028: For the first time, Neinor extends its guidance to 2028, with targets broadly in line with 2027 (€260–280mn EBITDA, €160–170mn net income).
Shareholder distributions. Better-than-expected cash flow generation allows Neinor to increase 2026 distributions through the inclusion of the share buyback programme (1.65mn shares to be cancelled) and to bring forward c.60% of the 2027 target. In addition, given the visibility over 2028, Neinor is targeting distributions of €200-250mn in 2028, bringing total distributions over the coming two years to c.€555mn (€5.71/sh). Upcoming payments:
- 2026: The remaining c.€80mn (€0.82/sh) is expected to be paid in December.
- 2027: The first two distributions of c.€70mn (€0.72/sh) each, are brought forward to February (1Q27) and April/May (2Q27), accelerating c.60% of the €250mn annual target (€2.58/sh).
Net debt. Despite accelerating distributions, Neinor expects net debt to decline faster than previously guided. By December 2026, net debt is expected at €1,000–1,100mn, an unchanged range that now absorbs the €50mn total share buyback including management incentive plan (not included in the AGM guidance), and 100% of the full-year dividend target, a like-for-like improvement. By December 2027, net debt is expected at €800–850mn, 6% below the company compiled consensus of €881mn. For 2028, Neinor guides to net debt of €550–650mn, 16% below the consensus of €711mn.
| (€mn, unless stated otherwise) | 2026 Previous | 2026 New2 | 2027 Previous | 2027 New2 | 2028 New2 |
| EBITDA¹ | 240–260 | 240–260 | 240–260 | 260–280 | 260–280 |
| Net income¹ | 120–140 | 120–140 | 150–170 | 160–170 | 160–170 |
| EPS (€/sh)¹ | 1.21–1.42 | 1.23–1.44 | 1.52–1.72 | 1.65–1.75 | 1.65–1.75 |
| Shareholder remuneration | 250 | c.280 | 250 | 250 (accelerated) | 200–250 |
| DPS (€/sh) | 2.52 | 2.54 | 2.58 | 2.58 | 2.06–2.58 |
| Net debt | 1,000–1,100 | 1,000–1,100 | 800–900 | 800–850 | 550–650 |
1. Adjusted for one-off expenses and purchase price allocation (non-cash item). 2. Adjusted by 1.65mn treasury share cancellation
Jordi Argemí, Neinor Homes’ CEO, commented: "The challenge this year could not have been bigger: multiplying revenues, EBITDA and net income by 2x in the very same year we are integrating AEDAS. Yet, barely six months after completing the tender offer, we have de-risked our business plan at an accelerated pace and today we come to the market with a guidance upgrade, faster deleveraging than planned and accelerated returns to our shareholders. Our homework for 2026 is done. We have a very strong team, and from this position of strength we are ready to keep executing flawlessly and to go after the upsides, because complex environments also bring good opportunities."
Mario Lapiedra, CIO and Deputy CEO of Neinor Homes, added: “With this transaction we are rotating €110mn of land and while keeping a stake in the upside and earning fees as manager. By co-investing alongside Orion and remaining fully aligned as manager and shareholder in the venture, we can bring these projects forward while using our capital more efficiently. Investor decision to back this portfolio reflects the quality of the land we have assembled and the strength of our development platform. Partnerships like this one allow us to maximise ROE and grow with investors who share our long-term view of the Spanish residential market.”
For more information
NEINOR HOMES
Departamento de Relación con Inversores
investor.relations@neinorhomes.com
LLYC
Elena Torres - etorresq@llyc.global
Natalia Guerrero - natalia.guerrero@llyc.global
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