(Feb. 23, 2024) – As Spain's leading housing platform, Neinor Homes has a land bank of approximately 12,700 homes for the development of its total assets (G**) of 14500 million euros. According to Neinor's FY2023 results, it successfully delivered 2,559 homes with record profit margins, as well as gross margin and EBITDA of 29% and 23%, respectively. Adjusted net profit amounted to EUR 99 million, 10% above the market** and guidance. As a result, the above-expected cash flow has allowed the developer to complete its full-year 2023 mandate with a customer LTV of 14% (20-25% guidance).
In line with its strategic plan (2023-27), over the next 24 months, the developer expects to pay a dividend of $3 to its shareholders€2.5 billion, which corresponds to a dividend yield of +40%. The company expects to invest EUR 1 billion in new acquisitions, of which EUR 500 million is expected to be borne by new strategic partners. Neinor signed three joint venture agreements last year with renowned investors AXA, Orion and Urbanitae, raising €300 million for investment and construction and ** projects. The company aims to achieve an AUM of €500 million, and Neinor has increased its medium-term net income guidance (2027) by 10% to €80 million per annum, based on the financial contribution of this new business line.