Neinor Homes ended 2024 with a net profit of 62.4 million euros, exceeding the forecasts set out in its business plan. Although the result represents a fall of 31.7% compared to the 91.4 million recorded in 2023, the company continues with a positive balance sheet and has launched a remuneration of 125 million euros for its shareholders, advancing its goal of distributing 600 million euros in five years. To date, it has made distributions totalling 263 million euros.
Adjusted net profit, which excludes recurring expenses, amounted to 68.8 million euros, 30% less than in the previous year, but 5.9% above the forecast of 65 million euros set out in its strategic plan.
During the last financial year, the developer recorded revenues of 502.1 million euros, which represents a reduction of 15.5% compared to 2023. Despite this decline, it closed the year with a pre-sales portfolio of 3,627 units, representing 1,291 million euros in future revenues for both the company and its strategic partners.
In terms of turnover, most of the revenue came from the core development business, which contributed 488 million euros, representing 97% of the total. The Asset Management business generated EUR 10 million in fees and commissions, while rental income from its portfolio amounted to EUR 4 million.
During the year, Neinor delivered a total of 2,397 homes, of which 1,519 were for sale (BTS) and 351 for rent (BTR).
Financial results and profitability
Neinor Homes has recorded a downward trend in its net profit in recent years. In 2021, the company reached its maximum with 109 million euros, but since then it has experienced successive declines: 6% in 2022, 5% in 2023 and 31.7% in 2024, standing at 62.4 million euros at the close of the last financial year.
Gross profit reached €143m, with a margin of 28.5%, placing it above the average recorded between 2017 and 2024, which was 28.4%. And EBITDA closed at €102m, accumulating €803m over the last eight years and maintaining a profitability margin of over 20%.
During the fourth quarter, the company recorded a capital gain of EUR 8.3 million following the acquisition of 10% of Habitat, at a discount of 30% to its net asset value (NAV). In addition, Neinor's joint ventures contributed EUR 4.3 million in profits.
Investment in land and asset valuation
Neinor Homes closed 2024 with a land bank of 23,000 homes, 12,000 of which it owns, while the rest are part of its Asset Management business.
During the year, the company invested EUR 769 million in land, a figure that includes both own purchases and acquisitions through joint ventures. The gross asset value (GAV) valuation, carried out by Savills and CBRE, placed Neinor's portfolio at EUR 1,465 million at year-end.
Financial position and shareholder remuneration policy
In financial terms, the developer closed the year with adjusted net debt of EUR 238 million and record liquidity of EUR 368 million. The leverage ratio (LTV) stood at 16.2%, already considering the payment of 62.2 million euros to shareholders in January. Including the remuneration expected in March, the LTV would amount to 20.5%.
As regards shareholder remuneration, Neinor Homes has proposed the distribution of an additional 125 million euros, divided into four equal payments, which will be submitted for approval at the next general meeting. With this new remuneration, the developer will reach a total of 450 million euros distributed, which represents 75% of the five-year target and 100% of the remuneration target for 2025.
