Neinor Homes has announced that, although the 2024 consolidated accounts have yet to be formulated and approved by the company's corporate bodies, it has the necessary visibility to confirm its forecast of an adjusted net profit of 65 million euros. The 2024 results will be published on 25 February at the close of the market.
Regarding distributions to shareholders, the Board of Directors approved the second distribution approved at the Extraordinary General Meeting (EGM). This payment of EUR 62 million (gross DPA of EUR 0.83 per share) will be made on 14 March, with 11 March being the last trading date on which shareholders are entitled to receive this distribution. On the other hand, the first approved distribution, also of 62 million euros, will be made on 24 January, with 21 January as the last trading date to receive it.
With these payments, Neinor Homes will have distributed a total of 325 million euros to its shareholders in the last 18 months, reaching 54% of the target set in its 2023-2027 Strategic Plan. The distributions will be made by means of capital reductions with the return of contributions, subject to a 1% tax on the value of the contributions returned, which will be paid to the Bizkaia tax authorities. In addition, by 2025, Neinor expects to distribute 125 million (gross EPS of 1.67 euros per share) and, by the first quarter of 2026, it plans to reach 250 million (gross EPS of 3.33 euros per share), which will represent a return of over 20% on the current market price.
Presales reach an annual growth of +47%.
During 2024, Neinor Homes recorded pre-sales of more than 2,600 homes, with an approximate value of 840 million euros. In the build-to-sell business, pre-sales exceeded 2,100 units, with a value of 750 million euros and an average price of 350,000 euros per home, representing annual growth of 47%.
At the end of the year, the pre-sales book reached 3,600 homes and a value of 1.3 billion euros, compared to 1,283 homes and 434 million euros the previous year. This result is due to solid marketing and the growth of the co-investment business, where Habitat Inmobiliaria and the investment vehicles with Orion Capital and Axa IM Alts have made a significant contribution.
‘Looking ahead to 2025, our main objective is to continue to grow our profits while pursuing a capital efficient growth strategy. Our investment target is €140 million, leveraging on existing joint-ventures, signing new ones and resuming our own land acquisition programme,’ said Borja García-Egotxeaga, CEO of Neinor Homes.
Jordi Argemí, Deputy CEO and CFO, said: ‘We are very proud of the operational and financial results achieved in 2024, where we have taken important steps to enhance the value of our co-investment business thanks to the agreements with Bain, Avenue and Octopus. However, I would like to highlight the successful return to the fixed income markets which has allowed us to extend debt maturities, as well as providing flexibility to our capital efficient growth strategy and shareholder remuneration programme’.
