Neinor Homes forecasts strong 2026-2027

Spanish residential developer Neinor Homes expects to deliver 5,000-7,000 units annually for 2026-2027, with 4,000 units from its owned portfolio and the rest from its Asset Management business.

Neinor Homes

In addition to development revenues, the company anticipates €400 mln from asset disposals, leading to total revenues of €1.6-1.8 billion in 2026 and €1.5-1.6 bn in 2027.

EBITDA is forecast to be €240-260 mln in both years. Net profit is expected to rise from €120-140 mln in 2026 to €150-170 mln in 2027, mainly due to strong business margins and lower financial expenses.

Neinor started 2026 strongly, pre-selling over 1,100 units in the first quarter, with sales momentum remaining strong despite geopolitical uncertainties. The launch of the Río Real project in Marbella, a joint venture with Stoneshield Capital, further strengthens future earnings visibility and supports the achievement of financial targets.

Beyond 2027, Neinor benefits from long-term visibility due to a land bank of approximately 39,000 units, with 25,000 fully owned and 14,000 managed through its Asset Management business. Within its fully controlled portfolio, 12,518 units are active in various production stages, with 8,699 units either under construction or completed, ensuring future growth.

Neinor expects resilient margins for 2026-2027, based on its proven ability to maintain industry-leading profitability through various inflationary periods. The company has effectively managed labor cost inflation, supply chain disruptions, and energy cost pressures, consistently achieving gross margins above its 24-25% guidance.

Borja García-Egotxeaga, CEO of Neinor Homes, commented: “We enter this next phase with strong visibility on earnings, a high-quality land bank and a resilient operating model, which gives us confidence in our ability to sustain strong margins through the cycle and continue delivering attractive returns for our shareholders. Importantly, more uncertain market environments can also create attractive investment opportunities, and Neinor is well-positioned to pursue them with discipline.”

Jordi Argemí, deputy CEO and CFO of Neinor Homes, added: “Our capital allocation framework is designed to be both disciplined and flexible. The +€1,200mn of FCF we expect to generate over 2026–27 gives us the ability to support shareholder returns, continue deleveraging and pursue further high-return growth opportunities, all while maintaining balance sheet strength. In more uncertain environments, we often see more attractive investment opportunities, and Neinor is well positioned to act from a position of strength.”