In May of this year, Neinor Homes completed its 10th anniversary. During these years we have delivered more than 16,000 homesof which we are very proud for our contribution to increasing the offer in Spain. Beyond all these homes, the positive impact we generate in society is very important to us: only in their construction have we We have invested more than 3,000 million euros in the economic fabric of our cities, we have created 600 direct jobs and more than 70,000 indirect jobs and we contribute more than 450 million euros in taxes and fees to the public coffers.. Furthermore, in the asset management business we have consolidated our position this year, which increases the land bank, improves the company’s metrics and contributes to the dynamism of our business at an operational level evident throughout the year.
Within the framework of our Strategic Plan 2023-27, the remuneration to shareholders It is one of the main axes. In the last two years, Neinor has already distributed 360 million euros, of which we have executed 150 million at the beginning of the year. These results show our ability to execute and our commitment as we accelerate distributions and continue to invest efficiently in business growth.
In parallel, we have made progress in a key dimension of our model: the asset Management. The integration of the joint venture con Habitat Within the planned deadlines, it consolidates an area that is already a pillar of the future for the group. In just two years, this business has become more professional, has gained scale and provides stability and recurrence, complementing our promotional activity. After two years, in first half of 2025 we conclude the sale of Neinor’s build-to-rent portfolio for around 325 million euros.
Another of this year’s milestones has been Neinor’s takeover bid for Aedas. This operation is part of the natural consolidation of a historically fragmented sector, where scale has become a necessary condition to take on large-scale projects and offer certainty in an environment where the structural housing deficit will continue to be the country’s main challenge.
To lead this transformation, financial strength is essential. Neinor has decisively reinforced its capital structure through two accelerated placements (ABB). In June, the company captured 225 million eurosin a widely oversubscribed operation to finance the takeover bid for Aedas. Added to this capital reinforcement is Apollo’s key role as financial partner of the operation, which has issued 750 million euros in senior guaranteed bonds to ensure a robust and competitive financing structure for the integration process. Then, in October, it executed a second ABB for €140 million.
Added to these initiatives is the successful extension of our green bond of 325 million euros through a private placement of an additional 100 million at a price of 102.75% and an implied yield of 4.9%. These funds allow us to have flexibility to close the Aedas operation and continue taking advantage of opportunities in 2026.
All this is being recognized by the market. The positive evolution of the share confirms that a strategy based on scale, solvency and efficiency is the one that best adapts to the current needs of the sector. At Neinor Homes, we plan to close the 2025 financial year with the delivery of some 2,000 homeswhich will generate revenues of 600–700 million euros, with an average sales price per unit of 375 to 400 thousand euros.
With these bases, we face a decisive year for the company and for the residential market as a whole. 2026 is presented as an exercise of consolidation and growth, marked by solid demand, a reinforced financial structure and a clear roadmap to continue expanding our operational capacity. The upcoming integration of Aedas will add an additional dimension to this process, allowing us to accelerate synergies and move towards an even more competitive company model.