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1H26 RESULTS PRESENTATION FINANCIAL RESULTS | JULY 2026
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01 _ KEY HIGHLIGHTS 02 _ RESIDENTIAL MARKET UPDATE 03 _ OPERATIONAL RESULTS REVIEW 04 _ FINANCIAL RESULTS REVIEW 05 _ KEY TAKEAWAYS 06 _ APPENDIX INDEX 2 Las Rozas Homes, Madrid 1H26 Results Presentation I July 2026
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KEY HIGHLIGHTS 3 01 _ Siscaró , Andorra (JV with Castlelake ) 1H26 Results Presentation I July 2026
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1H26 Results Presentation I July 2026 4 1H26: RESILIENT MARKET AND STRONG RESULTS AMID AEDAS INTEGRATION AND GEOPOLITICAL UNCERTAINTY Residential fundamentals and Macro strength prevail over geopolitical uncertainty A step change in scale without disruption, solid margins and stronger cash flow generation Flawless execution and business resilience amid AEDAS’ integration 01_Residential Market 03_Financial Results 02_Operational Results Reiterate guidance with increasing visibility over FY26 targets 04_FY26 Guidance
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5 1. Includes 100% of Asset Management business. 2. Annualised figure applied over units pending commercialisation on a comparable basis. 3. Adjusted for one - offs. 4. Attributable NAV. DEVELOPMENT ACTIVITY 1 FINANCIALS c.36,600# MANAGED LAND BANK 18,933# ACTIVE 9,314# ( €3.325b n) ORDERBOOK 5% HPA 2 c.23,300# FULLY OWNED LAND BANK 13,401# WIP & FP 2,392# DELIVERIES 3,000# GROSS PRE SALES €680mn TOTAL REVENUES €54mn NET INCOME 3 €1,166mn ADJ. NET DEBT €3,116mn GAV €119mn EBITDA 3 (€0.54/ sh ) EPS 3 37.4% LTV €1,811mn (€18.32/ sh 4 ) NAV 1 H 26 RESULTS : OPERATIONAL AND FINANCIAL SNAPSHOT 1H26 Results Presentation I July 2026
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RESIDENTIAL MARKET UPDATE 6 02 _ 1H26 Results Presentation I July 2026 Lunara, Cadiz
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Source: Bloomberg Consensus and INE. SPANISH MACRO REMAINS RESILIENT DESPITE HEIGHTENED GEOPOLITICAL UNCERTAINTY ▪ Despite the conflict in the Middle East, the Spanish economy has proven resilient and GDP is expected to grow 2.3% YoY ▪ Spain continues to lead GDP growth vs Eurozone (0.6%) ▪ YTD the Spanish economy has created +622k jobs - taking social security affiliates to all - time high of 22.4mn ▪ Inflation rate has accelerated to 3.2% in June mainly due to the conflict in the Middle East +2.3% YoY 2026 GDP Growth Consensus +622k Jobs Created YTD Jun - 26 22.4mn Record Social Security Affiliates Jun - 26 3.8x vs Spain vs Eurozone GDP Growth (2.3% vs 0.6%) Resilient Macro Outlook GDP Growth Consensus Comparison (%) 2.3 Spain 2.1 2.2 2.3 2.4 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 (%) 2.3 1.0 0.6 0.6 1.8 1.1 1.1 1.2 0 1 2 3 Spain United Kingdom Germany Eurozone (%) 2026 2027 1H26 Results Presentation I July 2026 7
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86% 43% 49% 73% 67% 30% 20% 40% 60% 80% 100% Dec-00 Jan-03 Feb-05 Mar-07 Apr-09 May-11 Jun-13 Jul-15 Aug-17 Sep-19 Oct-21 Nov-23 Dec-25 Spain Germany United Kingdom United States Source: OECD and INE. HOUSEHOLD BALANCE SHEETS REMAIN EXCEPTIONALLY STRONG, UNDERPINNING DEMAND RESILIENCE ▪ Household debt is currently at 43% of GDP - the lowest level in more than 20 years and amongst the lowest in Europe ▪ Mortgage Debt - to - GDP has halved since the peak and reached a record low of 30% ▪ During 1Q26 savings rate remained high at 11.3% ▪ Despite the recent increase in Euribor (+0.8pp towards c.2.9%), mortgage rates in Spain remain very competitive at 2.5 - 3.0% Household Debt at Record Lows 43% Household Debt to GDP 1Q26 30% Mortgage Debt to GDP 1Q26 - 43pp Decrease in HH Debt to GDP since Peak (2010) Household Debt - to - GDP Comparison (%) 11.3% Savings Rate 1Q26 1H26 Results Presentation I July 2026 8 Spain’s Mortgage Debt to GDP (%)
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75.8 87.3 82.4 70 75 80 85 90 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 (Thousands) Source: Neinor Homes , Fomento and IN E SUPPLY - STARVED MARKET WITH HOUSING COMPLETIONS BROADLY FLAT SINCE 2020 ▪ Despite a buoyant housing demand in recent years, housing completions in Spain remained broadly flat ▪ In Madrid, new supply has been trending downwards since 2021 (c. - 25%) due to the lack of fully permitted land in one of the most commercially dynamic markets ▪ Since 2021, Spain has accumulated a housing production deficit of 750k , illustrating the structural need for new homes ▪ In 1Q26, households rose by 56k , in line with 150 - 200k annual pace of recent years LTM Housing Completions (#) A Chronic H ousing Shortage 82k Housing Completions LTM Mar - 26 564k Peak Housing Completions 2008 - 85% vs Housing Completions Peak in 2008 +4% vs Average 2020 - 1Q26 1H26 Results Presentation I July 2026 9
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Source: Neinor Homes and Dallas Fed. SPANISH HOUSE PRICES HAVE LAGGED INTERNATIONAL PEERS, WITH REAL PRICES STILL - 21% VS 2007 PEAK ▪ Since the trough of the market in 2014, house prices grew 60% in nominal terms but only 24% in real terms ▪ Spain has not seen the price surge in other markets, as prudent bank lending policies continue to keep demand disciplined ▪ With demand resilient and supply structurally constrained, we expect house prices to continue rising over the coming years (c.5% p.a.) Nominal House Prices Comparison (2005=100) Spanish Real House Prices Remain Below GFC Levels 132 Nominal House Price Index 1Q26 86 Real House Price Index 1Q26 +10% vs Nominal Prices 2007 Peak - 21% vs Real Prices 2007 Peak 1H26 Results Presentation I July 2026 10 132 183 188 205 86 50 90 130 170 210 Mar-05 Jul-06 Nov-07 Mar-09 Jul-10 Nov-11 Mar-13 Jul-14 Nov-15 Mar-17 Jul-18 Nov-19 Mar-21 Jul-22 Nov-23 Mar-25 Spain Germany United Kingdom United States Spain’s Real House Prices
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OPERATIONAL RESULTS REVIEW 11 03 _ 1H26 Results Presentation I July 2026 Creative Homes Bulevar III, Málaga (JV with Orion)
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12 SWIFT INTEGRATION OF AEDAS COMPLETED IN JUST 4 MONTHS, WITHOUT ANY DISRUPTION IN DELIVERIES 1H26 Results Presentation I July 2026 Source: Neinor Homes. ✓ Mar - 26 Closing of the 2 nd Tender Offer over AEDAS ✓ Apr / May - 26 Key organisational changes: Operations, Investment T eam & HR ✓ Jun - 26 Integration completed without disruptions Proven M&A Playbook ▪ A step - up change acquisition increasing land bank by +60% ▪ Track record f ollowing merger by absorption of Quabit (2021) and Habitat JV (2024) Integration Derisked ▪ Took control of construction sites and commercialisation activity without any business disruption ▪ Accounting, Financing, IT Systems and Management Control fully onboarded Strengthened Operations ▪ Alberto Delgado (AEDAS) appointed as Group COO of Neinor to lead operations together with Gabriel Sánchez CBO ▪ Reinforced Investment and Corporate Teams with key personnel from AEDAS Recent months have confirmed our conservative underwriting assumptions, reinforcing confidence in target returns of + 20 % IRR and + 1.8x MOIC Record 1H26 Deliveries 2,392 1H26 5,000 - 7,000 FY26 Guidance c.40% Fulfilment
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13 MULTI - YEAR VISIBILITY WITH 2,392# ALREADY DELIVERED AND c.19,000# CURRENTLY UNDER PRODUCTION 1H26 Results Presentation I July 2026 1. For fully owned portfolio. Source: Neinor Homes. Pre - sales Coverage 1 by Delivery Year (%) 2026 89% 2027 78% Construction Coverage 1 by Delivery Year (%) 2026 100% 2027 100% ▪ Coverage ratios c.6 months ahead of business plan shifting focus from volumes towards further price increases ▪ The majority of target deliveries over 2026 - 28 are already under construction with turnkey agreements in place Active Portfolio 18,933# Under Production 2,392# Already Delivered Record Orderbook 9,314# (€3,325mn) 49% of Active Portfolio Development Status 13,401# WIP & FP 71% of Active Portfolio
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14 DEMONSTRATED CAPACITY TO ABSORB COST INFLATION THROUGH PRICING POWER AND HEALTHY AFFORDABILITY 1H26 Results Presentation I July 2026 Source: Neinor Homes and ACR Construction Cost Index. Neinor Gross Margin vs Construction Cost Inflation Construction Cost Inflation Sensitivity SELLING PRICE 100% Land, other costs & margin 55% Labour 22.5% Materials 22.5% +1pp selling price offsets +2pp total cost inflation +1pp selling price offsets +4pp materials inflation ▪ Gross margins are structurally insulated from hard cost inflation, which represents 45% of sales price ▪ Currently seeing mid - to - high single - digit cost inflation driven by materials, which a c5% price increase fully offsets 45% ▪ Despite 85% accumulated cost inflation since 2015, we have kept gross margins consistently above our 24 - 25% guidance ▪ Positive margin outlook for upcoming years as pricing power continues to fully offset cost inflation Gross Margin Outlook 27% 33% 26% 29% 27% 114 185 100 125 150 175 200 20% 25% 30% 35% 2017 2019 2021 2023 2025 Accum . Cost Inflation (2015=100) Gross Margin (%) Gross Margin (%) Accumulated Cost Inflation Inflation driven by supply chain disruptions War in Ukraine impacting gas and energy prices Inflation driven by labour costs Guidance 24 - 25%
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15 ACCELERATING EQUITY - EFFICIENT GROWTH THROUGH AN EXPANDING ASSET MANAGEMENT PLATFORM 1H26 Results Presentation I July 2026 1. Agreements closed or under binding contract and including 100% of Rio Real. Source: Neinor Homes. ▪ €162mn closed in Build - to - Sell (c.850#) of which €80mn is own equity ▪ €15mn new Flex Living project (459#) of which €7mn is own equity Corporate Transactions Granular Build - to - Sell Alternative Living & Affordable ▪ AEDAS Acquisition Team fully integrated — FTEs up threefold, expanding origination capacity and diversifying across specialised teams in Corporate Transactions, Build - to - Sell and Alternative Living & Affordable Housing ▪ Signed new Luxury segment JV with Stoneshield (c.€120mn) through the monetisation of a Strategic Asset (Rio Real), allowing us to maximise returns and accelerate cash flows Reinforcing Granular Investment Team Prioritising Balance Sheet Optimisation and Equity - Efficient Growth Through Neinor Asset Management Key Figures and Pipeline €177mn Closed YTD¹ €87mn Neinor Homes €90mn JVs +€350mn Pipeline ▪ Significant pipeline under analysis of which €150mn are granular Build - to - sell and €200mn pertain to Alternative Living and Affordable projects
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FINANCIAL RESULTS REVIEW 16 04 _ Alborán Bora, Málaga (JV with Habitat) 1H26 Results Presentation I July 2026
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17 (€ mn , unless stated otherwise) 1H26 FY26 GUIDANCE Total Deliveries (#) 2,392 5,000 - 7,000 Total Revenue 680 1, 6 00 - 1,800 EBITDA 3 119 240 - 260 Net Income 3 EPS (€/ sh ) 3 54 (€0.54/ sh ) 120 - 140 (€ 1.21 - 1.4 2 / sh ) Shareholder Remuneration 169 250 Net Debt 1,166 1,000 - 1,100 KEY CONSIDERATIONS ▪ Revenues: c.40% of FY26 target: i) Development €632mn 1 and Ancillary Divisions 2 €28mn; ii) Asset Management €20mn; excludes €100mn from Rio Real disposal ▪ Gross Profit: €187mn, maintaining s olid underlying business margins post AEDAS acquisition (27.6%) ▪ EBITDA: €119mn (17.5% margin) with tight cost control amid AEDAS' integration; includes €10mn from JV associates, mostly from ‘La Térmica ’ disposal ▪ Net Income: €54mn adjusted for one - offs (of w hich €30mn non - cash PPA) despite higher financial and tax expenses — fully on track to reach €120 - 140mn target ▪ Net Debt: Broadly flat at €1,166mn after €169mn shareholder remuneration (c.70% of FY26) and c.€200mn AEDAS stake increase; c.€ 100 mn of Apollo notes repaid ahead of schedule 4 1H26 RESULTS: STRONG START OF THE YEAR WITH SIGNIFICANT VISIBILITY OVER YEARLY GUIDANCE 1. Notarised 1,565# from the core business at an ASP of €404k/#. 2. Includes rental income, land sales, construction and othe r revenues. 3. Adjusted for one - off expenses. 4. €33mn paid after June 2026. Source: Neinor Homes. 1H26 Results Presentation I July 2026
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KEY TAKEAWAYS 18 05 _ Azure Homes, Guadalajara 1H26 Results Presentation I July 2026
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19 Strong structural fundamentals with persistent supply shortage Expect strong underlying business margins and cash flow generation Multi - year visibility with c.19,000# under production 01_Market Fundamentals 03_Cash Flow Generation 02_Reiterate Guidance Further growth ahead powered by an expanding Asset Management platform 04_Equity - Efficient Growth SUSTAINABLE GROWTH AND SUPERIOR RETURNS POWERED BY NEINOR’S EQUITY - EFFICIENT MODEL 1H26 Results Presentation I July 2026
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20 06 _ APPENDIX Sinán , Madrid 1H26 Results Presentation I July 2026
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21 (€ mn , unless stated otherwise) 2021 2022 2023 2024 2025 5 2017 - 25 1H25 1H26 Change (%) Development 1 889.2 753.6 590.7 491.8 678.3 4,961.6 139.0 660.1 375% Services 2 26.8 11.5 3.3 10.3 19.1 187.9 9.0 19.8 119% Total revenues 916.0 765.1 594.0 502.1 697.5 5,149.5 148.0 679.9 359% COGS - 671.3 - 569.6 - 420.1 - 358.9 - 509.3 - 3,695.7 - 102.7 - 492.5 380% Gross profit 244.7 195.5 173.9 143.2 188.1 1,453.8 45.3 187.3 313% Margin (%) 26.7% 25.5% 29.3% 28.5% 27.0% 28.2% 30.6% 27.6% - 3.1 pp Operating expenses - 67.0 - 40.1 - 21.4 - 25.5 - 39.1 - 308.4 - 8.8 - 38.2 332% Overheads & other - 36.2 - 30.1 - 23.2 - 26.7 6 - 37.4 - 285.8 - 16.9 - 41.0 143% Developer BTR margin 16.5 21.0 6.8 6.8 - 1.4 49.7 0.0 0.0 N.M. JV associates 0.0 0.0 0.0 4.3 0.0 4.3 - 2.1 10.6 N.M. EBITDA 158.1 146.3 136.1 102.1 110.3 913.6 17.5 118.7 577% Margin (%) 17.3% 19.1% 22.9% 20.3% 15.8% 17.7% 11.9% 17.5% +5.6 pp One - off 3 - 8.5 - 6.1 - 8.7 - 8.6 54.9 - 6.9 - 4.1 - 41.8 919% EBITDA w/ one - offs 149.6 140.2 127.4 93.5 165.1 906.7 13.4 76.9 472% D&A & other - 7.8 - 1.0 - 8.7 - 4.4 - 5.0 - 38.1 - 2.4 - 3.2 37% EBIT 141.8 139.1 118.7 89.1 160.1 868.5 11.1 73.6 565% Net financial expenses - 18.7 - 19.6 - 19.2 - 12.3 - 21.4 - 124.8 - 10.0 - 40.0 300% EBT 123.1 119.5 99.5 76.7 138.7 743.8 1.0 33.6 N.M. Corporate income tax - 20.3 - 22.9 - 8.1 - 14.4 - 15.3 - 113.3 2.2 - 19.6 N.M. Net income 102.9 96.6 91.4 62.4 123.4 630.5 3.3 14.0 331% Adj. net income 3 109.4 100.9 98.6 68.8 69.5 644.9 6.3 53.6 753% Adj. EPS 3 1.4 1.4 1.3 0.9 0.7 8.4 0.1 0.5 677% DPS 4 0.5 1.3 0.5 2.4 2.1 5.8 2.1 1.7 - 17% APPENDIX: INCOME STATEMENT 1H26 Results Presentation I July 2026 1. Development includes construction, land sales, rental property and other revenues. 2. Includes the servicing contract with Kutxabank , Renta Garantizada and Asset Management business. 3. One - offs. 4. Dividends declared. 5. Excludes AEDAS impact. 6. Includes €8.3mn from Habitat PPA. Source: Neinor Homes.
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22 (€ mn , unless stated otherwise) 2021 2022 2023 2024 2025 1H25 1H26 Change (%) Investment property 105.6 143.7 148.7 131.7 56.3 49.0 41.9 - 14% Other non - current assets 36.7 56.8 51.3 68.7 238.0 67.9 202.2 198% Deferred tax assets 98.3 94.8 105.6 93.0 152.4 95.7 143.1 50% Non - current assets 240.7 295.2 305.6 293.4 446.7 212.6 387.2 82% Inventories 1,322.7 1,129.1 1,012.4 935.7 2,470.9 943.6 2,347.4 149% Other current assets 93.7 96.6 139.2 127.8 210.4 214.8 212.8 - 1% Cash & equivalents 309.6 227.5 188.4 368.4 802.7 446.1 547.1 23% Current assets 1,726.0 1,485.8 1,340.0 1,431.9 3,484.0 1,604.5 3,107.3 94% Total assets 1,966.7 1,781.0 1,645.6 1,725.3 3,930.7 1,817.1 3,494.5 92% Equity 944.5 930.0 978.0 861.7 1,380.5 992.7 1,074.5 8% Bank borrowings 44.8 68.4 163.5 41.0 21.0 15.1 14.0 - 7% Other non - current liabilities 304.1 293.3 16.5 333.9 806.5 331.8 1,045.1 215% Non - current liabilities 348.9 361.6 179.9 374.9 827.4 346.8 1,059.1 205% Bank borrowings 213.9 128.7 220.1 153.3 419.5 158.9 415.5 161% Creditors 348.4 286.7 207.3 268.7 826.8 284.7 611.2 115% Other current liabilities 111.0 74.0 60.2 66.7 476.5 33.9 334.2 886% Current liabilities 673.3 489.4 487.7 488.7 1,722.7 477.5 1,360.9 185% Total liabilities 1,022.2 851.0 667.6 863.6 2,550.2 824.4 2,420.0 194% Shares outstanding EoP ( mn ) 80.0 80.0 75.0 75.0 98.9 90.0 98.9 10% Treasury shares ( mn ) 3.6 5.7 0.5 0.4 0.2 0.3 1.6 370% APPENDIX: BALANCE SHEET Source: Neinor Homes. 1H26 Results Presentation I July 2026
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23 (€mn, unless stated otherwise) 2021 2022 2023 2024 2025 2017 - 25 1H25 1H26 Change (%) EBT 123.1 119.5 99.5 76.7 137.2 742.3 1.0 26.4 N.M. Adjustments 50.3 14.8 19.4 22.8 - 40 . 4 157.1 12.2 75.5 521% CF from operating activities 173.5 134.3 119.0 99.6 96.7 899.4 13.2 102.0 672% Working capital change - 19.0 57.1 - 22.2 - 29.8 - 772.0 - 900.8 0.2 - 201.9 N.M. Change in inventories 136.5 147.9 26.4 41.1 - 447.9 - 400.6 - 2.1 - 113.3 N.M. Book value sold 671.3 569.6 399.6 306.4 505.7 3,619.0 95.1 490.8 416% Land acquisition - 199.2 - 30.1 - 9.3 - 93.8 - 740.0 - 1,447.8 0.0 - 204.7 N.M Capex & others - 335.6 - 391.7 - 363.9 - 171.5 - 213.6 - 2,571.8 - 97.2 - 399.4 311% Other WC change - 155.5 - 90.8 - 48.7 - 70.9 - 324.1 - 500.2 2.3 - 88.6 N.M. Net operating cash flow 154.5 191.4 96.7 69.8 - 675.3 - 1.4 13.4 - 99.9 N.M. CF from investing activities - 43.8 - 7.8 81.0 - 2.5 38.0 32.7 - 0.4 61.7 N.M. CF from financing activities - 9.8 - 134.7 - 178.3 215.6 827.5 810.7 232.5 - 50.2 N.M. Change in bank borrowing & other - 40.2 - 108.9 - 93.5 208.8 480.3 450.3 13.8 - 10.4 N.M. Change in deferred land debt 50.7 - 5.3 - 82.6 0.0 0.0 - 37.5 0.0 - 1.6 N.M Net financial costs - 18.5 - 19.6 - 5.1 0.0 0.0 46.7 0.0 - 38.2 N.M Proceeds from leasing & other - 1.8 - 0.9 2.9 6.7 347.2 351.2 218.7 0.0 - 100% FCFE 100.9 48.9 - 0.5 282.9 190.3 842.0 245.6 - 88.4 N.M. Shareholder remuneration - 81.5 - 117.0 - 35.0 - 114.1 - 154.7 - 495.6 - 155.3 - 182.1 17% Cash BoP 270.2 309.6 227.5 188.4 368.4 - 368.4 802.7 118% Net FCFE 19.4 - 68.1 - 35.5 168.8 35.5 - 90.2 - 270.4 N.M. Change in cash non - available 20.0 - 14.1 - 3.7 11.2 398.8 - - 12.6 14.8 N.M. Cash EoP 309.6 227.5 188.4 368.4 802.7 - 446.1 547.1 23% Source: Neinor Homes. APPENDIX: CASH FLOW STATEMENT 1H26 Results Presentation I July 2026
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24 (€ mn , unless stated otherwise) 2021 2022 2023 2024 2025 1H25 1H26 Change (%) Gross debt 646.7 555.6 388.0 577.7 1,726.4 511.4 1,646.3 222% Non - current liabilities 342.5 358.7 164.5 360.1 741.6 359.9 989.1 175% Bank borrowing 44.8 84.7 163.5 360.1 741.6 359.9 989.1 175% Corporate financing & other 0.0 20.0 138.9 319.1 720.6 318.9 975.1 206% Real Estate financing 44.8 64.7 24.5 41.0 21.0 41.0 14.0 - 66% Financial liabilities 297.7 274.0 1.0 0.0 0.0 0.0 0.0 N.M. Current liabilities 304.2 196.9 223.5 217.6 984.8 151.5 657.2 334% Developer loan 157.1 73.0 144.7 115.8 331.7 127.5 339.9 167% Land 34.3 11.2 18.0 37.3 35.7 37.8 47.5 25% Capex 122.8 61.8 126.7 78.5 296.0 89.7 292.5 226% Land financing 52.1 37.3 39.0 26.5 80.2 25.0 67.7 171% Corporate financing & other 95.1 86.6 39.8 75.3 573.0 - 1.0 249.5 N.M. Cash & equivalents 309.6 227.5 188.4 368.4 802.7 446.1 547.1 23% Net debt 337.1 328.0 199.7 209.2 923.7 65.4 1,099.1 N.M. Other 0.0 - 29.6 - 11.2 - 4.7 - 2.4 0.1 - 3.2 N.M. Restricted cash 40.0 25.9 22.2 33.3 203.1 268.7 70.1 - 74% Adj. net debt 377.0 324.3 210.7 237.9 1,124.4 334.2 1,166.0 249% LTV (%) 19.8% 19.0% 14.4% 16.2% 35.9% 22.9% 37.4% +14.5 pp LTC (%) 26.4% 25.5% 18.1% 22.3% 44.1% 30.9% 48.7% +17.8 pp ND/EBITDA ( x.x ) 2.4 2.2 1.5 2.3 10.3 3.4 5.5 +2.1 x.x ICR ( x.x ) 7.6 7.1 6.2 7.2 7.3 8.3 4.3 - 4.0 x.x Avg. Cost of Debt (%) 1 2.5% 4.0% 4.2% 4.1% 4.5% 4.5% 6.6% +2.1 pp APPENDIX: NET DEBT POSITION 1. Includes the impact of the interest rate cap. Source: Neinor Homes. 1H26 Results Presentation I July 2026
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3,131 237 358 12 - 656 35 3,116 GAV FY25 LfL Change Capex Investment Sales Neinor Asset Management GAV 1H26 25 APPENDIX: 1H26 GAV BRIDGE 1H26 GAV BRIDGE Source: Neinor Homes. GAV FY25 LfL Change Capex Investment Neinor Asset Management Sales GAV 1H26 1H26 Results Presentation I July 2026
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- 1,166 - 139 1,811 - 232 1,579 144 1,723 2,395 3,116 Inventory Cost GAV Net Debt WC & Other NAV Taxes NNAV DTAs outside BS Adj. NNAV 26 APPENDIX: 1H26 GAV TO NNAV BRIDGE 1H26 GAV TO NNAV BRIDGE 1. Variation vs. Dec - 25 driven by €77mn in shareholder distributions and €196mn from additional AEDAS Homes shares acquired. DTA s considered as per market standard. Source: Neinor Homes. Inventory Cost GAV Net Debt WC & Other NAV Taxes NNAV DTAs outside BS Adj. NNAV (€18. 32 / sh ) (€1 5 . 98 / sh ) (€1 7 . 43 / sh ) 1H26 Results Presentation I July 2026 1
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This Presentation has been prepared by Neinor Homes, S . A . (“Neinor”) for information purposes only and it is not regulated information or information which has been subject to prior registration or control by the Spanish Securities Market Commission . “Presentation” means this document, its contents or any part of it, as well as any oral presentation, any question or answer session and any written or oral material discussed or distributed during meetings carried out in connection with this document This Presentation may not be reproduced in any form, used or further distributed to any other person or published, in whole or in part, for any purpose without the express and prior written consent of Neinor . Failure to comply with this obligation may constitute a violation of applicable securities laws and/or may result in civil, administrative or criminal penalties . Neither Neinor nor any of its employees, officers, directors, advisers, representatives, agents or affiliates shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation . Neither this Presentation nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract or agreement . This Presentation may include forward - looking statements about revenue and earnings of Neinor and about matters such as its industry, business strategy, goals and expectations concerning its market position, future operations, margins, profitability, capital expenditures, capital resources and other financial and operating information . The words “believe”, “expect”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “will”, “may”, “should” and similar expressions may identify forward - looking statements . Other forward looking statements can be identified from the context in which they are made . These forward - looking statements are based on numerous assumptions regarding the present and future business strategies of Neinor and the environment in which Neinor expects to operate in the future . These forward - looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Neinor, or industry results, to be materially different from those expressed or implied by these forward - looking statements . Forward - looking statements should not be taken as forecasts or promises and they should not be taken as implying any indication, assurance or guarantee that the assumptions on which such forward - looking statements have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the Presentation . As a result, you should not place undue reliance on these forward - looking statements as a prediction of actual results or otherwise . The information in this Presentation, which does not purport to be comprehensive, has not been independently verified and will not be updated . The information in this Presentation, including but not limited to forward - looking statements, applies only as of the date of this Presentation and is not intended to give any assurances as to future results . Neinor expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the information, including any financial data and any forward - looking statements contained in this Presentation, and will not publicly release any revisions that may affect the information contained in this Presentation and that may result from any change in its expectations, or any change in events, conditions or circumstances on which these forward - looking statements are based or any change in whichever other events or circumstances arising on or after the date of this Presentation . Market data and competitive position used in this Presentation not attributed to a specific source are estimates of Neinor and have not been independently verified . In addition this Presentation may contain certain information in relation to other companies operating in the same sector and industry . This information has been derived from publicly - available sources and Neinor accepts no responsibility whatsoever and makes no representation or warranty expressed or implied for the fairness, accuracy, completeness or verification of such information . Certain financial and statistical information contained in this Presentation is subject to rounding adjustments . Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding . Certain management financial and operating measures included in this Presentation have not been subject to a financial audit or have been independently verified by a third party . In addition, certain figures contained in this Presentation, which have also not been subject to financial audit, may be combined and pro forma figures . The financial information contained herein may include items which are not defined under the International Financial Reporting Standards as adopted by the European Union (IFRS - EU) and which are considered to be “alternative performance measures” . Other companies may calculate such financial information differently or may use such measures for different purposes, limiting the usefulness of such measures as comparative measures . Such financial information must be considered only in addition to, and not as a substitute for or superior to, financial information prepared in accordance with IFRS - EU . IMPORTANT INFORMATION : This Presentation does not constitute or form part of any purchase, sales or exchange offer, nor is it an invitation to draw up a purchase, sales or exchange offer, or advice on any stock issued by Neinor . In particular, this Presentation and the information contained herein do not form part of or constitute (i) an offer to acquire or subscribe shares, in accordance with the Spanish Securities Market Act and its implementing regulation or (ii) an offer to purchase, sell or exchange securities, a solicitation of any offer to purchase, sell or exchange securities or a solicitation of any kind of voting rights in the United States or any other jurisdiction . The securities of Neinor have not been and will not be registered under the U . S . Securities Act of 1933 , as amended (the “US Securities Act") or the laws of any state or other jurisdictions of the United States . Such securities may not be offered or sold in the United States except on a limited basis, if at all, to Qualified Institutional Buyers (as defined in Rule 144 A under the US Securities Act, as amended) in reliance on an exemption from, or transaction not subject to, the registration requirements of the US Securities Act . The securities of Neinor have not been and will not be registered under the applicable securities laws of any state or jurisdiction of Australia, Canada, Japan or Switzerland and, subject to certain exceptions, may not be offered or sold within Australia, Canada, Japan or Switzerland or to or for the benefit of any national, resident or citizen of Australia, Canada, Japan or Switzerland . The information contained in this Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and the information does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs . You are solely responsible for forming your own opinion and conclusions on such matters and the market and for making your own independent assessment of the information included in this Presentation . You are solely responsible for seeking independent professional advice in relation to the information contained herein and any action taken on the basis of the information contained herein . No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of the information included in this Presentation . 27 DISCLAIMER
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