Interim report
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Neinor Homes, S.A. and Subsidiaries Limited Review Report Summarised Consolidated Interim Financial Statements and Interim Directors Report for the six - month period ended 30 June 202 6, prepared in accordance with International Financial Reporting Standards, together with Report on Limited Review Translation of a report originally issued in Spanish based on our work performed in accordance with the audit regulations in force in Spain and of summarised consolidated interim financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group in Spain.
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Neinor Homes, S.A. and Subsidiaries Condensed Interim Consolidated Financial Statements and Interim Management Report for the six-month period ended June 30, 2026, prepared in accordance with International Financial Reporting Standards
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ASSETS Notes 30.06.2026 31.12.2025 (*) EQUITY AND LIABILITIES Notes 30.06.2026 31.12.2025 (*) NON-CURRENT ASSETS: EQUITY: 1.049.739 1.161.864 Goodwill 4.470 4.470 Share capital 11.1 375.946 415.946 Other intangible assets 12.170 14.389 Share premium 11.1 175.908 245.903 Right-of-use assets 5.229 5.869 Legal reserve 6.293 6.293 Property, plant and equipment 6 9.349 9.422 Reserves of the Parent Company 465.424 414.107 Investment property 7 41.886 56.283 (Treasury shares) 11.3 (24.525) (4.063) Investments in associates 8 154.535 188.548 Reserves at fully consolidated companies 29.054 (52.031) Non-current financial assets 16.453 15.298 Reserves of companies accounted for using the equity method 9.217 12.459 Deferred tax assets 14.1 and 14.3 143.082 152.392 Profit/(loss) for the year attributable to the Parent Company 12.422 123.250 Total non-current assets 387.174 446.671 Value Adjustments (250) (981) Other changes in fair value (250) (981) Total equity attributable to owners of the Company 1.049.489 1.160.883 Non-controlling interests 25.017 219.616 Total equity 1.074.506 1.380.499 NON-CURRENT LIABILITIES: Provisions 5.807 11.031 Bank borrowings 13.1 14.010 20.969 Bonds and other marketable securities 13.2 974.410 716.518 Other non-current financial liabilities 5.789 8.050 Deferred tax liabilities 14.1 59.123 70.869 Total non-current liabilities 1.059.139 827.437 CURRENT ASSETS: CURRENT LIABILITIES: Non current assets held for sale 7 6.062 20.233 Non-current liabilities held for sale 7 2.198 7.482 Inventories 9 2.347.436 2.470.904 Provisions 12.1 79.374 72.406 Trade and other receivables 10 139.854 130.665 Bank borrowings 13.1 415.471 419.454 Investments in associates 8 and 16 24.294 21.643 Bonds and other marketable securities 13.2 125.315 374.947 Current financial assets 15.312 14.574 Other current financial liabilities 74.587 133.761 Tax receivables 14.1 26.010 22.015 Current trade and other payables 289.807 318.900 Prepayments 1.225 1.232 Tax payables 14.1 41.859 53.014 Cash and cash equivalents 10 547.131 802.741 Other current liabilities 9 332.242 342.778 Total current assets 3.107.324 3.484.007 Total current liabilities 1.360.853 1.722.742 TOTAL ASSETS 3.494.498 3.930.678 TOTAL EQUITY AND LIABILITIES 3.494.498 3.930.678 (Thousands of Euros) AND SUBSIDIARIES (NEINOR HOMES GROUP) NEINOR HOMES, S.A. CONSOLIDATED BALANCE SHEETS AT 30 JUNE 2026 AND 31 DECEMBER 2025 The accompanying Notes 1 to 18 are an integral part of the condensed consolidated statement of financial position as of June 30, 2026 (*) Presented for comparative purposes only
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Notes Revenues 15.1 676.656 146.216 Cost of sales (510.805) (88.084) Personnel expenses 15.2 (36.824) (23.053) Depreciation and amortisation (4.928) (2.033) Other operating losses 15.3 (56.057) (17.610) Change in trade provisions (8.193) (1.731) Other operating income 3.211 1.830 Impairment profit/(loss) on disposals of investment property and property, plant and equipment 7 (31) (4) Change in fair value of investment properties 6 y 7 1.482 (2.424) Profit / (loss) of control of subsidiaries - (255) PROFIT / (LOSS) FROM OPERATIONS 64.511 12.852 Finance revenue 7.565 3.300 Finance costs (47.407) (11.656) Change in fair value of financial instruments (179) (1.399) Share of profit/(loss) of companies accounted for using the equity method 3.2 and 8 1.932 (2.050) PROFIT / (LOSS) BEFORE TAX 26.422 1.047 Income tax (12.403) 2.205 PROFIT / (LOSS) FOR THE YEAR 14.019 3.252 Attributable to the Parent Company 12.422 3.195 Attributable to non-controlling interests 1.597 57 Earnings/(losses) per share (euros): Basic 11.2 0,128 0,043 Diluted 11.2 0,128 0,043 for the six-month period ended June 30, 2026. AND SUBSIDIARIES (NEINOR HOMES GROUP) NEINOR HOMES, S.A. CONSOLIDATED INCOME STATEMENTS FOR THE 6 MONTHS (Thousands of Euros) PERIODS ENDED 30 JUNE 2026 AND 30 JUNE 2025 (*) Presented for comparative purposes only The accompanying Notes 1 to 18 are an integral part of the condensed consolidated income statement Period ended 30 June 2025 (*) Period ended 30 June 2026
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Notes CONSOLIDATED PROFIT / (LOSS) FOR THE PERIOD 14.019 3.252 Cash-flow hedge reserve 962 374 Tax effect (231) (90) TOTAL RECOGNISED INCOME AND EXPENSE ATTRIBUTABLE DIRECTLY TO EQUITY 731 284 OTHER RECOZNIZED INCOME (EXPENSES) ITEMS NOT SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT - - ITEMS SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT - - TOTAL RECOGNISED INCOME AND EXPENSE 14.750 3.536 Attributable to the Parent Company 13.670 3.479 Attributable to non-controlling interests 1.080 57 (Thousands of Euros) The accompanying Notes 1 to 18 are an integral part of the condensed consolidated statement of recognized income and expense for the six-month period ended June 30, 2026 NEINOR HOMES, S.A. AND SUBSIDIARIES (NEINOR HOMES GROUP) CONSOLIDATED STATEMENTS OF RECOGNISED INCOME AND EXPENSE FOR THE 6 MONTHS PERIODS ENDED 30 JUNE 2026 AND 30 JUNE 2025 (*) Presented for comparative purposes only 30.06.2025 (*)30.06.2026
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Reserves Reserves at Other at fully equity method Consolidated Value Non-controlling Share Share Legal reserves of consolidated consolidated profit/loss adjustments interests Total capital premium reserve the Parent Own shares companies companies for the period equity Balance at 31 December 2024 (*) 478.302 63 6.293 47.630 (5.421) 273.514 (134) 62.008 (3.518) 2.974 861.711 Distribution of profit/loss for the period: To reserves - - - (14.447) - 63.862 12.593 (62.008) - - - Income/expense recognised in the period - - - - - - - 3.195 284 57 3.536 Incentive plan payment - - - (1.480) 789 109 - - - - (582) Dividend distribution (92.963) - - - 705 - - - - (250) (92.508) Share capital increase 77.068 151.587 - (9.238) - - - - - - 219.417 Changes in the scope of consolidation - - - (227) - 227 - - - 158 158 Other movements - - - 1.037 (905) 854 - - - - 986 Balance at 30 June 2025 (*) 462.407 151.650 6.293 23.275 (4.832) 338.566 12.459 3.195 (3.234) 2.939 992.718 Income/expense recognised in the period - - - - - - - 120.055 2.253 - 122.308 Dividend distribution - - - - - - - - - (1.451) (1.451) Incentive plan payment - - - - 1.534 - - - - - 1.534 Dividend distribution (92.208) - - 390.750 - (390.750) - - - - (92.208) Share capital increase 45.747 94.253 - (557) - - - - - - 139.443 Changes in the scope of consolidation - - - (207) - - - - - 218.128 217.921 Other movements - - - 846 (765) 153 - - - - 234 Balance at 31 December 2025 (*) 415.946 245.903 6.293 414.107 (4.063) (52.031) 12.459 123.250 (981) 219.616 1.380.499 Distribution of profit/loss for the period: To reserves - - - (1.703) - 128.195 (3.242) (123.250) - - - Income/expense recognised in the period - - - - - - - 12.939 731 1.080 14.750 Dividend distribution (4.1) (40.000) (69.995) - 54.594 - (54.594) - - - (250) (110.245) Changes in the scope of consolidation (3.1) - - - - - 7.904 - - - (196.202) (188.298) Other movements (11.3) - - - (1.574) (20.462) (420) - - - 256 (22.200) Balance at 30 June 2026 375.946 175.908 6.293 465.424 (24.525) 29.054 9.217 12.939 (250) 24.500 1.074.506 (*) Presented for comparative purposes only The accompanying Notes 1 to 18 are an integral part of the condensed consolidated statement of changes in equity for the six-month period ended June 30, 2026. NEINOR HOMES, S.A. AND SUBSIDIARIES (NEINOR HOMES GROUP) CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE 6 MONTHS PERIODS ENDED 30 JUNE 2026 AND 31 DECEMBER 2025 (Thousands of Euros)
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Notes Cash flows from/(used in) operating activities: Profit/(loss) from operations 26.422 1.047 Adjustments- Depreciation, amortisation and changes in provisions for non-current assets 4.928 2.033 Changes in other provisions 12.1 6.635 (3.691) Impairment losses and gains/(losses) on disposals of property, plant and equipment and investment property 7 31 4 Impairment adjustments to inventories and receivables 9 and 10 666 (666) Finance costs 47.407 11.656 Finance revenue (7.565) (3.300) Changes in fair value on financial instruments 179 1.399 Share of profit/(loss) of companies accounted for using the equity method 8 (1.932) 2.050 Change in fair value of investment properties 6 and 7 (1.482) 2.424 Provisional bargain purchase gain 5 26.662 - Gain/(loss) on loss of control of interests in Group companies - 255 Increase/(Decrease) in current assets and liabilities: Inventories 9 94.237 (2.062) Trade and other receivables 10 9.420 (22.497) Current trade and other payables (54.367) (37.275) Other current and non-current assets and liabilities (16.391) 42.110 Income tax paid 14.1 (13.997) 13.200 Total net cash flows from operating activities (I) 120.853 6.687 Cash flows from/(used in) investing activities: Payments for the acquisition of intangible assets and property, plant and equipment (1.540) (1.369) Payments for other financial investments 8 (1.157) (6.645) Payments for investments in associates 8 (5.619) - Loans granted to associates 7 (7.045) - Proceeds from disposals of investment property 29.563 287 Proceeds from other financial investments and finance income 8 7.565 3.300 Proceeds from disposals of investments in associates 8 22.132 - Repayment of loans granted to associates 8 16.176 - Dividends received 1.650 4.000 Total net cash flows from investing activities (II) 61.725 (427) Cash flows from/(used in) financing activities: Capital increase - 228.655 Proceeds from financial debt 13.1 and 13.2 318.954 48.128 Repayment of financial debt 13.1 and 13.2 (329.334) (34.329) Interests paid and financial debt expenses (49.535) (9.918) Transactions with treasury shares and other equity transactions 3.1 and 11.3 (208.760) (582) Dividends distribution 4.1 (169.513) (154.732) Total net cash flows from financing activities (III) (438.188) 77.222 Net increase/(decrease) in cash and cash equivalents (I+II+III) (255.610) 83.482 Cash and cash equivalents as of December 31, 2025 802.741 368.430 (-) Cash and cash equivalents of non current assets held for sale - (5.818) Cash and cash equivalents at end of year 547.131 446.094 The accompanying Notes 1 to 18 are an integral part of the consolidated statements of cash flows for the period of six months ended June 30, 2026. NEINOR HOMES, S.A. AND SUBSIDIARIES (NEINOR HOMES GROUP) (Thousands of Euros) CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE 6 MONTHS PERIODS ENDED 30 JUNE 2026 AND 30 JUNE 2025 (*) Presented just for comparative purposes. 30.06.2025 (*)30.06.2026
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-2 - Translation of condensed consolidated interim state ments originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group in Spain (see Not es 1 and 18). In the event of a discrepancy, the Spani sh-language version prevails. Neinor Homes, S.A. an d Subsidiaries Neinor Homes, S.A. and Subsidiaries Notes to the summarised consolidated Interim Financial Statements for the period ended 30 June 2026 1. Nature and Business of the Parent Company Neinor Homes, S.A. (hereinafter, “the Parent Compan y”) is a corporation incorporated in Spain in accordance with the Spanish Companies Act. On March 1, 2017, the Company was reorganized as a public limited company (Sociedad Anónima) in preparation f or its listing on the stock exchanges of Bilbao, Madrid, Barcelona, and Valencia. The Company’s corp orate purpose, as set forth in its bylaws, is the promotion, management, and development of all types of real estate and urban development operations. Some of the group’s companies are engaged in the le asing of real estate on their own account, as well as the sale of leased properties, where applicable, on ce the minimum retention period has elapsed in accordance with the regulations to which they have adhered (residential leasing entities), and the development of any real estate and urban planning a ctivities that are analogous to or related to renta l properties. On October 20, 2023, the Board of Directors approved the change of the company’s registered office from Calle Ercilla 24, Bilbao (Vizcaya) to C alle Henao 20, Bilbao (Vizcaya), and the Group has been conducting its activities in Spain until the acquis ition on December 22, 2025, of the Aedas Homes, S.A . group, which operates in certain additional foreign jurisdictions. The articles of incorporation and o ther public information regarding the Company may be consulted on the website: www.neinorhomes.com and at its registered office. In addition to the operations it carries out direct ly, the Parent Company is the parent of a group of subsidiaries with the same corporate purpose, which together with it constitute the Neinor Homes Group (hereinafter, the “Group” or the “Neinor Homes Group”); its shares were admitted to trading on the official secondary market during the 2017 fiscal year. Conse quently, the Parent Company is required to prepare, in addition to its individual annual financial stat ements, the Group’s consolidated annual financial statements, as well as semiannual financial reports for both the Parent Company and the consolidated Group, in accordance with the provisions of Royal D ecree 1362/2007, of October 19, which implements Law 24/1988, of July 28, on the Securities Market, regarding transparency requirements concerning information on issuers whose securities are admitte d to trading on an official secondary market or on another regulated market within the European Union. On March 29, 2017, the parent company’s shares were admitted to trading on the Madrid, Barcelona, Bilbao, and Valencia stock exchanges. Neinor Homes has been part of the Ibex Small Cap since December 13, 2022, a stock market index compiled by Bolsas y Mercados Españoles (BME) that groups the most important listed companies after the IBEX 35. Since September 2024, it has also been part of the Ibex ESG. On December 22, 2025, the Group acquired control of Aedas Homes through a tender offer conducted by its subsidiary Neinor DMP Bidco, S.A.U. Subsequently, on March 5, 2026, the CNMV announced the results of the second mandatory tender offer made by Neinor DMP Bidco, S.A.U., following which its stake rose to 96.83% of the share capital, as a result of the acceptance of 17.63% of the shares targeted by this se cond offer (Note 3.1). Since then, Neinor DMP Bidco, S.A .U. has acquired additional shares, reaching a 97.9 0% stake in the share capital as of June 30, 2026. Giv en the scale of the transaction, this acquisition h as
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-3 - resulted in a significant change in the financial s tructure of the Neinor Homes Group. Consequently, t he condensed consolidated interim financial statements as of June 30, 2026 show significant changes in certain balance sheet figures, which must be interp reted in light of the change in the structure and s cope of consolidation resulting from the aforementioned transaction. The Group’s consolidated annual financial statement s for fiscal year 2025 were approved by the Parent Company’s General Shareholders’ Meeting on April 8, 2026. The euro is the currency in which the condensed consolidated interim financial statements are presented, as it is the functional currency in the environment in which the Group operates. 2. Basis of Presentation of the Consolidated Summar y Half-Year Financial Statements 2.1 Basis of Presentation In accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of July 19, 2002, all companies governed by the law of a European Union member state, and whose securities are listed on a regulated market in any of the member states, must present their consolidated annual financial statements for fiscal years beginn ing on or after January 1, 2005, in accordance with International Financial Reporting Standards (herein after, IFRS) that have been previously adopted by the European Union. Likewise, the Group’s consolidated financial statements for fiscal year 2025 were prepared on February 25, 2026, by the Board of Directors of the Parent C ompany in accordance with the International Financial Reporting Standards adopted by the Europe an Union, applying the consolidation principles, accounting policies, and valuation criteria describ ed in Note 4 to the financial statements of said consolidated annual financial statements, so as to present a true and fair view of the Group’s consolidated equity and consolidated financial posi tion as of December 31, 2025, as well as the consolidated results of its operations, changes in consolidated equity, and consolidated cash flows for the fiscal year ended on that date. These interim condensed consolidated financial stat ements are presented in accordance with IAS 34, Interim Financial Reporting , and were prepared by the Group’s management on Ju ly 27, 2026, in accordance with the provisions of Article 12 of Royal Decree 1362/2007. In accordance with IAS 34, the interim financial in formation has been prepared solely for the purpose of updating the content of the Group’s most recent consolidated annual financial statements, highlighting new activities, events and circumstances that have occurred during the interim period and avoiding duplication of information previously disc losed in the consolidated annual financial statements for the year ended December 31, 2025. Th erefore, to properly understand the information included in these interim condensed consolidated fi nancial statements, they should be read in conjunction with the Group’s consolidated annual fi nancial statements for the year ended December 31, 2025. The accounting policies and methods used in the preparation of these interim condensed consolidated financial statements are the same as those applied in the consolidated annual financial statements for the year ended December 31, 2025.
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-4 - 2.2 Adoption of International Financial Reporting Standards New Standards, Amendments, and Interpretations Mand atory for the 2026 Fiscal Year During the six-month period ended June 30, 2026, th e following mandatory standards and interpretations, as adopted by the European Union, became effective. Where applicable, the Group has applied them in the preparation of these interim co ndensed consolidated financial statements; however, their application has not had a material i mpact on the Group’s condensed consolidated interim financial information. Approved for use in the European Union Mandatory application for fiscal years beginning on or after: Amendments Amendment to IFRS 7 and IFRS 9—Classification and Measurement of Financial Instruments This amendment clarifies the criteria for classifying certain financial assets, as well as the criteria f or derecognizing financial liabilities settled through electronic payment systems. Additionally, it introduces additional disclosure requirements. January 1, 2026 Amendment to IFRS 7 and IFRS 9 – Contracts Referring to Electricity Depending on the Nature of the Contract This amendment clarifies how to account for electricity contracts, distinguishing between purchase/sale contracts and those that must be recognized as financial instruments. January 1, 2026 Annual Improvements (Vol. 11) The purpose of these im provements is to enhance the quality of the standards by amending existing IFRSs to clarify or correct minor aspects. January 1, 2026 The Group has applied the aforementioned standards and interpretations since their effective date of January 1, 2026. The adoption of these standards and interpretations has not had a material impact on the Group’s accounting policies, as it does not engage in material transactions in currencies other than the euro. Accordingly, no additional disclosures are required in these interim condensed consolidated financial statements. New Standards, Amendments, and Interpretations Mandatory for Financial Years Beginning on or After January 1, 2027 As of the date of preparation of these consolidated condensed interim financial statements, the following standards and interpretations had been pu blished by the IASB but had not yet become effective, either because their effective date is a fter the date of the consolidated annual financial statements or because they are not applicable to th e Group: Approved for use in the European Union Mandatory application for fiscal years beginning on or after: New Standards— IFRS 18 – Presentation and Disclosures of Financial Statements. Establishes the requirements for the presentation and disclosure of financial statements, thereby replacing IAS 1, which is currently in effect. January 1, 2027
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-5 - Not approved for use in the European Union Mandatory application for fiscal years beginning on or after: Standards— IFRS 19 – Disclosures for Subsidiaries Not Subject to Public Accounting Standards. Specifies the disclosures that a subsidiary may optionally include when issuing its financial statements. January 1, 2027 IFRS 20 – Regulatory Assets and Liabilities The objective of this new standard is to establish specific requirements for recognition, measurement, presentation, and disclosure for entities subject to rate regulation, requiring the recognition of regulatory assets and liabilities arising from temporary differences between services rendered and amounts recovered through regulated rates. January 1, 2029 Amendments and/or Interpretations— Amendments to IFRS 19 – Disclosures for Subsidiaries Not Subject to Public Accounting Simplifies disclosure requirements, facilitating the preparation of financial statements for these entities January 1, 2027 Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates: Translation into a Hyperinflationary Presentation Currency Clarifies how an entity must translate its financial statements when the presentation currency is hyperinflationary, even if the functional currency is not January 1, 2027 For standards issued but not yet effective, the Gro up has performed a preliminary assessment of the impacts that their adoption may have once they become effective. As of the date of preparation of these interim condensed consolidated financial statements , the Group considers that the application of these standards will not have a material impact, wi th the exception of IFRS 18, for which the Group is continuing to perform a detailed assessment of the impacts that its adoption may have on the presentation of the condensed consolidated income s tatement, the condensed consolidated statement of cash flows, the alternative performanc e measures ("APMs") used by the Group, and the disclosures in the interim condensed consolidated f inancial statements. 2.3 Responsibility for the Information and Estimate s Made The consolidated results and the determination of c onsolidated equity are sensitive to the accounting principles and policies, valuation criteria, and es timates applied by the Directors of the Parent Company in preparing the interim condensed consolid ated financial statements. The principal accounting principles and policies and valuation cr iteria are set forth in Note 4 to the consolidated annual financial statements for the year ended Dece mber 31, 2025. The preparation of the interim condensed consolidated financial statements requires the Directors and senior management of the Parent Company and the con solidated entities to make estimates and assumptions in order to determine the carrying amou nts of certain assets, liabilities, revenue, expenses, and commitments recognised in the financial statements. These estimates, which are based on the best information available, primarily relate to:
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-6 - 1. The fair value of the Group’s real estate assets. To determine the fair value of the Group’s real estate assets, the Group engaged independent external valuation experts to perform appraisals as of June 30, 2026, and prepared the sensitivity analysis rel ating to the key assumptions underlying those appraisals (Notes 7 and 9). 2. The assessment of expected losses on certain financial assets (Notes 8 and 10). 3. The useful lives of intangible and tangible assets (Note 6). 4. The determination of the probability and quantifica tion of the amount of contingent assets, provisions, and contingencies in general, associated with legal disputes and/or tax matters in favor of and/or against the Group (Note 12.1). 5. The recoverability of deferred tax assets (Notes 14.1 and 14.3). 6. The valuation of long-term obligations arising from employee incentive plans (Note 11.4). 7. Compliance with the terms and conditions, and in particular with the covenants of certain financing received (Note 13.3). 8. The measurement of derivative financial instruments and their classification as hedge accounting (Note 13). 9. The corporate income tax expense, which, in accorda nce with IAS 34, is recognized in interim periods, is estimated based on the current tax rate applicable to the Group’s companies, taking into account the tax groups headed by Neinor Homes, S.A. and Neinor Península, S.L.U., in accordance with the provisions of Article 99.2 of Provincial R egulation 11/2013, dated December 5, and the Special Tax Consolidation Regime, regulated in Chap ter VI of Title VII of Law 27/2014, dated November 27, respectively, on Corporate Income Tax (Note 14). Although the estimates described above have been ma de based on the best information available at the reporting date, future events may require those estimates to be revised (either upwards or downwards). Any such revisions would be accounted f or prospectively, in accordance with IAS 8, Accounting Policies, Changes in Accounting Estimate s and Errors, by recognising the effects of the change in estimate in the consolidated income statement in the period(s) in which they arise. Given the inherent uncertainty associated with estimates base d on future expectations in the current economic environment, actual results may differ from those e stimated. The significance of these estimates should be considered when interpreting these interi m condensed consolidated financial statements, particularly in relation to the Group’s real estate assets (Notes 7 and 9) and deferred tax assets at June 30, 2026 (Notes 14.1 and 14.3). During the six-month period ended June 30, 2026, th ere were no significant changes to the methodologies applied in preparing the estimates used at December 31, 2025.
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-7 - 2.4 Contingent Assets and Liabilities Notes 17 and 22 to the Group’s consolidated financi al statements for the year ended December 31, 2025, provide information on guarantees granted to third parties and contingent liabilities outstandin g as of that date, as well as the related liabilities recognised in the consolidated statement of financ ial position. During the six-month period ended June 30 , 2026, there were no significant developments in relation to the litigation or tax assessments under appeal, nor were there any changes in applicable case law that would require the Group to reassess those matters as of December 31, 2025. As of June 30, 2026, the Group had guarantees outst anding amounting to EUR 480,654 thousand (EUR 554,992 thousand as of December 31, 2025), of which EUR 135,698 thousand primarily related to guarantees provided to various municipalities in co nnection with the development of real estate projects (EUR 168,655 thousand as of December 31, 2 025), and EUR 344,956 thousand related to guarantees provided to customers in respect of advance payments received (EUR 343,099 thousand as of December 31, 2025). In addition, since 2019, the directors of the Parent Company have provided a guarantee of EUR 3 million to the Spanish Tax Agency in connection with tax assessment notices issued during a tax audit of Neinor Península**,** S.L.U. (Note 14.2). Furthermore, as of June 30, 2026, the Group held gu arantees received from suppliers and contractors amounting to EUR 111,898 thousand (EUR 152,487 thou sand as of December 31, 2025) to secure the proper performance of the related construction cont racts. In certain cases, suppliers have agreed to the retention of amounts due to them as contractual security—in some cases, following claims received from third parties—in lieu of providing ba nk guarantees in favor of the Group, in accordance with the terms of the relevant contracts. 2.5 Cash Flow Restrictions In accordance with Law 20/2015 of July 14, advance payments received from customers must be deposited in special accounts, separate from the Gr oup’s other funds, and may only be used to meet the obligations arising from the construction of th e corresponding developments. The balance subject to this restriction amounted to EUR 64,937 thousand as of June 30, 2026 (EUR 84,970 thousand as of December 31, 2025). This amount differs from the ad vance payments received from homebuyers because it is presented net of the amounts applied to fund construction progress payments relating to the developments to which those advance payments re late. In addition, the Group’s cash position includes the following restricted balances as of Ju ne 30, 2026: EUR 3,063 thousand held as collateral for technical guarantees (EUR 3,063 thousand as of December 31, 2025) and EUR 2,137 thousand held as collateral for the repayment of debt related to developments under construction (EUR 2,759 thousand as of December 31, 2025). Accordingly, the total amount of restricted cash amounted to EUR 70,137 thousand as of that date. 2.6 Comparison of Information The information contained in these interim condense d consolidated financial statements for the six- month period ended June 30, 2026 is presented solel y for comparison with the information relating to the six-month period ended June 30, 2025. However, the comparability of the condensed consolidated income statement for the six-month period ended June 30, 2026, is affected by the completion of the tender offer for Aedas Homes, S.A. on December 22, 2025 (Note 3.1), which resulted in AED AS Homes, S.A. being included in the scope of consolidation from the acquisition date, when contr ol was obtained. Consequently, the revenues, expenses, and results of the Aedas Homes, S.A. subg roup are included only from the acquisition date, which should be taken into consideration when analy sing the Group’s performance and the comparability of the results presented in these int erim condensed consolidated financial statements.
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-8 - 2.7 Seasonality of the Group’s Operations Given the nature of the activities carried out by the Group’s companies, the Group’s operations are not subject to significant cyclical or seasonal fluctua tions. Accordingly, no specific disclosures in this respect are included in these notes to the interim condensed consolidated financial statements for the six-month period ended June 30, 2026. 2.8 Materiality In determining the information to be disclosed rega rding the various items in the financial statements and other disclosures, the Group, in accordance wit h IAS 34, has taken into account materiality in relation to the interim condensed consolidated fina ncial statements for the six-month period. 2.9 Correction of Accounting Errors In preparing the interim condensed consolidated fin ancial statements for the six-month period ended June 30, 2026, no errors were identified that would have required the restatement of the amounts included in the consolidated annual financial statements for the year ended December 31, 2025. 2.10 Consolidated Summary Statement of Cash Flows In the condensed consolidated statement of cash flo ws, prepared using the indirect method, the following terms are used with the meanings set forth below: 1. Cash flows: inflows and outflows of cash and cash e quivalents, which are defined as short-term investments with high liquidity and low risk of changes in value. 2. Operating activities: activities typical of the ent ities comprising the consolidated Group, as well as other activities that cannot be classified as investing or financing activities. 3. Investing activities: the acquisition, disposal, or other transfer of long-term assets and other investments not included in cash and cash equivalen ts, provided that such activities have a direct impact on cash flows. 4. Financing activities: activities that result in cha nges in the amount and composition of equity and liabilities that are not part of operating activiti es, provided that such activities have a direct imp act on cash flows. There are no significant non-cash transactions rela ted to operating, investing, and/or financing activities that, because they did not result in changes in cash, have not been included in the statement of cash flows and must be reported separately, exce pt for the subrogations of developer loans (Note 13.1). 2.11 Subsequent Events Between June 30, 2026 and the date of preparation o f these interim condensed consolidated financial statements, the Board of Directors of the Parent Co mpany is not aware of any significant subsequent events that would materially affect these interim c ondensed consolidated financial statements or the information contained therein.
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-9 - 2.12 Current and Non-Current Classification The Group has classified its assets and liabilities as current or non-current based on the normal operating cycle of its activities. Trade receivable s and other financial assets forming part of the operating cycle, whose collection is expected to oc cur after more than twelve months, are classified as current assets provided that they are considered part of the Group’s normal operating cycle, irrespective of their contractual maturity. Otherwi se, they are classified as non-current assets. The same applies to liabilities arising from the operating cycle or whose settlement is expected to be made using current assets, which are classified as curre nt liabilities. The current assets and liabilities expected to be realised or settled after more than twelve months but classified as current are as follows: EUR thousand 06/30/2026 12/31/2025 Long-cycle inventory 902,713 1,089,498 Trade receivables and other accounts receivable (Note 10) 39,651 27,848 Current financial assets 773 773 Total current assets 943,137 1,118,119 Debts to financial institutions (related to long-cycle inventory) 264,611 127,773 Other current liabilities (*) 153,641 67,462 Total current liabilities 418,252 195,235 (*) This balance includes all customer prepayments received on account of future deliveries of long-cycle inventory. 3. Changes in the Group’s Composition The consolidation principles used in preparing these interim condensed consolidated financial statements are consistent with those used in preparing the con solidated annual financial statements for the year ended December 31, 2025. Appendix I to the consolidated annual financial sta tements for the year ended December 31, 2025, provides relevant information on the Group companie s included in the scope of consolidation as of that date. 3.1. Tender Offer for the Aedas Homes, S.A. Group Throughout 2025, the Neinor Homes Group carried out a strategic transaction aimed at acquiring control of AEDAS Homes, S.A., which resulted in a significa nt change in the Group’s financial structure and wa s intended to combine both groups to create a leader in the residential development sector in Spain with greater scale and the ability to respond to market demand. Voluntary Tender Offer (Initial Tender Offer) On June 16, 2025, the Neinor Group, through its sub sidiary Neinor DMP Bidco, S.A.U., announced a voluntary tender offer for 100% of the outstanding shares of AEDAS Homes, S.A. The initial offer price was set at EUR 24.485 per share, equivalent to approxim ately EUR 1,070 million. Following the dividend distribution approved by the General Shareholders’ Meeting of AEDAS Homes, S.A. on July 9, 2025 (see Note 14.8), the offer price was adjusted to EUR 21.335 per share, implying a maximum cash consideration of approximately EUR 932 million for the Neinor Gro up
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-10 - The National Securities Market Commission (CNMV) ac cepted the tender offer application for processing on July 21, 2025. On November 26, 2025, the CNMV authorized the initial tender offer, with an acceptance period running from November 27 to December 11, 202 5. The initial voluntary tender offer was accepted by shareholders representing 79.20% of the outstand ing shares, including the stake held by Castlelake, the then majority shareholder of the AEDAS Homes Gr oup. On December 22, 2025, Neinor DMP Bidco, S.A.U. comp leted the voluntary tender offer, acquiring 34,610,761 shares of AEDAS Homes, S.A., representing 79.20% of the issued share capital. As of that date, Neinor DMP Bidco, S.A.U. obtained control of AEDAS Homes, S.A. Subsequent Mandatory Tender Offer Since the initial tender offer did not achieve acce ptance by holders of 50% of the minority shareholdi ng and the price was not considered to be a "fair pric e" under applicable regulations, Neinor DMP Bidco, S.A.U. was required to launch a subsequent mandator y tender offer addressed to the remaining shareholders. This mandatory tender offer was launc hed at a price of EUR 24 per share, covering a maximum of 9,089,239 shares. The CNMV accepted the application for processing on December 23, 2025, and authorized the offer on January 28, 2026. The acceptance period for minorit y shareholders ran from January 30 to February 27, 2026. Additionally, on February 2, 2026, the Board of Directors of AEDAS Homes, S.A. issued a report expressing a favourable opinion on the mandatory te nder offer. On March 5, 2026, the CNMV announced the result of the second mandatory tender offer made by Neinor DMP Bidco, S.A.U. for the shares of AEDAS Homes, S.A. As a result of this transaction, Neinor DMP Bidc o, S.A.U. acquired an additional 7,703,747 shares, rep resenting 17.63% of the shares targeted by the offe r, at a price of EUR 24 per share, thereby increasing its ownership interest to 96.83% of the issued shar e capital. The additional investment amounted to EUR 184,890 thousand and was fully settled during March 2026, of which EUR 7,615 thousand related to the ac quisition of treasury shares of AEDAS Homes, S.A. Subsequent thereto, the Group acquired additional shares of AEDAS Homes, S.A. for a total of EUR 11,023 thousand, increasing its ownership interest to 97.90% as of June 30, 2026. Since the Group already exercised control over AEDA S Homes, S.A. as of December 31, 2025, the aforementioned additional share acquisitions have b een accounted for as transactions with non- controlling interests. Consequently, the positive d ifference between the carrying amount of the non- controlling interests acquired and the consideratio n paid, amounting to EUR 7,904 thousand, has been recognised directly in equity under the “Reserves in fully consolidated subsidiaries” line item in the interim condensed consolidated statement of financial posit ion as of June 30, 2026. Additionally, the Group recognised expenses totaling EUR 1.8 million direct ly against equity, corresponding to incremental cos ts directly attributable to this transaction with non- controlling interests, as they relate to a transact ion involving equity instruments, in accordance with ap plicable accounting standards. As of the date of preparation of these interim cond ensed consolidated financial statements, the Group continues to finalize the purchase price allocation ("PPA") of AEDAS Homes, S.A. within the one-year measurement period provided for under IFRS 3. Conse quently, the provisional purchase price allocation may be subject to change upon completion of that pr ocess.
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-11 - Change in the Fiscal Year and the Board of Director s The extraordinary general meeting of shareholders of AEDAS Homes, S.A., held on April 14, 2026, approved the appointment of new directors, resulting in chan ges to the composition of its Board of Directors. A t the same meeting, the shareholders’ meeting approved a change to the Company's financial year, which, until that date, had run from April 1 to March 31, in order to align it with the calendar year and that of the Neinor Homes Group. Pursuant to this resolution, the Compa ny's financial year will henceforth begin on Januar y 1 and end on December 31 of each year. In addition, a transitional provision was approved whereby the financial year beginning on April 1, 2026, will be a short financial year, ending on December 31, 2026. 3.2. Changes in the Scope of Consolidation Additions to the scope of consolidation On March 30, 2026, the Parent Company acquired a 30 % interest in NSS JV Río Real Investment, S.L., a company incorporated on February 6, 2026, through a capital contribution of EUR 900, which was fully paid up. The remaining 70% of the share capital is owned by GS Vasa Invest, S.L.U., a company wholly owned by funds managed by Stoneshield GP S.à r.l., which is part of the same group as Stoneshield Holding, S .à r.l. (“Stoneshield”). The purpose of this investment is to develop, through a joint venture (“JV”), a high-end residential real estate project in Marbella (Spain). Likewise, on the same date, the subsidiary Neinor P enínsula, S.L.U. entered into a purchase and sale agreement with NSS JV Río Real Investment, S.L., pu rsuant to which—subject to the prior satisfaction o f certain conditions precedent customary in urban dev elopment transactions, namely the final approval of the Land Readjustment Project and the Urban Develop ment Project for the sector—it has committed to acquiring certain urban properties located in Marbe lla. The transaction price amounts to EUR 99,575 thousand, of which EUR 14,936 thousand—equivalent t o 15% of the agreed purchase price—had been advanced as of June 30, 2026. Of this amount, EUR 4 ,481 thousand corresponds to Neinor Homes, S.A.’s proportional interest in the associate. This amount is held in a notary’s escrow account and will be released upon the execution of the public deed of s ale, once the conditions precedent set forth in the contract have been fulfilled. The transaction is considered a related-party trans action because certain members of the Group’s Board of Directors hold an interest in Stoneshield Capita l, the entity that exercises control over and holds a majority interest in the aforementioned associate. Additionally, Stoneshield Capital is controlled by Stoneshield Holding S.à r.l., which, as of June 30, 2026, indirectly held 18.627% of the voting rights of Neinor Homes through Stoneshield Southern Real Estate Holding II S.à r.l. (Notes 16 and 17).
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-12 - Exits from the Consolidated Financial Statements On June 29, 2026, the Group completed the disposal of its entire 20% interest in the share capital of Nueva Marina Real Estate, S.L. to a third party, together with the other partners of the associate. The consideration for the transferred interest amounted to EUR 21,936 thousand, of which EUR 15,936 thousand was received at closing, while the remaining EUR 6,000 thousand was deferred (Note 10) and is expected to be collected by December 31, 2029, in accordance with the terms of the purchase agreement. As a result of this transaction, the investment was derecognised f rom the Group’s consolidated financial statements, and a capital gain of EUR 9,887 thousand was recogn ised under the heading “Share of profit/(loss) of companies accounted for using the equity method” in the condensed consolidated income statement for the six-month period ended June 30, 2026 (Note 8). Furthermore, as part of the same transaction, the G roup fully recovered the shareholder loan granted t o Nueva Marina Real Estate, S.L., whose outstanding b alance, including principal and accrued interest, amounted to EUR 4,394 thousand at the transaction d ate (Note 16). Changes in Ownership Interest During January and February 2026, FIJI Investments Holdings S.À.R.L. made partial repayments of capita l contributions amounting to EUR 5,001 thousand. As a result of these transactions, the Group’s ownership interest in the aforementioned associate was reduced to 28% as of March 31, 2026 (Note 8). 4. Dividends 4.1 Dividends Paid by the Parent Company On March 25, 2025, the Parent Company’s Ordinary Ge neral Shareholders’ Meeting approved a return of contributions to shareholders through a capital reduction totaling EUR 122,945 thousand, to be paid in four equal instalments of EUR 30,736 thousand ea ch, through a reduction in the par value of the shares by EUR 0.41, delegating authority to impleme nt the resolutions to the Parent Company’s Board of Directors. In accordance with this resolution, o n May 14, 2025, the first instalment, amounting to EUR 30,736 thousand, was paid to shareholders. Subs equently, on February 12, 2026, the remaining three instalments, amounting in aggregate to approx imately EUR 92,209 thousand, were paid, and the capital reduction was formalised by public deed on the same date. This amount was outstanding as of December 31, 2025, and was included under the heading “Other current financial liabilities” in current liabilities in the interim condensed consolidated s tatement of financial position as of that date (Not e 13). The outstanding balance was settled in full on February 12, 2026. On April 8, 2026, the General Shareholders’ Meeting of the Parent Company approved the distribution of a special dividend charged against the share pre mium account in the amount of EUR 69,995 thousand, equivalent to EUR 0.708 per share. On Jun e 8, 2026, EUR 37,054 thousand was paid. The remainder of the approved amount is expected to be distributed during the second half of 2026 and is recorded under the heading “Other current financial liabilities” in the interim condensed consolidated statement of financial position as of June 30, 2026 (Note 13). Furthermore, on the same date, the General Sharehol ders’ Meeting of the Parent Company approved two capital reductions totaling EUR 80,000 thousand , through reductions in the par value of all the Company’s shares by EUR 0.4046 per share respective ly, for the purpose of returning capital contributions to shareholders. The implementation o f the second capital reduction is contingent upon the prior implementation of the first. As a result of both transactions, the par value of the shares will be reduced from EUR 4.2073 to EUR 3.3981 per share. On June 8, 2026, the first capital reduction, amounting to EUR 40,000 thousand, was paid to shareholders, and the corresponding public deed was
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-13 - executed on the same date. The remainder of the approved amount is expected to be distributed during the second half of 2026. 5. Segment Information Note 6 to the Group’s consolidated financial statem ents for the fiscal year ended December 31, 2025, details the criteria used by the Group to define it s operating segments; there have been no changes in the segmentation criteria. Development The Group’s main activity consists of the development and sale of real estate projects, which are included in the “Development” segment. Typically, these proj ects are carried out on “finalized” land, that is, land that already has the necessary zoning permits for c onstruction. However, in some cases, the Group may acquire land that is not yet ready for development, with payments for such land potentially contingent upon obtaining the corresponding planning permits or meeting other milestones. Any advance sales of this land not yet ready for development are also recorded und er the “Development” category. Furthermore, the Group holds certain assets considered non-strategic , classified under the heading “Legacy,” the sales of which are included in the “Other / Corporate” categ ory. Finally, revenue from construction goods or services is included in this activity to the extent that it consists of revenue derived from the provi sion of construction services to third parties. Asset Management (AM) The Asset Management (AM) business line was launche d in March 2023 to deploy excess operating capacity and improve return on equity for sharehold ers by boosting revenue through the management of real estate assets for companies in which the Group holds a joint venture with other partners, based o n collaboration agreements reached with financial par tners to ensure a more effective use of capital, by managing the vehicle’s land bank and charging a management fee in exchange for delegated management or development. The management service agreements f eature a structure of fixed fees and incentives. Additionally, the Group benefits from the realizati on of profits and the distribution of dividends by the relevant vehicle, in proportion to its stake in it. Other / Corporate The “Other / Corporate” section includes income and expenses that cannot be directly allocated to any operating business line, as well as those arising f rom decisions or activities with a Group-wide impac t. These include expenses associated with projects aff ecting multiple business lines, sales of non-strate gic (legacy) assets, and reconciliation adjustments ari sing from comparing results reported under management criteria with the Group’s consolidated f inancial statements. Likewise, as a result of the Group’s evolving strat egy, the Rental business has gradually become less significant within its ordinary operations, followi ng the various divestment transactions carried out in recent years to maximise value and monetise the ass ets associated with that line of business. Consequently, as the contribution of this activity is no longer material as of June 30, 2026, it is no longer presented as a separate business line, and its resi dual revenues and expenses are presented within the “Other / Corporate” segment. The key figures of the interim condensed consolidat ed income statement by segment as of June 30, 2026, and 2025 are as follows:
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-14 - (*) Included in the “Development” segment is revenue of EUR 3,818 thousand as of June 30, 202 6, relating to the sale of land prior to its develo pment (EUR 10,955 thousand as of June 30, 2025), with an associated cost of sales of EUR 2,235 thousand (EUR 7,196 thousand as of June 30, 2025). (**) The balance consists of the gain on the disposal of the investment in Nueva Marina Real Estate, S.L. (Notes 3.2 and 8) and the share of profit recognized from companies accounted for using the equity method (Note 8). (***) Adjusted EBITDA excludes the consolidatio n adjustments recorded during the first half of 202 6 arising from the business combination with the AE DAS Homes, S.A. subgroup (Note 3.1). These primarily comprise the elimination of unrealised ga ins allocated to inventory sold to third parties du ring the period (Note 9), as well as the reversal o f contingent liabilities recognized at the acquisition date, amounting to EUR 5,225 thousand, before tax, arising from the utilisation of provisions for contingencies previously identified as contingent liabilities and from the resolution of certain legal disputes. EUR thousand Development (*) Asset Management (AM) Other / Corporate Group Total 06/30/2026 12/31/2025 06/30/2026 12/31/2025 06/30/2026 12/31/2025 06/30/2026 12/31/2025 Interim Condensed Consolidated Income Statement Revenue 653,827 134,981 18,764 6,838 4,065 4,397 676,656 146,216 Cost of sales (510,537) (87,981) - - (268) (103) (510,805) (88,084) Segment gross profit 143,290 47,000 18,764 6,838 3,797 4,294 165,851 58,132 Personnel expenses (Note 15.2) (29,771) (18,159) (3,492) (2,239) (1,150) (268) (34,413) (20,666) Personnel expenses – Incentives (2,146) (2,116) (201) (54) (64) (217) (2,411) (2,387) External services (Note 15.3) (52,337) (14,835) (1,546) (295) (2,174) (2,480) (56,057) (17,610) Change in trade provisions (8,206) (3,534) - - 13 1,803 (8,193) (1,731) Other operating income 3,211 1,799 - 9 - 22 3,211 1,830 Change in fair value of investment property 1,482 666 - - - (3,090) 1,482 (2,424) Impairment profit/(loss) on disposals of fixed assets - - - - (31) (4) (31) (4) Net finance income/(expense) (27,645) (1,643) (454) (2,050) (9,990) (8,367) (38,089) (12,060) Depreciation of fixed assets (2,414) (1,431) (1,684) - (830) (602) (4,928) (2,033) Income before taxes 25,464 7,747 11,387 2,209 (10,429) (8,909) 26,422 1,047 Net finance income/(expense) 27,645 1,653 454 - 9,990 8,367 38,089 10,020 Depreciation of fixed assets 2,414 1,431 1,684 - 830 602 4,928 2,033 Inventory Valuation Adjustments (595) (326) - - - 666 (595) 340 Personnel Expenses – Incentives 2,146 2,116 201 54 64 217 2,411 2,387 Personnel restructuring expenses - 39 - 165 - - - 203 Change in trade provisions 4,225 - - - - - 4,225 - Property taxes 1,086 499 - - 17 72 1,103 571 Business development expenses 4,964 945 - - - - 4,964 945 Income from companies accounted for using the equity method (Note 8) (**) - - 10,513 - - - 10,513 - Impact of business combination accounting adjustments (***) 26,662 - - - - - 26,662 - ADJUSTED EBITDA 94,011 14,104 24,239 2,428 472 1,015 118,722 17,546
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-15 - The key figures from the condensed consolidated bal ance sheet by segment as of June 30, 2026, and December 31, 2025, are as follows: Development Asset Management (AM) Other / Corporate Group Total 06/30/2026 12/31/2025 06/30/2026 12/31/2025 06/30/2026 12/31/2025 06/30/2026 12/31/2025 Interim Condensed Consolidated Balance Sheet: Non-current assets 25,802 24,720 154,535 188,548 206,837 233,403 387,174 446,671 Current assets (*) 3,034,779 3,429,383 40,473 12,376 32,072 42,248 3,107,324 3,484,007 Total Assets 3,060,581 3,454,103 195,008 200,924 238,909 275,651 3,494,498 3,930,678 Non-current financial debt 571,491 323,260 - - 422,718 422,277 994,209 745,537 Current financial debt 615,372 928,162 1 - - - 615,373 928,162 Other non-current liabilities 5,721 11,031 86 - 59,123 70,869 64,930 81,900 Other current liabilities 697,853 733,271 3,570 813 44,057 60,496 745,480 794,580 Total Liabilities 1,890,437 1,995,724 3,657 813 525,898 553,642 2,419,992 2,550,179 6. Property, Plant and Equipment It is the Group’s policy to maintain insurance coverage considered appropriate for the risks that may affect its items of property, plant and equipment. As of June 30, 2026, fully depreciated items of property, plant and equipment with a gross carrying amount of EUR 3,562 thousand remained in use (EUR 2,392 thousand as of December 31, 2025). As of June 30, 2026, and December 31, 2025, no items of property, plant and equipment had been pledged as security for loans or other obligations to third parties. As of June 30, 2026, and December 31, 2025, the Group had no significant commitments for the acquisition of items of property, plant and equipment. During the six-month period ended June 30, 2026, th e Group recognised a reversal of an impairment loss of EUR 530 thousand on a property used for its own operations and classified within property, plant an d equipment, following updated valuations performed b y independent experts. 7. Investment property and non-current assets held for sale The changes in real estate investments for the fisc al year ended June 30, 2026, are as follows: EUR thousand Balance at December 31, 2025 56,283 Additions 24 Disposals (14,575) Changes in fair value 154 Balance at June 30, 2026 41,886 As of June 30, 2026, the “Investment Property” line item in the interim condensed consolidated statement of financial position consists of investment properties held to earn rental income. This includes, on the one hand, the assets of the subsidiaries Neinor Sardes Rental, S.L.U. and AEDAS Homes Opco, S.L., which own residential developments located in Spain (Madrid, Valdemoro, Badalona, Sabadell, Málaga, Terrassa, and
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-16 - Girona), with a carrying amount of approximately EU R 42 million and high occupancy levels as of June 3 0, 2026. Furthermore, during the first half of 2026, the Gro up continued its strategy of selectively rotating i ts investment property portfolio through the disposal of certain residential units, primarily owned by Ne inor Sardes Rental, S.L.U., for aggregate proceeds of ap proximately EUR 15 million. This transaction result ed in a loss of EUR 31 thousand, which was recognised under the heading “Impairment profit/(loss) on disposals of investment property and property, plan t and equipment” in the interim condensed consolidated income statement for the six-month per iod ended June 30, 2026. The changes in non-current assets held for sale for the period ended June 30, 2026, are as follows: EUR thousand Balance at December 31, 2025 20,233 Impairment losses / Reversals 798 Disposals (14,969) Balance at June 30, 2026 6,062 Bluewood Holding Iberia, S.L.U. During the second quarter of 2025, the Board of Dir ectors committed to a direct sales plan for the development located in Vitoria (Olarizu Homes), fol lowing its location in an area designated as a stre ssed residential market area under the Housing Act in October 2025. This led to a change in the intended use of the asset from rental to residential sales. This de cision was further supported by the completion of residential unit sales and the execution of private purchase agreements for certain homes by the end o f 2025. Following the launch of the marketing plan, t he subsidiary Bluewood Holding Iberia, S.L.U. reclassified this investment property to “Non-curre nt assets held for sale”, together with the related liabilities (mortgage loans and customer advances r eceived under sale agreements), to “Non-current liabilities held for sale” in the interim condensed consolidated statement of financial position. As o f June 30, 2026, the carrying amounts of those assets and liabilities were EUR 6,062 thousand and EUR 2,198 thousand, respectively. During the six-month period ended June 30, 2026, th e Group continued to execute the disposal plan for this development through the sale of residential un its for aggregate proceeds of approximately EUR 15 million. Although, as of that date, more than one y ear had elapsed since its initial classification as a non- current asset held for sale, the Group considers co ntinued classification under IFRS 5 to be appropria te, as it remains committed to the disposal plan and th e sale continues to be highly probable. The delay i n completing the disposal is attributable to circumst ances beyond the Group’s control that are inherent in the marketing and transfer process for this type of asset. In accordance with IAS 40, investment property held to earn rental income and/or for capital appreciat ion is measured using the fair value model. Upon reclas sification to non-current assets held for sale, whe re the relevant criteria under IFRS 5 are met, those a ssets continue to be measured at fair value. For properties classified as non-current assets held fo r sale, the agreed sale price under the relevant agreements has been used as the basis for valuation. Where the consideration includes fixed and variable components, including earn-out arrangements, the Gr oup has measured the fair value of the variable consideration.
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-17 - Rental income generated by the Group’s investment p roperty amounted to EUR 3,179 thousand and EUR 2,291 thousand for the six-month periods ended June 30, 2026, and 2025, respectively. In addition, revenue from the Rental business generated by Renta Garantizada, S.A. amounted to EUR 2,191 thousand as of June 30, 2026 (EUR 1,976 thousand as of June 30, 2025). Valuation of Investment Property and Non-Current Ass ets Held for Sale As of June 30, 2026, all investment property and no n-current assets held for sale were valued by independent experts. The fair value determined by t he Group’s independent valuers, Savills Valoración y Tasaciones, S.A. and CBRE Valuation Advisory, S.A., amounts to approximately EUR 48 million. Assuming all other variables remain constant, the f air value of the investment property would change a s follows in response to changes in the key valuation assumptions (in EUR thousand): Assumption EUR thousand Discount rate Sale price 1% -1% 1% -1% 5% -5% Increase (decrease) Change in fair value (decrease in value) / increase in value (1.818) 2.433 451 (449) 2.257 (2.258) 8. Investments in associates accounted for using th e equity method The breakdown of investments in equity-accounted investees as of June 30, 2026, and December 31, 2025, is as follows: EUR thousand 06/30/2026 12/31/2025 Investments in associates accounted for using the equity method Investments in associates (*) 98,338 120,569 Long-term receivables from associates (Note 16) (*) 56,197 67,979 Short-term loans to associates (Note 16) 24,294 21,643 Total 178,829 210,191 As of June 30, 2026, the cumulative balance of unre alised gains eliminated in respect of downstream transactions amounts to EUR 7,832 thousand, reflect ing the Group’s ownership interest in the relevant associates. Of this amount, EUR 2,655 thousand relates to the elimination of unrealised gains arising from transactions with JV Panoramic DV, S.L., and EUR 37 5 thousand relates to the elimination of unrealised gains arising from transactions with Pinle SPV 2004, S.L. (Note 17).
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-18 - The changes in investments in associates for the fiscal year ended June 30, 2026, are as follows: EUR thousand Balance at December 31, 2025 Acquisitions /Capital Contributions Disposals /Impairments/ Dividends Share of profit of equity- accounted investees Other movements Balance at June 30, 2026 Nicrent Residencial, S.L. 5,972 - - 77 - 6,049 Baleares Action Program, S.L. 1 - - - - 1 Masía de Montesano, S.L. - - - - - - Pegasus Holdco, S.L. 1,225 40 (380) (137) - 748 JV Panoramic DV, S.L. 1,725 - - (125) - 1,600 Brick Opportunities 9, S.L. 810 - - (9) - 801 Waterton Invest, S.L. 1,352 92 - (6) - 1,438 Promociones Hábitat, S.A. 19,278 - (1,250) (141) (713) 17,174 Harmony Holding Iberia, S.L. 297 999 - (51) - 1,245 Greywood Holding Iberia, S.L. 546 806 - (12) - 1,340 Costwolds Project, S.L. 707 819 - (46) - 1,480 Pinle SPV 2004, S.L. 71 446 - (8) - 509 NSS JV Río Real Investment, S.L. (Note 3.2) - 30 - (6) - 24 Affiliated companies from Aedas Homes, S.A. (Note 3.1) Allegra Nature, S.L. 1 - - - - 1 Residencial Henao, S.L. 9 - - - - 9 Aurea Etxebakoitz, S.L. 4 - - - - 4 Residencial Ciudadela Unos, S.L. 39 - - - - 39 Java Investment Holding, S.A.R.L. 31,596 - - 1,676 (2,399) 30,873 Fiji Investments Holdings, S.A.R.L. 20,158 - (5,001) (225) (4,700) 10,232 BTS Real Estate Services JV1, S.L. 1,150 - - (20) (417) 713 Residential Real Estate Services for Sale at JV2, S.L. 971 101 (113) 1 (3) 957 Flexliving Valdemarín, S.L. 1,415 128 - (96) 172 1,619 Espacio Son Puig, S.L. 1,195 - - 198 (96) 1,297 Espacio Promoción IV, S.L. 175 - - (4) - 171 Espacio Promoción VII, S.L. 1,395 - (1,075) 262 (253) 329 Espacio Promoción VIII, S.L. 12,956 856 - (4) - 13,808 Aedas Homes Active I, S.L. 4,621 1,302 - (57) - 5,866 Nueva Marina Real Estate, S.L. (Note 3.2) 12,889 - (12,049) (733) (107) - Partida de la Rápita, S.L. - - - - - - Aedas Homes ASC, S.L.U. 3 - - - - 3 Global Socoro, S.L.U. 4 - - - - 4 Global Prizda, S.L.U. 4 - - - - 4 120,569 5,619 (19,868) 534 (8,516) 98,338 During January and February 2026, FIJI Investments Holdings S.À.R.L. made a partial return of capital contributions amounting to EUR 5,001 thousand. The return of capital was made on an asymmetrical basis among the shareholders in accordance with the contr actual arrangements, resulting in the Group’s ownership interest in the aforementioned associate being reduced to 28% as of March 31, 2026 (Note 3.2). Furthermore, on April 29, 2026, the General Meeting of Shareholders of the associate Espacio Promoción VII, S.L. approved a return of capital contributions made in prior years, amounting to EUR 1,075 thousand, as well as the distribution of a dividend out of re tained earnings amounting to EUR 400 thousand.
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-19 - Additionally, in June 2026, the General Shareholder s’ Meeting of Promociones Habitat, S.A. approved a return of capital contributions totaling EUR 12,500 thousand, of which EUR 1,250 thousand corresponded to the Group, based on its ownership interest in th e associate. As of June 30, 2026, the corresponding amount had been received in full. On April 24, 2026, the minutes of the Universal Gen eral Meeting of Shareholders of Aedas Homes Active I, S.L. recorded the approval of a cash contribution t otaling EUR 6,800 thousand, of which EUR 1,302 thousand was contributed by the Group in accordance with its ownership interest in the associate. The “Other Transactions” column in the table above includes, among other items, the effect of purchase price allocation ("PPA") adjustments relating to th e associates originating from the AEDAS Homes, S.A. group (Note 3.1) and Promociones Hábitat, S.A., whi ch are recognised under the heading “Share of profit/(loss) of companies accounted for using the equity method” in the condensed consolidated income statement as of June 30, 2026. At the acquisition d ate, certain fair value uplifts associated with the real estate assets owned by these companies were identif ied and included in determining the fair value of t he identifiable assets acquired and, consequently, in the initial measurement of the investments. As thos e assets are sold to third parties, those fair value uplifts become realised and are recognised through consolidation adjustments. Consequently, as of June 30, 2026, negative adjustments to profit before ta x amounting to EUR 7,865 thousand were recognised in respect of the associates from the AEDAS Homes, S.A. group and EUR 713 thousand in respect of Promo ciones Hábitat, S.A. (Note 5). Furthermore, during the six-month period ended June 30, 2026, the Group recognised a gain of EUR 9,887 thousand on the disposal of its interest in Nueva M arina Real Estate, S.L., as described in Note 3.2. 9. Inventories The movement in inventories during the six-month pe riod ended June 30, 2026, is as follows: EUR thousand Balance at December 31, 2025 Additions / (Impairment losses recognised) (Utilisations)/ Reversals Transfers and other movements Balance at June 30, 2026 Cost- Land and lots 1,011,815 18,534 (2,235) (171,622) 856,492 Developments in progress 1,193,115 368,387 (270) (349,848) 1,211,384 Completed buildings 242,153 - (510,389) 524,718 256,482 Total cost 2,447,083 386,921 (512,894) 3,248 2,324,358 Impairment provision- Land and lots (6,952) (1,305) 1,248 (167) (7,176) Ongoing developments (4,173) (199) 335 253 (3,784) Completed buildings (3,342) (246) 506 (826) (3,908) Total impairment provision (14,467) (1,750) 2,089 (740) (14,868) Advances to suppliers 38,288 - (342) - 37,946 Total 2,470,904 385,171 (511,147) 2,508 2,347,436 As of June 30, 2026, assets included under the “Inv entories” heading of the accompanying interim condensed consolidated statement of financial posit ion had a net book value of EUR 2,307 million corresponding to assets classified as “Development” and EUR 2 million relating to “Legacy” assets (EUR 2,431 million and EUR 2 million, respectively, as o f December 31, 2025), excluding advances to suppliers. During the six-month period ended June 30, 2026, th e Group capitalized borrowing costs, taxes, notary fees and other property-related costs in inventorie s amounting to EUR 19,002 thousand.
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-20 - Additions to this account during the six-month peri od ended June 30, 2026 correspond primarily to construction certifications and capitalised constru ction costs relating to developments under construction totaling EUR 336 million, as well as l and purchases totaling EUR 8.5 million (EUR 1.6 mil lion for the year ended December 31, 2025), of which EUR 43 million remained outstanding as of June 30, 2026 (EUR 52 million as of December 31, 2025). Furthermore, during the six-month period ended June 30, 2026, the Group completed the delivery of 25 residential developments comprising 1,318 homes and expects to deliver a further 25 developments comprising 1,811 homes during the second half of 2026. As of June 30, 2026, assets included under the “Inv entories” heading with a net carrying amount of EUR 1,299 million were pledged as security for the deve lopment loans obtained by the Group (Note 13) (EUR 994 million as of December 31, 2025). In the business combination with the AEDAS Homes, S.A. group (Note 3.1), fair value uplifts were identified on certain inventory items and were reflected in th e measurement of the identifiable assets acquired a t the acquisition date. As these inventories are sold to third parties, the portion of the aforementione d fair value uplifts attributable to the inventories sold is recognised in profit or loss through the corresp onding consolidation adjustments. As a result, as of June 30, 2026, negative adjustments to profit before tax amounting to EUR 31,887 thousand were recognised, b efore the related tax effect (Note 6). Commitments to Purchase and Sell Real Estate Assets As of June 30, 2026, the Group had commitments rela ting to the potential acquisition of land totaling EUR 128,369 thousand, with varying degrees of commitmen t and enforceability (EUR 124,912 thousand as of December 31, 2025). Of this amount, EUR 14,635 thou sand related to purchase options (EUR 25,095 thousand as of December 31, 2025); no amounts corresponded to ongoing acquisition processes through competitive procedures, for which there was no firm purchase commitment as of the reporting date (EUR 42 thousand as of December 31, 2025); EUR 113,734 t housand related to acquisition agreements subject to the fulfilment of certain conditions precedent, the effectiveness of which is contingent upon the satisfaction of those conditions (EUR 128,370 thous and as of December 31, 2025). There were no binding purchase offers pending execution of the final agreements (EUR 1,825 thousand as of December 31, 2025). Sales commitments arising from real estate developm ents entered into with customers as of June 30, 2026, and December 31, 2025—corresponding to those units for which a private purchase and sale agreement has been signed—resulted in customer adva nces totaling EUR 320,536 thousand and EUR 316,818 thousand, respectively, recognised under th e heading “Other current financial liabilities” in current liabilities of the interim condensed consol idated statement of financial position as of June 3 0, 2026, and December 31, 2025, respectively. Valuation of Real Estate Inventory As of June 30, 2026, all Development assets had bee n valued by independent experts. The net realisable value assigned by Savills Valoraciones y Tasaciones , S.A. and CBRE Valuation Advisory, S.A. to the Development assets owned by the Group as of that date amounted to EUR 2,818 million (EUR 2,839 million as of December 31, 2025). This amount excludes the “Legacy” assets, whose net book value amounted to approximately EUR 2 million. In accordance with the methodology applied by the external appraisers, th e key assumptions considered in the valuation of the assets under development were the discount rate and selling prices, the ranges of which, by asset type, are set out below.
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-21 - 06/30/2026 12/31/2025 Discount Rate Sale Prices Discount rate Sale prices Urban land 7.50% - 16.00% 1,341 - 6,348 7.50% - 17.00% 1,573 – 9,620 Land available for development 12.00% - 18.00% 1,527 - 6,849 12.00%–19.00% 1,500 – 6,206 Ongoing developments 5.00% - 13.00% 1,605 - 6,876 5.70%–12.00% 1,176 – 7,931 Completed buildings n/a 1,054 - 9,491 n/a 1,054 – 8,600 Regarding the sensitivities applied to the aforemen tioned key assumptions, a sensitivity of ±100 basis points has been applied to the discount rate, refle cting the various economic scenarios projected for the short and medium term, together with the rates of r eturn that would be required by other developers wi th characteristics different from those of the Group. With respect to selling prices, the base case assum es stable prices. However, the valuation models incorporate conservative assumptions regarding the current economic environment; accordingly, sensitivities of +1% and +5% have been applied. Assuming all other variables remain constant, the valuations of developments under construction and their net book value as of June 30, 2026, would vary as follows depending o n changes in these key assumptions: EUR thousand Discount rate Sale price Assumption (**) 1% -1% 1% -1% 5% -5% Increase (decrease) Change in valuations (63,025) 88,632 66,642 (46,477) 281,388 (269,090) Change in net book value (*) (41,536) 2,243 2,076 (39,912) 4,745 (181,382) (*) The carrying amount is based on the lower of c ost or net realizable value. Increases in net realizable value do not necessarily result in changes to the carrying amount of inventory. (**) The valuation assumptions are common to all types of inventory; however, in the case of finished goods, no sensitivity analysis is performed, as their valuation is based on observable market prices. The Savills and CBRE valuation models adopted by th e Group are considered to be sufficiently conservative and prudent such that a sensitivity analysis based on a downward adjustment in selling prices is not considered appropriate. Furthermore, the Group’s management believes that the market is currently experiencing a period of stable or increasing prices. Notwithstanding the above, the Group has performed a sensitivity analysis assuming a 1% and 5% decline in selling prices relative to the base-case scenar io, assuming no subsequent price growth and with all ot her variables remaining constant. Under these assumptions, the market valuation of the real estat e portfolio would decrease by EUR 48,722 thousand and EUR 266,587 thousand, respectively, resulting i n an approximate reduction in the net book value of the assets of EUR 39,912 thousand and EUR 181,868 thousand, respectively.
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-22 - 10. Trade receivables and other accounts receivable The line item “Trade and other receivables” include s the following items: EUR thousand 06/30/2026 12/31/2025 Trade receivables 89,831 82,440 Trade receivables, associated companies (Note 16) 14,956 20,700 Accounts receivable – Advances to creditors 33,080 26,582 Other receivables 7,229 5,185 Impairment allowance – incurred losses (2,905) (1,418) Impairment allowance – expected credit losses (ECL) (2,337) (2,824) Total 139,854 130,665 Trade receivables As a result of the sales of Europa Rental Homes Pro pco, S.L.U. and Sundowner Holding Iberia, S.L.U., completed on July 1, 2025, the Group recognised a r eceivable arising from these transactions amounting to EUR 11,776 thousand (Note 7), maturing in 2027, of which EUR 4,000 thousand corresponds to a variable component contingent upon the achievement of certain minimum occupancy and rental income levels for the transferred properties. This receivable does no t accrue explicit interest and has been measured at present value using the effective interest method. On May 9, 2025, a binding earnest money agreement was formalised between Neinor Sardes Rental, S.L.U. and a related party (Note 16), pursuant to which th e sale of three real estate developments previously operated as rental properties was agreed. The trans action was notarised on December 19, 2025, upon which the sale became effective for an amount of EUR 24,200 thousand. As of June 30, 2026, the receivable arising from this transaction amounted to EUR 11,858 thousand (unchanged from December 31, 2025), as it is payable one year from the date of execution of the public deed and therefore no discounting effect has arisen since initial recognition. As of June 30, 2026, the Group also recognised a re ceivable amounting to EUR 16,851 thousand, corresponding to the 2024 sale of the subsidiary Re ntal Homes NX Propco, S.L., which holds assets located in Alovera (Note 7). This receivable is exp ected to be settled during 2026 and includes EUR 1, 000 thousand relating to a variable portion of the cons ideration linked to the achievement of certain mini mum rental income and occupancy levels, together with E UR 921 thousand of accrued finance income arising from explicit interest. With regard to the construction business, approxima tely EUR 17 million remained outstanding in respect of completed works (EUR 15 million as of December 3 1, 2025), of which EUR 1.4 million corresponds to retentions held as security and EUR 1.1 million to work performed but not yet certified (EUR 0.9 million and EUR 0.9 million, respectively, as of December 31, 2025). Of the balance relating to completed and certified works, EUR 5 million corresponds to the development of Sector I-15 in Alovera (EUR 7.3 million as of December 31, 2025) (Note 16), receivable from the d evelopment agent responsible for the sector. This development agent, in turn, is entitled to recover these amounts from the sector’s landowners and has various legal mechanisms available for this purpose, including the reallocation of urban planning charges, the collection of outstanding urbanisation assessments, agreements providing for the transfer of serviced land in lieu of payment with certain landowners, an d enforcement proceedings against the affected land
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-23 - and related rights in the event of non-payment. In addition, specific agreements have been entered int o between the Group, the development agent and certain landowners for the transfer of ownership of certain plots of land in lieu of payment. In relation to this balance, during 2026, a payment -in-kind agreement was formalised between the I-15 Joint Venture and the Group, pursuant to which vari ous plots located in Alovera were received in settlement of accounts receivable amounting to EUR 2.3 million. This transaction involved the replacement of a trade receivable with real estate assets that the Group can dispose of directly, ther eby reducing exposure to the counterparty’s credit risk while providing greater flexibility to manage and monetise those assets in line with market condition s. Furthermore, as of June 30, 2026, this line item in cludes a receivable amounting to EUR 6,000 thousand corresponding to the deferred consideration arising from the disposal of the Group’s interest in Nueva Marina Real Estate, S.L., as described in Note 3.2. Additionally, this account includes trade receivabl es totaling approximately EUR 18 million arising fr om land sales in which payment of part of the consider ation has been deferred. In all cases, the deferred amount represents an immaterial portion of the tota l agreed consideration, with the majority having be en received on the date the corresponding sale agreeme nts were executed. Accounts Receivable – Advances to Creditors The “Other receivables” line item in the table abov e primarily includes advances paid by the Group to service providers for services that have not yet been rendered and/or settled. As of June 30, 2026, advances paid by the Group to creditors totaled EUR 33,080 t housand (EUR 26,582 thousand as of December 31, 2025). Of this amount, EUR 26,944 thousand correspo nds to advance payments made to intermediaries involved in the execution of private sale and purch ase agreements pending notarisation; these amounts are refundable if the contracts are not completed b y execution of the corresponding public deeds (EUR 23,147 thousand as of December 31, 2025). Trade receivables generally do not accrue interest, and there are no past-due receivables requiring impairment beyond that already recognised at Decemb er 31, 2025. The Group measures its financial assets at amortise d cost, as the objective of the business model is t o hold them in order to collect the contractual cash flows. Accordingly, financial assets measured at amortised cost are assessed for expected credit losses ("ECL") based on existing facts and circumstances. The expected credit loss allowance for all financial assets measured at amortised cost as of June 30, 2026, amounted to EUR 3,119 thousand (EUR 4,481 thousand as of December 31, 2025). The Group periodically assesses the credit risk ass ociated with its trade receivables by updating the corresponding expected credit loss allowance. The D irectors of the Parent Company consider that the carrying amount of trade receivables and other rece ivables approximates their fair value.
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-24 - 11. Capital and Reserves 11.1 Share Capital The condensed statement of changes in equity as of June 30, 2026, and December 31, 2025, presents the changes in equity attributable to the Parent Company’s shareholders and non-controlling interests during the respective periods. During the six-month period ended June 30, 2026, th ere were decreases in share capital as a result of capital reductions and shareholder distributions, a s described in Note 4. As of June 30, 2026, the Parent Company’s share capital comprised 98,862,691 shares with a par value of EUR 3.80 each, fully subscribed and paid up (98,862,691 shares with a par value of EUR 4.21 each as of December 31, 2025), as detailed below: 06/30/2026 12/31/2025 % of Share Capital Share Capital (EUR thousand) % of Share Capital Share Capital (EUR thousand) Orion European Real Estate Fund V, SLP (*) 28.81 108,326 28.81 119,851 Stoneshield Holding S.A.R.L. 18.63 70,029 18.63 77,480 Welwel Investments Ltd. (**) - - 10.26 42,695 Rest of the Stock Market 52.56 197,591 42.30 175,920 100.00 375,946 100.00 415,946 (*) Indirect ownership through Pyxis V Lux S.á.r.l. (**) As of February 2026, this shareholder became St onehage Fleming Family & Partners Ltd., a subsidiary of Welwel Investments Ltd. 11.2 Earnings/Loss per Share Basic earnings or loss per share are determined by dividing the net income attributable to the Group (after taxes and minority interests) by the weighte d average number of shares outstanding during the fiscal year. EUR thousand 06/30/2026 12/31/2025 Profit for the period 12,422 3,195 Weighted average number of shares outstanding (thousands) (*) 97,312 74,693 Basic earnings per share (EUR) 0.128 0.043 (*) Note: Average number of shares, adjusted for treasury stock (Note 11.3), if applicable. As of June 30, 2026, and June 30, 2025, the Neinor Homes Group’s diluted earnings per share were equal to basic earnings per share, as the effect of share-based payment arrangements, which represent the Group’s only potentially dilutive ins truments, is not material. 11.3 Treasury Stock and Reserves At the General Shareholders’ Meeting held on March 6, 2017, authorization was granted for the derivative acquisition of treasury shares for the m aximum period permitted by law, subject to the requirements set forth in Article 146 of the Spanish Companies Act.
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-25 - Between 2021 and 2022, the Group implemented various treasury share purchase programmes for the acquisition of treasury shares, with different inve stment limits and maximum numbers of shares to be acquired, as well as a share repurchase programme a imed at reducing share capital through the cancellation of treasury shares and enhancing share holder remuneration (Note 4). Likewise, in connection with the shareholder distri butions made during the six-month period ended June 30, 2026 (Note 4.1), treasury shares with a ca rrying amount of EUR 623 thousand were cancelled (EUR 705 thousand during 2025). Share Repurchase Program On March 30, 2026, the Company’s Board of Directors resolved to implement a share repurchase programme in accordance with applicable regulations . The purpose of the programme is, on the one hand, to reduce the Company’s share capital through the cancellation of treasury shares and, at the same time, to enhance shareholder returns by increa sing earnings per share; and, on the other hand, to meet the obligations arising from share-based pa yment plans for employees, executives and members of the Group’s governing bodies. The programme is effective from March 30 through December 31, 2026, and may terminate earlier if the maximum number of shares or the maximum monetary amount established is reached. The maximum authorised amount is EUR 50,000 thousand, and the m aximum number of shares to be acquired is 3,000,000 shares, of which up to the first 1,350,00 0 shares are intended to fulfil the obligations ari sing from share-based incentive plans, with the remainde r expected to be cancelled. Purchases made under this programme are recognised as treasury sha res within equity, in accordance with applicable accounting standards. As of June 30, 2026, the total number of shares acquired under this programme amounted to 1,300,744 shares. As of June 30, 2026, the Parent Company’s treasury shares totalled 1,550,580 shares (232,450 shares as of December 31, 2025). The average acquisition c ost per share was EUR 15.82 as of June 30, 2026 (EUR 17.478 as of December 31, 2025). 11.4. Incentive Plans On March 31, 2026, the General Shareholders’ Meeting approved a new long-term incentive plan for the Company’s executive directors (the “Management Ince ntive Plan” or “MIP”). The incentives earned under this plan will be settled through the deliver y of ordinary shares of Neinor Homes, S.A. and cash payments, in accordance with the terms of the plan. The purpose of the MIP is to align the interests o f the beneficiaries with those of the shareholders an d to link their remuneration to shareholder value creation. The MIP comprises three separate annual cycles corr esponding to 2026, 2027 and 2028. Fifty percent of the vesting of the incentives is linked to the d ividend distributions projected for the 2026–2028 period, while the remaining 50% is linked to Total Shareholder Return ("TSR"), measured by reference to dividends distributed and changes in the Company ’s share price. Settlement of the incentives through the delivery of shares and cash payments will be subject to the degree of achievement of these performance conditions and the other terms and cond itions set out in the plan. As of June 30, 2026, the Group had not recognised any expense in respect of the Management Incentive Plan, as none of the awards had vested as of that d ate based on the performance conditions established in the plan, which are assessed separately for each of the annual performance cycles.
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-26 - 12. Provisions 12.1 Current Provisions The changes in the current provisions account for t he six-month period ended June 30, 2026, are as follows: Description EUR thousand Tax provisions Other provisions Total Balance at December 31, 2025 11,102 72,335 83,437 Net provisions 1,045 5,590 6,635 Uses (2,553) (2,338) (4,891) Transfers 37 (37) - Balance at June 30, 2026 9,631 75,550 85,181 The “Tax Provisions” section of the table above pri marily includes provisions recognised for taxes accrued and outstanding at the end of the respectiv e reporting periods, principally property tax and capital gains tax. The “Other Provisions” section of the table above p rimarily includes, in addition to the provisions fo r legal and tax proceedings described below, provisio ns recognised to cover warranty and after-sales service costs. At the end of each reporting period, the Group asse sses the estimated amounts required to cover liabilities arising from ongoing litigation where a n outflow of resources is considered probable and t he amount of the obligation or the timing of settlemen t remains uncertain, and recognises the corresponding provisions where appropriate. In this regard, as of June 30, 2026, the Group was involved in legal proceedings relating primarily to warranti es, price revision claims submitted by construction contractors and payment claims, amounting to approx imately EUR 97,405 thousand (EUR 95,430 thousand as of December 31, 2025), of which EUR 42, 262 thousand related to the AEDAS Homes, S.A. subgroup. As of June 30, 2026, following a detailed assessment of these claims, a provision amounting to EUR 21,480 thousand remained recognised in the l iabilities of the interim condensed consolidated statement of financial position in respect of those claims assessed as probable, together with the contingent liabilities arising from the business co mbination with the AEDAS Homes, S.A. group (Note 3.1), which were recognised at fair value at the ac quisition date in accordance with the accounting policies described in the consolidated financial statements for the year ended December 31, 2025 (EUR 19,861 thousand as of December 31, 2025). In the opinion of the Directors of the Parent Compa ny and its external legal advisors, the potential impact on the Group arising from the remaining legal proceedings is not expected to be material. In this regard, the Group held EUR 69,661 thousand (EUR 73, 545 thousand as of December 31, 2025) in retentions withheld from contractors as performance guarantees to cover potential claims.
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-27 - 13. Financial Debt The breakdown of the balances included in these lin e items as of June 30, 2026, and December 31, 2025, is as follows: Period ended June 30, 2026 EUR thousand Current Non-current Current Bank borrowings (Note 13.1) Mortgage loans (*) 1,306,100 14,010 412,146 - Accrued interest payable - - 1,745 Discounted bills and other corporate credit facilities 6,000 - 1,580 Revolving credit facility 40,000 - - VAT credit facility 15,000 - - Bonds and other marketable securities (Note 13.2) Senior secured notes (Neinor Homes, S.A.) 425,000 422,718 - Secured notes (Apollo Capital Solutions, B.V. – Series B) 262,000 191,928 - Secured notes (Apollo Capital Solutions, B.V. – Series A) 503,000 359,764 114,910 - Accrued interest payable - - 3,091 MARF promissory notes 7,400 - 7,314 Other financial liabilities Lease liabilities under IFRS 16 - 3,407 1,970 Financial derivatives - 2,304 743 Refundable grants – Plan Vive (Note 14.1) - - 36,677 Distributions to shareholders and dividends (Note 4.1) - - 32,941 Security deposits, deposits received, and other financial liabilities - 78 2,256 Total financial debt 2,564,500 994,209 615,373 (*) Mortgage loans classified as long-term are those linked to the Group’s real estate investments (Note 7). The breakdown by maturity of the above items is as follows: Expected Maturities 06/30/2026 Bank borrowings Bonds and other marketable securities Other financial liabilities 2027 174,981 125,315 74,587 2028 187,400 122,224 2,713 2029 and beyond 67,100 852,186 3,076 Total by maturity 429,481 1,099,725 80,376 13.1. Bank borrowings Mortgage loans The balance reported under the heading “Bank borrow ings” in the table above corresponds to the outstanding balance of various mortgage loans obtai ned by the Group, which are secured by the underlying properties. These loans bear interest at market rates and have final maturities ranging fro m 2026 to 2055. They are measured at amortised cost, net of unamortised transaction costs, which totaled EUR 4,978 thousand as of June 30, 2026 (EUR 6,778 thousand as of December 31, 2025).
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-28 - For most of these loans, certain consolidated compa nies act as joint and several guarantors. Specifically, the Group entered into 16 new mortgag e loans during the first half of 2026 (7 loans with drawdowns totaling EUR 17,940 thousand during the f irst half of 2025). Additionally, the amounts available and maturities of two land acquisition loans entered into in prior years were extended, thereby converting them into development loans. Likewise, d eveloper loan subrogations totaled EUR 82,950 thousand during the six-month period ended June 30, 2026 (EUR 10,332 thousand during the first half of 2025). Revolving Credit Facilities In November 2024, the Group entered into a new revo lving credit facility with a limit of up to EUR 40 million with a syndicate of banks (J.P. Morgan, Soc iété Générale, Banco Santander, S.A., BBVA and Deutsche Bank), guaranteed by Neinor Península, S.L .U., Neinor Sur, S.A.U., Neinor Norte, S.L.U. and Rental Homes Propco, S.L.U. The facility is available, where applicable, for working capital and general corporate purposes and bears interest at Euribor pl us the applicable margin, with a final maturity dat e of February 15, 2030. This financing is subject to compliance with certain financial covenants (Note 13.3). No amounts had been drawn down as of June 30, 2026, or December 31, 2025. Furthermore, in connection with the acquisition of the AEDAS Homes, S.A. group (Note 3.1), and as part of the acquired group’s existing financing arrangem ents, the Group also assumed a revolving credit facility associated with the corporate bond issued in 2021 by Aedas Homes Opco, S.L.U. Although no amounts had been drawn under this facility as of ei ther the acquisition date or December 31, 2025, it had a maximum limit of EUR 55 million and bore inte rest at Euribor plus the applicable margin. On February 3, 2026, following the full repayment of t he aforementioned corporate bond, as described below, this revolving credit facility was cancelled . VAT Financing Facilities On June 6, 2017, the Group entered into a recourse VAT financing facility with a financial institution primarily to finance input VAT arising on certain l and purchase transactions. The agreement had an initial term of one year, renewable automatically o n an annual basis. Amounts drawn under the facility bear interest at market rates. As of June 30, 2026, and December 31, 2025, the maximum available amount under the facility was EUR 15 million, with no amounts drawn down as of either date. Any amounts drawn under the facility are secured by the assignment of the rights to recover the corresponding VAT refunds. Confirming, reverse factoring, or supplier financing agreements The Group has entered into supplier finance (confir ming) arrangements with various financial institutions, under which the institutions agree to pay the Group’s suppliers the amounts owed by the Group, while the Group assumes responsibility for settling those amounts in accordance with the terms agreed with the suppliers. In certain cases, these arrangements allow the Group to make payment to the financial institution at a date later than that on which the supplier is paid. However, as the rel ated real estate developments are financed through development loans, payments are made when they fall due, without the need to defer payment. Consequentl y, these arrangements do not result in an extension of the Group’s payment terms, although they allow suppliers to receive early payment before the due date of the corresponding invoice. As of June 30, 2026, the Group had various supplier finance facilities with amounts drawn totaling EUR 23,974 thousand (EUR 35,161 thousand as of December 31, 2025), of which EUR 5,979 thousand corresponded to invoices discounted by suppliers in respect of various developments under
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-29 - construction and were recognised under the heading “Current trade and other payables” in the interim condensed consolidated statement of financial posit ion. The total committed amount of these facilities was EUR 434 million as of that date (EUR 370 million as of December 31, 2025). The average payment period for invoices settled through these s upplier finance arrangements does not exceed 60 days. The supplier finance facilities are subject to stan dard early termination clauses relating to a deterioration in the Group’s creditworthiness and, in certain cases, also to a change in ownership resulting in a change of control or the issuance of a qualified audit opinion. All loans and credit facilities outstanding as of June 30, 2026, as described above , have been entered into with leading financial institutions and bear interest at Euribor plus the applicable market margin. The interest rate applicable to the Group is, in ge neral, indexed to Euribor plus an applicable market margin. The average cost of debt for the six-month periods ended June 30, 2026, and June 30, 2025, was approximately 6.62% and 3.52%, respectively. 13.2. Bonds and Other Marketable Securities Senior secured notes In November 2024, the Parent Company issued senior secured notes in the principal amount of EUR 325 million, bearing interest at a coupon rate of 5 .875% per annum, payable semi-annually commencing on May 15, 2025, and maturing on Februar y 15, 2030. The notes are redeemable at the option of the Parent Company, subject to the paymen t of the applicable redemption premium (102.938% from November 15, 2026; 101.469% from Nov ember 15, 2027; and 100% from November 15, 2028, in each case plus accrued and unpaid interest). Prior to November 15, 2026, up to 40% of the aggregate principal amount of the issue may be rede emed at 105.875% plus accrued and unpaid interest, provided certain conditions are met. Alte rnatively, all or part of the issue may be redeemed at 100% of principal, plus a make-whole premium (subje ct to a minimum of 1%), together with accrued and unpaid interest, in accordance with the terms of the indenture. The issue was assigned a BB- credit rating by Fitch and S&P Global Ratings. The collateral securing the issue consists, in the order of priority established under the transaction documents, of the issuer’s intercompany receivables , the shares of Neinor Península, S.L.U., the intercompany receivables of Neinor Península, S.L.U ., the shares of Neinor Norte, S.L.U., the intercompany receivables of Neinor Norte, S.L.U., t he shares of Rental Homes Propco, S.L.U., the intercompany receivables of Rental Homes Propco, S. L.U., the shares of Neinor Sur, S.L.U., and the intercompany receivables of Neinor Sur, S.L.U. Under the terms of the guarantee documentation, the obligations of any guarantor incorporated in Spain as a sociedad de responsabilidad limitada are limited to a maximum amount equal to twice its net assets, as reflected in its individual annual f inancial statements as of (i) December 31, 2023, fo r guarantees granted on the issue date, or (ii) the m ost recent available annual financial statements fo r guarantees granted subsequently. On October 27, 2025, the Parent Company successfull y completed the pricing of a tap issuance of these senior secured notes in the amount of EUR 100 million, bearing the same coupon rate of 5.875% and having the same maturity and terms as the initial issue. The additional issue was priced at 102.75% of par, representing an effective yield of 4.89%.
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-30 - The notes are currently listed on the Stuttgart and Frankfurt Stock Exchanges (ISIN XS2933536034). Their quoted price on the Frankfurt Stock Exchange was 102.67% as of June 30, 2026 (103.42% as of December 31, 2025). The outstanding balance of the notes, including the additional issuance referred to above, is measured at amortised cost, net of EUR 6,192 thousand of una mortised transaction costs, which are amortised using the effective interest method. During the six -month period ended June 30, 2026, EUR 12,485 thousand of interest was paid. As of June 30, 2026, accrued interest payable amounting to EUR 3,091 thousand was recognised under the heading “Bonds an d other marketable securities” within current liabilities in the accompanying interim condensed c onsolidated statement of financial position. Senior secured notes (Apollo Capital Solutions, B.V .) On July 16, 2025, Neinor DMP BidCo, S.A.U., a subsi diary of Neinor Homes, S.A., and Apollo Capital Solutions, B.V., as underwriter and arranger togeth er with the other financing parties, entered into a Notes Purchase Agreement. This agreement was amende d and restated on November 11, 2025, and December 17, 2025, respectively. The maximum princi pal amount of the issuance is EUR 765 million, bearing interest at three-month Euribor plus the applicable contractual margin, in accordance with the terms of the Notes Purchase Agreement. The agreemen t provides for two series of notes: (i) Series A, with a maximum principal amount of EU R 503 million, of which EUR 390.2 million was issued by Neinor DMP BidCo, S.A.U. on December 17, 2025, net of transaction costs, to finance the consideration payable under the tender offer for AE DAS Homes, S.A. (Note 3.1) and the related transaction costs; and (ii) Series B, with a maximum principal amount of E UR 262 million, issued on February 3, 2026, by AEDAS Homes, S.A. following its accession to the No tes Purchase Agreement after the settlement of the tender offer (Note 3.1), the proceeds of which were used to refinance part of the green bond outstanding within the acquired group. In addition, in March 2026, an additional EUR 84.8 million was issued under Series A, net of transaction costs. The proceeds were used to finance the paymen t made in March 2026 in connection with the subsequent mandatory tender offer (Note 3.1). The fees associated with this financing are customa ry for transactions of this nature and include, among others, commitment fees, structuring fees and underwriting discounts, all of which are accounted for using the effective interest method. The principal of both Series A and Series B is repa yable in four annual instalments, each representing 25% of the original principal amount, falling due on December 31 of each year from 2026 through 2029. The outstanding balance of the notes, comprising Series A and Series B, is measured at amortised cost, net of unamortised transaction costs, which are recognised using the effective interest method. During the six-month period ended June 30, 2026, the Group made an early repayment of EUR 66,000 thousand in respect of Series B. During the same period, the Group paid interest totaling EUR 7,686 thousand and EUR 17,700 thousand in respect of Series A and Seri es B, respectively. The security package relating to this issuance is limited exclusively to Neinor DMP BidCo, S.A.U. and its subsidiaries, including the AEDAS Homes, S.A. group, and does not provide recourse to Neinor Homes, S.A. or any other Group company outside that perime ter. The security interests comprise: (i) a pledge governed by Luxembourg law over the securities acco unt in which the shares of Neinor DMP BidCo,
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-31 - S.A.U. are held; (ii) pledges governed by Luxembour g and Spanish law over the receivables held by Neinor DMP HoldCo, S.A.U. and AEDAS Homes, S.A.; (i ii) a pledge governed by Spanish law over the bank accounts of Neinor DMP BidCo, S.A.U. and AEDAS Homes, S.A.; (iv) a pledge governed by Spanish law over the receivables held by any of the aforeme ntioned companies; and (v) a pledge governed by Spanish law over the shares of AEDAS Homes, S.A. he ld by Neinor DMP BidCo, S.A.U., including an express undertaking that such pledge will extend to any additional shares acquired by Neinor DMP BidCo, S.A.U. as a result of the settlement of the mandatory tender offer. Furthermore, following the settlement of the aforem entioned tender offer (Note 3.1), AEDAS Homes, S.A. and certain companies within its group granted , on February 3, 2026, various pledges over accounts and contracts, together with a pledge over the shares of AEDAS Homes, S.A. held by Neinor DMP BidCo, S.A.U., originally created on January 15 , 2026, and subsequently extended on March 9, 2026. These security interests have been granted solely to secure the payment obligations arising under Series B. Green Bond (from Aedas Homes Opco, S.L.U.) On May 21, 2021, the subsidiary AEDAS Homes Opco, S .L.U. issued a green bond listed on the Global Exchange Market of Euronext Dublin, with a principa l amount of EUR 325 million, maturing on August 15, 2026, and bearing a fixed coupon of 4.0% per an num, payable semi-annually. To support the issuance, the bond benefited from a back-up revolvi ng credit facility. The facility had a maximum amount of EUR 55 million and was scheduled to matur e on February 15, 2026. On January 14, 2026, the Board of Directors of AEDA S Homes, S.A. approved the early redemption of the Green Bond, which had originally been scheduled to mature in August 2026, together with the cancellation of the associated revolving credit fac ility. Subsequently, on February 3, 2026, AEDAS Homes, S.A. issued Series B Notes under the agreeme nt entered into with Apollo Capital Solutions, B.V., for a principal amount of EUR 262 million. Co ncurrently, the lead arranger coordinated both the issuance of the new Series B Notes and the full red emption of the Green Bond previously issued by AEDAS Homes Opco, S.L.U., including principal and a ccrued interest, for a total amount of EUR 257 million. This transaction enabled the Group to refinance its corporate indebtedness and extend its maturity profile without incurring any early redemption cost s and generated a net cash inflow of approximately EUR 4.7 million, corresponding to the difference between the net proceeds from the new issuance and the amount applied to redeem the existing financing . This amount was received by the Group from the facility agent upon completion of the transaction. MARF promissory notes (from Aedas Homes, S.A.) On July 9, 2024, AEDAS Homes, S.A. renewed its comm ercial paper programme, the “AEDAS Homes 2024 Commercial Paper Programme”, on the MARF (Merc ado Alternativo de Renta Fija), with a maximum outstanding amount of EUR 150,000 thousand and maturities of up to 24 months, with the objective of diversifying its sources of financing, replacing the commercial paper programme established on June 27, 2023. This programme expire d on July 9, 2025, without being renewed. During the six-month period ended June 30, 2026, co mmercial paper with an aggregate principal amount of EUR 15,900 thousand matured and was repai d, leaving an outstanding principal amount of EUR 7,400 thousand together with accrued interest p ayable of EUR 86 thousand, maturing on various dates through January 2027. The effective annual in terest rate was 3.97%.
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-32 - 13.3 Covenants There are various early termination clauses associa ted with the external financing entered into and drawn down by the Group, as detailed in the preceding sections, which are in effect as of June 30, 2026. The most relevant aspects to consider are as follow s: Senior secured notes These include obligations to provide certain financ ial information on a quarterly, semi-annual and annual basis, as well as information relating to si gnificant subsidiaries, as defined in the financing documentation. As is customary in financing arrange ments of this nature, the documentation also includes restrictions on certain payments, investme nts, distributions, disposals of assets and the incurrence of indebtedness, unless certain conditio ns linked to financial thresholds or asset percentages are met. Specifically, certain financia l ratios must be satisfied in connection with any restricted transaction or event in order to ensure that, after giving effect to such transaction: (i) the Fixed Charge Coverage Ratio (defined as the ratio of consolidated EBITDA, calculated in accordance with the definition set out in the financing documentation, for the last four quarters to consolidated finance costs for the same period) does not decrease; (ii) the Consolidated Senior Secured Leverage Ratio (defined as the ratio of the outstanding Senior Secured Notes to EBITDA for the last four quarters) does not increase; and (iii) the Net Total Loan-to-Value Ratio does not exceed 30% in the case of distributions or dividend payments and 35% in the case of investm ents in operating assets. The financing documentation also includes, subject to certain exceptions, a change of control provision under which the holders of the Senior Sec ured Notes may require the Parent Company to repurchase their notes at 101% of the aggregate pri ncipal amount thereof, together with accrued and unpaid interest. Compliance with the above restrict ions ceases to apply if the Senior Secured Notes obtain an investment-grade rating, as defined in the financing documentation, which had not occurred as of June 30, 2026. As a result of the acquisition of the AEDAS Homes, S.A. group (Note 3.1), the subgroup headed by Neinor DMP HoldCo, S.A.U. and its subsidiaries qual ifies as an "Unrestricted Subsidiary" for the purposes of the financing documentation. Consequent ly, both this subgroup and its associated financial indebtedness are excluded from the calculation of the financial ratios and restricted payment capacity, in accordance with the terms of the finan cing documentation. Secured notes (Apollo Capital Solutions, B.V.) The events of default apply to both Neinor DMP BidC o, S.A.U. and AEDAS Homes, S.A., together with the subsidiaries of the latter, and include, among others: (i) failure to pay any amount due under the financing documentation; (ii) breach of the financi al covenants; (iii) any representation or warranty made under the financing documentation being incorr ect, inaccurate or misleading; and other customary events of default. With regard to the financial covenants, compliance is required to be tested on a consolidated basis, including Neinor DMP BidCo, S.A.U., AEDAS Homes, S. A., and their respective subsidiaries, while excluding the remaining companies of the Neinor Homes Group. These ratios are tested semi-annually for Series A, with reference dates of June 30 and D ecember 31 of each year, commencing on June 30, 2026: Minimum Liquidity: minimum cash balances of EUR 50 million in 2026 and 2027, EUR 40 million in 2028, and EUR 30 million in 2029, must be maintaine d on each testing date.
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-33 - Net Loan-to-Value Ratio (NLTV): the ratio must not exceed 60% in 2026, 55% in 2027, and 40% in 2028 and 2029, measured on each testing date. Furthermore, the financing documentation includes v arious change of control scenarios which, if triggered, may result in the acceleration of the ou tstanding indebtedness and the cancellation of any undrawn commitments, following the expiry of any ap plicable grace or cure periods. These scenarios include the loss of control over the AEDAS Homes, S .A. group by Neinor Homes, S.A.; the acquisition of a significant ownership interest by third partie s; the loss by Neinor DMP HoldCo, S.A.U. of full ownership of Neinor DMP BidCo, S.A.U.; and the redu ction of Neinor DMP BidCo, S.A.U.'s ownership interest in AEDAS Homes, S.A. below the contractual ly agreed minimum threshold. Revolving credit facility In the case of the revolving credit line, there is a commitment to comply quarterly with the Net Secured Loan-to-Value (LTV) ratio, defined as the ratio of Net Debt to the Market Value of the Group’s real estate, which must be less than 45%. The first reporting date for this ratio is December 31, 2025, provided that certain conditions regarding the loan’s proportion of the borrower’s total debt are met. The agreement sets forth alternatives in the event of non-complia nce to avoid early maturity. Furthermore, the financing includes restrictions on certain payments and establishes specific conditions for the sale o f assets with deferred payment. Finally, the agreemen t requires the guarantors to pass an annual guarantee test, under which their EBITDA must repre sent at least 80% of consolidated EBITDA, calculated in accordance with the definitions and c riteria set forth in said agreement. However, since no funds have been drawn down, this provision does not apply. In the case of the revolving credit facility, the Group is required to comply, on a quarterly basis, with the Net Secured Loan-to-Value Ratio (LTV), defined as t he ratio of Net Debt to the market value of the Group’s real estate assets, which must remain below 45%. The first testing date for this ratio was December 31, 2025, provided that certain conditions relating to the proportion of the facility within the borrower’s total indebtedness were satisfied. The a greement also provides various remedies in the event of non-compliance, designed to avoid an event of default. In addition, the financing documentation includes restrictions on certain paym ents and establishes specific conditions for disposals of assets involving deferred consideratio n. Finally, the agreement requires the guarantors to satisfy an annual guarantee test, under which their EBITDA must represent at least 80% of consolidated EBITDA, calculated in accordance with the definitio ns and criteria set out in the financing documentation. As no amounts had been drawn under t he facility as of June 30, 2026, this covenant was not applicable. VAT Facility With respect to the VAT financing facility, an event of default may arise in the event of a deterioration of more than 15% in the interest cover ratio (defined as the ratio of Net Financial Debt to EBITDA) and/o r the leverage ratio (defined as the ratio of Net Fin ancial Debt to Equity), compared with the corresponding ratios calculated based on the most r ecent consolidated annual financial statements and in accordance with the definitions contained in the agreement, provided that such deterioration is also accompanied by adverse market information rais ing doubts as to the viability of the Group's business. As no amounts had been drawn under this f acility as of June 30, 2026, this provision was not applicable. As of June 30, 2026, and through the date of author isation for issue of these condensed consolidated interim financial statements, the Parent Company has complied with its financial and other obligations. Accordingly, no circumstances existed that would gi ve rise to the early repayment of its financial liabilities. Furthermore, with respect to the provisions described above, including the change of control
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-34 - provisions that could give rise to the early repaym ent of the Senior Secured Notes, the Secured Notes issued with Apollo Capital Solutions, B.V., and cer tain other financing arrangements, the Directors of Neinor Homes, S.A. consider that these provisions do not affect the classification of financial liabilities between current and non-current in the interim cond ensed consolidated statement of financial position as of June 30, 2026. In particular, with respect to the Secured Notes issued with Apollo Capital Solutions, B.V., management expects, based on the c urrent business plan, that the Group will comply with the applicable financial covenants on each of the forthcoming testing dates. 13.4. Risk Management The principal risks to which the Group is exposed and the corresponding risk management policies are described in the Group’s consolidated annual financ ial statements for the year ended December 31, 2025, and are also set out in the interim managemen t report accompanying these condensed consolidated interim financial statements. 14. Public Authorities and Tax matters The Group is subject to the Spanish tax consolidati on regime through two tax groups, one under the regional tax regime and the other under the nationa l tax regime. The regional tax group comprises Nein or Homes, S.A. and Neinor Norte, S.L.U., with Neinor H omes, S.A. acting as the parent company of Regional Tax Group No. 02117BSC. The remaining Group compani es form a separate national tax group, with the exception of Parque las Cañas, S.L.U. and Quabit Bonaire, S.L., with Neinor Península, S.L.U. acting as the parent company of that national tax group. Effective January 1, 2026, the tax consolidation gr oup of AEDAS Homes, S.A. was dissolved, and its companies were incorporated into the Group's existi ng national tax consolidation group, including Neinor DMP BidCo, S.A.U., Neinor DMP HoldCo, S.A.U., AEDAS Homes, S.A., and its subsidiaries AEDAS Homes Opco, S.L.U., AEDAS Homes Living, S.L.U., AEDAS Homes Canarias, S.L.U., AEDAS Homes Rental, S.L.U., AEDAS Homes Servicios Inmobiliarios, S.L.U., and Li ve Virtual Tours, S.L.U. (Note 3.1). The Group has calculated the current corporate income tax charge as of June 30, 2026, in accordance with the tax legislation in force. Should future tax ref orms introduce changes to the applicable tax legisl ation, the resulting effects would be recognised in the fi nancial statements for the period in which such legislation becomes effective. The corporate income tax liability arising from the estimated calculation for the six-month period end ed June 30, 2026, is recognised under the heading “Tax payables” in the accompanying interim condensed consolidated statement of financial position.
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-35 - 14.1 Balances with Public Authorities The main receivables and payables with the Governme nt are as follows: EUR thousand 06/30/2026 12/31/2025 Tax Assets Tax Liabilities Tax Assets Tax Liabilities Non- Current Current Non- Current Current Non- Current Current Non- Current Current Public Revenue from VAT - 14,449 - 23,195 - 12,255 - 35,944 Public Treasury—Corporate Income Tax - 4,226 - 4,912 - 2,425 - 2,984 Withholdings on employment Income - - - 12,263 - - - 12,362 Grant liabilities - 7,335 - - - 7,335 - - Social Security Authorities - - - 1,489 - - - 1,724 Deferred tax assets (Note 14.3) 143,082 - - - 152,392 - - - Deferred tax liabilities - - 59,123 - - - 70,924 - 143,082 26,010 59,123 41,859 152,392 22,015 70,869 53,014 The “Grant liabilities” account in the table above includes the amount outstanding as of June 30, 2026, corresponding to the grant awarded by the Community of Madrid on July 18, 2024, to the subsidiaries Lysistrata, Cirilla, and Altacus Investment. This grant is intended for the construction of energy-efficient housing for affordable rent, financed with Next Gen eration EU funds (Note 13). During the six-month period ended June 30, 2026, th e Group disbursed EUR 13,997 thousand corresponding to the interim grant payment received in respect of the first quarter of 2026. 14.2 Fiscal Years open to inspection The Parent Company and its subsidiaries are subject to review by the Spanish tax authorities in respect of the principal taxes applicable to them. In this regard, Foral Law 11/2013 establishes that tax cred its and tax loss carryforwards generated in prior years may be reviewed without any statute of limitations where they are utilised in tax years open to inspec tion. However, Spanish Corporate Income Tax Law 27/2014, dated November 27, limits this review peri od to 10 years for the national tax group. With respect to Value Added Tax (VAT), the various Group companies have elected to apply the special pro rata regime regulated by Article 106 of Law 37/ 1992, of December 28, on Value Added Tax (and Article 106 of Foral Law 7/1994). Under this regime, input VAT is fully recoverable only on the acquisition of goods and services used exclusively in transactions giving rise to the right to deduct VAT. Conversely, input VAT relating to transactions that do not give rise to such right is not deductible, while the ge neral pro rata method applies to common costs. On June 28, 2017, the Spanish Tax Agency notified c ertain Group companies of the commencement of tax inspection proceedings in respect of the follow ing taxes and periods: Value Added Tax (VAT) of Neinor Península, S.L.U. f or 2015 and 2016. Corporate Income Tax of Neinor Península, S.L.U. for 2015. Value Added Tax (VAT) of Neinor Sur, S.A.U. for 2014, 2015 and 2016.
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-36 - Corporate Income Tax of Neinor Sur, S.A.U. for the tax years 2012 to 2015. In January 2019, the Group was notified of the fina l tax assessments issued in connection with the tax inspection proceedings relating to Neinor Península , S.L.U., resulting in additional tax assessments amounting to EUR 3,272 thousand, together with pena lties and late-payment interest amounting to EUR 793 thousand and EUR 417 thousand, respectively, all of which were recognised at the end of 2018. Although the Group filed an administrative appeal a gainst these assessments in February 2019, supported by a guarantee of EUR 3 million, the Dire ctors of the Parent Company, based on the advice of their internal and external tax advisers, concluded that an outflow of resources was probable in light of the final tax assessments issued. Accordingly, a s of June 30, 2026, the corresponding provision remains recognised under the heading “Provisions” i n the interim condensed consolidated statement of financial position. Furthermore, during the initial inspection proceedi ngs, penalties totaling EUR 6.3 million were identified. Following a reassessment performed in l ight of new information available, and in particula r the judgment issued by the Spanish National Court in December 2025 in relation to one of the appealed penalties, the Group revised its assessment of the associated risk. Consequently, as of December 31, 2025, the Group had recognised a provision amountin g to EUR 6,923 thousand in respect of those penalties and the related late-payment interest, as it considers an outflow of economic resources to be probable. The Directors of the Parent Company do not expect any additional material liabilities requiring provision to arise as a result of any future tax inspections relating to tax years remaining open to inspection. 14.3 Deferred Tax Assets During the six-month period ended June 30, 2026, de ferred tax assets of EUR 9,310 thousand were recognised in respect of tax loss carryforwards and deductible temporary differences. In assessing the recoverability of deferred tax assets on an entity-by-entity basis, the Group recognises only those deferred tax assets for which recovery is considered probable, based on the expectation that future taxable profits will be available against which the relevant tax loss carryforwards and deductible temporary differences can be utilised. This assessm ent takes into account the statutory limitations applicable to the utilisation of tax loss carryforw ards, the projected taxable results of each tax gro up derived from the Group’s business plan, which assum es, among other matters, the realisation of the unrealised gains embedded in development assets and the implementation of reasonable and supportable tax planning strategies. Conversely, fo r those subsidiaries with unrecognised deferred tax assets outside their respective tax consolidation g roups, the Group has considered their recurring operating losses or insignificant levels of taxable profit, together with the nature of their assets, which do not contain material unrealised gains. Accordingly, the generation of sufficient future taxable profits is not considered probable. Consequently, the Group has maintained its existing accounting policy and has concluded that no additional deferred tax assets should be recognised in respect of those entities.
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-37 - 15. Revenue and Expenses 15.1 Revenues A detailed breakdown of revenue is presented in Not e 5, together with information by operating segment. All revenue was generated in Spain. 15.2 Personnel expenses and average workforce The breakdown of personnel expenses is as follows: EUR thousand 06/30/2026 12/31/2025 Wages, salaries, and similar compensation 28,020 20,895 Compensation 1,813 3,674 Social Security 6,191 4,098 Other social expenses 800 385 Compensatory income (*) - (5,999) Total 36,824 23,053 (*) These relate to compensation received in the fi rst half of fiscal year 2025 for salary costs and severance payments that, based on agreements reache d in joint ventures, would be borne by the managed company and its majority partner. As of June 30, 2026, the average number of employee s of Quabit Construcción, S.A. and Renta Garantizada, S.A. was 221 and 43, respectively (206 and 39, respectively, during the six-month period ended June 30, 2025). The average number of employees of the Group’s remaining companies was 558 (284 during the six-month period ended June 30, 2025). Since the business combination with the AEDAS Homes, S.A. group (Note 3.1) took place on December 22, 2025, it did not affect the average workforce for the six-month period ended June 30, 2025. The number of employees as of June 30, 2026, and De cember 31, 2025, by gender and professional category, is as follows: 06/30/2026 12/31/2025 Women Men Total Women Men Total Real Estate Development College Graduates 156 196 352 174 210 384 Other qualifications 126 71 197 125 76 201 Subtotal 282 267 549 299 286 585 Quabit Construcción, S.A. College graduates 12 8 20 8 3 11 Other qualifications 45 163 208 42 162 204 Renta Garantizada, S.A. College graduates 8 5 13 7 4 11 Other qualifications 24 8 32 22 8 30 Subtotal 89 184 273 79 177 256 As of June 30, 2026, and June 30, 2025, the Group e mployed 9 and 3 employees, respectively, with a recognised disability of 33% or greater.
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-38 - 15.3 External services The breakdown of this line item in the accompanying condensed consolidated income statement is as follows: EUR thousand 06/30/2026 12/31/2025 Leases and fees 2,548 2,710 Repairs and Maintenance 5,589 1,303 Independent professional services 29,963 5,888 Insurance premiums 1,001 1,121 Banking services 974 489 Advertising and Marketing 1,262 1,184 Supplies 690 752 Other external services 5,843 3,275 Taxes 6,211 1,758 Other current operating expenses 1,976 223 Compensatory income (*) - (1,093) Total 56,057 17,610 (*) These relate to compensation received in the fi rst half of fiscal year 2025 for having incurred other operating expenses that, based on agreements reached in joint ventures, would be borne by the managed company and its majority partner. The “Independent Professional Services” line item in the table above primarily comprises commissions recognised during the period in respect of real est ate agents and other intermediaries involved in property sales. The increase compared with the corr esponding period of the prior year is mainly attributable to the inclusion of the AEDAS Homes, S .A. subgroup (Note 3.1) within the scope of consolidation, whose operating model is characteris ed by a significant concentration of home deliveries during the first quarter of the year. 16. Transactions with Related Parties In addition to subsidiaries, associates and joint v entures, the following are considered related parti es of the Group: shareholders able to exercise significan t influence; key management personnel of the Company (comprising the members of the Board of Dir ectors and senior executives), their close family members, and entities controlled by, jointly controlled by, or over which such persons exercise significant influence. Specifically, related-party relationship s are deemed to exist in respect of transactions en tered into with parties outside the Group where a relatio nship exists in accordance with the definitions and criteria established by Order EHA/3050/2004, of September 15, issued by the Spanish Ministry of Economy and Finance, and Circular 1/2005, of April 1, issued by the Spanish National Securities Market Commission (CNMV). In accordance with the aforementioned criteria, Ban co Santander, S.A. is considered a related party fo r disclosure purposes due to the relationship between one of the members of the Board of Directors of th e Company and a senior executive and member of the bo ard of directors of Banco Santander, S.A. In addition, pursuant to the definitions and criteria established by the aforementioned regulations, the following entities are also considered related part ies for disclosure purposes: Orion V European 24, S .À R.L., 1810 Capital Investments, S.L., Global Hespér ides, S.L., Rayet Medio Ambiente, S.L., Grupo Rayet , S.A., Sistemas Integrales Cualificados, S.L., UTE I -15 Alovera, Editorial Nueva Alcarria, S.A., Ablanq uejo, S.L., Restablo Inversiones, S.L., Maitland Consulta ncy Limited, Land Company 2020, S.L., Fincas Cuevas Minadas, S.L. and GS Vasa Invest, S.L.U. (Note 3.2) , as they are related to members of the Parent Company's Board of Directors.
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-39 - The breakdown of transactions with related parties during the six-month periods ended June 30, 2026, and 2025, is as follows: Period ended June 30, 2026 Six-month period ended June 30, 2026 EUR thousand Revenues Expenses Revenue Financial Income Cost of Sales – Purchases External services (Note 15.3) Financial Expenses Sales Services Associated companies— Nicrent Residencial, S.L. - 335 29 - - - Waterton Invest, S.L. - 42 557 - - - Pegasus Holdco, S.L. - 624 87 - - - JL Panoramic DV, S.L. - 887 39 - - - Pinle SPV 2024, S.L. (Note 17) - - 66 - - - Brick Opportunities 9, S.L. - 15 - - - - Promociones Hábitat, S.A. - 5,540 - - - - Harmony Holding Iberia, S.L. - 135 - - - - Costwolds Project, S.L. - 41 - - - - Associated companies (from the Aedas Homes, S.A. group) (Note 3.1) - Nueva Marina Real Estate, S.L. - 100 56 - - - Espacio Son Puig, S.L. - 178 20 - - - Flexliving Valdemarín, S.L. - 56 - - - - BTS Real Estate Services JV1, S.L. - 39 - - - - Aedas KS Fonsalía, S.L.U. - 341 9 - - - Aedas KS Santa Clara, S.L.U. - 331 - - - - Aedas KS Levante, S.L.U. - 98 - - - - Aedas KS Iberia, S.L.U. - 486 - - - - Aedas KS Atalanta, S.L.U. - 56 - - - - Aedas KS El Verger, S.L.U. - 15 - - - - Aedas KS Finley, S.L.U. - 100 - - - - Aedas KS Llunare, S.L.U. - 52 - - - - Aedas KS Silgar, S.L.U. - 49 - - - - Aedas KS Volanta, S.L.U. - 74 - - - - Aedas KS Rocabella, S.L.U. - 17 - - - - Aedas Homes Active I, S.L. - 272 - - - - Java Investments Holdings, S.A.R.L. - - 326 - - - Fiji Investments Holdings, S.A.R.L. - - 149 - - - Espacio Promoción IV, S.L. - '63 59 - - - Total associates - 9,883 1,397 - - - Other affiliated companies- Banco Santander, S.A. 240 91 2,760 - (311) (287) Land Company 2020, S.L. 2,915 - - - - - Sistemas Integrales Cualificados, S.L. - - - - (196) - Editorial Nueva Alcarria, S.L. - - - - (5) - Ablanquejo, S.L. - 20 - - (300) - I-15 Alovera Joint Venture - - 103 - - - The Maitland Consultancy Limited - 51 - - - - Total affiliates 3,155 162 2,863 - (812) (287) Total 3,155 10,045 4,260 - (812) (287)
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-40 - Period ended June 30, 2025 Six-month period ended June 30, 2025 EUR thousand Revenues Expenses Revenue Financial Income Cost of Sales – Purchases External services (Note 15.3) Financial Expenses Sales Services Associated companies— Nicrent Residencial, S.L. - 298 30 - - - Waterton, Invest, S.L. - 157 439 - - - Pegasus Holdco, S.L. - 393 82 - - - JL Panoramic DV, S.L. - 530 36 - - - Pinle SPV 2024, S.L. (Note 17) 7,600 - - - - - Brick Opportunities 9, S.L. - - 1 - - - Promociones Hábitat, S.A. (*) - 5,122 7 - - - Total associates 7,600 6,500 595 - - - Affiliated companies- Banco Santander, S.A. (**) - - 1,984 - - (910) Land Company 2020, S.L. 5,560 - - - - - Grupo Rayet S.A. - - - (560) - - Global Hespérides, S.L. - 79 - - - - Rayet Medio Ambiente, S.L. - - - (8) - - Sistemas Integrales Cualificados, S.L. - - - - (213) - Editorial Nueva Alcarria, S.L. - - - - (72) - Ablanquejo, S.L. - - - - (300) - I-15 Alovera Joint Venture 58 - - (184) - - The Maitland Consultancy Limited - 53 - - - - Total affiliates 5,618 132 1,984 (752) (585) (910) Total 13,218 6,632 2,579 (752) (585) (910) (*) Did not include the offsetting revenue described in Note 15.2, as it was treated as a subsidy. (**) The table above does not include, in connectio n with the acquisition of the AEDAS Homes, S.A. gro up (Note 3.1), transaction costs associated with the capital increase, amounting to EUR 2,977 thousand, which were recognised directly in the Parent Company's equity (reserves), or accruals of EUR 1,739 thousand relating to upfront fees paid to Banco Santander, S.A. in connection with the issuance of the required guarantees. The breakdown of the transactions is as follows: - Finance costs arising from various loan and credit facilities, factoring arrangements and the issuance of Senior Secured Notes with the related financial institution. - Revenue from services rendered under real estate development agreements entered into between the Parent Company and companies over which it exercises significant influence, within the framework of the co-investment strategy launched by the Group in prior years. - The sale of the Las Mercedes land plot to the assoc iate Pinle SPV 2024, S.L. in February 2025 (Note 17). The above transactions with related parties were ca rried out on arm's-length terms. There are no outstanding commitments or guarantees with related parties other than those disclosed above in this Note and in Note 13 in relation to financial indebtednes s. The following table sets out the balances with related parties as of June 30, 2026, and December 31, 2025.
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-41 - Period ended June 30, 2026 Cash and Cash Equivalents Short-term bank debt Other short- term financial liabilities Other long- term financial assets (Note 8) Other short- term financial assets (Note 8) Accounts payable Accounts receivable (Note 10) Associated companies— Nicrent Residencial, S.L. - - - 1,816 - - 177 Programas de Actuación de Baleares, S.L. - - - 7,234 - - - Masía de Monte Sano, S.L. - - (78) - - - - Waterton Invest, S.L. - - - - 15,189 - 469 Pegasus HoldCo, S.L. - - - 1,018 - (13) 359 JL Panoramic DV, S.L. - - - - 1,182 - 593 Brick Opportunities 9, S.L. - - - - - - 12 Harmony Holding Iberia, S.L. - - - - - - 118 Pinle SPV 2024, S.L. (Note 17) - - - - - - 3,914 Promociones Hábitat, S.A. - - - - - (4) 3,933 Greywood Holding Iberia, S.L. - - - - - - 2 Associated companies (from the Aedas Homes, S.A. group) (Note 3.1) - BTS Servicios Inmobiliarios JV1, S.L. - - - - - (671) 48 Aedas KS Fonsalía, S.L.U. - - - - 1,407 (2,723) 346 Aedas KS Santa Clara, S.L.U. - - - - 710 - 292 Aedas KS Levante, S.L.U. - - - - - - 3,054 Aedas KS Iberia, S.L.U. - - - - - - 542 Aedas KS Atalanta, S.L.U. - - - - - - 30 Aedas KS El Verger, S.L.U. - - - - - - 8 Aedas KS Finley, S.L.U. - - - - - - 64 Aedas KS Llunare, S.L.U. - - - - - - 28 Aedas KS Rocabella, S.L.U. - - - - - - 15 Aedas KS Silgar, S.L.U. - - - - - - 52 Aedas KS Volanta, S.L.U. - - - - - - 218 Aedas Homes Active I, S.L. - - - - - - 40 Nueva Marina Real Estate, S.L. (Note 3.2) - - - - - - 151 Espacio Promoción IV, S.L. - - - - - - 6 Espacio Promoción VII, S.L. - - - - - - 7 Espacio Promoción VIII, S.L. - - - - 883 - 281 Espacio Son Puig, S.L. - - - - - - 197 Java Investments Holdings, S.A.R.L. - - - 28,757 3,790 - - Fiji Investments Holdings, S.A.R.L. - - - 14,485 880 - - Grupo Empresarial San José, S.A. - - - 2,690 - - - AHLC-Promoçao Imobiliaria, LDA - - - - 253 - - Rapita, S.L. - - - 182 - - - Other - - - 15 - - - Total associates - - (78) 56,197 24,294 (3,411) 14,956 Affiliated companies- Banco Santander, S.A. 126,666 (19,964) - - - - - Landcompany 2020, S.L. - - - - - - 1,776 Global Hespérides, S.L. (Notes 7 and 10) - - (129) - - - 11,901 Rayet Medio Ambiente, S.L. - - - 346 134 (4) - UTE I-15 Alovera (Note 10) - - - - 5,589 - 5,024 Restablo Inversiones, S.L. - - (6) - - - - Ablanquejo, S.L. - - - 494 - (61) - Sistemas Integrales Cualificados, S.L. - - - - - (7) - Affiliated companies (from the Aedas Homes, S.A. group) (Note 3.1) - Banco Santander, S.A. 63,620 (16,953) - - - - - Total affiliates 190,286 (36,917) (135) 840 5,723 (72) 18,701 Total 190,286 (36,917) (213) 57,037 30,017 (3,483) 33,657
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-42 - Period ended June 30, 2025 Cash and Cash Equivalent s Short-term bank debt Other short-term financial liabilities Other long- term financial assets (Note 8) Other short-term financial assets (Note 8) Accounts payable Accounts receivable (Note 10) Advances to suppliers / Accruals Associated companies— Nicrent Residencial, S.L. - - - 1,787 - - 225 - Programas de Actuación de Baleares, S.L. - - - 7,234 9 - - - Masía de Monte Sano, S.L. - - - - - (78) - - Waterton Invest, S.L. - - - - 14,632 - 418 - Pegasus HoldCo, S.L. - - - 3,910 - - 489 - JL Panoramic DV, S.L. - - - - 1,442 - 535 - Brick Opportunities 9, S.L. - - - - - - 11 - Harmony Holding Iberia, S.L. - - - - - - 2 - Pinle SPV 2024, S.L. (Note 17) - - - - - (12) 3,848 - Promociones Hábitat, S.A. - - - - - (5) 4,715 - Associated companies (from the Aedas Homes, S.A. group) (Note 3.1) - BTS Servicios Inmobiliarios JV1, S.L. - - - - 57 (718) 776 - Aedas KS Fonsalía, S.L.U. - - - 181 692 - - - Aedas KS Santa Clara, S.L.U. - - - - 1 - 583 - Aedas KS Levante, S.L.U. - - - 2 70 - 1,281 - Aedas KS Iberia, S.L.U. - - - - 17 - 658 - Aedas KS Atalanta, S.L.U. - - - - - - 99 - Aedas KS El Verger, S.L.U. - - - - - - 5 - Aedas KS Finley, S.L.U. - - - - - - 39 - Aedas KS Llunare, S.L.U. - - - - - - 43 - Aedas KS Rocabella, S.L.U. - - - - 25 - 7 - Aedas KS Silgar, S.L.U. - - - - - - 2,402 - Aedas KS Volanta, S.L.U. - - - - - - 161 - Aedas Homes Active I, S.L. - - - - 132 - 2,000 - Nueva Marina Real Estate, S.L. - - - - 2,186 - 2,058 - Espacio Promoción IV, S.L. - - - - - - 174 - Espacio Promoción VII, S.L. - - - - - - 26 - Espacio Promoción VIII, S.L. - - - - - - 6 - Espacio Son Puig, S.L. - - - - 800 - - - Java Investments Holdings, S.A.R.L. - - - 31,769 - - - - Fiji Investments Holdings, S.A.R.L. - - - 23,096 - - - - Grupo Empresarial San José, S.A. - - - 2,752 - - - - AHLC-Promoçao Imobiliaria, LDA - - - - 1,505 - - - Partida de la Rápita, S.L. - - - - 194 - - - Other - - - - (119) - 139 - Total associates - - - 70,731 21,643 (813) 20,700 - Affiliated companies- Banco Santander, S.A. 486,714 (15,168) - - 10 (100) - 150 Landcompany 2020, S.L. - - - - - - 1,295 - Global Hespérides, S.L. (Notes 7 and 10) - - - - - (103) 11,870 - Rayet Medio Ambiente, S.L. - - - 346 406 (4) - - UTE I-15 Alovera (Note 10) - - - - 3,584 - 9,217 - Restablo Inversiones, S.L. - - (6) - - - - - Ablanquejo, S.L. - - - 474 - (61) - - Sistemas Integrales Cualificados, S.L. - - - - - (44) - - Affiliated companies (from the Aedas Homes, S.A. group) (Note 3.1) - Banco Santander, S.A. 31,161 (70,080) - - - - - - Total affiliates 517,875 (85,248) (6) 820 4,000 (312) 22,382 150 Total 517,875 (85,248) (6) 71,551 25,643 (1,125) 43,082 150
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-43 - In 2021, Neinor Homes and Cevasa were awarded a con tract following a tender process organised by Habitatge Metròpolis Barcelona, S.A. for the develo pment and management of affordable rental housing in the Barcelona metropolitan area. To carry out this project, the parties established the 50:50 joint venture Nicrent Residencial, S.L. As part of this project, Nicrent acquired a 50% interest in Habitatge Metròp olis Barcelona, S.A., and is responsible for providing the capital and resources required for the development of the project. The public-sector partners, in turn, c ontribute the land and the resources necessary to maintain their ownership interest in the company. N icrent is responsible for the project's administrat ion, asset management, development and property management activities, for which it receives remuneration at market terms. As of June 30, 2026, three develop ments comprising a total of 240 residential units w ere in the handover phase. In addition, 17 developments comprising 1,441 residential units were in the design and construction phases. 17. Legal Information Relating to the Board of Dire ctors and Senior Management Information on Directors' Conflicts of Interest During the six-month period ended June 30, 2026, th e current and former members of the Parent Company's Board of Directors did not enter into any transactions with the Parent Company or any other companies within the Group outside the ordinary cou rse of business or other than on arm's-length terms . Furthermore, during 2023, the Parent Company entere d into a joint investment agreement with Orion Capital Managers, the manager of Orion European Real Estate Fund V, whose indirect interest in the Parent Company is disclosed in Note 11.1. As two members of the Parent Company's Board of Directors also hold positions within that organisation, the Group ident ified a potential conflict of interest. The purpose of the transaction was the joint investment in, and subseq uent management of, Pegasus Holdco, S.L., an investment vehicle established for the development of a real estate portfolio. The corresponding asset management agreement was entered into on arm's-leng th terms and in the best interests of the Group, in accordance with Article 529 vicies of the recast te xt of the Spanish Capital Companies Act (Ley de Sociedades de Capital). Similarly, during 2024, an equivalent assessment was performed in relation to the sale of land and the provision of asset management services agreed with Pinle SPV 2024, S.L., prior to their execution in February 2025 (Note 16), as well as in respect of the purchase and sale agreement entered into with NSS JV Río Real Investment, S.L., as described in Note 3.2. Likewise, during 2026, the members of the Parent Company's Board of Directors, together with the persons related to them as defined in the Spanish Capital C ompanies Act, did not maintain any interests or relationships with other companies that could give rise to an actual or potential conflict of interest with the Parent Company. Accordingly, no notifications were required to be made to the competent corporate bodies pursuant to Article 229 of the Spanish Capit al Companies Act, and no additional disclosures are required in these condensed consolidated interim fi nancial statements. Compensation and Other Benefits of the Board of Dir ectors As of June 30, 2026, the members of the Parent Comp any's Board of Directors had accrued fixed and variable remuneration totalling EUR 874 thousand for their services as directors (EUR 645 thousand for the six-month period ended June 30, 2025). This amount includes the remuneration of the director who also serves as a member of Senior Management (one indivi dual as of June 30, 2026, and June 30, 2025). In addition, during the six-month period ended June 30, 2026, the Group did not recognise any expense under the "Personnel expenses" line item in the accompany ing condensed consolidated income statement (none for the six-month period ended June 30, 2025) in relation to the new Management Incentive Plan, for the reasons explained in Note 11.4.
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-44 - The Parent Company maintains directors' and officer s' (D&O) liability insurance, for which premiums amounted to EUR 227 thousand during the six-month p eriod ended June 30, 2026 (EUR 107 thousand for the six-month period ended June 30, 2025). The Parent Company has no pension obligations or other commitments in respect of the current or former members of its Board of Directors, other than those described in Note 11.3. The Parent Company has not granted any advances, loans or guarantees to the current or former members of its Board of Directors. Compensation of Senior Management For the six-month periods ended June 30, 2026, and 2025, the remuneration accrued by the members of the Parent Company's Senior Management and individuals performing equivalent functions, excluding the individual who also serves as a member of the Board of Directors, whose remuneration is disclosed in t he preceding section, is summarised as follows: Number of EUR thousand Individuals 06/30/2026 12/31/2025 06/30/2026 12/31/2025 Fixed and variable remuneration Other accrued remuneration Total Fixed and variable remuneration Other Accrued remuneration Total 12 12 3,463 - 3,463 2,485 - 2,485 The Parent Company has no pension obligations and h as not granted any advances, loans, or guarantees to members of senior management. 18. Explanation added for translation to English These condensed consolidated interim financial stat ements are presented on the basis of the regulatory financial reporting framework applicable to the Gro up in Spain (Note 2). Certain accounting practices applied by the Group that conform with the regulato ry framework may not conform with other generally accepted accounting principles and rules.
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-1 - MANAGEMENT REPORT For the six-month period ended June 30, 2026 Neinor Homes, S.A. and Subsidiaries 1. The Group: Organizational Structure and Operations History The Neinor Homes Group was formed in connection wit h the memorandum of understanding signed in fiscal year 2014 between Kutxabank, S.A. and the Lo ne Star investment fund, through its subsidiary Intertax Business, S.L.U. (currently named Neinor H oldings, S.L.U.), for the sale of a portion of the Kutxabank Group’s real estate assets. The aforement ioned sale (Operation Lion) was finalized on May 14 , 2015, through the transfer by Kutxabank, S.A. to Ne inor Holdings, S.L.U. of all the shares that the fo rmer held in Neinor Homes, S.L.U., once the conditions p recedent set forth in the purchase agreement signed by the parties on December 18, 2014, had been fulfi lled. As of January 1, 2015, and as part of the transacti on, all personnel who had been carrying out the rea l estate group’s development and management tasks, as well as the technical means and resources necessary to conduct the business, were transferred to the companies of Neinor Homes, S.L.U. During the 2017 fiscal year, Neinor Homes, S.L.U. w as converted into a public limited company (a transaction formalized by a deed executed on March 1, 2017, before Bilbao notary Ms. Raquel Ruiz Torres, under protocol number 234) in preparation for its l isting on the Bilbao, Madrid, Barcelona, and Valenc ia Stock Exchanges, which took place on March 29, 2017 , following authorization by the Company’s Sole Shareholder on March 6, 2017. In fiscal year 2020, Neinor Homes acquired a 75% st ake in the share capital of Umber Jurídico Inmobiliario, S.L. (a company that was dissolved in November after being subject to a reverse merger b y the subsidiary in which it held all the shares, Ren ta Garantizada, S.A.). On January 11, 2021, the joint merger plan between Neinor Homes, S.A. (the acquiring company) and Quabit Inmobiliaria, S.A., was approved, with the e ffective date of the merger set for May 19, following the competition authorities’ approval of the merger on the preceding day, thereby fulfilling all the condi tions precedent detailed above, and thus establishing Nei nor Homes, S.A.’s acquisition of control over Quabi t Inmobiliaria, S.A. On February 23, 2022, the Sole Director of Neinor P enínsula, S.L.U. approved the joint merger plan involving Neinor Península S.L.U. (the acquiring co mpany) and 62 subsidiaries of the Quabit subgroup a s the acquired companies. On August 23, 2022, the partial spin-off of Neinor Sur, S.A.U. took place. Based on this joint spin-of f plan, Neinor Península, S.L.U. transferred to Neinor Home s, S.A. all shares representing 100% of the share capital of Neinor Sur, S.A.U., along with all other principal and ancillary assets associated with tho se shares.
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-2 - Acquisition of Aedas Homes, S.A. On June 16, 2025, the Neinor Group, through its sub sidiary Neinor DMP BidCo, S.A.U., announced a voluntary tender offer for 100% of the issued share capital of AEDAS Homes, S.A. The initial offer price was set at EUR 24.485 per share, representing a total e quity value of approximately EUR 1,070 million. Following the dividend distribution approved by the General Shareholders' Meeting of AEDAS Homes, S.A. on July 9, 2025 (see Note 14.8), the offer price was adjusted to EUR 21.335 per share, implying a maximum consideration of approximately EUR 932 million. The Spanish National Securities Market Commission ( CNMV) accepted the tender offer application for review on July 21, 2025. On November 26, 2025, the CNMV authorised the voluntary tender offer and established an acceptance period from November 27 t o December 11, 2025. The voluntary tender offer was accepted by holders of 79.20% of the outstandin g shares, including the interest held by Castlelake , which had previously been the controlling sharehold er of the AEDAS Homes Group. On December 22, 2025, Neinor DMP BidCo, S.A.U. comp leted the voluntary tender offer, acquiring 34,610,761 shares of AEDAS Homes, S.A., representing 79.20% of its issued share capital. As of that date, Neinor DMP BidCo, S.A.U. obtained control of AEDAS Homes, S.A. Since the initial tender offer did not achieve acce ptance by more than 50% of the minority shareholder s and the offer price was not considered "equitable" under the applicable regulations, Neinor DMP BidCo, S.A.U. was required to launch a subsequent mandator y tender offer addressed to the remaining shareholders. The mandatory tender offer was launch ed at a price of EUR 24.00 per share and covered a maximum of 9,089,239 shares. The CNMV accepted the application for review on Dec ember 23, 2025, and authorised the mandatory tender offer on January 28, 2026. The acceptance pe riod for minority shareholders ran from January 30 to February 27, 2026. In addition, on February 2, 2026, the Board of Directors of AEDAS Homes, S.A. issued a favourable report in relation to the mandatory tend er offer. On March 5, 2026, the CNMV announced the results of the mandatory tender offer launched by Neinor DMP BidCo, S.A.U. for the shares of AEDAS Homes, S.A. As a result of this transaction, Neinor DMP BidCo, S.A.U. acquired an additional 7,703,747 shares, rep resenting 17.63% of the shares subject to the offer , at a price of EUR 24.00 per share, thereby increasing its ownership interest to 96.83% of the share capit al of AEDAS Homes, S.A. The additional investment amounted to EUR 184,890 t housand and was settled in full during March 2026, of which EUR 7,615 thousand related to the acquisit ion of treasury shares of AEDAS Homes, S.A. Subsequently, the Group acquired additional shares of AEDAS Homes, S.A. for a total consideration of EUR 11,023 thousand, increasing its ownership interest to 97.90% as of June 30, 2026. Business Lines The Group’s business activities are conducted entir ely within Spain, primarily through three business lines: A) “Development” Business B) “Asset Management” Business
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-3 - Real Estate Development The Group’s primary and strategic activity, based o n the acquisition of land for residential use for subsequent development. Asset Management Business The Asset Management (AM) business line was launche d in March 2023 to deploy excess operating capacity and improve return on equity for sharehold ers by boosting revenue through real estate asset management for companies in which the Group partici pates in joint ventures with other partners, based on collaboration agreements reached with financial partners to ensure a more effective use of capital, by managing the vehicle’s land bank and charging a management fee in exchange for delegated management or development. The management service agreements f eature a structure of fixed fees and incentives. Additionally, the Group benefits from the realizati on of profits and the distribution of dividends by the relevant vehicle, in proportion to its stake in it. Corporate Organization Chart Currently, Neinor Homes, S.A. is the parent company of a business group that conducts its activities either directly or through equity interests in vari ous companies. The Group’s corporate structure is set forth below:
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-4 - 97.90%
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-5 - 2. Business Performance and Results - Key Financial Fi gures In terms of revenue, the Development segment genera ted revenue of EUR 653,827 thousand (EUR 634,383 thousand from residential development activ ities and EUR 19,444 thousand from construction activities), with a gross profit of EUR 143,290 tho usand, representing a gross margin of approximately 22%. The Asset Management business generated revenu e of EUR 18,764 thousand, while the Rental business generated revenue of EUR 3,697 thousand. Revenue generated by the Development segment was pr imarily attributable to the completion and delivery of residential developments. The breakdown for the six-month period ended June 30, 2026, is a s follows: i) Revenue from the delivery of developments comple ted in prior years: EUR 173,438 thousand, primarily including No Ba Homes II (EUR 30,265 thou sand), Selwo (EUR 20,041 thousand), Isabel de Valois (EUR 8,419 thousand), Son Parc (EUR 7,969 th ousand) and Zorrozaurre Homes II (EUR 7,813 thousand). ii) Revenue from developments completed and deliver ed during the period: EUR 457,127 thousand from 25 residential developments, primarily La Sagr era (EUR 57,416 thousand), Cobeña (EUR 51,798 thousand), Berrocales (EUR 45,521 thousand), Rezuma r (EUR 34,593 thousand) and Lloreda (EUR 29,103 thousand). iii) Revenue from the sale of 20 land plots: EUR 3, 818 thousand. Adjusted EBITDA Adjusted EBITDA for the six-month period ended June 30, 2026, amounted to EUR 118,722 thousand, driven primarily by the Development segment. A deta iled breakdown is included in Note 5 to these condensed consolidated interim financial statements . Net Income for the Period Consolidated net income for the six-month period en ded June 30, 2026, amounted to EUR 14,019 thousand, of which EUR 12,939 thousand was attribut able to the shareholders of the Parent Company. Financial Position Details of the Group's financial indebtedness (incl uding debt with credit institutions, notes and othe r financial liabilities) are provided in Note 13 to t hese condensed consolidated interim financial statements, including the total available credit fa cilities and the amounts drawn as of June 30, 2026.
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-6 - 3. Matters Related to the Environment, Personnel, and Average Payment Period Given the nature of the Neinor Homes Group's busine ss, the Group has no environmental liabilities, expenses, assets, provisions or contingent liabilit ies that could be material to its equity, financial position or results of operations. In addition, the Group ha s no matters relating to greenhouse gas emission allowances. As of June 30, 2026, the average number of employee s of Quabit Construcción, S.A. and Renta Garantizada, S.A. was 221 and 43, respectively (206 and 39, respectively, during the six-month period ended June 30, 2025). The average number of employe es of the Group’s remaining companies was 558 (284 during the six-month period ended June 30, 202 5). Since the business combination with the AEDAS Homes, S.A. group (Note 3.1) took place on December 22, 2025, it did not affect the average workforce for the six-month period ended June 30, 2025. The number of employees as of June 30, 2026, and De cember 31, 2025, by gender and professional category, is as follows: 06/30/2026 12/31/2025 Women Men Total Women Men Total Real Estate Development College Graduates 156 196 352 174 210 384 Other qualifications 126 71 197 125 76 201 Subtotal 282 267 549 299 286 585 Quabit Construcción, S.A. College graduates 12 8 20 8 3 11 Other qualifications 45 163 208 42 162 204 Renta Garantizada, S.A. College graduates 8 5 13 7 4 11 Other qualifications 24 8 32 22 8 30 Subtotal 89 184 273 79 177 256 As of June 30, 2026, and 2025, the number of Group employees with a disability of 33% or more was 9 and 3, respectively. The Group’s average payment period was approximatel y 58 days in fiscal year 2026 (58 days as of December 31, fiscal year 2025). 4. Liquidity and Capital Resources The Group determines its liquidity requirements thr ough cash flow forecasting. This process enables th e Group to identify its funding requirements in terms of both amount and timing and to plan for future financing needs. The Group maintains a liquidity policy consisting of maintaining committed credit facilities and temporary financial investments at a level sufficient to meet its projected funding requirements over a period determined by prevailing market conditions and expe ctations regarding the debt and capital markets. Details of the Group's available undrawn financing facilities as of June 30, 2026, are provided in Not e 13 to these condensed consolidated interim financial s tatements.
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-7 - The Group's cash and cash equivalents amounted to EUR 803 million as of June 30, 2026 (EUR 547 million as of December 31, 2025), of which EUR 64,937 thous and (EUR 84,970 thousand as of December 31, 2025) was restricted for use exclusively in meeting obligations relating to the construction of real e state developments. The Parent Company's management believes that the Group has sufficient liquidity to meet its future cash requirements. In addition, a significant portion of the current liabilities recognised as of June 30, 2026, is expected to mature after more than twelve months, a s explained in Note 2. Cash resources are managed on a centralised basis at Group level in order to e nsure that the operating subsidiaries have sufficie nt liquidity to continue their normal operations and e xecute their real estate developments, which are expected to be financed through external borrowings . Key Risks and Uncertainties The Group has developed its risk map. To this end, the organization’s procedures have been analyzed, potential sources of risk have been identified and quantified, and appropriate measures have been take n to prevent them from occurring. The most significant financial risks, with the exce ption of the liquidity risk described in the previo us section, may include: Interest Rate Risk Changes in interest rates affect the fair value of assets and liabilities that accrue a fixed interest rate, as well as the future cash flows of assets and liabili ties indexed to a variable interest rate. Given its financial structure, the Group is exposed to interest rate volatility risk, although this ex posure has been reduced through the issuance of fixed-rate corporate bonds in fiscal year 2024. In addition, the Group holds derivatives with a CAP of 2% and 3% to hedge interest rate risk. Credit Risk The Group does not have significant credit risk wit h third parties arising from its own real estate ac tivities, as it collects virtually all of its sales proceeds at the time of closing, either through the buyer’s subrogation into its share of the developer’s loan or through a nother method of the buyer’s choice. Credit risk ar ising from deferred payments in sales of land or completed buildings is mitigated by obtaining guarantees fr om the buyer. Furthermore, the Group holds its cash an d cash equivalents at financial institutions with h igh credit ratings. With regard to the financial assets included under the heading “Trade and other receivables” on the consolidated balance sheet, the Group defines defau lt by taking into account the specific nature of th e various types of assets. A default is considered to have occurred when any of the following circumstances arise, for each type of account receivable: For deferred payment milestones arising from bulk real estate development sales, default occurs at the same time the buyer fails to meet the contra ctual payment deadlines, provided there is no coverage through a security interest, bank guarante e, or retent y deposit. In the case of advance payments made to real estate agents, a default is deemed to exist when a situation arises that requires the recovery of the cash paid as an advance (for example, the termination of the purchase agreement that gave ris e to the advance) and there is objective
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-8 - evidence that the counterparty will not repay the a mount owed under the agreed terms. For accounts receivable corresponding to constructi on certifications related to the construction business—which, in any case, is not significant for the Group—a default is deemed to exist when the delay in collection exceeds 90 days from the in voice due date. However, this presumption does not apply in cases where the account receivabl e corresponds to withholdings for which the settlement milestone has not yet been reached, or t o other amounts subject to specific circumstances whose fulfillment timeline is beyond the customer’s control. With regard to balances for work performed but not yet certified in the construction business, these amounts represent work already completed but not yet formally certified by the customer; they are not considered due or payable until the co rresponding certification is approved. Therefore, a situation of non-payment will arise only when, once the certification has been issued and the payment due date has been reached, the delay in payment exceeds 90 days, unless there are specific circumstances justifying a longer peri od not attributable to the client. 5. Significant Events Occurring After the End of the F iscal Year Between June 30, 2026, and the date of preparation of these condensed consolidated interim financial statements, the Board of Directors of the Parent Co mpany does not consider that any significant subsequent events have occurred. 6. Information on the entity’s expected performance fo r the coming fiscal year The Group’s main lines of action for the coming fis cal year focus on: “Development” Business Line Monitoring the construction projects that were completed in the last fiscal year, as well as the bidding and contracting of new projects through the end of the fiscal year. Continuing the growth trend in the number of pre-sal es. At the same time, capitalizing on the price increases occurring in each location due to growing demand and the limited supply of high-quality properties. Delivering the developments scheduled for completio n in 2026, while prioritizing customer satisfaction and experience. “Asset Management Business” Business Line Acquire land related to agreements signed to date. Monitoring construction work on projects already un derway.
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-9 - 7. R&D&I Activities Given Neinor Homes’ business lines, there are no si gnificant research, development, or innovation activities. 8. Treasury Stock As of June 30, 2026, the Parent Company held a tota l of 1,550,580 treasury shares (232,450 shares as o f December 31, 2025). The average acquisition cost pe r share amounted to EUR 15.82 as of June 30, 2026 (EUR 17.478 as of December 31, 2025). 9. Alternative Performance Measures The Group prepares its consolidated financial state ments in accordance with International Financial Reporting Standards as adopted by the European Unio n (IFRS-EU). In addition, it presents certain Alternative Performance Measures (“APMs”) to provid e additional information that enhances the comparability and understanding of its financial in formation and facilitates decision-making and the assessment of the Group’s performance. The most significant APMs are as follows: Gross Margin Definition: Net sales – Cost of sales Reconciliation: Derived directly from the “Revenues ” and “Cost of Sales” line items in the condensed interim consolidated income statement. EUR thousand 06/30/2026 12/31/2025 Revenues 676,656 704,633 Cost of sales (510,805) (501,277) Gross margin 165,851 203,356 Explanation of use: The Group considers gross profit to be a measure of the returns on its operations, as it provides information on the gross profit derived fr om external sales, net of the costs incurred to gen erate those sales, which include impairment charges appli ed to real estate assets sold during the period. Adjusted EBITDA Definition: Gross profit -/+ Personnel expenses -/+ External services -/+ Change in traffic provisions -/+ Impairment and gains or losses on disposals of fixe d assets and real estate investments -/+ Other operating income -/+ Gain or loss on loss of control of equity investments. Added to these amounts are the following expenses related to specific events or tr ansactions (issuance of debt instruments, business combinations, etc.), which are neither foreseeable nor recurring due to their one-time nature and do n ot form part of the Group’s ordinary operating cycle. Specifically: Growth expenses : These include costs associated with the acquisiti on, exploration, or development of new business lines, markets, or projects that do not yet generate recurring cash flows. Their recognition is linked to specific strategic decisio ns, not to the ongoing operations of real estate development or management. Employee incentive expenses : These relate to incentive plans linked to the ach ievement of
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-10 - exceptional milestones, such as the completion of a cquisitions, divestitures, or specific strategic developments. Personnel restructuring expenses : These arise from corporate reorganization process es associated with specific company acquisitions. Their recogniti on in different fiscal years reflects the timing of the closing of those transactions and does not repr esent a recurring restructuring policy. Reconciliation: The Group presents the calculation of adjusted EBITDA in Note 5 (Information by Business Segment) of these notes to the financial statements . Explanation of Use: The Group considers adjusted EBITDA to be a measure of the returns on its operations, as it provides an analysis of operating results tha t excludes not only depreciation but also other eff ects that do not represent cash flows or are not related to the Group’s ordinary business activities. Consistency: The criteria used to calculate adjuste d EBITDA are consistent with those of prior years. Financial debt Definition: Debt with financial institutions + Bond s and other marketable securities + Other financial liabilities. Both long-term and short-term. Reconciliation: The amounts of financial debt are i ncluded in the line items mentioned in the previous section of the consolidated balance sheet. Explanation of Use: Financial debt is a financial i ndicator that measures the Group’s debt position. Additionally, it is an indicator widely used by inv estors when assessing companies’ financial leverage , as well as by rating agencies and creditors. Consistency: The method used to calculate financial debt is the same as in the previous year.
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-11 - Net Financial Debt Definition: Debt with credit institutions + Bonds and other marketable securities + Other financial liabilities (both long-term and short-term) + Non-current liabi lities held for sale – Cash and other cash equivale nts (only available and unrestricted cash). Reconciliation: The reconciliation of this APM with the consolidated financial statements is as follows: EUR thousand 06/30/2026 12/31/2025 Non-current liabilities Bank borrowings 14,010 20,969 Bonds and other marketable securities 974,410 720,629 Other financial liabilities 680 - Current liabilities Non-current liabilities held for sale 2,198 7,452 Bank borrowings 415,471 419,454 Bonds and Other Marketable Securities and Other Financial Liabilities 196,041 505,135 Cash and other cash equivalents (*) (476,994) (599,630) Net financial debt 1,125,815 1,074,009 (*) Includes cash and cash equivalents available as of June 30, 2026. In this regard, restricted cash as described in Note 2.5 of the notes to the financial statements is not included. The difference between the amounts of other financial liabilities, both current and non-current, presented in the table above and those included in the corres ponding line items of the condensed consolidated statement of financial position is primarily attributable to the recognition of lease liabilities under IFRS 16, amounting to EUR 1,970 thousand within current liab ilities and EUR 3,407 thousand within non-current liabilities (EUR 2,135 thousand and EUR 3,939 thous and, respectively, as of December 31, 2025). The remaining difference mainly relates to other financ ial liabilities, primarily deferred consideration a rising from business combinations completed by AEDAS Homes , S.A. in prior years, together with deposits received, amounting to EUR 1,702 thousand and EUR 1 ,891 thousand within non-current and current liabilities, respectively. Explanation of use: Net financial debt is a financial indicator that measures the Group’s net debt position. Additionally, it is an indicator widely used by inv estors when assessing companies’ net financial leve rage, as well as by rating agencies and creditors to eval uate the level of net debt. Comparison: The Group includes current financial assets in net financial debt. Consistency: The method used to calculate net finan cial debt is the same as in the prior year.
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-12 - Adjusted Net Financial Debt Definition: Net financial debt + Deferred payment f or the purchase of land (short- and long-term) – Ca sh and other cash equivalents (only available and unrestricted cash) – Other current and non-current assets. Reconciliation: The reconciliation of this APM with the consolidated financial statements is as follows: EUR thousand 06/30/2026 12/31/2025 Net financial debt 1,125,815 1,074,009 Deferred payments for land acquisitions 43,450 52,791 Other current and non-current assets (3,233) (2,370) Adjusted net financial debt 1,166,032 1,124,430 Deferred consideration payable for the acquisition of land is included in the calculation of net finan cial debt. In addition, current and non-current receivab les from third parties amounting to EUR 77 thousand (EUR 66 thousand as of December 31, 2025), together with financial derivatives with a carrying amount of EUR 3,156 thousand (EUR 2,304 thousand as of Decemb er 31, 2025), are also included in the calculation of net financial debt. Explanation of use: Net financial debt is a financial indicator that measures the Group’s net debt position. Additionally, it is an indicator widely used by inv estors when assessing companies’ net financial leve rage, as well as by rating agencies and creditors to eval uate the level of net debt. Comparison: The Group includes both current and non -current financial assets in Net Financial Debt. Consistency: The method used to calculate net financial debt is the same as in the previous year, adjusted as noted in the “Comparison” section. Loan-to-Value (LTV) Definition: Net financial debt / Market value of assets. Explanation of Use: LTV is an indicator that measur es the Group’s debt position. It is widely used by investors when assessing the financial leverage of real estate companies, as well as by rating agencies and creditors to evaluate the level of indebtedness. Reconciliation: The reconciliation of this APM with the consolidated financial statements is as follows: EUR thousand 06/30/2026 12/31/2025 Net financial debt 1,125,815 1,074,009 Market value of real estate assets 3,116,081 3,130,532 LTV 36.1% 34.3% The market value of the Group's real estate assets is disclosed in Note 9 in respect of inventories an d in Note 7 in respect of investment property, including non-current assets held for sale. In addition, the amount presented in the table above includes EUR 24 7 million corresponding to the market value of the
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-13 - real estate assets held by associates, calculated i n proportion to the Group's ownership interest and net of the financial indebtedness attributable to those associates (EUR 212 million as of December 31, 2025). Adjusted Loan-to-Value (LTV adjusted) Definition: Adjusted net financial debt / market va lue of assets. Explanation of Use: LTV is an indicator that measur es the Group’s debt position. It is widely used by investors when assessing the financial leverage of real estate companies, as well as by rating agencies and creditors to evaluate the level of indebtedness. Reconciliation: The reconciliation of this APM with the consolidated financial statements is as follows: EUR thousand 06/30/2026 12/31/2025 Adjusted net financial debt 1,166,032 1,124,430 Market value of real estate assets (*) 3,116,081 3,130,532 LTV 37.4% 35.9% Loan-to-Cost (LTC) Definition: Net financial debt / (Inventories + Non-current assets held for sale + Investment property ) Explanation of Use: LTC is an indicator that measur es the Group’s debt position. It is widely used by investors when assessing the financial leverage of real estate companies, as well as by rating agencies and creditors to evaluate the level of indebtedness. Reconciliation: The reconciliation of this APM with the consolidated financial statements is as follows: EUR thousand 06/30/2026 12/31/2025 Net financial debt 1,125,816 1,074,009 Inventories 2,347,436 2,470,904 Noncurrent assets held for sale 6,062 20,233 Investment property 41,886 56,283 LTC 47.0% 42.2%
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-14 - Adjusted Loan-to-Cost (Adjusted LTC) Definition: Adjusted net financial debt / (Inventor y + Real estate investments) Explanation of Use: LTC is an indicator that measur es the Group’s debt position. It is widely used by investors when assessing the financial leverage of real estate companies, as well as by rating agencies and creditors to evaluate the level of indebtedness. Reconciliation: The reconciliation of this APM with the consolidated financial statements is as follows: EUR thousand 06/30/2026 12/31/2025 Adjusted net financial debt 1,166,032 1,124,430 Inventory 2,347,436 2,470,904 Noncurrent assets held for sale 6,062 20,233 Investment property 41,886 56,283 LTC 48.7% 44.1%
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-15 - PREPARATION OF THE CONDENSED CONSOLIDATED INTERIM F INANCIAL STATEMENTS FOR THE SIX- MONTH PERIOD ENDED JUNE 30, 2026 The Board of Directors of Neinor Homes, S.A., at its meeting held on July 27, 2026, authorised the issuance of these condensed consolidated interim financial stat ements for the six-month period ended June 30, 2026 , comprising the Condensed Consolidated Statement of Financial Position, the Condensed Consolidated Statement of Profit or Loss, the Condensed Consolid ated Statement of Changes in Equity, the Condensed Consolidated Statement of Cash Flows, and the accompanying Notes to the Condensed Consolidated Interim Financial Statements. These condensed consolidated interim financial stat ements have been prepared in accordance with the provisions of the Parent Company's Articles of Association and the applicable legal requirements. Madrid, July 27, 2026 Mr. Ricardo Martí Fluxá Independent Director Mr. Borja García-Egotxeaga Vergara Executive Director Ms. Fanny Kindler Proprietary Director Mr. Aref H. Lahham Proprietary Director Ms. Anna M. Birulés Bertrán Independent Director Ms. María González Pico Proprietary Director Mr. Alfonso Rodés Vilà Independent Director Mr. Andreas Segal Independent Director Mr. Juan Pepa Proprietary Director
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-16 -