Neinor Homes has launched a new share buyback program for up to 50 million eurosThis reinforces its capital management strategy in a context marked by macroeconomic volatility and geopolitical tensions. The transaction will affect a maximum of three million shares, representing a significant portion of the listed developer's capital.
With this initiative, the company intends reduce share capital through the redemption of treasury shares and, at the same time, meet the commitments arising from their share-based compensation plans. In practice, this implies direct support for the shareholder remunerationsince the reduction in outstanding shares should translate into an increase in earnings per share for current investors.
Key points of the 50 million buyback program
Neinor's board of directors has approved a scheme whereby The maximum net investment allocated to the buyback amounts to 50 million of euroswith a limit of three million shares to be acquired on the market. This figure represents a significant part of the company's capital and will be implemented progressively within the established period.
According to the company's statement to the CNMV, 1.350.000 of those shares will be specifically reserved for share allocation programs These shares are intended for employees, managers, and members of the governing bodies of Neinor and its group. The remaining shares acquired will be used entirely for redemption, contributing to a reduction in the total number of shares in circulation.
The program structure allows the The maximum number of shares ultimately repurchased may be lower. Those three million would be subject to the requirement that, during the program's term, the company make other purchases of its own shares outside of it, for example through block trading or bilateral transactions for the same purpose. In that case, the company has committed to duly informing the market.
In addition, Neinor points out that the program will seek maximize efficiency in capital allocationTaking advantage of current share prices at a time when valuations in the listed residential sector are under pressure from macroeconomic uncertainty, despite the positive operating performance of the development business.
Terms, conditions and price limits
The schedule set by the promoter states that The buyback program will be in effect from March 30 to December 31, 2026However, the company has reserved the right to terminate the offer before that date if the maximum amount is reached or the maximum number of shares is acquired.
It could also be terminated early if extraordinary circumstances arose that advised or required ending the program, such as regulatory changes, substantial variations in market conditions, or strategic decisions by the board of directors itself.
Regarding the economic conditions, the authorization granted by the general shareholders' meeting to the board established a price range for the purchase of own sharesThe minimum price will be the lower of the share's nominal value and its price on the Continuous Market at the time of purchase, reduced by 30%. The maximum price will be the market price increased by 30%.
This pricing framework aims to prevent the company from paying an excessive amount for its own shares At the same time, it provides the flexibility to operate in different market scenarios. This is a common mechanism in share buyback programs, which aims to balance shareholder protection with operational agility.
The company has emphasized that all acquisition operations will be carried out respecting applicable regulations and accepted market practices, periodically informing the CNMV about the evolution of the program, the volume of shares repurchased and the amount invested.
Connection to the 500 million shareholder remuneration plan
The movement cannot be understood in isolation, but within a broader shareholder remuneration strategy worth 500 million euros for the period 2026-2027, that is, 250 million euros per year. This plan includes both cash payments and share buybacks and other capital return mechanisms.
To date, Neinor has already returned 92 million euros to its shareholders Within the framework of this plan, combining dividends and other remuneration tools, the share buyback now announced complements these initiatives and reinforces the developer's commitment to generating value in the medium and long term.
The financial management emphasizes that the company It has a solid balance sheet and high cash generation capacityThis allows it to dedicate a significant portion of its resources to rewarding shareholders without jeopardizing the execution of its business plan or investment in new projects.
In this regard, the deputy CEO and CFO, Jordi Argemí, has indicated that the company has 500 million euros committed to the shareholder during the biennium 2026-2027 and that the policy is compatible with continuing to grow in the Spanish residential market, thanks to a healthy capital structure.
The repurchase at current trading levels is interpreted internally as an opportunity to increase share valueGiven that management believes the stock does not fully reflect the fundamentals of the business, the transaction is presented as a pure capital allocation exercise from a position of strength.
Management's vision: housing shortage and geopolitical environment
Neinor Homes CEO Borja García-Egotxeaga contextualized the decision within a complex international environment, in which Geopolitics is altering capital flows and generating episodes of volatility in the financial markets. Despite this, the executive insists that the residential business in Spain maintains solid fundamentals.
García-Egotxeaga emphasizes that the structural housing shortage in SpainEspecially in large metropolitan areas and high-demand zones, the situation is not only not being corrected, but is actually worsening. In his view, the company is building a project with an impact extending more than a decade, relying on this latent demand.
The CEO recalls that Neinor has already successfully overcome other challenging periods, such as the years 2021 and 2022, marked by supply chain tensions resulting from the pandemic, the increase in energy costs after the outbreak of war in Ukraine and the subsequent rise in interest rates.
In that context, management insists that the company has demonstrated adaptability in environments with coexisting challenges and opportunities, maintaining a focus on operational execution and generating sustainable value for the shareholder.
For his part, Jordi Argemí emphasizes that the launches planned for the 2026-2028 period They already have a solid pre-sales portfolio.This provides visibility into future revenue streams and reduces the risk of new developments, despite macroeconomic volatility.
Business situation: land bank, pre-sales and income
The share buyback program is supported by Neinor's industrial and financial position. As of the end of 2025, the developer had a land bank capable of accommodating approximately 24.200 homes in markets with particularly intense demand, such as the Community of Madrid, Andalusia, the Levante area, the Basque Country and Catalonia.
The gross value of those assets (GAV) exceeded 3.000 millones de eurosThis places the company among the major players in the residential sector in Spain. This land portfolio, acquired at attractive prices according to the firm, supports its business plan for the coming years.
In the commercial field, Neinor managed during the last fiscal year a pre-sales book of more than 3.500 homeswhich represent more than €1.200 billion in future revenue already committed. This portfolio provides a relatively predictable revenue base in the medium term.
During 2025, the promoter It delivered and registered approximately 2.900 homesThis represents a year-on-year increase of approximately 21%, compared to 2.397 units the previous year. Of this total, some 1.900 homes came from Neinor's own portfolio, and approximately 1.000 were channeled through its asset management business for third parties.
In the same period, the company generated approximately 700 million euros in total revenue, thus consolidating a growth trajectory supported by both the traditional development business and management and service activities linked to the residential sector.
Financial impact and reinforcement following the integration of Aedas Homes
On the financial front, Neinor closed the year with a consolidated net profit of 122 million eurosThis follows the acquisition of 79,2% of Aedas Homes' share capital. This operation represents a significant leap forward for the company within the Spanish property development market.
The firm has indicated that the incorporation of Aedas It will have a one-off, non-monetary positive impact on net profit compared to the 65 million euros foreseen in its current strategic plan until 2027. The integration aims to take advantage of operational synergies, greater geographical diversification and a strengthening of the land bank.
Against this backdrop, management believes that Share buybacks are compatible with maintaining a prudent financial profile.supported by a robust balance sheet and strong cash generation capacity, this allows it to continue investing in new developments while providing significant returns to shareholders.
The company insists that the combination of a large land bank, a solid pre-sales pipeline, and a growing delivery pipeline provides visibility into future resultsThis is key when justifying the decision to allocate resources to the repurchase of own shares.
Taken together, the buyback operation of up to €50 million, its integration within the €500 million plan for the 2026-2027 fiscal years, and the solid fundamentals of Neinor's residential business create a scenario in which the company seeks balancing growth, financial discipline and shareholder return, taking advantage of the structural housing shortage in Spain and its strengthened position after the integration of Aedas Homes.
