Neinor Homes delivered 1,548 new homes during the first nine months of 2022, equivalent to an annual increase of 5%. The group achieved total revenues of 506 million euros (+1%), with growth in its property development business offsetting a drop in its service business following the termination of its Kutxabank servicing contract.
During the period from January to September, at the EBITDA level, the company generated 81 million euros (-3%) and an adjusted net profit of 53 million euros (-14%). This evolution is fully explained by the perimeter change in its servicing business, after the aforementioned servicing agreement came to an end in May 2022, and the extraordinary profits relating to its rental portfolio were recorded in the second quarter of last year. This year, that non-recurring gain will be reported in the month of November and will be included in the accounts corresponding to the annual results. If we strip out those two extraordinary items and compare the figures in like-for-like and homogeneous terms, then EBITDA and Net Profit have both grown by 3%.
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