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DELIVERING AND ACCELERATING TODAY FINANCIAL GUIDANCE UPDATE | OCTOBER 2026
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Key Highlights 2 01 _ Parque Ahijones , Madrid (JV with Habitat) Financial Guidance Update I October 2026
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3 ACCELERATING ASSET ROTATION TO DE - RISK GUIDANCE AND ENHANCE SHAREHOLDER RETURNS €260mn signed YTD at 17% premium to GAV – with up to €100mn under negotiation Tangible de - risking, deleverage, upside risks to 2026 - 27 and unveiling 2028 guidance €100mn recycled into AM, generating €60mn in fees, scaling Spain's leading residential platform 01_Faster Asset Rotation 03_ Quality Upgrade 2026 - 28 02_Smart Capital Allocation €555mn returned to shareholders in the last c.4 years and €555mn in the next c.2 years (c.35% yield) 04 _Accelerated Sh. Returns Financial Guidance Update I October 2026
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Business Update 4 02 _ Creative Homes Bulevar III, Málaga (JV with Orion) Financial Guidance Update I October 2026
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Portfolio JV (10% Stake) 2 €110mn Sold R í o Real JV (30% Stake) 2 €100mn Value Accretive Transaction Signed YTD (€ mn ) Book Value GAV Sale Price 17% GAV ¹ 42% Gross Margin La Térmica & Other Plots Land Sale €50mn ACCELERATING ASSET ROTATION PROGRAM WITH €260MN SOLD AT 17% GAV PREMIUM AND 42% GROSS MARGIN €223mn €260mn €150mn Land Bank Crystallization and Optimization Strategy Highly Accretive Transactions A Compelling Strategic Rationale ▪ Demonstrate Neinor’s highly disciplined investment strategy with significant value embedded in our balance sheet ▪ Optimizing Land Bank from c.6 years of deliveries (c.24,000# - 4,000#/year) to c.4 ▪ Accretive transactions with +1.5x MOIC today through land disposals ▪ Retain upside risks through JV fees and development profits (+2x MOIC) ▪ Accelerate FCF generation ▪ Significantly de - risk 2026 - 28 while accelerating both deleverage and enhancing shareholder remuneration ▪ Faster asset turnover enhances ROE 1. Includes AM fees from the sale of La Térmica . 2. Competitive process in portfolio sale of +30 investors and +25 investors in Rio Real. Source : Neinor Homes. Crystallizing Embedded Value in Land Bank while Pursuing Neinor’s Equity Efficient Capital Allocation 5 Financial Guidance Update I October 2026 Sold Sold
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1. Includes 2,703# fully owned build - to - sell. Source: Neinor Homes. SMART CAPITAL ALLOCATION: RECYCLE, REINVEST AND COMPOUND Economics €100mn Equity Compounding investments , recycling equity into new opportunities +€100mn Net Profit Targeting 2x MOIC: +€70mn development profits and c.€30mn from net fees Strategy Key Highlights 1 2 Entering the second reinvestment cycle: co - investors want to repeat with Neinor in new vehicles (Orion, Santander IM and Ameris) 3 Diversifying investments and tapping into fast growing segments such as Affordable Housing and Flex Living 4 Capital rotates faster than the typical 36 - month development cycle: with asset rotation, Neinor achieves similar margins in less than 12 months BUILD - TO - SELL Summary of Investment and Development Activity FLEX LIVING & AFFORDABLE New Investments: New Investments: 6 ▪ Fully Own · c.1,000# ▪ JVs · c.1,800# Market leader in originating the best deals, cherry - picking opportunities across the country and making the difference in entry price ▪ Flex JV · c.450# ▪ Affordable JV · c.560 # ▪ Total Deliveries 2021 - 2026: 7,469# 1 ▪ Pipeline: +5,000# Financial Guidance Update I October 2026
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1. Total Investment in each vehicle. 2. Includes performance fees. Source: Neinor Homes. THE ONLY GATEWAY FOR INSTITUTIONAL INVESTORS TO INVEST IN SPANISH RESI IS NEINOR ASSET MANAGEMENT Evolution of Neinor Asset Management Investment Since 2023 1 2023 2024 2025 +€1,500mn AUM 2026 INDUSTRIAL SCALE +13,000# Under Management c.60% active Orderbook 1H26 3,192# (€1.3bn) FINANCIALS FY26 €40mn Revenues 40 - 50% EBITDA margin c.€150mn Fees Backlog 2 +€200mn NH Equity co - invested A RUNWAY FOR EFFICIENT GROWTH +€1,500mn Investment since 2023 Ameris Santander Bain AXA Orion €900mn AUM €1,300mn AUM €100 mn AEDAS JVs King Street Ares Stoneshield Orion 7 A Multi - vertical approach for value - add and opportunistic returns Build - to - Sell Affordable Luxury NEW Flex NEW Financial Guidance Update I October 2026
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Guidance Update 2026 - 2028 8 03 _ Kyrenia , Madrid Financial Guidance Update I October 2026
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1. Adjusted for one - off expenses and purchase price allocation (non - cash). 2. Subject to AGM schedule. 3. Adjusted by 1.65mn tre asury share cancellation. 4. Company compiled consensus. Source: Neinor Homes. FASTER ASSET ROTATION AT PREMIUM VALUATIONS DRIVES QUALITY GUIDANCE UPGRADE WITH TANGIBLE DE - RISKING (€ mn , unless stated otherwise) 2026 2027 2028 EBITDA¹ Net Income¹ EPS (€/ sh )¹ ,3 Shareholder Remuneration 2 DPS (€/ sh )¹ ,3 Net Debt 240 - 260 Reiterate 240 - 260 → 260 - 280 ▲ +€20mn 260 - 280 120 - 140 (€1.23 - 1.44/ sh ) Reiterate 150 - 170 → 160 - 170 (€1.52 - 1.72/ sh ) → (€1.65 - 1.75/ sh ) 160 - 170 (€1.65 - 1.75/ sh ) 250 → 280 (€2.52/ sh ) → (€2.54/ sh ) ▲ +12% 250 → 250 (€2.58/sh) c.60% Anticipated 200 - 250 (€2.06 - 2.58/ sh ) 1,000 - 1,100 ▲ LfL Improvement 800 - 900 → 800 - 850 Narrowing Range 550 - 650 Towards High - end 9 High Visibility Over 2026 - 28 Targets ▪ Record +€2bn orderbook with 92%, 84% and 38% of 2026, 2027 and 2028 pre - sold, and +70% of 2028 deliveries under WIP ▪ 65% of the €400mn Asset Rotation target already secured – €100mn under negotiation ▪ Interest rate risk hedged across corporate debt and development loans against +3% Euribor Leads to Uplift vs AGM (Apr26) ▪ 2026: Targets reiterated regardless of Río Real closing ▪ 2027: Improving expectations with EBITDA raised to €260 - 280mn and net income towards high - end of targets €160 - 170mn ▪ 2028: Unveiling guidance given solid operational visibility today – broadly aligned with 2027 and managing upsides ▪ Shareholder Remuneration: Decision to anticipate distributions over 2027 and announce 2028 dividend of €200 - 250mn ▪ Net Debt: On an accelerated downward trajectory and better than consensus for both 2027 (€881mn 4 ) and 2028 (€711mn 4 ) Financial Guidance Update I October 2026
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Strategic Plan Distributions 1 (€ mn ) €37mn (€0.47/sh) Buyback €51mn €115mn (€1.53/sh) €155mn (€2.07/sh) 2026 YTD Buyback €28mn Already Distributed €555mn Distributed to Date c.€80mn (€0.82/ sh ) Dec - 26 (4Q26) c.€70mn (€0.72/ sh ) Feb - 27 (1Q27) c.€70mn (€0.72/ sh ) Apr/May - 27 (2Q27) c.€ 110mn² (€1.13/ sh ) c.€ 200 - 250mn² (€2.06 - 2.58/ sh ) Remaining FY27 Dec - 28 Buyback 3 €79mn Dividends c.€1,006 - 1,056mn (€11.24 - 11.75/ sh ) Total Distributions c.€1,085 - 1,135mn Accumulated Since Mar - 23 €169mn (€1.71/ sh ) 2025 2024 2023 SHAREHOLDER RETURNS RELOADED: €5.71/SH OVER THE NEXT 2Y, 35% OF TODAY'S SHARE PRICE CONFIRMED DIVIDEND DATES FOR QUARTERLY DISTRIBUTIONS 1. DPS calculated over shares outstanding at each payment date. 2 . Subject to AGM schedule . 3 . 1.9mn treasury shares to be cancelled at the next EGM. 4. Share price as of 02/10/2026. 5. Share price appreciation plus distributions from 27/03/2023 to 02/10/2026. Source: Neinor Homes. €555mn returned in c.4 years since Mar - 23 – and the same again in the next c.2 years 34%5 Annual Total Shareholder Return (since Mar-23) 10 Financial Guidance Update I October 2026
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Key Takeaways 04 _ 11 Las Rozas Homes, Madrid Financial Guidance Update I October 2026
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PROVEN MODEL, SUCCESSFUL CAPITAL ALLOCATION, STRUCTURAL GROWTH WITH A DEEPER PURPOSE € 260 mn executed and up to €100mn under negotiation Business Plan secured to 2028, now managing the upside risks Scaled platform with room to grow through new JVs across Build - to - Sell, Affordable and Flex Living 01_Asset Rotation Pipeline 03_From De - Risked to Upside 02_Neinor AM Business Neinor is the best positioned platform to deliver on this structural growth story 04 _Spain Needs 1mn Homes 12 Financial Guidance Update I October 2026
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This Presentation has been prepared by Neinor Homes, S . A . (“Neinor”) for information purposes only and it is not regulated information or information which has been subject to prior registration or control by the Spanish Securities Market Commission . “Presentation” means this document, its contents or any part of it, as well as any oral presentation, any question or answer session and any written or oral material discussed or distributed during meetings carried out in connection with this document This Presentation may not be reproduced in any form, used or further distributed to any other person or published, in whole or in part, for any purpose without the express and prior written consent of Neinor . Failure to comply with this obligation may constitute a violation of applicable securities laws and/or may result in civil, administrative or criminal penalties . 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investor.relations@neinorhomes.com Paseo de la Castellana, 20, 5 th floor 28046 Madrid