Neinor Homes has announced that its Board of Directors has resolved to execute the first payment of the distributions approved by the shareholders at the Annual General Meeting held on 17 April.
The total amount of 75 million euros will be delivered in two equal parts of 37.5 million euros each. The first payment will be made on 31 July next, and the second will be scheduled for October or November this year. Each payment will represent a yield of 4%.
In addition, Neinor expects to distribute a total of EUR 325 million over the period 2024-2025 as part of its 2023-2027 Strategic Plan. This distribution is equivalent to a return of 35%, which stands out as the highest among IBEX35 and Eurostoxx 600 companies.
Payments will be made by means of capital reductions with return of contributions to shareholders, using the same structure as in previous years. These will be subject to a 1% tax on the value of the returned contributions, which will be withheld and managed by Neinor Homes and paid to the Bizkaia tax authorities.
Neinor expects to distribute a total of 325 million euros during the period 2024-2025 as part of its 2023-2027 Strategic Plan.
For the 2024-2025 period, Neinor is expected to distribute 325 million euros, equivalent to 4.34 euros per share. With these payments, the company will complete the delivery of 200 million euros to its shareholders, reaching 30% of its five-year target of distributing a total of 600 million euros.
Regarding its financial expectations for 2024, Neinor projects an EBITDA of €100 million and a net profit of €65 million. Once there is clarity on these targets, it plans to propose to shareholders the distribution of the remaining €125 million.
Borja García-Egotxeaga, CEO of Neinor Homes, indicated that the new Strategic Plan and the improved capital allocation have generated a total return of +50% to shareholders since its presentation. Jordi Argemí, Neinor's Deputy CEO and CFO, added that they have decided to bring forward 40% of the annual target distribution of EUR 200 million to the second half of the year.