Nealis closes its first year as a holding company with record figures: 705 million in revenue and 85 million in EBITDA, a 41% increase compared to 2024

• The company successfully completed its first year after the start of its corporate phase, with total revenues of 705 million, compared to 577 million in 2024, and an EBITDA of 85,2 million euros in 2025, 41% higher than the previous year.

• The group invested 75,5 million euros in 2025, 36% more than in 2024, and reached a team of 7.000 people

• All of its business areas have experienced sustained growth and national expansion while breaking into key new sectors, boosting digital business and innovation to chart its roadmap to 2030

Nealis, the holding company specializing in water and environmental services, facilities, infrastructure, and hospitality, closed fiscal year 2025 with record financial results that solidify the corporate transformation undertaken by the group. In its first year of operation as a holding company, the company recorded total revenues of €705,8 million, a 22% increase compared to 2024, and significantly boosted its net profit by 58% to reach €36,3 million.

Gross operating profit (EBITDA) also experienced significant growth of 41%, reaching €85,2 million, which increased the profit margin by two percentage points, from 10% to 12%. These figures are the result of improved profitability and the consolidation of a business model with over €2000 billion in recurring business and entry into sectors with high potential.

This growth has been accompanied by a strong boost to investment and employment. The company invested €75,5 million in 2025, 36% more than in the previous year, aimed at strengthening the growth of its various business areas, sustainability, and reinforcing its commitment to innovation. Furthermore, Nealis reached a workforce of 7.000 in 2025, consolidating its role as an engine of employment and economic contribution, with more than 8.500 suppliers in its value chain, generating purchases valued at over €350 million.

The evolution of Grupo Gimeno to Nealis: a corporate project to scale the business

The business group has successfully completed its previous strategic plan, which, during the period from 2017 to 2025, exceeded growth expectations. The company has experienced significant organic and inorganic growth in recent years: it has integrated 16 companies, nearly tripling its business volume; added more than 3.000 people to its team; expanded its national presence with the entry of companies in key sectors; and diversified its client portfolio, with a higher percentage coming from the private sector, particularly the large utilities for which Obremo operates.

The 2025 results are the first the company has presented following the corporate transformation it undertook that same year. This process, which involved the evolution of the historic Gimeno Group into the new Nealis brand and the establishment of a holding company, has allowed it to simplify its business architecture, leverage its full-service capabilities, and lay the foundation for a new phase of growth with global ambitions, while maintaining its legacy of over 150 years of history. These milestones reinforce the roadmap of the 2030 Strategic Plan, with the medium-term objective of reaching €1.000 billion in revenue, with a team of 10.000 professionals, through a total investment of €300 million. Nealis thus begins a new chapter in its history, in which, during 2026 and 2027, it will also implement the new brand across its business verticals and drive shared growth through alliance models and international market exploration.

Strategic projects, expansion and evolution in all its business areas

The group's growth has been reflected thanks to the evolution of the companies in its four major business areas, thus positioning itself as a group capable of contributing to the vectors of transformation of cities.

Water and Environment: from urban service management to global operator in waste and bioenergy

The area has consolidated its leadership, and FACSA, the private company with the most experience in water management, which recently celebrated its 150th anniversary, is advancing in its national expansion plan, entering new markets in 2025 such as Galicia (Foz supply contract), Extremadura and the Community of Madrid (Valdebebas WWTP), among others.

The company also renewed key concessions in the Valencian Community and secured new sanitation and wastewater treatment contracts in Mallorca, Ibiza, and Formentera, strengthening its presence in the Balearic Islands. Its growth strategy focuses on diversifying services beyond the urban water cycle. Specifically within its water infrastructure division, it completed several significant projects in 2025 in Asturias, Toledo, and Zamora, with an eye toward expanding into other activities such as desalination, dams, and irrigation. Furthermore, the expansion of its service portfolio is consolidated through the acquisition and integration of Valora, a company specializing in waste valorization.

Through SITRA, a group company specializing in industrial water and bioenergy, the company has expanded its network of branches and is finalizing the opening of new ones in the northern and central regions of the country. It has consolidated its position in the agri-food sector, as well as in the oil and gas sector, and has entered the mining and bioenergy sectors, contributing to the decarbonization of the industrial sector.

In the environmental field, FOBESA has consolidated its presence and growth in the Valencian Community during 2025, with renewals in long-term waste collection and street cleaning contracts in municipalities such as Benicasim, Muro de Alcoy, Petrer, Elda and Marina Baixa, in addition to important awards such as Villena, Ontinyent and Alto Palancia, and has carried out emergency work in the DANA reconstruction process.

Facilities and Services: key boost in energy and connectivity as a growth engine

This division has continued its expansion with high value-added solutions and the broadening of its operational footprint, focusing on Madrid, Andalusia, northern Spain, and new developments in Spain and Portugal. OBREMO has closed a record year with growth in new contracts, particularly strengthening its position in electric mobility with projects for Iberdrola and Charging Together, and renewing strategic agreements with Masorange and Vodafone in its telecommunications sector and with Naturgy and Redexis in the energy sector. It is also focusing on growth in data center development, where it anticipates significant growth in critical infrastructure projects across the country for major technology companies.

For its part, the facility services area through GENERA has focused on new lines of business, with highly specialized services in the sector such as industrial refrigeration, fire prevention and developing its first energy efficiency projects (through CAES) in the agricultural and hotel sectors at a national level, as well as the implementation of the security framework agreement for the Valencian Government.

Infrastructure: from construction to real estate project development

Nealis Infraestructuras has evolved rapidly, transforming from a comprehensive civil engineering and building construction manager to a developer of real estate and urban planning projects. Currently, it is involved in over 20 real estate projects, with notable initiatives such as the Marina Living Cabañal coliving project and Senior Living in Benidorm. The company is also participating in approximately ten Integrated Action Programs to generate new urban land, proposals that respond to new models of space use and emerging market demands.

In the port logistics business, with PORTSUR, the expansion of its surface area by 50% stands out, turning it into a multipurpose terminal with great growth opportunities in the PortCastelló logistics chain, and the culmination of the digitalization and electrification projects financed by Next Generation funds, positioning it as a benchmark in the adaptation of its sustainable infrastructure.

Hospitality: A comprehensive operator diversifying into new business models for accommodation, catering, and leisure.

The tourist accommodation business, through INTELIER, is consolidating its position as a driving force in the area, with a significant expansion plan. During 2025, progress was made in its positioning strategy towards greater added value with the SELECT and GRAND SELECT categories, entering the 5-star segment for the first time. The division boasts a portfolio of 11 hotels and a pipeline of 7 new projects, with upcoming openings in Valencia, Alicante, Benicasim, Benidorm, Málaga, Córdoba, and Bilbao, as well as the launch of its hotel management company and the opening in 2025 of its second coworking space in Valencia, through Nomadom.

The collective catering area has exceeded 11.000 daily menus and has advanced in its expansion in the private sector, obtaining its first contract in Catalonia, while the leisure division, with Aquarama as a key asset (which this year turns 40), has reinforced its positioning with the renovation of its facilities.

Innovation and technology as cross-cutting axes of shared progress

Innovation and technology have become key strategic drivers in this new phase. Nealis Tech represents the consolidation of its technological capabilities with the goal of leading the smart management of cities and services. With a history spanning more than three decades, it began with remote water meter reading and has since become one of the leading companies in the smart city sector nationwide.

Throughout 2025, the company's role in several digitization projects linked to European funds, particularly within the water sector, has been especially noteworthy. In this area, it secured significant contracts in Burgos, Castellón, Valladolid, Arteixo, and Valencia, among other locations, enabling it to close the year with a turnover exceeding €14 million.

Also in 2025, Nealis established its corporate open innovation platform, Nhub. This year, it has led more than 30 R&D&I projects with a network of 80 partners in innovation processes. Of particular note is the launch of its third chair, 'Green Horizon: Water and Bioenergy Nexus,' at the University of Valencia. This chair, along with its other chairs, classrooms, and applied research programs, connects scientific knowledge with real-world challenges in sectors such as water, energy, the bioeconomy, service digitalization, and urban management. Nhub has also facilitated entrepreneurship and the validation of solutions in real-world environments through the launch of its own sandbox.

With a 2030 horizon, the hub will mobilize 45 million euros of investment, with the aim of developing more than 50 R&D&I projects, promoting 8 spin-offs, activating 15 venture client initiatives and strengthening a stable collaboration ecosystem with universities, startups and technology agents.

As José Luis Vilar, Corporate General Manager of Nealis, states: "These record results not only validate the transformation strategy we have implemented, but also give us the necessary impetus to embark on a new phase of ambitious and sustainable growth. We have demonstrated the strength of our business model and our ability to generate value in the territories where we operate. Now, the goal is to scale this model and consolidate Nealis as a global leader."

Check out our 2025 Annual Report