Inmobiliaria del Sur (ISUR) Q1 2025 earnings summary

Executive summary

• Extraordinary commercial performance in development with 200 homes sold (+110.5% year-over-year), totaling €68.1m (+107.2%).

• Accumulated pre-sales reached 1,050 units (€344.7m), up 17.7% from end-2024.

• High operational activity: 985 homes and three office buildings under construction (30,390 sqm).

• Rental activity showed solid growth, with revenues up 7.3% and record occupancy at 94.1%.

Financial highlights

• Total revenues: €30.0m; EBITDA: €4.7m (-35.3% year-over-year); EBIT: €1.0m (-6.8%).

• Net profit: €1.8m (-58.9% year-over-year); Net financial debt: €218.9m (+9.5% vs 4Q24).

• Homebuilding revenues fell 42.7% to €14.3m due to lower deliveries; construction revenues rose 76.5% to €9.8m.

• Rental revenues increased 7.3% to €4.8m; services revenues dropped 58.9% to €1.8m.

• Total investment: €27.5m (mainly works execution and land acquisition).

Outlook and guidance

• Lower homebuilding revenues in 1Q25 expected to be offset by higher deliveries throughout the year.

• Construction starts for 95 units in 1Q25; 483 units expected to start within next 6 months.

• Ongoing commercialization of major tertiary projects in Madrid, Malaga, and Sevilla.