Inmobiliaria del Sur (ISUR) Q1 2026 earnings summary

Executive summary

• Net profit surged 121.7% year-over-year in Q1 2026, driven by strong development revenue and improved margins.

• Revenue rose 5.2%, with notable growth in development (+38.7%), rental (+3.0%), and management & commercialisation (+18.5%).

• EBITDA increased 50.2% to €7.1m, reflecting robust cash generation.

• Pre-sales reached 84 homes (€32.1m), with a cumulative backlog of 805 units (€304.0m).

• 906 homes and 3 commercial projects are under construction, totaling 29,513 sqm GLA.

Financial highlights

• Revenue: €31.5m (+5.2% year-over-year); EBITDA: €7.1m (+50.2%); EBIT: €7.1m (+51.3%).

• Net profit: €3.9m (+121.7%); Net financial debt: €179.7m (+14.2% vs Q4 2025).

• Homebuilding revenues (proportional): €19.8m (+38.7%); Rental revenues: €4.9m (+3.0%).

• Construction revenues declined 44.0% year-over-year.

• Management & commercialisation revenues: €1.2m (+18.5%).

Outlook and guidance

• Construction starts planned for 1,468 additional homes in 2026.

• Pre-sales coverage for 2026 and 2027 stands at 100% and 81.8% of estimated deliveries, respectively.