Inmobiliaria del Sur (ISUR) Q3 2024 earnings summary

Executive summary

• Turnover grew 46.4% year-over-year to €101.4m, driven by strong promotion (+42.5%) and construction (+136.2%) activities.

• Net profit increased 76.3% year-over-year to €10.5m, with EBITDA up 20.3% to €23.3m and adjusted EBITDA up 63.1% to €17.0m.

• Record home pre-sales in 3Q24: 202 units (+137.6% vs 3Q23), totaling 470 units in 9M24 (+71.2% year-over-year).

• Accumulated pre-sales reached 1,002 units (€316.2m), up 27.0% from end-2023.

• Net financial debt reduced by 4.8% to €229.0m, lowering LTV to 38.1% from 40.6%.

Financial highlights

• Revenues: €101.4m (+46.4% year-over-year); Homebuilding: €63.5m (+64.5%); Rentals: €13.6m (+4.0%); Construction: €21.0m (+136.2%).

• Net profit: €10.5m (+76.3% year-over-year).

• EBITDA: €23.3m (+20.3%); Adjusted EBITDA: €17.0m (+63.1%).

• Total investment: €77.5m (Capex €0.6m, €76.9m in works execution).

• Home deliveries: 189 units (ASP €416k); Pre-sales: 470 units (ASP €338k); Accumulated pre-sales: 1,002 units (ASP €316k).

Outlook and guidance

• High volume of deliveries scheduled for Q4 (€83.6m, €68.5m proportionally) expected to drive further increases in EBITDA and net profit.