Inmobiliaria del Sur (ISUR) Q3 2025 earnings summary

Executive summary

• Revenues reached €119.5m, up 17.9% year-over-year, with growth across all business lines.

• Adjusted EBITDA rose 22.8% to €20.8m; net profit surged 147.5% to €15.6m.

• 519 homes sold (+10.4% vs 9M24), with pre-sales at all-time highs (1,190 units, €410.6m, +40.2%).

• High operational capacity: 800 homes and three office buildings under construction.

• NAV increased by €11.7m (+2.9%) to €411.7m.

Financial highlights

• Homebuilding revenues (proportionate) declined 5.3% to €60.1m; gross margin improved to 20.4%.

• Rental revenues grew 6.7% to €14.5m; occupancy rate at 94.5%.

• Construction revenues up 41.6% to €29.8m.

• Net financial debt increased 13.3% to €226.7m, mainly due to higher inventories and interim dividend payment.

Outlook and guidance

• Delivery of homes valued at €159.2m scheduled for Q4.

• Expected start of construction for 722 units in the next 6 months.

• Pre-sales coverage extends into 2025–2026, with strong construction progress (96.7% for 2025 deliveries).