Inmobiliaria del Sur (ISUR) Q4 2024 earnings summary

Executive summary

• Turnover rose 55.1% year-over-year to €185.8m, with growth across all activities and all business segments contributing positively.

• Net profit increased 80.6% to €20.7m; net income attributable to the parent was €20.6m, an 82% increase from €11.3m in 2023.

• Development activity surged 55.3% year-over-year; 640 homes sold (+82.9%) for €217.1m.

• Accumulated pre-sales reached 906 units (+24.3%) valued at €292.9m.

• All segments showed notable growth, especially in construction and property management.

Financial highlights

• Revenues: €185.8m (+55.1% year-over-year); EBITDA: €39.2m (+24.4%); EBIT: €35.3m (+48.2%).

• Net profit: €20.7m (+80.6% year-over-year); adjusted EBITDA: €32.7m (+44.5%).

• Construction revenues: €68.9m (up from €35.6m); property management revenue: €18.3m (up from €17.1m).

• Total assets grew to €507.8m from €483.4m at year-end 2023; cash and equivalents increased to €69.2m.

• Occupancy rate in rentals: 93.5% (+1.5 p.p. vs 9M24).

Outlook and guidance

• 2025 estimates for all key metrics are substantially higher than 2024 results.

• Management expects continued growth in all segments for 2025, with a focus on expanding property development and construction.

• Strategic plan targets through 2025 remain on track, with accumulated revenues and profits progressing toward goals.