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Inmobiliaria del Sur (ISUR) investor relations material
Inmobiliaria del Sur Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
9M26 net profit rose 18.1% YoY to €18.5m on a proportionate basis, supported by improved residential development margins.
Commercial activity included 242 home pre-sales worth €103.6m globally (€60.4m proportionate); cumulative backlog reached 844 units worth €328.9m globally.
Revenue declined 19.6% to €96.0m, reflecting lower homebuilding activity and the high 2025 completion base and land disposal.
Financial highlights
Proportionate revenue was €96.0m, down 19.6% YoY; EBITDA was €20.2m, down 3.3%, and operating profit was €30.8m, up 8.7%.
Net profit was €18.5m, up 18.1%; net profit attributable to the parent was €18.3m, up 18.5%.
Homebuilding revenue fell 10.3% to €53.9m, while gross margin rose to 27.3% from 20.4% and EBITDA increased 21.3% to €11.7m.
Rental revenue increased 4.4% to €15.1m; adjusted EBITDA was €12.3m, up 5.6%, with an 81.4% adjusted EBITDA margin.
Outlook and guidance
Construction starts began on 309 homes during 9M26; starts were planned for 803 additional homes in 2026.
Pre-sales covered 88.2% of estimated 2026 deliveries and 100.0% of 2027 deliveries; construction progress coverage was 71.2% and 100.0%, respectively.
Noa’s completion certificate was expected in Q4 2026; the 244-room Madrid Valdebebas hotel was under construction with ~39% progress.
- Revenue and operating income rose, but net income fell amid higher finance costs.ISUR
Q4 2023 - Net profit rose up to 27.3% despite mixed revenue trends and strong liquidity was maintained.ISUR
Q2 2026 - Net profit soared 121.7% in Q1 2026, fueled by strong development and rental growth.ISUR
Q1 2026 - AGM approved 2025 results, new strategy, board changes, and EUR 0.74/share dividend.ISUR
AGM 2026 - Ambitious 2026-2030 plan aims for record growth, profitability, and enhanced shareholder value.ISUR
Investor update - Net profit rose 58.8% on strong revenue and fair value gains, with debt down 21.3%.ISUR
Q4 2025 - Net profit surged 147.5% on 17.9% revenue growth and record pre-sales.ISUR
Q3 2025 - Net profit jumped 91.9% as revenue and pre-sales grew, with strong rental performance.ISUR
Q2 2025 - Net profit jumped 76.3% on record pre-sales and robust construction growth.ISUR
Q3 2024
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