Inmobiliaria del Sur (ISUR) Investor update summary

Strategic plan foundations and achievements

• Residential unit deliveries grew 88.7% to 2,198 units from 2021-2025, with a 20.1% increase in residential land bank to 5,026 units.

• Commercial land bank expanded 248.1% to 94,859 sqm by 2025.

• Rental business occupation rate rose 6.8 p.p. to 96.2%, with revenue up 45.9% to €19.4m in 2025.

• Proportionate revenue for 2021-2025 totaled €787.4m, up 79.7%.

Financial performance and shareholder value

• EBITDA for 2021-2025 reached €168.3m, up 144.7%.

• Net profit for 2021-2025 was €98.5m, with record profit in 2025.

• Net financial debt reduced by 24.7% to €157.4m, with LTV down 12.7 p.p. to 27%.

• Share price nearly doubled (+96.4%) from 2021-2025; NAV per share projected to rise from €22.8 in 2025 to €30.2 in 2030.

• Dividend payout ratio targeted at 45-50%, with estimated average annual DPS of €0.75 for 2026-2030.

Market environment and opportunities

• Spanish market supported by strong labor market, GDP growth (2.9% in 2025), and low household leverage.

• Residential sector faces a structural housing deficit of 700k+ homes, with new household formation exceeding 1.5m by 2030.

• Commercial sector benefits from low office vacancy in Madrid and record tourist arrivals (96.8m in 2025).

• Rental business portfolio valued at €375.5m by end-2025, with Madrid representing 39% of GAV by 2030.