Inmobiliaria del Sur (ISUR) Q2 2026 earnings summary

Executive summary

• Revenue performance in H1 2026 varied, with one report showing a 6.8% increase to €67.5m and another a 36.2% decrease to €50.8m, reflecting differences in consolidation and JV accounting.

• EBITDA rose 53.2% to €15.1m in one summary and 44.8% to €13.6m in another; net profit increased 26.5% to €12.1m and 27.3% to €11.97m, driven by margin improvement and development revenue.

• Strong liquidity position with €60.8m in cash and positive working capital of €7.8m.

• Corporate rating upgraded to BB+ by EthiFinance with a stable outlook.

• Major portfolio expansion through the acquisition of La Sierra Business Area (31,124 sqm offices in Madrid), including a 19% JV stake.

Financial highlights

• Homebuilding revenues (proportional) up 29.4% to €41.0m; rental revenues up 5.1% to €10.1m; construction revenue dropped 33% to €29.3m.

• Net financial debt ranged from €171.7m to €185.6m; LTV between 38.4% and 40.6%.

• GAV (proportional) reached €611.1m; NAV per share at €22.6, with a 26.1% discount to share price; NAV total €274.97m.

• Dividend paid per share was €0.35, totaling €6.53m.

Outlook and guidance

• Start of construction planned for 1,468 additional homes in 2026.

• Robust pre-sales pipeline, with cumulative pre-sales backlog of 807 units (€309.8m, €169.6m proportional) and €48.5m in pre-sales at June 2026.

• Focus on margin protection, value-add acquisitions, and ongoing strong performance in rental and construction segments.