Inmobiliaria del Sur (ISUR) Q3 2026 earnings summary

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.