Inmobiliaria del Sur (ISUR) Q4 2025 earnings summary

Executive summary

• Operating profit rose 46.3% to €59.6m, with net profit up 58.8% to €39.3m year-over-year, driven by higher revenues and improved margins.

• Revenue increased 28.4%, led by development (+35.1%), rentals (+6.1%), and construction (+20.0%).

• EBITDA reached €48.2m (+49.2%), reflecting strong cash generation.

• Adopted fair value model for investment property valuation, applied retroactively, impacting 2024 comparatives and resulting in significant restatements in consolidated financials.

• 606 homes sold for €222.3m, with accumulated pre-sales of 842 units (€313.2m), and a record rental occupancy rate of 96.2%.

Financial highlights

• Revenues: €238.6m (+28.4% year-over-year).

• EBITDA: €48.2m (+49.2%); EBIT: €59.6m (+46.3%).

• Net profit: €39.3m (+58.8%).

• Net financial debt: €157.4m (-21.3% vs 4Q24).

• NAV: €425.4m (+6.4% vs year-end 2024); NAV per share: €22.8.

Outlook and guidance

• Strategic plan 2021-2025 nearly achieved: €787.3m revenues vs €833-925m target; net profit €98.3m vs €94-113m target.

• The fair value model for investment properties is expected to provide a more accurate reflection of asset values and future earnings volatility.

• Focus on expanding development in Madrid and Málaga, increasing property business via acquisitions and JVs.