Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — FY2024 Earnings Presentation
31 slides from Inmobiliaria Del Sur's earnings presentation, Feb 26, 2025
Slide 1: FY24 Results Presentation
FY24 RESULTS PRESENTATION F E B R U A R Y 2 6 , 2 0 2 5 Insur Creta III (Dos Hermanas-Sevilla)
Slide 2: Legal notice
FY24 RESULTS PRESENTATION Legal notice This presentation is the exclusive property of INMOBILIARIA DEL SUR. S.A. The information included in this document has not been checked or revised (INSUR). Its total or partial reproduction is strictly prohibited and it is covered by INSUR auditors. The Compan
Slide 3: Rationale behind the use of the proportionate method
FY24 RESULTS PRESENTATION Rationale behind the use of the proportionate method Grupo INSUR (Insur) , whose parent company is Inmobiliaria del Sur, S.A., Accordingly, the IFRS consolidated financial statements do not include develops two main activities, housing development and rental. the proportion
Slide 4: Main highlights
Main FY24 RESULTS PRESENTATION highlights ‣ Relevant increase of 55.1% in turnover vs 2023, reaching €185.8m, with growth in all activities. Development activity has grown by 55.3% vs 2023. ‣ Extraordinary commercial performance in the development activity in 2024, with 640 homes sold (+82.9% vs 202
Slide 5: Executive summary FY24
FY24 RESULTS PRESENTATION Executive summary FY24 Figures by proportionate method €m = million Euros Var % y-o-y ASP= Average sale price Financial data Homebuilding operating data Revenues Development Deliveries ‣ €185.8m +55.1% ‣ €131.5m +55.3% ‣ 455 units / ASP €352k EBITDA o Building sales €131.0m
Slide 6: Homebuilding. Pre-sales
FY24 RESULTS PRESENTATION Homebuilding. Pre-sales Pre-sales by quarter (units) Pre-sales by quarter (€m global) Pre-sales by quarter (€m proportionate) Owned 100% JV Owned 100% JV Owned JV in % 44.6 202 66.2 60.0 58.3 38.8 37.0 173 170 24,9 130 46,5 45,9 43,0 21,6 122 118 23.3 32.8 24,7 95 61 21.6 1
Slide 7: Homebuilding. Accumulated pre-sales
FY24 RESULTS PRESENTATION Homebuilding. Accumulated pre-sales Accumulated pre-sales (units) Accumulated pre-sales (€m global ) Accumulated pre-sales (€m proportionate) Owned 100% JV Owned 100% JV Owned JV in % +25.7% +24.3% +7.2% 721 906 292.9 235.6 231,6 171.7 184.1 670 165,6 122,8 418 101,7 303 70
Slide 8: Homebuilding. Deliveries
FY24 RESULTS PRESENTATION Homebuilding. Homebuilding revenues (€m global) Deliveries +97.8% Deliveries by quarter (units) Owned 100% JV 266 160,2 65 81 114 2023 2024 19 201 ASP (€k)* 262.1 352.1 69 60 60 95 51 25 41 *ASP includes the delivery in 2024 of housing developments in Madrid with a higher s
Slide 9: Residential land bank of 3,862 units
FY24 RESULTS PRESENTATION Residential land bank of 3,862 units Pending construction start (23%) (103 owned; 540 JVs(1)) Under a purchase option (30%) (330 owned) 330 643 Design phase (41%) 2,776 (698 owned(2); 445 JVs(3)) Active 1,086 units 1.143 units 890 100 756 Completed (4%) Under construction (
Slide 10: Residential activity. Geographic breakdown
FY24 RESULTS PRESENTATION Residential activity. Geographic breakdown Andalusia Madrid* 890 units under construction 44 units in design phase 643 units pending construction start 11 units completed 1,099 units in design phase 89 units completed 1,086 units in land portfolio and under a purchase optio
Slide 11: P&L: Homebuilding
FY24 RESULTS PRESENTATION P&L: Homebuilding €m (proportionate) 12.31.24 12.31.23 Var % Homebuilding revenues 131,0 71,9 82,3% Cost of sales (103,8) (56,1) 85,2% Gross Margin 27,2 15,8 72,0% % Gross Margin* 20,8% 22,0% -1,2 p.p. Net Margin 21,8 11,4 90,4% % Net Margin 16,6% 15,9% +0,7 p.p. Contributi
Slide 12: Tertiary promotion: 128,385 sqm
FY24 RESULTS PRESENTATION Terciary promotion Ongoing projects Fulfilling the objective established for 128,385 sqm* 2021-2025: Total To grow in terms of tertiary offices developments in Madrid and Málaga 75,555 sqm Under development 52,830 sqm* In portfolio * Includes 30,000 sqm of a plot of land in
Slide 13: Tertiary promotion. Malaga: Agora building
FY24 RESULTS PRESENTATION Tertiary promotion. Ongoing projects. Malaga Agora building (Malaga capital) 9,500 sqm of offices Investment(1): € 37m Under construction since 1Q23 Progress of the construction ~ 54% In commercialization (1) Planned investment 13
Slide 14: Tertiary promotion. Malaga: Noa Building
FY24 RESULTS PRESENTATION Tertiary promotion. Ongoing projects. Malaga Noa Building (Malaga capital) 10,900 sqm of offices Investment(1): €37m Under construction since 1Q24 Progress of the construction ~ 14% In commercialization (1) Planned investment 14
Slide 15: Tertiary promotion. Madrid: Elever building
FY24 RESULTS PRESENTATION Tertiary promotion. Ongoing projects. Madrid Elever building (Las Tablas- Madrid Nuevo Norte) 9,990 sqm of offices Investment(1): € 44m Under construction since 4Q23 Progress of the construction ~ 33% In commercialization (1) Planned investment 15
Slide 16: Tertiary promotion. Madrid: Valdebebas
FY24 RESULTS PRESENTATION Tertiary promotion. Ongoing projects. Madrid Valdebebas 36,500 sqm of tertiary use Investment(1): € 95m In commercialization for various tertiary uses (1) Planned investment 16
Slide 17: Tertiary promotion. Seville: IDS Nervion
FY24 RESULTS PRESENTATION Tertiary promotion. Ongoing projects. Seville IDS Nervion 8,665 sqm of tourist tertiary use. Planned investment: €39m 17
Slide 18: Rentals: 118,000 sqm and 3,000 parking spots
FY24 RESULTS PRESENTATION Rentals Rental revenues 118,000 sqm y 3,000 +7.0% parking spots 17,5 18,3 17,1 The annualized income* of the contracts 15,4 13,3 in force as of 12/31/24 stands at €19.2m, 3,0% above the figure 2020 2021 2022 2023 2024 registered in the 9M24. *Calculated as 12 months of inco
Slide 19: Rentals. Commercial activity
FY24 RESULTS PRESENTATION Rentals Comercial activity Contract Release 2024 sqm Contracted New contracts terminations Renewals spread Offices 11.393 6.778 3.356 4.615 9,6% Hotels - - - - - Commercial premises 3.353 1.858 552 1.494 6,9% TOTAL 14.746 8.636 3.908 6.109 8,9% Seville 13.422 7.313 3.413 6.
Slide 20: P&L: Rentals
FY24 RESULTS PRESENTATION P&L: Rentals €m (proportionate) 12.31.24 12.31.23 Var % Rental revenues 18,5 17,1 8,1% Operating expenses (2,9) (2,9) -0,2% Result on the sale of invetsment property 6,5 8,9 -26,9% Ebitda 20,7 21,8 -5,0% Adjusted Ebitda* 14,2 12,9 10,1% % Adjusted Ebitda margin 76,8% 75,4%
Slide 21: GAV Total €600.0m
FY24 RESULTS PRESENTATION GAV Total €600,0m* All figures in proportinate +1.2% vs 2023 Rentals (-1.6%) Promotion (+4.6%) Seville 61% Malaga 24% Cordoba 5% Residential 67% Seville 70% Granada 4% Offices(1) 82% €184.8m 46% Madrid 3% 54% Hotels 9% Madrid 20% Cadiz 3% Commercial premises 8% Huelva 6% €
Slide 22: NAV, LTV and debt
FY24 RESULTS PRESENTATION NAV, LTV and debt All figures in proportionate LTV% NAV Insur(1) €m -7.3 p.p. NAV per share 40,5 40,6 +13.5% ‣ €21.2 39,7 37,9 33,3 400 347,4 352,5 317,1 325 Stock Price as of 12.31.24 2020 2021 2022 2023 2024 ‣ €8.95 4,2* 4,3* 4,2* 3,9* 3,9* Net financial debt 2020 2021 20
Slide 23: Conciliation between equity and proportionate method: P&L
FY24 RESULTS PRESENTATION Conciliation between equity and proportionate method: Consolidated P&L (€m) FY24 FY23 Var % Equity method Adjustments Proportionate Equity method Adjustments Proportionate Proportionate Revenues 164,5 21,3 185,8 138,2 (18,4) 119,8 55,1% Development 67,9 63,6 131,5 80,3 4,4
Slide 24: Conciliation between equity and proportionate method: balance sheet
FY24 RESULTS PRESENTATION Conciliation between equity and proportionate method: Consolidated balance sheet €m 31.12.24 31.12.23 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 195,6 0,0 195,6 206,6 0,0 206,6 Financial investments in JVs 1
Slide 25: 2021-2025 Strategic plan. Fulfillment in figures
FY24 RESULTS PRESENTATION 2021-2025 Strategic plan. Fulfillment in figures 2021- 2025 2021- 2025 ACCUMULATED STRATEGIC ACCUMULATED STRATEGIC 2024 2024 2024 PLAN 2024 PLAN REVENUES €833 -925m €548.7m €185.8m EBIT €170 -190m €103.1m €35.3m DEVELOPMENT €600-675m €381.8m €131.5m EBITDA €190-205m €120.1m
Slide 26: ESG rating 2024
FY24 RESULTS PRESENTATION ESG rating 2024 Improved ESG rating by Lighthouse (Spanish Institute of Analysts) due to notable progress in the environmental pillar (E). 2023 2024 “Very high” “Very high” performance performance 26
Slide 27: Shareholder remuneration
FY24 RESULTS PRESENTATION Shareholder remuneration Share Price in 2024 Pay-out Pay-out evolution commitment 55,00% 50,00% 49.8% 10,00 +27.0% €8.95 45,00% 9,00 40,00% 8,00 ~45-50% 35,00% 7,00 30,00% 6,00 25,00% 5,00 20,00% 2020 2021 2022 2023 2024 EPS evolution(€ per share) Dividends paid (€ per shar
Slide 28: Q&A
Q&A Las Terrazas de Macenas (Mojácar-Almería) 28
Slide 29: Annexes
FY24 RESULTS PRESENTATION ANNEXES 29
Slide 30: Figures in global terms FY24
FY24 RESULTS PRESENTATION Figures in global terms FY24 Pre-sales by quarter (units) Accumulated pre-sales (€m) Homebuilding revenues (€m) Owned 100% JV Owned 100% JV +24.3% +97.8% 292.9 202 173 170 231,6 130 235.6 122 118 95 165,6 61 160,2 64 81 44 72 70 61,3 51 52 17 31 2023 2024 4Q23 1Q24 2Q24 3Q2
Slide 31: María Ferrer, Investor Relations
María Ferrer Investor Relations accionistas@grupoinsur.com