Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — Q1 2025 Earnings Presentation
27 slides from Inmobiliaria Del Sur's earnings presentation, Apr 29, 2025
Slide 1: 1Q25 Results Presentation
1Q25 RESULTS PRESENTATION APRIL 29, 2025 INSUR CALÍOPE – ALCALÁ DE HENARES (MADRID)
Slide 2: Legal Notice
1Q25 RESULTS PRESENTATION LEGAL NOTICE This presentation is the exclusive property of INMOBILIARIA DEL SUR. S.A. (INSUR). Its The risks and uncertainties that could possibly affect information provided are total or partial reproduction is strictly prohibited and it is covered by current law. difficu
Slide 3: Rationale Behind the Use of the Proportionate Method
1Q25 RESULTS PRESENTATION RATIONALE BEHIND THE USE OF THE PROPORTIONATE METHOD Grupo INSUR (Insur) , whose parent company is Inmobiliaria del Sur, S.A., develops two main Accordingly, the IFRS consolidated financial statements do not include the activities, housing development and rental. proportion
Slide 4: Main Highlights
1Q25 RESULTS PRESENTATION MAIN HIGHLIGHTS ‣ Extraordinary commercial performance in the development activity in the first quarter of 2025, recording one of the best figures in a single quarter, with 200 homes sold (+110.5% vs. 1Q24) for an amount of €68.1 million (€43.5 million in proportional), 107
Slide 5: Executive Summary 1Q25
1Q25 RESULTS PRESENTATION DOSSIER EJECUTIVO SOSTENIBILIDAD / ESG 2024 EXECUTIVE SUMMARY 1Q25 Financial data Figures by proportionate method Homebuilding operating data €m = million euros ASP= Average sale price Var % y-o-y Revenues Development Deliveries €30,0m -17,0% €14,3m -42,7% 56 units / ASP €2
Slide 6: Homebuilding: Pre-sales
1Q25 RESULTS PRESENTATION DOSSIER EJECUTIVO SOSTENIBILIDAD / ESG 2024 HOMEBUILDING PRE-SALES €68,1m (€43,5m in proportionate) 200 ASP units 76 units fully owned €340k ASP of €270k Pre-sales by quarter (units) Pre-sales by quarter (€m global) Pre-sales by quarter (€m proportionate) Owned 100% JV Owne
Slide 7: Homebuilding: Accumulated Pre-sales
1Q25 RESULTS PRESENTATION DOSSIER EJECUTIVO SOSTENIBILIDAD / ESG 2024 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 en % 344,7 +17,7% +15,8% 1050 +15,9% 213,2 292,9 184
Slide 8: Homebuilding: Deliveries
1Q25 RESULTS PRESENTATION DOSSIER EJECUTIVO SOSTENIBILIDAD / ESG 2024 HOMEBUILDING DELIVERIES Deliveries by quarter (units) Quarterly evolution of WIP and completed units Owned 100% JV 266 1.366 1.375 1.278 1.315 1.256 1.198 990 1.029 201 69 56 60 60 51 65 41 35 25 19 47 9 18 1Q24 2Q24 3Q24 4Q24 1Q2
Slide 9: Residential Land Bank of 3,806 Units
1Q25 RESULTS PRESENTATION DOSSIER EJECUTIVO SOSTENIBILIDAD / ESG 2024 RESIDENTIAL LAND BANK OF 3,806 UNITS Pending construction start (32%) (243 owned (1); 623 JVs(2)) Under a purchase option (30%) (330 owned) 866 330 825 Design phase (30%) (520 owned(3); 305 JVs) Under construction (36%) 44 Complet
Slide 10: Residential Activity. Geographic Breakdown
1Q25 RESULTS PRESENTATION RESIDENTIAL ACTIVITY. GEOGRAPHIC BREAKDOWN Madrid 44 units in design phase 6 units completed Andalusia 985 units under construction 866 units pending construction start 781 units in design phase 38 units completed 1,086 units in land portfolio and under a purchase option 10
Slide 11: P&L Homebuilding
1Q25 RESULTS PRESENTATION P&L HOMEBUILDING €m (proportionate) 03.31.25 03.31.24 Var % Homebuilding revenues 14,3 25,0 -42,7% Cost of sales (11,4) (20,2) -43,3% Gross Margin 2,9 4,8 -40,1% % Gross Margin 20,1% 19,2% +0,9 p.p. Net Margin* 1,6 3,8 -56,7% % Net Margin 11,4% 15,1% -3,7 p.p. Ebitda 2,0 3,
Slide 12: Tertiary Promotion: Ongoing Projects
1Q25 RESULTS PRESENTATION TERTIARY PROMOTION ONGOING PROJECTS Fulfilling the objective established for 2021-2025: • To grow in terms of tertiary-offices developments in Madrid and Malaga 66.890 sqm Under development 31,495 sqm* In portfolio NOA - MÁLAGA TOTAL 98,385 sqm* 12 * This figure excludes th
Slide 13: Tertiary Promotion: Agora Building, Malaga
1Q25 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 ~62% ‣ In commercialization (1) Planned investment 13
Slide 14: Tertiary Promotion: Noa Building, Malaga
1Q25 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 ~26% ‣ In commercialization (1) Planned investment 14
Slide 15: Tertiary Promotion: Elever Building, Madrid
1Q25 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 ~49% ‣ In commercialization (1) Planned investment 15
Slide 16: Tertiary Promotion: Valdebebas, Madrid
1Q25 RESULTS PRESENTATION TERTIARY PROMOTION ONGOING PROJECTS: MADRID ‣ Valdebebas ‣ 36,500 sqm for several tertiary uses ‣ Investment (1): €95m ‣ In commercialization ‣ A hotel project under development ‣ 11,500 sqm ‣ Nº of rooms: 243 ‣ 4* hotel (1) Planned investment 16
Slide 17: Tertiary Promotion: IDS Nervion, Seville
1Q25 RESULTS PRESENTATION TERTIARY PROMOTION ONGOING PROJECTS: SEVILLA ‣ IDS NERVION ‣ 8,665 sqm of tertiary tourist use ‣ Planned investment: €38m ‣ Nº of rooms: 184 ‣ 4* hotel 17
Slide 18: Rentals
1Q25 RESULTS PRESENTATION DOSSIER EJECUTIVO SOSTENIBILIDAD / ESG 2024 RENTALS Rental revenues ‣ 118,000 sqm and 3,000 parking spots 18,3 17,5 17,1 ‣ The annualized income* of the 15,4 contracts in force as of 03.31.25 +7,7% stands at €19.5m, 1.0% above the figure registered at the end of 2024. 4,5 4
Slide 19: Rentals: Commercial Activity
1Q25 RESULTS PRESENTATION RENTALS COMERCIAL ACTIVITY Contract Release 1Q25 sqm Contracted New contracts terminations Renewals spread Offices 8.205 2.526 1.829 5.679 7,8% Hotels - - - - - Commercial premises - - - - - TOTAL 8.205 2.526 1.829 5.679 7,8% Seville 4.717 2.407 1.829 2.310 10,1% Madrid - -
Slide 20: P&L Rentals
1Q25 RESULTS PRESENTATION P&L RENTALS €m (proportionate) 03.31.25 03.31.24 Var % Rental revenues 4,8 4,5 7,7% Operating expenses (0,6) (0,7) -18,7% Result on the sale of invetsment property 0,0 0,1 n.s. Ebitda 3,9 3,6 10,0% Adjusted Ebitda* 3,9 3,5 12,1% % Adjusted Ebitda margin 82,0% 78,8% +3,2 p.p
Slide 21: GAV
1Q25 RESULTS PRESENTATION DOSSIER EJECUTIVO SOSTENIBILIDAD / ESG 2024 GAV ALL FIGURES IN PROPORTIONATE RENTALS TOTAL €616,9m* PROMOTION (0,0%) +2,8% vs 2024 (+6,1%) Seville 61% Offices(1) 64% Malaga 26% Hotels 2% Cordoba 5% Residential 66% Local premises 14% Madrid 4% €194,8m Parking 20% Cadiz 3% 52
Slide 22: NAV, LTV and Debt
1Q25 RESULTS PRESENTATION DOSSIER EJECUTIVO SOSTENIBILIDAD / ESG 2024 NAV, LTV Y DEBT ALL FIGURES IN PROPORTIONATE NAV Insur (1) Net financial debt LTV% -0,5% €m €m +2,2 p.p. 400 398 +9,5%* 40,5 40,6 37,9 347,4 352,5 237,0 240,5 35,5 325 218,9 33,3 197,9 200,0 4,2* 4,3* 4,2* 3,9* 3,9* 3,9* 2021 2022
Slide 23: Conciliation Between Equity and Proportionate Method: P&L
1Q25 RESULTS PRESENTATION CONCILIATION BETWEEN EQUITY AND PROPORTIONATE METHOD CONSOLIDATED P&L(€m) 1Q25 1Q24 Var % Equity method Adjustments Proportionate Equity method Adjustments Proportionate Proportionate Revenues 38,8 (8,9) 30,0 24,3 11,8 36,1 -17,0% Housebuilding 11,3 3,0 14,3 4,4 20,5 25,0 -
Slide 24: Conciliation Between Equity and Proportionate Method: Balance Sheet
1Q25 RESULTS PRESENTATION CONCILIATION BETWEEN EQUITY AND PROPORTIONATE METHOD CONSOLIDATED BALANCE SHEET (€m) 03.31.25 12.31.24 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 319,9 0,0 319,9 320,0 0,0 320,0 Financial investments in JVs
Slide 25: Annexes
ANNEXES 25 INSUR ARES IV- DOS HERMANAS (SEVILLA)
Slide 26: Figures in Global Terms 1Q25
1Q25 RESULTS PRESENTATION DOSSIER EJECUTIVO SOSTENIBILIDAD / ESG 2024 FIGURES IN GLOBAL TERMS 1Q25 Pre-sales by quarter (units) Accumulated pre-sales (€m) Homebuilding revenues (€m) Owned 100% JV Owned 100% JV 202 173 170 200 -48,8% 130 344,7 +17,7% 122 118 124 292,9 274,1 95 231,6 31,8 64 16,3 51 7
Slide 27: María Ferrer, Investor Relations
María Ferrer Investor Relations accionistas@grupoinsur.com