Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — H1 2025 Earnings Presentation
29 slides from Inmobiliaria Del Sur's earnings presentation, Jul 30, 2025
Slide 1: 1H25 Results Presentation
1H25 RESULTS PRESENTATION JULY 30, 2025 SOLEIL – MARBELLA (MÁLAGA)
Slide 2: Legal Notice
1H25 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
1H25 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: Change in Accounting Policy in the Valuation of Real Estate Investments
1H25 RESULTS PRESENTATION CHANGE IN ACCOUNTING POLICY IN THE VALUATION OF REAL ESTATE INVESTMENTS Historically, the INSUR Group has recorded investment property using the cost In addition to the impacts on the Balance Sheet under the headings Real Estate method. Investments, Equity, and Deferred Tax
Slide 5: Main Highlights
1H25 RESULTS PRESENTATION MAIN HIGHLIGHTS ‣ Excellent commercial performance in the development activity in the first half of 2025, with 370 homes sold (+38.1% vs. 1H24) for a total of €129.4 million (€83.0 million in proportion), 39.3% more than the previous year (+33.7% in proportion). ‣ Historica
Slide 6: Executive Summary 1H25
1H25 RESULTS PRESENTATION DOSSIER EJECUTIVO SOSTENIBILIDAD / ESG 2024 EXECUTIVE SUMMARY 1H25 Financial data Figures by proportionate method Homebuilding operating data €m = million euros ASP= Average sale price Var % y-o-y Revenues Development Deliveries €63,2m -9,9% €31,7m -30,7% 117 units / ASP 32
Slide 7: Homebuilding: Pre-sales
1H25 RESULTS PRESENTATION DOSSIER EJECUTIVO SOSTENIBILIDAD / ESG 2024 HOMEBUILDING PRE-SALES €129,4m (€83,0m in 370 proportional) ASP of units €350m 138 units fully owned with ASP of €301m Pre-sales by quarter (units) Pre-sales by quarter (€m global) Pre-sales by quarter (€m proportionate) Owned 100
Slide 8: Homebuilding: Accumulated Pre-sales
1H25 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 JV en % Owned 100% JV 1.159 +27,9% +31,2% 235,4 384,4 +27,9% 292,9 18
Slide 9: Homebuilding: Deliveries
1H25 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 1.256 201 990 1.029 1.052 56 61 60 60 65 35 41 47 9 48 13 25 19 2Q24 3Q24 4Q24 1Q25 2Q2
Slide 10: Residential Land Bank of 4,598 Units
1H25 RESULTS PRESENTATION DOSSIER EJECUTIVO SOSTENIBILIDAD / ESG 2024 RESIDENTIAL LAND BANK OF 4,598 UNITS Under a purchase option (18%) Pending construction start (40%) (330 owned) (287 owned (1); 852 JVs(2)) 330 610 Design phase (22%) 1.139 (476 owned(3); 134(4) JVs) 191 861 Completed (7%) 1.467 (
Slide 11: Residential Activity. Geographic Breakdown
1H25 RESULTS PRESENTATION RESIDENTIAL ACTIVITY. GEOGRAPHIC BREAKDOWN Madrid 44 units pending construction start Andalusia 861 units under construction 1,095 units pending construction start 610 units in design phase 191 units completed 1,797 units in land portfolio and under a purchase option 11
Slide 12: P&L Homebuilding
1H25 RESULTS PRESENTATION P&L HOMEBUILDING €m (proportionate) 06.30.25 06.30.24 Var % Homebuilding revenues 31,7 45,7 -30,7% Cost of sales (24,9) (37,1) -32,8% Gross Margin* 6,7 8,6 -21,6% % Gross Margin 21,3% 18,8% +2,5 p.p. Net Margin* 4,5 6,5 -29,8% % Net Margin 14,3% 14,2% +0,2 p.p. Ebitda 4,6 7
Slide 13: Tertiary Promotion: 80,385 sqm
1H25 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 50.555 sqm (2) Under development 29.830 sqm (1) In portfolio TOTAL 80.385 sqm ELEVER - MADRID (1)(2) (1) This fig
Slide 14: Tertiary Promotion: Agora Building, Malaga
1H25 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 ~78% ‣ In commercialization (1) Planned investment 14
Slide 15: Tertiary Promotion: Noa Building, Malaga
1H25 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 ~33% ‣ In commercialization (1) Planned investment 15
Slide 16: Tertiary Promotion: Elever Building, Madrid
1H25 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 ~69% ‣ In commercialization (1) Planned investment 16
Slide 17: Tertiary Promotion: Valdebebas, Madrid
1H25 RESULTS PRESENTATION TERTIARY PROMOTION ONGOING PROJECTS: MADRID ‣ Valdebebas ‣ 36,500 sqm for several tertiary uses ‣ Investment (1): €95m ‣ 25,000 sqm sold at the end of 1H25 ‣ A hotel project under development ‣ 11,500 sqm ‣ Nº of rooms: 243 ‣ 4* hotel ‣ Marketed (Leased to Dalata Hotel Grou
Slide 18: Tertiary Promotion: IDS Nervion, Seville
1H25 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 ‣ Turnkey sale in July 2025 (Extendam Capital Partners and Panoram Hotel Management) 18
Slide 19: Rentals
1H25 RESULTS PRESENTATION DOSSIER EJECUTIVO SOSTENIBILIDAD / ESG 2024 RENTALS Rental Revenues ‣ 117,000 sqm and 3,000 parking spots 18,3 17,5 17,1 ‣ The annualized income* of the 15,4 +6,5% contracts in force as of 06.30.25 stands at €19.6m, 0.8% above the figure registered at the end of 9,0 9,6 1Q2
Slide 20: Rentals: Commercial Activity
1H25 RESULTS PRESENTATION RENTALS COMERCIAL ACTIVITY Contract Release 1H25 sqm Contracted New contracts terminations Renewals spread Offices 10.376 4.132 2.677 6.245 7,2% Hotels - - - - - Commercial premises - - 136 - - TOTAL 10.376 4.132 2.813 6.245 7,2% Seville 6.678 3.803 2.593 2.875 10,1% Madrid
Slide 21: P&L Rentals
1H25 RESULTS PRESENTATION P&L RENTALS €m (proportionate) 06.30.25 06.30.24 Var % Rental revenues 9,6 9,0 6,5% Operating expenses (1,3) (1,3) -5,3% Result on the sale of investment property (0,0) (0,4) -98,2% Ebitda 7,8 6,8 15,2% Adjusted Ebitda* 7,9 7,2 8,5% % Adjusted Ebitda margin 81,5% 80,0% +1,2
Slide 22: GAV
1H25 RESULTS PRESENTATION DOSSIER EJECUTIVO SOSTENIBILIDAD / ESG 2024 GAV ALL FIGURES IN PROPORTIONATE RENTALS TOTAL €648,2m* PROMOTION (+2,3%) +5,1% vs 1T25 (+8,2%) Seville 64% Offices(1) 83% Malaga 24% Hotels 9% Cordoba 6% Residential 64% Local premises 7% Madrid 3% €202,9m Parking 1% Cadiz 3% 51%
Slide 23: NAV, LTV and Debt
1H25 RESULTS PRESENTATION DOSSIER EJECUTIVO SOSTENIBILIDAD / ESG 2024 NAV, LTV Y DEBT ALL FIGURES IN PROPORTIONATE NAV Insur (1) Net financial debt LTV% €m €m +6,3% 425 +1,1 p.p. 400 +11,5%* 40,5 40,6 37,9 347,4 352,5 237,0 240,5 34,4 325 223,1 33,3 197,9 200,0 4,2* 4,3* 4,2* 3,9* 4,1* 3,9* 2021 202
Slide 24: Conciliation Between Equity and Proportionate Method: P&L
1H25 RESULTS PRESENTATION CONCILIATION BETWEEN EQUITY AND PROPORTIONATE METHOD CONSOLIDATED P&L(€m) 1H25 1H24 Var % Equity method Adjustments Proportionate Equity method Adjustments Proportionate Proportionate Revenues 80,0 (16,8) 63,2 57,9 12,2 70,1 -9,9% Housebuilding 24,6 7,1 31,7 14,6 31,0 45,7
Slide 25: Conciliation Between Equity and Proportionate Method: Balance Sheet
1H25 RESULTS PRESENTATION CONCILIATION BETWEEN EQUITY AND PROPORTIONATE METHOD CONSOLIDATED BALANCE SHEET (€m) 06.30.25 12.31.24 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 327,3 0,0 327,3 320,0 0,0 320,0 Financial investments in JVs
Slide 26: ESG Rating
1H25 RESULTS PRESENTATION ESG RATING Improvement of the ESG rating by Lighthouse (Instituto Español de Analistas) due to progress in the Environmental (E) and Corporate Governance (G) pillars. 2024 2025 “Very high” “Very high” performance performance 26
Slide 27: Annexes
ANNEXES 27 INSUR CALÍOPE-ALCALÁ DE HENARES (MADRID)
Slide 28: Figures in Global Terms 1H25
1H25 RESULTS PRESENTATION DOSSIER EJECUTIVO SOSTENIBILIDAD / ESG 2024 FIGURES IN GLOBAL TERMS 1H25 Pre-sales by quarter (units) Accumulated pre-sales (€m) Homebuilding revenues (€m) Owned 100% JV Owned 100% JV 202 173 170 200 170 130 124 384,4 +31,2% -32,7% 122 118 108 292,9 56,2 306 37,8 72 76 231,
Slide 29: María Ferrer, Investor Relations
María Ferrer Investor Relations accionistas@grupoinsur.com