Grupo Insur has increased its net profit by 18.1% in the first nine months of the year compared with the same period of the previous financial year, reaching 18.5 million euros. This advance is supported, on the one hand, by the improvement in residential development margins and, on the other, by the increase in the fair value of its real estate investments.
Revenue stood at 96 million euros, which represents a decline of 19.6% compared with the same period of the previous year. From Insur they detail that this performance is mainly due to the lower volume in the development (-24.9%), construction (-20.7%) and management and commercialization (-2.9%) areas.
The drop in development business is explained in part by the sale, in the first nine months of 2025, of land valued at 11.7 million euros. If this transaction is excluded, revenue linked exclusively to the sale of homes falls by 10.3%.
In parallel, the group has maintained robust commercial performance through the close of the third quarter of 2026, with 242 homes conveyed for an amount of 103.6 million euros. With this, the total volume of accumulated pre-sales in these first nine months amounts to 328.9 million euros, which implies growth of 6.2% and 6.1% in proportional terms compared with the first half. The pre-sale coverage for 2026 and 2027 stands at 88.2% and 71.2%, respectively.
The residential land bank already adds capacity for 5,046 homes, of which 940 units are under construction and 1,030 are awaiting the start of works. In addition, Grupo Insur has 1,182 homes in the design phase, 80 already completed and another 1,814 in the portfolio.
TERTIARY DEVELOPMENT AND ASSET ACTIVITY
In the area of tertiary development, three of the projects currently underway, with a combined buildability of 29,513 square meters of floor area, are under construction, while 40,310 square meters of gross leasable area (SBA) are in operation and another 66,150 square meters remain in the portfolio.
Among the projects under construction, two hotels stand out, with a combined gross leasable area of 19,708 square meters, located in Sevilla and Valdebebas (Madrid), one of which is sold off-plan and the other leased to the hotel group Dalata Hotel Group. The third development under construction is the NOA office building in Málaga, with 9,805 square meters of GLA, which is 33% marketed for lease.
Among the assets in operation is the office complex "La Sierra Business Area", with 31,134 square meters of GLA in Mirasierra, north of Madrid, acquired in this third quarter. With this transaction, the group strengthens its presence in the country's main office market, diversifying and consolidating its tertiary business. Added to this is the Ágora office building in Málaga, with 9,176 square meters of GLA.
The property activity has maintained a positive evolution, with revenue of 15.1 million euros, which represents an increase of 4.4% compared with the first nine months of 2025. The annualized rent of the contracts in force as of September 30 stood at 20.4 million euros, in line with the figure recorded at the close of the second quarter. The occupancy rate has improved by 0.3 percentage points, to 89.6%.
Ebitda has reached 20.2 million euros, 3.3% less, while operating profit (Ebit) has risen to 30.8 million euros, representing an increase of 8.7% compared with the same period of the previous year.
The GAV or gross asset value has stood at 635.7 million euros, 4.0% above the close of the first half, driven by the 10.7% increase in the value of development assets, both residential and tertiary. Net financial debt amounts to 214.7 million euros, 36.4% more than at the close of 2025, due in part to the purchase of "La Sierra Business Area" in July and the payment of dividends during the year.
As a result, the NAV or net asset value, once debt has been deducted, has stood at 421.0 million euros, slightly below the level recorded at the close of 2025. Finally, the LTV, which measures the relationship between net financial debt and gross asset value, has stood at 33.8%, which is 6.8 percentage points more than at the end of 2025.