Montebalito closed the first half of 2026 with a net profit of 862,000 euros, which represents a decline of 10.17% compared to the same period of the previous year, according to the accounts submitted this Thursday to the National Securities Market Commission (CNMV).
In contrast to the drop in results, the real estate developer recorded gross revenues close to 3.7 million euros, which represents a year-on-year increase of 7.71%.
The company explains that the increase in turnover is due to the boost from residential promotion activity, which has generated 1.8 million euros in revenue and accounts for 54% of the total, and emphasizes that this performance has contributed to improving profitability and cash generation capacity during the semester.
These revenues come, in particular, from the sale of completed promotions in previous years and from the recognition of the deferral of profit linked to the sale of 15 plots in the municipality of Mogán (Las Palmas de Gran Canaria) made in 2024, as this profit would be generated based on the progress of the work of the urbanization where these plots were located and amounted to a total of 3.9 million euros, it details in its management report.
In the operational chapter, Montebalito obtained a gross operating result (Ebitda) of 549,000 euros, after soaring by 147%, while the net operating result (Ebit) stood at 335,000 euros, which implies a decrease of 84.1%.
Net financial debt reached almost 16 million euros at the end of June 2026, above the 14 million recorded a year earlier, and the financial debt ratio over the GAV (gross asset value) stood at 11.49%.
Growth with a focus on the Canary Islands
In a statement, the company maintains that its growth plan involves strengthening its positioning in the Canary Islands, a region it defines as a market with "high potential" to develop its activity in the coming years.
In this regard, it identifies as its "most relevant project" the urbanization works of the urban plots that the group owns in the municipality of Mogán and recalls that it is undertaking the project of updating and completing the urbanization of Calas de Gran Canaria Polígono 24. It also adds that in this same area, 13 plots have been purchased for the construction of 250 units.
The group also refers to the planning of a complex of 55 apartments on a plot located in San Bartolomé de Tirajana (San Agustín, Las Palmas de Gran Canaria) and a boutique hotel with 11 rooms in El Cotillo (Fuerteventura).
On the peninsula, Montebalito continues with the construction of a hotel with 86 rooms in the Cartuja de Sevilla, whose delivery is scheduled for the first quarter of 2027.
Finally, in Vigo the company is waiting to obtain the license to build 11 homes in the Plaza de Compostela building and highlights that the approval of the new General Municipal Planning Plan has allowed for the expansion of urban uses to the tertiary sector of the lands of San Andrés de Comesaña and Esperanto, which will allow for "the promotion of new projects," it states.