Metrovacesa Sa · BME:MVC
Metrovacesa Sa — Investor Presentation (September 2026)
40 slides from Metrovacesa Sa's investor presentation, September 2026
Slide 1: Corporate Presentation
Corporate Presentation September 2026 We build innovative and sustainable housing, unique and welcoming homes to live in Medblue (Marbella, Málaga)
Slide 2: Disclaimer
Disclaimer This Presentation neither constitutes nor forms part of any offer for sale or invitation to purchase or subscribe for, or request for an offer of purchase or subscription, of the shares belonging to Metrovacesa, SA (“Metrovacesa”). This Presentation, as well as the information included th
Slide 3: Agenda
Agenda Table of Contents 1. Executive summary 2. Business Activity 3. Corporate Information 4. Sustainability and ESG 5. Appendices 3.
Slide 4: 1. Executive summary
Mesena 80 (Madrid) 1. Executive summary
Slide 5: Metrovacesa’s identity: mission, vision and values
Metrovacesa’s identity: mission, vision and values Since its inception, Metrovacesa has adapted its strategy to changes in the environment, maintaining a firm commitment to people’s well-being and the sustainable development of cities. MISSION VISION VALUES To develop innovative and To be a leading
Slide 6: Metrovacesa: a leading real estate developer in Spain
Metrovacesa: a leading real estate developer in Spain Core activities and strategic priorities ❑ Residential development ❑ Land management (residential) ❑ Commercial segment Weight of 86% 50% 4% 37% 10% 13% total MVC Revenues(1) GAV(2) Revenues(1) GAV(2) Revenues(1) % GAV(2) • Activity: to develop q
Slide 7: Unique land bank
Unique land bank A competitive advantage given its size and growth potential ❑ Diversified presence(1) ❑ Growth potential from land transformation • A substantial land bank that enhances visibility and • The main source of land for coming years’ new lowers land-acquisition requirements launches • A
Slide 8: Evolution in 2018-2Q26
Evolution in 2018-2Q26 Portfolio transformation and operational execution leading to high cash returns ❑ Towards a more optimal portfolio mix ❑ Key operating data: from 2018 to 2Q26 • Greater weight in active developments (work-in-progress) +11,000 units delivered and +16,000 units launched • Reduct
Slide 9: Key recent financial figures
Key recent financial figures Strong figures in 2025 ❑ P&L and cash flow ❑ Balance sheet and debt figures • Record figures in 2025, exceeding initial expectations • Moderate leverage: LTV ratio of 13.5% • Strong cash flow conversion thanks to limited land-related capex • Good access to corporate and
Slide 10: Rich dividend payout
Rich dividend payout Driven by strong cashflow generation Dividend history (€/sh) €1.65 €1.58 Total dividends Total op. cashflow +€1.0bn €936m 1.05 in 2019-2026 in 2019-2025 1.12 €0.80 December €0.66 €0.69 • >50% of current market cap. • Policy to distribute >80% of operating May 0.40 • Last dividen
Slide 11: Metrovacesa investment case
Metrovacesa investment case Positioned to capture the favourable housing cycle in Spain ❑ Supportive market ❑ Strong operating ❑ High visibility for ❑ An attractive return fundamentals performance future cash flows to shareholders ✓ Strong housing demand ✓ Record revenues of ✓ Cash flow guidance for
Slide 12: Key project examples
Key project examples ❑ Project developments underway ❑ Land areas under management Seda-Papelera Vinival Barcelona Valencia 1,300 units. 800 units Malaga Towers Mesena 80-82 Málaga 150 units Madrid 138 units Isla Natura Oria Innovation Los Cerros 3 Chimeneas Sevilla Campus, Madrid Madrid Barcelona +
Slide 13: 2. Business Activity
Residencial K2, Isla Natura (Sevilla) 2. Business Activity
Slide 14: Key operational data
Key operational data as of June 30th, 2026 Active Deliveries / Land Construction Financials projects Sales portfolio Sales Backlog (1) Land Sales €309m units under 809 Units delivered in 2,893 €1,064m 3,363 Net debt Sold units €368 k/unit ASP(2) construction(3) the period €38.2m in P&L revenues €343
Slide 15: Residential deliveries
Residential deliveries Higher volumes and ASP drive revenue growth and margin expansion Revenues from residential deliveries Deliveries by quarter (units) Some projects delivered in 1H26 +234% YoY 993 Revenues 591 389 (€ m) 676.4 246 177 218 588.0 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Serene Atalaya II Resi
Slide 16: Pre-sales
Pre-sales Initiating commercialization in key new districts Net pre-sales Net pre-sales by quarter (units) Key commercialization starts: 1,929 1,635 ❑ Starting commercialization in new districts 452 following progress in urban planning management 434 382 367 324 FY24 FY25 283 ❑ Los Cerros: Alyssa (1
Slide 17: Operational activity
Operational activity Strong pre-sales coverage provides visibility on future deliveries and revenues Sales backlog Under construction In commercialisation 2,893 units 3,363 units 5,259 units • €1.1bn in future revenues, with an avg. • Includes 654 units with works • Potential revenues of €2.0bn (ASP
Slide 18: Client profile
Client profile Location, price, age, reason to buy and financing (1) Where do we sell? What do they buy? What is the average selling price? by % units in commercialization Client profile by type of acquisition Middle class product: 61% between €200k-€400k Reason to buy # of bedrooms ASP units in Sev
Slide 19: Examples of recent key projects
Examples of recent key projects Isla Natura, Los Cerros and Oria Campus ❑ Creating new neighbourhoods ❑ Large-scale developments ❑ Expertise in alternative uses Isla Natura (Seville) Los Cerros (Madrid) Oria Innovation Campus (Madrid) Link to Palmas Altas / Isla Natura project website Link to Los Ce
Slide 20: Land activity
Land activity Strong land monetisation and disciplined pipeline replenishment Land monetisation Land investments 1H25 1H26 Co-investments • Two JVs with Santander Alternative Investments to develop two co-living projects: MVC holding 10% P&L 360 revenues €1.8m €38.2m o First JV created in Mar-26: 18
Slide 21: Commercial segment
Commercial segment Unlocking value through sales and JVs ❑ Progress of the monetization strategy ❑ ORIA Innovation Campus • Segment exposure reduced significantly, in line with the strategy to unlock value • Oria is MVC’s largest commercial development and monetize the commercial portfolio via sales
Slide 22: ESG
ESG We promote sustainable, decarbonized and inclusive housing model Our ultimate objective is securing Metrovacesa’s positioning as a sustainable and responsible developer Embedded climate change mitigation and adaptation criteria to project design and execution through dedicated, structured tools
Slide 23: 3. Corporate information
Residencia Nou Nazhar (Sant Joan d’Alacant, Alicante) Oria Innovation Campus (Madrid) 3. Corporate information
Slide 24: Milestones and heritage: a century-old legacy
Milestones and heritage: a century-old legacy Company re-listing Incorporation of Compañia Start of international Portfolio of 2,606 MM € Inmobiliaria Metropolitana expansion (GAV). Renewed focus on Merger of CIM, CUM (CIM) and Compañia and Vacesa creating Annual deliveries of c. 2,200- homebuilding
Slide 25: Corporate governance
Corporate governance Composition of the Board of Directors ❑ Board of Directors Carlos Manzano Jorge Pérez de Leza Ana Bolado Alberto Quemada Vice-chairman CEO Proprietary Proprietary Proprietary Jaime Ybarra Member ACC Executive Proprietary Azucena Viñuela Independent Member ACC Ignacio Moreno Chai
Slide 26: Management team
Management team Highly experienced ❑ Management Committee 209 Fulltime Employees(1) 5 Jorge Pérez de Leza CEO Borja Tejada CFO Eduardo Carreño Residential Operations Pilar Martín Legal Miguel A. Melero People, Processes and Raquel Bueno ESG Regional offices Technology >20 Avg. years of industry expe
Slide 27: Shareholder structure
Shareholder structure ❑ Shareholder structure ❑ Free float Jun-26 (% shares and # shareholders) % shares # shareholders 49.36% 21.22% National and foreigners inst. 4.94% 406 Individuals 4.49% 4,886 Total free float 9.43% 5,292 (1) 19.99% 30% 6,000 25% 20% 4,000 15% Free float 10% 2,000 9.43% 5% 0% -
Slide 28: Corporate financing
Corporate financing Corporate and developer loans No significant maturities until 2029, with 90% of debt fixed or hedged • Total amount: €276m • We now have all our corporate funding needs • Maturity: 5 years, until October 2029 covered for the next years Corporate loan • Pool of 11 banks: 5 domesti
Slide 29: Asset appraisal
Asset appraisal NAV of €11.55 per share ❑ Portfolio value breakdown, GAV in €m 13% Total GAV NAV p.s. 100% €2,142m €11.55 19% 283 18% 404 50% 381 • +3.2% LFL vs. Dec-25 • +2.6% vs Dec-25 2,142 adj. for dividend of €0.90/sh • Positive in residential 1,074 • Negative in commercial • Total gross NAV is
Slide 30: 5. Appendices
Villas del Volga (Palmas Altas, Seville) Ramón Turró (Barcelona) 5. Appendices
Slide 31: The Spanish housing market (1/2)
The Spanish housing market (1/2) Demand/supply imbalances, strong macro and healthy household finances keep the market active ❑ Nº of households (real + projections) ❑ Nº of households and house starts Household creation outpacing initial expectations: downward update of INE’s forecast for According
Slide 32: The Spanish housing market (2/2)
The Spanish housing market (2/2) Growing demand continues to push prices, ahead of construction costs ❑ Houses transactions ❑ Nº of new mortgages Transaction volume at historically high levels: 714k in 2025 (source: INE) Mortgage volumes edge up, with the mortgages-to-transactions ratio in line with
Slide 33: Presence in key locations
Presence in key locations Madrid 2 Active projects 1 • Madrid: Mesena 80 I & II, Mesena 82, Alyssa, Zinnia, Dalia & Kala • Pozuelo de Alarcón: Arpo F1 & F2 • Valdemoro: Residencial Azahara 4 1 Land, residential use 3 1• Puente de Segovia 2 2• Getafe La Estación 3• Alcorcón – Distrito Norte 4• Los Ce
Slide 34: Presence in key locations
Presence in key locations Barcelona Active projects • Barcelona: Ramón Turró 290 • Terrassa: Prat de la Riba, Gasómetro and Nou Vallparadís • Martorell: L’Illa de la Sínia • Manresa: Nova Alcoholera • Sabadell: Tetuán • Arenys de Mar: Arenys de Mar Fase III • Barberà del Vallès: Edifici Barberá • Vi
Slide 35: Presence in key locations
Presence in key locations Costa del Sol Active projects • Málaga: Málaga Towers – Vision, Zitizen I & II • Marbella: Medblue II & III • Estepona: Aire, Serene Atalaya F1, F2 & F3, Adagio, Serenity Gardens and Symphony suites1 and 2 • Manilva: Blue View Heights, Blue Marine and Blue Wave 1 • Mijas: C
Slide 36: Presence in key locations
Presence in key locations Seville Active projects • Seville: In Cruzcampo district: Torremagna, Torrenova and Torre Althea; in Palmas Altas: Teide, VPP – Sierra de Cazorla, VPP – Sierra Morena, Himalaya, Torre Arenal, Aneto, VPP – Sierra Nevada, VPP – Sierra Aracena, K2, Navacerrada, Villas del Tíbe
Slide 37: Presence in key locations
Presence in key locations Valencia Active projects 3 • Valencia: Residencial Izar, Residencial Patraix, Lyra Residencial, Residencial Nova Urbe F1 & F2 • Sagunto: Residencial Allegro and Plathea • Bétera: Villas del Garbí • Quart de Poblet: Molí Mistral • Puig: Marella Puig 2 Land, residential use 1
Slide 38: Project cycles
Project cycles Project development & cash collections from clients ❑ Project life cycle: a range of ≈ 40 months Market analysis and Prepare Delivery & Commercialization business plan marketing launch post-sale Pre-launch Delivery Project design Building license Construction FOL(1) preparation & post
Slide 39: Urban land process
Urban land process From non-urban to fully permitted Non-fully permitted land Fully permitted land Value Creation Non Urban Developable Organized Ready to urbanise Ready to build (No urbanizable) (Clasificado) (Ordenado) (Pendiente urbanización) (Urbanizado) Res75% Com25% 0,5 m2e/m2s 1 Approval of a
Slide 40: Corporate Presentation
Villas del Mar (Castellón) Corporate Presentation September 2026 CORPORATE PRESENTATION. November 2025