Metrovacesa Sa · BME:MVC
Metrovacesa Sa — Metrovacesa Sa Metro — H1 2026 Earnings Presentation
30 slides from Metrovacesa Sa's earnings presentation, Jul 22, 2026
Slide 1: Results 1H2026
Ramón Turró I, II & III (Barcelona) Results 1H2026 July 22nd, 2026
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. Highlights 2. Business Update 3. Financial Overview 4. Closing remarks Appendices Today’s Presenters Jorge Pérez de Leza Borja Tejada Juan Carlos Calvo CEO CFO Corporate Dev. & IR 3.
Slide 4: 1. Highlights
Residencial Azahara (Valdemoro, Madrid) 1. Highlights
Slide 5: Highlights 1H26 results
Highlights 1H26 results Total +138% ❑ Solid performance in 1H26 €315.8m Revenues YoY ✓ €315.8m in total revenues (+138% YoY), with 809 units delivered at €343k/unit ASP EBITDA €49.2m +809% ✓ Confirmation of gross margin improvement: YoY 27.2% (+5.2p.p.), boosting EBITDA to €49.2m and positive net pr
Slide 6: 2. Business Update
Caleida render (A Coruña) 2. Business Update
Slide 7: 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 8: The Spanish housing context
The Spanish housing context Housing demand stabilizing at high levels Demand above 700k(1) units per year Housing prices continue to rise faster than costs New mortgages supported by growing demand Modest slowdown year-to-date(2): -3.4% Price-costs differential supports development margins Mortgage
Slide 9: 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 277.6 591 389 (€ m) 246 177 218 131.0 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Serene Atalaya II Resi
Slide 10: Pre-sales
Pre-sales Initiating commercialization in key new districts Net pre-sales by quarter Key commercialization starts: • YoY evolution is consistent with MVC’s ❑ Starting commercialization in new districts 607 net strong pre-sales coverage ratios following progress in urban planning management pre-sales
Slide 11: 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 12: 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 13: Commercial portfolio
Commercial portfolio We continue reducing the commercial portfolio: GAV €283m (13% of total MVC) ❑ Progress on the Oria Innovation Campus(1) project ❑ Sale of the P. Somport office building • Project calendar: • Sale formalized in June ✓ PBSA building (585 rooms): to be delivered in 3Q26(2) ✓ c.20,0
Slide 14: 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 15: 3. Financial Overview
Alma I (Granada) 3. Financial Overview
Slide 16: Profit & Loss
Profit & Loss Summary €m 1H 2025 1H 2026 %YoY Total revenues Revenues 132.8 315.8 +138% €315.8m (+138%) Residential development 131.0 277.6 Land sales & other income 1.8 38.2 Gross Profit 29.0 75.5 +160% EBITDA €49.2m (+809%) Residential development 28.9 75.4 (15.6% EBITDA Margin) % gross margin dev
Slide 17: Operating Cashflow
Operating Cashflow Summary Gross Operating Cashflow (€m) 1H 2023 (6.1) €128.9m Gross Op Cashflow 95.6 128.9 (9.8) FY2026 >€200m 49.2 Reiterating guidance EBITDA Net. fin. exp. & Land Land Gross corp. Tax monetization purchases operating Cashflow COGS of deliveries (land only) (1) €51m Cash from land
Slide 18: Net debt
Net debt Solid financial structure Net debt details €m Dec-25 Jun-26 Evolution of net debt and LTV ratio Total cash Developer loans 107.6 98.2 €159.8m 400 14.4% 17% 13.1% 13.5% Corporate debt 330.2 294.6 350 12% 300 Gross Financial Debt 437.9 392.8 €83.6m Unrestricted cash 250 7% Unrestricted cash 1
Slide 19: Asset appraisal
Asset appraisal NAV of €11.55 per share, GAV +3.2% LFL +3.2% LFL vs. Dec-25 Total GAV NAV p.s. • +2.6% vs Dec-25 • Positive in residential €2,142m €11.55 adj. for dividend of €0.90/sh • Negative in commercial GAV to NAV bridge, €m 2,142 99 (308) €11.55 p.s. (181) €10.81 p.s. 1,751 (112) 1,639 GAV Ta
Slide 20: 4. Closing Remarks
Aire render (Estepona, Málaga) 4. Closing Remarks
Slide 21: Key takeaways
Key takeaways Market stabilizing Solid performance 2026 guidance at high levels in 1H26 reiterated ✓ Transactions remain healthy (704k last ✓ A more homogeneous distribution of ✓ Gross cash flow generation: >€200m 12 months(1)) despite a slower beginning deliveries throughout the quarters of the yea
Slide 22: Appendices
Molí Mistral (Quart de Poblet, Valencia) Appendices
Slide 23: Profit and Loss
Profit and Loss €m 1H 2025 1H 2026 YoY A Total Revenues 132.8 315.8 +138% Residential development 131.0 277.6 Land sales & other income 1.8 38.2 Key comments Total COGS (103.8) (240.3) Residential development (102.2) (202.2) Land sales & other income (1.6) (38.1) A – Total revenues of €315.8m B Gros
Slide 24: Balance Sheet
Balance Sheet €m Dec-25 Jun-26 Investment Property 245.6 255.8 Other non-current assets 138.1 135.7 Total non-current assets 383.7 391.5 Inventory 1,570.0 1,463.1 Land 645.8 580.6 WIP & finished product 924.2 882.5 Cash 194.1 159.8 Other current assets 110.3 116.5 Total current assets 1,874.3 1,739.
Slide 25: Cashflow
Cashflow €m 1H 2025 1H 2026 + EBITDA 5.4 49.2 1H 2023 - Net financial expenses paid (6.2) (8.2) - Corporate taxes paid 4.8 (1.6) + Land monetisation: COGS of deliveries (land only) (1) 24.3 50.7 Cash from land sold (2) 1.6 44.9 - Land purchases (14.6) (6.1) = Gross Operating Cashflow (A) 15.4 128.9
Slide 26: Portfolio value & NAV
Portfolio value & NAV Calculation details Net Asset Value, €/sh Portfolio value breakdown, GAV in €m €m Dec-25 Jun-26 100% 13% Shareholders’ funds 1,414.2 1,296.4 +/- Gross capital gains 358.8 385.4 19% 283 +/- Other adjustments (1) 67.3 69.3 18% 404 = Gross NAV 1,840.3 1,751.1 50% 381 +/- Taxes on
Slide 27: Land portfolio
Land portfolio Portfolio details Geographic presence(1): €2,142m 24.3k ❑ 73% of the value located in Top-5 markets: GAV Resi. units Madrid, Malaga, Barcelona, Seville and Valencia <1% 3% <1% <1% 1% GAV distribution by province: GAV by use 14% <1% % Total % Residential % Commercial <1% Commercial Loc
Slide 28: 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 29: Data series
Data series Evolution of key operating data # Units 2018 2019 2020 2021 2022 2023 2024 2025 1H26 Pre-sales in the period 888 1,511 1,037 2,093 1,837 1,836 1,929 1,635 607 Backlog of presales (units) 909 2,131 2,568 3,033 3,171 3,332 3,265 3,095 2,893 Backlog of presales (€ m) 271 597 744 850 990 1,0
Slide 30: Q&A
Residencial Allegro (Sagunto, Valencia) Q&A