Metrovacesa Sa · BME:MVC
Metrovacesa Sa — Metrovacesa Sa Metro — FY2025 Earnings Presentation
35 slides from Metrovacesa Sa's earnings presentation, Feb 24, 2026
Slide 1: Results FY2025
Málaga Towers (Málaga) Results FY2025 February 24th, 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
Mesena 80 (Madrid) 1. Highlights
Slide 5: Highlights: Strong FY2025 results
Highlights Strong FY2025 results Total €708.5m +8% Revenues ❑ Delivering record figures in 2025 ✓ Revenue, EBITDA and net profit reached EBITDA €127.6m +74% record-high levels, exceeding expectations ✓ Operating Cash Flow reached €225.1m, significantly above the initial €150m guidance Net Profit €56
Slide 6: 2. Business Update
Residencial K2, Isla Natura (Sevilla) 2. Business Update
Slide 7: Key operational data
Key operational data as of December 31st, 2025 Active Deliveries / Land Construction Financials projects Sales portfolio Sales Backlog (1) Land Sales €301m units under 1,805 Units delivered in 3,095 €1,110m 3,917 €32.1m in P&L revenues Net debt construction(3) the period Sold units €359 k/unit ASP(2
Slide 8: The Spanish housing context
The Spanish housing context The structural under-supply continues to support house prices Strong price growth in 2025, Strong housing demand: Supply vs demand imbalance: although with a slight deceleration in recent months Transaction volume at historically high levels: New housing starts covers onl
Slide 9: Residential deliveries
Residential deliveries Record revenues, ASP and % Gross Margin Revenues from residential deliveries Avg price (ASP) per year (€k/unit) Some premium projects delivered in 4Q25 375 355 325 312 359 290 300 294 259 Revenues 676.4 280 (€ m) 588.0 Vision – Malaga Towers Mesena 80 (Málaga) (Madrid) FY21 FY
Slide 10: Pre-sales
Pre-sales Demand momentum remains solid Net pre-sales by quarter Net absorption rate (1) • Recovery in 4Q presales: 1,635 units +5.6% YoY to 434 units 4% presold in +5.6% YoY • Managing the price-volume balance, FY25 given our strong coverage ratios 3% Avg. 19-25 537 2% 2.5% # units 509 472 452 411
Slide 11: Operational activity
Operational activity Good visibility for the next few years supported by the backlog Sales backlog Under construction In commercialisation 3,095 units 3,917 units 5,196 units • €1.1bn in future revenues, with an avg. • Includes 851 units with works • Potential revenues of €2.0bn (ASP of price of €35
Slide 12: Isla Natura, Seville
Isla Natura, Seville +800 homes already delivered to date Isla Natura in 2025 P P # # Status at Dec-25 projects units Design 3 247 Isla Natura in 2022 Commercialization 12 700 Of which, construction 9 535 Started delivery 13 922 P o.w., delivered in 2024/25 871 P Total launched 28 1,869 P P Future l
Slide 13: Update on Madrid's large-scale developments
Update on Madrid’s large-scale developments Los Cerros and Valdecarros, close to start commercialization ❑ Los Cerros (Madrid): market launch planned for mid 2026 ❑ Valdecarros (Madrid) update: • Fully permitted since Jan2026, following final reallotment approval • Final reallotment approval expecte
Slide 14: Land activity
Land activity Sales and investments in FY25 Land sales Land acquisitions(2) €32.1m €162.7m 636 ~ €60m Backlog of binding P&L Revenues FY25 Units purchased Purchase price contracts(1) • €32.1m revenues from land sales formalised in 2025: €22m residential and • Several land acquisitions in core market
Slide 15: Commercial portfolio (1/2)
Commercial portfolio (1/2) Update on Oria project: new deal that completes its commercialization ❑ New deal: turn-key project for office development ❑ Completing the Oria project • New turnkey contract to develop offices: • This deal completes the commercialization of Oria Campus, MVC’s largest comm
Slide 16: Commercial portfolio (2/2)
Commercial portfolio (2/2) Improved market dynamics in the segment ❑ Major progress in the 2017–2025 period: GAV Commercial segment • Key figures: 2017–2025 (€m) 696 ✓ 50% reduction in portfolio size in the period ✓ €324m revenues from assets sales(1) in the segment 347 • Segment exposure reduced si
Slide 17: ESG
ESG Our ultimate objective is securing Metrovacesa’s positioning as a sustainable and responsible developer We promote sustainable, decarbonised and inclusive housing model 2025 marked the consolidation of our ESG27 strategy Metrovacesa strengthened the integration of ESG27 across the organization,
Slide 18: 3. Financial Overview
Oria office project (Madrid) 3. Financial Overview
Slide 19: Profit & Loss
Profit & Loss Summary €m FY 2024 FY 2025 %YoY Record total revenues Revenues 657.8 708.5 +8% €708.5m (+8%) Development 588.0 676.4 Land sales & other income 69.7 32.1 Gross Profit 128.0 179.6 +40% Record EBITDA €127.6m Development 129.8 177.4 (22% EBITDA Margin) % gross margin dev`t 22.1% 26.2% Land
Slide 20: Operating Cashflow
Operating Cashflow Summary Gross Operating Cashflow (€m) 1H 2023 (40.0) €225.1m 166.0 Gross Op Cashflow (28.6) 225.1 Significantly above 127.6 >€150m guidance EBITDA Net. fin. exp. & Land Land Gross corp. Tax monetization purchases operating Cashflow COGS of deliveries (land only) (1) €136m Cash fro
Slide 21: Net debt
Net debt Solid financial structure Net debt details €m Dec-24 Dec-25 Evolution of net debt and LTV ratio Total cash Developer loans 104.7 107.6 €201.1m 400 17% 13.8% 13.1% 13.5% 350 Corporate debt 293.3 330.2 12% 300 Gross Financial Debt 398.0 437.9 €130.3m Unrestricted cash 250 7% 200 Unrestricted
Slide 22: Asset appraisal
Asset appraisal NAV of €12.13 per share, LFL +3.5% +3.5% LFL vs. Dec-24 Total GAV NAV p.s. • +3.5% vs Dec-24 • Positive in residential €2,230m €12.13 adj. for dividend of €1.58/sh • Negative in commercial GAV to NAV bridge, €m 100 (301) 2,230 (189) €12.13 p.s. €11.45 p.s. 1,840 (104) 1,737 GAV Tax N
Slide 23: 4. Closing Remarks
Serene Atalaya (Estepona, Málaga) 4. Closing Remarks
Slide 24: Overall evolution 2018 - 2025
Overall evolution 2018 - 2025 Portfolio transformation and operational execution leading to high cash returns ❑ A more optimal portfolio mix ❑ Key operating data: 2018 to 2025 • Greater weight in active developments (work-in-progress) • +10,000 units delivered and +15,000 units launched • Reduction
Slide 25: Key takeaways
Key takeaways Strong results Attractive Solid outlook in 2025 dividends for 2026 ✓ Revenues growth and gross margin ✓ €240m (€1.58/sh) distributed in 2025 ✓ Gross cash flow generation: >€200m expansion driving to a record net profit following a significant cashflow generation • Housing development d
Slide 26: Appendices
Ramón Turró (Barcelona) Appendices
Slide 27: Profit and Loss
Profit and Loss €m FY 2024 FY 2025 YoY A Total Revenues 657.8 708.5 +8% Residential development 588.0 676.4 Land sales & other income 69.7 32.1 Key comments Total COGS (529.7) (528.8) Residential development (458.2) (499.0) Land sales & other income (71.5) (29.9) A – Total revenues of €708.5m B Gros
Slide 28: Balance Sheet
Balance Sheet €m Dec-24 Dec-25 Investment Property 240.2 245.6 Other non-current assets 147.8 138.1 Total non-current assets 388.1 383.7 Inventory 1,739.9 1,570.0 Land 763.4 645.8 WIP & finished product 976.5 924.2 Cash 186.4 194.1 Other current assets 99.1 110.3 Total current assets 2,025.4 1,874.3
Slide 29: Cashflow
Cashflow €m FY 2024 FY 2025 + EBITDA 73.4 1H 2023 127.6 - Net financial expenses paid (24.1) (17.1) - Corporate taxes paid - (11.5) + Land monetisation: COGS of deliveries (land only) (1) 98.2 136.2 Cash from land sold (2) 52.1 29.9 - Land purchases (53.2) (40.0) = Gross Operating Cashflow (A) 146.5
Slide 30: Portfolio value & NAV
Portfolio value & NAV Calculation details Net Asset Value, €/sh Portfolio value breakdown, GAV in €m €m Dec-24 Dec-25 100% 16% Shareholders’ funds 1,596.9 1,414.2 +/- Gross capital gains 347 343.7 358.8 19% +/- Other adjustments (1) 68.7 67.3 16% 414 = Gross NAV 2,009.3 1,840.3 361 50% +/- Taxes on
Slide 31: Land portfolio
Land portfolio Portfolio details Geographic presence(1): €2,230m 25.2k ❑ 75% of the value located in Top-5 markets: GAV Resi. units Madrid, Barcelona, Malaga, Seville and Valencia 3% <1% <1% GAV distribution by province: GAV by use 15% <1% % Total % Residential % Commercial <1% Commercial Location R
Slide 32: 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: 64% between €200k-€400k Reason to buy # of bedrooms ASP units in com
Slide 33: Data series
Data series Evolution of key operating data # Units 2018 2019 2020 2021 2022 2023 2024 2025 Pre-sales in the period 888 1,511 1,037 2,093 1,837 1,836 1,929 1,635 Backlog of presales (units) 909 2,131 2,568 3,033 3,171 3,332 3,265 3,095 Backlog of presales (€ m) 271 597 744 850 990 1,084 1,158 1,110
Slide 34: Corporate agenda in 2026
Puerto de Somport 21-23 (Madrid) Corporate agenda in 2026 Calendar (tentative dates) General Shareholders’ Meeting 28th April 1Q26 trading update 29th April 1H26 results presentation 22nd July 9M26 trading update 22nd October 34.
Slide 35: Q&A
Villas del Mar (Castellón) Q&A