Metrovacesa (MVC) Corporate presentation summary

Strategic vision and business model

• Focuses on innovative, sustainable property projects to enhance quality of life and urban transformation, aiming for leadership in Spain's residential development sector.

• Operates with a diversified portfolio: 86% of revenues from residential development, 10% from land management, and 4% from commercial activities.

• Maintains a substantial land bank (~25,000 units), with 75% of value in Spain's top five markets, supporting future growth.

• Pursues a disciplined approach to land acquisition and divestment, optimizing portfolio size and quality.

Financial performance and shareholder returns

• Achieved record revenues of €709m in 2025 (+8% YoY), with gross margin rising to 26.2% and EBITDA up 74% to €128m.

• Net profit surged to €57m in 2025 (+258% YoY), supported by strong cash flow conversion and moderate leverage (LTV 13.5%).

• Distributed over €1.0bn in dividends from 2019–2026, with a policy to pay out >80% of operating cash flow; 2025 dividend yield reached 17%.

• NAV per share stood at €12.13 at end-2025, up 3.5% like-for-like, reflecting portfolio value resilience.

Operational highlights and project pipeline

• Delivered over 10,000 units and launched 15,000+ units between 2018–1Q 2026, with 102 active projects and 7,495 units in progress.

• Maintains a sales backlog of €1.1bn (3,160 units), providing high visibility for future cash flows.

• Average selling price for delivered units rose 27% to €375k in 2025, driven by premium projects and improved product mix.

• Key projects include Malaga Towers, Isla Natura (Seville), Los Cerros (Madrid), and Oria Innovation Campus (Madrid).