Metrovacesa (MVC) Q1 2025 earnings summary

Executive summary

• Robust housing demand with 12% YoY growth in transactions and no signs of trend reversal.

• Households remain solvent, supported by maximum employment rates and low leverage.

• Operational activity aligns with internal plans, with 246 units delivered and €77.6m in total revenues for 1Q25.

• Presales reached €170m (+2% YoY), with a 14% increase in average selling price per unit.

• Backlog stands at €1.3bn (+8% vs. Dec-24), covering 3,471 units.

Financial highlights

• Total revenues for 1Q25 were €77.6m, with a gross development margin of 22.5%.

• 246 units delivered in 1Q25, mainly in Almería, Málaga, Seville, and Barcelona.

• Presales of €170m in 1Q25, with an ASP of €375k/unit (+14% YoY).

• Net debt at €360m and LTV ratio at 15.1% as of March 31, 2025.

• Cash position of €169m.

Outlook and guidance

• Guidance for 2025 confirmed, with expectations of >500 deliveries at Isla Natura - Palmas Altas.

• FY25 deliveries' ASP expected to be higher due to product mix.

• Gross margin guidance in the mid-low 20% range for FY25.