Metrovacesa (MVC) Q1 2026 earnings summary

Executive summary

• Total revenues reached €128.9m in Q1 2026, up 66% year-over-year, driven by housing deliveries and land sales.

• 218 residential units delivered, generating €91.9m in revenue (+19% YoY), with average selling price rising to €421,000 (+35% YoY).

• Gross margin expanded to 27%, up 4.5 percentage points year-over-year.

• Dividend of €0.90 per share approved for May 22, with total distributions of €306m between December and May.

• High visibility for future activity supported by a robust presales portfolio and ongoing diversification.

Financial highlights

• Housing development revenues grew 20% YoY to €92.2m; land sales surged to €36.7m, mainly from tertiary segment operations.

• Net debt stood at €265m, with a loan-to-value (LTV) ratio of 11.9%.

• Total cash position was €218m as of March 31, 2026.

• Dividend yield reached 17% based on recent distributions and current share price.

• Pre-sales totaled €106m (283 units), with an average price of €374,000.

Outlook and guidance

• Presales portfolio of 3,160 homes valued at €1.1bn covers 91% of 2026 and 73% of 2027 expected deliveries.

• 3,748 homes under construction and over 5,400 units being marketed support medium-term revenue generation.

• Land sale contracts worth €134m to materialize between 2026 and 2027.

• Focus remains on execution, deliveries, and maintaining attractive shareholder returns.