Metrovacesa (MVC) Q2 2025 earnings summary

Executive summary

• Revenues for H1 2025 were €133 million with 423 units delivered and a gross margin of 22%, supported by strong market demand and record transaction volumes.

• Pre-sales totaled €310 million (834 units), with a 14% year-over-year increase in average selling price to €371,000.

• Sales backlog reached €1.3 billion (3,700+ units), up 16% since December, providing high visibility for future deliveries.

• Share price appreciated 20.7% in H1 2025, closing at €10.60/share after a €0.46/share dividend.

• Full-year 2025 guidance reiterated, with higher concentration of deliveries expected in H2 and 96% of 2025 units already sold.

Financial highlights

• EBITDA for H1 2025 was €5.4 million; recurring pre-tax profits were negative €3.5 million, with a net loss of €15.5 million.

• Free cash flow exceeded €15 million as of June, with operating cash flow on track for the full-year target.

• Net financial debt increased to €406.5 million, with LTV at 15.9%–16.3% and no significant maturities until 2029.

• NAV per share at €13.27 after a €0.46 dividend in May; ex-dividend NAV up 3.6%.

• Share premium distribution of €69.7 million (€0.46/share) in May 2025.

Outlook and guidance

• Full-year 2025 guidance confirmed, targeting €150 million operating cash flow and a gross margin closer to 24%.

• Net profit for the full year expected to be positive and higher than last year.

• The outlook for H2 2025 remains positive, with continued monetary easing, strong demographic growth, and high housing demand expected.