Metrovacesa (MVC) Q2 2025 earnings summary

Executive summary

• Revenues for H1 2025 were €132.8–133 million, with 423 homes delivered and a gross margin of 22%.

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

• Sales backlog increased 16% since December to €1.3–1.34 billion, covering 3,676–3,700 units.

• 96% of 2025 planned deliveries already sold, ensuring strong visibility for the remainder of the year.

• Transaction volume rose 15% year-over-year, and housing prices increased 12% year-over-year.

Financial highlights

• EBITDA for H1 2025 was €5–5.4 million; gross profit €29 million (22% margin); net profit ranged from a €15.5 million loss to a €3.8 million profit.

• Net financial debt stood at €406.5–407 million, with LTV ratio at 15.9–16.3%.

• Free cash flow exceeded €15 million as of June; total liquidity at €95 million.

• NAV per share at €13.27 after a €0.46 dividend in May, up 3.6% like-for-like from December 2024.

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

Outlook and guidance

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

• Higher concentration of deliveries anticipated in H2, with 742 homes already sold and completed.

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

• Marketing strategy focused on profitability amid strong demand and rising prices.

• Main challenges include supply constraints, rising construction costs, and land availability.