Metrovacesa (MVC) Q2 2026 earnings summary

Executive summary

• Revenues reached €316 million in H1 2026, up 138% year-over-year, driven by 809 residential units delivered and strong land sales.

• EBITDA rose to €49.2 million, with gross margin expanding to 27.2%, and net profit turned positive at €80 million, reversing a prior loss.

• Operating cash flow surged to €130 million, supporting a €137 million dividend payout.

• Spanish housing demand remains robust, with transaction volumes high despite a slight decline.

Financial highlights

• Residential revenues were €280 million; land sales contributed €38 million, with 809 units delivered at an average price of €343,000 (+11%).

• Gross profit reached €75.5 million, EBITDA €49 million (15.6% margin), and recurring pre-tax profit €42 million.

• Net profit was €80 million, despite €80 million in non-cash impairments.

• Net financial debt stood at €309 million, with LTV at 14.4%.

• NAV per share was €11.55, up 2.6% from December 2025, after a €1 per share dividend.

Outlook and guidance

• Guidance reiterated for over €200 million gross operating cash flow for full year 2026.

• Housing development deliveries expected to match 2025 levels, with significant growth in land sales.

• Pre-sale coverage provides high visibility for future deliveries and revenues.

• Gross margin expected to remain in the mid-20s, likely at the higher end of the range.