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 net profit turning positive at €17.8 million, reversing last year's loss.

• Gross margin improved to 27.2%, supporting enhanced profitability.

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

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

Financial highlights

• Residential revenues were €280 million, with land sales contributing €38 million.

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

• 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.

• Cash and equivalents at period end were €160 million.

Outlook and guidance

• Guidance for FY2026 is reiterated: gross operating cash flow expected to exceed €200 million.

• Housing deliveries expected to match 2025 levels, with significant growth in land sales and high presale coverage.

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