Metrovacesa (MVC) Q3 2025 earnings summary

Executive summary

• 9M25 operational activity is on track, with strong housing demand and a focus on improving average selling prices (ASP).

• Presales and backlog have grown, with a significant increase in ASP and a robust pipeline for future deliveries.

• Dividend proposal increased to €1.12 per share, with total 2025 dividends at €1.58 per share, reflecting an 18% yield.

Financial highlights

• Total revenues for 9M25 reached €267m, including 812 units delivered at a gross development margin of 22.5%.

• Land sales contributed €17m in revenues, with a growing backlog of binding contracts worth €140.8m.

• Operating cash flow for FY25 is expected to exceed €150m, significantly above initial guidance.

• Net debt stands at €380m, with a loan-to-value (LTV) ratio of 14.8%.

• Total cash position is €115m as of September 30, 2025.

Outlook and guidance

• Strong concentration of deliveries and land sales expected in 4Q25, with 1,700–1,800 units targeted for FY25.

• FY25 revenues and gross margin are projected to grow, with an improved product mix and higher ASP.

• EBITDA, land monetization, and working capital optimization outlooks have improved.