Metrovacesa (MVC) Q3 2026 earnings summary

Executive summary

• 9M26 revenue rose 75% YoY to €465m; residential development revenue was €411m and land-sale revenue was €54.2m.

• 1,172 homes were delivered, while the 2,851-home presale backlog was valued at €1,052m.

Financial highlights

• Residential delivery revenue increased 64% YoY to €411m; 1,172 homes were delivered at an average selling price of €350k, up 14%.

• Residential gross margin rose to 27.4% from 22.5% in 9M25, an expansion of 4.9 percentage points.

• Land-sale revenue was €54.2m, versus €17.0m in 9M25, mainly from three tertiary-use plots in Madrid and Mallorca.

Outlook and guidance

• FY26 objectives were reaffirmed: deliveries at volumes similar to 2025 and gross cash flow generation above €200m.

• More evenly distributed quarterly deliveries reduce the usual Q4 concentration and execution risk.

• Presale backlog covers 96% of expected 2026 deliveries, 83% of 2027 and 45% of 2028; construction-start coverage is 100%, 100% and 68%, respectively.