Metrovacesa (MVC) Q4 2024 earnings summary

Executive summary

• Achieved record revenues of €657.8 million in 2024, up 12.2% year-over-year, delivering 1,996 homes and returning to a net profit of €15.9 million.

• Operating cash flow reached €146.5 million, exceeding guidance, with pre-sales up 12% to €660 million and a backlog of €1.2 billion.

• Gross margin in residential development was stable at 22.1%, and recurring pre-tax profit improved by 54% to €48.8 million.

Financial highlights

• Revenue increased 12.2% to €657.8 million, driven by a 17% rise in residential development revenues.

• EBITDA reached €73.4 million with an 11.2% margin; net profit was €15.9 million.

• Gross operating cash flow was €146.5 million, above the €100-125 million guidance.

• Net asset value per share increased 4.6% to €13.25 after a €0.69 dividend.

• Cash position at year-end was €186 million.

Outlook and guidance

• Guidance for 2025 targets gross operating cash flow above €150 million, with higher land sales and improved gross margins expected.

• 80% of 2025 and 62% of 2026 planned housing deliveries are already pre-sold.

• Focus remains on residential development with around 2,000 units annually and continued land management.