Metrovacesa (MVC) Q4 2025 earnings summary

Executive summary

• FY2025 delivered record results with revenues of €708.5 million, EBITDA of €127.6 million (up 74% YoY), and net profit of €56.9 million (up 258% YoY), all surpassing expectations.

• Operating cash flow reached €225 million, significantly above guidance, enabling a €240 million dividend payout (17% yield).

• Strong housing demand, robust pre-sales backlog, and high coverage ratios provide visibility for the next 2-3 years.

• Improving commercial land market and disciplined land strategy supported performance.

Financial highlights

• Total revenues grew 8% YoY to €708.5 million, mainly from residential development; land sales contributed €32.1 million.

• Gross margin in residential development rose to 26.2%, with gross margin at €180 million.

• EBITDA margin reached 18%, and recurring pre-tax profit more than doubled to €108.5 million.

• Net financial debt closed at €300.6 million, with total cash of €200 million and LTV stable at 13.5%.

• NAV per share at €12.13, up 3.5% YoY, driven by residential assets.

Outlook and guidance

• Gross cash flow generation expected above €200 million for 2026, with unit deliveries similar to 2025.

• Dividend policy targets payout of at least 80% of cash flow, with next dividend to be announced in March 2026.

• Gross margin guidance for 2026-2027 is 24%-26%, with price growth expected to moderate to 5%.

• Land sales backlog of €162.7 million to be formalized mainly in 2026 and 2027.

• Pre-sale portfolio of over 3,000 homes and nearly 4,000 homes under construction provide strong visibility.