Metrovacesa (MVC) Q4 2025 earnings summary

Executive summary

• FY2025 delivered record results with revenues near €710 million, EBITDA of €128 million (up 74% YoY), and net profit of almost €57 million (up 258% YoY), surpassing expectations.

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

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

• Robust housing demand and improving commercial land market in Spain supported performance.

Financial highlights

• Total revenues grew 8% YoY to €709 million, mainly from residential development; land sales contributed €32 million.

• EBITDA rose 74% to €127.6 million (18% margin); net profit surged 258% to €56.9 million.

• Gross margin in residential development expanded to 26.2%; residential gross margin above 26%.

• Recurring pre-tax profit more than doubled to €109 million.

• Net financial debt closed at €300 million, with total cash of €200 million; 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 €163 million to be formalized mainly in 2026 and 2027.