Metrovacesa achieves revenues of 132.8 million in the first half of 2025 and confirms its annual forecasts

• Deliveries in the period amounted to 423 homes, with a gross margin of 22%, and pre-sales of 310 million euros.
• The company maintains high visibility for the second half of the year, with 742 homes already sold and completed for delivery in the coming months. To date, the developer has sold 96% of the deliveries planned for the whole of 2025.
• The sales backlog has grown 16% in value since December to €1,340 million.

Madrid, 23 July 2025. Metrovacesa, Spain’s leading real estate developer with more than 100 years of history and 115 projects under development nationwide, today presented its financial results for the first half of 2025. In the first six months of the year, the company has achieved revenues of 132.8 million euros, with the delivery of 423 homes and a gross margin of 22%, with a forecast to close the year on target.

Pre-sales for the period amounted to 310 million euros, corresponding to 834 units, with an average selling price of 371,000 euros per unit, 14% more than in the same period of the previous year. At the end of June, the committed sales backlog totalled 3,676 units and EUR 1,340 million in future revenues, an increase of 16% compared to December 2024.

These figures reaffirm the good evolution of the business and the company’s confidence in achieving its objectives for the year as a whole. As part of the annual plan, Metrovacesa is concentrating a significant volume of deliveries in the second half of the year, and as of June 2025 has 742 homes sold and completed, which guarantees a strong contribution to revenues and cash generation in the second half of the year.

Operations aligned with the business plan

Metrovacesa currently has 4,403 homes under construction, 6,060 units being marketed (61% of which are already sold) and more than 1,400 active homes in the design phase, which reinforces its future visibility. It is worth noting that 96% of the housing deliveries planned for the whole of 2025 have already been sold.

At the same time, the developer has continued its active land management, with investments of 38 million euros in new acquisitions in Madrid and Valencia. It should be noted that land sales in the first half of the year accounted for 1.8 million euros in the income statement. In this area, it is expected to add land sale contracts signed for 98.7 million euros, the formalisation of which will take place between 2025 and 2026.

From a financial point of view, Metrovacesa maintains a solid structure, with EUR 407 million of net debt, an LTV ratio of 15.9% and total liquidity of EUR 95 million. The company reiterates its forecast to exceed 150 million euros of operating cash flow in 2025, thanks to the expected momentum in the second half of the year in both housing deliveries and land sales.

The company remains committed to a marketing strategy that prioritises profitability in an environment of solid demand and rising prices.

An offer adapted to current demand

The company continues to focus on a residential product adapted to the new needs of households, with prices that allow competitive access to quality new housing in Spain’s main markets. In the first half of the year, 81% of the homes marketed were in the 150,000 to 400,000 euro range, with a predominantly national buyer profile, aged between 30 and 50 and with an average effort ratio of less than five years.

Following the delivery of the first developments in Isla Natura (Seville) at the end of 2024, a new neighbourhood developed by Metrovacesa in Seville with 23 developments currently underway, the company expects to replicate its success in other large land under management that will be available soon, such as Los Cerros, in Madrid; Vinival, in Valencia, or Seda-Papelera in Barcelona, with a firm commitment to sustainable and quality projects to continue generating value in the communities where it operates.

With more than a century of history and 105 active projects throughout Spain, Metrovacesa continues to demonstrate its ability to generate value, combining profitability, financial strength and a differential offer in a market that continues to show a structural demand for new construction.