Metrovacesa achieves revenues of 77.6 million in the first quarter of 2025, with a gross margin of 22.5%, and pre-sales of 170 million

• Metrovacesa achieves revenues of 77.6 million in the first quarter of 2025, with a gross margin of 22.5%, and pre-sales of 170 million. The pre-sales portfolio records 3,471 homes, with 1,252 million in future revenues, an increase of 8% compared to December 2024.

• The General Shareholders’ Meeting, held yesterday, approved the payment of a dividend of 69.8 million euros (0.46 cents per share) on 22 May. 

Madrid, 29 April 2025. Metrovacesa, Spain’s leading real estate developer with more than 100 years of history and 115 projects under development nationwide, presented today a preview of its operating figures for the first quarter of 2025. In the first three months of the year, it has obtained revenues of 77.6 million euros, with the delivery of 246 homes and a gross margin of 22.5%, higher than that obtained in 2024. The developments delivered are mainly located in Almeria, Malaga, Seville and Barcelona.

At the commercial level, pre-sales in the first quarter grew 2% to 170 million euros, with 452 homes and an average price per unit of 375,000 euros, 14% higher than in the first quarter of 2024.

At the end of March, the sales backlog stood at 3,471 units, equivalent to EUR 1,252 million in future revenues. This figure represents an 8% increase compared to the end of 2024. Delivery visibility also remains high, with 89% of planned deliveries for 2025 already committed, as well as 73% of those for 2026. At the same time, the developer has 4,030 homes under construction and a supply of 5,859 units being marketed, which will be expanded in the coming months with more than 1,500 active homes currently in the design phase.

Active land portfolio management

During the first quarter, Metrovacesa continued to actively manage its land portfolio. Thus, it has signed the acquisition of two plots in the city of Madrid, in the Valdecarros district, an investment of approximately 30 million euros. On the other hand, it has signed land sales contracts worth 92.7 million euros, which will be progressively recognised in the 2025 and 2026 results.

From a financial point of view, the company maintains a solid position with a net debt of 360 million euros, a leverage ratio (LTV) of 15.1% and cash of 169 million euros.

Yesterday, 28 April, the General Shareholders’ Meeting was held, at which the annual accounts for the financial year 2024 and the rest of the items on the agenda were approved. During the meeting, the next dividend payment of 0.46 euros per share was approved, which will be paid on 22 May. As on previous occasions, the amount will be paid out of unrestricted reserves and is exempt from withholding tax. This dividend is a final dividend and, added to the interim dividend already paid in December 2024, brings the total shareholder remuneration charged to 2024 results to 120 million euros, which represents a yield of 7.5% over the current share price and continues to place Metrovacesa among the companies with the highest shareholder remuneration on the Stock Exchange. Since 2019, Metrovacesa has distributed close to 700 million euros in dividends.

The developer closed the period with a solid commercial and operational performance, strengthening its position in a market with a solid demand for housing. With these results, Metrovacesa confirms its forecasts for the full year 2024, in which it expects to exceed 150 million euros in operating cash flow, with growth in both development activity and land sales.

Metrovacesa continues to grow in a market with a structural demand that is increasingly oriented towards new construction, thanks to its higher quality, energy efficiency and adaptation to new residential needs. In this way, it confirms its ability to generate sustained value, combine profitability and financial strength, and respond to a growing demand for quality housing throughout Spain.