Metrovacesa closes 2024 with record revenues of 657.8 million and almost 2,000 homes delivered

• Consolidates its growth in the real estate sector and achieves a net profit of EUR 15.9 million and an EBITDA of EUR 73.4 million.

• Operating cash flow forecast was exceeded, reaching EUR 146.5 million, well above the indicated range of EUR 100-125 million.

• Pre-sales volume in 2024 increased by 12%, totalling EUR 660 million, and ended the year with a pre-sales backlog of EUR 1.2 billion.

Madrid, 19 February 2025. Metrovacesa, Spain’s leading real estate developer with more than 100 years of history and 115 projects under development nationwide, today presented its results for the 2024 financial year, consolidating its growth in the real estate sector with a 12.2% increase in revenues to a record 657.8 million euros and a positive net profit of 15.9 million euros. EBITDA stood at 73.4 million euros, with a margin of 11.2%. Metrovacesa also exceeded the operating cash flow forecast, reaching 146.5 million euros, compared to the forecast of 100-125 million euros.

During the year, the company achieved record deliveries of 1,996 homes, reaching the milestone of almost 2,000 homes ahead of schedule. In the last quarter of 2024 alone, more than 1,200 homes were delivered. Of particular note was the delivery of the first six developments in the Isla Natura area, Palmas Altas, in the city of Seville, Metrovacesa’s largest residential development project, and an example of the company’s ability to develop a new neighbourhood from the outset with quality and sustainability criteria. In the Isla Natura area, the company has a total of 23 developments underway with more than 1,500 homes, including 4 subsidised housing developments.

In addition, commercial activity in 2024 was satisfactory, with pre-sales volume increasing by 12%, totalling 660 million euros and ending the year with a total pre-sales portfolio of 1.2 billion euros. On the other hand, the average price per unit in pre-sales grew by 6% to 342,000 euros.

The housing market situation in Spain remains favourable, with demand well supported by demographic and macroeconomic growth, which is also benefiting from the ECB’s interest rate cuts, resulting in a 6% increase in sales transactions in Spain in 2024. However, there is still a shortage of supply. The main bottleneck is the lack of serviced land, which would require more agile land transformation processes, shorter licensing periods and greater public-private collaboration.

Jorge Pérez de Leza, CEO of Metrovacesa, said that the 2024 results ‘reflect a very solid operating performance, which exceeds our initial forecasts in terms of revenue and cash flow, and reaffirms the strength of our strategy and the efficiency of our teams and internal processes. Following the delivery of the first Isla Natura developments in Seville, we expect to replicate the success of other large Metrovacesa developments in the near future, such as Los Cerros in Madrid, Vinival in Valencia, or Seda-Papelera in Barcelona, with a firm commitment to quality and sustainability in our projects’.

Solid and diversified structure

From a financial perspective, Metrovacesa maintains a solid and diversified structure, with a low debt ratio of 13.1%, a cash position of 186 million euros and access to diversified sources of financing on competitive terms. In addition, it recently refinanced its sustainable corporate loan until 2029.

The company has continued to advance in its strategy of land portfolio rotation and optimisation, with the sale of 69.7 million euros and the acquisition of 62.4 million euros in new land in strategic locations, optimising the asset portfolio and generating liquidity. Moreover, at the end of 2024, the company has binding private contracts for future land sales amounting to 98.5 million euros, 140% more than in 2023, which will materialise in sales between 2025 and 2026.

In the ESG area, the company has updated its strategy for the 2025-2027 time horizon. This strategy is materialised in specific actions such as the launch of all its new developments with AA target energy certification and consumption 10% lower than the Nearly Zero Energy Buildings (NZEB) standard, as well as in the continuous progress in improvements in the efficiency of construction processes and the implementation of circular economy processes. Likewise, it maintains its commitment to continue leading the Sustainable Urban Development model, working to improve the quality of life of the communities where it operates.

Context and outlook for 2025

Metrovacesa has a very positive outlook for 2025, with operating cash flow expected to exceed 150 million euros, with increases in both residential development revenues and land sales. Visibility is very high thanks to its pre-sales portfolio: it has already sold 80% of the housing deliveries planned for 2025 and 62% of those for 2026.

The company maintains its attractive shareholder remuneration policy, which consists of distributing the majority of the cash flow generated each year in dividends. The next dividend is scheduled for May and its amount, still to be determined, will have to be approved at the next General Shareholders’ Meeting.