Metrovacesa raises December dividend to €170 million and improves its cash flow forecast for 2025

•  It obtained revenues of €267 million in the first nine months of the year, with 812 homes delivered and net pre-sales of 1,201 units, implying high delivery coverage for the coming years (85% in 2026 and 48% in 2027).

• The developer expects a higher volume of home deliveries and land sales in the last quarter and forecasts closing the year with operating cash flow well above the initial guidance of €150 million.

• Given the company’s strong performance, a dividend of €1.12 per share is proposed for December (compared to €0.33 in December 2024), confirming Metrovacesa as one of the companies with the highest dividend yield on the Spanish stock market.

Madrid, 27 October 2025. Metrovacesa, Spain’s leading property developer with over 100 years of history and 105 projects under development nationwide, today presented a summary of its operating activity for the first nine months of 2025. During this period, the company recorded total revenues of €267 million, following the delivery of 812 homes, with a gross margin of 22.5% and land sales of €17 million.

Internal forecasts point to a concentration of revenues in the fourth quarter, both in home deliveries and land sales, and predict that the year will end with growth in revenues and EBITDA compared to the previous year. In terms of operating cash flow, the developer expects to significantly exceed its initial forecast of €150 million, announced at the beginning of the year. This increase is mainly based on an improvement in the EBITDA estimate for the end of the year, greater monetisation of the land portfolio and optimisation of working capital.

In view of the improved cash flow forecasts, Metrovacesa’s Board of Directors proposes the payment of a new dividend of €1.12 per share (€169.8 million) in December 2025, subject to approval at the upcoming Extraordinary General Meeting scheduled for 25 November. Added to the €0.46 already paid in May, the total dividend will reach €239.8 million in 2025 (compared to €105 million in 2024), confirming Metrovacesa as one of the companies with the highest dividend yield on the Spanish stock market (15% at current prices), while maintaining a prudent financial structure.

Solid and diversified commercial activity

In the first nine months of the year, net pre-sales reached €458 million, with 1,201 homes sold at an average price of €381,000 per unit (13% higher than in the same period last year). The backlog or portfolio of committed sales amounts to €1.37 billion and 3,654 homes, representing an 18% increase compared to December 2024, providing high visibility on future revenues. Metrovacesa currently has 4,224 homes under construction and 5,876 on the market, of which 62% have already been sold, implying high delivery coverage for the coming years (85% in 2026 and 48% in 2027).

Active land management and financial strength

During the first nine months of the year, the company invested €54 million in several land acquisitions totalling 530 future homes, including recent transactions in Valdecarros (Madrid) and Sabadell (Barcelona). On the other hand, land sales contributed €17 million to the income statement through September, and the company has a land sales portfolio of €141 million in binding private contracts that will be formalised in deeds mainly between 2025 and 2026.

Metrovacesa maintains a very solid financial position, with €380 million in net debt, a Loan To Value (LTV) ratio of 14.8% and cash reserves of €115 million at the end of September, allowing it to flexibly pursue new investment opportunities and maximise returns for shareholders.

The Spanish market remains favourable, with solid structural demand and transaction levels exceeding 700,000 operations per year, the highest since 2008, driven by the strong economy, the shortage of new housing supply and stability in mortgage lending. Metrovacesa remains focused on a strategy of sustainable value creation, prioritising profitability and product quality, with a business model that combines financial prudence, innovation and commitment to the environment.