- It posted a net profit of 17.8 million euros and generated 128.9 million euros in operating cash flow.
- Deliveries rose 91% to 809 homes, and the gross margin improved to 27.2%, strengthening the outlook for the 2026 targets.
Madrid, July 22, 2026. Metrovacesa, a real estate developer with more than 100 years of history in Spain, has closed the first half of 2026 with strong growth in its business and a significant improvement in its financial results. The sharp increase in revenue—both from residential development and land sales—has driven profitability and cash generation during this half-year. These results reinforce confidence in the company’s ability to meet its targets for the full fiscal year.
During the first six months of the year, Metrovacesa delivered 809 homes, compared with 423 in the same period of 2025, which led to a rise in revenue to 315.8 million euros—a 138% increase from a year earlier. Profitability continued to improve, with a gross margin of 27.2%, while EBITDA reached 49.2 million euros and net income totaled 17.8 million euros. Operating cash flow stood at 128.9 million euros, and net debt remained stable despite the payment of a 137 million euro dividend (0.90 euros per share) in May.
“The results for the first half of the year reflect Metrovacesa’s ability to execute its business plan with rigor and profitability. “The performance of our business allows us to look forward with confidence to the second half of the fiscal year, backed by a portfolio of high-quality projects, clear visibility on project deliveries, and a solid financial position,” said Jorge Pérez de Leza, CEO of Metrovacesa.
Solid Operational and Financial Progress
The company’s performance over the half-year reflects its ability to execute and the quality of its asset portfolio. Growth in business activity was driven by the strong performance of the development business and robust land sales, which generated 38 million in revenue during the half-year. All of this helped consolidate the improvement in profitability and strengthen the company’s cash generation capacity.
Unlike in previous years, the deliveries scheduled for 2026 show a more balanced distribution across quarters, with less reliance on deliveries in the final months of the year, which provides greater visibility into whether the fiscal year’s targets will be met.
High visibility into future activity
At the end of the first half of the year, Metrovacesa had a presale portfolio exceeding 1,000 million euros and 2,893 homes sold but not yet delivered, meaning it has already sold 94% of its 2026 deliveries, 79% of the units scheduled for delivery in 2027, and 40% of those scheduled for 2028. This portfolio provides a high degree of visibility into future activity and supports the company’s ability to generate revenue and cash flow in the coming fiscal years.
During the first half of the year, Metrovacesa has expanded its commercial activity by launching developments in new areas such as Los Cerros in Madrid, Murcia, and Lleida, following progress in the urban planning of these strategic properties in its portfolio, thereby reaffirming its commitment to the development of new residential neighborhoods. In the first six months of the year, the volume of net presales reached 607 homes, with growth in the second quarter compared to the first, against the backdrop of a portfolio of developments currently on the market, a very high percentage of which have already been sold.
The company thus maintains a balanced portfolio that supports the continuity of its operations and solid revenue generation for the coming years. It continues to operate in a residential market underpinned by strong demand fundamentals, where the supply of new construction is insufficient to meet existing needs in major urban centers. Although the number of transactions in recent months shows some normalization compared to the high levels recorded recently, the persistent imbalance between supply and demand continues to drive home price trends.
Looking ahead to the second half of the year, the company reaffirms its forecasts for 2026 as a whole, which include operating cash flow of more than 200 million euros and a number of homes delivered similar to last year’s. The performance recorded during the first half of the year, together with the high level of presales coverage and the quality of its project portfolio, reinforce confidence in the company’s ability to meet its business plan, while maintaining a strategy focused on profitability, financial discipline, and the creation of sustainable value for its shareholders.
