Metrovacesa increases its EBITDA by 74% and boosts net profit to €56.9 million in 2025

• Net profit rose 258% compared to the previous year, thanks to improved margins and greater operational efficiency.
• Operating cash flow amounted to €225 million (+54%), far exceeding the initial forecast of €150 million.
• The company paid €240 million in dividends in 2025, with a return of 17%, thus remaining among the companies with the highest dividends on the Spanish stock market.

Madrid, 24 February 2026. Metrovacesa, a real estate developer with more than 100 years of history in Spain, closed 2025 with the highest revenue, EBITDA and net profit figures since its IPO in 2018. This performance is due to an improvement in the mix of developments – with a product offering greater added value – and more efficient execution, which have boosted operating margins.

The developer increased its revenue by 8 per cent in 2025, to €708.5 million, and EBITDA grew by 74 per cent, to €127.6 million. Net profit increased 3.5-fold to €56.9 million, compared to €15.9 million the previous year. Operating cash flow amounted to €225 million, well above the initial guidance of €150 million. This high cash generation allowed €240 million to be distributed in dividends, with a return of 17 per cent, placing Metrovacesa among the companies with the highest dividends on the Spanish stock market.

Visibility on deliveries and expected revenues

In residential development, Metrovacesa delivered 1,805 homes in 2025, with an average price of €374,000, and obtained a gross developer margin of 26.2 per cent. At year-end, the company had 3,917 homes under construction and a pre-sale portfolio of 3,095 homes, providing high visibility on deliveries and expected revenues for the coming years.

Metrovacesa closed the year with €32.1 million in revenue from land sales and, in addition, a portfolio of private land sale contracts worth €162.7 million, providing a solid basis for future revenue in 2026 and 2027. It also acquired land worth €60 million in Madrid, Barcelona, Valencia and Malaga.

Net financial debt fell by 4%, ending the year at £301 million, with a moderate loan-to-value (LTV) ratio of 13.5%, which remains below the industry average.

A year of strong progress and consolidation of profitability

Over the last year, Metrovacesa has made significant progress on several of its strategic projects. In Seville, it continues to consolidate the new Isla Natura district, the company’s largest ongoing real estate development, where it has already delivered more than 800 homes between 2024 and 2025 and launched 28 developments of different types. In Madrid, the Los Cerros and Valdecarros urban developments are progressing remarkably well, which will enable the first developments to be marketed in 2026. Likewise, in the tertiary segment, Metrovacesa has signed an important agreement for the development and turnkey sale of two office buildings at Oria Innovation Campus, including a 26-storey tower and a total of 48,000 m2 of office space, thus completing the marketing of the company’s largest tertiary project.

Jorge Pérez de Leza, CEO of Metrovacesa, pointed out that “The figures for 2025 reflect several years of improving our product, strengthening its design and rigorously executing our projects. The developments we are delivering today began to take shape years ago and are now bearing fruit in the form of higher quality and profitability. Our focus is on maintaining these standards in the coming years. The dynamism of the market and the strength of our pre-sales portfolio allow us to face 2026 with confidence.”

Capacity to develop more than 25,000 homes

The company remains committed to sustainable urban development as a key differentiator, focusing its activity on city creation and the promotion of more complete neighbourhoods, with public facilities and spaces, and with a design adapted to new residential needs. Notable projects include Seda-Paperera in Barcelona, Vinival and Benimaclet in Valencia, and Tres Chimeneas and Getafe Estación in Madrid.

Metrovacesa will continue to prioritise projects with high transformation potential and the capacity to add value to the environment, supported by a land portfolio of 4.2 million square metres of buildable land with the capacity to develop more than 25,000 homes, as well as a broad national presence with more than a hundred projects under development.