Metrovacesa (MVC) Q1 2026 earnings summary

Executive summary

• Total revenues reached €128.9m in 1Q26, up 66% year-over-year, driven by both housing deliveries and land sales.

• 218 residential units delivered, generating €91.9m in revenue (+19% YoY), with average selling price (ASP) rising to €421k (+35% YoY).

• Gross margin expanded to 27%, up 4.5 percentage points year-over-year.

• Presales totaled €106m (283 units), with a backlog of €1.1bn (3,160 units) and strong forward delivery coverage.

Financial highlights

• Housing development revenues grew 20% YoY to €92.2m; land sales surged to €36.7m (+6,020% YoY).

• Net debt stood at €265m, with a loan-to-value (LTV) ratio of 11.9%.

• Total cash position was €218m as of March 31, 2026.

• Dividend yield reached 17% based on recent distributions and current share price.

Outlook and guidance

• High visibility on 2026 targets, supported by strong coverage ratios and a robust sales backlog.

• Focus remains on execution, deliveries, and maintaining attractive shareholder returns.