Metrovacesa Reports €77.6 Million in Revenue in Q1 2025 and Strengthens Its Position in the Spanish Residential Market

The real estate developer improves profitability, increases pre-sales, and consolidates its land portfolio and pipeline of active projects

Metrovacesa closed the first quarter of 2025 with total revenues of €77.6 million, reinforcing its standing as one of Spain’s leading residential real estate developers. During this period, the company delivered 246 homes with a gross margin of 22.5%, outperforming the previous year. The deliveries were primarily concentrated in high-demand areas such as Almería, Málaga, Seville, and Barcelona.

Growth in Pre-Sales and a Strong Sales Backlog

On the commercial front, pre-sales increased by 2%, reaching €170 million, with 452 homes sold at an average price of €375,000 per unit. This figure represents a 14% increase compared to Q1 2024, reflecting both asset appreciation and strong market demand.

As of the end of March, Metrovacesa's sales backlog stood at 3,471 units, representing €1.252 billion in future revenue, an 8% increase versus the end of the previous year. The company has already secured 89% of its scheduled deliveries for 2025 and 73% for 2026, providing strong revenue visibility for the coming quarters.

Large Pipeline of Projects and New Developments Underway

Metrovacesa currently has 4,030 homes under construction and a commercial portfolio of 5,859 units available for sale. Over the coming months, this offering will be expanded with more than 1,500 additional units currently in the design phase, strengthening the company’s presence in Spain’s most active residential markets.

Active Land Management Strategy

In Q1 2025, Metrovacesa continued executing its proactive land strategy, acquiring two plots in Madrid’s Valdecarros district for approximately €30 million. Additionally, the company signed land sale agreements worth €92.7 million, which will be reflected progressively in its 2025 and 2026 financial results, supporting strong operating cash flow generation.

Strong Financial Position and Attractive Shareholder Returns

From a financial standpoint, Metrovacesa maintains a net debt of €360 million, with a conservative loan-to-value (LTV) ratio of 15.1% and cash reserves of €169 million, positioning the company to execute its growth strategy with solid financial backing.

At its Annual General Shareholders' Meeting held on April 28, the company approved the 2024 annual accounts and announced the payment of a €0.46 per share complementary dividend, scheduled for May 22. This brings the total shareholder return for 2024 to €120 million, offering a 7.5% yield based on the current share price. Since 2019, Metrovacesa has distributed nearly €700 million in dividends, establishing itself as one of the most shareholder-friendly developers in the sector.

Positive Outlook for 2025

Metrovacesa reaffirms its outlook for 2025, expecting to exceed €150 million in operating cash flow, supported by growth across both its residential development and land sales divisions.