Metrovacesa has presented its operating results for the first quarter of 2025, in which it recorded revenues of 77.6 million euros. In this period, the company has delivered 246 homes, mainly located in Almeria, Malaga, Seville and Barcelona, achieving a gross margin of 22.5%, higher than that recorded in the previous year.
On the commercial side, pre-sales grew by 2% to 170 million euros, with the sale of 452 homes at an average price of 375,000 euros per unit, 14% more than in the first quarter of 2024. At the end of March, the developer's sales backlog stood at 3,471 units, equivalent to 1,252 million euros in future revenues, up 8% from the end of the previous year.
Metrovacesa is committed to 89% of the deliveries planned for 2025 and 73% of those scheduled for 2026. It currently has 4,030 homes under construction and has a commercial offer of 5,859 units, to which more than 1,500 homes in the design phase will be added in the coming months.
With regard to the management of its land portfolio, during the first quarter the company signed the acquisition of two plots of land in the Valdecarros district of Madrid, with an investment of approximately 30 million euros. It has also closed land sale contracts for a value of 92.7 million euros, the effects of which will be progressively reflected in the results for 2025 and 2026.
From a financial point of view, Metrovacesa maintains a net debt of 360 million euros, with a leverage ratio (LTV) of 15.1% and a cash position of 169 million euros.
During the General Shareholders' Meeting held on 28 April, the annual accounts for 2024 and the forthcoming payment of a final dividend of 0.46 euros per share, to be paid on 22 May, were approved. This amount, charged to unrestricted reserves and exempt from withholding tax, brings the total shareholder remuneration for 2024 to 120 million euros, representing a yield of 7.5% on the current share price. Since 2019, the developer has distributed close to 700 million euros in dividends.
Metrovacesa closes the first quarter of 2025 confirming its forecasts for the full year, in which it expects to exceed €150 million in operating cash flow, with growth in both its development activity and land sales.
