Revenue hit EUR 316M on 809 deliveries. Gross margin widened to 27.2%. Positive net profit of EUR 18M. Cash flow near EUR 130M. Full-year delivery target: 1,600-1,800 units.
Alpha Score of 68 reflects moderate overall profile with strong momentum, strong value, weak quality, moderate sentiment.
Metrovacesa more than doubled its first-half revenue to EUR 316 million, driven by 809 unit deliveries that pushed the Spanish homebuilder back to profit and generated nearly EUR 130 million in operating cash flow.
Revenue came in at 2.4 times the year-ago figure, the company said Tuesday in its first-half earnings release. Gross margin widened to 27.2% from 23.6% a year earlier, helping EBITDA reach close to EUR 50 million. Net profit landed at roughly EUR 18 million, compared with a loss in the first half of 2025.
CEO Jorge Perez de Leza called the results "solid" on the earnings call. The pickup in deliveries reflects a pipeline that had been building through 2025 and into early 2026, he said, without providing a full-year delivery target.
The cash flow generation of about EUR 130 million came despite a stable net debt position, Chief Financial Officer Borja Tejada said during the call. The company paid a significant dividend during the period, which the CFO said the balance sheet absorbed without requiring additional leverage.
Operating cash flow before land purchases and dividends came in at roughly EUR 140 million, according to the presentation. The company did not provide a specific net debt figure in the earnings release.
The margin improvement stems partly from a shift in the mix toward higher-priced units in Madrid and along the Mediterranean coast, Perez de Leza said. The company is also benefiting from lower construction costs on projects that were contracted before recent inflation in materials.
Metrovacesa ended the half with about 13,000 units in the pre-sales pipeline, roughly flat from year-end 2025. The company said it expects to deliver between 1,600 and 1,800 homes for the full year, implying a second half roughly in line with the first.
Analysts on the call pressed for more detail on land acquisition plans. Perez de Leza said the company is being selective, focusing on "value-add" plots in established markets rather than volume. He declined to give a specific land budget for the second half.
Metrovacesa shares trade over the counter in the U.S. under the ticker MRVCF. The stock is up roughly 12% year to date.
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