Q2 2025 Metrovacesa SA Earnings Call Transcript
Key Points
- Metrovacesa SA (FRA:MS6N) reported strong demand with transaction volumes reaching record levels, supported by a 5% average annual growth in household wealth since 2014.
- The company achieved revenues of EUR133 million with 423 units delivered and a gross margin of 22% for the first semester of 2025.
- Pre-sales figures reached EUR310 million with 834 units sold, reflecting a 14% year-on-year increase in average selling price.
- Sales backlog increased by 16% since December, reaching EUR1.3 billion with close to 3,700 units sold.
- The company maintains a high coverage ratio of 96% for sold units, supporting its full-year guidance for 2025.
- The reported recurring pre-tax profits were negative at minus EUR3.5 million.
- The gross margin on land sales in the first half was reported at only 10%, with expectations for the second half between 0 and 5%.
- The company faces challenges in the office land use market, which remains dormant, although alternative uses are being explored.
- There is a potential risk of slowdown in the rate of growth of prices and volumes in certain locations where prices are already high.
- The net debt level is increasing to optimize the capital structure, with a gross debt of EUR440 million and net debt slightly over EUR400 million.
Hello, Good morning and welcome to the first-semester 2025 webcast from Metrovacesa SA. My name is Juan Carlos Calvo. I am director of corporate development and Investor relations, and as usual, we have with us Jorge Pere De Leza, CEO of Metrovacesa, and Borge Tejada, Financial Director. We are going to present an overview of our operating activity and the financial results for the first semester of the year 2025. The slides of this presentation have been released to the market earlier this morning, and they are available through the CNNB website and in the company website. We have also sent it by email to our usual distribution list for analysts and investors.
(Event Instructions) Now I hand it over to our CEO to stand to start the presentation. Please, Jorge.
Thank you, Juan Carlos and welcome everyone to our mid-year 2025 results presentation. I will start on page number 5
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