The developer Metrovacesa achieved a net profit of €17.8 million in the first half of 2026, compared to losses of €15.5 million the previous year. Revenues grew by 138%, reaching €315.8 million, and EBITDA soared to €49.2 million.
Metrovacesa closed the first half of 2026 with a net profit of €17.8 million, a radical turnaround from the losses of €15.5 million recorded in the same period of 2025. The improvement is supported by a strong increase in promotional activity and land sales.
The company's revenues reached €315.8 million, 138% more than a year earlier. The gross operating profit (EBITDA) multiplied ninefold, rising from €5.4 million to €49.2 million. The EBITDA margin advanced from 4.1% to 15.6%, the company reported.
The residential business was the main driver. It contributed €277.6 million in revenue, an increase of 112%, thanks to the delivery of 809 homes, 91% more than the 423 in the first half of 2025. The average selling price also rose by 11%, reaching €343,000 per unit.
The gross margin of residential promotions increased from 22% to 27.2%, reaching €75.4 million. By region, Valencia accounted for 37% of the deliveries, followed by Seville (23%), Barcelona (17%), Málaga (10%) and the Canary Islands (10%).
"The evolution of activity allows us to face the second half of the year with confidence," said CEO Jorge Pérez de Leza in a statement.
Lower pre-sales, but solid portfolio
The commercial pace, however, has slowed. Metrovacesa closed 607 net pre-sales in the semester, 27% less than the 834 from the previous year. Nevertheless, activity improved in the second quarter, with 324 reservations, 15% more than in the first. The average price of pre-sold homes reached €376,000.
By the end of June, the company had 2,893 homes sold and pending delivery, amounting to about €1.064 billion and an average price of €368,000. This portfolio covers 94% of the deliveries planned for 2026, 79% for 2027, and 40% for 2028.
There were 3,363 homes under construction, of which 654 are already completed. Another 5,259 units are on the market, with potential revenues of €2 billion and 55% already sold. During the semester, sales began for 118 homes in Los Cerros (Madrid), 70 in Murcia, and 132 in Lleida.
Land sales and cash
Land sales and other income contributed €38.2 million, compared to €1.8 million in the first half of 2025. Most of this came from the sale of a commercial plot in Valdebebas and other residential plots in non-strategic markets. These operations generated only €100,000 in gross margin, but had a significant effect on cash flow.
Metrovacesa maintains another €134 million in private contracts pending notarization between 2026 and 2027. 42% corresponds to residential land and 58% to tertiary assets.
The developer, backed by Santander, Carlos Slim, and BBVA, achieved a recurring profit before tax of €42.2 million, compared to a negative result of €3.5 million a year earlier. This indicator excludes the results from land sales and asset valuation changes.
For investors interested in the real estate sector, Metrovacesa's results confirm the recovery of residential demand, with rising margins and a delivery portfolio that guarantees future revenues. However, the decline in net pre-sales invites close monitoring of reservation trends in the coming quarters.
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