Metrovacesa Sa Metro

Hello, good morning, and welcome to the full year 2025 results webcast from Metro Batesa. My name is Juan Carlos Calvo. I am Director of Corporate Development and Investor Relations, and as usual, we have with us Jorge Pérez de Leza, CEO of Metro Batesa, and Borja Tejada, Chief Financial Director. We are going to present an overview of our operating activity and the financial results for the full year 2025. The slides of this presentation have been released to the market this morning and they are available through the CNNB website as well as the company website. We have also sent it by email to our usual distribution list for analysts and investors. At the end of this presentation, there will be a question and answer session. If you wish to ask a question via conference call, you can register by pressing the star five in your telephone keypad at any time. And if you are participating via webcast, you can type your question directly in the webcast platform and we will read it out. Now, we hand it over to our CEO to start the presentation. Please, Jorge.

Thank you, Juan Carlos, and good morning, everybody, and welcome to our full year results presentation. And I'm very happy to have you here to share what we consider an excellent set of results for the full year 2025. Just as a summary, total revenues this year are close to €710 million. EBITDA and net profit have reached a record figure with close to €128 million and a 74% growth over last year, and a net profit of almost €57 million with a growth of 258%. Our operating cash flow is well above the 150 million guidance that we gave with a total of 2 to 5 million euro and our dividend for the year as you already know and paid in full was 240 million representing a 17% yield for the year. Also I think that looking forward we are still surrounded by a market context where housing demand remains very solid and demand for commercial lands keeps on improving as we will see later on in the presentation and also our current pre-sales backlog offers a very good visibility on our upcoming residential developments and land sales for the next 2-3 years. Loading into page number seven, I would like to highlight here, probably focus on the prices, on the average prices of our units, where we see that our deliveries this year were on average at 375,000 euro per unit. But if we look at our backlog, we see that it's still a very strong number of €360,000 per house. The units under commercialization are close to €380,000. And therefore, I reiterate my previous statement that the backlog offers quite a good positive outlook for the next two or three years coming up. Now moving on to page 8, I give the floor back to Juan Carlos to give us a brief overview on the market.

Yes, well, very quickly, a few data. I mean, the market in Spain was quite strong, both in terms of prices and volumes during last year. Prices accelerated, according to the official statistics, to a double-digit growth of 27%, and the volume of transactions increased to over 700,000, which is the highest figure since the previous cycle. The main reason for these two parameters is the continued imbalance between supply and demand. And actually, we have already accumulated quite a few years of this imbalance. And just looking at the last five years alone, we have accumulated approximately 600,000 units of shortfall of supply according to the growth of household. So this continues to be the main driver behind the increase in prices as well as volumes. It is true that in the last few months we have seen some moderation in the growth rate and probably we will continue to see some moderation into next year both in prices and volumes. obviously the prices in the extent that it is going higher it is making it a little bit less affordable for some groups of the potential demand but still the outlook continues to be a continuation of a positive trend perhaps more moderate than last year but a continuation of a positive trend Talk to Jorge.