Metrovacesa Sa Metro

Hello, good morning. Welcome to the MetroBathesa 1H2026 results webcast. My name is Juan Carlos Calvo, Director of Corporate Development and Investor Relations. And with me today, as usual, we have Jorge Pérez de Leza, Chief Executive Officer of MetroBathesa, and Borja Tejada, Chief Financial Officer. Together, we will present an overview of our operating activity and financial results for the first half of the year. The presentation materials were released this morning and are available on both the CNNB website and the company's website. We have also distributed them by email to our usual list of analysts and investors. At the end of the presentation, we will hold a question and answer session. And if you wish to ask a question by phone, you may register at any time by pressing star five on your telephone keypad. And if you are joining via webcast, you may submit your questions directly through the webcast platform. and we will address them during the Q&A session. Now, Jorge, please go ahead.

Thank you, Juan Carlos, and good morning, everyone, and welcome to our first half of 2026 presentation. I will start with the highlights, and I would title our results as solid in this first half of the year. Our total revenues are close to $316 million, which is 2.4 times what we had last year, mainly driven by 809 units delivered in this period. We are also confirming our gross margin improvement, which stands at 27.2%, boosting our EBITDA to close to 50 million euros and also a positive net profit of close to 18 million euros compared to negative figure last year. We've had a strong cash flow generation of close to 130 million euros and also with a stable debt position despite the significant dividend that we already paid in May of almost one euro per share. In the market context, we will see that the Spanish housing demand remains at healthy levels despite a moderation that we see in some transaction volumes, especially in second-hand and in some limited markets. I think I will skip page number seven as we will touch upon the details later on in the presentation. I hand it back to Juan Carlos to give us a brief overview on the market. Page number eight.

Yes, just briefly comment on the recent figures about demand. The number of transactions seems to be stabilizing above 700,000 units in the year. It's true that in the last few months, at the beginning of the year, we have seen some slowdown in the volume with a decline of around 3% year-on-year. but actually the total figure stays above 700,000, which is, in our view, a very healthy and robust indication of demand. On the other hand, house prices continue to increase. According to the official statistics, they're still growing at double digits year on year, driven by the imbalance between supply and demand. and construction costs are showing some volatility in the recent months but they are growing by lower growth rates than prices and this is supporting development margins. On the other hand, mortgages are growing slightly more than the volume of transactions. That means that the penetration of mortgages is rising slightly to around 72%. But overall, these pictures and overall quite a healthy situation of the housing market in Spain.