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October 27th, 2025 Trading update 3Q2025 Mesena 80 (Madrid)
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This Presentation neither constitutes nor forms part of any offer for sale or invitation to purchase or subscribe for, or request for an offer of purchase or subscription, of the shares belonging to Metrovacesa, SA (“Metrovacesa”). This Presentation, as well as the information included therein, neither constitutes nor forms part of (i) any contract or commitment of purchase or subscription of shares in accordance with the Securities Market Law, or (ii) an offer of purchase, sale or exchange of shares, or a solicitation of any type of voting rights in the jurisdiction of Spain, UK, USA or any other. “Presentation” refers to this document and any part or content of this document; any oral presentation, brainstorming session, and written or audio material processed or distributed during the meeting related to the Presentation or in any way associated with the Presentation. 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Highlights 3. • Transactions at maximum levels since 2008: 708k in the last 12 months up to Jul-25 (+22% YoY) • Demand supported by an outperforming economy, lack of new supply and a sustained financing (stable mortgage-to-transaction ratio) +700k housing transactions • Next dividend proposal(1): €1.12 per share, to be paid in December (vs. €0.33/sh in Dec24) • Operating Cash Flow: expected to be significantly higher than initial guidance (>€150m) Improved dividend and outlook • Total revenues of €267m, including 812 units delivered, at a gross development margin of 22.5%, and €17m in land sales • Strong concentration of deliveries and land sales expected for 4Q25, based on housing projects completed and binding contracts • Presales of €458m, with 1,201 units at an average of €381k/unit (ASP +13% YoY), amounting to a total backlog of €1.4bn (+18% vs. Dec-24) 9M25 operational activity on track Notes: (1) Subject to approval by the General Meeting
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Notes: (1) Defined as cumulative pre-sales (reservations + contracts) minus deliveries (2) ASP = Average Selling Price (3) Includes units with construction works completed (4) Pre-sales in the period, net of cancellations Key operational data as of September 30th, 2025 4. 64 developments under construction(3) 4,224 units under construction(3) Construction Active projects 3,654 Sold units €1,370m k/unit ASP(2)€375 Sales Backlog (1) Under commercialization 5,876 units k/unit ASP(2)€385 projects84 Active units 7,548 units active projects109 Deliveries / Sales 812 Units delivered in the period €308 k/unit ASP(2) 1,201 Units pre- sold(4) in the period €381 k/unit ASP(2) Land portfolio Land Sales €17m in P&L revenues €141m binding contracts as of 30th September Land Purchases ~€54m in 9M25 c. 26.1k resi units in land bank Financials €380m Net debt €115m Total cash €267m Total revenues 14.8% LTV ratio
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The Spanish housing context Housing demand growing on solid foundations 5. Financing remains under control: Stable mortgage-to-transaction ratio (# monthly new mortgages, % mortgages/transactions; source: INE) • New mortgages continue to increase, reaching +480k in last 12 months (+28% YoY) • In line with transactions growth (demand not driven by an overfinanced market as in 2008) 0% 20% 40% 60% 80% 100% - 10,000 20,000 30,000 40,000 50,000 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 # new mortgages per month (12m rolling average) % Mortgages/transactions Transaction volume at maximum levels: c. 700k transactions, +22% YoY (# transactions 12 month rolling sum; source: INE) • Transactions surpassing the 700k threshold, highest volume since 2008 • New houses represent only 22% of total transactions, vs. 45% in 2008 peak - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 New houses Used houses 708k Macro context continues to thrive: Spanish GDP growth revised upwards (again) (GDP expected growth as of Sep-25; source: BoS, ECB) • The Spanish economy continues to outperform expectations, outpacing the EU • A solid economic base provides stability to the residential market 2.6% 1.8% 1.2% 1.0% 2025E 2026E Spain Euro +0.2p.p. vs. Jul-25
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Residential deliveries As planned, with higher concentration in 2H25 6. Revenues from residential deliveries € m Units 136.4 90.2 22.5% Gross margin ✓ Margin slightly above FY24 average (22.1%) ✓ %GM expected to increase by the end of the year FY2025 guidance ✓ Growing revenues FY25 vs. FY24, with 1.7k-1.8k deliveries ✓ Significant increase in ASP due to an improved product mix of our backlog €250m Development revenues ✓ 812 units delivered in 9M25, at an ASP of €308k/unit ✓ High concentration of deliveries in 4Q Some premium projects Starting delivery in 4Q 364 311 118 1,203 246 177 389 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 30.7 330.4 77.0 54.0 118.9 Vision – Malaga Towers (Malaga) Mesena 80 (Madrid) Serene Atalaya (Estepona, Malaga)
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0% 1% 2% 3% 4% 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 1,518 1,201 9M24 9M25 Pre-sales Prioritizing price over volume 7. Notes: (1) Calculated as monthly net presales divided by average number of units in commercialisation, including both sold and unsold units. If calculated over unsold units, the absorption rate would be 5.7% for the period Pre-sales ASP per quarter ✓ 3Q25 presales: 367 units with a growing ASP (€404k/unit; +12.6% YoY) ✓ Continued focus on managing the price-volume balance, given our strong coverage ratios €510.7m €457.7m ASP €381k €336k # units € m Net pre-sales in the period Absorption rate (1) 2.3% in 9M25 Average 2019-2025 327 325 359 363 375 366 404 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
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Operational activity Strengthening our backlog with a better product mix 8. Under construction 4,224 units • Construction started for 979 units in 9M25 • >1,300 units sold and with construction finished as of September 2025 Sales backlog 3,654 units • €1.4bn in future revenues (ASP of €375k/unit), +18% vs. Dec-24 • High reliability, with 84% formalised in contracts with downpayments • Strong visibility of future deliveries, with solid coverage ratios: 85% in 2026 and 48% in 2027 • Of which 62% are already sold • Potential revenues of €2.3bn • Commercialization started for 954 units in 9M25, plus 1.7k active units in design phase, to start marketing in the near term In commercialisation 5,876 units Pre-sales coverage 2025-2027E (% of expected deliveries) 3,265 3,654 FY24 9M25 4,143 4,224 FY24 9M25 5,733 5,876 FY24 9M25 100% 85% 48% 2025E 2026E 2027E
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Land activity Progress on land sales and investments in 9M25 9. Notes: (1) Backlog of sales signed in binding contracts as of 30th September 2025, with partial cash payment already collected / (2) Includes purchases under binding contract, pending formalisation Land acquisitions(2) • Two plots acquired in 3Q25: o Valdecarros (Madrid): 81 units, announced in July, binding contract signed in September o Sabadell (Barcelona): 95 units 530 Units purchased 9M25 ~ €54m committed investment 9M25 Land sales & commercial devt. • All residential plots: mainly in Bizkaia, Almeria, Cordoba, Ibiza and Cadiz • Growing backlog of binding contracts: €140.8m(1) as of Sep-25 mostly to be formalized and recognized in P&L between 2025and 2026 o 41% residential land o 59% commercial land • FY2025 land revenues to be above FY2024 with sales prices similar to book value €17.0m P&L Revenues 9M25 €140.8m Backlog of binding contracts(1) Valdecarros (Madrid) Sabadell (Barcelona)
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Conclusions 10. ✓ Expected Operating Cash Flow for 2025 will be significantly higher than initial guidance (>€150m) o Improved outlook for EBITDA, land monetization and working capital optimization ✓ Growth in housing development revenues, with 1,700 – 1,800 units at higher ASP ✓ Increase in land sales compared to FY24 Increasing Operating Cash Flow guidance for FY25 New dividend of €1.12 per share Improving backlog’s product mix ✓ Housing demand remains dynamic (+700k transactions; +22% YoY) ✓ MVC’s commercial activity focused on improving ASP thanks to our strong coverage ratios for 2026-27: o 3Q25 presales at an average of €404k/unit o +6% ASP of total backlog (vs. Dec-24) ✓ €169.8m to be paid on or around December 23rd ✓ Calling for extraordinary shareholders’ meeting on November 25th for approval ✓ Total dividend paid in 2025: €1.58p.s. or €240m (18% dividend yield(1)) ✓ An attractive return to shareholders while preserving a moderate LTV ratio Notes: (1) Calculated over the price at the beginning of the year
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Residencial Izar (Valencia)