Slides
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February 24th, 2026 Results FY2025 Málaga Towers (Málaga)
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Highlights Business Update Financial Overview Closing remarks Appendices Today’sPresenters Table of Contents Agenda 1. 2. 3. 4. Jorge Pérez de Leza CEO Borja Tejada CFO Juan Carlos Calvo Corporate Dev. & IR 3.
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Mesena 80 (Madrid) 1. Highlights
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Highlights 5. ✓ Revenue, EBITDA and net profit reached record-high levels, exceeding expectations ✓ Operating Cash Flow reached €225.1m, significantly above the initial €150m guidance ✓ Market context: housing demand remains solid in Spain, and demand for commercial land keeps improving ✓ The current pre-sales backlog offers good visibility on upcoming residential developments and land sales ❑ Delivering record figures in 2025+8%€708.5mTotal Revenues +74%€127.6mEBITDA +258%€56.9mNet Profit 17% yield(1) Strong FY2025 results €240m paid in 2025 €225.1m Dividend Operating Cash Flow +54% Notes: (1) Calculated over the share price at the beginning of the year 2026
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Residencial K2, Isla Natura (Sevilla) 2. Business Update
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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 (5) Percentage of latest GAV, based on the urbanistic status as of February 2026 Key operational data as of December 31st, 2025 7. 56 developments under construction(3) 3,917 units under construction(3) Construction Active projects 3,095 Sold units €1,110m k/unit ASP(2)€359 Sales Backlog (1) Under commercialization 5,196 units k/unit ASP(2)€379 projects74 Active units 7,641 units active projects106 Deliveries / Sales 1,805 Units delivered in the period €375 k/unit ASP(2) 1,635 Units pre- sold in the period (4) €381 k/unit ASP(2) Financials €301m Net debt €194m Total cash 13.5% LTV ratio €12.13 NAV p.s. Land portfolio Land Sales €32.1m in P&L revenues €163m binding contracts as of 31st December Land Purchases ~€60m in FY25 c. 25.2k resi units in land bank 81% Fully permitted (5)
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0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 Aug-18 Dec-18 Apr-19 Aug-19 Dec-19 Apr-20 Aug-20 Dec-20 Apr-21 Aug-21 Dec-21 Apr-22 Aug-22 Dec-22 Apr-23 Aug-23 Dec-23 Apr-24 Aug-24 Dec-24 Apr-25 Aug-25 Dec-25 New homes Second hand The Spanish housing context The structural under-supply continues to support house prices 8. • The recent surge in transaction volumes, combined with the persistent supply–demand imbalance, continues to support elevated price growth • Affordability pressures may temper demand, but the structural supply shortfall will persist, with land availability and permitting constraints remaining critical bottlenecks Supply vs demand imbalance: New housing starts covers only ≈50% of household formation since 2011 (source: INE, MITMA) Strong price growth in 2025, although with a slight deceleration in recent months (source: INE) Strong housing demand: Transaction volume at historically high levels: 714k in 2025 (source: INE) 12.8% 0% 2% 4% 6% 8% 10% 12% 14% Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25 % YoY var. of general house price 714k 2,822 1,327 1,027 3,323 653 524 2003-2010 2011-2020 2021-2025 Household creation (k) Housing starts (k) 118% 49% 51%
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588.0 676.4 FY24 FY25 Residential deliveries Record revenues, ASP and % Gross Margin 9. Revenues from residential deliveries Revenues (€ m) €295kAvg price €375k 22.1%Gross margin 26.2% # units 1,805 1,996 Avg price (ASP) per year (€k/unit) Vision – Malaga Towers (Málaga) Mesena 80 (Madrid) Serene Atalaya (Estepona, Málaga) Some premium projects delivered in 4Q25 Revenue growth & margin expansion • €676m revenues in FY25 (+15% YoY) • Significant rise in % gross margin to 26.2% from 22.1% in 2024 • ASP of deliveries reaches €375k (+27%), driven by a better product mix and narrowing the gap vs the backlog • Backlog ASP supports sustaining solid price levels in future deliveries Rising avg price 280 312 325 355 359 290 259 300 294 375 FY21 FY22 FY23 FY24 FY25 ASP Backlog ASP Deliveries
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0% 1% 2% 3% 4% 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 509 537 472 411 452 382 367 434 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Pre-sales Demand momentum remains solid 10. 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 6.0% for FY25 and 6.7% for 4Q25 Net pre-sales by quarter # units Net absorption rate (1) Avg. 19-25 2.5% ASP €k/unit +5.6% YoY 327 325 359 363 375 366 404 382 1,635 units presold in FY25 • Recovery in 4Q presales: +5.6% YoY to 434 units • Managing the price-volume balance, given our strong coverage ratios • Demand remains solid and with higher avg prices (+11.5% YoY) €381k/unit average ASP in FY25 2.5% avg. absorption rate in FY25 • Absorption rates similar to our historical average • 4Q25: slight improvement to 2.6%
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Operational activity Good visibility for the next few years supported by the backlog 11. Under construction 3,917 units • €1.1bn in future revenues, with an avg. price of €359k/unit • Future deliveries are well covered with our presales backlog: 89% / 66% / 27% • High reliability, with 80% formalised in contracts with >10% downpayment • Includes 851 units with works completed • 1,578 units started construction in FY25 • Potential revenues of €2.0bn (ASP of €379k/unit) • 60% is already pre-sold • Plus 2.4k active units in design phase, to start marketing in the near term Pre-sales coverage 2026-2028E (% of expected deliveries) Construction starts coverage 2026-2028E (% of expected deliveries) Geo. distribution: commercial mix (% of units) Sales backlog 3,095 units In commercialisation 5,196 units Seville 21% Málaga 19% Valencia 14% Barcelona 10% Canary Is. 7% Madrid 3% Alicante 1% Rest 27% 89% 66% 27% 2026E 2027E 2028E 100% 100% 33% 2026E 2027E 2028E
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Isla Natura, Seville +800 homes already delivered to date ❑ Isla Natura is MVC’s largest residential project • A new district in Seville fully designed and developed by Metrovacesa • 817 homes already delivered between 2024-2025 across 13 developments • 28 developments launched to date (1,869 units) across several product types, including +500 affordable homes (VPP). A further +200 units are planned in upcoming launches • An example of MVC’s ability to develop entire new districts and contribute to sustainable and inclusive urban growth. This model can be replicated in other major landholdings under development, such as Los Cerros, Seda-Papelera or Vinival Status at Dec-25 # projects # units Design 3 247 Commercialization 12 700 Of which, construction 9 535 Started delivery 13 922 o.w., delivered in 2024/25 871 Total launched 28 1,869 Future launches 3 212 Some Projects Delivered in 2025 Isla Natura in 2022 Isla Natura in 2025 12. K2 Himalaya Teide Villas del Tíber Navacerrada Sierra de Cazorla P P P P P P
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Update on Madrid’s large-scale developments Los Cerros and Valdecarros, close to start commercialization ❑ Los Cerros (Madrid): market launch planned for mid 2026 • Fully permitted since Jan2026, following final reallotment approval • Urbanization works progressing: Stage 1 is 67% completed and Stage 2 began in Sept.2025 • MVC is the largest landowner, with c.2,700 units, in one of Madrid’s major future residential districts • Market launch on the first developments scheduled for mid 2026 13. ❑ Valdecarros (Madrid) update: • Final reallotment approval expected mid-2026 • Urbanization works advancing: 90% completion for Stage 1; 50% for Stages 2-3 • MVC landbank: 441 units, with market launch planned for 2H 2026
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Land activity Sales and investments in FY25 14. Notes: (1) Backlog of sales signed in binding contracts as of 31st December 2025, with partial cash payment already collected / (2) Includes purchases under binding contracts, pending formalisation Land acquisitions(2) 636 Units purchased ~ €60m Purchase price Land sales €32.1m P&L Revenues FY25 €162.7m Backlog of binding contracts(1) • €32.1m revenues from land sales formalised in 2025: €22m residential and €10m commercial • The closing of the Valdebebas land sale has been rescheduled from 4Q25 to 1Q26 • Strong new deal activity in 2025, specially in commercial land, driving the backlog of binding contracts(1) to €162.7m as of Dec-25 • Revenues to be formalised and recognised between 2026-2027 • The Oria project, with four developments under way, is considered separately and not included in this figure • Several land acquisitions in core markets: Valdecarros (Madrid), Sabadell (Barcelona), Valencia, and Marbella (Málaga) • Total purchase price of €60m, with part of the payment deferred • All sites already have active development projects under way • MVC maintains a disciplined capital allocation policy, with a selective approach to new land purchases, and will now explore potential co- investment partnerships in BTS or flex-living segments Sabadell (Barcelona) 95 units Marbella (Málaga) 98 units Turianova (Valencia) 98 units Valdecarros (Madrid) 340 units
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15. • New turnkey contract to develop offices: ✓ Price: €200m ✓ Development and sale of two office buildings with 48,000 sqm GLA: • Office tower: 41,400 sqm and 26 stories • Office building: 6,400 sqm and 6 stories ✓ The buyer, Atrea RE, will acquire the assets at completion in 2029 ✓ Designed with the highest quality and sustainability standards • LEED Platinum • WELL Gold • WELL Community, for the overall complex ❑ New deal: turn - key project for office development Notes: (1) Oria Innovation Campus, located at Avenida Cardenal Herrera Oria (Madrid), next to the former Clesa factory 2026: delivery of the PBSA building (student residence), with 585 rooms. Impact on cashflow but not on P&L 2027: delivery of the flex-living building, with 519 rooms. Impact on cashflow but not on P&L 2029: delivery of two office buildings with 48,000 sqm GLA. Impact on both P&L and cashflow ❑ Project calendar: • This deal completes the commercialization of Oria Campus, MVC’s largest commercial development project ✓ A major 89,000 sqm mixed-use regeneration project in Madrid city, comprising four buildings, with a total investment of c.€350m ✓ An example of full urban regeneration process, transforming a former industrial area into a new pole of economic activity ✓ This first two buildings are already under construction and will be delivered to VITA Group: a student residence and a flex living asset ❑ Completing the Oria project Commercial portfolio (1/2) Update on Oria project: new deal that completes its commercialization
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16. • Key figures: ✓ 50% reduction in portfolio size in the period ✓ €324m revenues from assets sales(1) in the segment • Segment exposure reduced significantly, in line with the strategy to unlock value and monetize the commercial portfolio via sales of land, turnkey developments or joint-ventures, on a case-by-case basis ❑ Major progress in the 2017– 2025 period: Notes: (1) Including land sales and delivery of commercial developments Commercial portfolio (2/2) Improved market dynamics in the segment GAV Commercial segment 2017 – 2025 (€m) • €347m GAV at Dec2025, 15.5% of total MVC. Top 5 assets are ~80% of the portfolio • 49% of the total current portfolio is already pre-sold, including land sales contracts and turnkey agreements ❑ Current portfolio: Top assets Status • Oria / Madrid Turnkey signed / total • La City / Barcelona Pre-sale signed / partial • Monteburgos1 / Madrid Pre-sale signed / partial • Valdebebas / Madrid Closing in 1Q26 / total • Loinsa 22@ / Barcelona Pre-sale signed / total • Good letting activity progress in 2025 ✓ Increased occupancy rate to 87% ✓ Advanced negotiations for additional 10% take-up • Asset 24% owned by MVC ❑ Puerto de Somport office: 696 347 Dec-17 Dec-25 49% pre-sold
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ESG We promote sustainable, decarbonised and inclusive housing model 17. 2025 marked the consolidation of our ESG27 strategy Metrovacesa strengthened the integration of ESG27 across the organization, focusing on reinforcing regulatory compliance, optimizing internal processes, enhancing collaboration across the value chain and improving transparency through more robust performance disclosure ESG dimension Strategic lines Environmental Sustainability in housing developments Climate neutrality and adaptation Social Clients’ well-being Talent care for business success Social promoter and contributor to social development Promotion, protection, and assurance of human rights Safety, health and well-being Governance Responsible corporate governance and business ethics Extension of sustainability to suppliers and contractors Innovation and cybersecurity Reputation management and ESG positioning Awarded as one of the 100 best companies to work for by the magazine “Actualidad Económica” Launched the 9th edition of the Young Talent Program, reinforcing our commitment to attracting, developing and retaining high-potential professionals Strengthened the approval and contracting processes for key suppliers by incorporating additional mandatory ESG requirements and implementing a new version of the Code of Ethics, expanding its scope to include specific principles applicable to suppliers. Maintained our commitment to the UN’s Global Pact, and its Ten Principles on human rights, labour standards, environmental protection, and anti-corruption. Embedded climate change mitigation and adaptation criteria to project design and execution through dedicated, structured tools 100% of launched projects integrate the highest energy efficiency standards, sustainable building certifications, comprehensive environmental impact assessments (LCA) and advanced construction waste management practices. The Seda–Paperera urban development was recognized at the II BREEAM® ES Awards for its leadership in sustainability and urban innovation, exceeding regulatory standards. Our ultimate objective is securing Metrovacesa’s positioning as a sustainable and responsible developer Some examples
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Oria office project (Madrid) 3. Financial Overview
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€ m Development Land sales & other income % gross margin dev`t Revenues Gross Profit Net Margin EBITDA Net Profit FY 2024 FY 2025 Recurring pre-tax profit (2) Chg fair value & impairments(1) Net financials & associates Pretax Profit Development Land sales & other income Profit & Loss Summary 19. Notes: (1) Impairment due to the decline in value based on assets appraisals, mainly related to the commercial segment assets / (2) Recurring pre-tax profit: excluding land sales gross profit and variations in the fair value of assets % net margin % EBITDA margin 73.4 15.9 128.0 588.0 69.7 129.8 (1.8) 22.1% 102.5 48.8 657.8 (22.6) (26.4) 24.5 15.6% 11.2% 127.6 56.9 179.6 676.4 32.1 177.4 2.2 26.2% 155.9 108.5 708.5 (38.2) (16.9) 72.5 22.0% 18.0% Record total revenues €708.5m (+8%) Record EBITDA €127.6m (22% EBITDA Margin) Record net profit €56.9m Recurring earnings(2) €108.5m (+122%) %YoY +74% +258% +40% +52% +122% +8% +197%
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1H 2023 20. Gross Operating Cashflow (€m) COGS of deliveries (land only) (1) €136m Cash from land sold (2) €30m Operating Cashflow Summary Notes: (1) Land component in the cost-of-goods-sold of deliveries, representing a monetisation of the land portfolio / (2) Cash recovered from recorded land sales, not included in EBITDA €225.1m Gross Op Cashflow Significantly above >€150m guidance 127.6 225.1 166.0 (28.6) (40.0) EBITDA Net. fin. exp. & corp. Tax Land monetization Land purchases Gross operating Cashflow
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Total cash €201.1m Evolution of net debt and LTV ratio€m Dec-24 Dec-25 Developer loans 104.7 107.6 Corporate debt 293.3 330.2 Gross Financial Debt 398.0 437.9 Unrestricted cash 84.2 137.3 Net Financial Debt 313.8 300.6 Restricted cash(1) 102.2 63.8 % LTV 13.1% 13.5% Net debt details Unrestricted cash€130.3m €70.8m Cash advances from clients Net debt Solid financial structure 21. Notes: (1) Restricted cash includes advances from clients, which is not used for the calculation of net debt or LTV ratio ❑ Good access to financing • >€300m undrawn and available from existing project and corporate loans as of year-end • Average cost of debt of 5.5% ❑ Stable LTV at 13.5% • Ratio below our L/T reference of 15%-20% • Syndicated bank loan: maturity in mid 2029 332.2 313.8 300.6 13.8% 13.1% 13.5% -8% -3% 2% 7% 12% 17% 0 50 100 150 200 250 300 350 400 Dec-23 Dec-24 Dec-25 Net debt (€m) LTV (%)
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2,230 1,840 1,737 100 (301) (189) (104) GAV Tax Credits Net Debt Other assets & liabilities Gross NAV Tax Capital Gains Net NAV 22. Total GAV €2,230m NAV p.s. €12.13 +3.5% LFL vs. Dec-24 • Positive in residential • Negative in commercial • +3.5% vs Dec-24 adj. for dividend of €1.58/sh Asset appraisal NAV of €12.13 per share, LFL +3.5% €12.13 p.s. €11.45 p.s. GAV to NAV bridge, €m
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Serene Atalaya (Estepona, Málaga) 4. Closing Remarks
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Overall evolution 2018 - 2025 Portfolio transformation and operational execution leading to high cash returns 400 1,108 1,530 775 696 347 Dec-17 Dec-25 Residential active Residential non-active Commercial 2,230 2,626 ❑ A more optimal portfolio mix • Greater weight in active developments (work-in-progress) • Reduction in non-active assets and in overall land bank size 38.0 25.2 2.0 (10.2) (4.6) Land bank 2018 Homes delivered Land sales Land acquired & adj. Land bank Dec-25 GAV (€m) Residential land bank (k units) Total Launches (units) 15,738 10,212 Total Deliveries (units) Residential Dev’t Revenues €3,011m Land Sales Revenues (1) €488m ❑ Key operating data: 2018 to 2025 • +10,000 units delivered and +15,000 units launched 12,738 Total Pre-Sales (units) Land Transformation (units launched) 6,100 ❑ Focus on dividends, driven by cash flow • €865m paid in dividends to date, ≈50% of the current market capitalization • Payout of 92% of the operating cashflow generated in 2018-2025 Dividend per year (€/sh) 0.33 0.80 1.65 0.66 0.69 1.58 2019 2021 2022 2023 2024 2025 Notes: (1) Includes sale of non-residential developments (commercial) €240m€105m€100m€250m€121m€50m Total dividends paid €865m Total Op. Cashflow €936m 24. Land bank 2025
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Key takeaways 25. ✓ €240m (€1.58/sh) distributed in 2025 following a significant cashflow generation ✓ Attractive dividend yield of 17%(1) ✓ Next dividend in May 2026, figure to be announced in March Attractive dividends Solid outlook for 2026 Strong results in 2025 ✓ Revenues growth and gross margin expansion driving to a record net profit ✓ Significant increase in ASP of deliveries of the year. The existing backlog supports solid prices in future deliveries ✓ Solid pre-sale coverage provides high visibility for the coming years ✓ Gross cash flow generation: >€200m • Housing development deliveries: number of units similar to 2025 • Land sales: significant growth in revenues, based on the existing backlog Notes: (1) Calculated over the share price at the beginning of the year 2026
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Ramón Turró (Barcelona) Appendices
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Key comments A B A – Total revenues of €708.5m • Residential revenues of €676.4m • Land sales of €32.1m B – Total gross margin of €179.6m • 26.2% margin in residential development C – Net margin of €155.9m, after direct costs D – EBITDA of €127.6m, resulting in 18% EBITDA margin E – Impairments of (€38.2m) due to the decline in the appraisal value on some assets, mainly in the commercial segment F – Net profit of €56.9m C D Notes: (1) Recurring pre-tax profit: excluding land sales gross profit and variations in the fair value of assets F €m FY 2024 FY 2025 YoY Total Revenues 657.8 708.5 +8% Residential development 588.0 676.4 Land sales & other income 69.7 32.1 Total COGS (529.7) (528.8) Residential development (458.2) (499.0) Land sales & other income (71.5) (29.9) Gross Margin 128.0 179.6 +40% Gross margin development 129.8 177.4 % Gross margin development 22.1% 26.2% Gross margin land sales (1.8) 2.2 Commercial & other operating costs (25.6) (23.8) Net Margin 102.5 155.9 +52% Wages & salaries (18.9) (19.0) Other general expenses (10.1) (9.2) EBITDA 73.4 127.6 +74% Chg. in fair value of assets & impairments (22.6) (38.2) Net financial results (25.7) (16.8) Associates (0.7) (0.1) Pre-tax Profit 24.5 72.5 +197% Income tax (8.6) (15.7) Net Profit 15.9 56.9 +258% Recurring pre-tax profit (1) 48.8 108.5 +122% Profit and Loss 27. E
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€m Dec-24 Dec-25 Investment Property 240.2 245.6 Other non-current assets 147.8 138.1 Total non-current assets 388.1 383.7 Inventory 1,739.9 1,570.0 Land 763.4 645.8 WIP & finished product 976.5 924.2 Cash 186.4 194.1 Other current assets 99.1 110.3 Total current assets 2,025.4 1,874.3 Total assets 2,413.5 2,258.0 Provisions 7.5 7.6 Financial debt 248.5 253.7 Other non-current liabilities 54.1 61.0 Total non-current liabilities 310.1 322.4 Provisions 35.6 31.3 Financial debt 145.6 180.9 Other current liabilities 325.3 309.3 Total current liabilities 506.6 521.4 Shareholder's funds 1,596.9 1,414.2 Total equity + liabilities 2,413.5 2,258.0 Balance Sheet 28.
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1H 2023 €m FY 2024 FY 2025 + EBITDA 73.4 127.6 - Net financial expenses paid (24.1) (17.1) - Corporate taxes paid - (11.5) + Land monetisation: COGS of deliveries (land only) (1) 98.2 136.2 Cash from land sold (2) 52.1 29.9 - Land purchases (53.2) (40.0) = Gross Operating Cashflow (A) 146.5 225.1 - Capex in land urbanization (38.3) (28.2) - Capex in work in progress (409.7) (384.5) + COGS of deliveries (ex-land) 360.0 362.8 +/- Other working capital and rest 64.5 77.5 = Cashflow related to work in progress (B) (23.5) 27.6 = Total cashflow (A) + (B) 123.1 252.7 - Dividend paid (104.6) (239.5) = Change in net debt 18.5 13.2 Notes: (1) Land component in the cost-of-goods-sold of deliveries, representing a monetization of the land portfolio / (2) Cash recovered from recorded land sales, not included in EBITDA Cashflow 29.
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2,230 1,108 361 414 347 Total GAV MVC Active Resi Projects FP non-active Resi Land NFP Resi Land Commercial Land Net Asset Value, €/sh €m Dec-24 Dec-25 Shareholders’ funds 1,596.9 1,414.2 +/- Gross capital gains 343.7 358.8 +/- Other adjustments (1) 68.7 67.3 = Gross NAV 2,009.3 1,840.3 +/- Taxes on capital gains(2) (85.9) (89.7) +/- Other adjustments (10.7) (13.9) = Net NAV 1,912.6 1,736.7 Number of shares (m) 151.7 151.7 NAV per share (€) 13.25 12.13 NNAV per share (€) 12.61 11.45 Resi units (k) 25.2 7.5 7.5 9.8 0.4 GAV €/sqm 525 1,372 349 239 511 GAV to GDV 20% 41% 15% 9% 21% Portfolio value breakdown, GAV in €m 50% 16% 19% 16%100% 30. Portfolio value & NAV Calculation details +3.5% adj. for €1.52/sh dividend Notes: (1) Mainly tax loss carried forward out of balance / (2) 25% of gross capital gains / (3) Excludes 198 units from land purchase under binding contract yet pending formalisation, which have already been launched / (4) Includes Los Cerros which was transformed to fully permitted in Jan-26 (4)(3)
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Geographic presence(1): GAV by use GAV by status(2) 31. 3% 27% 10% 14% 9% 15% 3% <1% <1% <1% 1% 2% 3% 2% 4% 2% <1%<1% Location % Total GAV % Residential GAV % Commercial GAV Madrid 27% 24% 44% Barcelona 15% 10% 38% Malaga 14% 17% - Seville 10% 12% - Valencia 9% 11% - Cadiz 4% 3% 5% Canary Is. 3% 4% - A Coruña 3% 4% - Balearic Is. 3% 2% 8% Granada 2% 3% - Others 10% 11% 4% Total 100% 100% 100% GAV > €100m (75% GAV) GAV €30-100m (20% GAV) GAV < €30m (5% GAV) ❑ 75% of the value located in Top-5 markets: Madrid, Barcelona, Malaga, Seville and Valencia 25.2k Resi. units €2,230m GAV GAV distribution by province: Land portfolio Portfolio details Notes: (1) Distribution as % of GAV December 2025. Excludes provinces with small exposure (value below €10m) / (2) Percentage of latest GAV, based on the urbanistic status as of February 2026 Residential 84% Commercial 16% Fully-permitted 81% Under permitting 19%
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32. Client profile Location, price, age, reason to buy and financing (1) Notes: (1) New clients in 2025 / (2) Non-EU non-resident clients represent c. 4% / (3) Calculated over clients which had their house delivered in the period / (4) Calculated as the median of the number of years needed to pay for a house (the price of a home unit divided by the annual gross household income) / (5) Amount of mortgage (in % terms over the price of the house) needed on average by those of our clients that request a mortgage # of bedrooms 6% 36% 46% 12% x1 x2 x3 x4 Reason to buy 1st time buyer 1st Replacement Investment & other 11% 52% 16% 21% 2nd home 2nd 63% Main residence What do they buy? Client profile by type of acquisition Average Age 44years Who is buying? ≈50% between 35-54 years of age 2% 27% 22% 25% 16% 9% <25 25-34 35-44 45-54 55-64 >65 €379k/unit ASP units in commercialization What is the average selling price? Middle class product: 64% between €200k-€400k 1% 6% 31% 33% 22% 6% <150k 150-200k 200-300k 300-400k 400-500k >500k 69% Avg. buyer’s LTV (5) 4.6years Avg. affordability ratio (4) Financial profile Reasonable leverage and 26% of buyers with no mortgage Leverage (3) Without mortgage 26% With mortgage 74% Spaniards81% Foreigners(2) 19% Where do they come from? Mostly national clients; with diversified foreign demand 19% 14% 6% 6% 5% 4% Netherlands Poland Czech Republic Germany Belgium US Where do we sell? by % units in commercialization Seville 24% Málaga 19% Valencia 16% Barcelona 10% Canary Is. 7% Madrid 3% Alicante 1% Rest 22%
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Note / Definitions: Pre-sales: number of reservations plus contracts signed in a period of time, net of cancellations; Sales backlog: balance of accumulated pre-sales minus deliveries at a certain date; Units under commercialization: total number of units in projects under commercialization, including sold and unsold units; Active units: units in projects launched internally, including projects already under commercialization and projects in the design phase (prior to commercialization) # Units 2018 2019 2020 2021 2022 2023 2024 2025 Pre-sales in the period 888 1,511 1,037 2,093 1,837 1,836 1,929 1,635 Backlog of presales (units) 909 2,131 2,568 3,033 3,171 3,332 3,265 3,095 Backlog of presales (€ m) 271 597 744 850 990 1,084 1,158 1,110 Active projects (# projects) 102 136 125 138 150 141 114 106 Total active units 5,565 7,962 7,382 7,561 7,947 8,009 7,619 7,641 Units in commercialization 3,840 5,378 5,440 5,555 6,235 6,385 5,733 5,196 Units under construction 1,329 3,383 3,550 4,007 4,101 4,517 4,143 3,917 Deliveries in the period 520 289 601 1,627 1,699 1,675 1,996 1,805 Data series Evolution of key operating data 33.
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34. Corporate agenda in 2026 Calendar (tentative dates) General Shareholders’ Meeting 28th April 1Q26 trading update 29th April 1H26 results presentation 22nd July 9M26 trading update 22nd October Puerto de Somport 21-23 (Madrid)
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Villas del Mar (Castellón) Q&A