Slides
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July 22nd, 2026 Results 1H2026 Ramón Turró I, II & III (Barcelona)
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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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Residencial Azahara (Valdemoro, Madrid) 1. Highlights
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Highlights 5. ✓ €315.8m in total revenues (+138% YoY), with 809 units delivered at €343k/unit ASP ✓ Confirmation of gross margin improvement: 27.2% (+5.2p.p.), boosting EBITDA to €49.2m and positive net profit (€17.8m) ✓ Strong cashflow generation with €129m, with stable debt position despite the significant dividend paid in May (€0.90/sh) ✓ Market context: Spanish housing demand remains at healthy levels, despite a moderation in transaction volumes in early 2026 ❑ Solid performance in 1H26+138% YoY€315.8mTotal Revenues +809% YoY€49.2mEBITDA vs. neg.€17.8mNet Profit 1H26 results 18% yield(1)€137m paid in MayDividend €128.9mOperating Cash Flow +735% YoY Notes: (1) Annual yield calculated as the sum of the dividends paid in Dec-25 (€1.12/sh) and May-26 (€0.90/sh) over current share price
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Caleida render (A Coruña) 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 Key operational data as of June 30th, 2026 7. 96 developments under construction(3) 3,363 units under construction(3) Construction Active projects 2,893 Sold units €1,064m k/unit ASP(2)€368 Sales Backlog (1) Under commercialization 5,259 units k/unit ASP(2)€380 projects71 Active units 7,228 units active projects96 Deliveries / Sales 809 Units delivered in the period €343 k/unit ASP(2) 607 Units pre- sold in the period (4) €376 k/unit ASP(2) Financials €309m Net debt €160m Total cash 14.4% LTV ratio €11.55 NAV p.s. Land portfolio Land Sales €38.2m in P&L revenues €134m binding contracts pending notarization c. 24.3k resi units in land bank 81% Fully permitted Landbank
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The Spanish housing context Housing demand stabilizing at high levels 8. • Spanish housing demand remains resilient, with transaction volumes holding at historically high levels (704k LTM) despite a modest decline in YTD(1) activity (-3.4%), while mortgage penetration continues to increase • Supply constraints continue to underpin price growth, allowing house prices to outpace construction cost inflation, while some areas have early signs of stretched affordability at these price levels Housing prices continue to rise faster than costs Price-costs differential supports development margins (YoY % change; source: INE) 3.9% 12.9% 0% 2% 4% 6% 8% 10% 12% 14% Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Construction costs House prices Demand above 700k(1) units per year Modest slowdown year-to-date(2): -3.4% (Rolling 12 months transactions; source: INE) 72% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% - 100,000 200,000 300,000 400,000 500,000 600,000 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Oct-25 Apr-26 Mortgages R12M Ratio Mortgages/Transactions New mortgages supported by growing demand Mortgage penetration rises slightly to 72% (Sum of last 12 months new mortgages and % mortgages- to-transactions; source: INE) Note: (1) Rolling 12 months as of May-26 / (2) YoY variation for the first five months of the year 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 May-17 Nov-17 May-18 Nov-18 May-19 Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 Nov-22 May-23 Nov-23 May-24 Nov-24 May-25 Nov-25 May-26 New homes Second hand 704k
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246 177 389 993 218 591 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26131.0 277.6 1H25 1H26 Residential deliveries Higher volumes and ASP drive revenue growth and margin expansion 9. Revenues from residential deliveries Revenues (€ m) €310kAvg price €343k 22.0%Gross margin 27.2% # units 809 423 Deliveries by quarter (units) Some projects delivered in 1H26 +234% YoY €278m revenues from deliveries • 809 units delivered (+91% YoY) at an ASP of €343k/unit (+11% YoY) • More homogeneous distribution of quarterly deliveries in 2026, providing certainty on year end target • Margin improvement consolidates: +5.2p.p. vs. 1H25 27.2% gross margin Residencial Patraix (Valencia) Torre Arenal (Seville) Edifici Barberá (Barcelona) Serene Atalaya II (Estepona, Málaga) ❑ Delivering in key markets: Valencia (37%), Seville (23%), Barcelona (17%), Málaga (10%) and Canary Islands (10%)
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Pre-sales Initiating commercialization in key new districts 10. Net pre-sales by quarter # units 607 net pre-sales in 1H26 • YoY evolution is consistent with MVC’s strong pre-sales coverage ratios • +15% QoQ increase in 2Q compared to 1Q this year • ASPs continue to show sustainable growth rates (+2.9% in 2Q26 vs. €366k/unit in 2Q25) €376k/unit average ASP in 1H26 ASP €k/unit 377 375 366 404 382 374 +2.9% YoY Key commercialization starts: ❑ Starting commercialization in new districts following progress in urban planning management ❑ Los Cerros: Alyssa (118 units) • Land for +c.1,900 additional units for future developments ❑ Murcia: Boreal (70 units) • Land for +c.400 additional units for future developments ❑ Lleida: Torre Lumina (132 units) • +130 additional units planned for the second phase 452 382 367 434 283 324 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26
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Operational activity Strong pre-sales coverage provides visibility on future deliveries and revenues 11. Under construction 3,363 units • €1.1bn in future revenues, with an avg. price of €368k/unit • Future deliveries are well covered with our presales backlog: 94% / 79% / 40% • High reliability, with 78% formalised in contracts with >10% downpayment • Includes 654 units with works completed • 255 units started construction in 1H26 • Potential revenues of €2.0bn (ASP of €380k/unit) • 55% is already pre-sold • Plus c2.0k active units in design phase, to start marketing in the near term Pre-sales coverage 2026E-2028E (% of expected deliveries) Construction starts coverage 2026E-2028E (% of expected deliveries) Commercial mix by province (% of units) Sales backlog 2,893 units In commercialisation 5,259 units Seville 22% Málaga 18% Valencia 12%Barcelona 9% Canary Is. 6% Madrid 5% Alicante 1% Rest 27% 2026E 94% 2027E 79% 2028E 40% 2026E 100% 2027E 100% 2028E 48%
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Land activity Strong land monetisation and disciplined pipeline replenishment 12. • Revenues of €38m, the majority corresponding to the notarization of a commercial land plot in Valdebebas (Madrid), in addition to other minor residential land plots in non-core markets • Additionally, sale of the P. Somport office building (MVC 24% stake): recorded under the equity method, below EBITDA, with +€7m cash inflow net of debt Note: (1) Backlog of sales signed in binding contracts as of 30th June 2026, with partial cash payment already collected Land investments Land monetisation €1.8m 1H25 €38.2m 1H26 €134m Jun-26 P&L revenues Binding contracts(1) • Solid pipeline of binding contracts to be formalised between 2026 and 2027 o 42% residential land and 58% commercial land o Additionally, on-going commercial developments in the Oria project: new office turn-key with Atrea, and two projects with VITA not included in the above figures • 367 social housing units in Granada acquired under a barter agreement with the Regional Government of Andalusia 367 units Own acquisitions • Two JVs with Santander Alternative Investments to develop two co-living projects: MVC holding 10% o First JV created in Mar-26: 180 units in Seville o Second JV formalized in Jun-26: 180 units in Valencia • We will continue to explore new co-investing opportunities with other partners 360 units in co-living JVs Co-investments Seville – Co-living (180 units)
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13. • Project calendar: ✓ PBSA building (585 rooms): to be delivered in 3Q26(2) ✓ Flex-living building (519 rooms): ongoing works, to be delivered(2) in 2027 ✓ Office buildings (48,000 sqm GLA): initiated construction works and expected delivery in 2029 • MVC’s largest commercial development project: 89,000 sqm mixed-use regeneration project in Madrid city, with a total investment of c.€350m ❑ Progress on the Oria Innovation Campus (1) project Notes: (1) Oria Innovation Campus, located at Avenida Cardenal Herrera Oria (Madrid), next to the former Clesa factory / (2) Impact on cashflow but not on P&L • Sale formalized in June ✓ c.20,000sqm GLA office space in Madrid ✓ 97% occupancy rate • Developed in JV with Tishman Speyer, with MVC holding 24% ✓ No impact on total revenues, as the result is recorded under the equity method in associates (below EBITDA) ✓ +€7m cash inflow for MVC, net of debt ❑ Sale of the P. Somport office building Commercial portfolio We continue reducing the commercial portfolio: GAV €283m (13% of total MVC)
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ESG We promote sustainable, decarbonized and inclusive housing model Our ultimate objective is securing Metrovacesa’s positioning as a sustainable and responsible developer 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. Metrovacesa’s Vinival (Valencia) urban development project received a Special Mention for Best Urban Regeneration Project at the 2026 ASPRIMA-SIMA Awards Became a supporting partner of the Observatory of Healthy Architecture (OAS), demonstrating our deep commitment to clients’ health and wellbeing Continued commitment to the UN Global Compact and its 10 Principles on Human Rights, Labor Standards, Environmental Protection, and Anti-Corruption. Promotion of the practical application of AI in the real estate development sector with the launch of the second edition of the AI Challenge Effective operation of the Internal Sustainability Reporting Control System, enhancing oversight and assurance of ESG KPIs E S G Published our 2025 Annual Sustainability Report The public square linked to Metrovacesa’s development Jardines de Tetuán (Madrid) was recognized at the IDEQUO Escala Interior Design Awards for its contribution to the urban experience Development of an impact measurement and management model for urban development projects 14.
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Alma I (Granada) 3. Financial Overview
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€ m Residential development Land sales & other income % gross margin dev`t Revenues Gross Profit Net Margin EBITDA Net Profit 1H 2025 1H 2026 Recurring pre-tax profit (2) Chg fair value & impairments(1) Net financials & associates Pretax Profit Residential development Land sales & other Profit & Loss Summary 16. 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 Total revenues €315.8m (+138%) EBITDA €49.2m (+809%) (15.6% EBITDA Margin) Net profit €17.8m Recurring earnings(2) €42.2m %YoY +809% n.a. +160% +218% n.a. +138% n.a. 5.4 (15.5) 29.0 131.0 1.8 28.9 0.2 22.0% 20.0 (3.5) 132.8 (13.7) (8.7) (17.0) 15.1% 4.1% 49.2 17.8 75.5 277.6 38.2 75.4 0.1 27.2% 63.6 42.2 315.8 (17.9) (6.9) 24.4 20.1% 15.6%
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1H 2023 17. Gross Operating Cashflow (€m) COGS of deliveries (land only) (1) €51m Cash from land sold (2) €45m 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 €128.9m Gross Op Cashflow FY2026 >€200m Reiterating guidance49.2 128.9 95.6 (9.8) (6.1) EBITDA Net. fin. exp. & corp. Tax Land monetization Land purchases Gross operating Cashflow
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Total cash €159.8m Evolution of net debt and LTV ratio€m Dec-25 Jun-26 Developer loans 107.6 98.2 Corporate debt 330.2 294.6 Gross Financial Debt 437.9 392.8 Unrestricted cash 137.3 83.6 Net Financial Debt 300.6 309.2 Restricted cash(1) 63.8 76.2 % LTV 13.5% 14.4% Net debt details Unrestricted cash€83.6m €76.2m Restricted cash Net debt Solid financial structure 18. Notes: (1) Restricted cash includes advances from clients, which is not used for the calculation of net debt or LTV ratio ❑ Syndicated bank loan: maturity in end 2029 • >€300m undrawn and available from existing project and corporate loans as of Jun-26 • Average cost of debt of 5.1% ❑ Stable debt position despite strong dividend paid in May • Strong cash generation capacity • Prudent LTV at 14%, below our L/T reference of 15%-20% 313.8 300.6 309.2 13.1% 13.5% 14.4% -8% -3% 2% 7% 12% 17% 0 50 100 150 200 250 300 350 400 Dec-24 Dec-25 Jun-26 Net debt (€m) LTV (%)
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2,142 1,751 1,639 99 (308) (181) (112) GAV Tax Credits Net Debt Other assets & liabilities Gross NAV Tax Capital Gains Net NAV 19. Total GAV €2,142m NAV p.s. €11.55 +3.2% LFL vs. Dec-25 • Positive in residential • Negative in commercial • +2.6% vs Dec-25 adj. for dividend of €0.90/sh Asset appraisal NAV of €11.55 per share, GAV +3.2% LFL €11.55 p.s. €10.81 p.s. GAV to NAV bridge, €m
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Aire render (Estepona, Málaga) 4. Closing Remarks
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Key takeaways 21. ✓ Transactions remain healthy (704k last 12 months(1)) despite a slower beginning of the year (-3.4%(2) as of May-26) ✓ Volatility in construction costs, but still outpaced by house price increase (+13% YoY as of Mar-26) Market stabilizing at high levels 2026 guidance reiterated ✓ 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 Solid performance in 1H26 ✓ A more homogeneous distribution of deliveries throughout the quarters provides more certainty on year-end target ✓ Confirmation of gross margin expansion, boosting EBITDA and Net Profit ✓ Solid pre-sale coverage provides high visibility for future deliveries and revenues Note: (1) Rolling 12 months as of May-26 / (2) YoY variation for the first five months of the year
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Molí Mistral (Quart de Poblet, Valencia) Appendices
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Key comments A B A – Total revenues of €315.8m • Residential revenues of €277.6m • Land sales of €38.2m B – Total gross margin of €75.5m • 27.2% margin in residential development C – Net margin of €63.6m, after direct costs D – EBITDA of €49.2m, resulting in 15.6% EBITDA margin E – Impairments of (€17.9m) due to the decline in the appraisal value on some assets, mainly in the commercial segment F – Net profit of €17.8m C D Notes: (1) Recurring pre-tax profit: excluding land sales gross profit and variations in the fair value of assets F €m 1H 2025 1H 2026 YoY Total Revenues 132.8 315.8 +138% Residential development 131.0 277.6 Land sales & other income 1.8 38.2 Total COGS (103.8) (240.3) Residential development (102.2) (202.2) Land sales & other income (1.6) (38.1) Gross Margin 29.0 75.5 +160% Gross margin development 28.9 75.4 % Gross margin development 22.0% 27.2% Gross margin land sales 0.2 0.1 Commercial & other operating costs (9.0) (11.9) Net Margin 20.0 63.6 +218% Wages & salaries (9.8) (9.9) Other general expenses (4.8) (4.5) EBITDA 5.4 49.2 +809% Chg. in fair value of assets & impairments (13.7) (17.9) Net financial results (8.4) (8.6) Associates (0.3) 1.6 Pre-tax Profit (17.0) 24.4 n.a. Income tax 1.5 (6.6) Net Profit (15.5) 17.8 n.a. Recurring pre-tax profit (1) (3.5) 42.2 n.a. Profit and Loss 23. E
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€m Dec-25 Jun-26 Investment Property 245.6 255.8 Other non-current assets 138.1 135.7 Total non-current assets 383.7 391.5 Inventory 1,570.0 1,463.1 Land 645.8 580.6 WIP & finished product 924.2 882.5 Cash 194.1 159.8 Other current assets 110.3 116.5 Total current assets 1,874.3 1,739.4 Total assets 2,258.0 2,130.9 Provisions 7.6 6.4 Financial debt 253.7 234.2 Other non-current liabilities 61.0 63.4 Total non-current liabilities 322.4 304.0 Provisions 31.3 29.8 Financial debt 180.9 155.2 Other current liabilities 309.3 345.5 Total current liabilities 521.4 530.5 Shareholder's funds 1,414.2 1,296.4 Total equity + liabilities 2,258.0 2,130.9 Balance Sheet 24.
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1H 2023 €m 1H 2025 1H 2026 + EBITDA 5.4 49.2 - Net financial expenses paid (6.2) (8.2) - Corporate taxes paid 4.8 (1.6) + Land monetisation: COGS of deliveries (land only) (1) 24.3 50.7 Cash from land sold (2) 1.6 44.9 - Land purchases (14.6) (6.1) = Gross Operating Cashflow (A) 15.4 128.9 - Capex in land urbanization (12.5) (12.2) - Capex in work in progress (225.4) (152.1) + COGS of deliveries (ex-land) 77.9 151.5 +/- Other working capital and rest 121.6 11.8 = Cashflow related to work in progress (B) (38.4) (1.0) = Total cashflow (A) + (B) (23.0) 127.9 - Dividend paid (69.7) (136.5) = Change in net debt (92.7) (8.6) 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 25.
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2,142 1,074 381 404 283 Total GAV MVC Active Resi Projects FP non-active Resi Land NFP Resi Land Commercial Land Net Asset Value, €/sh €m Dec-25 Jun-26 Shareholders’ funds 1,414.2 1,296.4 +/- Gross capital gains 358.8 385.4 +/- Other adjustments (1) 67.3 69.3 = Gross NAV 1,840.3 1,751.1 +/- Taxes on capital gains(2) (89.7) (96.3) +/- Other adjustments (13.9) (15.7) = Net NAV 1,736.7 1,639.1 Number of shares (m) 151.7 151.7 NAV per share (€) 12.13 11.55 NNAV per share (€) 11.45 10.81 Resi units (k) 24.3 6.9 7.3 9.7 0.4 GAV €/sqm 528 1,414 388 240 444 GAV to GDV 20% 41% 18% 9% 22% Portfolio value breakdown, GAV in €m 50% 18% 19% 13%100% 26. Portfolio value & NAV Calculation details +2.6% adj. for €0.90/sh dividend Notes: (1) Mainly tax loss carried forward out of balance / (2) 25% of gross capital gains / (3) The active portfolio excludes 464 units from land purchase under binding contract yet pending formalisation, which have already been launched (3)
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Geographic presence(1): GAV by use GAV by status(2) 27. 3% 28% 10% 14% 7% 14% 3% <1% <1% <1% 2% 1% 3% 2% 4% 3% 1%<1% <1% <1% Location % Total GAV % Residential GAV % Commercial GAV Madrid 28% 27% 35% Málaga 14% 16% 0% Barcelona 14% 9% 43% Seville 10% 12% 0% Valencia 7% 8% 0% Cadiz 4% 3% 5% A Coruña 3% 4% 0% Balearic Is. 3% 2% 10% Granada 3% 3% - Canary Is. 3% 4% - Others 11% 11% 6% Total 100% 100% 100% GAV > €100m (73% GAV) GAV €30-100m (21% GAV) GAV < €30m (6% GAV) ❑ 73% of the value located in Top-5 markets: Madrid, Malaga, Barcelona, Seville and Valencia 24.3k Resi. units €2,142m GAV GAV distribution by province: Land portfolio Portfolio details Notes: (1) Distribution as % of GAV June 2026. Excludes provinces with small exposure (value below €10m) / (2) Percentage of latest GAV Residential 87% Commercial 13% Fully-permitted 81% Under permitting 19%
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Without mortgage 28% With mortgage 72% 28. Client profile Location, price, age, reason to buy and financing (1) Notes: (1) New clients in 1H26 / (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 7% 38% 45% 10% x1 x2 x3 x4 Reason to buy 1st time buyer 1st Replacement Investment & other 9% 50% 16% 25% 2nd home 2nd 59% Main residence What do they buy? Client profile by type of acquisition Average Age 44years Who is buying? 73% between 25-54 years of age €381k/unit ASP units in commercialization What is the average selling price? Middle class product: 61% between €200k-€400k 65% Avg. buyer’s LTV (5) 4.6years Avg. affordability ratio (4) Financial profile Reasonable leverage and 28% of buyers with no mortgage Leverage (3) Spaniards82% Foreigners(2) 18% Where do they come from? Mostly national clients; with diversified foreign demand Where do we sell? by % units in commercialization Seville 22% Málaga 18% Valencia 12%Barcelona 9% Canary Is. 6% Madrid 5% Alicante 1% Rest 27% 0% 3% 32% 29% 29% 7% <150k 150-200k 200-300k 300-400k 400-500k >500k 2% 33% 19% 21% 17% 8% <25 25-34 35-44 45-54 55-64 >65 18% 13% 7% 7% 6% Poland Netherlands Czech Republic Belgium Ukraine
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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 1H26 Pre-sales in the period 888 1,511 1,037 2,093 1,837 1,836 1,929 1,635 607 Backlog of presales (units) 909 2,131 2,568 3,033 3,171 3,332 3,265 3,095 2,893 Backlog of presales (€ m) 271 597 744 850 990 1,084 1,158 1,110 1,064 Active projects (# projects) 102 136 125 138 150 141 114 106 96 Total active units 5,565 7,962 7,382 7,561 7,947 8,009 7,619 7,641 7,228 Units in commercialization 3,840 5,378 5,440 5,555 6,235 6,385 5,733 5,196 5,259 Units under construction 1,329 3,383 3,550 4,007 4,101 4,517 4,143 3,917 3,363 Deliveries in the period 520 289 601 1,627 1,699 1,675 1,996 1,805 809 Data series Evolution of key operating data 29.
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Residencial Allegro (Sagunto, Valencia) Q&A