Good morning, everyone, and welcome to our first half of 2026 presentation. I will start with the highlights and I would catalogue 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're also confirming our gross margin improvement, which stands at 27.2%, boosting our EBITDA to close to €50 million and also a positive net profit of close to €18 million compared to negative figure last year.

We've had a strong cash flow generation of close to €130 million and also with a stable debt position despite the significant dividend that we already paid in May of almost €1 per share. In the market context, we'll 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 7 as we will touch upon the details later on the presentation and I hand it back to Juan Carlos to give us a brief overview on the market page number 8.

Yes, just briefly comment on the recent figures about demand. The number of transactions seems to be stabilising 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 official statistics.

They're still growing at double digit year-on-year, driven by the imbalance between supply and demand. 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%. Overall, this pictures an overall quite a healthy situation of the housing market in Spain.

Back to Jorge.

Thank you, Juan Carlos. Moving on to the operational figures.

In terms of residential deliveries, we delivered a total of 809 units, which is almost double what we delivered last year, and with an average selling price of €343,000 per unit, which is an 11% increase. Basically, with this number of deliveries, we provide a more homogeneous distribution of the deliveries throughout the year and also gives us more clarity on our target to deliver around the same units as we delivered last year.

As I mentioned before, our margin improvement consolidates and we stand at 27.2% gross margin compared to 22% last year, and our deliveries have been focused on key markets like Valencia, Sevilla, Barcelona, Malaga, and some in the Canary Islands. In terms of presales, we presold in total 607 units, which is an evolution consistent with our presales, strong presales coverage for the coming years and for 2026 as well, obviously, and represents a 15% quarter-on-quarter increase as compared to the first quarter.

The average selling price of these presales is above the figure we saw before and is close to €380,000. Basically, we've also started commercialisation during the quarter, at the end of a part of the quarter, in some key areas like Los Cerros in Madrid, which, as is one of our strategic developments where we have close to 2,000 units to be constructed and delivered in the future; also in Murcia, where we have is an area which is functioning really well at the beginning, and we have around 550 units in total; and also in Lleida with a project of 240 units or 250 in total, where we've started selling phase number one also at the end of the period.

In terms of other key operational figures, our sales backlog stands at 2,900 units in total, representing €1.1 billion in future revenues with an average price of around €370,000 per unit. Also, our future deliveries are well covered and the ratios keep improving, basically with 94% of the deliveries of 2026 already sold, close to 80% of 2027, and basically 40% of 2028.

This also with a high reliability of close to 80% in private contracts with more than 10% down payment. We have around 3,400 units under construction.

We've started 255 units in this first half of '26, and we plan to start around 1,800 units in the total of the year, even if this figure may seem small, we are planning to basically start around the units that we've been delivering in the last couple of years by the end of the year. In commercialisation, we have about 5,300 units with a potential revenue of €2 billion and a price per unit of around €380,000.

We still keep seeing that on the backlog figures and future commercialisation units, the selling price keeps improving. 55% is already presold, and plus we have another 2,000 active units in the design phase that will come into commercialisation in the coming months.

In terms of land activity, we've had a strong land monetisation period and the pipeline replenishment. In total, our P&L revenues in the first half of the year stands at €38 million, the majority corresponding to the notarisation of a plot in Valdebebas, in addition to other minor residential non-strategic plots in non-core markets.

Additionally, we've also sold, as you may have seen in our announcement and in the press, the Puerto Somport building, office building that we co-developed with Tishman Speyer, which will have €7 million cash flow impact, but doesn't show in the P&L in the revenue line because it's actually accounted for as in the equity method. We also have €134 million in binding contracts, which will come into the P&L in the coming years, part of it in 2026 and part of it in 2027.

Additionally, the ongoing commercial development in the Oria project with the new office that we are doing in a turnkey solution for the fund [Adria?] , and the two projects of Vitta that are not included in the above figures.

In terms of land investment, on the other hand, we have signed two JVs with Santander Alternative Investments to develop two coliving projects in Valencia and in Seville with Metrovacesa holding 10% and the management of the projects, and we will continue to explore new co-investment opportunities with other partners in the year. Additionally, we've acquired a project with 367 units in total in Granada for social housing.

Diving a bit deeper in our commercial portfolio, we continue reducing our GAV in this segment with €283 million now left, which is around 13% of the total Metrovacesa gross asset value. In the Oria Innovation Campus project, to give you an update, the PBSA building with 585 rooms will be delivered in this quarter, in the third quarter of 2026.

The flex living building with 519 rooms, it's progressing adequately in construction and will be delivered in 2027. Finally, the office buildings with 48,000 square metres of GLA, in which we're doing a turnkey solution, initiated already the construction and we are already coming up to the ground zero level in the structure.

This represents our largest commercial development with over €350 million in total investment. Also, as I mentioned before, we've sold the Puerto Somport building to the GMP REIT in the Spanish market.

Moving on to page number 14, in the ESG arena, we continue implementing our ESG plan 2025-2027, which focuses on climate change mitigation and basically in this area measurement and improvement on the carbon footprint of our developments, also on energy efficiency, environmental impact, very focused on waste management improvement in all our projects. Basically, you can read our 2025 annual sustainability report that has a lot of detail on what we do on this area.

Now I finished with the operational highlights and I hand it to Borja Tejada, our CFO, for the financial overview.

Thank you, Jorge. Turning to our profit and loss account, we delivered a very strong first half of the year with revenues reaching €316 million, up to 138% year-on-year, driven by higher residential deliveries and land sales.

Residential revenues grew to €280 million, while land sales contributed €38 million. Importantly, profitability continued to improve.

Residential gross margin increased from 22% to above 27%, driving gross profit to €75.5 million and EBITDA to €49 million with an EBITDA margin of 15.6%. Despite €18 million of mainly non-cash impairments in certain commercial assets, we reported €18 million of net profit and €42 million recurring pretax profit, clearly reflecting the strength of of the underlying residential business.

In terms of operating cash flow, cash generation was another key highlight. Gross operating cash flow reached around €130 million in the first half, demonstrating strong cash conversion of earning into cash.

Beyond EBITDA, cash generation benefit from land monetisation, including approximately €51 million from land embedded in deliveries and €45 million of cash proceeds from land sales, while maintaining disciplined investment levels. The strong performance underpins our confidence in reiterating our guidance of more than €200 million of gross operating cash flow for the year-end.

In the slide 18, despite paying approximately €137 million in dividends in during the semester, our balance sheet remains exceptionally strong. Net debt stood at €308 million, broadly stable versus year-end 2025.

We ended June with €160 million of cash, while gross gross debt increased to €393 million. Our LTV remained at 14.4%, comfortably below our long-term target range to 15% from 15% to 20%.

In addition, we continue to enjoy significant financial flexibility with more than €300 million of undrawn financing capacity and a syndicated facility with maturity at the end of 2029. In the slide 19, finally, our asset base continues to to create value.

Gross asset value increased by 3.2% like-for-like up to €2.14 billion, supported by the performance of the residential portfolio. NAV stood at €11.55 per share, importantly, after adjusting around €1 per share dividend paid during the period.

NAV increased by 2.6% compared with December 2025, demonstrating continued value creation despite significant shareholder remuneration. Overall, our portfolio remains highly resilient with a strong residential structure and NAV that continues to highlight the underlying value of the company.

With that, let me hand over to Jorge for the closing remarks.

Thank you, Borja. Let me finish talking about the market.

We see the market stabilising at high levels with transactions remaining very healthy, over 700,000 total transactions in the last months despite a slower beginning of the year. Some volatility in construction costs, but still outpaced by house price increase, which in public figures has been quoted as 13% year-on-year on March 2026.

A very solid performance on our side for the first half of the year with a more homogeneous distribution of deliveries. We confirm our gross margin expansion, boosting EBITDA and net profit, and with a solid presales coverage that provides visibility not only for the deliveries of 2026, but also for the coming two other years, 2027 and 2028.

Finally, we reiterate our 2026 guidance that, if you remember, was a gross cash flow generation of above €200 million with housing development deliveries in line with what we delivered in 2025 and with significant growth in land sales. That would be all for today.

Thank you very much.

Thank you, Jorge, and we are now ready to begin the Q&A session. We will first take questions from participants joining via conference call.

If you would like to ask a question, please press *5 on your telephone keypad. If you want to withdraw your question, simply press *5 again.

We will now pause for a few moments to allow participants to register for questions. Our first question comes from Ignacio Domínguez, JB Capital.

Please, Ignacio. Yes,

good morning. Thank you for the presentation and for taking my questions.

Just one from my side on gross development margins. With gross development margin reaching 27% in the first half, could you provide more colour on the sustainability of this margin levels?

As we move into the second half, should we expect some normalisation in margins due to a broad mix, or do you believe full year '26 margins can remain close to current levels? Thank you.

Good morning, Ignacio. Jorge here.

As I said, we stick to our guidance of mid-20s. Now mid-20s, you can either take it as 25% or a range of between 24% and 26%.

If we take the range, I think we should be on the higher part of the range.

Thank you.

The next question is coming from the line of Christophe Chaput from ODDO BHF. Please, Christophe.

Yes, good morning, gentlemen. Hope my line is great.

Thank you very much again for the presentation and congratulation for the results. Honestly, I've got the same question on gross margin.

The second one was on your presales. Could you give us your monthly absorption rate that you experienced, let's say, on Q2?

Thank you so much.

Hi, Christophe. Thank you very much.

Jorge taking the question as well. The gross margin has been already answered.

In terms of the presales, we've had months between 2% and 2.5% on the way that we measure it, that, as is different from some other developers. Our average in the last 12 months, or 24 months, I would say, has been around 2.5%, we are in between that and 2%.

On that line, on the presales figures, that you could consider it a low figure, I would like to elaborate a little bit more. Some questions have come already offline, whether this is due to a market slowing down or not, and I would say that no, the answer is no, actually, even though that the market may have some impact, but the reality in our line is that we are doing, first of all, margin optimisation.

As you've seen, our presales coverage is at 90 94% this year, close to 80% for next year, we only have to sell about 90 units this year and about 200 and something units for next year to deliver around 1,800 units. Basically, I'm not saying we need to slow down on sales, but we basically can maximise or optimise margins in those developments where we have few units left to be delivered, no?

We've also had a couple of delays in commercialisation starts of two key projects, one in Los Cerros in here in Madrid, where we've actually started commercialisation of our first project and a second one is coming very soon. Los Cerros is a huge development for us where sales will go really, really well in Madrid, and we started selling in the end of the second quarter due to after the final approval of the proyecto de reparcelación, the re-allotment project, and basically this will drive more significant sales in the second part of the years.

Finally, we had some forced cancellations, if you see the gross to net figure in sales, it may seem a little bit high, but in three projects, we actually did some cost re-engineering in order to maintain the targeted gross margins as we had higher costs than initially planned, and we talked to the clients and we told them that we were making some changes in the projects. Some clients cancelled.

Those cancellations, by the way, have been already sold again, but we did have some forced cancellations. That actually drives that sales figure, those three reasons, to a figure that may seem a little bit low, but it shouldn't be that way in the coming months.

Thank you very much for the clarification. Very clear.

Thank you.

We don't have any more questions from the conference call and we will move on now to the questions submitted through the webcast platform. First question from one investor is saying, the CEO has referred to moderation in transaction volumes in some areas.

Can you comment which areas are affected and whether moderation is also impacting sales of new housing stock?

I think in some areas, what drives the slower market in some areas is basically, at the end, the affordability ratio, no, what clients can pay. We don't see that in key markets like Madrid, Valencia, Barcelona, or even Seville, and we do see some slowdown in markets where affordability ratio reaches something like 40%, something like that.

Which markets is that? It may be, for example, in Terrassa, even though I wouldn't say that, as Terrassa is a suburban area of Barcelona, but the reality is that we don't see that happening in all our projects in Terrassa, it's only in one out of four.

I wouldn't generalise completely that statement, but I think, in general, the market, not just new housing stock, but also second-hand homes, are seeing that slowdown that you see in the press, which, by the way, is a slowdown of 3% or something like that, which is not a significant figures. That is happening in areas where the affordability ratio is reaching figures that is already hard for clients to actually pay for the units, no?

In those areas, what we will see, I think, is that the prices will not increase anymore or will increase at a lower pace, but I don't think that volumes will or should decrease because the actual demand is there.

We have another question from an investor. This is about a technical accounting thing about any relevant changes in financial reporting as a result of IFRS 18 in the results for next year?

We'll have to adjust the structure of our profit and loss account for the new regulation, and will adapt our financial statements according to the law next year. We are analysing how we're going to change the structure, but with no changes in our internal procedures and our reporting.

Okay. Another question from an investor is, can you give us more details about the number of construction starts in the year?

What is your expectation for the end of the year? I think you have actually make a point earlier,

but

the question is coming from there.

I did. I think I mentioned it, the figure we Well, basically, for the year, we're planning to, as I mentioned in the key operational data, we're planning to start around 1,800, which is units, which is in line with the deliveries of last year or or this year.

Some of the units have slipped, some of the starts have have slipped to the second part of the year. That's why the, the figure in the first half may seem a little weaker.

The reason for it for this is related to license, to the obtaining of the licenses. The reality is that almost in all the municipalities where we're at, it's taking us a little bit longer, 1 month up to 2 months longer than than last year or previous years in obtaining the license, which is which is sad, but it's the reality.

They are coming in the second half and, therefore, we plan to to start, as I said, around 1,800 or a little bit more units this year in line with with our run rate. This is not related at all to presales because in these projects, we we have presales levels above of what is required to to get financing for the projects.

We do not have any more further questions from either webcast platform or the conference call, this concludes Metrovacesa's first semester 2026 results presentation. Should you have any follow-up questions, the Investor Relations team will be pleased to assist you.

We thank you very much for joining us today and we look forward to speaking with you again in the future. Goodbye.