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Altarea
Altarea (ALTA) investor relations material
Altarea H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary25 Feb, 2026
Executive summary
FFO rose 13.9% to €144.9m, driven by Residential recovery and strategic milestones in Data Centers, with a stable €8.00/share dividend proposed.
Entered a new cycle with confirmed Residential recovery and strategic Data Center progress, expecting strong FFO growth in 2026 and a stable dividend policy.
Maintained a strong BBB- credit rating with a stable outlook and robust liquidity position.
Revenue declined 25% year-over-year to €2,075.6m, mainly due to lower legacy Residential and fewer major Logistics transactions.
New businesses, including photovoltaics and asset management, reached breakeven, and significant milestones were achieved in Data Centers.
Financial highlights
FFO (Funds From Operations) reached €144.9m, up 13.9% year-over-year.
Consolidated revenue was €2,075.6m, down 25% year-over-year, with Retail REIT and Residential as main contributors.
EBITDA totaled €301.7m, up 10% year-over-year.
Net debt increased to €1,902m (+€221m vs. 31/12/2024) due to investments across all business lines.
Dividend proposed at €8.00 per share, with a partial scrip option; major shareholders to take dividend in shares.
Outlook and guidance
FFO expected to grow significantly in 2026 and 2027, mainly driven by Property development, Residential, and Retail, with New businesses ramping up from 2028.
2026 guidance anticipates continued recovery in Residential, strong Retail REIT performance, and breakeven in New businesses.
Medium-term FFO target set at €300m or above, contingent on core activity growth and ramp-up of new businesses.
Dividend for 2026 to remain stable at €8.00 per share.
Data Center financial contribution timeline?
Histoire & Patrimoine strategic reassessment
Photovoltaics growth despite PPE 3 impact
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Latest events from Altarea
- Net income rebounded, retail and new businesses drove growth, and liquidity remained strong.ALTA
H2 20247 Dec 2025 - Recovery in residential and retail, strong liquidity, and 2025 guidance confirmed.ALTAQ3 2025 TU6 Nov 2025
- New residential launches and strong liquidity offset revenue decline from legacy products.ALTAQ1 2025 TU10 Sep 2025
- FFO up 7.3% and guidance confirmed, despite revenue drop and strong focus on sustainability.ALTAH1 202529 Jul 2025
- Retail strength and major leases offset property development decline; 2024 outlook confirmed.ALTAQ3 2024 TU13 Jun 2025
- Retail and new business growth fuel profit rebound; liquidity and outlook remain strong.ALTAH1 202413 Jun 2025
Next Altarea earnings date
Q1 202628 Apr, 2026
Altarea
Next Altarea earnings date
Q1 202628 Apr, 2026
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