Altarea (ALTA) H2 2024 earnings summary

Executive summary

• 2024 marked a transition year with leadership change, strong investment turnover, and a strategic focus on decarbonization and new business growth.

• Net income rebounded to €86.1 million from a significant loss in 2023, with comprehensive income at €87.5 million, reflecting a major turnaround.

• Revenue reached up to €2,768.5 million, up 2.1% year-over-year, driven by robust retail and business property segments.

• The group maintained financial solidity, stable net debt at €1,681 million, and strong liquidity, with prudent financial policy.

• Major events included the acquisition of Prégence/Prejeance Industrial (photovoltaics), successful retail developments, and a favorable court ruling in the Primonial litigation.

Financial highlights

• Revenue grew by 2.1% year-over-year to €2,768.5 million; EBITDA increased by 10.5% to €274.1 million; FFO attributable to the group rose 25.7% to €127.2 million.

• Net income turned positive at €86.1 million, compared to a €508.6 million loss last year due to exceptional provisions.

• Commercial real estate EBITDA rose 7.6% to €210.3 million, representing nearly 75% of total EBITDA.

• Promotion EBITDA increased 10.7% to €74.5 million, mainly from logistics transactions.

• FFO per share (diluted) was €5.84; net financial debt stood at €2,220.8 million.

Outlook and guidance

• 2025 is expected to be a mediocre year due to ongoing macroeconomic and sectoral challenges, with FFO projected to show slight growth and dividend stability targeted.

• New activities (renewable energy, data centers) are expected to contribute meaningfully to FFO from 2026.

• The group expects a recovery in land acquisitions and commercial launches in residential, with momentum building in 2025.