Altarea (ALTA) H2 2025 earnings summary

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.