Altarea (ALTA) Q1 2025 TU earnings summary

Executive summary

• New generation residential offer drove a 6.2% increase in new orders to 1,791 units, with strong demand from first-time buyers (+53.5%) and institutional buyers (+17.7%).

• Retail portfolio saw enhanced attractiveness, with footfall up 3.8%, tenant sales up 0.7%, and rental income rising 0.9% to €60.2m.

• Consolidated revenue fell 24.8% year-over-year to €435.3m, mainly due to a sharp decline in previous generation residential products.

Financial highlights

• Residential revenue dropped 27.5% to €331.5m, reflecting the transition to new generation products.

• Revenue from previous generation residential products fell 50.3% to €227.5m, while new generation products contributed €104.0m (31% of segment revenue).

• 71.7% of consolidated revenue aligned with European taxonomy, up from 55.6% in Q1 2024.

Outlook and guidance

• Commercial launches of new generation residential products are expected to accelerate, with majority revenue contribution anticipated between late 2025 and early 2026.