Altarea (ALTA) Q3 2024 TU earnings summary

Executive summary

• On track with strategic roadmap, confirming 2024 outlook and FFO growth target compared to 2023.

• Solid operating momentum in Retail, with tenant revenue up 5.2% and high occupancy at 97.1%.

• Residential new orders down 12% due to low supply, but new Access range launches accelerating.

• Major office leases signed in Paris and La Défense, boosting occupancy.

• Progress in new businesses, including photovoltaic infrastructure acquisition and asset management growth.

Financial highlights

• 9-month consolidated revenue at €1,663.8 million, down 8.4% year-over-year due to property development decline.

• Retail sales up 7.7% year-over-year; rental income up 7.1% to €181.6 million (+6.5% like-for-like).

• 60.8% of revenue aligned with EU Taxonomy, up from 47.1% a year ago.

• Liquidity position at €1.8 billion as of September 2024.

Outlook and guidance

• 2024 outlook confirmed, with FFO growth target reiterated.

• Commercial launches in Residential to accelerate, especially under the Access range.

• Land acquisitions and major block sales expected to increase by year-end and into 2025.