Altarea (ALTA) Q3 2025 TU earnings summary

Executive summary

• Recovery in Residential with a 14% increase in new orders (6,113 units) and resumed revenue growth in Q3 (+3.6% year-over-year).

• Retail segment delivered strong operating metrics, with tenant revenue up 1.2% and rental income up 1.7% for the nine months.

• Significant progress in Photovoltaics (125 MWp partnership) and Data Centers (new permits and projects in pipeline).

• 2025 guidance confirmed for a slight increase in funds from operations (FFO) and stable dividend.

Financial highlights

• Consolidated revenue for the first nine months: €1,429.1m, down 14.1% year-over-year.

• Q3 2025 revenue up 1.7% to €474.4m, driven by Residential segment growth.

• Retail rental income for nine months: €184.7m (+1.7% year-over-year).

• EU taxonomy alignment reached 74.8% (vs 68.6% for FY 2024).

Outlook and guidance

• Guidance for 2025: slight increase in FFO and stable dividend per share for 2026, assuming no major external shocks.

• Full-year 2025 results to be published February 24, 2026.