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Altarea (ALTA) investor relations material
Altarea H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Performance aligned across all business segments, with FFO up 7.3% year-over-year and 2025 guidance confirmed.
Retail REIT showed strong operational metrics, with net rents up 3.5% and revenue up 7.5%; residential segment saw new orders rise 16% in volume and 4% in value.
FFO rose to €62.2m, while net income group share fell to €9.5m, impacted by negative fair value changes.
Robust financial position with €2.1bn liquidity, LTV at 29.8%, and S&P BBB- rating with negative outlook.
72.4% of activities/revenue aligned with EU Taxonomy, highlighting sustainability focus.
Financial highlights
Revenue fell 20.3% year-over-year to €954.7m, mainly due to lower residential and business property contributions.
FFO (Group share) increased 7.3% to €62.2m, driven by retail and new-generation residential growth.
EBITDA for residential dropped 24.1% to €71.3m; retail EBITDA rose 7.5% to €146.7m.
Net income group share was €9.5m, down from €26.8m in H1 2024.
NAV (fully diluted): €100.9/share, down 7.7%–8.4% from end-2024.
Outlook and guidance
2025 guidance confirmed: slight FFO increase and stable dividend per share expected, barring major external shocks.
H2 2025 strategy includes leveraging retail portfolio, ramping up new-generation residential, and developing new businesses.
No major business property transactions planned unless exceptional opportunities arise.
New Businesses to pursue investments and partnerships in photovoltaics and data centers.
Residential and Business Property segments expected to accelerate in H2 2025, with a ramp-up in commercial launches and land acquisitions.
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