Altarea
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Altarea (ALTA) investor relations material

Altarea H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary25 Feb, 2026

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.

Data Center financial contribution timeline?
Histoire & Patrimoine strategic reassessment
Photovoltaics growth despite PPE 3 impact
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Frequently asked questions

Altarea SCA is a real estate investment and development company specializing in the creation and management of retail, residential, and office properties. The company operates across various segments, including the development of shopping centers, residential housing, and large-scale mixed-use urban projects. Altarea also engages in property management and asset management services, leveraging its expertise to deliver commercial and residential spaces tailored to urban needs. The company's projects are concentrated in major urban areas across France and Europe, aiming to meet growing demand in dynamic city centers. Altarea is headquartered in Paris, France, and its shares are listed on the Euronext Paris.

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