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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.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.
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