Altarea (ALTA) H2 2024 earnings summary

Executive summary

• Revenue reached €2,768.5m in 2024, up 2.1% year-over-year, with FFO at €127.2m, a 25.7% increase.

• Net income swung to €6.1m from a €472.9m loss in 2023, reflecting improved operational performance and absence of exceptional write-downs.

• Retail REIT remains the core, representing 71% of capital employed, with strong rental income and asset value growth.

• Major focus on decarbonization, with a 15% drop in carbon emissions in 2024 and 50% reduction since 2019.

• New businesses (photovoltaics, data centers, asset management) entered an investment phase, with first revenues from PV and a growing project pipeline.

Financial highlights

• Consolidated revenue: €2,768.5m (+2.1% year-over-year); EBITDA: €274.1m (+10.5%).

• FFO Group share: €127.2m (+25.7%); net result Group share: €6.1m (vs. €-472.9m in 2023).

• Retail REIT contributed €294.3m, Residential €1,985.7m, Business Property €476.7m, New Businesses €12.0m.

• LTV at 28.5%, ICR at 9.6x, average cost of debt 1.92%, all well within covenants.

• Liquidity at €2,530m, with €941m cash and €1,589m undrawn credit lines.

Outlook and guidance

• 2025 FFO expected to rise slightly, with stable dividend (€8.00/share); earnings ramp-up anticipated from 2026, driven by Residential recovery and New Businesses.

• Strategic focus on capitalizing Retail REIT, restoring Residential profitability, expanding Business Property, and accelerating New Businesses.

• Retail REIT to maintain growth, with focus on travel retail; Residential revenue to remain subdued in 2025 but new projects to ramp up.