Altarea (ALTA) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was €381.4 million, down 12.4% year-over-year, mainly due to lower Residential revenue as older projects completed.

• New generation operations now account for 70% of Residential revenue, up from 50% for full-year 2025.

• Retail and Business Property segments showed solid operational performance and progress on ongoing projects.

Financial highlights

• Rental income rose 1.9% to €61.3 million, with like-for-like growth of 1.2%.

• Group liquidity stood at €1,894 million at March 2026, up from €1,823 million a year earlier.

• S&P Global Ratings confirmed a BBB- long-term credit rating with a stable outlook.

Outlook and guidance

• FFO is expected to increase significantly in 2026, driven by Residential recovery, solid Retail, and Business Property transactions.

• Dividend of €8.00 per share proposed for 2025, with an option for partial payment in shares.

• No direct impact from Middle East conflict in Q1, but ongoing monitoring of macroeconomic risks.