Altarea (ALTA) Q3 2026 TU earnings summary

Executive summary

• 9M 2026 roadmap remains on track; full-year guidance confirmed, with significant FFO growth expected and a stable €8.00/share dividend planned for FY 2026.

• Revenue declined 9.6% YoY to €1,292.1m, reflecting the phase-out of older residential projects and lower Business Property and third-party retail development activity.

Financial highlights

• 9M consolidated revenue was €1,292.1m, down 9.6% YoY; Residential revenue fell 7.0%, Retail 5.7%, and Business Property 46.2%.

• European taxonomy-aligned revenue was 74.0% at 30 September 2026, versus 73.9% for full-year 2025.

• New-generation projects represented 75% of 9M Residential revenue, versus 45% a year earlier; real estate margin rate reached satisfactory levels.

Outlook and guidance

• FY 2026 guidance confirmed; results expected to benefit from strong Residential margin growth, solid Retail performance, at least one Business Property transaction, and balanced New Businesses contribution.

• FFO is expected to increase significantly, subject to political, geopolitical, and macroeconomic conditions.

• FY 2026 dividend, payable in 2027, expected to remain stable at €8.00/share, with a partial scrip option.