Altareit (AREIT) H1 2025 earnings summary

Executive summary

• Consolidated revenue for H1 2025 was €808.0 million, down 23.8% year-over-year, mainly due to a decline in residential property revenue as legacy projects wind down and new-generation projects ramp up.

• Operating profit (FFO) rose 32.2% to €38.4 million, driven by improved margins in business property and a higher share of new-generation residential projects.

• Net profit FFO increased 76.7% to €23.9 million, while the net result Group share was a loss of €8.1 million, an improvement from a €10.5 million loss in H1 2024.

Financial highlights

• Residential property revenue fell 24.1% to €736.1 million; business property revenue dropped 20.8% to €71.9 million.

• Operating profit in residential was €26.1 million (-1.2% year-over-year); business property operating profit doubled to €15.1 million.

• Residential backlog at June 30, 2025, was €2.5 billion (excl. VAT), up from €2.4 billion at end-2024.

• Business property backlog was €141 million (excl. VAT), down from €214 million at end-2024.

Outlook and guidance

• Second half of 2025 expected to see a strong acceleration in land acquisitions and commercial launches in residential.

• New-generation residential projects and new business lines are expected to drive future growth.