Altareit (AREIT) H1 2026 earnings summary

Executive summary

• Consolidated revenue for H1 2026 was €738.4 million, down 8.6% year-over-year due to the phasing out of older residential projects and lower business property activity.

• Net income, Group share, reached €21.5 million, reversing a loss of €8.1 million in H1 2025.

• FFO operating income rose 27.5% to €49.0 million, driven by new-generation residential projects.

• The company divested its senior living residence management business in January 2026 to refocus on core real estate development.

Financial highlights

• Residential segment revenue accounted for 72% of total revenue, up from 50% in 2025.

• FFO operating income: €50.8 million in residential (+94.8%), €4.4 million in business property (-70.6%), and €-6.2 million in new businesses.

• Net income FFO was €34.4 million, up 43.8% year-over-year.

• Shareholders' equity stood at €716.7 million as of June 30, 2026.

Outlook and guidance

• The sale offer increased 26% in volume and 16% in value, with a pipeline focused on affordable, low-carbon, and profitable operations.

• The residential backlog reached €2.4 billion (excl. VAT), up from €2.2 billion at year-end 2025.

• The company is positioned to benefit from a recovering market, with increased land acquisitions and building permit filings.