Altareit (AREIT) H2 2024 earnings summary

Executive summary

• Consolidated sales for 2024 reached €2,474.0m, up 1% year-over-year, with Business Property growth offsetting a decline in Residential sales.

• Operating profit (FFO) increased 6% to €68.9m, driven by strong Logistics transactions and resilient Office activity in the Regions.

• Net profit FFO rose 8% to €24.9m, while the net result was a loss of €61.0m, a significant improvement from the €325.6m loss in 2023.

• The group continued to invest in new businesses (photovoltaics, data centers, asset management) and maintained a strong liquidity position.

Financial highlights

• Residential revenue declined by 11.1%, while Business Property revenue more than doubled (x2.3) year-over-year.

• Operating profit in Residential dropped 49% to €32.0m, while Business Property surged to €44.1m (x4.9 year-over-year).

• Net income Group share per share was €14.26, up 8% from 2023.

• Shareholders' equity stood at €751m at year-end 2024.

Outlook and guidance

• Residential expects a gradual restoration of profitability in 2025–2026, with block sales remaining dominant and a ramp-up in affordable, low-carbon offerings.

• Land acquisition activity is set to accelerate in 2025, supporting future pipeline growth.

• The group targets further decarbonization, aiming for 900–1,000 kgCO₂e/m² by 2030 and a return to 2019 activity levels.