Altareit (AREIT) H2 2025 earnings summary

Executive summary

• 2025 saw a strategic focus on affordable, low-carbon, and profitable real estate offerings, with new generation projects now dominating Residential revenue.

• The company expanded into new businesses, including photovoltaics, data centers, and real estate asset management, signing major partnerships and securing significant project pipelines.

• Environmental performance improved, with a 76.1% taxonomy alignment rate and a 24% reduction in GHG emissions year-over-year.

Financial highlights

• Revenue for 2025 was €1,845.0 million, down 25.4% year-over-year, mainly due to lower contributions from older Residential projects and fewer major Logistics transactions.

• Operating income (FFO) increased by 11.1% to €76.5 million, driven by new generation Residential projects.

• Net income FFO rose 73.2% to €43.1 million, but consolidated net income Group share was a loss of €-67.1 million, impacted by exceptional costs in the rehabilitation business.

Outlook and guidance

• The company expects continued growth in new generation Residential and Business Property projects, with a robust pipeline of authorized projects for 2026.

• Carbon intensity targets for 2030 have been revised downward, aiming for 800–900 kgCO₂e/m², with total GHG emissions projected between 700–780 thousand tonnes.