Atland (ATLD) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached €91.2M, up 15.5% year-over-year, with net income at €1.7M, an increase from €1.2M in H1 2024.

• The acquisition of Keys REIM was finalized, expanding assets under management to €5.6B and diversifying the client base to over 3,500 professional clients.

• Corporate debt was refinanced with a new €40M bank loan and a €20M credit line, and the Euro PP bond was repaid early, reducing corporate debt by over 50% ahead of schedule.

• Strategic asset disposals continued, including the sale of a Speedland portfolio asset for €0.3M.

• The group continued its strategic refocus on asset management and development, launching Aedgis for private real estate debt.

Financial highlights

• Revenue increased to €91.2M from €79.0M year-over-year; EBITDA recurrent reached €7.3M, up from €6.4M.

• Net income attributable to shareholders was €1.5M, up from €0.4M; EPS (basic and diluted) at €0.35.

• Cash and equivalents at €57.8M, down from €99.9M at year-end 2024; total assets decreased to €380.9M.

• Net financial debt (excluding IFRS 16) stood at €36.9M, down from €52.1M at year-end.

• Dividend of €2.30 per share paid in June 2025.

Outlook and guidance

• The group aims to leverage the Keys REIM acquisition for further growth in asset management and client diversification.

• Targeting a return on equity above 10% and a fee margin over 30% by 2028.

• Plans to continue innovation with new products addressing societal and environmental challenges, and further digitization of operations.

• The new financing structure supports external growth and strengthens financial stability.