Atland (ATLD) H1 2026 earnings summary

Executive summary

• Surpassed €10 billion in assets under management and expanded to seven countries, including APAC, following the acquisition of Sienna Real Estate, which broadened the institutional client base and international footprint.

• Strategic focus on asset management, development operations, and innovation in product offerings, with ongoing digitalization and integration of recent acquisitions.

• Governance strengthened with the appointment of a new Deputy CEO and board renewals.

• Consolidated revenue for H1 2026 was €84.2M, down 8% year-over-year, with asset management revenue up 58% and real estate development down 25%.

• Recurring adjusted EBITDA rose 40% to €10.3M; consolidated net income attributable to the group increased 163% to €4.5M.

Financial highlights

• Asset management revenue reached €30.3M (+58% y/y); development revenue was €53.9M (-25% y/y); investment income dropped 57% to €64K.

• Adjusted EBITDA rose 40% to €10.3M; recurring net income up 62% to €5.0M; consolidated net income up 163% to €4.5M.

• Net corporate debt stood at €56M at June 30, 2026, down 15% from December 2025; cash position at €61M.

• Dividend of €1.75 per share for 2025 paid in July 2026.

• Net debt/EBITDA (annualized) at ~3x; leverage ratio (net debt/EBITDA) at 0.5; DSCR at 4.4, both within covenant limits.

Outlook and guidance

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

• Continued focus on asset management, innovation, digitalization, and launching new offerings to address market challenges.

• Plans to consolidate SCPI market share and accelerate private real estate debt and co-investment activities.