Atland (ATLD) H2 2024 earnings summary

Executive summary

• ATLAND, a listed integrated real estate operator, manages €4.6bn in assets with 227 employees across 11 cities, focusing on asset management and development for both individuals and institutions.

• 2024 marked a strategic refocus on asset management and development, with significant asset disposals, the launch of new SCPI products, and expansion in Europe.

• The group completed the full acquisition of Maisons Marianne and launched ATLAND IM and Aedgis to strengthen its European and debt management activities.

• The year saw a 3.5% decrease in consolidated revenue to €198.9m, with a net consolidated profit of €10.8m, and a proposed stable dividend of €2.30 per share.

• The group aims to halve consolidated debt by 2026, target ROE above 10%, and maintain a fee margin above 30% by 2028.

Financial highlights

• Consolidated revenue: €198.9m, down 3.5% year-over-year; net consolidated profit: €10.8m vs €13.3m in 2023.

• EBITDA (adjusted): €17.9m, down 35% from €27.4m in 2023; recurring net income: €7.3m, down 45%.

• Net financial debt (excl. IFRS 16): €33.7m at year-end, sharply reduced from €108.6m in 2023.

• Dividend proposed: €2.30 per share, unchanged from 2023.

• Assets under management: €4.6bn, up 9% year-over-year; physical occupancy rate of managed assets: 95%.

Outlook and guidance

• Strategic focus on asset management and development, with a goal to reduce consolidated debt by 50% by 2026.

• Targeting ROE above 10% and fee margin above 30% by 2028; monitoring progress from 2025.

• Continued European expansion, especially in Spain, and new product launches in health and life sciences real estate.