Atland (ATLD) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was €174.1M, down 12% year-over-year, mainly due to an 18% drop in development activity as the group shifted to minority stakes in new projects, reducing consolidated revenue.

• Asset management revenue rose 20% to €43.8M, driven by strong net inflows and the integration of Keys REIM and STAM Europe, with assets under management reaching €6.5B (+42%).

• Net consolidated profit was €7.85M, down from €10.78M in 2024, reflecting the impact of asset disposals.

• EBITDA recurrent (adjusted) increased 6% to €18.95M, mainly from asset management growth.

Financial highlights

• Development revenue fell to €130.1M (-18%), while asset management revenue grew to €43.8M (+20%).

• Net income attributable to shareholders was €8.1M, with EPS at €1.87 (diluted).

• Net debt (excluding IFRS 16) was €25.4M; total net debt including IFRS 16 was €38.9M.

• Corporate debt was reduced by 54% to €64.6M, achieving the 2026 target a year early.

• Dividend proposed at €1.75 per share for 2025.

Outlook and guidance

• The group aims for a margin on fees above 30% and a return on equity above 10% by 2028.

• Strategic focus remains on asset management and development, with continued international expansion and further growth in assets under management.