ALTAREA

ALTA

Equity

ISIN FR0000033219 / Valor 508501

Euronext - Euronext Paris (2026-10-08)

EUR 72.60-2.02%

ALTAREA
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About company

Altarea is a diversified real estate company with a comprehensive platform that spans across various asset classes in the real estate sector. The company operates in the development, investment, and management of real estate, leveraging its extensive expertise to cover the full spectrum of real estate assets. This includes residential properties, shopping centers, office buildings, and business parks, among others. Altarea's business model is designed to capitalize on synergies across these different segments, allowing it to undertake complex projects and deliver value to its stakeholders. The company's approach integrates development and investment strategies, aiming to create sustainable urban spaces that meet the evolving needs of communities and businesses. With a presence in multiple markets, Altarea has established itself as a key player in the real estate industry, contributing to the development of the urban landscape through its projects.

Summarized from source with an LLMView SourceSector: Finance

Financial headline

Consolidated revenue fell to €954.7m (‑20.3%) reflecting a sharp drop in Residential activity (‑24.1% to €733.0m), while Retail revenue rose +7.5% to €146.7m. Operating FFO increased to €138.6m (+14%) driven by Retail (+7.3%) and a stronger Business Property contribution. Group‑share FFO rose to €62.2m (+7.3%).

Net income and NAV

Net income, Group share was €9.5m, reduced by negative changes in fair value of financial instruments and other non‑cash items. Going‑concern NAV (fully diluted) stood at €2,225.7m or €100.9/share (‑8.4% vs year‑end), NNNAV €98.0/share.

Retail: operational resilience

Retail showed solid operating performance: tenant revenue +1.7%, footfall +4.2%, net rental income €109.3m (+3.5% like‑for‑like), financial vacancy ~2.9%. Development wins and roll‑outs include Paris‑Austerlitz commercialisation and the Grand Paris Express retail concession award.

Residential: transition to new‑generation offer

Residential revenue declined as legacy‑cycle projects tapered, but new‑generation, affordable low‑carbon offers are ramping (new projects represented ~41% of residential revenue by progress vs 8% in H1 2024). Backlog remains robust at ~€2.5bn (excl. VAT). Building permits and approvals accelerated.

Business Property and New Businesses

Business Property: pipeline ≈650,000 m² (310,000 m² with permits), Business Property revenue €71.3m. New businesses: photovoltaics platform with 126 MWp total capacity (81 MWp connected) and a growing data‑center pipeline (c.600 MWp under study) — first data center delivered (3 MW IT).

Balance sheet, liquidity and funding

Net debt €1,817m (gross debt €2,175m), available cash €2,068m. LTV ~29.8%; Net‑Debt/EBITDA ≈6.2x; average net debt maturity ~3 years 11 months. Average gross cost of debt ~2.22%. All bank covenants satisfied and S&P long‑term rating confirmed at BBB‑ (negative outlook).

Key financing moves and liquidity management

During H1 Altarea early‑repaid the Altareit bond due July 2025 (€343m nominal). Post‑period (July) the Group strengthened equity via a partial scrip dividend (€101.6m in shares) and arranged a €73m seven‑year mortgage on Carré de Soie; available RCF capacity remained significant.

Outlook (near term)

Management expects acceleration in Residential commercial launches and land activity in H2 2025 as new offers scale. Continued focus on Retail asset management, rollout of EV charging and development of photovoltaics and data‑center projects as new growth drivers.

Summarized from source with an LLMView Source

Key figures

-27.0%1Y

-10.1%3Y

-60.8%5Y

Performance

26.8%1Y

30.2%3Y

30.6%5Y

Volatility