Altareit

Latest Results (10.12.2025):

Altareit — first half (H1) 2025 results: Altareit reports consolidated H1 2025 revenue of €808.0m (‑23.8% y/y) and improved operating FFO to €38.4m (+32.2% y/y). The Group shows stronger cash resources and a continued ramp-up of its new-generation residential offer and new businesses (photovoltaics, data centers), while the Group posted a Group‑share net loss of €(8.1)m for H1 2025 (improved vs. H1 2024).

Headline results

Revenue: €808.0m in H1 2025, down 23.8% y/y. Operating FFO: €38.4m (+32.2%). Net profit FFO (Group share): €23.9m (+76.7%). Net result Group share: loss of €(8.1)m (vs. €(10.5)m in H1 2024).

Segment performance — Residential

Residential revenue €736.1m (‑24.1%). New‑generation projects accounted for ~41% of residential revenue on progress (vs. 8% in H1 2024). Residential backlog ≈ €2.5bn excl. VAT. New orders up +16% in units (+4% in value); building permits submitted/obtained rose (permits obtained +54%), with commercial launches expected to accelerate in H2.

Segment performance — Business property & operations

Business property revenue €71.9m (‑20.8%). Business‑property FFO rose to €15.1m (x2.0 vs H1 2024), helped by services in Île‑de‑France and project deliveries (office and logistics pipeline: 650k m², 310k m² with permits; logistics platforms including a 75,000 m² sale/transaction noted).

New businesses — photovoltaics & data centers

Photovoltaics: portfolio capacity 126 MWp (81 MWp connected, 45 MWp under construction/awaiting connection); first ground‑mounted plant launched. Data centers: pipeline under development for edge colocation and hyperscale projects (selective, partnership approach), and one completed small data center delivered in March 2025.

Balance sheet, liquidity & financing

Available cash €1,761m at 30/06/2025. Net debt €280m (up vs year‑end 2024), following early repayment on 30 Apr 2025 of the July 2025 bond (~€343m). No outstanding bond maturities after the repayment. Unused credit facilities remain sizable; covenants comfortably met (LTV 29.8% vs covenant ≤60%; ICR 8.5x). S&P rating confirmed at BBB‑ with negative outlook (May 2025).

Profitability detail & costs

Residential FFO contribution €26.1m (≈ stable y/y), Business‑property FFO €15.1m (strong increase). New‑business development costs were fully expensed in H1, weighing on IFRS operating income but reflecting investment for future revenue streams.

ESG / taxonomy

Taxonomy alignment: 73.8% of consolidated revenue in H1 2025 (up from 69.5% in 2024); taxonomy eligibility 98.6%. Altareit highlights low‑carbon residential positioning and environmental criteria integrated into new projects.

Management outlook

Management expects commercial launches and land acquisitions to accelerate in H2 2025 as many permits have been obtained; focus on ramping new‑generation residential sales, deploying renewable and data‑infrastructure businesses selectively, while maintaining strong liquidity and complying with group covenants.