Altareit

Latest Results (31.05.2026):

Altareit — Q2 2025 (H1 2025) results: consolidated revenue for the first half of 2025 was €808.0m (‑23.8% vs H1 2024). Funds from operations (FFO) rose to €38.4m (+32.2%), with Net FFO of €23.9m (+76.7%). Group share net result was a loss of €(8.1)m (improved from €(10.5)m). Net debt stood at €280m, available cash was €1,761m and the Group reports a taxonomy alignment of 73.8% for H1 2025. S&P confirmed a BBB‑ rating with a negative outlook; Altareit repaid its July 2025 bond early and has no outstanding bond maturities.

Revenue and segment performance

Consolidated revenue breakdown: Residential €736.1m (‑24.1% YoY), Business Property €71.9m (‑20.8% YoY). New‑generation residential projects accounted for ~41% of residential revenue by progress (vs 8% in H1 2024). Residential backlog at 30/06/2025: ~€2.5bn (excl. VAT). Business property backlog: €141m (excl. VAT).

Profitability (FFO and net)

FFO (operating profit) was €38.4m (+32.2%). By division: Residential FFO €26.1m (‑1.2% vs H1 2024) and Business Property FFO €15.1m (x2.0). Net FFO (Group share) €23.9m (+76.7%). Reported Group share net result was a loss of €(8.1)m but improved versus H1 2024.

Balance sheet and liquidity

Available cash €1,761m; total gross debt €467m and net debt €280m (increase vs 31/12/2024). Unused credit facilities total c.€1.2bn (including €700m of revolving lines). Corporate covenants are within limits (LTV 29.8% vs ≤60% covenant; ICR 8.5x vs ≥2 covenant). Average debt maturity ~3.5 years and no bond maturities remaining after the April 2025 early repayment.

New businesses and pipeline

Photovoltaics: portfolio capacity 126 MWp (81 MWp connected, 45 MWp under construction/connection); launched a 7 MWp ground‑mounted plant and completed the Group’s 500th rooftop installation. Data centers: developer‑operator approach — delivered a first 3 MW IT site (Noyal‑sur‑Vilaine) and pursuing projects (including a permitted ~7 MW IT project near Paris); a larger pipeline (hundreds of MWs) is under development with strict commitment criteria. Altare Investment Managers is operational to expand asset management activities.

ESG / Taxonomy alignment

Taxonomy alignment of consolidated revenue rose to 73.8% in H1 2025 (eligibility 98.6%), reflecting stronger contribution from post‑2022 development projects and tighter energy criteria. Residential strategy emphasizes affordable, low‑carbon "new generation" offers and Cogedim underscores quality and customer service awards.

Ratings, covenants and outlook

S&P confirmed Altareit's BBB‑ rating with a negative outlook in May 2025. Financial covenants are comfortably met and management expects ramp‑up in commercial launches and land acquisitions in H2 2025, supporting revenue recovery as new‑generation residential and secured business property projects progress.