Altareit

Latest Results (01.10.2026):

Altareit — Half‑Year 2026 (H1 2026, period ended 30 June 2026): Altareit reports consolidated revenue of €738.4m for the first half of 2026 (‑8.6% year‑over‑year) and a strong recovery in cash‑based earnings: FFO (group share) was €34.4m (+43.8% y/y) and FFO operating income was €49.0m (+27.5% y/y). Net income, group share after changes in value and estimated expenses was positive at €21.5m (vs. a loss in H1 2025). Available cash and undrawn facilities total €1,047m, auditors completed limited review and issued unqualified reports.

Revenue and profitability

Consolidated revenue: €738.4m in H1 2026 (‑8.6% vs H1 2025). FFO (group share) €34.4m (+43.8%). FFO operating income €49.0m (+27.5%). Net income, group share after changes and estimated expenses: €21.5m (improved from a loss of €8.1m in H1 2025).

Residential activity

New orders: 4,768 units (+3.4% v. H1 2025) worth €1,030m (+0.5%). Notarised sales: 2,929 units (+24% by volume) but €545m in value (‑8% due to lower unit prices on some block sales). Residential backlog €2.4bn (excl. VAT) at 30/06/2026 (up from €2.2bn at 31/12/2025).

Business Property & development pipeline

Business Property backlog: €89m excl. VAT at 30/06/2026 (vs €124m at year‑end 2025). Secured regional projects under development total ~134,000 m²; total contracted/under development pipeline 355,000 m² (220,000 m² with permits).

New businesses — photovoltaics & data centers

Photovoltaic pipeline ~662 MWp secured (145 MWp at a guaranteed price). Data centers: partnership with Vantage for the Citadel hyperscale campus (400 MW electrical connection permit in north Bordeaux, launch conditional on end‑user accords); operational/local capacity expanded (1 MW site fully leased; 3 MW site inaugurated); 7 MW IT permit in Vélizy under marketing.

Cash, debt and financing

Available cash and undrawn lines €1,047m (cash €184m + unused credit lines €864m). Net debt €302m (vs €316m at 31/12/2025). NEU CP outstanding €121m. No RCF drawn at 30/06/2026.

Key credit metrics and ratings

LTV 29.5%, consolidated ICR 9.9x (threshold ≥2.0x), Altareit ICR 19.5x, gearing 0.42x. S&P affirmed Altarea and Altareit long‑term rating at BBB‑ with stable outlook in March 2026.

Balance sheet and equity

Equity (group) €716.7m at 30/06/2026 (vs €682.7m at 31/12/2025). Total assets €2,987.9m; inventories and work‑in‑progress ~€899.8m.

Environmental & taxonomy alignment

European Taxonomy alignment: 74.8% of consolidated revenue in H1 2026 (up from 73.8% in H1 2025). Altareit highlights work on energy, circular economy and pollution criteria and integrates alignment clauses in corporate loans since July 2023.

Operational and corporate items

Auditors completed limited review and issued unqualified reports. Corporate action: sale of senior living residence management business (January 2026) to refocus on core development activities. Land portfolio potential revenue ~€7.1bn; land options and acquisitions increased materially in H1 2026.