Altareit

Latest Results (23.01.2026):

Altareit — first half (H1) 2025 (period ended 30 June 2025): Altareit reported H1 2025 consolidated revenue of €808.0m (‑23.8% vs H1 2024) while operating FFO rose to €38.4m (+32.2%). Net profit FFO increased to €23.9m (+76.7%) though Group share net result remained a loss of €(8.1)m (improved vs €(10.5)m). The company retains strong liquidity (available cash €1,761m), reduced bond maturities (early repayment in April 2025) and a balanced leverage profile (net debt €280m, LTV 29.8%, ICR 8.5x, S&P BBB‑/negative outlook).

Revenue and profitability

Consolidated revenue: €808.0m in H1 2025 (‑23.8%). Residential revenue €736.1m (‑24.1%); Business property €71.9m (‑20.8%). Operating FFO (Funds From Operations) €38.4m (+32.2% YoY). Net profit FFO €23.9m (+76.7%). Group share net loss €(8.1)m (better than H1 2024).

Residential business — activity and backlog

Residential new orders rose in volume (+16%) and value (+4%). New‑generation, affordable low‑carbon projects now represent ~41% of residential revenue by progress (vs 8% in H1 2024). Residential backlog ≈ €2.5bn (ex‑VAT). Offer for sale at 30 June: 2,508 units; notarised sales softened, but permits filed (+9%) and permits obtained (+54%) point to ramp‑up in H2.

Business property (offices & logistics)

Business property revenue €71.9m. Business property backlog €141m (ex‑VAT) at 30 June (down from €214m at end‑2024). Office pipeline ~650,000 m² (310,000 m² with permits; 75,000 m² pre‑let). Logistics activity includes large platforms/hubs; operating income in BP was €15.1m (double prior year).

New businesses — photovoltaics & data centers

Photovoltaics: portfolio capacity 126 MWp (81 MWp connected, 45 MWp under construction/awaiting connection). First ground‑mounted 7 MWp started; 500th rooftop installed. Data centers: pursuing both edge/colocation and hyperscale segments; pipeline under development includes projects in major metros and a 7 MW IT project in Paris region (building permit May 2025); strategy favors partnership and capital‑efficient models.

Environmental performance

Taxonomy alignment of consolidated revenue reached 73.8% in H1 2025 (up from 69.5% in 2024). Taxonomy eligibility 98.6%. Group emphasizes low‑carbon new developments and systematic taxonomy checks for projects started after 1/1/2022.

Liquidity, debt and financing

Available cash remains €1,761m. Net debt rose to €280m (from €100m at 31/12/2024), reflecting project investments; corporate gross debt overall reduced after early bond repayment (€343m paid in April 2025) and no outstanding bond maturities. Unused credit lines ~€966m available; average debt maturity ~3.5 years. Key covenants met: LTV 29.8% (≤60%), ICR 8.5x (≥2.0).

Capital structure and rating

Shareholders’ equity ~€751m. Gearing ratio 0.37x. In May 2025 S&P confirmed Altareit’s BBB‑ rating with a negative outlook, primarily reflecting market conditions.

Outlook

Management expects H2 acceleration through commercial launches and land acquisitions (permits approvals in H1 should drive more launches). New‑generation residential ramp‑up, continued BP projects with secured exits and development of PV and data‑center pipelines are key drivers for the remainder of 2025.