Altareit

Latest Results (11.07.2026):

Altareit — Q4 2025 (reporting full-year 2025 results): Altareit reported FY2025 revenue of €1,845.0m (-25.4% vs FY2024) with Funds From Operations (FFO) up to €43.1m (+73% YoY) and operating income of €76.5m (+11.1%). Despite improved operating cash generation, the Group posted a FY2025 Group share net loss after changes in value and estimated expenses of €‑67.1m (vs. €‑6.1m in 2024). Liquidity remained strong with available cash of €1.204bn, net debt rose to €316m, and key covenants and an S&P rating (BBB‑, stable) stayed comfortable.

Top-line and sales activity

Revenue: €1,845.0m in 2025, down 25.4% year‑on‑year, reflecting lower contribution from prior-generation residential projects and fewer large logistics transactions. New orders totaled 7,960 units (+5% volume) and €1,867m in value (‑0.4%). Notarised sales fell ~12% to €1,859m.

Operating performance (FFO / EBIT)

FFO (Group share): €43.1m (+73% YoY). Operating income (before non‑recurring/value adjustments): €76.5m (+11.1%), supported by stronger margins on new‑generation residential projects and improvements in day‑to‑day business.

Net income and one‑offs

Consolidated net income, Group share: loss of €‑67.1m (2025), materially impacted by exceptional accounting adjustments and estimated expenses tied to the rehabilitation business (Histoire & Patrimoine) and valuation items. This contrasts with a much smaller loss in 2024.

Cash, debt and liquidity

Available liquidity: €1.204bn (cash + unused credit lines). Net debt: €316m (vs €100m at end‑2024). Gross debt €578m; cash & equivalents €262m. The Group repaid early a July 2025 bond (€343m nominal) during 2025 and had €141m outstanding under its NEU CP programme at year‑end.

Capital structure, covenants and rating

Shareholders’ equity: €682.7m. LTV at 31.0% (well under the ≤60% covenant); ICR 8.1x (vs covenant ≥2.0x). Gearing ~0.46x. On 6 Oct 2025 S&P confirmed Altarea’s (parent) rating at BBB‑ and upgraded the outlook to Stable.

Residential business and backlog

Residential remains the core (largest share of revenue). Residential backlog at 31/12/2025: €2.2bn excl. VAT (down from €2.4bn). Building permits approved jumped +83% in 2025 (more projects authorised), while land acquisitions increased +17% in units, supporting a pipeline for 2026.

New businesses and disposals

New businesses (photovoltaics, data centers, asset management) progressed: photovoltaic pipeline ~735 MWp secured (various stages), early data‑center projects secured (local/edge and hyperscale land agreements), and asset‑management vehicles expanded (e.g., Alta Convictions). In Jan 2026 the Group sold its senior‑residences management activity (Nohée / related entities) to Stella Management as part of strategic refocusing.

ESG — European taxonomy & carbon

Taxonomy alignment: 76.1% of 2025 consolidated revenue aligned with the EU taxonomy (up from prior years). Group GHG emissions (Scopes 1‑3) were 563 ktCO2e in 2025 (‑24% vs 2024, ‑63% vs 2019). Altareit targets average carbon intensity of ~800–900 kgCO2e/m2 by 2030 and will update the trajectory annually.