Altarea (ALTA) Q2 2026 earnings summary

Executive summary

• Strong earnings momentum in H1 2026, with FFO up 39.2% to €86.6m, driven by improved residential margins, solid Retail REIT performance, and positive contributions from new businesses.

• Revenue for H1 2026 was €867.5m, down 9.1% year-over-year, mainly due to lower third-party development in Retail and the phase-out of older Residential projects.

• Net income Group share reached €36.9m, up from €9.5m in H1 2025.

• Operating margin improved to 18.8% from 14.5% in H1 2025.

• Management approved consolidated financials with no qualifications from auditors.

Financial highlights

• FFO (Funds From Operations) reached €86.6m, up 39.2% year-over-year.

• Consolidated revenue at €867.5m, down 9.1% from H1 2025.

• EBITDA/Operating income rose to €163.2m, a 17.8% increase year-over-year.

• Net income (RNPG) at €36.9m, compared to €9.5m in H1 2025.

• Net debt decreased by €37m to €1,865m as of June 30, 2026.

Outlook and guidance

• 2026 guidance confirmed: continued recovery in Residential, strong Retail REIT, and breakeven in new businesses.

• Dividend for 2026 to remain stable at €8.00 per share, payable in 2027, with partial scrip option.

• Strong FFO growth expected, subject to macroeconomic and geopolitical conditions.

• Residential offer for sale increased 26% in units and 16% in value, with a pipeline focused on affordable, low-carbon projects.

• Project pipeline in new businesses (photovoltaics, data centers) continues to expand, with significant secured capacity.