Atland (ATLD) H1 2024 earnings summary

Executive summary

• Consolidated revenue for H1 2024 increased by 2% year-over-year to €79.0M, with a focus on asset management and development operations.

• Assets under management rose to €4.6 billion, up 3% from December 2023, with over €225 million collected in H1 2024.

• The group completed the acquisition of the remaining 40% of Marianne Développement, now fully owned, and expanded into hospitality and healthcare sectors.

• The period was marked by a challenging macroeconomic environment, with high interest rates and a sharp decline in SCPI inflows, impacting asset management revenues.

Financial highlights

• Consolidated revenue reached €78.98M, up 2% from H1 2023; adjusted recurring EBITDA fell 34% to €6.4M.

• Net income group share dropped 84% to €0.4M; consolidated net income was €1.2M, down 52% year-over-year.

• Asset management revenue declined 18% to €17.5M; development revenue rose 12% to €58.8M; rental income fell 14% to €2.7M.

• Fundimmo's H1 2024 fundraising was €14.5M, down 35% from H1 2023.

• Net debt (excluding IFRS 16) increased to €121.9M from €108.6M at year-end 2023; cash position at €63.5M as of June 30, 2024.

Outlook and guidance

• Plans to halve consolidated debt by 2026, targeting a return on equity above 10% and a margin on fees above 30% by 2028.

• The group will continue to focus on asset management and development, launching new products aligned with societal and environmental needs.

• The macroeconomic and political context remains uncertain, with potential impacts on investment and activity due to inflation, interest rates, and political instability.