Atland (ATLD) H1 2025 earnings summary

Executive summary

• Consolidated turnover for H1 2025 reached €91.2M, up 15% year-over-year, with recurring EBITDA up 14% to €7.3M and consolidated net profit up 46% to €1.7M.

• Assets under management rose to €5.6B, up 21% year-over-year, driven by increased inflows and the acquisition of Keys REIM, expanding the client base to over 3,500 professional clients.

• Corporate debt reduction target achieved over a year ahead of schedule, with early repayment of €32.5M Euro PP bond, €40M bank financing, €20M credit line, and net debt down 70% year-over-year.

• Continued strategic refocus on asset management and development, with further asset disposals and launch of Aedgis for private real estate debt.

Financial highlights

• Turnover rose to €91.2M from €79.0M in H1 2024 (+15%), driven by 22% growth in real estate development and 10% in asset management; investment rental income fell 95% due to asset disposals.

• Restated recurring EBITDA reached €7.3M (+14% year-over-year); recurring net income was €3.1M (+60%), and consolidated net profit was €1.7M (+46%).

• Net debt (excluding IFRS 16) stood at €36.9M at June 30, 2025, with an average interest rate of 3.74%.

• Cash and cash equivalents at €57.8M, down from €99.9M at year-end 2024.

• Dividend of €2.30 per share paid for 2024; total dividends paid amounted to €9.9M.

Outlook and guidance

• Targeting a return on equity above 10% and a fee margin over 30% by 2028.

• Plans to continue innovation with new products addressing societal and environmental challenges, further digitization, and expansion in France and Europe.

• Launch of a private real estate debt fund via Aedgis planned for H2 2025.