Annual results 2024

Retail REIT : the Group’s financial backbone (71% of capital employed⁴)

• Net rental income €216.4 million (+5.3% on a like-for-like basis), asset value €5.3 billion⁵ (+0.8%)
• Acceleration of development in station travel retail
   

Residential : recovery underway

• New generation offer well-received by first-time buyers and institutional investors
• Restart of production cycle on renewed basis

Business property : major transactions in Logistics, strong activity in Offices

• Logistics : €390m of disposals signed, 650,000 m² pipeline under control
• Office : intensive activity as service provider in Ile-de-France and developer in the Regions

New activities (photovoltaics, data centers, real estate asset management)

• Teams set up, major project pipelines built, investment phase started
   

Guidance 2025 : slight FFO increase, stable dividend payment

Altarea has managed to stick to the plan in 2024 and to show progress in all sectors thanks to the determination of all our teams. To accelerate this momentum, I have requested Edward Arkwright to join the Group as Chief Executive Officer alongside me, and I’m confident in his capabilities to succeed in this mission. Altarea is now ready for the new cycle and on track to achieve its objective of achieving FFO of around €300 million within 3 to 4 years.

The retail REIT is performing extremely well, owing to the high quality of its portfolio, and is boosting its expansion in station travel retail. The Residential offer has been completely overhauled, and the improvement in results is underway. The Group has taken significant positions in high-potential photovoltaic and data center markets. These investments have been made, as a result of active policy of capital turnover, without debt increase.

In 2025, Altarea will pursue the capital employed and human resources reallocation in line with its roadmap. Earnings should benefit from the gradual recovery of Residential, and a sound performance in Retail. FFO is thus expected to increase slightly. Depending on the context, earnings are expected to ram up from 2026 onwards, with potentially the first significant contributions from New Businesses. Throughout its roadmap, Altarea will maintain a solid balance sheet structure and strong liquidity.

Our strategy remains unchanged. It fundamentally relies on our operational expertise to target deep markets with high technical or administrative barriers. Altarea provides solutions to issues that are the core concerns of French society, and that’s what makes us confident about our long-term prospects.

 

Alain Taravella, President and Founder of Altarea

Follow the presentation of the 2024 annual results on Wednesday, February 26, 2024 at 8:30 am by clicking here (FRENCH ONLY)

Paris, February 25, 2025, 5:45 p.m. After review by the Supervisory Board, the Executive Board has approved the consolidated financial statements for the year ended December 31, 2024. The audit procedures on the consolidated and individual financial statements (Altarea SCA) have been completed, and the audit reports are in the process of being issued.

¹FFO: net income excluding changes in value, calculated expenses, transaction costs and changes in deferred taxes. Group share.

²Net bond and bank debt.

³2024 Dividend at €8.00/share, with option to pay either 100% in cash or 25% in cash and 75% in shares (subject to approval at the Annual General Meeting of June 5, 2025).

⁴Consolidated at market value.

⁵Figures at 100% including transfer duties, €2.3 billion Group share.