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Altarea Earnings Release 2026
1101_ir_2026-04-28_3cc47689-f70f-42eb-9583-77221c9f893b.pdf
Earnings Release
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Press release
Paris - April 28, 2026 - 5.45 p.m.
Financial and business information at 31 March 2026
Good start for 2026
Altarea on track with its roadmap
Residential: growth in new orders to Individuals, Block sales of managed residences
Individuals: new orders up in both volume (+15%) and value (+5%)
Strong activity in Block sales of managed residences
New generation operations now represent 70% of Residential revenue
Retail REIT: solid operational performance
Tenants' sales +1.3%, footfall +5.3%
Rental income up +1.9% to €61.3 million (+1.2% on a like-for-like basis)
Business Property: solid progress on ongoing Office and Logistics projects
Photovoltaics and Data Centers: finalization of the two previously announced partnerships
Photovoltaics: closing of the partnership covering 124.6 MWp with the Crédit Agricole Group(1)
Data Centers: signing of the partnership(2) with Vantage Data Centers for the development of a 400 MW campus on land owned by Altarea
Financial position
Revenue €381.4 million (-12.4%), 74.1%(3) aligned with the EU taxonomy
€1,894 million in liquidity as of the end of March 2026(4)
Group long-term credit rating: BBB- with "stable" outlook
Annual General Meeting on Thursday, June 4, 2026 (9:30 a.m.) – Dividend terms and schedule
Proposed 2025 dividend: €8.00 per share with the option of partial payment in shares(5)
Option period for partial conversion into shares: Friday, June 12 to Tuesday, June 23, 2026 inclusive
Ex-dividend date: June 10, 2026(6) and payment/delivery date for new shares: July 7, 2026
Unaudited data as of 31/03/2026 - Change vs. 31/03/2025, unless otherwise stated
ALTAREA
PRESS RELEASE - QUARTERLY FINANCIAL INFORMATION AT 31 MARCH 2026
I. REVENUE AND BUSINESS REVIEW at 31 March 2026
Consolidated revenue and EU taxonomy alignment(7)
| In € million (ex. VAT) | Q1 2026 | Q1 2025 | Change 2026/2025 |
|---|---|---|---|
| Rental income | 61.3 | 60.2 | +1.9% |
| External services | 6.5 | 5.8 | +11.6% |
| Property development revenue | 1.0 | 4.8 | -79.7% |
| Retail | 68.8 | 70.8 | -2.9% |
| Revenue (by % of completion) | 291.0 | 325.2 | -10.5% |
| External services | 3.5 | 6.4 | -45.5% |
| Residential | 294.5 | 331.5 | -11.2% |
| Revenue (by % of completion) | 16.6 | 32.0 | -48.1% |
| External services | 1.5 | 1.0 | +51.2% |
| Business property | 18.1 | 33.0 | -45.1% |
| Consolidated revenue | 381.6 | 435.3 | -12.4% |
In the first quarter of 2026, Altarea's consolidated revenue(8) amounted to €381.4 million, a decrease of -12.4% compared to the first quarter of 2025, due to a decline in Residential revenue (completion of older generation projects). New generation projects represented 70% of total Residential revenue, compared to 50% for the full year 2025.
As of March 31, 2026, the revenue alignment rate with the European taxonomy stood at 74.1% (vs. 73.9% for the full year 2025). This performance is linked to the weight of the new Residential operations, which are fully aligned.
Residential: growth in new orders to Individuals, Block sales of managed residences
| New orders | 31/03/2026 | 31/03/2025 | Change | |||
|---|---|---|---|---|---|---|
| Individuals | 712 | 35 % | 621 | 35 % | +15% | |
| ow Residential buyers | 442 | 446 | -1% | |||
| ow Investment | 270 | 175 | +54% | |||
| Institutional investors – Block sales | 1,321 | 65 % | 1,170 | 65 % | +13% | |
| TOTAL IN UNITS | 2,033 | 100 % | 1,791 | 100 % | +14% | |
| Individuals | 172 | 44 % | 164 | 35 % | +5% | |
| ow Residential buyers | 120 | 123 | -2% | |||
| ow Investment | 52 | 41 | +27% | |||
| Institutional investors – Block sales | 216 | 56 % | 308 | 65 % | -30% | |
| TOTAL IN VALUE (€M INCL. VAT) | 389 | 100 % | 472 | 100 % | -18% |
Sales to Individuals are up in both volume (+15%) and value (+5%). This quarter, Block sales primarily involved managed residences, at lower unit prices(9). For the full year 2026, the Group expects the average unit price for Block sales to be in line with previous years.
The Group launched 15 new programs for 596 units (+16%) and acquired 11 plots of land (compared to 2 in Q1 2025).
At the end of March 2026, the retail supply remained stable at 2,756 units (-3%). This level allows the Group to adequately meet demand while also fulfilling its margin targets and prudential criteria.
ALTAREA
PRESS RELEASE - QUARTERLY FINANCIAL INFORMATION AT 31 MARCH 2026
ALTAREA
PRESS RELEASE - QUARTERLY FINANCIAL INFORMATION AT 31 MARCH 2026
Retail: solid operational performance(10)
Proactive asset management has resulted in positive indicators in a context where households remain cautious with their spending:
- tenants' sales increased by +1.3%, driven by a +5.3% rise in footfall;
- rental demand is dynamic with €10.2 million in lease signed since the beginning of the year (vs. €8.0 million in Q1 2025);
- occupancy rate at an optimal level of 97.1% (stable vs. 31/12/2025);
- and IFRS rental income as of 31 March 2026, increased by +1.9% to €61.3 million, including +1.2% on a like-for-like basis (+0.7% of indexation).
Business Property: solid progress on ongoing Offices & Logistics projects
Ongoing development projects are progressing as scheduled, both in the Paris area and in the regions.
Photovoltaics and Data Centers: finalization of two previously announced partnerships
In Photovoltaic infrastructure, Altarea has finalized a 25/75 partnership agreement(11) with several entities within the Crédit Agricole group, covering 124.6 MWp of solar infrastructure. The preliminary agreement for this partnership was announced during the publication of the 2025 annual results.
In the hyperscale data center segment, a partnership was signed at the end of February 2026 with Vantage Data Centers(12) for the design, marketing, and construction of a campus near Bordeaux on land owned by Altarea and with a 400 MW electrical grid connection authorization (Citadel project). The launch of this project is contingent upon the signing of agreements with the end user.
Financial position
At the end of March 2026, the Group's liquidity position(13) was solid at €1,894 million (compared to €1,823 million at the end of March 2025).
In October, S&P Global Ratings confirmed the strength of Altarea's credit profile with a long-term rating of BBB- (Investment Grade) and a stable outlook.
II. 2026 OUTLOOK
In 2026, FFO(14) is expected to increase significantly. Results should benefit from the continued recovery in Residential, a solid performance in Retail, one or more transactions in Business Property, and the overall breakeven of New businesses, subject to the political, geopolitical, and macroeconomic environment. Altarea did not record any direct impact from the conflict in the Middle East on its business in the first quarter, but the Group remains attentive to developments and their impact on the global macroeconomic environment.
In 2026, Altarea will continue to rely on its solid balance sheet structure and maintain strong liquidity, along with a financial policy consistent with an investment-grade rating.
2026 INDICATIVE FINANCIAL CALENDAR
Combined General Meeting:
Thursday 4 June (9:30 a.m.)
Schedule for 2025 dividend (paid in 2026):
- Wednesday 10 June: ex-dividend date
- Friday 12 to Tuesday 23 June inclusive: option period for scrip dividend
- Tuesday 7 July: payment/delivery of new shares
Half-year 2026 results:
Wednesday 29 July (after market)
(10) Operational performance indicators excluding Margues Avenue Aubergenville, an asset undergoing full restructuring.
(11) Altarea retaining 25%. Crédit Agricole Energies & Territoires Fund holding 50% and Crédit Agricole regional banks holding 25%.
(12) Vantage Data Centers is a global leader in digital infrastructure, serving the world's most influential AI and cloud providers with 9 GW of power capacity over more than 40 hyperscale campuses.
(13) Invested cash (marketable securities, certificates of deposit, credit balances) and undrawn bank credit lines (RCF, overdraft facilities).
(14) FFO (Funds From Operations): net income excluding changes in value, calculated expenses, transaction costs, and changes in deferred tax. Group share.
ALTAREA
PRESS RELEASE - QUARTERLY FINANCIAL INFORMATION AT 31 MARCH 2026
ABOUT ALTAREA - FR0000033219 - ALTA
Altarea is the French leader in low-carbon urban transformation, with the most comprehensive real estate offering to serve the city and its users. In each of its activities, the Group has all the expertise and recognised brands needed to design, develop, market and manage tailor-made real estate products. Altarea is listed in compartment A of Euronext Paris.
More information: www.altarea.com/finance/
FINANCE CONTACTS
Eric Dumas, Chief Financial Officer
[email protected], tel: +33 1 44 95 51 42
Pierre Perrodin, Deputy Chief Financial Officer
[email protected], tel: +33 6 43 34 57 13
Agnès Villeret - KOMODO
[email protected], tel: +33 6 83 28 04 15
For any questions: [email protected]
Disclaimer / This press release does not constitute an offer to sell or solicitation of an offer to purchase Altarea shares. For further information about Altarea, see the documents available on our website www.altarea.com. This press release may contain certain forward-looking statements that are based solely on currently available information and are only valid as of the date of this document. They are not guarantees of the Altarea Group's future performance. While Altarea believes that such statements are based on reasonable assumptions at the date of publication of this document, they are by nature subject to risks and uncertainties which are unknown or that Altarea is unable to predict or control which may lead to differences between real figures and those indicated or inferred from such statements. This press release must not be published, circulated, or distributed, directly or indirectly, in any country in which the distribution of this information is subject to legal restrictions.