Half-year results 2025

Performance in line across all business segments
FFO up 7.3% in H1 2025
Full-year guidance confirmed

Retail REIT: a winning strategy
€5.3 billion¹ portfolio focused on the best-performing formats²
Favourable operational indicators
Increase of net rents: +3.5% like-for-like
Start of commercialization of Paris-Austerlitz station retail

Residential: increase in new orders³, ramp-up of the new offer
A new offer tailored to market demand
New orders up +16% in volume and +4% in value
Cogedim: a reference brand for quality
Controlled acceleration of new offer development

Business property and New Businesses
Solid progress of ongoing projects

Financials
Revenue: €954.7m (-20.3%), 72.4% aligned with EU taxonomy⁴
FFO⁵ (Recurring Net Income): €62.2m (+7.3%)
Net Debt⁶: €1,817m (+€136m vs. end of 2024)
LTV⁷: 29.8%, Liquidity⁸: €2.1bn
Capital increase of €102.3m⁹ in early July

2025 guidance confirmed
In light of the trends observed in the first half of the year, particularly in Residential and in Retail, Altarea confirms its guidance of a slight increase in FFO for 2025, as well as stable dividend per share to be paid in 2026, subject to no deterioration in the political, geopolitical, macroeconomic, or public health environment.

“Altarea is harvesting the results of the in-depth redesign of its product offering across all business segments. The Group’s FFO has resumed growth. The pace and the extend of the growth trajectory will depend on the macroeconomic environment, particularly the evolution of interest rates.

In response to crises, Altarea has successfully reshaped its business model with a renewed offering. The retail REIT enjoys strong momentum, our new offering in Residential is fully aligned with market demand, and growth is back in new orders. Operational opportunities are emerging in Business Property, and the full potential of our new activities should soon become evident.

Altarea confirms its expectation of a slight increase in FFO for 2025 and a stable dividend per share to be paid in 2026, subject to no deterioration in the political, geopolitical, macroeconomic, or public health context. In any case, we will remain cautious in terms of risk management, but our confidence in the Group’s FFO growth prospects is strengthening for the years ahead.”

Alain Taravella, President and Founder of Altarea

¹ Data at 100%.

² Large shopping centres, travel retail in railway stations, retail parks and convenience stores.

³ New orders net of cancellations, expressed in euros including VAT when stated in value.Data shown at 100%, except for jointly controlled operations, which are accounted for on a proportional basis (projects for which the building permit has been obtained and the land acquisition decision has been made in principle).

⁴ Compared to 68.6% in 2024.

⁵ FFO (Funds From Operations): net income excluding changes in value, calculated expenses, transaction costs, and changes in deferred tax. Group share.

⁶ Net bond and bank debt.

⁷ Loan-to-Value (LTV): consolidated net bond and bank debt divided by the consolidated fair value of the Group’s assets (as per banking covenant definition).

⁸ Invested cash (marketable securities, certificates of deposit, credit balances) and undrawn bank credit lines (RCF, overdraft facilities).

⁹ Including €101.6 million through the partial payment of the 2024 dividend in shares (creation of 1,222,192 new shares), and €0.8 million through a capital increase reserved for the employee investment fund (creation of 9,386 new shares).