Altarea Sca · EURONEXT:ALTA
Altarea Sca — Altarea — FY2024 Earnings Presentation
36 slides from Altarea Sca's earnings presentation, Feb 25, 2025
Slide 1: 2024 Annual Results
2024 ANNUAL RESULTS FEBRUARY 2025
Slide 2: Agenda
AGENDA 1. INTRODUCTION 2. 2024 OPERATIONAL PERFORMANCE 3. FINANCIAL AND ENVIRONMENTAL PERFORMANCE 2024 annual results 4. OUTLOOKS ALTAREA 2
Slide 3: Introduction
INTRODUCTION 01 3 ALTAREA 2024 annual results
Slide 4: Stay on track in 2024
Stay on track in 2024 Performance in line with roadmap Revenue €2,768.5m (+2.1%) Sustained investment capital turnover FFO Financial strength €127.2m (+25.7%) 2024 annual results Primonial trial judgment Stable net debt €1,681m ALTAREA 4
Slide 5: 2024 Operational Performance
02 2024 OPERATIONAL PERFORMANCE 2024 annual results ALTAREA 5
Slide 6: Retail REIT: A highly performing portfolio
Retail REIT A highly performing portfolio €5.3 bn 44 assets €326 m gross rents 2024 annual results 4 formats railway stations, major centers, retail parks, ALTAREA convenience stores CAP3000 in Nice, L’Avenue83 in Toulon, Paris-Est railway station, Qwartz in Villeneuve-la-Garenne. 6
Slide 7: Retail REIT: The Group's financial backbone
Retail REIT The Group’s financial backbone Recurrence and performance 71% of Group capital employed An optimized financial model CAP3000 in Nice 2024 annual results 57% 43% €5.3 Bn €2.3 Bn ALTAREA of AuM Group share Paris-Montparnasse railway station 7
Slide 8: Retail REIT: Extremely strong performance
Retail REIT Extremely strong performance Tenants’ sales +4.2% Net rental income +5.3% incl.+4.7% of indexation Rental activity €32.8m 2024 annual results 341 leases signed Occupancy rate 97.2% ALTAREA Bercy Village in Paris 8
Slide 9: Leadership in station travel retail
Retail REIT Leadership in station travel retail A strategic focus High-performance format Specific expertise Strong positions Paris-Austerlitz station Ambition to grow work in progress, commercialization launched Paris-Est station + 3 years of concession Future portfolio 8 railway stations, 128 metr
Slide 10: Residential: Adapting to the new cycle
Residential Adapting to the new cycle 2022 Crisis triggered Increase in interest rates Shortage of affordable housing, market freeze 2023 Closing out the previous cycle Reduction of commitments, adjustment of values Recovery of €346 million cash 2024 annual results 2024 Launching the new generation
Slide 11: Residential: Sales, a year of transition
Residential Sales: a year of transition New orders -5% Demand is still there In units 8,004 7,601 65% Strong need for affordable housing 52% 50% 59% Individual homebuyers Block sales Institutional investors 48% Individual sales The decline in new orders is due to 41% an offer still limited in volume
Slide 12: A new offer: affordable, low-carbon, profitable
Logement A new offer: affordable, low-carbon, profitable Work on compactness and cost price Size adapted to demand (2-rooms and 3-rooms) Access, Optimization of layout and usable m² offer dedicated to first-time buyers Feasibility, construction, ancillary costs, land No compromise on quality, servic
Slide 13: Residential: Restart of the production cycle
Residential Restart of the production cycle on a renewed basis Leading indicators +12% +24% +24% +15% supplies building permit filing land acquisitions pipeline 2024 annual results ALTAREA From left to right and top to bottom: Nature en Ville in Vaulx en Velin, Villa Trianon in l'Hay les Roses, Tosh
Slide 14: Business Property Logistics: Major deals for €390 million
Business Property Logistics Major deals for €390 million A strong market Growing demand Shortage of supply Technicity, complexity Length of production cycle 297 000 m² sold to WDP Pipeline 56 200 m² sold to a fund managed by CBRE 2024 annual results 650 000 m² of which 310,000 m² building permit cle
Slide 15: Business Property Offices: Sustained operating activity
Business Property Offices Sustained operating activity Greater Paris Property development in the regions Upper permit cleared Bellini delivered Blanc Azur sold to Midi 2i (Aix) Urban Clay delivered (Toulouse) Supply EuroNantes (Nantes) 2024 annual results BEFA Ashurst St Honoré Landscape 60% leased
Slide 16: New businesses: Deep markets, high entry barriers
New businesses Deep markets, high entry barriers € High-potential markets Immense needs Data centers Photovoltaics Real estate AM Structural trends digitalization of the electrification and investiments in real economy, AI decarbonization of the economy estate, retirement Political will administrati
Slide 17: Data centers: Fast progression of the experience curve
Data centers Fast progression of the experience curve Colocation data centers First project near Rennes 3,000 m², power 2.3 MW IT colocation model waste heat recovery delivery in Q1 2025 Design, construction, marketing and operation managed by the Group 15 medium-sized projects (< 20 MW) Paris, Lyon
Slide 18: Photovoltaic infrastructure: First step completed
Photovoltaic infrastructure First step completed Control of the operational expertises Ramp-up development, installation/connection, financing, operation underway Team set up Comprehensive product range to operate in France and Italy Takeover of Préjeance for €140m entreprise value Installed base of
Slide 19: Real Estate asset management: A busy first year
Real Estate asset management A busy first year for Alta Convictions Organization in place A dedicated, experienced and multidisciplinary team A distribution network being set up Fund collection in growth SRI label awarded First investments made Diversification underway products, geography 2024 annua
Slide 20: Financial and Environmental Performance
03 FINANCIAL AND ENVIRONMENTAL PERFORMANCE 2024 annual results ALTAREA 20
Slide 21: 2024 results: Results in line
2024 results Results in line Business New In €m (1) Retail REIT Residential property businesses Consolidated revenue 2,768.5 +2.1% 294.3 1,985.7 476.7 12.0 +13.6% -11.6% X2.3 - EBITDA(1) 274.1 +10.5% 210.3 26.9 47.6 (12.4) +7.6% - Cost of net debt (28.5) Other financial results (31.8) €74,5m +10.7%
Slide 22: Residential revenue: Contribution of new generation operations
Residential revenue Contribution of new generation operations In €m 2024 revenue New generation Previous cycle Low margin 2024 1,708 86% products operations Minority contribution Restored margin New generation 278 14% operations 2025 Ramp-up phase Residential 1,986 100% 2024 annual results 2026 Majo
Slide 23: Financial structure: A highly capitalized balance sheet
Financial structure A highly capitalized balance sheet Capital employed(1) Consolidated ressources A prudent financial policy Residential 18% Shareholders' Strongly capitalized Business Property 7% New businesses 4% equity REIT structure (2) 66% LTV of 28.5% vs 28.7% Retail REIT 2024 annual results
Slide 24: Stable net debt
Stable net debt (1) In €m 77 210 7 1,681 +€34m Reallocation of capital 1,647 Dividend Other in 2024 -127 -41 FFO -173 New WCR reduction Retail Property businesses Capex in property development dvlpmt WCR Logistics Capex in Retail Paris-Austerlitz Investments 2024 annual results in New businesses Pho
Slide 25: Capital reallocation over past years (2023 - 2024)
Capital reallocation over past 2 years (2023 - 2024) Cash recovery from Reinvestments Property development €540 m €524 m Logistics Logistics Pipeline disposals in 2024 Offices Saint Honoré Retail 2024 annual results Austerlitz Residential commitments reduction in 2023 New Businesses ALTAREA Prejeanc
Slide 26: Carbon footprint: Sharp drop in emissions in 2024
Carbon footprint Sharp drop in emissions in 2024 -15% -50% vs 2019 Structural decarbonization 910 +1%(1) -5% -11% 776 volume effect 11% reduction (activity) Retail rate effect Property in surface intensity (surface dvlpmt 1,155 kg tCO2e /m² intensity) 18% reduction in economic intensity 280 grams /
Slide 27: Taxonomy: The most demanding environmental framework
Taxonomy The most demanding environmental framework Rise in revenue alignment rate A comprehensive analysis grid 68.6% applied to projects contributing to sales 59.6% Climate change mitigation (Energy) 48.1% Climate change adaptation (Climate) 44.0% Aquatic and marine resources (Water) Circular econ
Slide 28: Robust liquidity, solid ratios
Robust liquidity, solid ratios Liquidity €2,530m €941m of cash €1,589m de unused credit lines Strong liquidity No RCF has been drawn NEU CP and NEU MTN(1) to zero LTV 28.5% Covenant ≤ 60% 2025 bond repayment(2) covered by existing liquidity partly with invested cash ICR 9.6x Covenant ≥ 2,0x next bon
Slide 29: Proposed 2024 Dividend
Proposed 2024 Dividend (1) 8.0 €/share a full payment in cash, or AltaGroupe (A. Taravella family) and its affiliates on the one hand and Crédit Agricole Assurances and its 75% payment in share(2) affiliates on the other hand, have committed to opt for full payment of the proposed dividend in shares
Slide 30: Outlooks
04 OUTLOOKS 30 ALTAREA 2024 annual results
Slide 31: 2025 objectives: Sticking to strategic roadmap
2025 objectives Sticking to strategic roadmap Building on the Group's strengths Know-hows Mindset Financial strength Continuously improve operating efficiency Résultats annuels 2024 Develop the Group dimension Control the commitments ALTAREA 31
Slide 32: 2025 objectives: Sticking to strategic roadmap
2025 objectives Sticking to strategic roadmap Capitalize on the Retail REIT Improve the quality of assets Enhance the development of station travel retail Restore the profitability in Residential Accelerate the launch of new-generation offer Leverage the strength of the Cogedim brand Remain discipli
Slide 33: Outlooks and guidance
Outlooks and guidance FFO 2025 expected to rise slightly early recovery in Residential and sound performance in Retail Continued reallocation of capital employed and human resources Stable dividend in 2025 (payout in 2026) Ramp-up in earnings expected from 2026 onwards(1) first significant contribut
Slide 34: Leader in low-carbon urban transformation
Leader in low-carbon urban transformation 2024 annual results ALTAREA 34
Slide 35: Disclaimer
Disclaimer This presentation has been in the event of failure by any implied by these forward‐looking prepared for information person to obey these restrictions. statements. These risks and purposes only and is intended to Certain information included in this uncertainties include those supplement o
Slide 36: Glossary
Glossary • Going Concern NAV (Net asset value): market value of equity with a view to • Liquidity: cash and cash-equivalent (marketable securities, certificates of continuing the business taking into account the potential dilution from its status deposit, credit balances) plus drawing rights on bank