Altarea Sca · EURONEXT:ALTA
Altarea Sca — Altarea — FY2025 Earnings Presentation
37 slides from Altarea Sca's earnings presentation, February 2026
Slide 1: 2025 Annual Results
2025 ANNUAL RESULTS FEBRUARY 2026
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared for information including, without limitation, assumptions regarding purposes only and is intended to supplement other present and future business strategies and the information published by Altarea, to which readers are environment in which the group o
Slide 3: Agenda
AGENDA 01. 02. 03. 04. 2025 Annual results - February 2026 INTRODUCTION OPERATIONAL FINANCIAL OUTLOOK PERFORMANCE AND NON-FINANCIAL PERFORMANCE ALTAREA
Slide 4: Introduction
INTRODUCTION 01. 4 ALTAREA 2025 Annual results - February 2026
Slide 5: A new cycle for Altarea
A NEW CYCLE FOR ALTAREA FFO €144.9m +13.9% Confirmed recovery in Residential ST R O N G C R E D I T R AT I N G 2025 Annual results - February 2026 Strategic milestones achieved BBB- stable outlook in Data centers Strong increase expected 2025 DIVIDEND in FFO 2026 €8.00 €/share ALTAREA with a partial
Slide 6: Operational Performance
OPERATIONAL 02 PERFORMANCE 6 ALTAREA 2025 Annual results - February 2026
Slide 7: Retail REIT: the group's financial backbone
RETAIL REIT THE GROUP'S FINANCIAL BACKBONE CAP3000 SANT CUGAT IN NICE IN SPAIN €5.25 bn €2.26 Bn in Group share 43 assets Asset under management 2025 Annual results - February 2026 €326m Gross annualized rents, including €142 million in Group share 4 formats travel retail in train stations, large ce
Slide 8: Retail REIT: strong operational performance
RETAIL REIT STRONG OPERATIONAL PERFORMANCE TENANT’S REVENUE AND FOOTFALL + 1.0% Tenant’s revenue + 4.0% Footfall NET RENTAL INCOME +2.2% 2025 Annual results - February 2026 at constant scope LEASING ACTIVITY €36.9 m 331 leases signed OCCUPANCY RATE ALTAREA 97.1% CAP3000 IN NICE 8 Indicators excludin
Slide 9: Paris-Austerlitz railway station: marketing underway
PARIS-AUSTERLITZ RAILWAY STATION MARKETING UNDERWAY 2025 Annual results - February 2026 +€250m investment (Altarea’s share ) 25,000 m 2 GLA area (retail part) 130 shops & restaurants ALTAREA 2027 expected delivery 9
Slide 10: New developments secured in metro stations
NEW DEVELOPMENTS SECURED IN METRO STATIONS PARIS AND MILAN 45 stations 83 stations on 5 metro lines 136 17,000 m² shops shops (12,500 m²) 12 years 20 years concession concession 600 million 330 million annual travelers potential attendance 2027 2025 Annual results - February 2026 first openings ALTA
Slide 11: Residential: organisation structured to address all types of customers
RESIDENTIAL AN ORGANISATION STRUCTURED TO ADDRESS ALL TYPE OF CUSTOMERS NEW HOUSING REHABILITATION Repositioning underway to enlarge its market positioning Cogedim’s timber brand (historical and non-historical) VILLA TRIANON SEQUOIA IN L’HAŸ-LES-ROSES IN SCEAUX 2025 Annual results - February 2026 DO
Slide 12: Residential: fixing the crisis
RESIDENTIAL FIXING THE CRISIS QUALITY PERFORMANCE CARBONE CUSTOMER PRODUCT enhanced use value Customer relations proximity throughout the journey: advice, expertise, follow-up, single call number, loyalty, for the 8th year etc. 2025 Annual results - February 2026 Architecture and use maximised usefu
Slide 13: Residential: confirmed success of new generation products
RESIDENTIAL CONFIRMED SUCCESS OF NEW GENERATION PRODUCTS NEW ORDERS Success with first-time buyers (+12%) +8% +5% in value Strong demand from institutional investors (+17%) Decline in individual investors (-34%) 7,753 PROMENADE CAMPUS 2025 Annual results - February 2026 units IN CACHAN (271 units) 7
Slide 14: Residential: acceleration of the production cycle
RESIDENTIAL ACCELERATION OF THE PRODUCTION CYCLE EGÉRIE LE 5 RASPAIL BLOSSOM PARK IN VILLEURBANNE IN BAGNOLET IN ROUEN 78 UNITS 153 UNITS 70 UNITS 2025 Annual results - February 2026 PERMIT FILINGS IN 2024 RELAUNCH OF THE CYCLE IN 2025 READY FOR 2026 MORE THAN 10,700 UNITS 81 LAUNCHES (+16%) 11,300
Slide 15: Offices in Greater Paris: ongoing projects
OFFICES IN GREATER PARIS ONGOING PROJECTS WELL UNDERWAY PARIS PARIS-MADELEINE 185 RUE ST HONORÉ WORK IN PROGRESS Carrying out the tenant’s fit-out works 6,100 m² of office space Leased to Ashurst Law Firm DELIVERY IN 2026 PARIS LOUIS LE GRAND LANDSCAPE 70 200 m² UPPER PARIS - MONTPARNASSE 2025 Annua
Slide 16: Office and logistics in the regions
OFFICE AND LOGISTICS IN THE REGIONS SUSTAINED DEAL FLOW, BOLLÈNE HUB UNDERTAKEN DELIVERY OF DELTA, ALSTOM'S REGIONAL HEADQUARTERS LAUNCH OF THE WORKS OF KI IN AIX-EN-PROVENCE 7,500 M² IN LYON PART-DIEU Former headquarters of the Caisse d'Epargne Rhône-Alpes In figures: • 21,000 m² of office space •
Slide 17: Photovoltaic infrastructure: proven validity of the business model
PHOTOVOLTAIC INFRASTRUCTURE PROVEN VALIDITY OF THE BUSINESS MODEL SIGNING OF A 1ST PARTNERSHIP PIPELINE LARGE ROOFS AGRIVOLTAICS 25% Altarea / 75% Crédit Agricole Group (1) ON REAL ESTATE PROJECTS 124.6 MWp of photovoltaic infrastructure in the long term CONSTRUCTION OF THE FIRST GROUND-BASED POWER
Slide 18: Real estate asset management: break-even achieved
REAL ESTATE ASSET MANAGEMENT BREAK-EVEN ACHIEVED RETAIL PORTFOLIO OF 8 SHOPS SCPI Alta Conviction €100 million in capitalization 7.55% 6.57% return overall performance 0.98% price revaluation 2025 Annual results - February 2026 COLD CHAIN LOGISTICS IN MADRID Real Estate Debt Funds First operations d
Slide 19: Data center: a high-tech product, a global market
DATA CENTER A HIGH-TECH PRODUCT, A GLOBAL MARKET A standout product A market under pressure Complex administrative process Immense needs building permit, grid-connection authorization artificial intelligence (training and inference) environmental approvals computing power user proximity (latency) im
Slide 20: Data center: mastering key strategic skills
DATA CENTER MASTERING KEY STRATEGIC SKILLS Altarea Data Center, a specialized team development, design, implementation and operation knowledge of end-user needs HYPERSCALE LOCAL cloud or AI colocation or edge 2025 Annual results - February 2026 Co-development Operating an installed base with special
Slide 21: Data center: strong dealflow in 2025
DATA CENTER STRONG DEALFLOW IN 2025 HYPERSCALE LOCAL IN VELIZY IN RENNES • Partnership with Vantage Data Centers(1) • First project delivered in the process of being rented for the development of a campus near Bordeaux 3 MW IT near Rennes grid-connection secured for 400 MW (PTF) 2025 Annual results
Slide 22: Citadel project: data center campus near Bordeaux
CITADEL PROJECT DEVELOPMENT OF A DATA CENTER CAMPUS NEAR BORDEAUX Illustrative 400 MW (PTF) of which 120 MW to be connected in 2028 Partnership design, marketing and construction 2025 Annual results - February 2026 41 ha of land owned by Altarea Conditional launch under final agreements with the end
Slide 23: Financial & Non-Financial Performance
FINANCIAL & 03 PERFORMANCE NON-FINANCIAL ALTAREA 23 2025 Annual results - February 2026
Slide 24: 2025 Consolidated Results: FFO up 13.9%
2025 CONSOLIDATED RESULTS FFO UP +13.9% BUSINESS NEW In € million RETAIL REIT RESIDENTIAL PROPERTY BUSINESSES Revenue(1) 2,075.6 -25.0% 285.3 1,652.7 136.1 1.4 -3.0% -17.0% -71.0% na EBITDA(2) 301.7 +10.0% 231.4 55.2 17.8 (4.6) +10.0% X2.1 -63.0% na Cost of net debt (37.1) • RETAIL REIT: growth in n
Slide 25: Residential: embedded profitability growth
RESIDENTIAL EMBEDDED PROFITABILITY GROWTH Residential revenue(1) New-generation offer €1,959.0m 2024 €1,632.7m Launch of the new generation offer OLDER GENERATION 2025 86% 50% Low or no margins Rise to power 2025 Annual results - February 2026 50% contribution NEW 2026 50% GENERATION Satisfactory ma
Slide 26: Financial structure: a highly capitalised balance sheet
FINANCIAL STRUCTURE A HIGHLY CAPITALISED BALANCE SHEET CAPITAL CONSOLIDATED S O L I D R AT I O S EMPLOYED(1) RESOURCES LTV 31.0% Covenant ≤ 60% Residential +250 bps 18% BP 8% ICR 8.1x Covenant ≥ 2,0x Economic -1.5 x New businesses 5% equity(2) 63% STRONG LIQUIDITY 2025 Annual results - February 2026
Slide 27: Net debt: investments in all business lines
NET DEBT(1): €1,902m (+€221m vs. 31/12/2024) INVESTMENTS IN ALL BUSINESS LINES 1,902 In €m 50 15 70 OTHER 76 77 1,681 NEW 78 RETAIL BUSINESSES DIVIDEND BUSINESS CAPEX Data centers Paris-Austerlitz REAM paid in 25 (144.9) PROPERTY station Photovoltaics(2) RESIDENTIAL WCR CAPEX FFO 25 New generation S
Slide 28: Environmental sobriety and social utility
ENVIRONMENTAL SOBRIETY AND SOCIAL UTILITY TAXONOMY CARBON PERFORMANCE SOCIAL UTILITY As a % of consolidated revenue GHG emissions in thousands of tCO2e Meeting our customers’ 73.9% -63% essential needs 68.6% Housing 1,563 Consumption +4%(1) Work -31% Acting for the public interest 2025 Annual result
Slide 29: 2025 dividend proposal
2025 DIVIDEND PROPOSAL(1) €8 / share AltaGroupe (A. Taravella family) and its affiliates on ▪ 100% in cash the one hand and Crédit Agricole Assurances and ▪ OR 75% in shares(2) and its affiliates on the other hand, have committed to 25% in cash opting for the full payment of the proposed dividend in
Slide 30: Outlook
OUTLOOK 04. ALTAREA 30 2025 Annual results - February 2026
Slide 31: A new cycle for Altarea
A NEW CYCLE FOR ALTAREA An environment still adverse... interest rates, purchasing power, (geo)political issues … changes are underway inflation, rates, electoral sequence, geopolitics, regulation Over the past three years, Altarea has conducted an in-depth redesign of its core businesses Residentia
Slide 32: 2026 – 2027 Outlook
2026 – 2027 OUTLOOK Residential: 8,000 to 9,000 units/year priority to profitability, cost control and working capital Retail REIT delivery of the Paris–Austerlitz railway station New businesses continued investments Résultats annuels 2025 - Février 2026 2025 Annual results - February 2026 Photovolt
Slide 33: 2028 and beyond: contribution of new businesses
2028 AND BEYOND CONTRIBUTION OF NEW BUSINESSES Photovoltaic infrastructure and real estate asset management contribution according to the general context and the evolution of the regulatory framework Data centers development of several hundred megawatts secured lands with grid-connection or in the p
Slide 34: Medium-term FFO objective
MEDIUM-TERM FFO OBJECTIVE Altarea aims to reach a FFO of €300 million or above in the medium term Achieving this objective depends on both: the growth of core activities 2025 Annual results - February 2026 in 2026 and 2027 (retail REIT, residential and business property) and on the ramp-up of new bu
Slide 35: 2026 Guidance
2026 GUIDANCE In 2026, the results should benefit from: • the continued recovery in Residential • a good performance of the Retail REIT • one or more transactions in Business Property • and the overall breakeven of New businesses Strong increase in 2026 FFO is expected subject to the political, geop
Slide 36: Annual Results 2025
2025 Annual results - February 2026 ANNUAL RESULTS 2025 ALTAREA LEADER IN LOW CARBON URBAN TRANSFORMATION 36
Slide 37: Glossary
GLOSSARY • Continuation NAV (Net Asset Value) : Market value of equity assuming • Liquidity: cash and cash-equivalent (marketable securities, certificates the business continues as a going concern, taking into account potential of deposit, credit balances) plus drawing rights on bank credits (RCF, d