2026
1
BUSINESS REVIEW AT 30 JUNE 2026 3
Operational performance 4
Environmental performance 13
Financial performance 14
2
CONSOLIDATED FINANCIAL STATEMENTS AT 21
30 JUNE 2026
Financial statements 22
Notes - Consolidated income statement 28
Other information attached to 29
the consolidated financialstatements
3
STATUTORY AUDITORS' REPORT 62
4
STATEMENT BY THE PERSON RESPONSIBLE 64
FOR THE HALF-YEAR FINANCIAL REPORT
A detailed summary is presented at each chapter entry.
BUSINESS REVIEW AT 30 JUNE 2026
OPERATIONAL PERFORMANCE 4
Retail 4
Residential 7
Business Property (BP( 10
New businesses 11
ENVIRONMENTAL PERFORMANCE 13
European Taxonomy Alignment 13
FINANCIAL PERFORMANCE 14
Consolidated results 14
Net asset value (NAV( 16
Financial resources 18
-
Operational performance
-
Retail
A relevant asset management strategy
Altarea has pursued a strategy of selecting the most promising formats (large shopping centres, travel retail in railway stations, retail parks, convenience stores) and currently manages a portfolio of 46 particularly high-performing shopping centres(1).
These assets are mainly held in partnerships with leading institutional investors. This strategy allows the Group to extract the full value of its operational expertise from the volumes under management, while optimising return on capital employed.
At 100% (€ millions)
30/06/2026
31/12/2025
Regional shopping centers
3,151
60%
3,146
60%
Travel retail
518
10%
523
10%
Retail parks
978
19%
985
19%
Convenience stores
639
12%
597
11%
TOTAL ASSETS UNDER MANAGEMENT
5,286
100%
5,251
100%
o/w Group share
2,293
43%
2,264
43%
o/w Third-party share
2,993
57%
2,987
57%
On a like-for-like basis, the value of assets under management is stable(2) compared to end-2025, in line with property exit rates(3) witch stood at 6.15% on average at the end June 2026.
Property exit rate - at 100%
30/06/2026
31/12/2025
Regional shopping centres
5.95%
5.93%
Retail parks
6.69%
6.71%
Convenience stores
6.50%
6.41%
WEIGHTED AVERAGE
6.15%
6.14%
Good operational performance(4)
Tenant's revenue(5) and footfall(6)
At end June 2026 (6 months)
Tenant's revenue (incl. Tax) Footfall
Change vs. prior period
+1.0% +4.8%
The growth in footfall (+4.8%) helped to drive the growth of retailers' turnover (+1.0%) in a context where customers purchasing power remains under pressure.
Financial vacancy
At 100%
30/06/2026
31/12/2025 31/12/2024
Financial vacancy
3.3%
2.9% 2.8%
As of the end of June 2026, the financial vacancy rate is temporarily higher due to several significant re-leasing transactions currently under negotiation. The Group anticipates a return to normative levels during the second half of the year.
(1) Entry of three recently delivered convenience stores assets in Nice (Joia), Mougins and Bobigny Coeur de Ville.
(2) €5,286 million vs. 5,251 Million or +0.7%.
(3) The exit rate (or "capitalisation rate") is used by appraisers to capitalise rents in the terminal period of their DCF models. It reflects the fundamental quality of the asset over the medium and long term.
(4) The operating performance indicators do not include Marques Avenue Aubergenville, an asset in the process of being fully restructured.
(5) Change in tenants' revenue incl. Tax in France and Spain.
(6) Change in the number of visitors, measured by Quantaflow for equipped shopping centres, and by counting cars for retail parks (excluding travel retail), in France and Spain.
Rental activity
At 100%
Annual contracted rent
No. of leases
France and International
€19.9 M€
171
Rental activity remained strong in the first half of the year, notably with IKEA choosing the Family Village retail parks in Limoges and Ruaudin (Le Mans) to launch its new compact store concept in France and strengthen its network. These highly anticipated openings enhance the attractiveness of these locations and demonstrate Altarea Commerce's ability to support retailers in deploying innovative concepts that meet consumer expectations.
Furthermore, the Group finalized numerous signatures and flagship openings, such as La Tête dans les Nuages and Aroma-Zone at Avenue 83, Petit Bao at Bercy Village, Adidas Outlet and Follow Park at Carré de Soie, as well as Lacoste - Maison René Lacoste and New Balance at CAP3000.
Finally, at Bercy Village, the Group obtained final permits for an additional floor to one of the buildings, enabling the establishment of the Haute École de Joaillerie (School of Jewelry).
Consolidated net rental income, recovery rate
France and International
In €m
Chge.
NET RENTAL INCOME AT 30 JUNE 2025
109.3
Change in scope of consolidation
(0.5)
-0.5%
Like-for-like change
0.9
+0.8%
o/w indexation
0.5
+0.5%
NET RENTAL INCOME AT 30 JUNE 2026
109.8
+0.5%
On a like-for-like basis, net rental income increased by +0.8%, including +0.5% due to indexation. The scope effect is linked to the complete restructuring project of the Marques Avenue site in Aubergenville(1).
The recovery rate(2) is 97.4%, which is considered normative.
Development
Travel retail in railway stations
Paris-Austerlitz: Paris-Austerlitz: a truly veritable new district, Grand Austerlitz will become a commercial, leisure, and cultural hotspot, serving a catchment area of nearly 2 million residents and employees, and benefiting from an estimated annual passenger flow of 30 million people by 2030 (trains, metros, and RER). The marketing of the 110 retail spaces located in the Grande Halle Voyageurs (Great Travel Hall) continues, with an opening planned for the end of 2027. This project, carried out in partnership with SNCF - Gares & Connexions, received the Pierre d'Or(3) (Golden Stone) award in the "Innovative Programs" category.
Paris-Est: Following Starbucks in March, three more openings are planned for 2026, including a Pokawa, a takeaway restaurant, and a brasserie at the station entrance. This revamped offering will cater to a broader travel audience with the launch of the Charles-de-Gaulle Express at the end of March 2027.
Constellation (Grand Paris Express): Altarea, in partnership with RATP Travel Retail, has won the contract to develop and operate the retail spaces in the 45 stations of the Grand Paris Express. This 12-year concession covers nearly 136 retail outlets across 12,600 m², including over 3,600 m² operated by Carrefour under a single contract. The Group has launched the marketing of these spaces, which has been met with a very positive response from major national retailers who see
the Grand Paris stations as a new daily point of contact with their customers.
Milano Metro Retail: Altarea Commerce has won the tender issued by ATM - Azienda Trasporti Milanese Spa, wholly owned by the Municipality of Milan, to manage, operate, and market, through a 20-year concession, more than 17,000 m² of retail space within 83 Milan metro stations, which serve nearly 650 million passengers annually. The project also includes an investment program designed to modernize the retail offering, improve the clarity of the passenger journey, and contribute to the transformation of several major stations on the network.
Property development for third parties
The Group develops projects for third parties using a developer-type model.
In March 2026, Altarea delivered the final shops and the neighbourhood cinema in the new Bobigny Cœur de Ville discrict. Developed by Altarea on the former Bobigny2 commercial site, this mixed program was distinguished at the Trophées des Acteurs du Commerce awarded by the Fédération des Acteurs du Commerce dans les Territoires), in the category Creation / Renovation - multifunctional project(4).
(1) The Group has launched the repositioning of this 13,300 m² outlet in order to transform it into a retail park operated under the Family Village format.
(2) Rents and charges collected compared to rents and charges payable. (incl. Tax) at publication date.
(3) Awarded by Immoweek, the Pierres d'Or highlight remarkable projects based on their quality of execution, innovation and impact on the territory.
(4) Organized around a new central pedestrian square, a diverse offering including 35 shops representing 13,000 m² of services and activities at the foot of the building, more than 1,200 housing units developed by Cogedim and 10,000 m² of offices.
Assets under management at 30 June 2026
Asset and type
No.
GLA (in m2)
Gross rents
(€m)
Values
(€m)
Group share
GS Value (€m)
CAP3000 (Nice)
105,700
33%
Espace Gramont (Toulouse)
56,700
51%
Avenue 83 (Toulon-La Valette)
55,200
51%
Qwartz (Villeneuve-la-Garenne)
43,300
100%
Sant Cugat (Barcelona, Spain)
43,100
100%
Bercy Village (Paris)
23,800
51%
Le Due Torri (Bergamo-Stezzano, Italy)
44,900
25%
La Corte Lombarda (Bellinzago, Italy)
21,000
25%
Espace St Quentin (St-Quentin-en-Yvelines)
34,900
0%
NicEtoile (Nice)
18,000
0%
Regional shopping centers
10
446,600
171
3,151
1,421
Montparnasse station (Paris)
18,200
51%
Gare de l'Est (Paris)
7,300
51%
Italian railway stations (5 assets)
15,900
51%
Oxygen (Belvédère 92)
2,900
100%
Travel retail
8
44,300
52
518
267
La Vigie (Strasbourg)
27,100
100%
Family Village (Le Mans - Ruaudin)
31,000
51%
Family Village (Limoges)
29,400
51%
Family Village (Nîmes)
29,000
51%
Les Portes de Brest Guipavas (Brest)
29,400
51%
Family Village (Aubergenville)
28,200
51%
Espace Chanteraines (Gennevilliers)
24,100
51%
Thiais Village (Thiais)
23,200
51%
Les Portes d'Ambresis (Villeparisis)
20,300
51%
Marques Avenue A13 (Aubergenville)
13,300
51%
Pierrelaye
10,000
51%
Carré de Soie (Lyon)
51,000
50%
Chambourcy
35,400
0%
Retail parks
13
351,400
58
978
481
-X % (Massy)
18,100
100%
Grand Place (Lille)
8,400
100%
Atelier d'Issy (Nida)
1,700
100%
Nice Joia
8,400
100%
Mougins
1,700
100%
Le Parks (Paris)
33,300
25%
Reflets Compans (Toulouse)
13,800
25%
Jas de Bouffan (Aix-en-Provence)
10,300
18%
Grand'Tour (Bordeaux)
26,100
0%
Issy Cœur de Ville
24,300
0%
Place du Grand Ouest (Massy)
17,000
0%
Toulouse Aérospace
15,100
0%
Bezons Cœur de Ville
14,500
0%
Bobigny
10,100
0%
Toulon Grand Ciel
3,300
0%
Convenience stores
15
206,100
43
639
125
TOTAL ASSETS UNDER MANAGEMENT
46
1,048,400
324
5,286
43%
2,293
NB: €141 million of gross rents in Group share.
-
Residential
Altarea is the number two Residential developer in France(1) through its consumer brands Cogedim, dedicated to new housing, and Histoire & Patrimoine, specialized in the rehabilitation of old buildings. The Group therefore offers a broad and diversified(2) residential product range across the country.
New housing
The Cogedim quality
With its Cogedim brand, Altarea reaffirms its commitment to delivering quality housing for all. Accessible yet demanding, with no compromise on quality, Cogedim combines a comprehensive customer service offering with an innovative product range.
Its brand signature, « La qualité ça change la vie (Quality changes lives) », is built around four pillars: quality of design and construction, quality of use, environmental quality, and quality of customer relations.
This commitment is reflected in high performance indicators(3) and renewed customer awards(4). The Kantar study(5) conducted in the first half of 2026 on customer satisfaction shows the highest performance levels since the study was first launched.
Affordable, low-carbon and profitable offer
Cogedim serves all customer segments (block buyers, first-time buyers, private investors) through an approach focused on customer needs and purchasing power.
Its offering focuses primarily on one- and two-bedroom apartments to accommodate household sizes. Compactness has been optimized to maximize usable living areas through simplified and standardized floor plan (greater standardisation and streamlined layouts) and interior design (minimizing distribution, circulation, and infrastructure spaces). Cost considerations have been carefully addressed, both for structural work and construction feasibility, without compromising the architectural quality and environmental performance, both of which have been entirely redesigned.
Access, the offer for first-time buyers
Altarea has especially concentrated its efforts on first-time buyers from the middle classes(6) and developed Access, an offer tailored for customers who are currently renting in either the private or social housing sectors and could not imagine being able to own property.
Access includes, in particular, a unique and highly attractive financing offer (loans at subsidised rates, no personal down payment, no notary fees and no interim interests). The buyer therefore only starts paying when the keys are handed over for a monthly loan repayment close to or even equivalent to what they would pay in rent.
Avantages, the offer tailored to private investors
For private investors, Altarea has developed a range of turnkey rental investment solutions that are accessible, attractive, and tailored to different investor's profile to build a sustainable real estate portfolio. The Group provides a fully integrated service offering (personalized advice, property sourcing, financing arrangements, rental management, and legal and tax support). The offering is built around six rental schemes: the wealth preservation formula, the furnished rental scheme (LMNP), the Logement Locatif Intermédiaire scheme (LLI), the furnished LLI formula, the managed furnished property scheme and the Bare-ownership.
Cogedim also intends to capitalize on the new status of private landlords (the Jeanbrun scheme), introduced by the government to revitalize the private rental market through a tax depreciation mechanism applicable to residential rental properties.
Woodeum, the low-carbon timber offering
Woodeum is Cogedim's timber construction brand offering a low-carbon solution that outperforms current environmental standards. This range of CLT (cross-laminated timber) products is designed to meet the expectations of both institutional and private customers seeking the highest standards of energy and environmental performance.
An offer adapted to institutional investors
The Group is developing an offering for several dozen major institutional clients, mainly regional ones, providing social, intermediate, and market-rate housing.
This offering is particularly well-suited to these clients' expectations, both in terms of quality (location, carbon performance, and execution standards) and for targeted rental returns. Housing units acquired in block from Altarea thus represent an investment vehicle with a particularly attractive price-to-quality ratio.
Rehabilitation
Preserving heritage and revitalising local communities
The Group operates in this market through its Histoire & Patrimoine brand, which offers customers with high purchasing power the rehabilitation solutions within a favourable tax framework (Historic Monuments regime, Malraux scheme, Property Deficit regime).
Histoire & Patrimoine operates in all regions and helps rehabilitate buildings with historical, heritage, architectural or industrial value.
(1) Source: Classement des Promoteurs (developers ranking) published in July 2026 by Innovapresse.
(2) New housing all ranges (home ownership and investment, free, social, Intermediate rental housing), serviced residences, Malraux, historical monuments, land deficits, condominium, timber-frame housing CLT, renovation.
(3) Cogedim boasts one of the lowest average numbers of reservations per dwelling in the sector, with almost all of them resolved within days of the dwellings being handed over.
(4) Awarded "Customer Service of the Year" for the 8th time in the "Property Development" category in November 2025 and first place in the all-sector Top 200 for customer relations for the 4th consecutive year in January 2026, organised by The Human Consulting Group for Les Echos.
(5) Study carried out during the first half of 2026 on several thousand customers who had purchased or taken delivery of a new property from Cogedim between October 2025 and March 2026.
(6) Based on income slightly above the minimum wage.
Activity of the period
New orders(1)
New orders
30/06/2026
%
30/06/2025
%
Chge.
Individuals - Residential buyers
846
18%
859
19%
-2 %
Individuals - Investment
636
13%
568
12%
+12 %
INDIVIDUALS
1,482 31 %
1,426
31 %
+4%
BLOCK SALES
3,286
69%
3,184
69%
+3%
TOTAL IN VOLUME (UNITS)
4,768
4,610 +3.4%
Of which new housing
4,668
98%
4,481
97%
+4 %
Individuals - Residential buyers
235
23%
243
24%
-3 %
Individuals - Investment
134
13%
124
12%
+8 %
INDIVIDUALS
368 36 %
368
36 %
-
BLOCK SALES
662
64%
657
64%
+1%
TOTAL IN VALUE (€M INCL. TAX)
1,030
1,025 +0.5%
Of which new housing
998
97%
976
95%
+2%
In new housing, Altarea successfully pursued its strategy of ramping up its new generation offering, which is affordable, low-carbon and profitable. Sales to both institutional investors and individual buyers are performing well, enabling the Group to resume its production cycle in a still-recovering market.
In the rehabilitation segment, the Group is continuing to reposition this activity in a market environment that remained subdued during the first half of the year(2).
Notarised sales
New orders for the first half of the year increased in both volume (+3%) and value (+0.5%) driven by a notable return of private investors (+12% in volume and +8% in value). The Group recorded its first sales this half of the year under the new private landlord status (Jeanbrun scheme), based on a tax depreciation mechanism for residential rental properties.
30/06/2026
%
30/06/2025
%
Chge.
Individuals
1,000
34%
1,151
49%
-13%
Block sales
1,929
66%
1,204
51%
+60%
IN UNITS
2,929
2,355 +24%
Individuals
250
46%
311
52%
-20%
Block sales
295
54%
283
48%
+4%
IN € MILLIONS INCL. TAX
545
594 -8%
Notarised sales are up sharply in volume (+24%), the decrease in value (-8%) being linked to notarised sales of block sales of student residences at a lower average unit price.
Retail commercial launches
Launches
30/06/2026
30/06/2025 Chge.
Number of Units
1,735
1,272 +36%
Number of programmes
40
35 +14%
During the first half of the year, the Group continued to revive its new program production cycle with 40 commercial launches representing 1,735 units (compared to 35 launches representing 1,272 units in the first half of 2025).
Building permits and land acquisitions
Land acquisitions
30/06/2026
30/06/2025 Chge
Number of lands
23
18 +28%
Number of units
3,004
2,027 +48%
In the first half of 2026, the Group acquired 23 plots of land relating solely to new residential programs representing a total of 3,004 units, an increase of +48%.
(1) New orders net of withdrawals, in euros, including VAT when expressed in value. Data at 100%, except for jointly controlled operations, reported at Group share. The share for these projects was €37 million at 30 June 2026 compared with €18 million at 30 June 2025.
(2) Sale of 100 units for €32 million including VAT.
Building permits (in number of units)
30/06/2026
30/06/2025 Chge.
Permit filings
4,893
3,998 +22%
Permits obtained
2,910
5,085 -43%
Building permit filings rose sharply in the first half of 2026 (+22%). The decrease in building permit approvals reflects the anticipation of the March 2026 municipal elections (accelerated permit approvals in 2025 ensured a sufficient supply throughout the election period).
Outlook
Offer
The sale offer is entirely made up of products adapted to new market conditions, both for first-time buyers and investors.
Offer
30/06/2026
30/06/2025 Chge.
In units
3,157
2,508 +26%
In € millions incl. VAT
892
766 +16%
The offer for sale increased both in volume (+26%) and value (+16%), and their level is satisfactory compared to the market.
Land options(1)
Land options
30/06/2026
30/06/2025 Chge.
In € millions incl. VAT
991
533 +86%
In units
4,733
2,484 +91%
During the first half of the year, Altarea increased its supply pace to support market demand within the strict framework of its prudential criteria of selectivity and profitability.
Land portfolio
In € million incl. VAT of potential revenue
30/06/2026
No. months
Land portfolio
No. of units
7,115
83
31,574
After a phase of adaptation to new market conditions, the project pipeline now consists of affordable, low-carbon and profitable operations in line with the Group's criteria.
Residential backlog(2)
The Residential backlog at 30 June 2026 was €2.4 billion excl. VAT, (vs. €2.2 billion excl. VAT at 31/12/2025).
Sale of the senior living residence management business(3)
In January 2026, Altarea divested its senior residences management business to Stella Management. This operation is part of the Group's strategy to respond sustainably to urban transformations while refocusing on its core real estate development activities.
(1) Signature of new land options.
(2) Revenue (excl. tax) from notarised sales to be recognised on a percentage-of-completion basis and individual and block new orders to be notarised.
(3) Sale of 100% of the companies Nohée, Sopregi and Sopregim, operating under the Nohée and Les Hespérides brands and representing 60 senior residences either in operation or under development.
-
Business Property (BP)
Altarea operates in the Business Property sector, both in the office and logistics markets, with a limited risk exposure and in various ways thanks to its highly diversified skill sets across the entire French territory.
Offices
In offices, Altarea acts as developer (off-plan sales, BEFA, PDC, or DPM(1)) and sometimes as a co-investor for certain assets to be repositioned.
Offices/Grand Paris
In the first half of 2026, the Group:
delivered the 185 rue Saint-Honoré (6,100 m²) building in Paris, leased to the international law firm Ashurst, which is establishing its Paris headquarters in this comprehensitvely refurbished prime building certified Bâtiment Durable (Sustainable Building) V4 (very good level);
delivered 3,000 m² of office space to its end user, completed under a CPI (Construction Project Management) agreement. These offices are located in a complex of five 18th-century town houses on rue Louis-le-Grand in Paris, which have been fully renovated (95%/5% partnership between JP Morgan and Altarea);
finalized the tenant works for the Bobigny Cœur de Ville project as part of a project management assignment;
continued the asbestos removal and decontamination work on Upper, the office renovation project above the Paris-Montparnasse train station (55,000 m²) developed in a 50/50 partnership with Caisse des Dépôts;
continued the work of a building Place de la Madeleine (21,000 m² in Paris) for Norges Bank, carried out under a Project Management Contract;
signed a project management contract for the restructuring of a 25,000 m² building on Avenue de Wagram in Paris;
Progressed the marketing of Landscape (a 70,200 m² building in La Défense developed for AltaFund, in which the Group holds a 30.3% stake). Occupancy has now reached 66% following the signing of a lease with SCC, a subsidiary of Nhood covering 2,700 m².
Offices/Regional cities
In the first half of 2026, Altarea:
delivered Mokusai (7,500 m²) in the Bordeaux Belvédère district, where the Caisse de Mutualité Sociale Agricole de la Gironde (Gironde Agricultural Social Security Fund) is establishing its departmental headquarters as an owner-occupier. The building offers office floors with accessible terraces from the 1st to the 6th floor, and 1,140 m² of landscaped outdoor areas designed to enhance employee well-being and user experience;
continued work on Ki in Lyon, a project carried out through a 50/50 partnership with Caisse d'Épargne Rhône-Alpes (CERA). Located in the immediate vicinity of Lyon Part-Dieu train station, Ki is a mixed-use development comprising 21,000 m² of office space, 85 apartments, 550 m² of retail and service space on the ground floor, and 3,000 m² of green spaces. Completion is scheduled for the first half of 2027;
construction has begun on La Manufacture in Clermont-Ferrand, a 12,000 m² mixed-use development including 8,700 m² of office space, 1,800 m² of retail space on the ground floor, and 1,500 m² of business premises, as well as on Le Lab in Nice, a 6,700 m² smart building connected to the Méridia district's Smart Grid and sold to SMABTP in 2025.
By the end of June 2026, the pipeline of secured projects under development in the Regions represents a cumulative surface area of approximately 134,000 m². These highly granular operations are expected to provide a recurring contribution to the Group's future earnings.
Logistics
In Logistics, the Group operates as a land and property developer, primarily focusing on large-scale platforms or hubs strategically located along the historical north-south corridor or the Atlantic coast. These platforms are mainly intended for distributors and e-commerce players and address increasingly demanding technical, regulatory, and environmental challenges.
Project Pipeline Progress
During the first half of 2026, the Group:
continued construction of the buildings comprising the final phase of the Bollène logistics hub, with delivery scheduled for the end of 2026 (75,000 m² pre-leased to Boulanger and sold to WDP);
continued the development of Ecoparc Côtière in La Boisse near Lyon (70,000 m²). The first phase, comprising a 56,000 m² logistics platform, was sold to DEOS (a CBRE subsidiary) at the end of 2024. Construction and leasing activities are currently underway for the second phase, comprising light industrial premises and office space.
By the end of June 2026, projects controlled or under development total 355,000 m², of which 220,000 m² have been granted building permits, cleared of all appeals (75,000 m² pre-leased).
Business Property backlog(2)
The Business Property backlog at end-June 2026 was
€89 million excluding VAT (compared with €124 million excluding VAT at year-end 2025).
(1) VEFA (off-plan sale), BEFA (off-plan lease), PDC (property development contract) and DPM (delegated project management).
(2) Revenue (excl. tax) from notarised sales not yet recognised according to percentage of completion, new orders pending notarised deeds (signed PDCs) and fees pending receipt from third parties under signed agreements.
-
New businesses
In its new businesses (photovoltaic infrastructure, data centers and real estate asset management), Altarea's strategy consists of controlling the operational value chain (investment in skills) while adopting an economic model adapted to each risk profile.
Photovoltaic Infrastructure
Altarea has built a dedicated team operating in France and Italy, enabling the Group to cover the entire operational value chain(1).
A comprehensive approach
The Group now offers a complete product range:
car park shading systems (particularly on its portfolio of managed shopping centres);
photovoltaic roofs on its own projects (particularly logistics warehouses);
photovoltaic roofs on industrial buildings;
ground-mounted solar power plants on brownfield sites (quarries, wasteland, landfill sites, etc.);
agrivoltaics on the ground or integrated into buildings (barns, sheds, greenhouses, etc.), either directly or through strategic partnerships.
Partnership with Crédit Agricole
During the first half of the year, Altarea finalised an agreement with several entities within the Crédit Agricole Group(2) covering
124.6 MWp of photovoltaic infrastructure. This partnership takes the form of a 25/75 joint venture (with Altarea retaining 25%) comprised of over 700 rooftop solar installations and a 7.1 MWp ground-mounted project developed by the Group.
Project pipeline
As of the end of June 2026, the photovoltaic project pipeline represents approximately 662 MWp secured(3), of which 145 MWp at a guaranteed price, and the balance under study.
Data centers
Mastering key strategic skills
In the data center market, the administrative process is particularly complex, relevant expertise is scarce, technological evolution is rapid, and value creation is fundamentally linked to the end user.
Altarea has assembled a specialized team covering all the expertise necessary for the development, construction, and operation of data centers.
The Group manages a portfolio of land suitable for hosting data centers of various types.
Hyperscale Data Centers
In the hyperscale segment (cloud or AI), access to electricity is critical. There are few potential end users who are predominantly American, thereby adding a geopolitical dimension to development risk. Altarea operates according to its land and financial strategies: selling land plots to end users and co-developing projects with global players specializing in hyperscale.
In this market, where investments are potentially substantial(4), Altarea only implements projects once they are secured and within the framework of financial and commercial partnerships compatible with its credit rating.
Local Data Centers (Colocation or Edge)
In this segment, Altarea primarily targets customers seeking to secure their data storage within France. Depending on the circumstances, this format can also meet the needs of hyperscalers looking for additional computing power (edge).
Key events of the period and pipeline
Hyperscale data centers
In February 2026, Altarea signed a partnership with Vantage Data Centers(5) for the design, marketing, and construction of a campus in the north of Bordeaux (Citadel project) on land owned by Altarea and holding a 400 MW electricity connection authorization. The launch of this project is contingent upon the signing of agreements with the end user.
Furthermore, Altarea owns a developed site in the Île-de-France region, holding a 120 MW electricity connection authorization (TFP(6)), for which conditional transfer agreements have been signed with a major digital company.
Local data centers (colocation or edge)
Altarea owns two operational data centers located near Rennes
(35). The first, located in Mordelles, with 1 MW of IT capacity and fully leased, was acquired from Groupama at the end of 2025. The second, developed by the Group in Noyal, with 3 MW of IT capacity(7), was inaugurated last October. During the first half of the year, the site obtained ISO 14001(8), ISO 50001(9) and ISO 27001(10) certifications, which enabled the company to kick-start its sales efforts and sign its first contracts. Advanced discussions are currently underway with several users who have expressed strong interest in utilizing significant capacity at the site.
The Group also holds a final building permit for a 7 MW IT facility in Vélizy-Villacoublay (78), which is currently being marketed. Construction began at the end of the first half of the year, with the aim of ensuring commissioning within 18 to 24 months. This
(1) Studies, feasibility assessments, design, land control/Administrative authorisations (construction, grid connection) and Financing/Commercialisation of the energy produced/Installation and commissioning/Operations, monitoring, maintenance, and recycling.
(2) Crédit Agricole Energies & Territoires Fund holding 50% and Crédit Agricole regional banks holding 25%. Altarea retaining 25%. Closing scheduled for 2026.
(3) Secured land or land under promise.
(4) Investments amount to around €10 million per MW IT for infrastructure, plus around €20 million per MW IT invested by the end user.
(5) Vantage Data Centers is a global leader in digital infrastructure, serving the world's most influential AI and cloud providers, with more than 40 hyperscale campuses and 9 GW of power capacity.
(6) Technical and financial proposal: corresponds to an authorization for electrical connection for a given power.
(7) Electrical power dedicated exclusively to the IT equipment of the data center (servers, storage, networks, processors, etc.). This is the power actually available for IT loads, excluding needs related to cooling, auxiliary electrical systems or building infrastructure.
(8) International environmental management standard certifying the existence of a system for managing and continuously improving environmental impacts.
(9) International energy management standard certifying the existence of a system for managing and continuously improving energy performance.
(10) International standard for information security management certifying the existence of a risk management system related to the protection of data and information systems.
will allow the site to meet the time constraints of interested clients, with whom active discussions are ongoing.
Altarea has also secured, through options or commitments, numerous plots of land on which its teams are working to accommodate data centers of all format.
Real estate asset management
Real estate asset management encompasses two complementary strategies:
retail real estate savings, managed by the Group's asset management company, Altarea Investment Managers, through the SCPI Alta Convictions, an SRI-labelled fund positioned to benefit from the new real estate cycle.
As of 30 June 2026, the SCPI held 19 assets with a market capitalization exceeding €130 million. In line with its geographic and sector diversification strategy, it recently completed three new acquisitions of business and specialized logistics properties (an industrial asset in Bilbao, Spain; a logistics warehouse near Lyon; and business premises near Limoges);
the institutional market adressed through the ATREC (Altarea Tikehau Real Estate Credit) real estate debt fund, launched in partnership with Tikehau Capital and capitalized by the two sponsors and institutional investors.
ATREC supports financing and refinancing transactions backed by real estate assets with strong operational fundamentals.
The first transactions were completed in France and Europe on diversified underlying assets, including prime mixed portfolios and commercial, logistics, and residential real estate.
-
Retail
-
Environmental performance
-
European Taxonomy Alignment
A key indicator for Altarea
The European taxonomy(1) is a classification system that defines environmentally sustainable economic activities. It defines uniform criteria for each sector to assess their contribution to the six environmental objectives of the European Commission.
Altarea is a pioneer in measuring its environmental performance. The taxonomy alignment rate of its consolidated revenue has become a key performance indicator for measuring the sustainability of its operating model due to its multi-criteria nature.
The taxonomy analysis grid makes it possible to highlight the Group's work over many years to guarantee the environmental quality of its commercial assets and property development projects.
Altarea has integrated this indicator into its strategic roadmap, setting itself the objective of achieving, and now maintaining, revenue that is largely aligned with the taxonomy(2). Taxonomy alignment objectives have also been integrated into employee and Management compensation(3).
All corporate bank loans (signed or renewed) include a revenue alignment clause with the taxonomy.
Altarea methodology
Altarea analyses the alignment of its revenue at the level of project or asset(4).
To be considered aligned, each project or asset contributing to revenue must be studied in light of six families of environmental criteria(5): Climate change mitigation (Energy), Climate change adaptation (Climate), Sustainable use and protection of water and marine resources (Water), Transition to a circular economy, Pollution prevention and control, Protection and restoration of biodiversity and ecosystems, themselves made up of several analytical sub-criteria(6).
In recent years, Altarea has deployed significant resources to ensure the digitised collection, control and standardised referencing of several thousand documents to justify the alignment of the programmes analysed and to ensure a reliable audit trail. The Group has carried out specific work on certain particularly demanding criteria: energy, circular economy and pollution(7).
Results
Revenue alignment: 74.0%(8)
(€ millions)
Construction
Renovation
Ownership
Group
Consolidated revenue
640.6
88.1
138.8
867.5
Aligned revenue
473.9
75.6
92.1
641.6
% of revenue aligned
74.0%
85.8%
66.4%
74.0%
For the first half of the year 2026, the alignment rate for consolidated revenue was 74.0% (72.4% in the first half of 2025).
(1) See CSRD-compliant sustainability report.
(2) In 2025, Altarea was one of the eight French companies to submit a "Say on Climate" resolution at its General Shareholders' Meeting. Source: French "Say on Climate" report published by the Forum for Responsible Investment.
(3) Notably through the Group Profit-Sharing Agreement and in the variable remuneration criteria for Management (Say on Pay).
(4) This corresponds to a project (building or group of buildings) for the development and to a centre managed, co-managed or owned by the REIT. Over the period, 267 transactions/assets studied with comprehensive supporting documentation were analysed and considered aligned.
(5) One criterion of "substantial contribution" and five criteria of "do no significant harm" ("DNSH"). The number and nature of the criteria vary according to each activity, with a minimum number of two (a substantial contribution criterion and a DNSH criterion).
(6) For example, climate change mitigation composed of four sub-criteria: primary energy consumption, airtightness and thermal integrity, life cycle analysis of a building (design, construction, operation and demolition) and energy management.
(7) Altarea carried out a specific check on a representative sample of the products and materials used in the construction of its projects to ensure that its suppliers were not using hazardous products within the meaning of the REACH regulation and had the whistleblowing processes in place checked by a specialised firm. This is updated annually.
(8) Revenue for the period is eligible for the European taxonomy under the activities "7.1. Construction of new buildings", "7.2. Renovation of existing buildings" and "7.7. Acquisition and ownership of buildings". The taxonomy eligibility rate for the period is 98%, (representing €847 million eligible revenue).
-
European Taxonomy Alignment
-
Financial performance
-
Consolidated results
As of 30 June 2026, revenue amounted to €867.5 million (vs. €954.7 million as of 30 June 2025), a decrease of -9.1%.
Recurring net income Group share (FFO(1)) increased significantly (+39.2%) to €86.6 million (vs. €62.2 million as of 30 June 2025).
Consolidated net income after changes in value and calculated expenses(2) amounted to €78.5 million, of which €36.9 million in Group share. (vs. €9.5 million as of 30 June 2025).
(€ millions)
Retail
Residential
Business Property (BP)
New businesses
Other (corporate)
Funds from operations
(FFO)
Changes in
value, estimated expenses and transaction
costs
Total
Revenue
136.0
688.9
41.6
1.0
0.1
867.5
-
867.5
Change vs. 30/06/2025
-7.3%
-6.0 %
-41.6%
na
na
-9.1%
-9.1%
Net rental income
109.8
-
-
-
-
109.8
-
109.8
Net property income
1.0
63.9
3.6
15.0
-
83.5
(3.7)
79.8
External services
13.2
9.4
2.4
1.0
0.1
26.0
-
26.0
Net income
124.0
73.4
5.9
15.9
0.1
219.3
(3.7)
215.6
Change vs. 30/06/2025
-4.1%
21.7 %
-92.0%
na
na
+3.5%
na
Own work capitalised and production held in inventory
4.3
52.8
3.1
-
-
60.2
-
60.2
Operating expenses
(21.4)
(78.1)
(5.5)
(8.1)
(5.4)
(118.5)
(12.5)
(131.0)
Net overhead expenses
(17.1)
(25.3)
(2.4)
(8.1)
(5.4)
(58.3)
(12.5)
(70.8)
Share of equity-method affiliates
2.9
0.5
(1.3)
0.2
-
2.3
(10.0)
(7.7)
Change in values, calculated expenses and transaction costs - Retail
(1.4)
(1.4)
Calculated expenses and transaction costs
- Residential
(5.1)
(5.1)
Calculated expenses and transaction costs
- Business property
1.0
1.0
Calculated expenses and transaction costs - New businesses
(9.1)
(9.1)
Others
(0.5)
0.5
-
(4.9)
(4.9)
Operating income
109.8
48.6
2.2
7.6
(4.9)
163.2
(45.8)
117.5
Change vs. 30/06/2025
-3.4%
x2.0
-85.9%
na
na
+17.8%
Cost of net debt
(16.5)
(2.3)
(18.7)
Other financial results
(14.9)
(2.1)
(17.0)
Gains/losses in the value of fin. instruments
-
(2.5)
(2.5)
Gains or losses on disposals of equity interests
-
0.4
0.4
Corporate income tax
(1.0)
(0.1)
(1.2)
NET INCOME
130.9
(52.4)
78.5
Non-controlling interests
(44.3)
2.7
(41.6)
NET INCOME, GROUP SHARE
86.6
(49.7)
36.9
Change vs. 30/06/2025
+39.2%
Diluted average number of shares
23,765,742
NET INCOME PER SHARE, GROUP SHARE (IN €)
3.64
Change vs. 30/06/2025
+31.5%
(1) Funds from operations (FFO): net income excluding changes in value, estimated expenses, transaction costs and changes in deferred tax. Group share.
(2) Depreciation, amortisation and provisions, changes in the value of financial instruments and investment properties, free share allocation costs, retirement benefits, IFRS 5, transaction costs and other estimated expenses.
Revenue
At 30 June 2026, consolidated revenue was €867.5 million, down by -9.1% compared to 30 June 2025:
in Retail, the -7.3% decrease in revenue to €136.0 million is linked to third-party development activity, which had been strong in the first half of 2025. Rental income remained stable at €121.8 million;
in Residential, revenue decreased by -6.0% to €688.9 million (vs. €733 million in H1 2025) due to the continued phasing out of the contribution from older generation projects. New generation projects continue to gain momentum and accounted for 72% of revenue from new generation offer in the first half of 2026 (compared to 14 % in 2024 and 50 % in 2025). Revenue from the rehabilitation segment amounted to
€24,8 million (vs. €24.5 million in the first half of 2025);
in Business Property, revenue was €41.6 million, compared to €71,3 million in H1 2025, linked to a decrease in activity, particularly in CPI.
Operating income (FFO)
FFO(1) increased +17.8% to €163.2 million (vs. €138.6 million in H1 2025). It is composed of:
€109.8 million in Retail (vs. €113,7 million). This decrease is entirely due to third-party development activities. Net rental income increased by +0.5%;
€48.6 million in Residential (vs. €23.7 million). The significant increase stems from the ramp-up of new-generation residential projects with satisfactory margins;
€2.2 million in Business Property (vs. €15.3 million). In the absence of major transactions, the decrease in FFO operating income reflects the lower contribution of current business both in the Île-de-France region and in other regions;
€7.6 million in New businesses (vs. €-4.4 million). H1 2026 was marked by the transaction with the Crédit Agricole group regarding photovoltaic infrastructure, which contributed
€15.0 million. Real estate asset management is virtually at break-even this half, and the costs of developing the data center business have been fully expensed.
Overall, the Group's operating margin(2) reached 18.8% (compared to 14.5 % in H1 2025).
Funds from operations (FFO)
FFO Group share was €86.6 million, up +39.2%.
Financing expenses (cost of net debt of €-16.5 million and other financial results of €-14.9 million) decreased slightly due to the combined effect of changes in the Group's financing mix, its associated hedging, and cash investments.
The income tax expense was -€1.0 million, stable compared to the first half of 2025, and remains low due to tax losses carried forward.
On a per-share basis, FFO amounted to €3.64 (+31.5%) after the dilutive impact related to the creation of 1,405,770(3) new shares in 2026 .
Consolidated net income
Consolidated net income after changes in value and calculated expenses(4) amounted to €78.5 million, of which €36.9 million in Group share (vs. €9.5 million in H1 2025).
(1) Funds from operations (FFO): net income excluding changes in value, estimated expenses, transaction costs and changes in deferred tax. Group share.
(2) Operating income FFO as a percentage of consolidated Group revenue.
(3) Including 1,222,192 new shares as part of the partial dividend payment in shares, 174,192 new shares as part of the free shares delivered to employees and 9,386 as part of the FCPE.
(4) Depreciation, amortisation and provisions, changes in the value of financial instruments and investment properties, free share allocation costs, retirement benefits, IFRS 5, transaction costs and other estimated expenses.
-
Net asset value (NAV)
Going concern NAV (fully diluted)(1) at to €100.3/share
NAV-Group
30/06/2026
31/12/2025
(€ millions)
Chge
€/share
Chge
(€ millions)
€/share
Consolidated equity, Group share
1,509.0
-8.0%
64.6
-8.2%
1,640.0
70.4
Other unrealised capital gains
677.7
625.5
Deferred tax on the balance sheet for non-SIIC assets(a)
27.1
25.5
Fixed-rate market value of debt
21.8
22.4
Effective tax for unrealised capital gains on non-SIIC
(20.1)
(18.7)
Optimisation of transfer duties(b)
67.2
74.3
General partners' share(c)
(11.7)
(12.1)
NNNAV (NAV liquidation)
2,271.1
-3.6%
97.2
-3.9%
2,356.9
101.1
Estimated transfer duties and selling fees
73.8
65.2
General partners' share(c)
(0.4)
(0.3)
GOING CONCERN NAV (FULLY DILUTED)
2,344.5
-3.2%
100.3
-3.5%
2,421.8
103.9
Number of diluted shares
23,371,012
23,302,605
International assets.
Depending on disposal method (asset deal or securities deal).
Maximum dilution of 120,000 shares.
The going concern net asset value (fully diluted) increased slightly to €2,344.5 million compared to €2,421.8 million in 2024. On a per-share basis, the NAV is down -3.5% to €100.3.
1.3.2.2 Change in NAV
Going concern NAV (fully diluted)
(in €m)
(€/share)
NAV 31 December 2025
2,421.8
103.9
Dividend
(189.2)
(8.0)
NAV 31 December 2025 excluding dividend
2,232.6
95.9
H1 2026 FFO Group share
86.6
3.6
Change in value - Property development
36.3
1.6
Change in value - Retail
4.8
0.2
Financial instruments and fixed-rate debt
(3.1)
(0.1)
Other and transaction costs(a)
(3.4)
(0.9)
NAV 30 JUNE 2026
2,344.5
100.3
vs. 31 December 2025 excluding dividend
+5.0%
+4.6%
vs. 31 December 2025
(a) Of which free shares charges, depreciation and amortisation, partners' share.
-3.2%
-3.5%
The NAV falls of €-3.6 per share at €100.3, after the ex-dividend of €8.0 per share (€189.2 million).
(1) Market value of equity view of maintaining the Group's activity and considering the potential dilutive effect resulting from the partnership limited by shares (SCA) status.
Calculation principles
Asset valuation
Investment properties
Property assets are represented at their appraised value in the Group's IFRS statements (Investment properties).
Retail assets are valued by multiple appraisers. The breakdown of the valuation of the assets by experts is detailed below:
Appraiser
Portfolio
% of value, incl. transfer duties
Jones Lang LaSalle
France
30%
Cushman & Wakefield
France & International
30%
CBRE
France & International
32%
Others
France & International
8%
The appraisers use two methods:
discounted cash flow (DCF method), including exit value at the end of the period;
capitalisation of net rental income, based on a yield rate that takes into account the site's characteristics and rental income (including variable rent and market rent of vacant premises, adjusted for all charges borne by the owner).
These valuations are conducted in line with the criteria set out in the Red Book - Appraisal and Valuation Standards, published by the Royal Institution of Chartered Surveyors. The surveyors' assignments were all carried out in accordance with the recommendations of the COB/AMF Barthès de Ruyter Report and fully comply with the instructions of the Appraisal Charter of Real Estate Valuation (Charte de l'Expertise en Évaluation Immobilière) updated in 2017. Experts are paid at lump-sum fee based on the size and complexity of the appraised properties. Fee is therefore totally independent of the results of the appraisal.
Other assets
The unrealised capital gains on other assets consist of:
the Residential and Business Property Development divisions (Cogedim, Histoire & Patrimoine, Logistics); and
the Retail Asset Management (Altarea France) and Business Property (Altarea Entreprise Management) divisions.
These assets are appraised once a year by external appraisers on annual closing: Retail Asset Management (Altarea Commerce France), the Property Development division (Residential and Business Property) and the Business Property Asset management division are valued by appraisers Accuracy.
The method used by Accuracy is the discounted cash flow method (DCF) in conjunction with a terminal value based on normalised cash flow. Accuracy provides a range of values calculated using different scenarios. In addition to its DCF valuation, Accuracy also provides a valuation based on listed peer group comparable.
The value applied by Altarea based on the information supplied by Accuracy is value in use.
Tax
Because of its status as a French REIT (SIIC), the majority of Altarea's assets are not subject to capital gains tax, with the exception of a limited number of assets which are not SIIC-eligible due to their ownership structure, and of assets owned outside France. For these assets, capital gains taxes on disposals are deducted directly from the consolidated financial statements at the standard tax rate in the host country, based on the difference between the market value and taxes value of the property assets.
Altarea took into account the ownership structure of non-SIIC assets to determine Going Concern NAV after tax, since the tax considered in Going Concern NAV reflects the tax that would effectively be paid if the shares of the Company were sold or if the assets were sold building by building.
Transfer taxes
In the IFRS consolidated financial statements, investment properties are recognised at fair value excluding transfer taxes. To calculate Going Concern NAV, however, transfer duties were added back in the same amount. In Altarea's NAV, duties are deducted either based on a transfer of shares or on a building by building basis depending on the legal structure that holds the asset.
General partners' share
The general partners' share represents the maximum dilution provided for under the Group's Articles of Association in the event of liquidation of the limited partnership (where the general partner would be granted 120,000 shares).
-
Financial resources
Major events
In H1 2026, the Group extended the average duration of its revolving credit facility (RCF) portfolio (average maturity exceeding 3 years) by renewing four credit lines for a total of €275 million for a further 5 years, under improved financial terms. As of the date of publication, the Group has no RCF maturities in 2027.
In July 2026, the Group also strengthened its consolidated equity by €111.1 million, including €110.0 million through the partial payment of the 2025 dividend in shares (creation of 1,229,831 new shares) and €1.2 million through a capital increase reserved for the employee shareholding fund (creation of 13,439 new shares).
Available cash
At 30 June 2026, Altarea had available cash(1) of €1,883 million (vs. €2,039 million at 31 December 2025).
Available (€ millions)
Cash
Unused credit lines
Total
At Corporate level
161
1,305
1,465
At project level
258
159
417
TOTAL
419
1,464
1,883
Unused corporate credit lines correspond to undrawn RCF lines. No RCF lines were in use as of 30 June 2026, and as of the date of publication.
Short and medium-term financing
The Group has two NEU CP programs (maturity of one year or less) and two NEU MTN programs (maturity of more than one year) for the companies Altarea and Altareit. As of 30 June 2026, the outstanding balance of the Altareit NEU CP program was €121 million. Net of outstanding NEU CP, the Group's available liquidity amounted to €1,762 million.
Net debt(2)
Change in net debt over the period
Net debt decreased by €-37 million to €1,865 million (compared to €1,902 million at the end of 2025).
In € million
NET DEBT AT 31 DECEMBER 2025
1,902
FFO H1 2026
(86.6)
Retail
27
Business Property
69
New Businesses
(65)
Residential WCR
6
Others
12
NET DEBT AT 30 JUNE 2026
1,865
During the period, the Group continued its investments in Retail (Paris-Austerlitz Station), Office (Saint-Honoré, Upper), and Logistics (Bollène).
The decline in New businesses activities stems primarily from the Crédit Agricole partnership (photovoltaic infrastructure), which more than covered the ongoing investments.
Working capital requirements in the Residential sector remained stable over the six-month period.
Net debt structure and duration
(€ millions)
30/06/2026
31/12/2025
Corporate and bank debt
247
377
Credit markets
1,237
1,254
Mortgage debt
560
560
Debt on property development
88
87
Debt on photovoltaic projects
10
7
Total gross debt
2,143
2,286
Cash and cash equivalents
(278)
(384)
TOTAL NET DEBT
1,865
1,902
At 30 June 2026, the average duration of net debt was 2 years and 8 months, compared to against 3 years and 1 month at 31
December 2025.
(1) Amounts at 100%.
(2) Net bank and bond debt.
Long-term debt by maturity
The chart below (in € millions) presents the Group's long-term debt(1) by maturity.
355
-
Consolidated results
450
300
300
174
131
0
13
61
900
800
700
600
500
400
300
200
100
50 | 71 | |||||
2026 | 2027 | 2028 | 2029 | 2030 | 2031 | > 2031 |
0
Mortgage Corporate Bond holderThe €355 million mortgage due in 2028 is backed by the CAP3000 shopping center (Saint-Laurent-du-Var), the 2030 mortgage by the Qwartz shopping center (Villeneuve-la-Garenne), and the 2031 mortgage by the Sant Cugat shopping center (Barcelona).
All other consolidated assets of the Group are mortgage-free.
Hedging: nominal and average rate
Altarea benefits from a significant interest rate hedging position reflecting the Group's overall risk management policy.
Outstanding at year-end (€ millions) | Fixed-rate debt | Fixed rate hedges(a) | Fixed-rate position(b) | Average hedge ratio(c) |
2026 | 1,050 | 1,510 | 2,510 | 1.11% |
2027 | 1,050 | 1,509 | 2,559 | 1.11% |
2028 | 600 | 946 | 1,546 | 1.73% |
2029 | 600 | 745 | 1,345 | 1.57% |
2030 | 300 | 395 | 694 | 2.10% |
2031 | 0 | 303 | 303 | 1.76% |
Interest rate swaps and caps.
After hedging, prorata consolidation.
Average hedging rate and average swap rate on fixed-rate debt (mid-swap rate at the pricing date of each bond, excluding credit spreads).
Average gross cost of debt: 2.20% (+19 bp)
The average cost of gross debt was 2.20% at the end of 2025 (vs 2.01% at 31 December 2025). The Group continued to benefit from the positive impact of its interest rate hedging position and the investment products of its cash.
(1) At date of publication and excluding short-term and Property Development financing.
Capital structure, ratios and covenants
Loan to Value (LTV)
(€ millions)
31/12/2025
31/12/2024
Gross debt
2,143
2,286
Cash and cash equivalents
(278)
(384)
Consolidated net debt
1,865
1,902
Retail at value (FC)(a)
3,915
3,898
Retail at value (EM securities), other(b)
209
213
Investment properties valued at cost(c)
167
150
Business Property investments(d)
253
194
Enterprise value of Property Development(e)
1,467
1,385
New businesses
316
295
Market value of assets
6,327
6,136
LTV RATIO
29.5%
31.0%
Market value (including transfer taxes) of shopping centres in operation recognised according to the fully consolidated method.
Market value (including transfer taxes) of shares of equity-method affiliates carrying shopping centers and other retail assets.
Net carrying amount of investment properties in development valued at cost.
Market value (including transfer taxes) of shares in equity affiliates holding investments and other Business Property assets.
Residential and Business Property (Offices and Logistics).
Uses - resources
The allocation of the Group's capital employed varies according to the real estate cycles, with the Retail REIT taking the largest share, 68% of all capital employed. The Group's balance sheet is strongly capitalised and net bank and bond debt makes up 29.5% of total financial resources.
30/06/2026
31/12/2025
Retail REIT
4,291 68 %
4,262 69 %
Residential Development
1,242 19 %
1,111 18 %
Offices
372 6 %
295 5 %
Logistics
105 2 %
173 3 %
New businesses
316 5 %
295 5 %
TOTAL Consolidated Capital Employed
6,327 100 %
6,136 100 %
Economic equity
3,863 61 %
3,975 65 %
o/w net asset value, Group share
2,344
2,422
o/w non-controlling shareholders' net asset value
1,519
1,553
Net bank and bond debt
1,865 29.5 %
1,902 31 %
Debt to shareholders(a)
245 4 %
- - %
Other liabilities(b)
353 6 %
259 4 %
TOTAL Consolidated Resources
6,327 100 %
6,136 100 %
(a) Including €189.2 million from Altarea SCA shareholders. (b) IFRS 16 and others.
Credit ratios
Covenant
30/06/2026
31/12/2025
Delta
LTV(a)
≤ 60%
29.5%
31.0%
-150 bps
ICR(b)
≥ 2.0x
9.9x
8.1x
+1.8x
LTV (Loan to Value) = Net bond and bank debt/Restated value of assets including transfer duties.
ICR (Interest Coverage Ratio) = Operating income/Net borrowing costs (column "funds from operations").
At 30 June 2026, the Net Debt/EBITDA(1) ratio was 5.7x against 6.3x at end-2025 and the ratio of Net Debt/Net Debt + Equity (Enterprise Value) was 39.0% against 38.2% at end-2025. Neither of these two ratios constitutes a bank covenant for the Group.
Debt rating
In March 2026, S&P Global confirmed Altarea's long-term credit rating at "BBB−" (investment grade) with a stable outlook, as well as that of its subsidiary Altareit, which specializes in property development.
(1) Net bond and bank debt/FFO on a rolling 12-month basis.
CONSOLIDATED FINANCIAL STATEMENTS AT 30 JUNE 2026
FINANCIAL STATEMENTS 22
Consolidated balance sheet 22
Statement of consolidated comprehensive income 24
Other comprehensive income 25
Consolidated cash flows statement 26
Changes in consolidated equity 27
NOTES - CONSOLIDATED INCOME STATEMENT 28
OTHER INFORMATION ATTACHED TO 29
THE CONSOLIDATED FINANCIAL STATEMENTS
-
Financial statements
Consolidated balance sheet
(€ millions)
Note
30/06/2026
31/12/2025
Non-current assets
5,192.4
5,098.7
Intangible assets
7.2
345.4
345.5
o/w Goodwill
235.0
235.0
o/w Brands
99.0
99.0
o/w Customer relationships
0.1
0.5
o/w Other intangible assets
11.4
11.0
Property, plant and equipment
7.3
184.4
158.7
Right-of-use on tangible and intangible fixed assets
7.4
93.2
100.3
Investment properties
7.1
4,089.5
4,056.2
o/w Investment properties in operation at fair value
3,658.3
3,642.7
o/w Investment properties under development and under construction at cost
173.5
156.6
o/w Right-of use on Investment properties
257.7
257.0
Securities and investments in equity affiliates
4.5
368.0
352.4
Non-current financial assets
4.6
45.6
18.8
Deferred taxes assets
5.3
66.2
66.9
Current assets
2,495.1
2,859.7
Net inventories and work-in-progress
7.5
910.7
907.8
Contract assets
7.5
381.6
453.3
Trade and other receivables
7.5
844.6
841.0
Income credit
5.4
4.5
Current financial assets
4.6
19.9
19.5
Derivative financial instruments
8
54.9
59.0
Cash and cash equivalents
6.2
277.9
383.5
Assets held for sale
4.4
0.0
190.9
TOTAL ASSETS
7,687.5
7,958.4
Statement of consolidated comprehensive income(€ millions)
Note
30/06/2026
31/12/2025
Equity
2,912.1
3,076.7
Equity attributable to Altarea SCA shareholders
1,509.0
1,640.0
Share capital
6.1
357.1
356.1
Other paid-in capital
143.2
275.3
Reserves
971.8
1,000.2
Income associated with Altarea SCA shareholders
36.9
8.4
Equity attributable to non-controlling interests in subsidiaries
1,403.1
1,436.8
Reserves associated with non-controlling interests in subsidiaries
1,138.1
1,150.2
Other equity components, Subordinated Perpetual Notes
223.5
223.5
Income associated with non-controlling interests in subsidiaries
41.6
63.1
Non-current liabilities
2,440.4
2,448.0
Non-current borrowings and financial liabilities
6.2
2,320.8
2,327.8
o/w Participating loans and advances from associates
71.5
61.8
o/w Bond issues
1,046.1
1,045.4
o/w Borrowings from credit establishments
855.1
865.2
o/w Lease liabilities
94.4
102.4
o/w Contractual fees on investment properties
253.8
252.9
Long-term provisions
6.3
53.4
58.2
Deposits and security interests received
52.2
49.7
Deferred tax liability
5.3
14.0
12.3
Current liabilities
2,335.0
2,433.7
Current borrowings and financial liabilities
6.2
385.2
508.8
o/w Bond issues
69.2
67.3
o/w Borrowings from credit establishments
35.8
159.2
o/w Negotiable European Commercial Paper
121.0
141.0
o/w Bank overdrafts
15.5
7.8
o/w Advances from Group shareholders and partners
119.2
108.6
o/w Lease liabilities
20.7
20.8
o/w Contractual fees on investment properties
3.9
4.1
Derivative financial instruments
8
2.4
1.8
Contract liabilities
7.5
95.7
106.6
Trade and other payables
7.5
1,606.0
1,711.6
Tax due
0.3
1.9
Debts owed to Altarea SCA shareholders and minority shareholders of subsidiaries
245.4
0.0
Liabilities and equity held for sale
4.4
0.0
103.0
TOTAL LIABILITIES
7,687.5
7,958.4
(€ millions)
Note
30/06/2026
31/12/2025
30/06/2025
Rental income
121.8
246.2
122.2
Property expenses
(2.9)
(7.7)
(4.4)
Unrecoverable rental expenses
(5.9)
(11.1)
(5.1)
Expenses re-invoiced to tenants
33.6
65.6
33.4
Rental expenses
(39.5)
(76.7)
(38.6)
Other expenses
0.8
1.7
1.1
Net charge to provisions for current assets
(3.9)
(8.9)
(4.5)
Net rental income
5.1
109.8
220.2
109.3
Revenue
719.7
1,772.4
801.8
Cost of sales
(638.8)
(1,621.0)
(707.9)
Selling expenses
(17.9)
(50.6)
(24.8)
Net charge to provisions for current assets
2.2
(21.4)
2.4
Amortisation of customer relationships
(0.4)
(0.8)
(0.4)
Net property income
5.1
64.8
78.6
71.0
External services
26.0
57.0
30.8
Own work capitalised and production held in inventory
60.2
135.8
54.0
Personnel costs
(98.6)
(230.0)
(109.3)
Other overhead expenses
(30.2)
(60.6)
(30.6)
Depreciation expenses on operating assets
(13.3)
(29.1)
(14.9)
Net overhead expenses
(55.9)
(126.9)
(69.9)
Other income and expenses
(2.3)
14.3
0.9
Depreciation expenses
(5.2)
(7.4)
(2.8)
Transaction costs
(2.1)
(2.2)
(1.0)
Others
(9.6)
4.7
(2.9)
Proceeds from disposal of investment assets
0.0
0.0
0.0
Carrying amount of assets sold
0.0
0.0
0.0
Net gain/(loss) on disposal of investment assets
0.0
0.0
0.0
Change in value of investment properties
7.1
1.0
(25.7)
(2.0)
Net impairment losses on investment properties measured at cost
0.0
(2.4)
(2.4)
Net impairment losses on other non-current assets
(0.9)
2.7
2.0
Net charge to provisions for risks and contingencies
3.3
5.3
0.2
OPERATING INCOME BEFORE THE SHARE OF NET INCOME OF EQUITY AFFILIATES
112.6
156.4
105.1
Share in earnings of equity-method affiliates
4.5
(7.7)
(4.7)
(4.7)
OPERATING INCOME AFTER THE SHARE OF NET INCOME OF
EQUITY AFFILIATES
104.8
151.7
100.4
Cost of net debt
5.2
(18.7)
(42.1)
(19.1)
Financial expenses
(44.9)
(105.1)
(54.5)
Financial income
26.2
63.0
35.4
Other financial results
5.2
(17.0)
(35.3)
(18.3)
Change in value and income from disposal of financial instruments
5.2
(2.5)
(12.6)
(14.5)
Net gain/(loss) on disposal of investments
13.0
(1.9)
(0.1)
Profit before tax
79.6
59.8
48.5
Corporate income tax
5.3
(1.2)
11.7
(2.3)
NET INCOME
78.5
71.5
46.2
o/w Attributable to shareholders of Altarea SCA
36.9
8.4
9.5
o/w Attributable to non-controlling interests in subsidiaries
41.6
63.1
36.7
Average number of non-diluted shares(a)
23,358,009
22,753,212
22,137,397.0
OF ALTAREA SCA (€)
5.4
1.58
0.37
0.43
Diluted average number of shares(a)
23,765,742
23,135,752
22,559,755.0
DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO
SHAREHOLDERS OF ALTAREA SCA (€)
5.4
1.55
0.36
0.42
(a) In accordance with IAS 33, the weighted average number of shares (diluted and undiluted) is adjusted retrospectively to take into account the capital increases that took place in January and March 2026 to allow the delivery of free shares.
Other comprehensive incomeConsolidated cash flows statement(€ millions)
30/06/2026
31/12/2025
30/06/2025
NET INCOME
78.5
71.5
46.2
Actuarial differences on defined-benefit pension plans
1.2
1.6
0.9
Fair value gains/losses on investments - OCI
0.8
o/w Taxes
(0.3)
(0.5)
(0.2)
Subtotal of non-recyclable elements of the overall result
2.0
1.6
0.9
OTHER COMPREHENSIVE INCOME (OCI)
2.0
1.6
0.9
COMPREHENSIVE INCOME
80.5
73.1
47.1
o/w Net comprehensive income attributable to Altarea SCA shareholders
38.9
10.0
10.4
o/w Net comprehensive income attributable to non-controlling interests in subsidiaries
41.6
63.1
36.7
(€ millions)
Note
30/06/2026
31/12/2025
30/6/2025
Cash flow from operating activities
Total consolidated net income
78.5
71.5
46.2
Elimination of income tax expense (income)
5.3
1.2
(11.7)
2.3
Elimination of net interest expense (income) and dividends
5.2
35.8
77.2
37.3
Net income before tax and before net interest expense (income)
115.4
137.1
85.9
Elimination of share in earnings of equity-method affiliates
4.5
7.7
4.7
4.7
Elimination of depreciation and impairment
16.7
33.8
19.6
Elimination of value adjustments
7.1/5.2
1.4
40.8
18.9
Elimination of net gains/(losses) on disposals(a)
(14.5)
(1.9)
(0.4)
Estimated income and expenses associated with share-based payments
6.1
8.7
14.8
6.4
Net cash flow
135.5
229.2
135.1
Tax paid
(2.5)
(1.3)
(1.7)
Impact of change in operational working capital requirement (WCR)
7.5
(35.4)
(92.5)
(184.7)
CASH FLOW FROM OPERATING ACTIVITIES
97.6
135.4
(51.3)
Cash flow from investment activities
Net acquisitions of assets and capitalised expenditures
7.1
(61.4)
(172.9)
(71.4)
Gross investments in equity affiliates
4.5
(45.5)
(28.7)
(20.3)
Acquisitions of consolidated companies, net of cash acquired
4.3
-
(0.1)
0.0
Other changes in Group structure
-
12.7
12.6
Increase in loans and advances
(12.5)
(14.5)
0.3
Sale of non-current assets and reimbursement of advances and down payments(a)
7.7
0.3
0.3
Disposals of equity affiliates
4.5
0.2
9.5
5.9
Disposals of consolidated companies, net of cash transferred
6.4
4.7
4.8
Reduction in loans and other financial investments
14.8
35.5
20.6
Net change in investments and derivative financial instruments
5.2
-
(33.5)
(6.8)
Dividends received
2.5
8.5
3.8
Interest income on loans
26.9
67.4
38.7
CASH FLOW FROM INVESTMENT ACTIVITIES
(60.8)
(111.0)
(11.7)
Cash flow from financing activities
Capital increase(b)
-
102.5 0.0
Share of non-controlling interests in the capital increase of subsidiaries(c)
25.0
0.6
0.2
Dividends paid to Altarea SCA shareholders
6.1
-
(179.1)
0.2
Dividends paid to minority shareholders of subsidiaries
(0.6)
(95.4)
0.1
Issuance of borrowings and other financial liabilities
6.2
776.1
880.2
168.4
Repayment of borrowings and other financial liabilities
6.2
(879.1)
(967.8)
(454.2)
Repayment of lease liabilities
6.2
(9.4)
(19.7)
(9.7)
Net sales (purchases) of treasury shares
6.1
(5.8)
0.7
0.6
Net change in security deposits and guarantees received
2.1
0.9
0.6
Interest paid on financial debts
(58.5)
(144.9)
(76.3)
CASH FLOW FROM FINANCING ACTIVITIES
(150.1)
(422.1)
(370.2)
CHANGE IN CASH BALANCE
(113.3)
(397.6)
(433.2)
Cash balance at the beginning of the year
6.2
375.7
775.5
775.5
Cash reclassified under IFRS 5
-
(2.1)
778.9
Cash balance at period-end
6.2
262.5
375.7
342.3
Cash and cash equivalents
277.9
383.5
357.7
Bank overdrafts
(15.5)
(7.8)
(15.4)
Gains/losses on disposals included in the calculation of net cash flow are presented net of transaction costs. Likewise, disposals of property assets are presented net of transaction costs in the cash flow from investment activities.
Capital increase linked to the employee shareholding fund (FCPE) and option to receive the dividend in shares in the second half of 2025.
Capital dilution following the Vantage group's investment in companies developing data center projects.
(€ millions(
Share Capital
Other paid-in
capital
Elimination of treasury shares
Reserves and
retained earnings
Equity attributable to
Altarea SCA shareholders
Equity attributable to non-controlling interests in subsidiaries
Equity
AS OF 1 JANUARY 2025
334.6
330.7
(0.7)
1,029.7
1,694.3
1,468.6
3,162.9
Net income
-
-
-
9.5
9.5
36.7
46.2
Actuarial difference relating to pensions obligations
-
-
-
0.9
0.9
-
0.9
COMPREHENSIVE INCOME
-
-
-
10.4
10.4
36.7
47.1
Dividend distribution
-
(136.5(
-
(42.5(
(179.0(
(72.2(
(251.1(
Capital increase
2.5
(2.4(
-
-
0.1
0.2
0.3
Subordinated Perpetual Notes
-
-
-
-
-
-
-
Measurement of share-based payments
-
-
-
4.7
4.7
-
4.7
Elimination of treasury shares
-
-
0.5
-
0.6
-
0.6
TRANSACTIONS WITH SHAREHOLDERS
2.5
(138.8)
0.5
(37.7)
(173.5)
(72.0)
(245.5)
Changes in ownership interests without taking or losing
control of subsidiaries
-
-
-
0.6
0.6
(0.1(
0.5
Changes in ownership interests associated with taking
or losing control of subsidiaries
-
-
-
-
-
-
-
Other
-
-
-
-
-
(0.7(
(0.7(
AS OF 30 JUNE 2025
337.1
191.9
(0.1)
1,003.0
1,531.8
1,432.5
2,964.3
Net income
-
-
-
(1.1(
(1.1(
26.4
25.3
Actuarial difference relating to pensions obligations
-
-
-
0.7
0.7
-
0.7
COMPREHENSIVE INCOME
-
-
-
(0.4)
(0.4)
26.4
26.0
Dividend distribution
-
-
-
(0.2(
(0.1(
(23.2(
(23.4(
Capital increase
19.0
83.4
-
-
102.4⁽ª⁾
-
102.3
Subordinated Perpetual Notes
-
-
-
-
-
-
-
Measurement of share-based payments
-
-
-
6.2
6.2
-
6.2
Elimination of treasury shares
-
-
0.2
-
0.1
-
0.1
TRANSACTIONS WITH SHAREHOLDERS
19.0
83.4
0.2
6.0
108.4
(23.2)
85.2
Changes in ownership interests without taking or losing
control of subsidiaries
-
-
-
-
-
(0.1(
-
Changes in ownership interests associated with taking
or losing control of subsidiaries
-
-
-
-
-
0.5
0.5
Other
-
-
-
-
-
0.7
0.7
AS OF 31 DECEMBER 2025
356.1
275.3
-
1,008.6
1,640.0
1,436.8
3,076.7
Net income
-
-
-
36.9
36.9
41.6
78.5
Actuarial difference relating to pensions obligations
-
-
-
2.0
2.0
-
2.0
COMPREHENSIVE INCOME
-
-
-
38.9
38.9
41.6
80.5
Dividend distribution
-
(130.9(
-
(58.3(
(189.2(
(82.5(
(271.7(
Capital increase
1.0
(1.0(
-
-
-⁽ª⁾
25.0(b(
25.0
Measurement of share-based payments
-
-
-
6.4
6.4
-
6.4
Elimination of treasury shares
-
-
(2.6(
(2.4(
(5.0(
-
(5.0(
TRANSACTIONS WITH SHAREHOLDERS
1.0
(131.9)
(2.6)
(54.3)
(187.7)
(57.6)
(245.3)
Changes in ownership interests without taking or losing
control of subsidiaries
-
-
-
17.9
17.9
(17.7((b(
0.2
Changes in ownership interests associated with taking
or losing control of subsidiaries
-
-
-
-
-
-
-
Other
-
(0.1(
-
-
(0.1(
-
(0.1(
AS OF 30 JUNE 2026
357.1
143.2
(2.6)
1,011.2
1,509.0
1,403.1
2,912.1
Capital increase linked to the employee shareholding fund (FCPE) and option for dividends paid in shares on 31 December 2025.
Capital increases subscribed by minority shareholders of Alta Sèvres and Alta Citadel 2, which led to the dilution of the group, without any change in the consolidation method for the first half of 2026.
The notes to the financial statements form an integral part of the consolidated financial statements.
CONSOLIDATED FINANCIAL STATEMENTS AT 30 JUNE 2026
Notes - Consolidated income statement
-
Notes - Consolidated income statement
(€ millions)
30/06/2026
31/12/2025
30/06/2025
Funds Funds from operations
(FFO(
Changes in
value, estimated expenses and transaction
costs
Total
Funds from operations
(FFO(
Changes in
value, estimated expenses and transaction
costs
Total
Funds from operations
(FFO(
Changes in
value, estimated expenses and transaction
costs
Total
Rental income
121.8
-
121.8
246.2
-
246.2
122.2
-
122.2
Other expenses
(12.0(
-
(12.0(
(26.0(
-
(26.0(
(12.9(
-
(12.9(
Net rental income
109.8
-
109.8
220.2
-
220.2
109.3
-
109.3
External services
13.2
-
13.2
31.3
-
31.3
17.0
-
17.0
Own work capitalised and production held in inventory
4.3
-
4.3
3.8
-
3.8
2.9
-
2.9
Operating expenses
(21.4(
(2.1(
(23.5(
(33.7(
(2.8(
(36.5(
(21.4(
(1.5(
(22.9(
Net overhead expenses
(3.9(
(2.1(
(6.0(
1.4
(2.8(
(1.4(
(1.6(
(1.5(
(3.1(
Share of equity-method affiliates
2.9
(6.9(
(4.0(
6.5
(0.9(
5.6
2.9
(2.5(
0.4
Net depreciation, amortisation and provisions
-
(2.5(
(2.5(
-
1.2
1.2
-
(2.2(
(2.2(
Income/loss on sale of assets
1.0
(2.3(
(1.4(
3.3
0.3
3.6
3.0
(0.4(
2.6
Gain/loss in the value of investment properties
-
1.0
1.0
-
(28.4(
(28.4(
-
(4.7(
(4.7(
Transaction costs
-
-
-
-
(0.1(
(0.1(
-
-
-
Operating income - Retail
109.8
(12.8)
97.0
231.4
(30.6)
200.8
113.7
(11.3)
102.3
Revenue
679.5
-
679.5
1,632.7
-
1,632.7
721.2
-
721.2
Cost of sales and other expenses
(615.5(
(1.3(
(616.8(
(1,525.1(
(59.1(
(1,584.2(
(672.7(
(0.4(
(673.1(
Net property income
63.9
(1.3(
62.6
107.6
(59.1(
48.5
48.5
(0.4(
48.1
External services
9.4
-
9.4
20.1
-
20.1
11.8
-
11.8
Production held in inventory
52.8
-
52.8
120.0
-
120.0
46.8
-
46.8
Operating expenses
(78.1(
(8.6(
(86.7(
(194.9(
(17.8(
(212.8(
(82.2(
(7.7(
(89.9(
Net overhead expenses
(15.8(
(8.6(
(24.4(
(54.8(
(17.8(
(72.7(
(23.6(
(7.7(
(31.4(
Share of equity-method affiliates
0.5
(0.7(
(0.3(
2.4
(7.4(
(5.0(
(1.2(
(2.2(
(3.4(
Net depreciation, amortisation and provisions
-
(4.4(
(4.4(
-
(15.1(
(15.1(
-
(7.8(
(7.8(
Transaction costs
-
(0.7(
(0.7(
-
-
-
-
-
-
Operating income - Residential
48.6
(15.7)
32.8
55.2
(99.5)
(44.3)
23.7
(18.2)
5.5
Revenue
39.3
-
39.3
131.9
-
131.9
70.0
-
70.0
Cost of sales and other expenses
(35.7(
-
(35.7(
(105.3(
-
(105.3(
(50.0(
-
(50.0(
Net property income
3.6
-
3.6
26.6
-
26.6
20.0
-
20.0
External services
2.4
-
2.4
4.2
-
4.2
1.4
-
1.4
Production held in inventory
3.1
-
3.1
9.7
-
9.7
4.4
-
4.4
Operating expenses
(5.5(
(1.3(
(6.8(
(19.8(
(3.0(
(22.9(
(9.9(
(1.3(
(11.2(
Net overhead expenses
(0.1(
(1.3(
(1.3(
(6.0(
(3.0(
(9.0(
(4.2(
(1.3(
(5.4(
Share of equity-method affiliates
(1.3(
(3.8(
(5.1(
(2.8(
(3.8(
(6.7(
(0.6(
(1.8(
(2.4(
Net depreciation, amortisation and provisions
-
1.0
1.0
-
1.3
1.3
-
1.4
1.4
Gain/loss in the value of investment properties
-
-
-
-
0.2
0.2
-
0.3
0.3
Operating income - Business property
2.2
(4.1)
(1.9)
17.8
(5.4)
12.4
15.3
(1.5)
13.8
New businesses
7.6
(8.7(
(1.1(
(4.6(
(9.0(
(13.6(
(4.4(
(3.2(
(7.6(
Others (Corporate(
(4.9(
(4.4(
(9.3(
1.9
(5.4(
(3.6(
(9.6(
(4.0(
(13.6(
OPERATING INCOME
163.2
(45.8)
117.5
301.7
(150.0)
151.7
138.6
(38.2)
100.4
Cost of net debt
(16.5(
(2.3(
(18.7(
(37.1(
(5.0(
(42.1(
(16.4(
(2.7(
(19.1(
Other financial results
(14.9(
(2.1(
(17.0(
(31.3(
(4.0(
(35.3(
(16.3(
(1.9(
(18.3(
Discounting of debts and receivables
-
-
-
-
-
-
-
-
-
Change in value and income from disposal of financial instruments
-
(2.5(
(2.5(
-
(12.6(
(12.6(
-
(14.5(
(14.5(
Net gain/(loss( on disposal of investments
-
0.4
0.4
-
(1.9(
(1.9(
-
(0.1(
(0.1(
PROFIT BEFORE TAX
131.9
(52.3)
79.6
233.3
(173.4)
59.8
105.9
(57.3)
48.5
Corporate income tax
(1.0(
(0.1(
(1.2(
(4.5(
16.2
11.7
(1.7(
(0.6(
(2.3(
NET INCOME
130.9
(52.4)
78.5
228.8
(157.3)
71.5
104.2
(57.9)
46.2
Non-controlling interests
(44.3(
2.7
(41.6(
(83.9(
20.8
(63.1(
(42.0(
5.3
(36.7(
NET INCOME, GROUP SHARE
86.6
(49.7)
36.9
144.9
(136.5)
8.4
62.2
(52.7)
9.5
Diluted average number of shares(a)
23,765,742
23,765,742
23,765,742
23,135,752
23,135,752
23,135,752
22,55ff,755
22,55ff,755
22,55ff,755
SHARE
3.64
(2.09)
1.55
6.26
(5.90)
0.36
2.76
(2.34)
0.42
(a) In accordance with IAS 33, the weighted average number of shares (diluted and undiluted) is adjusted retrospectively to take into account the capital increases that took place in January and March 2026 to allow the delivery of free shares.
- Other information attached to
CONTENTS OF NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 COMPANY INFORMATION 30
NOTE 6 LIABILITIES AND EQUITY 44
6.1 Equity 44
NOTE 2 ACCOUNTING PRINCIPLES AND METHODS
The Company's accounting framework and presentation of the financial statements
30 6.2 Net financial debt and guarantees 46
6.3 Provisions 49
30
NOTE 7 ASSETS AND IMPAIRMENT TESTS 50
Main estimations and judgements 31
NOTE 3 INFORMATION ON OPERATING 32
SEGMENTS
Balance sheet items by operating 32
segment
Consolidated income statement by 32
operating segment
Investment properties 50
Intangible assets and goodwill 52
Tangible fixed assets 53
Right-of-use on tangible and intangible fixed 53
assets
Operational working capital requirement 53
(WCR)
Reconciliation of the statement of consolidated comprehensive income
33 NOTE 8 MANAGEMENT OF FINANCIAL RISKS 55
and of the analytical consolidated income statement
Carrying amount of financial instruments by 55
category
NOTE 4 MAJOR EVENTS AND CHANGES IN 35
THE SCOPE OF CONSOLIDATION
Major events 35
Scope 37
Changes in consolidation scope 39
Securities and investments in equity 40
affiliates
Current and non-current financial assets 41
NOTE 5 RESULTS 41
Operating income 41
Interest rate risk 56
Liquidity risk 57
NOTE 9 RELATED-PARTY TRANSACTIONS 58
NOTE 10 GROUP COMMITMENTS AND 60
CONTINGENT LIABILITIES
Off-balance sheet commitments 60
Contingent liabilities 61
NOTE 11 POST-CLOSING EVENTS 61
Cost of net financial debt and other 41
financial items
Corporate income tax 42
Earnings per share 43
NOTE 1 COMPANY INFORMATION
Altarea is a Société en Commandite par Actions (a French partnership limited by shares), the shares of which are traded on the Euronext Paris regulated market, Compartment A. The registered office is located at 87 rue de Richelieu in Paris (France).
Altarea chose the SIIC corporate form (Société d'Investissement Immobilier Cotée) at 1 January 2005.
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.
The Altarea Group operates mainly in France, Italy and Spain.
Altarea controls the company Altareit, whose shares are admitted to trading on the regulated market Euronext Paris, Compartment B.
Altarea controls the company NR21, whose shares are admitted to trading on the regulated market Euronext Paris, Compartment C.
The consolidated financial statements for the period ending 30 June 2026 were approved by Management on July 29, 2026 after being reviewed by the Audit and CSR Committee and the Supervisory Board.
NOTE 2 ACCOUNTING PRINCIPLES AND METHODS
The Company's accounting framework and presentation of the financial statements
Accounting standards
The consolidated interim financial statements of the Altarea Group as of 30 June 2026, have been prepared in accordance with IAS 34 "Interim Financial Reporting". As these are condensed financial statements, they do not include all the information required by IFRS for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Altarea Group for the year ended 31 December 2025.
The accounting principles used in preparing these consolidated interim financial statements comply with the IFRS standards and interpretations of the IASB (International Accounting Standards Board) as adopted by the European Union as of 30 June 2026, and are available on the European Commission's website.
Accounting standards, interpretations and amendments applicable as from the financial year beginning on 1 January 2026:
Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments.
These amendments concern the recognition and derecognition dates of financial assets and liabilities, and the assessment of the characteristics of contractual cash flows for the classification of financial assets. The application of these amendments on January 1, 2026, has no material impact on the Group's financial statements, including the interim financial statements.
Amendments to IFRS 9 and IFRS 7 - Nature-Dependent Electricity;
Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10, and IAS 7 -Annual Improvement Cycle.
These amendments have no material impact on the Group's financial statements.
Standards and interpretations applied in anticipation of 30 June 2026, and whose application is mandatory from periods beginning on or after July 1, 2026:
None.
Standards, amendments and interpretations published but not mandatorily applicable at 1 January 2026:
IFRS 18 - Presentation and disclosure in financial statements. This standard will replace IAS 1 and its associated interpretations.
IFRS 18 will be applicable to all financial years beginning on or after January 1, 2027, with retrospective application. The analysis of the impacts of this new standard on performance indicators, the presentation of consolidated financial statements, and the Group's accounting information systems is underway.
Other principles for presenting the financial statements
Altarea presents its financial statements and accompanying notes in millions of euros, to one decimal point.
Transactions eliminated in the consolidated financial statements
Balance sheet balances and income and expenses arising from intragroup transactions are eliminated when the consolidated financial statements are prepared.
Balance sheet classification
In accordance with IAS 1, the Company presents its assets and liabilities by distinguishing between current and non-current items.
Assets which must be realised, consumed or disposed of within the scope of the normal operating cycle or within 12 months following closure, are classed as "current assets", as well as the assets held with a view to disposal and cash or cash equivalents. All other assets are classified as "non-current assets".
Liabilities which have to be paid within the scope of the normal operating cycle or within 12 months following closure are classified as "current liabilities", as well as the share of provisions arising from the normal operating cycle of the activity concerned due in less than one year.
Deferred taxes are always shown as non-current assets or liabilities.
Main estimations and judgements
The preparation of the consolidated financial statements requires the use of estimates and assumptions by the Group's management to determine the value of certain assets and liabilities, and of certain income and expenses, as well as concerning the information given in the notes to the financial statements.
Management reviews its estimates and assumptions on a regular basis using its past experience and various other factors deemed reasonable in the circumstances.
The actual results may differ significantly from these estimates depending on changes in the various assumptions and performance conditions.
The main estimates made by the Group concerned the following measurements:
measurement of investment properties (see Notes 2.3.5 "Investment properties" and 7.1 "Investment properties"). The methodologies used by the appraisers are identical to those used for the previous financial year and take into account changes in market data;
measurement of trade receivables (see Notes 2.3.10 "Financial assets and liabilities" and 7.4.2 "Trade and other receivables");
measurement of net property income and services using the percentage-of-completion method (see Note 2.3.17 "Revenue and revenue-related expenses");
the valuation of inventories and work-in-progress (see notes
2.3.8 "Inventories" and 7.4.1 "Inventories and pipeline products");
measurement of goodwill and brands (please see Note 2.3.7 "Monitoring the value of non-current assets (excluding financial assets and investment properties) and losses of value" and 7.2 "Goodwill and other intangible assets").
And less significantly:
measurement of share-based payments (see Notes 2.3.12 "Share-based payments" and 6.1 "Equity");
measurement of financial instruments (see Note 8 "Management of financial risks").
In addition to the use of estimates, the Group's management has applied its judgement in the following cases:
measurement of rights of use, lease liabilities and contractual fees on investment properties (see notes 2.3.18 "Leases", 7.3 "Right-of-use on property, plant and equipment and intangible assets" and 7.1 "Investment properties");
measurement and use of deferred tax assets (see Notes 2.3.16 "Taxes" and 5.3 "Corporate income tax");
measurement of provisions (see Notes 2.3.15 "Provisions and contingent liabilities" and 6.3 "Provisions");
whether or not the criteria to identify an asset or group of assets as held for sale or whether an operation is intended to be discontinued in accordance with IFRS 5 (see Note 2.3.6 "Non-current assets held for sale and discontinued operations".
The notes cited above and numbered 2.3.xx refer to the appendix to the consolidated financial statements for the year ended 31 December 2025.
The Group's financial statements also take into account, based on current knowledge and practices, the issues of climate change and sustainable development.
The Group has fully integrated these transformations related to the transition and enhances its low-carbon approach every year.
The Group will continue its actions as described up to 31 December 2025.
Therefore, as of 30 June 2026, the consideration of the effects related to climate change has not had a significant impact on the judgments and key estimates required for the preparation of the financial statements.
NOTE 3 INFORMATION ON OPERATING SEGMENTS
Balance sheet items by operating segment
At 30 June 2026
(€ millions)
Retail
Residential
Business Property
New businesses
Others (Corporate)
Total
Operating assets and liabilities
Intangible assets
3.4
313.6
15.7
3.2
9.5
345.4
Property, plant and equipment
2.7
13.3
0.0
166.8
1.7
184.5
Right-of-use on property, plant and equipment and intangible assets
0.1
92.1
0.0
0.8
0.1
93.2
Investment properties
4,075.7
-
13.7
0.0
-
4,089.5
Securities and investments in equity affiliates
128.2
71.3
134.6
33.9
-
368.0
Operational working capital requirement (WCR)
(24.1)
330.4
162.4
81.4
24.5
574.7
TOTAL OPERATING ASSETS AND LIABILITIES
4,186.1
820.7
326.5
286.2
35.8
5,655.3
At 31 December 2025
(€ millions)
Retail
Residential
Business Property
New businesses
Others (Corporate)
Total
Operating assets and liabilities
Intangible assets
3.2
314.4
15.7
3.2
9.0
345.5
Property, plant and equipment
3.6
14.3
0.0
139.0
1.8
158.7
Right-of-use on property, plant and equipment and intangible assets
0.1
99.7
0.1
0.4
0.1
100.3
Investment properties
4,042.9
-
13.3
-
-
4,056.2
Securities and investments in equity affiliates
134.1
66.2
102.1
49.9
-
352.4
Operational working capital requirement (WCR)
29.3
324.6
130.3
56.1
(22.3)
518.0
TOTAL OPERATING ASSETS AND LIABILITIES
4,213.2
819.2
261.5
248.6
(11.4)
5,531.1
Consolidated income statement by operating segment
See consolidated income statement by segment in the notes to the financial statements.
Reconciliation of the statement of consolidated comprehensive income and of the analytical consolidated income statement
Statement of comprehensive income with the same breakdown as the income statement by segment
(€ millions(
30/06/2026
31/12/2025
30/06/2025
Funds from operations
(FFO(
Changes in value, estimated expenses and transaction costs (chg.
val.(
Total
Funds from operations
(FFO(
Changes in value, estimated expenses and transaction costs (chg.
val.(
Total
Funds from operations
(FFO(
Changes in value, estimated expenses and transaction costs (chg.
val.(
Total
Rental income
121.8
-
121.8
246.2
-
246.2
122.2
-
122.2
Property expenses
(2.9(
-
(2.9(
(7.7(
-
(7.7(
(4.4(
-
(4.4(
Unrecoverable rental expenses
(5.9(
-
(5.9(
(11.1(
-
(11.1(
(5.1(
-
(5.1(
Expenses re-invoiced to tenants
33.6
-
33.6
65.2
-
65.2
38.6
-
38.6
Rental expenses
(3ff.5)
-
(3ff.5)
(76.3)
-
(76.3)
(43.7)
-
(43.7)
Other expenses
0.8
-
0.8
1.7
-
1.7
1.1
-
1.1
Net charge to provisions for current assets
(3.9(
-
(3.9(
(8.9(
-
(8.9(
(4.5(
-
(4.5(
NET RENTAL INCOME
109.8
-
109.8
220.2
-
220.2
109.3
-
109.3
Revenue
719.7
-
719.7
1,772.4
-
1,772.4
801.8
-
801.8
Cost of sales
(638.0(
(0.8(
(638.8(
(1,595.5(
(25.4(
(1,621.0(
(707.7(
(0.2(
(707.9(
Selling expenses
(17.9(
-
(17.9(
(50.6(
-
(50.6(
(24.8(
-
(24.8(
Net charge to provisions for current assets
4.7
(2.5(
2.2
11.2
(32.6(
(21.4(
2.6
(0.2(
2.4
Amortisation of customer relationships
-
(0.4(
(0.4(
-
(0.8(
(0.8(
-
(0.4(
(0.4(
NET PROPERTY INCOME
68.5
(3.7)
64.8
137.5
(58.8)
78.6
71.9
(0.8)
71.0
External services
26.0
-
26.0
57.0
-
57.0
30.8
-
30.8
Own work capitalised and production held in inventory
60.2
-
60.2
135.8
-
135.8
54.0
-
54.0
Personnel costs
(87.6(
(11.0(
(98.6(
(208.7(
(21.3(
(230.0(
(99.0(
(10.3(
(109.3(
Other overhead expenses
(30.2(
-
(30.2(
(60.7(
-
(60.6(
(30.6(
-
(30.6(
Depreciation expenses on operating assets
-
(13.3(
(13.3(
-
(29.1(
(29.1(
-
(14.9(
(14.9(
NET OVERHEAD EXPENSES
(31.6)
(24.3)
(55.9)
(76.6)
(50.4)
(126.9)
(44.7)
(25.2)
(69.9)
Other income and expenses
(0.8(
(1.5(
(2.3(
13.7
0.6
14.3
0.9
-
0.9
Depreciation expenses
-
(5.2(
(5.2(
-
(7.4(
(7.4(
-
(2.8(
(2.8(
Transaction costs
-
(2.1(
(2.1(
-
(2.2(
(2.2(
-
(1.0(
(1.0(
OTHERS
(0.8)
(8.8)
(9.6)
13.7
(9.0)
4.7
0.9
(3.8)
(2.9)
NET GAIN/(LOSS) ON DISPOSAL OF INVESTMENT ASSETS
-
-
-
-
-
-
-
-
-
Change in value of investment properties
-
1.0
1.0
-
(25.7(
(25.7(
-
(2.0(
(2.0(
Net impairment losses on investment properties measured at cost
-
-
-
-
(2.4(
(2.4(
-
(2.4(
(2.4(
Net impairment losses on other non-current assets
-
(0.9(
(0.9(
-
2.7
2.7
-
2.0
2.0
Net charge to provisions for risks and contingencies
-
3.3
3.3
-
5.3
5.3
-
0.2
0.2
OPERATING INCOME BEFORE THE SHARE OF NET INCOME OF EQUITY ASSOCIATES
146.0
(33.4)
112.6
294.8
(138.5)
156.4
137.3
(32.1)
105.1
Share in earnings of equity-method affiliates
2.3
(10.0(
(7.7(
6.9
(11.5(
(4.7(
1.3
(6.0(
(4.7(
OPERATING INCOME AFTER THE SHARE OF NET INCOME OF EQUITY ASSOCIATES
148.3
(43.4)
104.8
301.7
(150.0)
151.7
138.6
(38.2)
100.4
Cost of net debt
(16.5(
(2.3(
(18.7(
(37.1(
(5.0(
(42.1(
(16.4(
(2.7(
(19.1(
Financial expenses
(42.6)
(2.3)
(44.ff)
(100.1)
(5.0)
(105.1)
(51.8)
(2.7)
(54.5)
Financial income
26.2
-
26.2
63.0
-
63.0
35.4
-
35.4
Other financial results
(14.9(
(2.1(
(17.0(
(31.3(
(4.0(
(35.3(
(16.3(
(1.9(
(18.3(
Change in value and income from disposal of financial instruments
-
(2.5(
(2.5(
-
(12.6(
(12.6(
-
(14.5(
(14.5(
Gains or losses on disposals of equity interests⁽ª⁾
-
13.0
13.0
-
(1.9(
(1.9(
-
(0.1(
(0.1(
PROFIT BEFORE TAX
116.9
(37.3)
79.6
233.3
(173.4)
59.8
105.9
(57.3)
48.5
Corporate income tax
(1.0(
(0.1(
(1.2(
(4.5(
16.2
11.7
(1.7(
(0.6(
(2.3(
NET INCOME
115.9
(37.4)
78.5
228.8
(157.3)
71.5
104.2
(57.9)
46.2
o/w Attributable to Altarea SCA shareholders
71.6
(34.7)
36.ff
144.ff
(136.5)
8.4
62.2
(52.7)
ff.5
o/w Attributable to non-controlling interests in subsidiaries
(44.3)
2.7
(41.6)
(83.ff)
20.8
(63.1)
(42.0)
5.3
(36.7)
Average number of non-diluted shares(b(
23,358,009
23,358,009
23,358,009
22,753,212
22,753,212
22,753,212
22,137,397
22,137,397
22,137,397
NET EARNINGS PER SHARE ATTRIBUTABLE TO SHAREHOLDERS OF ALTAREA SCA (€)
3.07
(1.49)
1.58
6.37
(6.00)
0.37
2.81
(2.38)
0.43
Diluted average number of shares(b(
23,765,742
23,765,742
23,765,742
23,135,752
23,135,752
23,135,752
22,559,755
22,559,755
22,559,755
DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO SHAREHOLDERS OF ALTAREA SCA (€)
3.01
(1.46)
1.55
6.26
(5.90)
0.36
2.76
(2.34)
0.42
The gain or loss on disposal of the investment is reallocated to each of the activities of ownership in the gain or loss on disposal of assets when it concerns an investment previously consolidated in full consolidation or to the share of profit of the companies accounted for in the equity method when it concerns an investment previously consolidated in the equity method.
In accordance with IAS 33, the weighted average number of shares (diluted and undiluted) is adjusted retrospectively to take into account the capital increases that took place in January and March 2026 to allow the delivery of free shares.
Reconciliation of operating income between the two income statements
(€ millions)
30/06/2026
31/12/2025 30/06/2025
Retail
Residen tial
BP (a(
New busines ses
Others (Corpor ate(
Total
Retail
Residen tial
BP(a(
New busines ses
Others (Corpor ate(
Total
Retail
Residen tial
BP(a(
New busines ses
Others (Corpor ate(
Total
Net rental income
109.8 -
-
-
-
109.8
220.2
-
-
-
-
220.2
109.3
-
-
-
-
109.3
Net property income
(1.4(
62.6
3.6
-
-
64.8
3.6
48.5
26.6
-
-
78.6
2.6
48.1
20.0
0.3
-
71.0
Net overhead expenses
(8.5(
(28.1(
(3.5(
(8.2(
(7.7(
(55.9(
(24.2(
(85.3(
(10.6(
(6.3(
(0.5(
(126.9(
(5.7(
(39.2(
(8.0(
(4.9(
(12.2(
(69.9(
Others
(3.7(
(5.7(
1.9
(0.5(
(1.6(
(9.6(
13.5
(5.8(
1.0
(0.9(
(3.0(
4.7
(1.2(
(1.5(
2.2
(1.1(
(1.3(
(2.9(
Net gain/(loss( on disposal of investment assets
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Value adjustments
1.0 -
1.1
(2.0(
-
0.1
(28.4(
-
2.9
-
-
(25.5(
(4.7(
0.4
1.8
-
-
(2.5(
Net charge to provisions for risks and contingencies
3.6
4.2
0.1
(4.7(
-
3.3
10.4
3.3
(0.8(
(7.7(
-
5.3
1.6
1.2
0.1
(2.7(
-
0.2
Share in earnings of equity-method affiliates
(4.0(
(0.3(
(5.1(
1.7
-
(7.7(
5.6
(5.0(
(6.7(
1.3
-
(4.7(
0.4
(3.4(
(2.4(
0.7
-
(4.7(
OPERATING INCOME (STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME)
97.0
32.8
(1.9)
(13.7)
(9.3)
104.8
200.8
(44.3)
12.4
(13.6)
(3.6)
151.7
102.3
5.5
13.8
(7.6)
(13.6)
100.4
Reclassification of net gain/(loss( on disposal of investments
-
-
-
12.6
-
12.6
-
-
-
-
-
-
-
-
-
-
-
-
OPERATING INCOME (ANALYTICAL INCOME STATEMENT)
97.0
32.8
(1.9)
(1.1)
(9.3)
117.5
200.8
(44.3)
12.4
(13.6)
(3.6)
151.7
102.3
5.5
13.8
(7.6)
(13.6)
100.4
(a) BP: Business property
Revenue by geographical region and operating segment
By geographical region
(€ millions( | 30/06/2026 | 31/12/2025 | 30/06/2025 | ||||||||||||
France | Italy | Spain | Others | Total | France | Italy | Spain | Others | Total | France | Italy | Spain | Others | Total | |
Rental income | 110.5 | 4.4 | 6.9 | - | 121.8 | 224.0 | 8.5 | 13.7 | - | 246.2 | 110.9 | 4.3 | 6.9 | - | 122.2 |
External services | 12.3 | 0.6 | 0.2 | - | 13.2 | 29.5 | 1.4 | 0.4 | - | 31.3 | 16.2 | 0.6 | 0.2 | - | 17.0 |
Property development revenue | 1.0 | - | - | - | 1.0 | 7.8 | - | - | - | 7.8 | 7.5 | - | - | - | 7.5 |
Retail | 123.8 | 5.0 | 7.2 | - | 136.0 | 261.4 | 9.9 | 14.1 | - | 285.3 | 134.7 | 5.0 | 7.1 | - | 146.7 |
Revenue | 679.5 | - | - | - | 679.5 | 1,632.7 | - | - | - | 1,632.7 | 721.2 | - | - | - | 721.2 |
External services | 9.4 | - | - | - | 9.4 | 20.1 | - | - | - | 20.1 | 11.8 | - | - | - | 11.8 |
Residential | 688.9 | - | - | - | 688.9 | 1,652.7 | - | - | - | 1,652.7 | 733.0 | - | - | - | 733.0 |
Revenue | 39.3 | - | - | - | 39.3 | 131.9 | - | - | - | 131.9 | 70.0 | - | - | - | 70.0 |
External services | 2.4 | - | - | - | 2.4 | 4.2 | - | - | - | 4.2 | 1.4 | - | - | - | 1.4 |
Business Property | 41.6 | - | - | 0.0 | 41.6 | 136.1 | - | - | - | 136.1 | 71.3 | - | - | - | 71.3 |
New businesses | 1.0 | - | - | - | 1.0 | 1.4 | - | - | - | 1.4 | 3.6 | - | - | - | 3.6 |
Others (Corporate( | 0.1 | - | - | - | 0.1 | 0.1 | - | - | - | 0.1 | 0.1 | - | - | - | 0.1 |
TOTAL | 855.3 | 5.0 | 7.2 | 0.0 | 867.5 | 2,051.7 | 9.9 | 14.1 | - | 2,075.6 | 942.7 | 5.0 | 7.1 | - | 954.7 |
Altarea operates mainly in France, Italy and Spain in 2026, as in 2025.
Two clients in the Residential sector each accounted for more than 10% of the Group's revenue, representing €229 million (compared to €198.5 million in the first half of 2025). Two clients in the Business property sector each accounted for more than 10% of the Group's revenue, representing €29 million (compared to €44.2 million in the first half of 2025).
NOTE 4 MAJOR EVENTS AND CHANGES IN THE SCOPE OF CONSOLIDATION
Major events
Retail
The Group has pursued a strategy of selecting the most promising formats (large shopping centres, travel retail, retail parks, convenience stores) and manages a portfolio of 46 particularly high-performing shopping centres. These assets are mainly held in partnerships with leading institutional investors.
Strong footfall has boosted tenant's revenue growth in a context where household purchasing power remains under pressure.
Business activity remained robust in the first half of the year. Key projects under development:
Paris-Austerlitz: Marketing of retail spaces in the Grande Halle Voyageurs continues, with an opening planned for the end of 2027. This project, carried out in partnership with SNCF - Gares & Connexions, received the Pierre d'Or(1) (Golden Stone) award in the "Innovative Programs" category;
Paris-Est: Following Starbucks in March, three more restaurant openings are planned for 2026. This revamped offering will cater to a broader travel audience with the launch of the Charles-de-Gaulle Express at the end of March 2027;
Constellation (Grand Paris Express): Altarea, in partnership with RATP Travel Retail, has won the contract to develop and operate retail spaces in the 45 stations of the Grand Paris Express (for a 12-year concession). The Group has launched the marketing of these spaces, which has been met with a very positive response from major national players who see the Grand Paris stations as a new daily point of contact with their customers;
Milano Metro Retail: Altarea has won the tender issued by ATM - Azienda Trasporti Milanese Spa, wholly owned by the Municipality of Milan, to manage, operate, and market (through a 20-year concession) retail spaces in 83 Milan metro stations.
The Group develops projects for third parties using a developer-type model. In March, Altarea delivered the final retail spaces and the neighborhood cinema in Bobigny Cœur de Ville.
Residential
Altarea is the second largest residential developer in France(2) through its consumer brands Cogedim for new housing and Histoire & Patrimoine for the renovation of existing properties.
In New housing, Altarea successfully continued its strategy of ramping up its next-generation offering of affordable, low-carbon, and profitable housing. Sales to institutional and individual buyers are performing well, allowing the Group to resume its production cycle in a still-recovering market.
In the rehabilitation segment, the Group is continuing to reposition this activity in a market environment that remained sluggish during the first half of the year.
In January 2026, the Group sold its senior living management business to Stella Management. This transaction is part of the Group's strategy to respond sustainably to urban changes while refocusing on its core property development business.
Business Property
The Group's Business Property line operates in the Office and Logistics markets with limited risk exposure in various ways thanks to its highly diversified skill sets and this across the entire national territory.
In the Office sector, Altarea acts as a developer (off-plan sales, lease-purchase agreements, turnkey projects, or project management contracts) and sometimes as a co-investor for certain assets to be repositioned.
In the first half of the year, within Greater Paris, the Group notably:
delivered the building at 185 rue Saint-Honoré in Paris, leased to the international law firm Ashurst, which is establishing its Paris headquarters there;
delivered offices located in a complex of five 18th-century private mansions on rue Louis-le-Grand in Paris (fully renovated) to the end user, under a turnkey project;
finalized the tenant work for the Bobigny Cœur de Ville project as part of a project management contract;
continued the asbestos removal and demolition work for Upper, the office renovation project located above the Paris-Montparnasse train station, developed in a 50/50 partnership with Caisse des Dépôts;
continued work of a building Place de la Madeleine for Norges Bank, carried out carried out under a Project Management Contract.
And within the Regional Metropolitan Areas:
delivered Mokusai in the Bordeaux Belvédère district, where the Gironde Agricultural Social Security Fund (MSA) is establishing its departmental headquarters as an owner-occupier;
continued work on Ki in Lyon, a project carried out in a 50/50 partnership with Caisse d'Épargne Rhône-Alpes (CERA);
In logistics, the Group operates as a developer and promoter, developing projects that meet increasingly demanding technical, regulatory, and environmental challenges.
In the first half of the year, the Group:
continued work on the buildings constituting the final phase of the Bollène logistics hub, with delivery scheduled for the end of 2026;
continued the development of Ecoparc Côtière in La Boisse, near Lyon.
(1) Awarded by Immoweek, the Pierres d'Or highlight remarkable projects based on their quality of execution, innovation and impact on the territory.
(2) Source: Ranking of Promoters published in July 2026 by Innovapresse.
New businesses
The Group has decided to invest in new businesses that complement its know-how: photovoltaics, data centers and real estate asset management.
Photovoltaic Infrastructure
During the first half of the year, Altarea finalized an agreement with several entities within the Crédit Agricole Group(1) for 124.6 MWp of photovoltaic infrastructure. This partnership takes the form of a 25/75 joint venture (with Altarea retaining 25%) comprised of over 700 rooftop solar installations and a 7.1 MWp ground-mounted project developed by the Group.
Data Centers
The Group has assembled a specialized team covering all the expertise necessary for the development, construction, and operation of data centers. The Group owns a portfolio of land suitable for hosting data centers of various sizes.
During the first half of the year :
Altarea signed in February 2026 a partnership with Vantage Data Centers(2) for the design, marketing, and construction of a campus in the north of Bordeaux on land owned by Altarea and with a 400 MW electrical connection permit (Citadel project). The launch of this hyperscale data center project is contingent upon the signing of agreements with the end user;
Furthermore, Altarea owns a developed site in the Île-de-France region, which has a 120 MW electrical connection permit (PTF(3)) and for which conditional transfer agreements have been signed with a major digital company;
Altarea owns two operational local data centers located near Rennes (35). The first, located in Mordelles, with a 1 MW IT capacity and fully leased, was acquired at the end of 2025 from Groupama. The second site, developed by the Group in Noyal, was inaugurated last October. During the first half of the year, the site obtained certifications enabling it to kick-start its commercial activity, with the signing of initial contracts;
The Group also holds a final building permit for a 7 MW IT facility in Vélizy-Villacoublay (78), which is currently being marketed. Construction began at the end of the first half of the year, with the aim of commissioning within 18 to 24 months.
Real Estate Asset Management
Real estate asset management encompasses two complementary strategies:
Retail real estate savings managed by the Group's asset management company, Altarea Investment Managers, through the SCPI Alta Convictions, which is SRI-labeled and positioned for the new real estate cycle. As of 30 June 2026, in line with its strategy of geographic and sector diversification, it recently completed three new acquisitions of business and specialized logistics properties (an industrial asset in Bilbao, Spain; a logistics warehouse near Lyon; and business premises near Limoges);
The institutional market is served through the ATREC (Altarea Tikehau Real Estate Credit) real estate debt fund, launched in partnership with Tikehau Capital and capitalized by the two sponsors and institutional investors.
ATREC supports financing and refinancing transactions
backed by real estate assets with strong operational fundamentals. The first transactions were completed in France and Europe across a diversified portfolio of assets.
Primonial
Since the Primonial acquisition fell through in 2022, the Company and its indirect subsidiary Alta Percier have been parties to a dispute with Primonial's vendors.
In a judgment of 4 February 2025, the Paris Economic Activities Court ruled that Altarea had not carried out any wrongful resolution of the acquisition protocol and entirely dismissed the Primonial Sellers of their claims against Altarea. The Court also dismissed the counterclaims of Altarea and its subsidiaries. The Vendors appealed this judgment in the first half of 2025.
In agreement with its advisors, no provision has been recognised by the Group in respect of this dispute.
(1) Crédit Agricole Énergies & Territoires fund up to 50% and Crédit Agricole Regional Banks up to 25%.
(2) Vantage Data Centers is a global leader in digital infrastructure, serving the world's most influential AI and cloud providers, with 9 GW of electrical capacity across more than 40 hyperscale campuses.
(3) Technical and financial proposal: corresponds to an authorization for electrical connection for a given power.
Scope
The main companies within the scope of consolidation, selected by revenue and total assets criteria, are as follows:
Company
Legal Form
SIREN
30/06/2026
31/12/2025
Method
Interest
Consolidation
Method
Interest
Consolidation
ALTAREA
SCA
335480877 Parent
company
FC
100.0 %
100.0 %
FC
100.0 %
100.0 %
Retail France
ALTAREA COMMERCE FRANCE
SNC
324814219
FC
100.0 %
100.0 %
FC
100.0 %
100.0 %
NR 21
SCA
389065152
FC
96.8 %
100.0 %
FC
96.8 %
100.0 %
FONCIERE CEZANNE MATIGNON
SNC
348024050
FC
100.0 %
100.0 %
FC
100.0 %
100.0 %
FONCIERE ALTAREA
SASU
353900699
FC
100.0 %
100.0 %
FC
100.0 %
100.0 %
ALTAREA PROMOTION COMMERCE
SNC
420490948
FC
100.0 %
100.0 %
FC
100.0 %
100.0 %
BERCY VILLAGE
SNC
384987517
FC
51.0 %
100.0 %
FC
51.0 %
100.0 %
ALTA CRP AUBERGENVILLE
SNC
451226328
FC
51.0 %
100.0 %
FC
51.0 %
100.0 %
ALTA CRP RUAUDIN
SNC
451248892
FC
51.0 %
100.0 %
FC
51.0 %
100.0 %
ALTA CRP GUIPAVAS
SNC
451282628
FC
51.0 %
100.0 %
FC
51.0 %
100.0 %
CENTRE COMMERCIAL DE THIAIS
SNC
479873234
FC
51.0 %
100.0 %
FC
51.0 %
100.0 %
SOCIETE D'AMENAGEMENT DE LA GARE DE L'EST
SNC
481104420
FC
51.0 %
100.0 %
FC
51.0 %
100.0 %
ALTA CRP GENNEVILLIERS
SNC
488541228
FC
51.0 %
100.0 %
FC
51.0 %
100.0 %
ALTA CRP LA VALETTE
SNC
494539687
FC
51.0 %
100.0 %
FC
51.0 %
100.0 %
LIMOGES INVEST
SCI
488237546
FC
50.9 %
100.0 %
FC
50.9 %
100.0 %
ALTAREA MANAGEMENT
SNC
509105375
FC
100.0 %
100.0 %
FC
100.0 %
100.0 %
ALTA QWARTZ
SNC
433806726
FC
100.0 %
100.0 %
FC
100.0 %
100.0 %
ALTA BLUE
SAS
522193796
FC
33.3 %
100.0 %
FC
33.3 %
100.0 %
ALDETA
SASU
311765762
FC
33.3 %
100.0 %
FC
33.3 %
100.0 %
RETAIL PARK LES VIGNOBLES
SNC
512086117
FC
51.0 %
100.0 %
FC
51.0 %
100.0 %
SNC MACDONALD COMMERCES
SNC
524049244 Affiliate
EM
25.0 %
25.0 %
EM
25.0 %
25.0 %
ALTA GRAMONT
SAS
795254952
FC
51.0 %
100.0 %
FC
51.0 %
100.0 %
ALTA-MONTPARNASSE
SNC
804896439
FC
51.0 %
100.0 %
FC
51.0 %
100.0 %
ALTA AUSTERLITZ
SNC
812196616
FC
100.0 %
100.0 %
FC
100.0 %
100.0 %
FONDS PROXIMITE
SNC
878954593 Affiliate
EM
25.0 %
25.0 %
EM
25.0 %
25.0 %
OPCI ALTA COMMERCE EUROPE
SPPICAV
882460082 Joint-venture
EM
29.9 %
29.9 %
EM
29.9 %
29.9 %
Retail Italy
ALTAGARES
SRL
NA
FC
51.0 %
100.0 %
FC
51.0 %
100.0 %
ALTAREA ITALIA
SRL
NA
FC
100.0 %
100.0 %
FC
100.0 %
100.0 %
Retail Spain
ALTAREA ESPANA
SRL
NA
FC
100.0 %
100.0 %
FC
100.0 %
100.0 %
ALTAREA PATRIMAE
SRL
NA
FC
100.0 %
100.0 %
FC
100.0 %
100.0 %
Residential
ALTAREIT
SCA
552091050
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
COGEDIM HAUTS DE FRANCE
SNC
420810475
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
MB TRANSACTIONS
SASU
425039138
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
COGEDIM PARIS METROPOLE
SNC
319293916
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
ASNIERES AULAGNIER
SARL
487631996 Joint-venture
EM
49.9 %
50.0 %
EM
49.9 %
50.0 %
COGEDIM GRAND LYON
SNC
300795358
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
COGEDIM MEDITERRANEE
SNC
312347784
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
COGEDIM PROVENCE
SNC
442739413
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
COGEDIM MIDI-PYRENEES
SNC
447553207
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
COGEDIM GRENOBLE
SNC
418868584
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
COGEDIM SAVOIES-LEMAN
SNC
348145541
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
COGEDIM AQUITAINE
SNC
388620015
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
COGEDIM ATLANTIQUE
SNC
501734669
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
COGEDIM LANGUEDOC ROUSSILLON
SNC
532818085
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
Company
Legal Form
SIREN
30/06/2026
31/12/2025
Method
Interest
Consolidation
Method
Interest
Consolidation
COGEDIM EST
SNC
419461546
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
COGEDIM PROMOTION
SNC
810928135
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
ALTAREA COGEDIM GRANDS PROJETS
SNC
810926519
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
ALTAREA COGEDIM REGIONS
SNC
810847905
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
SEVERINI
SNC
848899977
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
XF Investment
SAS
507488815
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
COGEDIM
SASU
54500814
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
PITCH IMMO
SNC
422989715
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
ALTA FAUBOURG
SASU
444560874
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
ALTAREA PROMOTION MANAGEMENT
SAS
450042338
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
ISSY COEUR DE VILLE
SNC
830181079
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
CUCQ AVENUE GODIN
SCCV
937735538
FC
50.9 %
100.0 %
FC
50.9 %
100.0 %
MERIMEE
SNC
849367016
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
HISTOIRE ET PATRIMOINE PROMOTION
SASU
792751992
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
ALTAREA GESTION IMMOBILIERE
SASU
401165089
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
HP
SAS
480309731
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
HISTOIRE & PATRIMOINE MANAGEMENT
SASU
977624931
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
FONTENAY MARGUERITE
SCCV
901641464
FC
50.9 %
100.0 %
FC
50.9 %
100.0 %
IVRY VERDUN 113
SCCV
920923893
FC
79.9 %
100.0 %
FC
79.9 %
100.0 %
BEAUMONT FERME DE MOURS
SCCV
980360614
FC
74.9 %
100.0 %
FC
74.9 %
100.0 %
CHATENAY ECRIN DU CHATEAU
SCCV
910216928
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
Business Property
ALTAREA COGEDIM ENTREPRISE PROMOTION
SNC
535056378
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
ALTAREA LOGISTIQUE
SNC
948949599
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
ALTA VAI HOLDCO A
SAS
424007425
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
FONCIERE ALTAREA MONTPARNASSE
SNC
847726650
FC
100.0 %
100.0 %
FC
100.0 %
100.0 %
PASCALPROPCO
SASU
437929813 Affiliate
EM
30.1 %
30.1 %
EM
30.1 %
30.1 %
PRD MONTPARNASSE
SCI
844634758 Joint-venture
EM
50.0 %
50.0 %
EM
50.0 %
50.0 %
PRD MONTPARNASSE 2
SCI
852712439 Joint-venture
EM
50.0 %
50.0 %
EM
50.0 %
50.0 %
PRD MONTPARNASSE 3
SCI
852712587 Joint-venture
EM
50.0 %
50.0 %
EM
50.0 %
50.0 %
AF INVESTCO 7
SNC
822897948 Affiliate
EM
30.1 %
30.1 %
EM
30.1 %
30.1 %
B2 B3
SCCV
852921899 Joint-venture
EM
50.0 %
50.0 %
EM
50.0 %
50.0 %
HOLDCO ALTA PYRAMIDES
SAS
922530993
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
TOPCO ALTA PYRAMIDES
SASU
948862545
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
SNC PROPCO ALTA PYRAMIDES
SNC
949047005
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
LOGISTIQUE BOLLENE
SNC
494239619
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
PASCALHOLDCO
SPPICAV
809845951 Affiliate
EM
30.1 %
30.1 %
EM
30.1 %
30.1 %
SAS 42 DERUELLE
SAS
920333127 Joint-venture
EM
49.9 %
50.0 %
EM
49.9 %
50.0 %
New businesses
ALTAREA ENR HOLDING
SAS
938207420
FC
100.0 %
100.0 %
FC
100.0 %
100.0 %
ALTAREA ENERGIES RENOUVELABLES SAS
SAS
852466218
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
ATREC/Fonds ATREC
FIA
Joint-venture
EM
47.3 %
47.4 %
EM
47.4 %
47.5 %
ALTAREA INVESTMENT MANAGERS
SAS
922347950
FC
99.9 %
100.0 %
FC
99.9 %
100.0 %
Changes in consolidation scope
In number of companies
31/12/2025
Acquisition
Creation
Sale
Absorption, dissolution, deconsolidation
Change in consolidation
method
30/06/2026
Fully consolidated subsidiaries
535
-
1
(17)
(19)
-
500
Joint ventures(a)
101
-
1
(2)
-
-
100
Affiliates(a)
59
-
-
-
(4)
-
55
TOTAL
695
-
2
(19)
(23)
-
655
(a) Companies accounted for using the equity method.
Details of consolidated acquisitions/disposals of companies, net of cash proceeds from disposals
During the first half of the year, the Group made no acquisitions. Regarding disposals:
On January 6, 2026, the Group signed a reiteration of the sale agreement for its Senior Living Residences management division, i.e., the 100% sale of the companies Nohée, Sopregi, and Sopregim, operating under the Nohée and Les Hespérides brands;
On February 26, 2026, by reiteration of the agreement, the Group entered into a partnership with several entities of the Crédit Agricole Group(1): creation of a joint structure for the construction and operation of photovoltaic projects. This partnership is reflected in the Group's accounts by the recognition of the 25% stake held in "Non-current Financial Assets" at a fair value of €2.2 million.
Note that the groups of assets intended to be sold (€190.9 million) and related liabilities (€103.0 million) recorded at 31 December 2025 have been removed accordingly.
(1) Fonds Crédit Agricole Énergies & Territoires à hauteur de 50 % et Caisses Régionales du Crédit Agricole à hauteur de 25 %.
Securities and investments in equity affiliates
In application of IFRS 10, 11 and 12, the following are recognised under securities and receivables on equity affiliates, investments in joint ventures and associated companies, including receivables from these holdings.
Equity-accounting value of joint ventures and affiliates and related receivables
(€ millions)
30/06/2026
31/12/2025
Equity-accounting value of joint ventures
112.2
112.1
Equity-accounting value of affiliated companies
28.7
53.5
Value of stake in equity-method affiliates
140.9
165.6
Receivables from joint ventures
178.8
139.8
Receivables from affiliated companies
48.3
46.9
Receivables from equity-method subsidiaries
227.2
186.7
TOTAL SECURITIES AND RECEIVABLES IN EQUITY AFFILIATES
368.0
352.4
As of 30 June 2026, the change in the share price of equity-accounted investments is primarily due to the reclassification of an investment following a loss of significant influence over it. This investment is now recognized as a financial asset at fair value through equity (OCI).
Main balance sheet and income statement items of joint ventures and affiliates
(€ millions) | Joint ventures | Affiliates | 30/06/2026 | Joint ventures | Affiliates | 31/12/2025 | Joint ventures | Affiliates | 30/06/2025 |
Balance sheet items, Group share: | |||||||||
Non-current assets | 280.7 | 31.9 | 312.6 | 276.5 | 40.9 | 317.3 | 393.3 | 40.1 | 433.3 |
Current assets | 246.9 | 235.2 | 482.1 | 298.1 | 302.8 | 600.9 | 357.9 | 337.6 | 695.5 |
Total Assets | 527.5 | 267.1 | 794.7 | 574.5 | 343.7 | 918.2 | 751.2 | 377.7 | 1,128.9 |
Non-current liabilities | 46.3 | 64.9 | 111.3 | 49.5 | 31.9 | 81.4 | 148.4 | 151.9 | 300.2 |
Current liabilities | 368.9 | 173.5 | 542.4 | 412.9 | 258.3 | 671.1 | 507.2 | 168.3 | 675.5 |
Total Liabilities | 415.3 | 238.4 | 653.7 | 462.4 | 290.2 | 752.5 | 655.6 | 320.2 | 975.8 |
Net assets (equity-accounting basis) | 112.2 | 28.7 | 140.9 | 112.1 | 53.5 | 165.6 | 95.6 | 57.4 | 153.1 |
Share of income statement items, Group share: | |||||||||
Operating income | -4.7 | -1.3 | -6.1 | 3.0 | 4.5 | 7.5 | 0.7 | 2.2 | 2.8 |
Net borrowing costs Other financial results Change in value of hedging instruments | (1.9( 1.4 1.5 | (3.9( 0.1 0.1 | (5.8( 1.5 1.6 | (3.8( (3.1( 0.5 | (5.5( - (0.2( | (9.3( (3.1( 0.3 | (1.8( (2.6( 0.4 | (2.3( - (0.4( | (4.1( (2.6( - |
Proceeds from the disposal of investments Net income before tax | - - | - | - | - | - | - | - | - | |
-3.7 -5.0 | -8.7 | (3.4) | (1.2) | (4.7) | (3.3) | (0.5) | (3.8) | ||
Corporate income tax Net income by equity method (aftex tax) | 0.6 0.3 | 1.0 | 0.1 | (0.1( | - | (0.9( | - | (0.9( | |
(3.1) (4.6) | (7.7) | (3.3) | (1.3) | (4.7) | (4.2) | (0.5) | (4.7) | ||
Non-Group net income | 0.0 | 0.0 | 0.0 | - | - | - | - | - | - |
Net income, Group share | (3.1( | (4.6( | (7.7( | (3.3( | (1.3( | (4.7( | (4.2( | (0.5( | (4.7( |
Joint ventures and associates are not individually significant for the purposes of presenting the financial information on an aggregate basis.
Revenue generated by the Group with joint ventures amounted to €3.3 million, compared to €2.1 million as of 30 June 2025, and
€4.6 million as of 31 December 2025.
Revenue generated by the Group with associates amounted to
€2.0 million, compared to €1.3 million as of 30 June 2025, and
€4.4 million as of 31 December 2025.
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