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2025 ANNUAL RESULTS FEBRUARY 2026
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ALTAREA This presentation has been prepared for information purposes only and is intended to supplement other information published by Altarea, to which readers are encouraged to refer. It is not, and must not be interpreted as a solicitation, recommendation or offer to purchase, sell, exchange or subscribe for altarea securities or financial instruments. Circulation of this document may be restricted in certain countries by law or regulations. Therefore, readers in possession of this presentation must make their own enquiries and adhere to these restrictions. Within the limits permitted by applicable law, Altarea accepts no liability or commitment in the event of failure by any person to obey these restrictions. Certain information included in this press release does not constitute historical data but constitutes forward‐looking statements. These forward‐looking statements are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding present and future business strategies and the environment in which the group operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements, or industry results or other events, to be materially different from those expressed or implied by these forward‐looking statements. These risks and uncertainties include those discussed or identified under section 5.2 “risk factors” in the universal registration document 2024. These forward‐looking information and statements are not guarantees of future performances. This presentation is accompanied by a press release, the business review and the consolidated financial statements, available for download on the finance page of Altarea’s website, altarea.com, heading finance. D I S C L A I M E R
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ALTAREA A G E N D A INTRODUCTION 01. OPERATIONAL PERFORMANCE FINANCIAL AND NON-FINANCIAL PERFORMANCE 02. 03. 2025 Annual results - February 2026 OUTLOOK 04.
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ALTAREA 2025 Annual results - February 2026 4 INTRODUCTION 01.
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ALTAREA 5 A NEW CYCLE FOR ALTAREA Confirmed recovery in Residential Strategic milestones achieved in Data centers Strong increase expected in FFO 2026 dividend stability F F O €144.9m €8.00 €/share 2 0 2 5 D I V I D E N D 2025 Annual results - February 2026 with a partial scrip dividend option +13.9% S T R O N G C R E D I T R AT I N G BBB- stable outlook
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ALTAREA 2025 Annual results - February 2026 6 OPERATIONAL PERFORMANCE 02
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ALTAREA 2025 Annual results - February 2026 7 CAP3000 IN NICE RETAIL REIT THE GROUP'S FINANCIAL BACKBONE GARE DE L’EST IN PARIS 43 assets Asset under management €5.25 bn €2.26 Bn in Group share 4 formats travel retail in train stations, large centres, retail parks, convenience store €326m Gross annualized rents, including €142 million in Group share QWARTZ NORTH OF PARIS SANT CUGAT IN SPAIN
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ALTAREA RETAIL REIT STRONG OPERATIONAL PERFORMANCE 2025 Annual results - February 2026 8CAP3000 IN NICE Indicators excluding Marques Avenue Aubergenville, in the process of being completely restructured. + 1.0% T E N A N T ’ S R E V E N U E A N D F O O T F A L L + 4.0% 97 .1% O C C U P A N C Y R A T E €36.9 m L E A S I N G A C T I V I T Y 331 leases signed +2.2% N E T R E N T A L I N C O M E at constant scope Footfall Tenant’s revenue
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ALTAREA 2025 Annual results - February 2026 9 PARIS-AUSTERLITZ RAILWAY STATION MARKETING UNDERWAY 25,000 m2 GLA area (retail part) 130 shops & restaurants 2027 expected delivery +€250m investment (Altarea’s share)
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ALTAREA 2025 Annual results - February 2026 10 NEW DEVELOPMENTS SECURED IN METRO STATIONS PARIS AND MILAN 136 shops (12,500 m²) 45 stations 12 years concession 330 million potential attendance on 5 metro lines 2027 first openings 17 ,000 m² 83 stations 20 years concession 600 million annual travelers shops
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ALTAREA RESIDENTIAL AN ORGANISATION STRUCTURED TO ADDRESS ALL TYPE OF CUSTOMERS 2025 Annual results - February 2026 11 DELIVERY OF DOMAINE MARGUERITE DE FLANDRE IN LILLE-SECLIN REHABILITATION NEW HOUSING Cogedim’s timber brand Repositioning underway to enlarge its market positioning (historical and non-historical) VILLA TRIANON IN L’HAŸ-LES-ROSES SEQUOIA IN SCEAUX DOMAINE DES BAS-BUISSONS IN DREUX QUADRILATÈRE DE COMBAREL IN RODEZ
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ALTAREA 12 RESIDENTIAL FIXING THE CRISIS PRODUCT for the 8th year PERFORMANCE CARBONE Customer relations proximity throughout the journey: advice, expertise, follow-up, single call number, loyalty, etc. Environmental EPC rating A or B guaranteed, design charter, resources and carbon-free materials,... Architecture and use maximised useful surfaces, resistance to climatic stresses, aesthetic and secure common areas, housing health record,... Product – health and wellness air quality, acoustics, brightness, outdoor spaces for all... QUALITY CUSTOMER for the 4th consecutive year HCG ranking for Les Echos 2-bedrooms - 58 m2 with 82% of living space 45% for the living room enhanced use value 2025 Annual results - February 2026
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ALTAREA2024 2025 7 ,753 units7 ,167 units 2025 Annual results - February 2026 13 RESIDENTIAL CONFIRMED SUCCESS OF NEW GENERATION PRODUCTS N E W O R D E R S +8% +5% in value PROMENADE CAMPUS IN CACHAN (271 units) Success with first-time buyers (+12%) Strong demand from institutional investors (+17%) Decline in individual investors (-34%)
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ALTAREA 2025 Annual results - February 2026 14 EGÉRIE IN VILLEURBANNE 78 UNITS 11,300 UNITS AUTHORISED (+83%)81 LAUNCHES (+16%)MORE THAN 10,700 UNITS LE 5 RASPAIL IN BAGNOLET 153 UNITS BLOSSOM PARK IN ROUEN 70 UNITS RESIDENTIAL ACCELERATION OF THE PRODUCTION CYCLE PERMIT FILINGS IN 2024 RELAUNCH OF THE CYCLE IN 2025 READY FOR 2026 most of which filed at the end of the year Satisfying volumes for 2026 adapted to customer demand and Group’s margin targets Anticipation of the electoral sequence7 4 land acquisitions (7 ,376 units, +17%)
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ALTAREA OFFICES IN GREATER PARIS ONGOING PROJECTS WELL UNDERWAY 2025 Annual results - February 2026 15 UPPER PARIS - MONTPARNASSE ASBESTOS REMOVAL/CURETTAGE WORK LANDSCAPE 70 200 m² OCCUPANCY RATE INCREASED TO 66% PARIS LOUIS LE GRAND WORK IN PROGRESS PARIS 185 RUE ST HONORÉ Carrying out the tenant’s fit-out works 6,100 m² of office space Leased to Ashurst Law Firm DELIVERY IN 2026 PARIS-MADELEINE WORK IN PROGRESS
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ALTAREA 2025 Annual results - February 2026 16 OFFICE AND LOGISTICS IN THE REGIONS SUSTAINED DEAL FLOW, BOLLÈNE HUB UNDERTAKEN DELIVERY OF DELTA, ALSTOM'S REGIONAL HEADQUARTERS IN AIX-EN-PROVENCE 7,500 M² DELIVERY OF THE ESSCA CAMPUS IN AIX-EN-PROVENCE 5,500 M² LAUNCH OF THE WORKS OF KI IN LYON PART-DIEU Former headquarters of the Caisse d'Epargne Rhône-Alpes In figures: • 21,000 m² of office space • 6,700 m² of housing • 550 m² of shops and services • 3,000+ m² of green space DELIVERY SCHEDULED FOR EARLY 2027 TWO SALES IN 2025 INCLUDING LE LAB IN NICE MERIDIA OFF-PLAN SALE WITH WDP AND OFF-PLAN LEASE WITH BOULANGER FOR THE LAST PART OF THE BOLLÈNE LOGISTICS HUB 75,000 M²
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ALTAREA 2025 Annual results - February 2026 17(1) Crédit Agricole Energies & Territoires Fund for 50% and Crédit Agricole Regional Banks for 25%. Closing scheduled for 2026. PHOTOVOLTAIC INFRASTRUCTURE PROVEN VALIDITY OF THE BUSINESS MODEL SIGNING OF A 1ST PARTNERSHIP 25% Altarea / 75% Crédit Agricole Group (1) 124.6 MWp of photovoltaic infrastructure in the long term CONSTRUCTION OF THE FIRST GROUND-BASED POWER PLANT IN CAUDECOSTE (Lot-et-Garonne) 7.1 MWp of power LARGE ROOFS ON REAL ESTATE PROJECTS AGRIVOLTAICS CANOPIES PARKING SHOPPING CENTERS AGRICULTURAL SHEDS 735 MWp of secured projects of which 140 MWp at guaranteed tariff PIPELINE
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ALTAREA 2025 Annual results - February 2026 18 REAL ESTATE ASSET MANAGEMENT BREAK-EVEN ACHIEVED RETAIL PORTFOLIO OF 8 SHOPS LOGISTICS IN STE-MENEHOULD COLD CHAIN LOGISTICS IN MADRID SCPI Alta Conviction €100 million in capitalization 7 .55% overall performance 6.57%return 0.98%price revaluation Real Estate Debt Funds First operations deployed Pipeline in Europe
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ALTAREA Complex administrative process building permit, grid-connection authorization environmental approvals High-tech infrastructure energy, design, connectivity, redundancies, cooling, waste heat Global shortage specialized equipments, power transformers relevant know-how Huge investments infrastructure: €≈10 million per MW IT equipment (users): €≈ 20 million per MW IT DATA CENTER A HIGH-TECH PRODUCT, A GLOBAL MARKET 2025 Annual results - February 2026 A standout product A market under pressure Immense needs artificial intelligence (training and inference) computing power user proximity (latency) importance of time-to-market Diversity of formats hyperscale (cloud and AI) local (colocation or edge) Geopolitical dimension predominance of US players availability of electricity, carbon issue digital sovereignty France's assets Value creation that is fundamentally linked to the end user 19
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ALTAREA Altarea Data Center, a specialized team development, design, implementation and operation knowledge of end-user needs DATA CENTER MASTERING KEY STRATEGIC SKILLS 2025 Annual results - February 2026 Operating an installed base Becoming a benchmark player in development and operating Co-development with specialized global players Sale of authorized land to the end-user Financial policy compatible with the Group's credit rating Limit commitments to land control and studies Implement projects once secured through partnerships HYPERSCALE cloud or AI LOCAL colocation or edge 20
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ALTAREA DATA CENTER STRONG DEALFLOW IN 2025 2025 Annual results - February 2026 IN VELIZY • First project delivered in the process of being rented 3 MW IT near Rennes • Acquisition of a fully-let data center 1 MW IT power in Mordelles near Rennes • Final building permit granted 7 MW IT in Vélizy-Villacoublay HYPERSCALE LOCAL IN RENNES Multiple sites secured for potential projects of all scales (1) 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. • Partnership with Vantage Data Centers(1) for the development of a campus near Bordeaux grid-connection secured for 400 MW (PTF) • Agreements with a digital giant (under condition) for the sale of a developed land in the Ile-de-France region grid-connection secured for 120 MW (PTF) 21
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ALTAREA 2025 Annual results - February 2026 22 CITADEL PROJECT DEVELOPMENT OF A DATA CENTER CAMPUS NEAR BORDEAUX Conditional launch under final agreements with the end-user Partnership design, marketing and construction 400 MW (PTF) of which 120 MW to be connected in 2028 41 ha of land owned by Altarea
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ALTAREA 2025 Annual results - February 2026 23 03 FINANCIAL & NON-FINANCIAL PERFORMANCE
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ALTAREA In € million RETAIL REIT RESIDENTIAL BUSINESS PROPERTY NEW BUSINESSES Revenue(1) 2,075.6 -25.0% 285.3 1,652.7 136.1 1.4 -3.0% -17.0% -71.0% na EBITDA(2) 301.7 +10.0% 231.4 55.2 17 .8 (4.6) +10.0% X2.1 -63.0% na Cost of net debt (37 .1) Other financial results (31.3) Corporate taxes (4.5) Minority (83.9) FFO, Group share 144.9 +13.9% Exceptional accounting expense for the rehabilitation segment(3) (43.6) Changes in value, depreciation, FSA and others (92.9) NIGS 8.4 Vs. €6.1m in 2024 2025 Annual results - February 2026 24 (1) Net rents, Revenue by percentage of completion and provision of services. (2) FFO operating income. (3) Adjustment of the carrying value of inventory, study costs, bid-for-sale, and technical and sales costs (amount after tax). 2025 CONSOLIDATED RESULTS FFO UP +13.9% • RETAIL REIT: growth in net rents and fees, favourable impact of the resolution of the Ponte Parodi litigation • RESIDENTIAL: new housing ramp-up at satisfactory margins • BUSINESS PROPERTY: good current activity in the absence of large transactions • NEW BUSINESSES: break-even reached in photovoltaics and real estate asset management, data center development costs Net income impacted by the exceptional accounting expense on the rehabilitation segment (Histoire & Patrimoine)
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ALTAREA 2025 Annual results - February 2026 25 2024 2025 OLDER GENERATION Low or no margins NEW GENERATION Satisfactory margins €1,959.0m €1,632.7m 14% 50% 86% 50% RESIDENTIAL EMBEDDED PROFITABILITY GROWTH (1) Revenue by percentage of completion (excluding external fees). Launch of the new generation offer 2024 Rise to power 50% contribution 2025 100% contribution 2027 - 2028 Clearly majority contribution 2026 Residential revenue(1) New-generation offer
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ALTAREA 2025 Annual results - February 2026 26 CONSOLIDATED RESOURCES CAPITAL EMPLOYED(1) Residential 18% Economic equity(2) 63% Net bond and bank debt 31.0% Autres (dont IFRS 16) 6% BP 8% New businesses 5% Retail REIT 69% BBB- stable outlook (vs. negative) (1) €6,136 million. Market value of assets by activity (consolidated view). (2) Of which Group share €2,422 million, of which minority shares €1,437 million. FINANCIAL STRUCTURE A HIGHLY CAPITALISED BALANCE SHEET 31.0% Covenant ≤ 60% S O L I D R AT I O S 8.1x Covenant ≥ 2,0x S T R O N G L I Q U I D I T Y LTV ICR +250 bps -1.5 x (3) Post-early redemption of €343 million of Altareit 2025 bonds in April LIQUIDITY (3) €2,039m No deadline before 2028 S & P U P G R A D E S I T S R AT I N G Banking & Bonds
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ALTAREA 27 78 77 70 50 76 15 31/12/2024 31/12/2025 FFO 25 RESIDENTIAL WCR New generation operations OTHER RETAIL CAPEX Paris-Austerlitz station NEW BUSINESSES Data centers REAM Photovoltaics(2) BUSINESS PROPERTY CAPEX Secured operations In €m (1) Bank and bond debt. (2) Photovoltaics: net of IFRS 5 reclassification linked to the Crédit Agricole partnership. NET DEBT(1): €1,902m (+€221m vs. 31/12/2024) INVESTMENTS IN ALL BUSINESS LINES 2025 Annual results - February 2026 DIVIDEND paid in 25 (144.9) 1,681 1,902
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ALTAREA 28 44.0% 48.1% 68.6% 73.9% 2022 2023 As a % of consolidated revenue (1) Change of scope and adjustment CSRD. ENVIRONMENTAL SOBRIETY AND SOCIAL UTILITY CARBON PERFORMANCE SOCIAL UTILITY 2025 Annual results - February 2026 GHG emissions in thousands of tCO2e 1,563 588 2019 2025 Volume effect (activity) Rate effect (areal intensity) -63% +4%(1) -35% -31% TAXONOMY 2024 2025 Meeting our customers’ essential needs Housing Consumption Work Acting for the public interest responding to the housing crisis fighting for purchasing power Economic development of territories repairing urban divides HR, Altarea's main asset strong employer brand University of Urban Transformation sharing the value created
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ALTAREA 2025 Annual results - February 2026 29 AltaGroupe (A. Taravella family) and its affiliates on the one hand and Crédit Agricole Assurances and its affiliates on the other hand, have committed to opting for the full payment of the proposed dividend in shares KEY DATES 2026 (1) For 2025 paid in 2026, subject to shareholder approval at the Annual General Meeting on June 4, 2026. (2) The new shares will be issued at a price at least equal to 90% of the average opening price of the twenty trading days preceding the day of the meeting, less the amount of the dividend per share and rounded up to the nearest euro cent. 2025 DIVIDEND PROPOSAL(1) €8 / share €5.53 / share Redemption of share premiums €2.47 / share Distribution of income (o/w €0.04 of exempt profits) ▪ 4 June: General Assembly ▪ 10 June: Ex-dividend date ▪ June 12 to 23 inclusive: Option Period ▪ 7 July: Payment / Delivery ▪ 100% in cash ▪ OR 75% in shares(2) and 25% in cash INDICATIVE TAXATION
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ALTAREA 2025 Annual results - February 2026 30 OUTLOOK 04.
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ALTAREA A NEW CYCLE FOR ALTAREA Résultats annuels 2025 - Février 2026 31 2025 Annual results - February 2026 31 ALTAREA An environment still adverse... interest rates, purchasing power, (geo)political issues … changes are underway inflation, rates, electoral sequence, geopolitics, regulation Over the past three years, Altarea has conducted an in-depth redesign of its core businesses Residential, Retail, Offices & Logisctics and invested in New businesses data centers, photovoltaic infrastructures, real estate asset management Altarea a strong financial position an exceptional human capital
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ALTAREA 2026 – 2027 OUTLOOK Résultats annuels 2025 - Février 2026 32 Residential: 8,000 to 9,000 units/year priority to profitability, cost control and working capital Retail REIT delivery of the Paris–Austerlitz railway station New businesses continued investments Photovoltaic infrastructure and real-estate asset management positive contribution Maintaining the Group's financial strength 2025 Annual results - February 2026 32 FFO expected to grow significantly in 2026 and 2027 driven mainly by the Property development segment ALTAREA
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ALTAREA 2028 AND BEYOND CONTRIBUTION OF NEW BUSINESSES 2025 Annual results - February 2026 33 Photovoltaic infrastructure and real estate asset management contribution according to the general context and the evolution of the regulatory framework Data centers development of several hundred megawatts secured lands with grid-connection or in the process of being secured financial contribution potentially very significant uncertainties about volume and schedule Ramp-up of the contribution of New businesses ALTAREA
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ALTAREA MEDIUM-TERM FFO OBJECTIVE 34 ALTAREA Altarea aims to reach a FFO of €300 million or above in the medium term Achieving this objective depends on both: the growth of core activities in 2026 and 2027 (retail REIT, residential and business property) and on the ramp-up of new businesses from 2028 particularly data centers 2025 Annual results - February 2026
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ALTAREA 2026 GUIDANCE Résultats annuels 2025 - Février 2026 35 2025 Annual results - February 2026 35 ALTAREA In 2026, the results should benefit from: • the continued recovery in Residential • a good performance of the Retail REIT • one or more transactions in Business Property • and the overall breakeven of New businesses Altarea will continue to rely on its solid balance sheet structure and will maintain strong liquidity and a financial policy compatible with an investment grade rating Strong increase in 2026 FFO is expected subject to the political, geopolitical and macroeconomic Dividend 2026 stable at €8.00/per share paid in 2027 with an option of partial scrip dividend
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ALTAREA 2025 Annual results - February 2026 36 ANNUAL RESULTS 2025 LEADER IN LOW CARBON URBAN TRANSFORMATION
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ALTAREA 37 GLOSSARY • Continuation NAV (Net Asset Value) : Market value of equity assuming the business continues as a going concern, taking into account potential dilution linked to its status as a partnership limited by shares. • Tenant sales: Change in merchant sales on the basis of the period stated. • Average total cost of the debt: Average total cost including related fees (commitment fees, CNU, etc.). • Net Debt / EBITDA: Ratio measuring net bank and bond debt relative to FFO operational result. • Net debt: Bond and bank debt, net of cash and cash equivalents. • FFO (Funds From Operations): Operating income after the impact of the net borrowing costs, corporate income tax paid and minority interests, for all Group activities. Group share. • ICR (Interest-Coverage-Ratio): Operating income/Net borrowing costs ("Funds from operations" column). • Economic Carbon Intensity: Amount of CO₂e emitted per euro of revenue generated. Since Altarea’s carbon performance is based on the same data system as its revenue, this indicator measures the decoupling between GHG emissions and economic value creation — a key principle of low-carbon growth. • Surface Carbon Intensity: Quantity of carbon required to build and operate one square meter of real estate. • Liquidity: cash and cash-equivalent (marketable securities, certificates of deposit, credit balances) plus drawing rights on bank credits (RCF, overdraft facility). • LTV (Loan to Value): Net bond and bank debt/Restated value of assets including transfer duties. • Net rental income: The Group now reports net rents charged including the contribution to the marketing fund, the rebilling of work and investments as lessor. • Carbon Performance: Sum of the Group’s Greenhouse Gas (GHG) emissions expressed in kilograms of CO₂ equivalent (kgCO₂e) across all scopes defined by the GHG Protocol (Scopes 1, 2 & 3). • New orders Residential: New orders net of withdrawals at 100%, with the exception of jointly controlled operations (Group share). In € incl. tax. • Taxonomy (or European taxonomy): Common classification system of the European Union (EU) for identifying sustainable economic activities as those providing a substantial contribution to one of six environmental requirements: Energy (climate change mitigation), Climate (adaptation to climate change), Water, Circular Economy, Pollution and Biodiversity. • Alignment rate: Ratio between the "aligned" revenue and the consolidated revenue. • Financial vacancy: Estimated rental value (ERV) of vacant units as a percentage of total estimated rental value. France and International. 2025 Annual results - February 2026