Altarea: revenue down 9.6% over nine months, €8 dividend confirmed
Altarea published its financial information as of September 30 on October 21, 2026. According to the group, the decline in revenue is primarily attributable to the gradual phase-out of previous-generation residential projects and lower activity in commercial real estate and third-party merchant development. New-generation projects now account for 75% of residential revenue over nine months, compared to 45% a year earlier. The group has confirmed its 2026 guidance, which anticipates significant FFO growth and a stable dividend of €8.00 per share.
Revenue of €1,292.1 million over nine months, down 9.6%
Over the first nine months of 2026, consolidated revenue stood at €1,292.1 million, compared to €1,429.1 million a year earlier. In the third quarter alone, it reached €421.6 million, compared to €474.4 million in the third quarter of 2025.
Housing, the main contributor, generated €1,026.6 million (−7.0%). Retail came in at €204.2 million (−5.7%) and Commercial Real Estate at €58.3 million (−46.2%).
On the reservations front, new housing volumes increased by 2%, to 5,997 units, while in value they declined by 6%, to €1,241 million including tax. Across all residential activities combined, reservations were flat in volume (+0.3%, at 6,131 units) and down 8% in value, at €1,288 million including tax. Block sales to institutional investors represented 67% of volumes (+2%), while sales to individuals declined by 4%.
Shift towards new-generation residential projects
The decline in residential revenue reflects a change in activity composition. New-generation projects accounted for 75% of residential revenue as of September 30, compared to 72% in the first half of 2026 and 45% over the first nine months of 2025. According to the group, the real estate margin rate for these operations reached levels the group considers highly satisfactory.
Altarea is also preparing its future volumes: 55 programs were launched for 2,267 units (stable year-on-year) and 38 plots of land were acquired, compared to 31 a year earlier. These plots represent 5,045 units, compared to 3,511 as of September 30, 2025, an increase of 44%.
In Retail, IFRS rental income declined by 1.0%, to €182.9 million. This figure combines a 1.5% increase on a constant-perimeter basis (of which 0.2% related to indexation), a net scope effect of +0.2%, and a negative effect of 2.7% linked to specific rental factors, notably a significant lease renegotiation and strategic vacancy linked to future premises of the École de Joaillerie at Bercy Village. Flagship store revenue increased by 0.8% and foot traffic by 4.9%, with a financial vacancy rate stable at 3.3%.
Minimum guaranteed rents secured by leases signed since the beginning of the year reached €36.3 million, compared to €25.5 million as of September 30, 2025, driven by the commercialization of future spaces at Grand Austerlitz in Paris. The group also renewed the lease for Galeries Lafayette at CAP3000 for twelve years.
2026 guidance confirmed and dividend maintained at €8.00
Available liquidity stood at €1,427 million as of September 30, compared to €1,883 million as of June 30, 2026, following the payment of the 2025 dividend. In its semi-annual publication of July 29, 2026, Altarea cited its "BBB−" credit rating, the lowest rung of the investment-grade category, among its risks. The group states it intends to maintain a financial policy consistent with this category.
In Commercial Real Estate, delivery of the Ki project (21,000 m² near the Gare de Lyon Part-Dieu) is scheduled for early 2027. The 7 MW IT data center in Vélizy-Villacoublay is to be delivered within 18 months, while the one in Noyal, near Rennes (3 MW IT), is fully let. On August 26, 2026, the group announced a comprehensive agreement ending the dispute with shareholders of the Praemia group (formerly Primonial).
For the full year, Altarea anticipates significant FFO growth (net income excluding fair value variations, calculated charges, transaction costs and deferred taxes, group share). According to the group, this growth would be driven by margin expansion in Housing, Retail performance and at least one Commercial Real Estate transaction, subject to the political, geopolitical and macroeconomic environment. The 2026 dividend, payable in 2027, is maintained at €8.00 per share, at the same level as the 2025 dividend, with a partial option for payment in shares.
