Artea: Net Loss of €16.7M in 2025, Revenue Down by 41.8%
Real estate developer Artea reported its 2025 results on Friday, marked by a net loss of €16.7M and a 41.8% decrease in revenue. Beyond the operational difficulties in the tertiary real estate market, the strategic deconsolidation of the renewable energy division (Dream Energy) is reshaping the group's scope and structuring its recovery roadmap for 2026.
Significant Revenue Decline, Negative Operating Result
Artea recorded a revenue of €58.2M in 2025, down by 41.8% compared to 2024 (€100M). This decline mainly stems from the decrease in real estate development activities, in a deteriorating tertiary market context. The group notes an extension in decision-making times for buyers and the impact of high interest rates on sale prices.
In parallel, revenues from recurring real estate activities increased by 2.35% to €20M, while services showed a growth of 7.58%, notably driven by property management (€2.5M, doubled compared to 2024). The occupancy rate of real estate assets remained stable at 91.4%.
The current operating result amounted to −€9.8M, compared to −€1.5M a year earlier. This deterioration is explained by the drop in revenue, an increase in depreciation and provisions (+54%), and a fair value adjustment of investment properties of −€4.5M.
Impact of Dream Energy Deconsolidation and Exceptional Charges
The group's net result shows a loss of €16.7M. This result includes several exceptional items: a loss of €8.8M from associated companies (almost entirely Dream Energy, deconsolidated in March 2025 after the arrival of TIIC fund owning 40% of the capital), an impairment of goodwill of €5.9M, and a negative deconsolidation result of €2.4M related to the Hôtel des Postes project in Luxembourg.
On discontinued operations, a positive result of €13.2M partially offsets the overall loss. The result before taxes stands at −€32.4M. The group's net current cash flow is −€3.4M, compared to +€2.5M in 2024.
Decrease in Equity, Stable Net Debt
The consolidated equity amounts to €62.1M, or €12.42 per share, compared to €79.6M a year earlier. The net debt stands at €128.4M (stable compared to €129.9M at the end of 2024), while cash reserves increased to €4.6M from €3.2M previously. The cost of financial debt remains unchanged at €6.5M.
For 2026, Artea plans to continue its policy of asset arbitrage and launch two hotel programs (Paros and Sant'Orsola) as well as continue projects aimed at selling 4 to 6 assets, with the goal of restoring profitability and strengthening its financial structure.
