28 Feb 2023
  • Growth in results

  • Robust financial structure

  • Altarea reiterates its confidence on its market and prospects

“The year 2022 was marked by a double challenge in our strategic environment with the non-completion of the Primonial deal at the beginning of the year and the change in real estate cycle at the end of the year. In spite of that, Altarea reported a growth in FFO of 4.2% and a robust financial structure, and I would like to congratulate all of our teams, who once again face the new environment with agility, talent and commitment.

Altarea has a fundamentally optimistic view of its markets and its people. We are experiencing the beginning of a shift of real estate cycle and our Groupe is in a particularly good position to take the most of it, as we have done many times in the past. The roadmap we are sharing today goes from an initial phase of investment in new businesses, of adaptation to the new cycle, to the low-carbon transition. We estimate the FFO potential to reach €325m - €375m in the medium-term, or + 20% to + 35% compared to 2022, with limited financial risk. This trajectory is our best estimate of the Group’s organic growth potential to date and does not take into account our ability to seize additional opportunities, especially if the macroeconomic situation allows.

Our confidence in the low-carbon urban transformation market and in the ability of Altarea and its teams to outperform the market is strong, whatever the context. This is why Altarea will propose to all shareholders a dividend of €10 per share, up +2.6%, with an option for partial conversion into shares. Starting next year, the dividend payout will amount to 75% of the Group’s FFO, with a minimum of €10 per share and the option of partial conversion into shares will be renewed.“

Alain Taravella, Chairman and Founder of Altarea

Follow the presentation of the 2022 annual results on Wednesday, March 1, 2023 at 8:30 am by clicking here.

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