Altarea

For the 2026–28 period, we factor in a higher contribution from Residential Development, which began to materialise in the first half of 2026. Looking to 2028 and beyond, the refinancing of €0.85 billion in debt—due to be addressed earlier, in 2027—could become a particular area of ??focus should interest rate conditions remain tight or deteriorate further.

Our NAV is based on a recovery scenario for the Residential Development segment that began to materialise more rapidly in the first half of 2026. However, this earlier-than-expected cash generation does not materially affect our initial NAV estimate, which already factors in a sustained recovery.

As a reminder, Altarea published a NAV of €100 per share in June 2026.

For the same reasons as for our NAV, our DCF is only marginally affected by the revision of 2026–28 EPS figures. For the impact to be more pronounced (as for our NAV derived valuation), the Commercial Real Estate business would need to recover, for instance, or margins in Residential Development would need to settle sustainably above their medium-term potential. Indirectly, this would be partly linked to an assumption of a significant drop in interest rates over the medium term, which is not our current scenario.