Alliances Real Estate Development: Revenue Declines by 14% in Q1 2026
The group Alliances Développement Immobilier reported a consolidated revenue of 615 million dirhams in the first quarter of 2026, compared to 715 million dirhams during the same period in 2025, representing a decline of 14%, according to its financial indicators published at the end of March 2026.
This change occurs in a unique context for the real estate developer, which attributes this decrease to the launch of new projects that will be delivered in the coming months.
A Strategic Transition Phase for the Group
After several years of sustained growth between 2022 and 2025, Alliances is now entering a new stage of its strategic development. The group states that it is undergoing a transformation of its business model, combining traditional real estate development, land subdivision, and investments in hospitality.
The stated goal is to diversify revenue sources and gradually increase the share of long-cycle activities that generate sustainable value.
Overall Stable Commercial Indicators
As of March 31, 2026, the group has a total of 6,297 units under production, indicating an intensification of ongoing projects.
Pre-sales stand at 1,776 units, confirming relatively stable commercial activity despite the transition phase.
Meanwhile, cash inflows reach 437 million dirhams, exceeding initial forecasts by 38%, which is a positive sign for cash flow.
A Solid Order Book and Rising Debt
Alliances also has an order book estimated at around 4.1 billion dirhams, ensuring some visibility for future activities.
In contrast, net debt has increased to 1.278 billion dirhams, compared to 1.060 billion a year earlier, marking a 21% rise. This increase is largely attributed to a bond issuance carried out at the end of 2025 to finance new projects.
An Evolving Model in a Sector Under Adjustment
The group reported no changes in the consolidation scope for the first quarter of 2026.
In a real estate sector undergoing adjustment, Alliances continues its transformation strategy, focusing on a gradual repositioning of its activities and improved revenue diversification.
