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Azrieli Group (AZRG) investor relations material

Azrieli Group Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary26 Nov, 2025

Executive summary

  • Achieved 12% year-over-year growth in NOI to ₪657 million in Q3 2025, driven by data center and mall segments, and 2% growth in same-property NOI to ₪588 million.

  • FFO excluding senior housing declined 3% to ₪395 million, while FFO including senior housing dropped 7% to ₪424 million, mainly due to higher financing costs and near-full occupancy.

  • Net profit for Q3 2025 was ₪657 million, up 12% year-over-year, with comprehensive profit impacted by currency fluctuations.

  • Significant investments of ₪2.5 billion in the first nine months of 2025 across Israel and Europe, with a dividend of ₪800 million distributed.

  • Completed acquisition of 66.7% of Tzemach Hammerman, expanding into residential development for sale.

Financial highlights

  • NOI for Q3 2025 reached ₪657 million, a 12% increase year-over-year; same-property NOI was ₪588 million, up 2%.

  • Net profit for Q3 2025 was ₪657 million, and for the first nine months, net profit was ₪1,173 million.

  • FFO excluding senior housing: ₪395 million (down 3%); FFO including senior housing: ₪424 million (down 7%).

  • Gross rental income, management fees, and sales: ₪973 million in Q3 2025.

  • EPRA NRV per share increased to ₪251 as of September 30, 2025.

Outlook and guidance

  • Significant growth expected in global data centers, with contracted NOI tripling since 2021 and new projects in Germany and the UK.

  • Projected NOI after full occupancy of new developments could reach ₪3.1 billion annually.

  • Anticipates FFO growth in senior housing with the opening of the Rishon LeZion project in December 2025.

  • Continued expansion in residential, office, and retail projects, with major developments in Tel Aviv, Jerusalem, and Holon.

  • Macroeconomic forecasts expect GDP growth of 2.5% in 2025 and 4.7% in 2026, with moderating inflation and lower interest rates.

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Frequently asked questions

Azrieli Group Ltd is an Israeli real estate company engaged in the development and management of shopping malls, office buildings, and data centers. Its operations span across commercial real estate and infrastructure, with a growing presence in the digital infrastructure segment. The company operates primarily in Israel with select international ventures. It is headquartered in Tel Aviv, Israel, and its shares are listed on the TASE.

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