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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Azrieli Group
Azrieli Group (AZRG) investor relations material
Azrieli Group Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary19 Aug, 2026
Executive summary
Q2 NOI was NIS 651m versus NIS 648m a year earlier; FFO was NIS 426m versus NIS 425m. Excluding FX impacts, NOI rose 4% and FFO including senior housing increased ~1%.
Net income fell to NIS 155m from NIS 320m, mainly on lower investment-property revaluation gains and higher financing expenses.
H1 investments exceeded NIS 1.7bn across Israeli properties and overseas data centers.
Cash, deposits and short-term investments totaled ~NIS 4.5bn; net debt-to-assets was ~37%, with ~NIS 40bn of unencumbered assets.
Financial highlights
Same-property NOI was NIS 649m versus NIS 648m; excluding FX impacts, it rose 3% year-over-year.
FFO excluding senior housing was NIS 411m versus NIS 417m; excluding FX impacts, it was unchanged year-over-year.
Q2 revenues were NIS 949m; basic EPS was NIS 1.25. H1 net income was NIS 695m versus NIS 777m.
Comprehensive income recorded a loss of NIS 548m, affected by FX translation differences and losses on financial instruments.
Segment performance
Malls: NOI was NIS 261m, up 9%; tenant sales rose ~8.3%, and occupancy was 99%. Connection works with Spiral Tower temporarily reduced retail space and are expected to add 16,000 sqm.
Offices: NOI was NIS 230m; it increased 4% excluding prior-year tenant-vacating compensation. Israeli office occupancy was 96%.
Senior housing: NOI was NIS 29m, up 16%, with 97% occupancy. Palace Rishon LeZion opened with 274 units; ~40% of apartments were sold at opening.
Data centers: NOI was NIS 103m, down 10% as reported but up 3% excluding FX impacts; contracted capacity reached 275 MW.
Rental housing NOI rose 29% to NIS 9m; residential sales revenue was NIS 115m and segment profit was NIS 14m.
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Latest events from Azrieli Group
- NOI grew 16% as record occupancy and property appreciation lifted Q2 results.AZRG
Q2 2022 - Q1 NOI rose 51% and FFO 48%, with CPI effects lifting property values and interest costs.AZRGQ1 2022
- NOI grew 18%; a Compass sale could generate ~NIS 3.2 billion in proceeds.AZRGQ2 2023
- NOI climbed 20% as high occupancy offset Data Center investment costs.AZRGQ3 2022
- FY2023 NOI and FFO grew as Compass proceeds and data centers supported expansion.AZRGQ4 2023
- Profit and FFO grew, with data-center expansion potential tempered by execution risks.AZRGQ1 2024
- Record Q3 NOI of NIS 657 million; FFO declined as investment and development continued.AZRGQ3 2025
- Record NOI of NIS 648 million and net profit growth, led by offices and data centers.AZRGQ2 2025
- Record Q3 FFO and higher NOI, with further data-center contributions expected.AZRGQ3 2024
- Record NOI and FFO growth, led by data centers, with NIS 3.1bn invested.AZRGQ4 & CMD 2024
Next Azrieli Group earnings date
Q3 202625 Nov, 2026
Azrieli Group
Next Azrieli Group earnings date
Q3 202625 Nov, 2026
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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.