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Big Shopping Centers (BIG) investor relations material

Big Shopping Centers 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 summary24 Nov, 2025

Executive summary

  • Focus on long-term asset holding, active management, and cash flow growth across retail, office, and residential rental sectors, with expansion into mixed-use projects.

  • Effective NOI for the nine months ended September 30, 2025, was ₪1,462 million, up 15.6% year-over-year; AFFO reached ₪752 million, a 13.3% increase year-over-year.

  • Portfolio diversified geographically: Israel (47%), Serbia & Montenegro (18%), Romania (16%), Poland (11%), Czechia (2%), and the US.

  • The group owns 79 properties (excluding AFI Properties), including 62 income-producing assets and 7 under development, across Israel, Europe, and the US.

Financial highlights

  • Equity attributable to owners rose from ₪2.5B in 2015 to ₪13.1B in Q3 2025.

  • Managed area increased from 1.2M sqm in 2018 to a projected 3.1M sqm by 2029.

  • Fair value of investment property grew from ₪8.9B in 2018 to a projected ₪36.5B by 2029.

  • NOI increased from ₪603M in 2018 to a projected ₪2.5B by 2029; 13.3% year-over-year growth in Q3 2025.

  • Rental and management fee income for the nine months rose 20% to ₪2,010 million; Q3 income up 17% to ₪704 million year-over-year.

Outlook and guidance

  • Projected continued growth in NOI and AFFO, with new developments and expansions in Israel and Europe.

  • The company expects continued positive cash flow from operations, supported by new property openings and high occupancy.

  • Mixed-use and residential rental projects expected to drive future cash flow.

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Frequently asked questions

Big Shopping Centers Ltd. is an Israel-based real estate investment and development company specializing in commercial and retail properties. The company owns and operates a portfolio of shopping centers and lifestyle destinations across Israel, the United States, and Europe. The company is headquartered in Herzliya, Israel, and its shares are listed on the Tel Aviv Stock Exchange.

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