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Big Shopping Centers (BIG) investor relations material
Big Shopping Centers Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
H1 2026 effective consolidated NOI was NIS 955,791 thousand versus NIS 950,775 thousand; AFFO rose 6.8% to NIS 532 million, while net income fell to NIS 548,513 thousand.
June 2026 shareholders’ equity was NIS 13,390 million and effective investment property fair value was NIS 29,166 million.
Retail occupancy was near 100% in Israel and 99% in Europe; the portfolio spans income-producing properties in Israel and Europe.
Financial highlights
H1 effective consolidated revenue including AFI was NIS 1,272,767 thousand versus NIS 1,287,424 thousand; EBITDA was NIS 819,742 thousand versus NIS 837,966 thousand.
H1 rental and management fee income grew 4.6% to NIS 1,367 million; operating cash flow was NIS 380 million versus NIS 456 million.
Q2 revenue was NIS 647,868 thousand versus NIS 662,292 thousand; EBITDA was NIS 420,747 thousand versus NIS 432,674 thousand.
Q2 net income was NIS 366,301 thousand versus NIS 248,778 thousand, including NIS 384,964 thousand in fair-value gains versus NIS 150,634 thousand.
H1 effective AFFO rose 6.8% to NIS 532 million; growth excluding the lower AFI Properties holding rate was 12.2%.
Segment performance
H1 same-property retail turnover rose 5.1% in Israel to NIS 4,364 million and 11.3% in Europe to €493 million; Romania declined 0.3% to €269 million.
Israel centers’ same-property NOI increased 1.1% to NIS 276 million, or 2.0% excluding the cited military-operation impacts; European centers rose 5.6% to €43.1 million.
Effective European NOI was €48.2 million versus €41.8 million, up 15.3%; June occupancy was 99%.
AFI Properties same-property NOI rose 8.9% in Israel to NIS 126.2 million and 8.8% in Europe to €110.5 million.
- Record NOI and FFO, powered by development and strong European growth.BIG
Q4 2025 - NOI and FFO grew, while EPRA NAV traded at a 43% discount.BIG
Q1 2024 - Effective NOI and AFFO grew despite conflict-related disruption and FX pressure.BIG
Q1 2026 - FY2023 NOI and FFO advanced as international growth offset war-related pressure in Israel.BIG
Q4 2023 - €3.394bn of property spans 1.376m sqm, with development pipelines across markets.BIG
Investor presentation - Poland’s 120,000 sqm acquisition pipeline complements a CEE portfolio with €77 million stabilized NOI.BIG
Investor presentation - H1 effective NOI rose 16.5%, with high occupancy and stronger financing flexibility.BIG
Q2 2025 - NOI and profit rose as high occupancy and Polish acquisitions expanded the portfolio.BIG
Q1 2025 - Record NOI and AFFO growth in 2024, with robust expansion in Israel and Europe.BIG
Q4 2024
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Next Big Shopping Centers earnings date
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