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Immobiliare Grande Distribuzione SIIQ (IGD) investor relations material

Immobiliare Grande Distribuzione SIIQ Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary5 Aug, 2025

Executive summary

  • H1 2025 marked a return to profitability with a net profit of €10.6 million, reversing a €32.5 million loss in H1 2024, supported by improved financial management, asset disposals, and resumed dividend payments.

  • Completed €615 million green secured financing, extending average debt maturity to 4.8 years and reducing average debt cost to 5.5%.

  • Three Romanian assets sold for €13.8 million at or near book value, with further disposals planned as part of the 2025-2027 Business Plan.

  • FFO rose 8.2% year-over-year to €19.8 million, with full-year 2025 guidance raised to €39 million (+9.6% vs FY2024).

  • Focus on sustainability, digital innovation, and diversity, equity & inclusion, with ISO 30415:2001 certification targeted by year-end.

Financial highlights

  • Net rental income grew 2.9% like-for-like; core business EBITDA up 1.4% like-for-like, with EBITDA margin at 71.7%.

  • FFO reached €19.8 million (+8.2% year-over-year), like-for-like FFO up 55.9%, mainly due to financial management savings.

  • Net financial debt improved by €5.6 million to €800.9 million; loan-to-value ratio stable at 44.4%.

  • Weighted average debt rate reduced to 5.5% (from 6.0% in FY2024), with further reductions targeted.

  • EPRA NTA per share at €8.85, NRV at €8.92, and NDV at €8.71, all stable versus December 2024.

Outlook and guidance

  • FFO guidance for 2025 raised to €39 million, up 9.6% from 2024 and 2.6% above previous guidance, reflecting confidence in ongoing performance.

  • Positive operational and financial trends expected to continue in H2 2025, with ongoing asset disposals and cost of debt reduction.

  • Continued focus on sustainability, digitalization, and portfolio optimization in Italy and Romania.

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Frequently asked questions

Immobiliare Grande Distribuzione SIIQ S.p.A. (IGD) is an Italy-based real estate company primarily engaged in the development, management, and leasing of retail properties. The company's portfolio includes shopping centers, hypermarkets, and supermarkets throughout Italy. IGD also has a notable presence in Romania, where it manages several shopping centers. The company is headquartered in Bologna, Italy, and its shares are listed on the Milano Stock Exchange.

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