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Immobiliare Grande Distribuzione SIIQ (IGD) investor relations material
Immobiliare Grande Distribuzione SIIQ Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Nearly €1 billion in refinancing completed in 10 months, improving debt maturity and lowering average cost of debt, with a €300 million green bond issued at 4.45% coupon and high investor demand.
Asset disposals in Romania continued, with three assets sold for €14 million, and further negotiations ongoing.
Strong recurring operational results: like-for-like portfolio up 3.8% year-over-year, core business EBITDA up 2.9%, and group net profit at €17.6 million, reversing a €32 million loss in the prior year.
Tenant sales rose 1.3% and footfalls increased 3.7% in Italian malls, outperforming the CNCC average.
Digital transformation and sustainability initiatives advanced, including 11 new apps, the IGD Ecosystem, and energy efficiency projects.
Financial highlights
Loan-to-value reduced by 40 basis points to 44% in the first nine months.
Weighted average cost of debt declined from 6% to 5.3%, with further reduction to 5.1% expected post-bond issuance.
Net rental income from freehold assets up 3.8% year-over-year to €75.9 million; consolidated net rental income margin at 85.7%.
Core business EBITDA up 2.9% year-over-year, with margin at 70.7%.
FFO rose 18.2% to €31.1 million; group net profit reached €17.6 million.
Outlook and guidance
FFO expected to surpass €39 million guidance, with strong operational momentum and management confidence.
Average cost of debt targeted to fall below 5% by 2026, with further refinancing planned.
Dividend payout expected to be close to €0.15 per share, reflecting 70% of mandatory distribution.
Loan-to-value target set at 40% by 2027, with further disposals and debt reduction planned.
Continued focus on executing the 2025-2027 business plan, with further digital and sustainability investments.
Strategic benefit of reduced secured loans?
Update on remaining Romanian portfolio disposal?
Key drivers for 2025 FFO target achievement?
Detail the strategy to get below 5% cost of debt
Which tenant categories drive sales growth?
How will market decompression affect valuations?
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Next Immobiliare Grande Distribuzione SIIQ earnings date
Q4 202523 Feb, 2026
Next Immobiliare Grande Distribuzione SIIQ earnings date
Q4 202523 Feb, 2026
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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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