Big Shopping Centers (BIG) Q1 2026 earnings summary

Executive summary

• Effective NOI including AFI Properties rose 1.3% YoY to NIS 463.9m; excluding Operation “Roaring Lion,” growth was 5.5%.

• Effective AFFO increased 7.7% YoY to NIS 252m; excluding the operation’s impact, growth was 13.9%.

• Rental, management and other income rose 7% to NIS 677m; net income increased to NIS 438m from NIS 211m, with fair-value gains a major contributor.

Financial highlights

• Effective consolidated revenue including AFI Properties was NIS 624.9m versus NIS 625.1m; effective NOI was NIS 463.9m versus NIS 458.1m.

• Effective consolidated EBITDA including AFI Properties was NIS 399.0m versus NIS 405.3m; excluding AFI Properties, EBITDA was NIS 206.7m versus NIS 205.9m.

• Net income attributable to shareholders was NIS 423m versus NIS 182m; basic EPS was NIS 17.15 versus NIS 7.28.

• Net finance expense was NIS 194m versus NIS 93m, driven primarily by NIS 190m of FX expense from euro depreciation; operating cash flow was NIS 152m versus NIS 225m.

Outlook and guidance

• Projected year-end NOI is NIS 2,078m in 2026, NIS 2,194m in 2027, NIS 2,310m in 2028 and NIS 2,527m in 2029, assuming 0% inflation and full occupancy.

• Projected investment-property fair value rises from NIS 29,405m in March 2026 to NIS 36,825m by 2029, based on projected NOI and current capitalization rates.

• Petah Tikva Phase A is projected to launch in 2029 with NIS 164m NOI and an 8.5% yield; Ashkelon is projected for 2028 with NIS 40m NOI and a 9.1% yield.

• Nine Polish centers under development are expected to be completed by Q1 2027; the 102 MW wind project is expected to generate annual revenue of €17m.