Big Shopping Centers (BIG) Q2 2025 earnings summary

Executive summary

• H1 2025 effective NOI rose 16.5% YoY, or ~17.8% excluding tenant relief; effective real estate equity reached ₪12.91bn at Q2.

• Portfolio spans Israel, the US and Europe; commercial assets represented 57% of real estate value, residential rentals 34%, and offices and parking 9%.

• 79 income-producing assets across Israel, Europe and the US, excluding subsidiaries; retail occupancy in Israel and Europe was ~99%, versus ~90% in offices.

Financial highlights

• Effective H1 NOI was ₪1,133m versus ₪970m in H1 2024, up 16.5% YoY; excluding tenant relief, growth was ~17.8%.

• H1 NOI was ₪951m, up 16.5% YoY; AFFO totaled ₪498m, up 16.7%, including a ₪9.6m tenant-relief impact.

• H1 rental and management income rose 21% to ₪1.31bn; net income was ₪672m versus ₪425m in H1 2024.

• Total assets were ₪41.1bn and shareholder equity was ₪12.9bn at June 30, 2025; effective fair value of investment property was ₪33,728m.

• H1 operating cash flow was ₪456m versus ₪420m in H1 2024.

Outlook and guidance

• Effective NOI run-rate forecast is ₪2,179m for 2025, rising to ₪2,521m by 2029; forecast assumes zero inflation.

• BIG Fashion Petah Tikva phase A, comprising 65,000 sqm of retail and 40,000 sqm of offices, is expected to open in 2029, with projected NOI of ₪164m at an 8.5% yield.

• A ₪200m dividend was declared for payment on September 10, 2025, resuming distributions after a four-year pause.