Big Shopping Centers (BIG) Q2 2026 earnings summary

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.