Big Shopping Centers (BIG) Q4 2025 earnings summary

Executive summary

• Record 2025 results: NOI reached NIS 1.95bn, up 22% for the standalone business and 13% including AFI; FFO exceeded NIS 1bn for the first time.

• Total assets reached NIS 40bn, with new projects opened in Israel, Serbia and Poland and strong initial occupancy across many properties.

Financial highlights

• Effective consolidated revenue including AFI was NIS 2.654bn in 2025; EBITDA was NIS 1.704bn, versus NIS 2.306bn and NIS 1.498bn, respectively, in 2024.

• Effective consolidated net income including AFI was NIS 1.763bn in 2025, compared with NIS 1.459bn in 2024.

• Shareholders’ equity increased to NIS 13.391bn in 2025 from NIS 12.022bn in 2024.

Outlook and guidance

• Year-end NOI projections rise from NIS 2.122bn in 2026 to NIS 2.558bn in 2029; assumptions include 0% inflation and full occupancy.

• Projected AFFO increases from NIS 1.137bn in 2026 to NIS 1.385bn in 2029, assuming 0% inflation and full occupancy.

• 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.