Immobiliare Grande Distribuzione SIIQ (IGD) Q1 2025 earnings summary

Executive summary

• Net rental income grew 2.4% like-for-like to €25.1 million, but declined 12.8% year-over-year due to asset disposals, mainly in food and Romania.

• Core business EBITDA rose 2.1% like-for-like to €24.8 million, but fell 13.3% year-over-year due to perimeter changes.

• Net profit for Q1 2025 was €1.6 million, down 64.2% year-over-year, mainly due to lower EBITDA and extraordinary financial costs from early bond repayments.

• FFO reached €10.2 million, nearly flat year-over-year, supporting confirmed full-year guidance of €38 million.

• Dividend payments resumed, with €0.10 per share scheduled for May 2025.

Financial highlights

• Net rental income from freehold assets was €25.1 million, up 2.4% like-for-like, but down 13% year-over-year.

• Core business EBITDA reached €24.8 million, a 2.1% like-for-like increase, but down 13.3% year-over-year.

• Net profit for the quarter was €1.6 million, reflecting ancillary costs from early bond repayment.

• Net financial position improved to €797.5 million, down from €806.5 million at 2024 year-end.

• Average cost of debt dropped to 5.6% from 6.04% at year-end 2024.

Outlook and guidance

• Full-year FFO guidance of €38 million is confirmed, with potential for upward revision at the six-month report.

• Management targets further loan-to-value reduction and cost of debt optimization.

• Asset disposal plan targets €100 million over 2025–2027, with €20 million targeted for 2025.