Immobiliare Grande Distribuzione SIIQ (IGD) Q1 2026 earnings summary

Executive summary

• Net profit rose to €5.7 million in Q1 2026, up from €1.6 million in Q1 2025, driven by improved recurring financial management and lower financial charges.

• Funds from Operations (FFO) increased by 14.7% year-over-year to €11.7 million.

• Core business EBITDA was stable on a like-for-like basis at €24.3 million, with a margin of 71.2%-71.3%.

• Dividend per share for 2025 set at €0.15, a 50% increase over 2024, approved and payable in May 2026.

• Asset disposals in Romania and Italy continued, with eight assets sold for €32.5 million and further disposals planned.

Financial highlights

• Net rental income from freehold assets grew by 2.4% year-over-year to €25.2 million.

• Core business EBITDA margin was 71.2%-71.3%, slightly down from Q1 2025.

• Net financial debt was €784.1 million as of 31 March 2026, down from year-end 2025.

• Weighted average interest rate on debt decreased to 4.8%.

• Loan-to-value (LTV) ratio at 43.3%, down 20bps from year-end 2025.

Outlook and guidance

• FFO guidance for 2026 confirmed at a minimum of €45 million, with a conservative approach due to market volatility and geopolitical uncertainties.

• Targeted asset disposals for 2026 set at an additional €30 million.