Immobiliare Grande Distribuzione SIIQ (IGD) Q2 2026 earnings summary

Executive summary

• Net rental income freehold like-for-like increased by 4.1% year-over-year to €50.6 million, with core business EBITDA up 3.4% like-for-like to €48.3 million and FFO rising 21.7% to €24.1 million; group net profit nearly doubled to €20.6 million, driven by resilient Italian operations and lower financial charges.

• Tenant sales in Italian malls increased by 4.6% and footfall by 4.3%, both outperforming national benchmarks, with occupancy rates improving to 96.22%.

• The Italian core portfolio value grew 0.6% like-for-like to €1,574.4 million, while the overall real estate portfolio reached €1,697.3 million.

• Asset disposals in Romania continued, with three assets sold for €10.7 million and all 115 Livorno residential units finalized.

• Major digitalization and ESG initiatives advanced, including CRM contacts up 40%, new tenant openings, and the legality rating renewed at the highest level.

Financial highlights

• Freehold net rental income reached €50.6 million, up from €49.8 million in H1 2025.

• Core business EBITDA was €48.3 million, margin 71.2%, and FFO increased to €24.1 million (+21.7% year-over-year).

• Group net profit rose to €20.6 million from €10.6 million in H1 2025.

• Net financial position improved to €781.0 million from €789.4 million at year-end 2025.

• Dividend of €16.6 million paid in April/May 2026.

Outlook and guidance

• FFO guidance for 2026 raised to at least €46 million, up 11.7% from FY2025, reflecting confidence in continued growth.

• Management expects positive trends to continue, supported by robust Italian operations and ongoing asset disposals.