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% to €48.3 million and FFO rising 21.7% to €24.1 million.

• Group net profit nearly doubled to €20.6 million, supported by robust operating performance and outperforming national benchmarks in tenant sales and footfall.

• Tenant sales in Italian malls rose 4.6% and footfall increased 4.3%, both above national averages, with occupancy rates improving to 96.22%.

• Portfolio value remained stable at €1.802 billion despite asset disposals, with the Italian core portfolio value up 0.6% to €1,574.4 million.

• Asset disposals advanced, including three Romanian assets sold for €10.7 million and all 115 Livorno residential units finalized.

Financial highlights

• FFO for H1 2026 reached €24.1 million, with guidance for full-year FFO raised to at least €46 million.

• Group net profit for H1 2026 was €20.6 million, nearly double the prior year period.

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

• Loan-to-value improved to 43.2% (-30 bps vs FY2025) after dividend payout.

• Weighted average interest rate decreased to 4.8%, and adjusted net financing cost fell by 14.9%.

Outlook and guidance

• FFO guidance for 2026 is set at a minimum of €46 million, up 11.7% from FY2025, reflecting confidence despite macroeconomic volatility.

• Management remains focused on growing FFO, net profit, and KPIs, with a medium-term ambition for sizable growth through asset rotation and reinvestment.

• Strategic initiatives and asset disposals are expected to support business plan targets through 2027.