Immobiliare Grande Distribuzione SIIQ (IGD) Q4 2024 earnings summary

Executive summary

• 2024 marked a year of growth and transformation, with Italian mall tenant sales up 0.6%, footfalls up 1.6%, and rental uplift of 4.0%.

• Achieved results in line with 2024 guidance, with growth in tenant sales, footfalls, and occupancy across both Italy and Romania.

• Net rental income and core business EBITDA both increased year-over-year on a like-for-like basis, reflecting strong operational performance.

• Board proposed a €0.10 dividend per share, signaling a return to dividend payouts following asset disposals and debt restructuring.

• Significant progress in digital innovation, tenant mix, and rebranding, with 31 new brands added in Italy and enhanced digital platforms.

Financial highlights

• Net rental income for 2024 was €113.7 million, down 4.9% year-over-year due to asset sales, but up 4.6% like-for-like.

• Core business EBITDA reached €102.0 million, down 5.7% year-over-year, but up 4.1% like-for-like, with a margin of 71.3%.

• FFO was €35.6 million, down 35.7% year-over-year due to disposals, but nearly 5% above guidance.

• Group net result improved to -€30.1 million from -€81.7 million, impacted by a one-off €30 million impairment.

• Portfolio market value at €1.537 billion, with total portfolio value including stakes at €1.81 billion.

Outlook and guidance

• 2025 FFO guidance set at approximately €38 million, up 6.7% from 2024, including expected impact from Romanian asset disposals.

• Guidance incorporates like-for-like growth, cost of debt reduction, and continued focus on occupancy and asset retention.

• CapEx for 2025 expected to be below €23 million, focused on commercial and efficiency improvements.