Immobiliare Grande Distribuzione SIIQ (IGD) Q4 2025 earnings summary

Executive summary

• 2025 marked a significant turnaround, returning to profitability with net profit at EUR 32 million after a EUR 30 million loss in 2024, and a 50% dividend increase to EUR 0.15 per share.

• Core business performance was strong, with consistent positive results, robust KPIs, and new leasing activity supporting growth.

• Asset disposals included five Romanian properties for EUR 22 million, supporting portfolio optimization and further disposals planned.

• Digitalization initiatives and new tenant openings enhanced operational efficiency and engagement.

Financial highlights

• Net rental income rose 4% like-for-like year-over-year, with consolidated margin on revenues at 85.4%.

• Core business EBITDA increased by 3% like-for-like, with a margin of 71.3%.

• Funds from operations (FFO) reached EUR 41.2 million, up 15.7% from 2024 and exceeding guidance.

• Tenant sales grew 1.6%, hypermarket sales up 0.8%, and footfall increased 3.5%.

• Portfolio value grew by 1.8% at constant rates, driven by operational cash flow.

Outlook and guidance

• FFO for 2026 is guided at least EUR 45 million, implying a 9.2% increase.

• Organic growth, further disposals (especially in Romania), and continued improvement in financial management are expected.

• Targeting 98% occupancy by 2027, with current occupancy above 96%.

• LTV goal set at 40% by 2027.