Big Shopping Centers (BIG) Q1 2025 earnings summary

Executive summary

• NOI for Q1 2025 reached NIS 458 million, up 19.6% year-over-year; AFFO rose 15.8% to NIS 234 million.

• Occupancy in retail in Israel near 100%, Europe at 99%, and offices at 90%.

• The group owns 77 properties (excluding AFI Properties), with 1,255,000 sqm of rentable space.

• Major acquisitions in Poland: two shopping centers acquired and a third under contract, expanding the portfolio to 10 income-producing centers and 3 under development.

• Completed 45-floor office tower at BIG Fashion Glilot, with occupancy starting and company HQ moving in June 2025.

Financial highlights

• Rental and management income grew 22% to NIS 633 million compared to Q1 2024, mainly from new projects and acquisitions.

• Operating expenses rose 26% to NIS 165 million, mainly due to new projects and wage increases.

• Net profit attributable to shareholders for Q1 2025 was NIS 423 million, up from NIS 135 million in Q1 2024.

• EBITDA for Q1 2025: Israel NIS 400 million, Europe NIS 14 million, AFI Properties NIS 194 million.

• Net cash from operating activities was NIS 213 million, up from NIS 153 million year-over-year.

Outlook and guidance

• Dividend distribution expected to resume in 2025 after a three-year pause, in line with policy to distribute at least 30% of AFFO (excluding AFI Properties' contribution).

• Management expects continued strong cash flow from operations to support ongoing activities and obligations.