Big Shopping Centers (BIG) Q2 2025 earnings summary

Executive summary

• NOI for H1 2025 reached ₪951M, up 16.5% year-over-year; AFFO totaled ₪498M, up 16.7% year-over-year.

• Occupancy in retail properties in Israel and Europe at ~99%, office sector at ~90%.

• 79 income-producing assets (excluding subsidiaries) across Israel, Europe, and the US, with 1.27M sqm GLA.

• Significant geographic and tenant diversification supports resilience.

Financial highlights

• Rental and management income for H1 2025 rose 21% to ₪1.31B; Q2 up 20% to ₪673M, driven by new projects and acquisitions.

• Net income for H1 2025 was ₪672M, up from ₪425M in H1 2024.

• AFFO for H1 2025 was ₪498M, with a negative impact of ₪9.6M due to tenant relief during June's military operation.

• Operating cash flow for H1 2025 was ₪456M, up from ₪420M in H1 2024.

• Total assets as of June 30, 2025: ₪41.1B; equity attributable to shareholders: ₪12.9B.

Outlook and guidance

• Dividend of ₪200M declared, to be paid September 10, 2025, resuming distributions after a four-year pause.

• Management expects continued positive cash flow and ability to meet obligations, supported by liquidity and asset base.