Big Shopping Centers (BIG) Q3 2025 earnings summary

Executive summary

• Focus on long-term asset holding, active management, and cash flow growth across retail, office, and residential rental sectors, with expansion into mixed-use projects.

• Effective NOI for the nine months ended September 30, 2025, was ₪1,462 million, up 15.6% year-over-year; AFFO reached ₪752 million, a 13.3% increase year-over-year.

• Portfolio diversified geographically: Israel (47%), Serbia & Montenegro (18%), Romania (16%), Poland (11%), Czechia (2%), and the US.

• The group owns 79 properties (excluding AFI Properties), including 62 income-producing assets and 7 under development, across Israel, Europe, and the US.

Financial highlights

• Equity attributable to owners rose from ₪2.5B in 2015 to ₪13.1B in Q3 2025.

• Managed area increased from 1.2M sqm in 2018 to a projected 3.1M sqm by 2029.

• Fair value of investment property grew from ₪8.9B in 2018 to a projected ₪36.5B by 2029.

• NOI increased from ₪603M in 2018 to a projected ₪2.5B by 2029; 13.3% year-over-year growth in Q3 2025.

• Rental and management fee income for the nine months rose 20% to ₪2,010 million; Q3 income up 17% to ₪704 million year-over-year.

Outlook and guidance

• Projected continued growth in NOI and AFFO, with new developments and expansions in Israel and Europe.

• The company expects continued positive cash flow from operations, supported by new property openings and high occupancy.

• Mixed-use and residential rental projects expected to drive future cash flow.