Big Shopping Centers (BIG) Q4 2025 earnings summary

Executive summary

• Achieved record net profit and operating results in 2025, with significant project openings in Israel, Serbia, and Poland, driving double-digit NOI growth of 22% for the group and 13% consolidated with AFI.

• High occupancy rates in new properties, with some reaching 100%, and strong tenant satisfaction across regions.

• Despite geopolitical challenges in Israel, including wars and inflation, tenant revenues in shopping centers continued to grow, meeting forecasts.

Financial highlights

• NOI reached NIS 1.95 billion, and FFO surpassed NIS 1 billion for the first time.

• Total assets grew to approximately NIS 40 billion.

• Tenant revenues in Israeli shopping centers grew 2.8% year-over-year; European centers saw 9.2% growth.

• Shareholders' equity increased to NIS 13.4 billion in 2025, up from NIS 12.0 billion in 2024.

• Investment property fair value rose to NIS 29.7 billion in 2025, with projections to reach NIS 37.4 billion by 2029.

• NOI for same properties in Israel grew 5% year-over-year; in Europe, 7.3%.

• Net income for 2025 was NIS 1.38 billion, up from NIS 1.21 billion in 2024.

Outlook and guidance

• Focus remains on long-term property holdings, operational excellence, and cash flow growth.

• Continued development and acquisition in commercial and mixed-use properties, with divestment of non-core assets.

• Projected NOI and AFFO growth through 2029, assuming stable inflation and full occupancy.

• Optimism for future results based on strong cash flows, robust financial position, and anticipated interest rate declines.