Immobiliare Grande Distribuzione SIIQ (IGD) Q1 2025 earnings summary

Executive summary

• Net rental income grew 2.4% like-for-like, reaching €25.1M, but declined 12.8% year-over-year due to asset disposals, mainly in food and Romania.

• Core business EBITDA increased 2.1% like-for-like to €24.8M, but fell 13.3% year-over-year due to perimeter changes.

• Net profit for Q1 2025 was €1.6M, down 64.2% year-over-year, mainly due to lower EBITDA and higher non-recurring financial costs from asset disposals and early bond repayments.

• FFO totaled €10.2M, nearly flat year-over-year, with FY2025 guidance confirmed at €38M.

• Dividend of €0.10 per share was approved and will be paid in May 2025.

Financial highlights

• Net rental income from freehold assets was €25.1M (-13% YoY), with like-for-like growth of 2.4% (Italy +2.7%, Romania flat).

• Core business EBITDA was €24.8M (-13.3% YoY), with a margin of 72.2% (down from 75.1% in Q1 2024).

• FFO for Q1 was €10.2M, nearly flat year-over-year, despite portfolio disposals.

• Net financial position improved to €797.5M, down from €806.5M at year-end 2024.

• Average cost of debt dropped to 5.60% from 6.04% at year-end 2024.

Outlook and guidance

• Full-year FFO guidance of €38M reaffirmed, with potential for upward revision at the six-month report.

• Ongoing asset disposal plan targets €100M over 2025–2027, with €12M expected by year-end 2025.

• Focus on reducing cost of debt, improving occupancy, and further LTV reduction.