Immobiliare Grande Distribuzione SIIQ (IGD) Q2 2025 earnings summary

Executive summary

• H1 2025 marked a return to profit with €10.6 million net profit, reversing a €32.5 million loss in H1 2024, driven by improved operations, asset disposals, and financial management.

• Completed €615 million green secured refinancing, extending average debt maturity to 4.8 years and reducing average debt cost to 5.5%.

• Disposed of three Romanian assets for €13.8 million, with further asset sales planned as part of portfolio optimization.

• Resumed dividend payments, distributing €10.96 million in H1 2025.

• Advanced digital and ESG initiatives, including new loyalty apps, tenant platforms, and a Diversity, Equity & Inclusion policy targeting ISO certification.

Financial highlights

• Net rental income grew 2.9% like-for-like; core business EBITDA up 1.4% like-for-like; FFO reached €19.8 million, up 8.2% year-over-year.

• Consolidated revenues from freehold rental activities at €50.1 million, with a margin of 84.6%.

• Net financial debt improved to €800.9 million, with gearing ratio stable at 0.83.

• EPRA NTA per share at €8.85, NRV at €8.92, and NDV at €8.71, all stable versus December 2024.

• Cash flow from operating activities was €21.8 million for H1 2025.

Outlook and guidance

• FFO guidance for 2025 raised to €39 million, up 9.6% from FY2024 and 2.6% above previous guidance, reflecting confidence in continued operational improvements.

• Positive operational and financial trends expected to continue in H2 2025.

• Ongoing focus on sustainability, energy efficiency, and further cost reductions.

• Continued asset disposals in Romania and Livorno, with project submissions and disposals planned by end-2025/early-2026.