Immobiliare Grande Distribuzione SIIQ (IGD) Q3 2025 earnings summary

Executive summary

• Nearly €1 billion in refinancing completed in 10 months, improving debt maturity and lowering average cost of debt, with a €300 million green bond issued at 4.45% coupon and high investor demand.

• Asset disposals in Romania continued, with three assets sold for €14 million, and further negotiations ongoing.

• Strong recurring operational results: like-for-like portfolio up 3.8% year-over-year, core business EBITDA up 2.9%, and group net profit at €17.6 million, reversing a €32 million loss in the prior year.

• Tenant sales rose 1.3% and footfalls increased 3.7% in Italian malls, outperforming the CNCC average.

• Digital transformation and sustainability initiatives advanced, including 11 new apps, the IGD Ecosystem, and energy efficiency projects.

Financial highlights

• Loan-to-value reduced by 40 basis points to 44% in the first nine months.

• Weighted average cost of debt declined from 6% to 5.3%, with further reduction to 5.1% expected post-bond issuance.

• Net rental income from freehold assets up 3.8% year-over-year to €75.9 million; consolidated net rental income margin at 85.7%.

• Core business EBITDA up 2.9% year-over-year, with margin at 70.7%.

• FFO rose 18.2% to €31.1 million; group net profit reached €17.6 million.

Outlook and guidance

• FFO expected to surpass €39 million guidance, with strong operational momentum and management confidence.

• Average cost of debt targeted to fall below 5% by 2026, with further refinancing planned.

• Dividend payout expected to be close to €0.15 per share, reflecting 70% of mandatory distribution.

• Loan-to-value target set at 40% by 2027, with further disposals and debt reduction planned.

• Continued focus on executing the 2025-2027 business plan, with further digital and sustainability investments.