7 May 2026 12:36
Price Sensitive

1st quarter 2026 results

  •  Italy: Footfall + 5.1%; Mall tenants’ sales: +4.7%; Rental uplift +1.3%
  • Net income from freehold rental activities: €25.2 mln; +2.4% like-for-like vs Q1 2025
  • Funds from Operations (FFO): €11.7 mln; +14.7% vs 1Q 2025
  • Weighted average interest rate: 4,8%; -30bps vs FY 2025
  • Distribution of €0.15 per share dividend approved by the AGM on 16 April 2026

 

 Bologna, 7 May 2026. Earlier today, in a meeting chaired by Antonio Rizzi, the Board of Directors of IGD – Immobiliare Grande Distribuzione SIIQ S.p.A. (“IGD” or the “Company”) examined and approved the Interim Financial Report at 31 March 2026.

 

Message from the CEO, Roberto Zoia

“We are pleased with our first‑quarter results, which reaffirm the strength of our business and the Group’s capacity to generate value. The ongoing asset disposal process in Romania continues to demonstrate the effectiveness of the strategy outlined in our Business Plan, while the refinancing completed in February has further strengthened the Group’s financial structure by lowering its cost and extending the average maturity of its debt.

We remain confident in IGD’s prospects for the rest of the year. However, in a still uncertain macroeconomic and geopolitical environment, we continue to adopt a prudent stance, as reflected in the confirmation of the 2026 FFO outlook communicated to the market last February.”

 

 LEASING ACTIVITIES

In the first quarter of 2026, IGD continued to carry out its leasing activities effectively, with malls and hypermarkets in Italy posting an average occupancy rate of 96.09%, up 3 bps from year‑end 2025.  The occupancy rate of the malls alone as of 31 March 2026 was 95.66%, also slightly higher than the figure at the end of 2025 (+3 bps). The progressive increases in occupancy rates emphasise the continuity of the path undertaken, bringing the Group closer to fully achieving the objectives of the 2025–2027 Business Plan.

The first three months of the year revealed several important openings, which proved the attractiveness of the IGD’s portfolio for international anchor tenants.  The 45 contracts signed during the first half of the year (26 renewals and 19 turnovers), representing 2.5% of freehold mall rents, led to an uplift of 1.3%.  Therefore, the positive trend underway for the past two years continues, with rents increasing from quarter to quarter.

 

ASSET MANAGEMENT ACTIVITIES

In line with the 2025–2027 Business Plan, we advanced our disposal programme in the first four months of 2026, finalising the sale of three Romanian assets for €10.7 million. These transactions follow the five disposals completed in 2025, bringing the total number of properties sold to eight out of the fifteen assets in the Romanian portfolio, for an aggregate value of €32.5 million.”

For the rest of the year, the Company’s goal is to complete disposals worth a further €30 million.

As part of the Porta a Mare Project in Livorno, as of 31 March 2026, 114 of the 115 apartments have been sold, with only one remaining unit expected to be sold during the year.

 

OPERATING PERFORMANCE – ITALY

In the first quarter of 2026, Gruppo IGD’s shopping centres recorded a significant operational performance with increasing footfall and mall tenants’ sales of +5.1% and +4.7% respectively, compared to the first 3 months of 2025.

The Group’s freehold hypermarkets and supermarkets also delivered positive results, recording a +2.4% increase over the quarter.

 

OPERATING PERFORMANCE – ROMANIA

The shopping malls in the Winmarkt portfolio also delivered solid operating performances: over the quarter, 67 Leases were signed – 49 renewals and 18 turnovers – with renewal rents up around 1.47%. As of 31 March 2026, the portfolio occupancy rate was 93.57%; the pro forma figure, net of disposals completed as of 21 April, stands at 93.23%.

 

ECONOMIC-FINANCIAL RESULTS

In the first three months of 2026, the freehold net rental income amounted to €25.2 million. On a like-for-like basis, the figure increased +2.4%, while on a consolidated basis, the increase was 0.3 million euros.

EBITDA from core operations was €24.3 million, essentially in line with the first quarter of last year on a like-for-like basis.

The overall financial management result was -€12.5 million, lower by 5.3 million than the figure for the first quarter of 2025 (29.8%). This result, net of the charges accounted for in accordance with IFRS 16 and the non-recurring items related to refinancing operations, is equal to -10.5 million euros, with an improvement of €1.6 million compared to the corresponding period of 2025 (13.2%).

 The Group closed the quarter with a net profit of €5.7 million, up 4.1 million on the corresponding quarter of the previous year.

Funds from Operations (FFO) reached €11.7 million, up 14.7% on the first quarter of 2025, mainly as a result of the lower recurring financial charges.

The guidance announced to the market on 26 February is confirmed, with an FFO of at least €45 million at the end of 2026.

 

FINANCIAL STRUCTURE

The €165 million secured refinancing operation, finalised on 25 February, improved the Group’s financial structure by allowing the full repayment, on 5 March, of the green mortgage loan signed on 9 May 2023, which carried higher costs than the new facility.

Thanks to this operation, the weighted average interest rate of debt at 31 March 2026 was 4.8%, lower than the 5.1% recorded at the end of 2025.  The refinancing also allowed the Company to extend the average debt maturity to 5.3 years (4.75 years at 31 December 2025).

As for the other financial indicators, at 31 March 2026, the Loan‑to‑Value ratio stood at 43.3%, down 20 bps from the 2025 year‑end data. The Net Debt/EBITDA ratio was stable at 8.0x, while the interest coverage ratio (ICR) increased in the first quarter of 2026 to 2.3x (2.0X was the rate at the end of December 2025).

 

DIVIDENDS

The Annual General Meeting held on 16 April 2026 approved the distribution of a €0.15 unitary dividend per share for 2025, for a total amount of €16,551,285.45.

Payment of the dividend has been ordered by detachment of coupon no. 8 ex-date 4 May 2026, starting from 6 May 2026.