2025 a turning point for IGD
- MAIN CORE BUSINESS INDICATORS GROWING
Net Rental Income freehold: €101.5 mln; +4.0% like-for-like vs FY 2024
- CORE PORTFOLIO VALUE INCREASING
Core Italian portfolio market value: €1,565.1 mln; +1.8% like-for-like vs FY 2024
- WEIGHTED AVERAGE COST OF DEBT DECREASING
Adjusted net financing cost [1]of €47.2 mln; -15.6% vs FY 2024
- RETURN TO PROFIT AFTER 3 YEARS
Group net profit: €32.0 mln
- FUNDS FROM OPERATIONS (FFO): EXCEEDING MARKET GUIDANCE
Funds from Operations: €41.2 mln (+15,7% vs FY2024)
- DIVIDEND
Proposed dividend of €0.15 per share (+50% vs. dividend paid in 2025)
- 2026 FFO OUTLOOK
Expected FFO of at least €45 mln (+9.2% vs FY 2025)
Bologna, 26 February 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 draft separate and consolidated financial statements at 31 December 2025.
Message from the CEO, Roberto Zoia
“We end 2025 with results that reaffirm the strength of our business model and the quality of our portfolio. Strong operating performance drove an increase in the value of our core portfolio. Rental revenues increased and FFO reached €41.2 million, significantly above the €39 million guidance announced last August. 2025 marks a return to profit after three years, with a proposed dividend 50% higher than last year’s and generated almost entirely by exempt operations — a clear sign of IGD’s renewed ability to create value for its shareholders. The sale of five assets from the Romanian portfolio enabled us to exceed our 2025 disposal target. We also delivered significant progress on our debt profile, completing over one billion euros in transactions across the banking and debt capital markets and strengthening our financial structure. We therefore look to 2026 with great confidence and expect further improvement in performance, with FFO of at least €45 million, 9.2% higher than in 2025. The excellent results achieved confirm the solidity of the path we have undertaken and encourage us to continue with determination in implementing the 2025–2027 Business Plan, positioning us to seize new opportunities and return to a growth trajectory.
LEASING ACTIVITIES
During the year IGD continued its leasing operations, which proved to be effective, as reflected in the results: the average occupancy rate for shopping malls and hypermarkets in Italy was 96.06%, up 6 bps compared with 30 September 2025 (+85 bps from 31 December 2024); while the occupancy rate for shopping malls alone reached 95.63% as of 31 December 2025, continuing the upward trend seen in recent quarters (+7 bps vs. 30 September 2025; +96 bps vs. 31 December 2024).
IGD’s shopping centres have once again confirmed their ability to attract international anchor tenants: Action, Normal, Ikea, and Courir are some of the brands that opened their first store in the IGD centre network in Italy; a total of 27 new brands were added to the Italian portfolio in the last 12 months. These are joined by other brands such as Pinalli, Sephora, JD Sports and Legami, which have continued expanding within the Group’s malls.
The 182 contracts signed during the year (82 renewals and 100 turnovers), representing 10.8% of mall rents, led to an uplift of 1.4%. This also continued the positive trend underway, with rents increasing from quarter to quarter.
These results confirm the validity of the new strategic approach outlined in the Business Plan, which focuses on building long-term partnerships with tenants and intensifying the use of new technologies and innovation.
ASSET MANAGEMENT
As for the disposal initiatives outlined in the 2025–2027 Business Plan, during the year we completed the sale of the first five assets in the Romanian portfolio, totalling approximately €21.8 million, broadly in line with their book value. The success of these transactions demonstrates the effectiveness of the strategy set out in the new Business Plan, which provides for an asset‑by‑asset disposal of the portfolio.
In 2025, IGD completed the acquisition of a logistics property in San Vito al Tagliamento (PN) for €10.5 million. This transaction is part of a broader agreement signed with Coop Alleanza 3.0 under which IGD, through its internal “Business Unit Asset Services for Third Parties,” will support Coop in technical management, property management, and leasing of a portfolio of over forty assets, including shopping centres, hypermarkets, and supermarkets.
The agreement is fully in line with the strategy outlined in the Business Plan, as it allows us to strengthen and expand our third-party asset management business unit and further consolidate our partnership with a long-standing IGD tenant.
In addition to this investment, IGD’s closing capex balance for the year was approximately €14.4 million. The main activities involved fit-out work mainly at Le Porte di Napoli (Neaples), Centro Sarca (Milan), Katanè (Catania) and restyling of outside areas underway at Centro Leonardo (Imola).
As part of the Porta a Mare Project in Livorno, 112 apartments were sold by the end of 2025 within the Officine Storiche residential area; the sale of the remaining 3 units is expected in 2026 (the preliminary purchase contract for two of them has already been signed).
THE VALUE OF OUR CORE PORTFOLIO INCREASES
The Group’s Italian core portfolio (malls + hypermarkets/supermarkets) reached a market value of €1,565.1 million, showing a like-for-like increase of +1.8% compared to December 2024. This increase in value is entirely driven by the Group’s organic growth and does not reflect any impact from the valuation rates.
Taking into account the remaining freehold assets, the value of freehold real estate assets amounts to €1,704.8 million, a like-for-like increase of +0.6% compared to 31 December 2024. Including the value of the right of use of leasehold properties and equity investments in the “Juice” and “Food” Funds, the Group’s overall portfolio reached a market value of €1,812.3 million.
The Net Initial Yield, calculated according to EPRA criteria, stood at 6.2% for the core Italian portfolio made up of hyper/supermarkets and malls (6.5% topped up) and 7.2% for the like-for-like Romanian portfolio (7.4% topped up).
The EPRA NTA is €996,255 thousand, or €9.03 per share. The figure is growing (+1.8%) compared to 31 December 2024 (€8.87 per share).
The EPRA NRV is €9.09 per share, increasing (+1.8%) compared to 31 December 2024 (€8.94 per share)
The EPRA NDV is €8.93 per share, increasing (+2.1%) compared to the figure at 31 December 2024 (€8.75 per share).
OPERATING PERFORMANCE – ITALY
2025 was a year of growth for IGD’s shopping centres: as of 31 December, footfall was up 3.5% compared to 2024, while mall tenants’ sales rose 1.6%.
The Group’s freehold hypermarkets and supermarkets also performed well, ending the year up 0.8%.
OPERATING PERFORMANCE – ROMANIA
The shopping malls in the Winmarkt portfolio also delivered solid operating performances: over the year, 344 Leases were signed – 290 renewals and 54 turnovers – with renewal rents up by 2.3%, confirming the vibrancy of the Romanian retail sector. At 31 December 2025, the occupancy rate was 95.0%, slightly down compared to the end of 2024, although the figure itself is not fully comparable due to the sale of five assets from the Romanian portfolio during the year.
DIGITAL ACTIVITIES
In 2025, work on the digitalization of the Group’s shopping centres was consolidated, with a view to delivering a better experience to both consumers and mall tenants:
- Consumer apps: in 2025, Loyalty App users almost tripled compared with 2024, supported by the launch of three new apps across as many centres. Consumer apps serve a dual purpose: strengthening customer loyalty and rewarding users, while also generating valuable insights into purchasing behaviour that help us enhance the shopping experience and gather meaningful feedback on our malls.
- IGD Connect: the integrated platform for managing and digitizing tenant relationships is now fully operational and is used daily by operators and shopping centre management. Thanks to this platform, it was possible to simplify and speed up certain processes, such as distributing and reading circular letters and collecting sales data.
These evolutions represent a significant step toward a more integrated, value-driven model, geared to data analysis and sharing.
ECONOMIC-FINANCIAL RESULTS
In 2025, the freehold net rental income (which, as such, does not include leasehold assets) amounted to €101.5 million. On a like-for-like basis, the figure increased by +4.0%, while at a consolidated level it decreased by €2.4 million compared to the same period last year due to the sale of the asset portfolio in April 2024 (the Food Portfolio) and the sale of Romanian assets over 2025.
EBITDA from the core business was €98.6 million, up 3.0% on a like-for-like basis, while at a consolidated level, it decreased by €3.4 million on 2024, once again as a result of the sales mentioned above.
The overall financial management result was -59.5 million euros, down 7.6 million euros (-11.3%) on 2024. This result, adjusted for the charges accounted for in accordance with IFRS 16 and the non-recurring items related to the repayment of bonds and loans during the year, was -47.2 million euros, with an improvement of €8.7 million compared to the corresponding period of 2024 (-15.6%).
After three consecutive years of operating losses, IGD closed 2025 with a net profit of €32.0 million, a marked turnaround compared to 2024, when the Group reported a net loss of €30.1 million.
Funds From Operation (FFO) amounted to €41.2 million, up 15.7% compared to 2024, despite the change in the portfolio scope, which was more than offset by the improvement in financial management and core business. This result exceeds the guidance disclosed to the market on 5 August 2025 (+5.6%) which called for year-end FFO of around €39 million.
FINANCIAL STRUCTURE
As part of its financial structure, during 2025, the Company carried out transactions on both the banking and debt capital markets for almost one billion euros through the subscription, in February, of a green secured loan for 615 million euros and the issuance, in November, of a senior unsecured green bond for 300 million euros.
A further major secured financing transaction of €165 million was signed and disclosed to the market on 25 February 2026.
All of these activities have allowed the Company to redefine the profile of its maturities by extending their term, which was 4.75 years as of 31 December 2025 (5.5 years after the refinancing of February 2026) and reduce the weighted average rate of medium-long term debt to 5.1% (4.8% taking into account the refinancing of February 2026), compared to an average cost of debt that had been 6.0% in 2024.
As for the other financial indicators, at 31 December 2025 the Loan‑to‑Value ratio stood at 43.5%, down from 44.4% at year‑end 2024. The Net Debt/EBITDA ratio was 8.0x, while the interest coverage ratio (ICR) for 2025 came in at 2.0x.
DIVIDENDS
The Board of Directors has resolved to propose to the AGM the distribution of a dividend per share of 0.15 euros (consisting of a total distributed amount of 16.551.285,45 euros) subject to the approval of the financial statements for the year ended 31 December 2025 and the Directors’ Report.
The dividend can be broken down as follows:
- 146961 per share (for a total of 16,216,012.76 euros) from profits for the financial year deriving from exempt operations and made available for distribution.
- 003039 per share (for a total of 335,272.69 euros) from other distributable profit reserves deriving from exempt operations.
Concerning the dividend of €0.15 per share that the Board of Directors will propose to the Annual General Meeting, the first available date for the ex-dividend date of coupon no. 8 will be 4 May 2026, with payment starting 6 May 2026. Pursuant to Article 83-terdecies of Legislative Decree no. 58 of 24 February 1998, existing IGD Shareholders at the end of the accounting day of 5 May 2026 (the record date) will be entitled to the dividend.
The dividend of 0.15 euros per share is considered fully ordinary.
2026 OUTLOOK
IGD expects continued growth in operating results in 2026, together with a further improvement in financial management driven by the full effect of the November 2025 bond issue and the new financing agreement signed in February 2026. For these reasons, and based on the current macroeconomic and operational scenario, Funds From Operations (FFO) are expected to be at least €45 million, up 9.2% compared to the 2025 figure. This forecast reflects the full implementation of the initiatives launched during the last financial year, the contribution of the financial optimization operations carried out, and the consolidation of the core portfolio’s operating performance.
Concrete progress is also expected in the plan to divest further Romanian assets.
The Group therefore looks to 2026 with confidence, supported by a strengthened capital and financial structure and an increasingly integrated business model. IGD is ready to seize any growth opportunities consistent with its strategic path and the goal of creating value in the medium to long term.
OUR STRONG COMMITMENT TO ESG CONTINUES
The Board of Directors approved the 2025 Sustainability Report. The key results obtained during the year, in line with the planning and targets of the 2025-2027 Business Plan, are summarized below.
Green: the portfolio’s greenhouse gas emissions have been significantly reduced, thanks to both investments in plant improvements (€2.8 million in 2025) and new tools aimed at monitoring and optimizing energy consumption (such as the sensor- and AI-based system installed in 4 shopping centers); 7 additional assets have been certified “BREEAM in Use,” bringing the share of the certified portfolio in Italy to 92% (by fair value); 40 new electric vehicle charging stations have been added (168 of which are operational in 19 shopping centers). Responsible: adopted and published the “Diversity Equity & Inclusion Policy” and obtained UNI ISO 30415 certification, the international reference standard for DE&I; enhanced corporate welfare with increased resources, new ways to use services, and a “Long Term Care” insurance for all employees;
Ethical: The “Responsible Supply Chain Policy” was defined in 2024 and incorporated into contracts in 2025 and signed by all suppliers; the integrated Quality, Health, Safety, and Environment (QHSE) management system was certified; a structured cybersecurity program was launched to strengthen IT security and protect corporate data for the protection of the Company and its stakeholders;
Attractive: despite an overall increase in the number of events organized in shopping centers, the percentage of those with a socio-environmental value has also grown, representing 20% of the total;
Together: In the stakeholder engagement activities carried out during the year, the number of meetings held with new and existing investors and new and international tenants increased; cooperation relations were kept with 281 local associations and non-profit organizations.
OTHER RESOLUTIONS
Calling of the Annual General Meeting
IGD’s Board of Directors also resolved to convene the Company’s Annual General Meeting on 16 April 2026 (in first call) and, if necessary, on 17 April 2026 (in second call), to pass resolutions on the following agenda:
- Separate financial statements at 31.12.2025; Directors’ Report on operations; External auditors’ report; Report of the Board of Statutory Auditors; Presentation of the consolidated financial statements at 31.12.2025; related and consequent resolutions.
- Allocation of the net earnings for the year and dividend distribution to the Shareholders; related and consequent resolutions.
- Report on remuneration and compensation in accordance with Article 123-ter of Legislative Decree 58/98 and Article 84-quater of CONSOB Regulations no. 11971/99: First section: report on the remuneration policy. Binding resolution.
- Report on remuneration and compensation in accordance with Article 123-ter of Legislative Decree 58/98 and Article 84-quater of CONSOB Regulation no. 11971/99: Second section: report on compensation paid. Non-binding resolution.
Assessment of independent status
Based on the information provided by the involved parties and available to the Company, IGD’s Board of Directors verified that 4 (four) independent directors still qualify as independent in accordance with and pursuant to Article 148, paragraph 3, of Legislative Decree no. 58/1998, recommendation 7 of the Corporate Governance Code and Article 16 of CONSOB Regulations no. 20249/2017: Antonio Rizzi, Simonetta Ciocchi, Mirella Pellegrini and Daniela Delfrate.
Approval of the Report on Corporate Governance and Ownership Structure
The Board of Directors approved the Report on Corporate Governance and Ownership Structure, which forms an integral part of the annual report.
The documents will be made available to the public on IGD’s website http://www.gruppoigd.it/Governance and at the Company’s registered office, as well as on the authorized eMarket STORAGE system managed by Teleborsa S.r.l. and available at the link www.emarketstorage.com in accordance with the law and applicable regulations.
