Results as of 30 September 2025

• In Italy: Footfall + 3.7%; Mall tenants’ sales: 1.3%; Rental uplift +1.3%
• Net rental income freehold: €75.9 million (+3.8%, like for like)
• Funds from Operations (FFO): €31.1 million (+18.2%)
• Group net profit: €17.6 million (vs – €32.0 million at 30 September 2024)

 

• Senior Unsecured Green Bond of €300 million, 5-year duration, annual coupon 4.45% issued in the fourth quarter.

 

Bologna, 11 November 2025. 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 30 September 2025.

 

Message from the CEO, Roberto Zoia

“We are delighted with the operating results of these first nine months of the year, with growing footfall and mall tenants’ sales, high occupancy rate and rental uplift on renewal of contracts. New international anchor tenants entered our galleries over the period, confirming the attractiveness and quality of our assets.

The Group ended the nine months with a net profit of €17.6 million and Funds From Operations of €31.1 million, a result that gives us confidence we will achieve the previously announced FFO target of €39 million for the entire 2025.

Finally, on November 4, IGD issued a 5-year unsecured green bond of €300 million with an annual coupon of  4.45%. This transaction, which makes us proud of the number of subscription requests received, which peaked at over €1.3 billion, and of the quality of the investors involved, marks the company’s return to the capital markets and paves the way for a further reduction in the average cost of debt, in line with the objectives of the 2025-2027 Business Plan.”

 

OPERATING PERFORMANCE – ITALY

Our shopping centers continue to grow: at 30 September 2025, footfall increased by 3.7% compared to the same period last year, while mall tenants’ sales increased by 1.3%.

The Group’s freehold hypermarkets and supermarkets also performed well, ending the year with an increase of +1.6%.

 

LEASING ACTIVITIES

During the first nine months of the year, IGD continued its leasing activity very effectively: the average occupancy rate for malls plus hypermarkets at 30 September 2025 was 96.0%, marking a 79bps increase on 31 December 2024 and a slight growth compared to 30 June 2025; the mall occupancy rate was 95.56%, also up 89 bps compared to 31 December 2024.

During the period being examined, IGD’s portfolio confirmed its attractiveness to international anchor tenants. Indeed, in the last quarter, the openings include, among others, Action at Centro Casilino in Rome and Douglas at Centro d’Abruzzo. In the first part of the year, international brands such as Ikea, Courir and JYSK entered the network, respectively at La Favorita shopping mall (Mantua), in Puntadiferro (Forlì) and in Lungo Savio (Cesena), while well-known brands such as JD Sports, Pinalli and La Piadineria continued their expansion inside the IGD malls.

The 133 contracts signed over the nine months (63 renewals and 70 turnovers), representing 8.3% of total mall rents, led to an average rental uplift of +1.3% over the entire period. The positive trend underway since the second quarter of 2024 continued, with rents increasing from quarter to quarter.

 

OPERATING PERFORMANCE – ROMANIA

In line with the results for Italy, the shopping galleries of the Winmarkt portfolio also recorded good operating performances: during the first nine months of 2025, 269 contracts were signed between renewals (238) and turnovers (31), marking an increase in net rents on renewals equal to +2.23%. At 30 September 2025, the occupancy rate was 95.57%, increasing 84 bps compared to 30 June 2025.

 

ECONOMIC-FINANCIAL RESULTS

In the first nine months of 2025, the freehold net rental income (which as such does not include leasehold assets) amounted to €75.9 million. On a like-for-like basis, the figure went up +3.8%, while on a total network basis it decreased €2.5 million compared to the same period last year, mainly due to the sale of the asset portfolio completed in April 2024 (the so-called Food Portfolio) and the sale of Romanian assets during the current year.

Core business EBITDA stands at €74.5 million, up 2.9% on a like-for-like basis. On a total network basis the figure is down €3.2 million compared to the first nine months of 2024, for the reasons mentioned above. Its incidence on gross revenue is 72.2%.

The overall financial management result was -43.6 million euros, €8.5 million lower than the figure for the first nine months of 2024 (16.3%). 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, is equal to -35.9 million euros, with an improvement of €8.0 million compared to the corresponding period of 2024 (18.2%).

 The Group closed the nine months with a net profit of €17.6 million, a significant improvement compared to 30 September 2024 when a net loss of -32.0 million euros was recorded.

Funds From Operation (FFO) amounted to €31.1 million, up 18.2% compared to the first nine months of 2024 despite the change in the portfolio scope, which was more than offset by lower recurring financial expenses.

 

ASSET MANAGEMENT ACTIVITIES

During the first nine months of 2025, the Group reported overall investments and capex of approximately €8.7 million.

The main activities involved the completion of the new Sole365 hypermarket at the Porte di Napoli, as well as fit-out work necessary for the entry of new major tenants such as Mango, Pinalli, Legami and Stroilli in the Le Porte di Napoli, Centro Sarca, Katanè and Centro Leonardo shopping centres.

As part of the Porta a Mare Project in Livorno, 111 apartments were already sold by the end of September 2025. Four units remain to be sold within the Officine Storiche residential area, for three of which binding preliminary contracts have already been signed.

Regarding the disposal activities announced in the 2025-2027 Business Plan, at 30 September, three assets in the Romanian portfolio were sold for a total value of approximately €13.8 million, in line with their book value. The asset-by-asset sale strategy for the Romanian portfolio is confirmed to be effective, while negotiations continue for the disposal of other non-core assets, as outlined in the Business Plan.

 

FINANCIAL STRUCTURE

As of 30 September 2025, the Loan-to-Value ratio was 44.0%, down 40bps compared to 31 December 2024. The Company therefore continues to reduce this ratio, aiming to reach approximately 40% by the end of 2027, as previously communicated in the 2025-2027 Business Plan.

The weighted average interest rate at the end of September stood at 5.3%, compared to an average cost of debt in the 2024 financial year of 6.0%, while the interest coverage ratio (ICR) was 2.0x (vs 1.8x at 31 December 2024).

It should be noted that on 23 October, as part of its annual review process, the rating agency Fitch Ratings Ltd. confirmed IGD’s BBB- Investment Grade rating with a Stable outlook, thanks to the Company’s stable operating performance and expectations of an improved financial profile.

On 28 October, IGD announced that it successfully completed the placement of a non-convertible, senior unsecured green bond with a total nominal amount of €300,000,000 and a 5-year term. The bonds, issued at par on 4 November 2025, carry an annual coupon of 4.45% and a bullet repayment due in November 2030.

The proceeds from the new issue were used to refinance green projects in the “Green Buildings” category under IGD’s Green Financing Framework, previously financed through green mortgages provided by the banking system.

This transaction, which is part of the process outlined in the 2025-2027 Business Plan, has allowed IGD to further extend the average maturity of its maturities, currently equal to 4.9 years (vs. 4.6 years at 30 September) and to continue on the path of reducing the average interest rate, which post-issuance stands at 5.1%. Furthermore, following the placement, the share of secured loans decreased from 96.89% to 60.91% and the share of unencumbered assets increased to €676.8 million (vs €142.8 million as of 30 September).

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