Results H1 2025
CONSTANT GROWTH OF IGD SHOPPING CENTERS
In Italy: Mall tenants’ sales +1.0%; footfall +3.9%; rental uplift +1.6%
MAIN CORE BUSINESS INDICATORS RISING
Net Rental Income Freehold: €50.1 mln; +2.9%, like for like
INCREASE IN THE VALUE OF THE CORE PORTFOLIO
Core Italian portfolio market value: €1,545.3 mln; +0.48% like for like vs FY 2024
RETURN TO PROFIT AFTER THREE YEARS
Group net profit: €10.6 mln
INCREASE IN FUNDS FROM OPERATIONS
Funds from Operations: €19.8 mln; +8.2% vs 1H 2024
FFO 2025 OUTLOOK REVISED UPWARDS
Funds from Operations expected at approximately €39 million (+9.6% vs FY2024); +2.6% vs FFO guidance announced in March
DIVERSITY, EQUITY & INCLUSION POLICY APPROVED
Bologna, 5 August 2025. The Board of Directors of IGD – Immobiliare Grande Distribuzione SIIQ S.p.A. (“IGD” or the “Company”), which met today under the chairmanship of Antonio Rizzi, examined and approved the consolidated half-year report at 30 June 2025.
Message from the CEO, Roberto Zoia
“We are pleased to announce the results for the first half of the year, which were very satisfying, showing a positive operating performance in terms of both footfall and turnover, alongside occupancy rates very close to 96% and growing rental income. The positive performance of operating activities contributed to the growth in the value of our core Italian portfolio, which was €1,545.3 million at 30 June 2025. After three years, we can finally end the first half with a return to profit by €10.6 million. In light of the results achieved and the positive operational and financial estimates, we expect the 2025 FFO to be approximately €39 million, 2.6% higher than the guidance communicated last March. Our successes encourage us to continue working hard to achieve the objectives outlined in our 2025-2027 Business Plan, both in terms of disposing of the Romanian assets and of monitoring the markets for the best opportunities to reduce the cost of debt. Finally, I am proud to have launched with the full support and approval of the current Board of Directors our Diversity, Equity & Inclusion Policy, one of the Plan’s key objectives.”
OPERATING PERFORMANCES – ITALY
Our shopping centers continue to grow. As of 30 June 2025, footfall has increased 3.9% compared to the same period last year, while mall tenants’ sales increased by 1.0%.
The Group’s freehold hypermarkets and supermarkets also delivered positive results, recording a 2.5% increase for the half-year.
LEASING ACTIVITIES
During the first half of the year, IGD continued its leasing activity, the effectiveness of which is reflected in the results achieved: the mall occupancy rate at 30 June 2025 was 95.55%, continuing on the progressive increase trend recorded over the quarters (+6 bps compared to 31 March 2025; +88 bps compared to 31 December 2024); the average occupancy rate for malls plus hypermarkets was 95.99%, also up 4 bps compared to 31 March 2025 (an increase of 78 bps compared to 31 December 2024).
The first six months of the year confirmed the ability of our shopping centers to attract international anchor tenants: brands such as Ikea, Courir, and JYSK entered the network in the shopping centers: La Favorita (Mantua), Puntadiferro (Forlì), and Lungo Savio (Cesena). Pinalli and Sephora, well-known brands specializing in the sale of personal care products, the best-performing category during the six-month period, opened two stores, respectively, in Gran Rondò (Crema) and Centro Leonardo (Bologna), and one in the Conè mall (Treviso).
The 85 contracts signed during the first half of the year (43 renewals and 42 turnovers), equivalent to 4.3% of mall rents, led to an uplift of 1.6% for the entire first half. This also continued the positive trend underway since the second quarter of 2024, with rents increasing quarter on quarter.
DIGITAL ACTIVITIES
During the half year, the digitalization process of our shopping centers continued, leading to significant results for both consumers and tenants:
- Consumer apps: In the first six months of 2025, app users grew by 55%. These profiles provide important data on the purchasing behaviour of visitors to our shopping centers. Over the course of the year, the number of centers adopting the Loyalty App system is expected to rise to 11, thus offering increasingly engaging and personalized shopping experiences;
- IGD Connect: since July 2025, an integrated platform for managing and digitizing tenant relationships has been active in 28 freehold and third-party
These evolutions represent a significant step toward a more integrated, value-driven model, geared to data analysis and sharing.
OPERATING PERFORMANCE – ROMANIA
In line with the data findings for Italy, the shopping malls in the Winmarkt portfolio also recorded good operating performance: as of 30 June 2025, the occupancy rate was 94.73%, slightly down compared to 31 December 2024, although the figure is not comparable because 2 assets from the Romanian portfolio, with a full occupancy rate, were sold during the first 6 months of the year. During the first half of the year, 216 contracts were signed between renewals (187) and turnovers (29), recording an increase in rents on renewals of approximately +2.47%, confirming the liveliness of the retail sector also in Romania.
INCREASE IN THE VALUE OF THE CORE PORTFOLIO
The Group’s Italian core (malls + hypermarkets) portfolio reached a market value of €1,545.3 million, showing a like-for-like increase of +0.48% compared to December 2024. All the operating activities of the half year described above contributed to this increase.
Taking into account the remaining freehold assets, the value of freehold real estate assets amounts to €1,688.1 million, a decrease of 0.36% compared to 31 December 2024 mainly due to the disposal of the Romanian assets and residential units in Officine Storiche. Including leasehold properties and participations in the “Juice” and “Food” Funds, the Group’s overall portfolio reached a market value of €1,801.6 million.
The Net Initial Yield, calculated using EPRA criteria, reached 6.2% for the Italian portfolio (6.4% topped up) and 7.1% for the Romanian portfolio like for like (7.4% topped up).
The EPRA NTA is equal to €967,987 thousand, or €8.85 per share. The figure is almost flat (0.2%) compared to 31 December 2024 (€8.87 per share), despite the dividend distribution.
The EPRA NRV is €8.92 per share, substantially stable (-0.2%) compared to 31 December 2024 (€8.94 per share)
The EPRA NDV is equal to €8.71 per share, a slight decrease compared to the figure at 31 December 2024 (€8.75 per share).
ECONOMIC-FINANCIAL RESULTS
In the first six months of 2025, the freehold net rental income (i.e. not including leasehold assets) amounted to €50.1 million. On a like-for-like basis, the figure increased by +2.9%, while on a total network basis it decreased by -7.8% compared to the same period last year due to the sale of the asset portfolio completed in April 2024 (the so-called Food Portfolio).
EBITDA from core business was €49.0 million, up 1.4% on a like-for-like basis, while for the entire network, it decreased by €4.9 million compared to the first half of 2024 following the aforementioned sale. Its incidence on gross revenue is 71.7%.
The overall financial management result is equal to -€31.7 million, lower by €5.2 million (-14.1%) compared to the first half of 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, is equal to -€24.1 million euros, improving €6.4 million euros compared to the corresponding period of 2024 (-21%).
After three years, the Group closed the first half of the year with a net profit of €10.6 million, a significant improvement compared to June 2024, when a net loss of -€32.5 million was recorded.
Recurring net profit (FFO) amounted to €19.8 million, up 8.2% compared to the first half of 2024, despite the change in the portfolio scope, which was more than offset by lower recurring financial expenses.
ASSET MANAGEMENT
During the first half of 2025, the Group reported overall investments and capex of approximately €6.2 million.
The main activities involved fit-out work mainly at Le Porte di Napoli, Centro Sarca, Katanè and Centro Leonardo shopping centres to facilitate the entry of major new tenants .
As part of the Porta a Mare Project in Livorno, 110 apartments were sold by the end of June 2025; 5 units remain within the Officine Storiche residential area, for three of which binding preliminary contracts have already been signed.
With regard to the disposal activities announced in the 2025-2027 Business Plan, in the first 7 months, the disposals of three assets from the Romanian portfolio were completed: in February, the sale of the “Winmarkt Somes” centre, in Cluj, for a total of approximately €8.3 million, in June the sale of the “Crinul Nou” centre in Alexandria, for a total value of approximately €3.3 million, while in July, after the end of the first half, the “Winmarkt central” centre in Vaslui was sold for a total value of approximately €2.2 million. The transactions were completed at values substantially in line with the book value.
The effectiveness of the strategy outlined in the Business Plan, which envisages the asset-by-asset sale of the Romanian portfolio, has been confirmed, as has the interest from private and institutional investors in the retail segment.
Negotiations continue for the disposal of other non-core assets during the second half of 2025.
FINANCIAL STRUCTURE
Financially, the most significant transaction of the semester was the secured financing transaction worth €615 million, finalized in February 2025. This transaction has in fact allowed the Company to extend the average duration of its debt, which has gone from 2.6 years at the end of 2024 to 4.8 years at 30 June 2025.
Furthermore, the proceeds from the financing in March were used to fully repay existing bonds[1], which represented the most expensive instruments. The weighted average debt rate at the end of June was therefore 5.5% (compared to an average cost of debt of 6.0% in financial year 2024); the weighted average debt rate is expected to decline further to approximately 5.3% at the next Interest Payment Dates in August 2025.
With regard to other financial indicators, as of 30 June 2025, the Loan-to-value ratio was stable at 44.4%, while the interest coverage ratio, or ICR, stood at 2.0x and the Net Debt/EBITDA ratio was 8.3x. It should be noted that at the end of June 2025 the debt hedging ratio is equal to 71.9%.
ENVIRONMENTAL SUSTAINABILITY OBJECTIVES
The certification process for Italian shopping centers continues, according to the international BREEAM standard. As of 30 June 2025, centers certified with a minimum “Very Good” rating represent 82% of the Portfolio’s fair value.
In line with the 2025-2027 Business Plan objective, 94% of the electricity purchased at Group level for the Italian portfolio comes from renewable sources. In addition, energy purchases for all the shopping centers have been completed, fixing 2026 prices for approximately 70% of the needs.
FFO OUTLOOK
IGD expects the positive trend of the first half of 2025 to continue in the second. For this reason, we believe it will be necessary to increase the FFO guidance for the entire 2025 from the €38 million communicated in March 2025 to €39 million (+2.6%), with an estimated growth of 9.6% compared to the figure at the end of 2024.
DIVERSITY, EQUITY & INCLUSION POLICY APPROVED
The Board of Directors approved today the “Diversity, Equity & Inclusion Policy” as evidence of IGD’s ongoing commitment to its employees in line with the objectives of the 2025-2027 Business Plan. The Policy applies to all Group employees and complements the provisions of the Organization, Management and Control Model, the Code of Ethics, the National Collective Bargaining Agreement, and the Group’s Second Level Supplementary Agreement signed in February 2025.
The approval of this policy represents the first step towards obtaining the international certification ISO 30415:2001 – Human Resource Management Diversity and Inclusion from an external body, which the Group aims to obtain by the end of 2025.
