{"id":71745,"date":"2026-11-12T12:40:06","date_gmt":"2026-11-12T11:40:06","guid":{"rendered":"https:\/\/www.gruppoigd.it\/?p=71745"},"modified":"2026-11-12T12:40:06","modified_gmt":"2026-11-12T11:40:06","slug":"results-as-of-30-september-2026","status":"publish","type":"post","link":"https:\/\/www.gruppoigd.it\/en\/results-as-of-30-september-2026\/","title":{"rendered":"Results as of 30 September 2026"},"content":{"rendered":"<ul>\n<li><strong>In Italy: Footfall + 4.1%; Mall tenants\u2019 sales: +4.2%; Rental uplift +1.8%<\/strong><\/li>\n<li><strong>Freehold net rental income: \u20ac75.9 million (+3.4%, like for like)<\/strong><\/li>\n<li><strong>Funds from Operations (FFO): <\/strong><strong>\u20ac36.6 million (+17.7%)<\/strong><\/li>\n<li><strong>Group net profit: \u20ac28.6 million (+\u20ac11 million vs 30 September 2025) <\/strong><\/li>\n<li><strong>Fitch revised IGD&#8217;s outlook from Stable to Positive and affirmed its &#8220;BBB-&#8221; rating. <\/strong><\/li>\n<li><strong>FFO 2026 outlook revised upward: FFO expected to reach at least 47 million euros (+14.1% vs FY 2025)<\/strong><\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Bologna, 12 November 2026. <\/strong>Earlier today, in a meeting chaired by Antonio Rizzi, the Board of Directors of <strong>IGD &#8211; Immobiliare Grande Distribuzione SIIQ S.p.A.<\/strong> (\u201c<strong>IGD<\/strong>\u201d or the \u201c<strong>Company<\/strong>\u201d) examined and approved the <strong>Interim Financial Report at 30 September 2026<\/strong>.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><em>\u201cIGD\u2019s Board of Directors wishes to pay tribute to Roberto Zoia, whose sudden passing was a great loss to the entire Group. Roberto led the Company with determination and strategic vision, making a significant contribution to the growth and consolidation path undertaken in recent years. The results we are presenting today confirm the strength of the path charted under his leadership, as also recognised by Fitch Ratings with the upgrade of the outlook from Stable to Positive.\u201d<\/em><\/p>\n<p><strong><em>\u00a0<\/em><\/strong><\/p>\n<p><span style=\"text-decoration: underline;\"><strong><em>LEASING ACTIVITIES<\/em><\/strong><\/span><\/p>\n<p>During the first nine months of 2026, IGD continued to carry out its leasing activity very effectively: <strong>the average occupancy rate for malls plus hypermarkets at 30 September 2026 was 96.31%<\/strong>, marking a 25bps increase on 31 December 2025 and a slight growth compared to 30 June 2026 (+9bps); the<strong> mall occupancy rate was 95.90%<\/strong>, also up 27bps compared to 31 December 2025.<\/p>\n<p>The attractivity of IGD portfolio for international retailers interested in growing in the Italian market is also confirmed: in the last nine months, Normal, Adopt, Smashie and Popeyes, among others, have chosen the Group&#8217;s centres to expand their network.<\/p>\n<p><strong>The 148 contracts signed over the nine months (86 renewals and 62 turnovers), representing 8.9% of total mall rents, led to an average rental uplift of +1.8% over the entire period<\/strong>, continuing the growth trend of rents quarter after quarter. \u00a0<strong>WALB (Weighted Average Lease Break)<\/strong>, which expresses the average residual term of leases before the tenant\u2019s first possibility of withdrawal, also improved from <strong>2.09 years at the end of 2025 to 2.36 years as of 30 September 2026.<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><strong><u>ASSET MANAGEMENT ACTIVITIES<\/u><\/strong><\/p>\n<p><strong>During the first nine months of 2026, the Group reported overall investments and capex of approximately \u20ac8.7 million.<\/strong><\/p>\n<p>The main improvements were the completion of the external restyling of the \u201cLeonardo\u201d and \u201cLungo Savio\u201d Shopping Centres, together with the implementation of commercial fit-out works in preparation of the entry of new tenants in some centres, mainly \u201cCentro d&#8217;Abruzzo\u201d in Pescara, \u201cCon\u00e8\u201d in Conegliano (TV) and \u201cLe Porte di Napoli\u201d in Naples. Investments in ESG also continued, including through the implementation of artificial intelligence-based systems to reduce energy consumption.<\/p>\n<p>The Asset Services for Third Parties Business Unit also continued to grow, thanks in part to the acquisition of new management mandates for commercial assets of the Coop Alleanza 3.0 Group, as part of the strategic agreement signed between the two companies. The portfolio managed on behalf of third parties has thus reached a total of 40 assets.<\/p>\n<p>With reference to the disposal plan outlined in the 2025-2027 Business Plan, on 27 October the sale of a further Romanian asset was finalised for a consideration of \u20ac3.1 million. With this operation, <strong>the number of properties sold in Romania reaches 9 out of the 15 originally included in the portfolio<\/strong>, for a total consideration of <strong>\u20ac35.6 million<\/strong>.\u201d<\/p>\n<p>The Company plans to complete further disposals, in line with the 2025\u20132027 Business Plan.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><u>OPERATING PERFORMANCE &#8211; ITALY<\/u><\/strong><\/p>\n<p>The Group\u2019s shopping centres continue to grow. As of 30 September 2026, <strong>footfall increased 4.1%<\/strong> compared to the same period last year, while <strong>mall tenants\u2019 sales increased by 4.2%. <\/strong><\/p>\n<p><strong>Freehold hypermarkets and supermarkets also performed well, ending the year with an increase of +1.3%.<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong><u>OPERATING PERFORMANCE &#8211; ROMANIA<\/u><\/strong><\/p>\n<p>In line with the results for Italy, the shopping malls of the Winmarkt portfolio also recorded good operating performance: during the first nine months of 2026, 141 contracts were signed between renewals (110) and turnovers (31), marking an <strong>increase in net rents on renewals of +1.18%.<\/strong> At 30 September 2026, <strong>the occupancy rate was 93.21%<\/strong>, increasing 21bps compared to 30 June 2026.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><u>ECONOMIC-FINANCIAL RESULTS <\/u><\/strong><\/p>\n<p>In the first nine months of 2026, the <strong>freehold net rental income<\/strong> (which does not account for leasehold assets) <strong>amounted to \u20ac75.9 million<\/strong>. <strong>On a like-for-like basis, the figure increased +3.4%, <\/strong>while on a consolidated basis, the increase was \u20ac0.5 million.<\/p>\n<p><strong>EBITDA from core business was \u20ac72.4 million, showing a growth of 2.1% on a like-for-like basis<\/strong>.<\/p>\n<p>The overall <strong>financial management result was -33.0 million euros, \u20ac10.6 million lower than the figure for the first nine months of 2025 (-24.3%). <\/strong>This result, net of the charges accounted for in accordance with IFRS 16<a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a> and the non-recurring items related to refinancing operations in March 2026 is equal to -30.6 million euros, with an improvement of \u20ac5.3 million compared to the corresponding period of 2025 (-14.8%).<\/p>\n<p><strong>\u00a0<\/strong><strong>The Group closed the quarter with a net profit of \u20ac28.6 million<\/strong>, up 11 million on the corresponding quarter of the previous year.<\/p>\n<p><strong>Funds from Operations (FFO) reached \u20ac36.6 million<\/strong>, <strong>up 17.7% on the first nine months of 2025<\/strong>, mainly as a result of lower recurring financial charges.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><u>FINANCIAL STRUCTURE<\/u><\/strong><\/p>\n<p><strong>Loan to Value was 42.9% at 30 September 2026<\/strong>, down 30bps on 30 June 2026. The reduction process for this indicator therefore continues, in line with the objective of reaching a level close to 40% by the end of 2027, as envisaged in the 2025-2027 Business Plan.<\/p>\n<p>Despite the significant increase in market rates, <strong>the weighted average debt rate<\/strong> stood at <strong>5.0% <\/strong>at the end of September, registering only a slight increase compared to 30 June 2026, thanks to existing hedges which mitigated the effects of this increase. The <strong>Interest Coverage Ratio (ICR) <\/strong>stood at <strong>2.3x, <\/strong>as the <strong>Net Debt\/EBITDA<\/strong> ratio was <strong>8.0x.<\/strong><\/p>\n<p>On 21 October, as part of its annual review process, Fitch Ratings Ltd. affirmed <strong>IGD&#8217;s Investment Grade rating at BBB- and upgraded the outlook from Stable to Positive, <\/strong>recognising the progress made in operating performance and the maintenance of rigorous financial discipline.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><u>2026 OUTLOOK <\/u><\/strong><\/p>\n<p>The results delivered in the first nine months of the year, along with the ongoing progress of the disposal plan\u2014which underscore the robustness of the Group\u2019s business model and the validity of the 2025\u20132027 Business Plan\u2019s strategic direction\u2014provided a solid basis for improving on our 2026 guidance.<\/p>\n<p><strong>Funds from Operations (FFO) are now expected to be at least \u20ac47 million, up 14.1% <\/strong>compared to the figure at 31 December 2025 and <strong>2.2%<\/strong> higher than the guidance communicated in August 2026.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><u>IMPORTANT AWARDS FOR IGD IN THE FIELD OF ESG AND REPORTING<\/u><\/strong><\/p>\n<p>During the third quarter, IGD received important international recognition, confirming the quality of its reporting and its commitment to improving ESG performance.<\/p>\n<p>At the EPRA Awards 2026, the Group received the BPR Gold Award for its 2025 Annual Report, for the ninth consecutive year, and the sBPR Gold Award for its 2025 Sustainability Report, for the twelfth consecutive year.<\/p>\n<p>Added to these accolades is the result achieved in the GRESB Real Estate Assessment 2026, in which IGD obtained 4 out of 5 stars, with a score of 87.8 points, a significant improvement compared to the previous year. The award recognises the Group\u2019s ongoing commitment to embedding sustainability objectives into the management of its real estate portfolio, with a particular focus on energy efficiency, emissions reduction and use of renewable energy generation.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><u>OTHER RESOLUTIONS<\/u><\/strong><\/p>\n<p><strong><u>Calling of the Annual General Meeting<\/u><\/strong><\/p>\n<p>IGD\u2019s Board of Directors also resolved to convene the Company\u2019s Annual General Meeting in extraordinary and ordinary sessions on 18 December 2026 (on first call) and, if necessary, on 19 December 2026 (on second call), to pass resolutions on the following agenda:<\/p>\n<p>&nbsp;<\/p>\n<p><strong><u>Extraordinary session<\/u><\/strong><\/p>\n<ol>\n<li>Proposed amendments to the Articles of Association to adopt the regulatory changes introduced by Legislative Decree no. 47 of 27 March 2026 (amendments to Articles 10, 13, 16, 22, 23, and 26 of the Articles of Association). Related and consequent resolutions.<\/li>\n<li>Amendment of Article 7 of the Articles of Association to remove the increased voting rights under Article 127-quinquies, Paragraph 1 of Legislative Decree 58 of 24 February 1998. Related and consequent resolutions.<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p><strong><u>Ordinary session<\/u><\/strong><\/p>\n<ol>\n<li>Proposed amendments of the \u201cRegulations of the General Meeting of Shareholders\u201d. Related and consequent resolutions.<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p>In particular, the Board of Directors, acting unanimously and therefore with the favourable vote of all the independent directors, resolved to exercise the option provided for in Article 125-bis.1, paragraph 2, of the TUF, providing that attendance at the Shareholders\u2019 Meeting and the exercise of voting rights by eligible shareholders shall occur exclusively through the Company\u2019s Appointed Representative pursuant to Article 135-undecies of the TUF.<\/p>\n<p>Accordingly, the Board of Directors approved, with the above majorities, the regulations pursuant to Article 125-bis.1, paragraph 3 of the TUF, setting out the conditions and methods for the participation of the Shareholders in the Shareholders\u2019 Meeting, which shall be made available as provided for by law.<\/p>\n<p>&nbsp;<\/p>\n<h6><a href=\"#_ftnref1\" name=\"_ftn1\">[1]<\/a>the accounting principle that governs the accounting of leasing contracts.<\/h6>\n","protected":false},"excerpt":{"rendered":"<p>In Italy: Footfall + 4.1%; Mall tenants\u2019 sales: +4.2%; Rental uplift +1.8% Freehold net rental income: \u20ac75.9 million (+3.4%, like for like) Funds from Operations (FFO): \u20ac36.6 million (+17.7%) Group net profit: \u20ac28.6 million (+\u20ac11 million vs 30 September 2025) Fitch revised IGD&#8217;s outlook from Stable to Positive and affirmed its &#8220;BBB-&#8221; rating. FFO 2026 [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-71745","post","type-post","status-publish","format-standard","hentry","category-price-sensitive-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts\/71745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/comments?post=71745"}],"version-history":[{"count":1,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts\/71745\/revisions"}],"predecessor-version":[{"id":71748,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts\/71745\/revisions\/71748"}],"wp:attachment":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/media?parent=71745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/categories?post=71745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/tags?post=71745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}