Italy · Delayed Price · Currency is EUR Immobiliare Grande Distribuzione SIIQ Earnings Call Transcripts
Fiscal Year 2026
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Net rental income and EBITDA grew over 4% and 3% year-over-year, with group net profit doubling versus H1 2025. Tenant sales and footfall outperformed national benchmarks, and FFO guidance was raised to at least EUR 46 million for 2026. Asset disposals and digital investments support ongoing growth.
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Q1 2026 saw robust growth in net rental income, FFO, and net profit, with strong operating metrics and continued asset disposals. LTV and cost of debt improved, and a 50% higher dividend was paid. Guidance remains conservative amid market volatility.
Fiscal Year 2025
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Returned to profitability in 2025 with EUR 32 million net profit and strong core business growth. FFO rose 15.7% to EUR 41.2 million, and dividend increased 50% to EUR 0.15 per share. Outlook for 2026 is positive, with further growth and disposals planned.
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Nearly €1B in refinancing improved debt profile and reduced costs, while recurring operations delivered strong growth in net rental income, EBITDA, and profit. FFO is set to exceed €39M guidance, with further LTV reduction and a dividend near €0.15 per share expected.
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H1 2025 saw a return to profitability with €10.6M net profit, improved rental income, and strong asset disposals. SSO guidance was raised to €39M, cost of debt declined, and digital/ESG initiatives advanced. Retail real estate investment and mall performance rebounded.
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Q1 2025 delivered solid growth in net rental income and EBITDA, with improved leverage and cost of debt. FFO guidance is confirmed at €38 million, and the asset disposal plan is on track. Italian retail and occupancy trends remain positive.
Fiscal Year 2024
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Results exceeded guidance with strong growth in net rental income, EBITDA, and FFO, supported by high occupancy and digital innovation. Asset disposals improved leverage, and a €0.10 dividend per share is proposed. 2025 guidance targets further FFO growth and continued deleveraging.
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The 2025-2027 plan sets ambitious growth, targeting 16% net rental income and 41% FFO growth, with a focus on asset optimization, €100 million in disposals, and a 40% LTV. ESG, digitalization, and flexible dividends are central, while refinancing and operational excellence underpin the strategy.
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Like-for-like net rental income grew 4.4% year-over-year, with FFO and EBITDA also rising despite a reported net loss due to a one-off impairment. Occupancy and footfall improved, guidance was confirmed, and debt maturity extension is underway.
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Net rental income was flat overall but up 4.5% like-for-like, with core business EBITDA rising 5% year-over-year. A €29 million one-off write-down drove a net loss, but LTV improved to 44.9% and FFO guidance is confirmed at €34 million.
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The 2025-2027 plan centers on boosting core business profitability, expanding third-party asset management, and reducing debt through targeted disposals, especially in Romania. Digitalization, ESG integration, and asset-by-asset strategies are key, with refinancing and dividend resumption as priorities.