Good afternoon. This is the Chorus Call operator. Welcome to IGD's [COPS Open], presenting results for the first nine months of 2025. Let me remind you that all participants are in listen-only mode. After the presentation, a Q&A will follow. To be assisted by an operator during the conference call, press star and zero on your phone. Let me now turn the conference over to Mr. Roberto Zoia, CEO of IGD. Mr. Zoia, you have the floor.
Good afternoon to all of you. We released a press release, and the presentation as well was released a couple of years ago. Let me start diving into the presentation, and then we'll leave room to your questions, of course. Let me start with page two in the deck of slides. We'd like to remind you that the path we've outlined with our business plan is heading in the right direction. Over the last nine months, we secured a loan for EUR 600 million and a green secured loan for EUR 615 million, and we have recently issued a EUR 300 million bond. We had already stated after the first funding that we would have monitored the market to catch the right window.
In 10 months, as you could see, we have refinanced almost EUR 1 billion. We think it is a good result indeed, considering that both transactions enabled us, and we will see more in detail as we proceed through the presentation, to increase our maturity profile and decline the average cost of debt. Of course, we keep disposing of our assets in Romania. Three assets were disposed of for EUR 14 million, one four, and we have already negotiations at an advanced stage always in Romania. With the rationale we have already disclosed, we are going to focus on a single asset basis.
Maybe it's long negotiations, but they are providing the expected results. I am confident that even in the last 40 days from now to year end, there might be surprises because we have advanced negotiations ongoing. Also from the operating side, not on one-off, but on the recurring basis, results are very positive as to our portfolio on a like-for-like basis. End of September, we're up 3.8% versus September last year. EBITDA, core business EBITDA, always on a like-for-like basis, is up 2.9%. First and foremost, we had excellent results for our funds from operation, landing at EUR 31 million. Last but not least, let me say, is an excellent signal for each and everyone, is the performance of our group net profit. For this quarter, we started with about EUR 10 million in the end of June.
We have now EUR 17.6 million, and we are talking about we're down EUR 32 million, and we have a positive delta of EUR 50 million overall. An excellent result was achieved. From an operating standpoint, tenant sales are up, and they're up 1.3%, and that is very important because this is really supporting us when we go and renegotiate contracts with tenants. We had meaningful upsides for new contracts and relations. Footfalls are also faring very well. They are up 3.7%, and that is much higher than the CNCC average. They are monitoring about 300 shopping centers. The footfalls result is definitely driven by some anchor tenants that we have placed in some of our shopping centers, shopping malls. Primark in Livorno, that is really attracting a lot of visitors.
We introduced Action into one of our shopping centers too, that is now turning out to be a very meaningful traffic generator. It was placed in Ravenna and Casilino, Rome, with very, very interesting results. Also very interesting is the up 1.6% of the hypermarkets that are owned by IGD. In our portfolio, most of our hypermarkets were downsized versus the main shopping area, and they are starting to grow in a very interesting way, I will say. If we move to page five, everything is always very consistent performance-wise. We have tenant sales that are growing, footfalls that are growing, and occupancy as well. Over one year, we've grown 1% in occupancy. We have a target from here to 2027. We want to get to 98%. We're now at 96%. Time after time, quarter after quarter, we are achieving the growth.
We're also working very hard on extending our contracts. You see, it's four quarters. We've been stopping at two years as far as our WALB is concerned, but many contracts are now due, and tenants had a break option rolling, 12 months rolling, keeping two years, retaining two years. Those who have old contracts for one year, the new contracts will be three years long. And from now to 2027, we want to get to 2.5 years WALB. Upside for Italy, up 1.3%. We, 8.3% of the malls' total rent was either renewed or relent. The average of upsides is 1.3%. We're up 1.3%, and it's net after inflation. Sorry, and then you have to add inflation to it, which is also reflected in our assessment and evaluation. So WALB, occupancy, and upside are also heading in the direction that we had already identified in our business plan.
On page six, you can see a few pictures. I mentioned Action as a new brand. They are really doing exceptionally well, especially as far as footfalls are concerned. They are a wonderful attracting brand. We focus very much on KFC and Piadineria for food. They are currently very, very successful among young visitors, among young people. Medi-Market, Arcaplanet, and Douglas are also really driving the performance. Page seven, and this was again one of our lines of action mentioned in our business plan. We want to focus on digital transformation. We've completed 11 apps for the main shopping centers in 2025, and this digital system is really enabling us to increase profiling activities, to deepen the knowledge of our customers, of our clients, and to come up with ad hoc promotions based on customer classes. We are very much focusing on this.
We call it IGD Ecosystem, and it goes hand in hand with leasing activities. We started an excellent relationship with the big names, and we came up with other apps as well, already applied in 28 shopping centers, rolled out in 28 shopping centers, to really increase and improve the relationship between owners and tenants. We constantly have an ongoing dialogue with tenants for the events we organize at the shopping centers. We get their turnover every day. We have this ongoing relationship, which is excellent because retailers have finally understood that they save time. Everything is, well, we keep track of everything, and they're using these platforms really well. It's a good time also for real estate. I mean, retail real estate. You saw the results for the first nine months.
They were really outstanding, meaning that retail asset class was the top asset class, the number one, and transaction-wise was much better than logistics and office. Somehow it's a close second. Sorry, hospitality is a close second. In the past, we did have volumes, but it was either high-street buildings or supermarkets and hypermarkets. Whilst over the first nine months of 2025, we see a comeback of shopping centers. For instance, the Veneto one, the small ones, the two Bennet purchased or the two in Rome. Eventually, we also had a big transaction, the Audio Center transaction, EUR 470 million in one single transaction where there's a partnership we have launched ourselves when we first created our two funds. It's industrial players with financial players interacting. Audio Coppetti bought it back. They had built it, promoted and managed. It's a big property asset manager.
Of course, they worked with a more financial player such as Generali. Therefore, this was indeed one of the main transactions in retail real estate. I think this is really a good introductory factor for further development going forward. The same thing we see in Romania. Romania, we know, is a very small country, transaction-wise also, but you see that retail, practically the retail transactions accounted for half of the overall real estate transactions. Therefore, there is a certain appetite for retail real estate in Romania too. Let's move to page nine, some financial highlights. We are still focusing on our goal to reduce our loan to value. In the first nine months, we reduced our loan to value by 40 basis points, landing at 44%. A few more detailed pieces of information. We keep reducing our cost of debt as well.
Let me remind you that last year, full year, we were at 6%. Now we are at 5.3%. Post-new bond issue, estimating the EUR 300 million issued on November the 4th, in that case too, we would have a positive impact landing so that we land at 5.1% weighted average interest rate. That will generate benefits for 2026 as well. In the first nine months, 90 basis points, that is really, I hope it really meets the expectations everybody had vis-à-vis IGD. Very interesting as well, I'm on page 10 now. The net rental, if you deduct the net rental income of disposed portfolio, full portfolio in the first few months of 2024, EUR 5.2 million. Then you start to see the erosion coming from revenues coming from the disposals of Romania.
But they were offset, net rental income-wise, they were offset by a growth both in Italy and Romania. The changes, the delta versus 2024 is still positive, up 3.8%. It is net rental income from freehold landing at EUR 75.9 million. On the EBITDA side, it is slightly lower, the increase, because we had some costs that we had to cope with in the last quarter when we had some items to deal with and offset on the receivable and payable side. Still, EBITDA, core business EBITDA is nonetheless growing, up 2.9%. On page 12, you see a financial position. We have cost saving over the first nine months that goes from EUR 52.1 million to EUR 43.6 million. We have a cost on non-recurring items or charges on the one hand, but also and mainly that will be very useful for 2026 and 2027.
A financial management where we save EUR 8 million that will then, of course, have a positive impact on our FFO figures. Page 13 FFO, this positive EUR 8 million from our financial position, as you coming from last year, help us offset missed or revenues deriving from, of course, disposed assets. On the one hand, we have a delta in the consolidation scope. We lost EUR 5.3 million of revenues, but improving our net financial position and improving our average cost of debt and improving our EBITDA delta from core business. These two items add up to EUR 10 million. They more than offset the EUR 5.3 million we lost due to the portfolio disposals we had over the same timeframe. We improved our core business and our financial position on a like-for-like basis. They more than offset the effects of our disposals.
This makes us say we should speed up in our actions in Romania. Because in addition, on the one hand, yes, we miss out on revenues, but we have improved our financial position, group net profit. Last year, we had to write down or impair our third stake and not having that charge or burden. Now we are a machine producing profits that could be more or less strong depending on the years, but our core business is really generating profits both from an FFO-wise and also from a revenue standpoint. The group net profit landed at EUR 17.6 million, and we had to expense with the repayment of the bond in February all the ancillary costs that had to be expensed, but they were more than offset by the operating results.
I think that our new issuance, and I'm on page 15 now, the new bond issued is telling us a lot. What do I mean by this? I mean that first of all, we are back to the capital market. If you remember, in 2023, we performed a transaction the last useful day at very, very costly conditions, while this issuance really told us that market appreciated how we managed our financial position over the last year. We had orders for over EUR 1.35 billion, so more than 4x the book we were offering. That is to say, we offered EUR 300 million. That, of course, generated a cost compression. We came up with a guidance at 4.7% that was then closed at 4.45% as annual coupon. What is the benefit? It's a strategic advantage or edge, if you want.
I said I don't like to say I like to have 100% secure debt or 100% bank debt. Now we really have offset our funding sources because EUR 300 million come from the market. We also have rebalanced secured and unsecured loans. As you see in the following slide, we have more than EUR 630 million of freed up unencumbered assets because, of course, in case of issuance, we wanted to free up assets. We know that rating agencies like this very much. We have extended our debt maturity profile because the facilities that we have closed now, we have added one extra year without cliff. It is from 2029 to 2030. We have improved our maturity profile.
On page 16, you see that despite disposals, our NFP went down, loan to value went down too, the average cost of debt went down, and ICR, the interest coverage, went from 1.8 x to 2 x. We get net debt on EBITDA went from 7.9 x to 8.1x . With the improvements we have achieved, thanks to disposals, we should be back to a more appealing figure, let's say. On page 17, you see the group's maturities profile. The maturity we have in 2029 is now shifted to 2030. Just look at the slide, and you will have a perception, a clear perception of the work we have done so far. We're working on maturities from here to 2028. It's a banking, it's a bank loan, dates back to 2022.
The idea, the objective here is to attack that funding, extend the maturity because it is also the most expensive instrument. We try and fine-tune our margin for 2026 to further cut debt. You see between 2026 and 2027, we have no meaningful maturities. We are already working on the 2028 financing, so we will extend maturities there too. I am confident that we will have a further decline of the average cost of debt. We have extended maturity. You probably read that Fitch confirmed our ratings, both corporate and issued bond as well. It is an investment-grade bond that was issued based on Fitch's rating. It could be improved based on the comments made by the two rating agencies.
Also, thanks to the, as we've cashed in money, we are going to free up bonds, and we will get to EUR 776 million of unencumbered assets, as you see on page 18. Let me say once again, market, we are 37.1%. And unsecured is 39.09%, almost 40% of total IGD assets. It would be, let's say, 40%. That's the debt breakdown on the right-hand side of the slide. Both the refinancing in February and the bond were classified as, were rated as green. That is why we're very much focusing on ESG factors so that our assets are as much as possible at the level that banks and the market consider as green assets and green funding or financing. 82% of our portfolio is certified with a minimum of very good rating. We're talking about the BREEAM certification. Then we have excellent as well.
This is something that we feel is a priority. We're really committed to it. We're also very much working on photovoltaic systems. We signed a major contract with Edison, and Edison is investing. Through our lease contract, we acquire energy from them at fixed prices and low costs. That has a twofold benefit. We're not using capital for that, and we have clean energy, renewable energy. We have three cases already. We've seen that installing photovoltaic panels is very much appreciated in parking places. It's appreciated by visitors because in the summer, it's a shade against the sun, and in the winter, it protects them against rain or snow. This is another target in our business plan that we very much see as a priority. In Conegliano Veneto, that's building energy management systems, we can work out consumption.
We can see peaks when there's no need for air conditioning or lighting. The system works automatically to achieve energy saving. In the first four months, we had 20% saving on the used energy. That was also a goal in our business plan, that is to say using AI to reduce energy consumption. We are really investing heavily in this. It will be the leitmotif, our leitmotif, also going forward. Of course, we have some annexes. Should there be any specific questions, we gave you a breakdown of tenants and how they are placed in our portfolio, how they are, and we make a comparison between them and our merchandising mix locally and internationally, and then WALB, number of contracts we have. We put in a lot of material that you can look at.
I'm not going to go into it, but I'd rather answer your questions and have a dialogue with you now if you need any further info.
Thank you very much. This is the Chorus Call operator. We are now starting the Q&A. If you want to ask a question, please press star and one on your phone. To be removed from the Q&A, you press star and two on your phone. Please use your handset to ask the questions. If you want to ask a question, press star and one on your phone now. First question comes from the line of Arianna Terazzi with Intesa Sanpaolo. Go ahead, madam.
Good afternoon to all of you. Thank you so much for the presentation. You are moving really fast in executing your business plan. First of all, I think you have the right base to really be the guidance you gave us for FFO. Could you elaborate on that? For 2026, financing and funding, what are your expectations as far as average cost of debt is concerned for next year?
Good question, says Mr. Zoia. As you could see, we are up EUR 31 million. Our guidance is EUR 39 million for the business plan. Given the time we are going through, every day, there's a factor coming into place. It could be tariffs. It could be something else. It's not easy for me because a part of me was really hyped and would like to take the guidance up because it's in the figures. We said, let's be cautious. Let's see how this quarter performs and goes, and then maybe we'll come back and increase our guidance. If you look at FFO for the last three quarters, in the worst-case scenario, we should anyway be higher than EUR 39 million. I don't want to officially increase our guidance.
I'm not in favor of that, but I'm more than confident that we can do better than those EUR 39 million. Sorry. As to the average cost of debt for 2026, it will further decline. Without the refinancing of 2028, we would land at 5.1%, which is what we wrote post-issuance, bond issuance. It's clear, however, that starting from January 1st, 2026, we have to really focus on our 2028 maturity to have an extension of that maturity and at the same time to achieve a reduction in cost of debt. We are talking about EUR 150 million. If we compare it to the 800, even if it were 50 basis points, it would still be 10-15 at the end of the day basis points.
The objective I gave, the target I gave all of my teams is to get below 5% with our average cost of debt because the EUR 300 million were placed with a coupon 4.45%. If you think 4.45%, it is a 2.2 spread. We have financings that are almost 3%. There is room there. There are 78 basis points for further negotiation. Of course, it is only one chunk of our debt because the bond will be faring forward on its own for the next five years. The objective for 2026 is to go below 5%. The guidance, of course, you can interpret it as you wish. I am very optimistic. I am very confident. Now our guidance is 39, but we are very close to 40, let's say.
Thank you very much.
The next question comes from the line of Simonetta Ciriotti with Mediobanca. Go ahead, madam.
Good morning to all of you. Good afternoon. I have a question on the market. You said that the market is quite buoyant right now, volume-wise. Could you elaborate on the transactions? Have they given some interesting signs as far as valuations are concerned as well? Or appraisals, what are the expectations for full year 2025 and also looking ahead to next year going forward? In a more buoyant market scenario, how about your project to somehow dispose of assets within your consolidation scope? Can it be really fulfilled? Thanks for the question.
To date, clear that, as I said before, that if we look at our market comps on rates that are eventually, finally normal or aggressive, we have Audio Center, perhaps. It's a shopping center. It's a major shopping center in north of Italy, you name it. We could see both in small transactions for small shopping malls in the Veneto region and the Bennet transactions. We've seen that we start to see a little bit of decompression, if I may say. Up until a year ago, every time people approached a shopping mall, you would think of double digits. Now it's starting to go down. My perception is we're at early November, so I don't have the visibility yet over the full figures. I think there'll be an adjustment because rents will grow structurally.
Also, the market is so big that it should be somehow deflate or decompress or even stay flat with a 10 basis point decompression with revenue increase. Bear in mind that we have not yet seen a very strong decline in discount rates. Above and beyond what the ECB did, they did a lot of reductions. If you look at discount rates for December and June, we have not yet seen a real decompression of the discount rate, which I hope and I am confident will materialize going forward. The buoyant market, as you were saying, Simonetta, I am confident that it will lead to a slight decompression. Recently, I have met some players. We know that retail in Italy, together with Spain, is probably Italy and Spain are the countries that are performing best.
In Spain, transactions, the later transactions were made at a very high price. Even some very big players are saying maybe it's worth going to Italy where I still have a pricing benefit vis-à-vis Spain. At the same time, we are aware that there are 150 basis points between Italy and Spain. Even splitting that in half, 75, it would mean excellent returns for Italy anyway. This is what we get from looking at the market. Portugal and Spain are the ones that are faring best retail-wise. Then comes Italy, much better than France and Germany. Therefore, also players who in the past were more skeptical about this asset class, that is to say retail, are changing their mind. I think there can be an excellent, well, a good result in 2025. At the same time, this can have a further impact in 2026.
We zoomed a number of contacts. It's true that there could be more interest in putting assets on the market and cashing in without contributing liquidity into our sink. There are still players who think that a partnership with IGD, where we are 51% and they are 49%, would still have very interesting dividends. We have this ongoing open negotiation table with very, very frequent meetings. It's a project that players, especially industrial players, like very much. They still want to retain assets also under a different legal form. Also for the Juice Fund, the one with the six supermarkets, we've started to look around because for us too, it could be interesting right now at this moment in history to dispose of part of the assets that belong to that portfolio.
For us, it would mean recovering equity that is now blocked in the fund. It is a highly dynamic market. We are very careful looking around. We are focusing on disposing of Romania, but also very much focusing on strengthening and growing Alliance SIINQ, which could be a turning point not to be committed to huge investments, but to increase to benefit from an LTV perspective, to benefit from the leasing network. We are definitely working a lot on the Alliance project.
Thank you.
The next question comes from the line of Federico Pezzetti with Intermonte. Go ahead, sir.
Good afternoon to all of you. I have a couple of things I would like to ask. The first one, in Italy, we saw a speeding up of the like-for-like growth for you from 3.2% of H1 to 4.5% now. A strong acceleration in Q3. Could you elaborate and give us more details on the drivers behind this growth? The second thing I wanted to ask is you talked about uplift that are still there, not as strong as in 2024, but we still see uplift. What do you see for the coming quarters? Could you elaborate on that? Give us some color on that as well for uplifts. Also, it's early still, but I'd like to ask for some hints on dividends, maybe looked on the expectations the market consensus has. EUR 0.15. Maybe you could elaborate on that. I'm just trying to see.
No, it's okay. It's always worth it to give it a try. I'm an open book, says Mr. Zoia. They're trying to please on me here, Claudia and all the coworkers, but I like to be an open book for you.
Anyway, there's indeed a very strong acceleration on the like-for-like side, and it's driven by two main factors. First of all, the upside. We achieved a very meaningful one. And then it's the occupancy factor. When I give you a net rental income on a like-for-like basis, I have two levers. First one is the revenue growth, and the second one is that I occupy if I have occupancy in certain spaces. I no longer have to share common expenses for the property. If in 2026 we can cover another extra 1% of vacancy, that indeed will have an immediate impact on the like-for-like growth. It's clear that 4% is a lot, but let me remind you that in our business plan, we gave you 16%. Somehow it's the objective, the goal, the 4% on a yearly basis, which is driven by revenue growth and also occupancy growth.
For 2026, we are all super committed to retain that 4% to add up to 16% in 2026. The upside is really paying off. We made sacrifices for Primark and Action. Having anchor tenants, it often means making investments. We've seen that most retailers, when they're close to attractive tenants, are willing to somehow pay something extra. I'm very happy we had a peak in Q3, similar to Q3 2024, but having this 3% above inflation in a year in which macroeconomic tensions did play a role, as we all know, on everything. I think that was an excellent result we achieved. Last but not least, on dividends, it's clear that as we are at EUR 17.7 million group net profit, that is mainly driven by Italy and the SIIQ part.
It's true that in the last quarter, we have to expense ancillary charges for the last bond. Ancillary charges for the early repayment, we will have to expense them for the early redemption. The profit is going to be slightly less than what you saw for the quarter. Should it be EUR 20 million? I'm just saying figures to say something. 70% of whatever is mandatory, 14 divided by 110 would be around 13, so not far from 15, which would be the magic figure, would be 50% more than the EUR 0.10 we had last year. Federico, unless there are any specific situations or holdups, it's clear that the mandatory is very close to 15 because 15 times 110 is 16.5. EUR 16.5 million. Roughly, we are in that space already.
As I said before, I really hope and I am confident that our FFO will be higher going forward. Above and beyond dividend policy, I know that I have 70% mandatory on the exempt operation, Italian net rental income, and some write-ups if there be. We also have to bear in mind that we have loan-to-value to refer to. I keep saying that, and I'm reiterating it today. I don't want to waste money. Indeed, in the past, probably we were too generous when there were no conditions to be so generous. Of course, we want to pay out the highest possible dividends, but also bearing LTV always in mind. That's why we're saying the objective for 2027 is getting to 40%. That would put us in a comfort zone.
If we get to 40% of LTV, in that case, of course, we can have a dividend policy on FFOs and therefore have a different approach. I'm not saying that we can, well, we would be willing to increase our dividend by 50%, but we have to bear in mind what LTV is like. Of course, there will be nice surprises in Romania between now and year-end or the two months before the new year. In case we cash in some money, we would further reduce debt. We would be better off and therefore more prone to paying out dividends.
Rest assured that the company, the shareholders have a common shared goal: going back to paying a sustainable dividend, good dividend, but not going from making an effort to reduce our LTV of one percentage point and then pay out two more percentage points on dividends that you then have to recover with a lot, lot of effort. It will very much depend. Here I am going back to Simonetta's question as well. It will very much depend on having good year-end valuations and good prospects for a good outlook for 2026 valuations. That will give us better room for dividend payout. When you say EUR 0.15, indeed, we are somehow in sync. This is something I have in my DNA as well because it is more or less 70% of what we have of our mandatory figures.
Very clear. Thank you very much.
The next question comes from the line of Vincenzo Di Buono with Banca Akros. Go ahead, sir.
Good afternoon to all of you. Thanks for the presentation. I'm referring to the last question you asked. And this year we got to 44%. What would be the ideal level? Sorry, I could not hear whether it was FFO or. There is a question about getting to EUR 20 million and looking at tenants. Could you elaborate on the trends that you are witnessing as far as the tenant sales are concerned?
The question was for LTV. In our business plan, we gave a target for 40% for IGD. Also, if I look at our peers, European peers as well, it's a figure that keeps us in the market in a comfortable way. To this, how do we get to 40%? We have disposals.
I can confirm that we are at 40% in Q1. We put in 20 in our business plan. That means we need to have another similar transaction, EUR 5 million-EUR 6 million, roughly within this year, and therefore hitting the target of EUR 20 million. There too, I am very confident because I see a very lively market, buoyant market. I confirm the goal to get to 20. We've already done 14, LTV 40%. Going to product categories. For the first time in this presentation, we are on page 25 of our slides because I got a lot of questions on, for instance, apparel clothing. You see, we broke down the merchandising mess with clothes. Everything was put together. Instead, here we break it down better. If we look at clothing in general, so with average surface, not specialized, we are below 30%.
If you see clothing on the right-hand side, it's 28.3%. IGD's portfolio is not made up of 300 stores where we're having 30% of clothing is a lot. We have a lot less. Biggest shopping centers have 120-130 stores. Clothing, we've tried to reduce it over the years to the benefit, for instance, of sportswear. Why is that? Because today, if I think of JD Sports, for instance, Cisalfa, and they're not the [Kathleen] because it's really, really only sport, but it's sportswear. JD Sports, more specifically, they have appealing turnovers, revenues, and we're working with them as well. What is really working is perfumes and health and beauty services because they are really doing well. Electronics, consumer electronics is finally picking up again. We have two resizing actions, of course. Electronics, we've resized parts.
They are really promoting physical sales, and that can be seen in the figures they make. They also tell us, "You know your own media world," and they tend to really focus on physical sales, considering the delivery cost they apply on online sales. Service is provided, and electronics is doing really well. You've seen with the new openings. Of course, we always have to be cautious because food courts should not be done everywhere with too much offering. While we have shopping centers with a very big catchment area where you have lots of housing, offices that have evening entertainment, we're really focusing on that. The big chains such as Piadineria and KFC, and you know that [Fund], [Two Cups Steaks], and also Pomodoro and all these players, [Fund], [Two Cups Steaks], and them.
They are really focusing on their business. And then health and beauty, jewelries as well. We have seen very interesting results with jewelries as well. And jewelries, normally at year-end, they help when there are variable revenues. They sell a lot during the last quarter of the year. And then services, we are also strengthening them, enhancing them. What is also interesting is that they are working a lot on the leading size on entertainment other than movie theaters and cinemas because if you go out in the evening, normally you would only need to go to the cinema. We have really seen that in Livorno, where it is open until 11:00 P.M., we have McDonald's. They have sizable revenues. And there are different types of entertainment that are not necessarily a cinema or a movie theater. They have the same level of attraction somehow in combining restaurants and entertainment.
It could be two meals or one meal and three quarters. If you're not working the evening, then they cannot somehow keep the area retaining. I hope that's the color you were expecting. It would be the right mix between local and international tenants. You see it in key tenants. You go from Inditex, for instance, international tenant. We have 10 stores. Zara, for instance, Unie uro is between Italy and France somehow. The big ones also, and in light of the piece of info we got last night, it's OVS, which has everything. Now, OVS means OVS, Open, Goldenp oint, Kasanova, Sasha, you name it, Piombo. So it's a lot too. For us, they are a partner. They are also performing really well. We have to try and find the right balance with them as well. They were talking about OVS.
OVS, we have a preferred relationship. In all of our shopping malls, we are super happy to have them. They are doing really well because the OVS format managed to somehow be placed halfway between Primark and Zara, which somehow is already seen as medium-high versus H&M or Piazza Italia. OVS is an excellent brand because they found the right balance. With their different lines such as Piombo and Goldenpoint and then Les Copains. Within OVS, you get to have the average clothing bracket. We have some shopping centers with OVS delivering very interesting tenant sales.
Thank you. Perfect.
Let me remind you that if you want to ask a question, press star and one on your phone. For further questions, press star and one on your phone, please. Mr. Zoia, for the time being, there are no more questions in the queue.
Very well. I would like to thank you all for joining us today. For any question or doubt or meeting or insight, I'm available 24 hours a day, seven days a week. If you need to have more info, please do not hesitate to contact me. Thank you very much and have a good afternoon.
This is the course cooperator. The conference call has come to an end. You may disconnect your phones. Thank you very much.