Israel · Delayed Price · Currency is ILS · Price in ILA Azrieli Group Earnings Call Transcripts
Fiscal Year 2026
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NOI and FFO remained stable or grew across all segments, with strong performance in malls and senior housing. Data center growth continues, with new agreements in London and Norway set to boost future NOI. FX volatility and one-time items impacted reported net income.
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Q1 2026 saw resilient performance amid war and FX headwinds, with NOI down 1% and net income up to ILS 540 million. Major investments in data centers and a successful ILS 1.4 billion equity raise support long-term growth, while malls and offices maintain high occupancy.
Fiscal Year 2025
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Record net income and NOI growth driven by data center expansion, despite a one-time mall segment write-off and ongoing security challenges in Israel. Major new contracts in Europe and continued investment in offices, retail, and senior housing support a positive outlook.
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Record NOI growth of 12% year-over-year was driven by data centers and malls, while FFO declined due to higher financing costs and limited senior housing inventory. Major investments and acquisitions position the group for future growth, with strong demand in key segments.
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Q2 2025 saw record NOI growth of 17% year-over-year, led by strong office and data center segments, despite war-related impacts on retail and construction costs. Net profit doubled to ILS 320 million, and major investments and a CEO transition were announced.
Fiscal Year 2024
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2024 NOI reached ILS 2.3bn, up 9%, while FFO including senior housing rose 15% to ILS 1.709bn. Data centers and core property segments drove growth, alongside >ILS 3bn of investment; net profit declined on prior-year one-offs and higher costs.
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Q2 2024 saw strong NOI and FFO growth, high occupancy, and robust expansion in data centers, despite lower net profit due to reduced revaluation gains. Strategic investments and conservative leverage continue, with a leadership transition and plans for a minority partner in the data center segment.