Immobiliare Grande Distribuzione SIIQ S.p.A.

IGD said like-for-like net rental income from freehold assets rose 4.1%, EBITDA increased 3.4%, FFO was EUR 21.1 million, and group net profit was EUR 20.6 million, roughly double H1 2025. Tenant sales increased 4.6%, footfall rose 4.3%, and Italy rents were up 0.9%; the core portfolio value was up 0.6%. On the balance sheet, net financial position fell from EUR 789 million to EUR 781 million despite EUR 16.6 million of dividends paid, loan-to-value increased by 30 basis points, ICR improved, and net debt/EBITDA stayed flat at 8x. For the full year, management guided to at least EUR 46 million of FFO, versus the EUR 45 million target given in the 2025 business plan. Management also reiterated that the first debt maturity is in 2030 and said the company remains comfortable on maturities.

Roberto Zoia framed the quarter as evidence that IGD’s strategy is working: asset reconfiguration, merchandising changes, entertainment additions, and digital CRM efforts are translating into better occupancy, rents, footfall and value. He emphasized that the company is outperforming national benchmarks and that retail fundamentals in Italy and Southern Europe remain strong, with tenant demand and new openings supporting the sector. His tone was upbeat but cautious, stressing that he did not want to overpromise amid macro volatility.

Zoia’s financial commentary focused on the quality of earnings and capital discipline. He highlighted the 4.1% like-for-like NRI increase, the 0.6% core portfolio revaluation, the EUR 3.7 million improvement in financial management, and the resulting EUR 24.1 million of H1 FFO, while noting that the net financial position declined to EUR 781 million even after EUR 16.6 million of dividends. He also pointed to a slightly lower weighted average interest rate, improved ICR, and a still-flat net debt/EBITDA of 8x, with 70% of the debt hedged and the first maturity only in 2030.

On consumption, management said it does not see a crisis: consumer electronics, personal care and health, services, and fashion were described as positive, while home-related products may be slowing after the post-COVID spike. On Romania, Zoia said the goal remains to sell at book value, noted that Romania is worth EUR 77 million, and said the planned EUR 15 million disposal by year-end 2026 is expected to be at book value. He added that the small Romania write-down was mainly a pricing adjustment to bring supply and demand closer.