Immobiliare Grande Distribuzione SIIQ S.p.A.
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About the company
Immobiliare Grande Distribuzione SIIQ S. p. A.
- CEO
- Roberto Zoia
- IPO
- 2015
- Employees
- 169
- HQ
- Bologna, BO, IT
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- Market Cap
- $381.78M
- P/E
- 10.30
- Fwd P/E
- 9.09
- PEG
- 0.05
- P/S
- 3.11
- P/B
- 0.44
- EV/EBITDA
- 12.16
- Div Yield
- 3.79%
- Gross Margin
- 81.21%
- Op Margin
- 66.79%
- Net Margin
- 29.92%
- ROE
- 4.23%
- ROIC
- 5.04%
Latest fiscal year · YoY change
- Revenue
- $131.28M-4.2%
- Gross Profit
- $118.97M+10.3%
- Op Income
- $92.27M
- Net Income
- $31.99M+206.3%
- EPS
- $0.29+207.4%
- OCF Growth
- +6.3%
- FCF Growth
- -12.0%
- 52W High
- $3.46
- 52W Low
- $2.46
- 50D MA
- $3.46
- 200D MA
- $3.46
- Beta
- 1.01
- RSI (14)
- 100
- Avg Volume
- 1.77K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
IGD reported a strong first half, with higher tenant sales, footfall, rents and profit, and raised its full-year FFO outlook to at least EUR 46 million.· August 4, 2026
- Like-for-like net rental income from freehold assets rose 4.1%, EBITDA increased 3.4%, FFO reached EUR 21.1 million, and group net profit was EUR 20.6 million, roughly double the first half of 2025.
- Tenant sales were up 4.6% and footfall rose 4.3%, both ahead of the CNCC benchmarks cited by management.
- Occupancy continued to improve, WALB rose to 2.13 years from a lower level in 2024, and Italy rents were up 0.9%.
- The company said its core portfolio was up 0.6% in value, driven by net rental income growth rather than rate moves, while disposals continued.
- Management now expects full-year FFO to be at least EUR 46 million, above the prior EUR 45 million business plan target.
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.
The bull case from this call is that operating momentum is broad-based: sales, traffic, occupancy, rents, and asset values are all moving in the right direction. Management also believes it has room to keep improving through leasing, entertainment, digital loyalty, and selective asset rotation, while the balance sheet remains comfortable with long maturities and hedging in place.
The main risks discussed were macro volatility, the possibility of only limited near-term upside in assets close to target occupancy, and uncertainty around Romanian disposals and valuations. Management also acknowledged that disposals reduce rental income in the near term, and that higher rates or market changes could create some pressure, even if hedging and fixed-rate debt soften the impact.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 46.7%
- Shares Outstanding
- 110.34M
- Float Shares
- 51.51M
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Generate IMMQF report →Immobiliare Grande Distribuzione SIIQ S.p.A. (IMMQF) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 4
Immobiliare Grande Distribuzione SIIQ S.p.A. (IMMQF) Q1 2026 Earnings Call Transcript
seekingalpha.com · May 10
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