Igd reports a rise in profits and rental income over nine months. Guidance has also been revised upwards and the outlook is positive

Rental income and profits are rising. The disposal of non-core assets continues. Igd – Immobiliare Grande Distribuzione, a property company listed on the Star segment of the Milan Stock Exchange and specialising in shopping centres – closed the first nine months of 2026 with a group net profit of €28.6 million, an increase of 11 million compared with the 17.6 million recorded in the same period of 2025. Recurring net profit (FFO) rose by 17.7 per cent to 36.6 million, mainly due to a reduction in recurring financial expenses. The Board of Directors opened the presentation of the accounts with a tribute to the Chief Executive Officer, Roberto Zoia, whose sudden passing a few days ago, as stated in the press release, ‘represented a grave loss for the entire Group’. However, the results confirm the soundness of the course set under his leadership.

Net rental income from freehold properties, i.e. net rental income from owned centres, stood at 75.9 million, up 3.4 per cent on a like-for-like basis. EBITDA from core operations amounted to 72.4 million, up 2.1% on a like-for-like basis. The net financial result improved by 10.6 million to -33 million, even following the refinancing in March.

On the operational front, footfall in Italian shopping centres rose by 4.1 per cent and sales by retailers in the shopping centres increased by 4.2 per cent. Company-owned hypermarkets and supermarkets recorded a rise of 1.3 per cent. The occupancy rate for shopping centres and hypermarkets rose to 96.31 per cent. The 148 contracts signed over the nine-month period – comprising renewals and new tenancies – led to an average rent increase of 1.8 per cent and the arrival of new brands. The average remaining lease term also increased, rising from 2.09 in 2025 to 2.36 in 2026.
In Romania, occupancy at Winmarkt shopping centres stands at 93.21 per cent. IGD has raised its 2026 guidance: FFO is now expected to reach at least 47 million, up 14.1 per cent on 2025 and 2.2 per cent on the August estimate.

On the Milan Stock Exchange, the share price closed up 1.86 per cent at 9.2 euros per share.

The plan to divest assets in Romania deemed non-core is also continuing. On 27 October, another Romanian shopping centre was sold for 3.1 million, bringing the total number of properties sold in the country to 9 out of 15, for a total value of 35.6 million. The loan-to-value ratio has fallen to 42.9 per cent, in line with the target of approaching 40 per cent by the end of 2027. The average cost of debt stands at 5 per cent, kept in check by hedging despite the rise in interest rates. On 21 October, Fitch confirmed the BBB- investment-grade rating and upgraded the outlook from stable to positive.