Igd reports recurring net profit of 11.7 million (+14.7 per cent)

Igd – a player in the retail property sector listed on the Euronext Star Milan segment – recorded, in the first three months, net rental income (net rental income from freehold properties) of €25.2 million, representing an increase of +2.4 per cent on a like-for-like basis, whilst on a consolidated basis the increase amounted to €0.3 million.

EBITDA from core operations stood at €24.3 million, broadly in line, on a like-for-like basis, with the first quarter of last year. The overall financial result was -€12.5 million, an improvement of €5.3 million compared with the first quarter of 2025 (29.8 per cent). Net of recognised expenses (in accordance with IFRS 16 and non-recurring items relating to refinancing transactions), the result stands at -€10.5 million, an improvement of €1.6 million compared with the corresponding period in 2025 (13.2 per cent).
The Group therefore closed the quarter with a net profit of €5.7 million, an increase of €4.1 million compared with the corresponding quarter of last year. Recurring net profit stands at €11.7 million, up 14.7 per cent compared with the first quarter of 2025, mainly due to the reduction in recurring finance costs.
Finally, the guidance – announced to the market on 26 February – has been confirmed, forecasting a recurring net profit of at least €45 million by the end of 2026.

“We are pleased with the first-quarter results, which confirm both the strength of our business and the Group’s ability to generate value,” said Roberto Zoia, Chief Executive of IGD. The ongoing process of divesting assets in Romania once again highlights the effectiveness of the strategy set out in the Business Plan, whilst the refinancing transaction completed in February has further optimised the Group’s financial structure, reducing its cost and extending the average maturity of its debt. We remain confident about IGD’s prospects for the rest of the year; however, against a backdrop of continued macroeconomic and geopolitical uncertainty, we continue to adopt a prudent approach, as also reflected in the confirmation of the outlook for 2026 communicated to the market last February.”

The €165 million secured refinancing transaction completed on 25 February had a positive impact on the Group’s financial structure, as it enabled, on 5 March, the full repayment of the green mortgage loan taken out on 9 May 2023, which had a higher cost than the new loan. As a result of this transaction, therefore, the weighted average interest rate on debt as at 31 March 2026 stands at 4.8 per cent, down from the 5.1 per cent recorded at the end of 2025. The refinancing has also enabled the Company to further extend the average maturity of its debt, which now stands at 5.3 years (4.75 years as at 31 December 2025).
As regards other financial indicators, as at 31 March 2026 the loan-to-value ratio stood at 43.3 per cent, down (-20 bps) compared with the figure recorded at the end of 2025, whilst the net debt/EBITDA ratio remained stable at 8.0x; the interest coverage ratio increased, standing at 2.3x for the first quarter of 2026 (compared with 2.0x at the end of December 2025).
The Annual General Meeting held on 16 April 2026 approved the distribution of a dividend of €0.15 per share for the 2025 financial year, amounting to a total of €16.5 million.

Just two weeks ago, Igd signed a contract with Dolphin Invest, a Romanian company specialising in the development of retail property projects, for the sale of two assets located in Ploiești, a city with a population of around 180,000 situated approximately 60 km north of Bucharest, for a total consideration of approximately €10.1 million, in line with the book value of the assets. The transaction continues the process of divesting the Romanian portfolio, which began in 2025 and has already seen 8 of the 15 properties sold.