Igd, recurring net profit of EUR 11.7m (+14.7%)

Igd - a retail real estate player listed on the Euronext Star Milan segment - posted net rental income (net rental income freehold) of EUR 25.2 million in the first three months, up 2.4% on a like-for-like basis, while on a consolidated basis the increase amounted to EUR 0.3 million.

Ebitda from operations amounted to EUR 24.3 million, substantially in line, on a like-for-like basis, with the first quarter of last year. The result from overall financial operations was EUR -12.5 million, an improvement of EUR 5.3 million compared to the first quarter of 2025 (29.8 per cent). Net of recognised expenses (pursuant to Ifrs 16 and non-recurring items related to refinancing transactions), the result was EUR -10.5 million, an improvement of EUR 1.6 million compared to the corresponding period of 2025 (13.2 per cent).
The Group therefore ended the quarter with a net profit of EUR 5.7 million, an increase of EUR 4.1 million compared to the corresponding quarter last year. Recurring net profit amounted to EUR 11.7 million, up 14.7 per cent compared to the first quarter of 2025, mainly due to a reduction in recurring financial expenses.
Finally, the guidance - announced to the market on 26 February last - that forecasts a recurring net profit at the end of 2026 of at least EUR 45 million is confirmed.

"We are satisfied with the results of the first quarter, which confirm both the solidity of our business and the Group's ability to generate value," said Roberto Zoia, CEO of Igd. "The steady process of asset disposals in Romania once again highlights the effectiveness of the path outlined in the Industrial Plan, while the refinancing transaction completed in February has further optimised the Group's financial structure, reducing its cost and extending the average duration of debt. We remain confident about Igd's prospects for the rest of the year; however, in a still uncertain macroeconomic and geopolitical scenario, we continue to maintain a cautious approach, as also reflected in the confirmation of the outlook for 2026 communicated to the market last February".

The €165 million secured refinancing transaction concluded on 25 February last had a positive impact on the Group's financial structure, as it allowed, on 5 March last, the full repayment of the green mortgage loan stipulated on 9 May 2023, which had a higher cost than the new loan. As a result of this transaction, the weighted average debt rate at 31 March 2026 was 4.8%, down from 5.1% at the end of 2025. The refinancing also allowed the Company to further extend the average maturity of its debt, which is now 5.3 years (4.75 years at 31 December 2025).
In terms of other financial indicators, the loan to value ratio was 43.3% as at 31 March 2026, down (-20 bps) compared to the figure recorded at the end of 2025, while the net debt/Ebitda ratio remained stable at 8.0x; the financial expense coverage ratio increased to 2.3X for the first quarter of 2026 (2.0X the rate at the end of December 2025).
The shareholders' meeting of 16 April 2026 approved the distribution of a dividend per share for the financial year 2025 of EUR 0.15, for a total amount of EUR 16.5 million.

Just a fortnight ago, Igd signed a contract with Dolphin Invest, a Romanian company specialising in the development of retail real estate projects, for the sale of two assets located in Ploiesti, a city of about 180,000 inhabitants located about 60 km north of Bucharest, for a total sale value of approximately EUR 10.1 million, in line with the book value of the assets. The transaction continues the process of divestment of the Romanian portfolio begun in 2025, which has already brought the number of properties sold to 8 out of a total of 15.