Igd returns to 9-month profit

Igd - Immobiliare Grande Distribuzione Siiq - closed the first nine months of the year with positive results that, as the CEO, Roberto Zoia, emphasised, 'make us confident that we will achieve the target already communicated to the market of a recurring net result for the whole of 2025 of EUR 39 million'.

In detail, the group reported a net profit of EUR 17.6 million, a clear improvement compared to the loss of EUR 32 million in the same period of 2024 (EUR -35.9 million excluding non-recurring expenses and items, an improvement of EUR 8 million).

Net revenue from rental freehold activities amounted to EUR 75.9m (+3.8% like for like, down EUR 2.5m on a like-for-like basis), with gross revenue margin standing at 72.2%, and net recurring income increased by 18.2% to EUR 31.1m.
Ebitda from recurring operations was 74.5 million. The shopping centres saw an increase in admissions of 3.7 per cent and the turnover of the mall operators rose by 1.3 per cent.

The group continued its leasing activities effectively: the average occupancy rate of galleries plus hypermarkets as at 30 September was 96%. The 133 contracts signed over the nine months (63 renewals and 70 turnover), representing 8.3 per cent of the total mall rent, led to an average upside over the entire period of +1.3 per cent.

"We are particularly pleased with our operating results for the first nine months of the year, with growing operator admissions and sales, high occupancy rates, and upside on contract renewals. During the period, new international anchor tenants joined our galleries, confirming the attractiveness and quality of our assets," Zoia added. The company reported that a senior unsecured green bond of EUR 300 million was issued in the fourth quarter, with a five-year term and an annual coupon of 4.45 per cent. "This transaction," Zoia concluded, "makes us proud of the amount of applications received, which peaked at over EUR 1.3 billion at their peak.