Igd Siiq: first half-year 2026 solid, with steady growth

The Board of Directors of Igd – Immobiliare Grande Distribuzione Siiq has reviewed and approved the consolidated half-year financial report as at 30 June 2026.

Leasing activities

During the half-year, Igd continued its marketing activities, the effectiveness of which is reflected in the results achieved: as at 30 June 2026 the average occupancy rate of shopping galleries plus hypermarkets in Italy stood at 96,22%, showing an increase of 13 bps compared with 31 March 2026 (+16 bps higher than in 31 December 2025); 95,81% the occupancy rate for the galleries alone, also up by 15 bps compared with 31 March 2026 (+18 bps vs 31 December 2025).

Furthermore, Igd’s portfolio once again demonstrated its ability to attract international anchor tenants: Ikea, Normal, Pepco and Kfc are just some of the brands that have chosen the Group’s shopping centres to expand their networks in Italy over the last six months.

The 92 contracts signed during the half-year (50 renewals and 42 turnover), representing 5,8% of gallery rental income, generated an overall upside of +0,9%, continuing the trend of positive rental increases quarter after quarter.

Asset management activities

During the half-year, the sale of a further three assets in the Romanian portfoliowas completed, for a total consideration of approximately 10,7 million euros, substantially in line with their book value. These transactions add to the disposals completed in 2025 for 21,8 million euros, confirming the steady progress of the disposal process for the Romanian portfolio outlined in the Business Plan 2025-2027. Negotiations are also under way for further disposals, for a total consideration of approximately 15 million euros, which are expected to be completed by the end of 2026.

In June, the deed was also signed formalising the sale of the last available apartment within the Porta a Mare Waterfront project in Livorno, thereby completing the sale of the entire residential development comprising 115 high-end residential units divided between the Piazza Mazzini sub-area (73) and the Officine Storiche sub-area (42). The project has therefore entered a new phase involving the completion of the process of identifying and selecting one or more operators to manage the tourist accommodation complex planned for the Lips sub-area.

During the half-year, Igd also continued its asset management activities, in line with its active management strategy, carrying out several enhancement projects at the Centro Leonardo (Imola), Centro Tiburtino (Rome) and Centro Sarca (Sesto San Giovanni) shopping centres. The projects include remodelling and refurbishment, the development of the merchandising mix and the optimisation of commercial spaces, and are aimed at strengthening the competitiveness and appeal of the assets, with expected benefits in terms of occupancy, rental growth, the average duration of lease agreements (WALB) and portfolio value over the medium to long term.

Core portfolio value increases

The Group’s core Italian portfolio (galleries + hypermarkets/supermarkets) reached a market value of 1.574,4 million euros, representing a like-for-like increase of 0,6% compared with December 2025. The revaluation is entirely attributable to the Group’s organic growth and does not reflect any impact arising from movements in the rates used for valuations.

Taking the Group’s other assets into account, its property portfolio reached a market value of 1.697,3 million euros, down 0,4% compared with 31 December 2025, mainly due to the deeds completed during the half-year for the Romanian portfolio and the last residential units in the Porta a Mare project. Including the value of the rights of use of properties held under leasehold and the interests in the “Juice” and “Food", the Group’s total portfolio value amounts to 1.802,6 million euros.

Operating performance in Italy

The positive momentum at Igd’s shopping centres continues: as at 30 June 2026 the visitor numbers were up 4,3% compared with the same period last year, while gallery tenants’ revenues recorded an increase of 4,6%.

The performance of the hypermarkets and supermarkets owned by the Groupwas also positive, with the half-year closing with an increase of1,3%.

Operating performance in Romania

The shopping galleries in the Winmarkt portfolio also recorded good operating performance: during the half-year, 108 contracts were signed, including renewals (83) and turnover (25), representing an increase in rents on renewals of approximately1,59%. As at 30 June 2026 the occupancy rate stood at 93%, slightly lower than at the end of 2025 due to a number of departures during the half-year, for which suitable replacements are being sought, also through a redefinition of the spaces and the underlying commercial investments.

Digital activities

During the first half of 2026 the process of digitising the Group’s shopping centres continued, with the aim of improving the visitor experience, strengthening the tools supporting tenants and enhancing the information assets generated by the properties.

The rollout of loyalty apps continued to expand and now covers 14 shopping centres, confirming its effectiveness as a tool for customer loyalty and data collection to support the increasingly personalised shopping experience.

At the same time, the Igd Connectplatform, now active in 28 shopping centres, was further developed with the introduction of the Sales Portal, which enables more efficient management of turnover data collection, simplifying operational activities for both tenants and the Group.

During the half-year, the customer relationship management (CRM)system was also further strengthened, with an increase of 40% approximately in the contacts stored in the database.

Message from the CEO

Roberto Zoia, CEO of Igd Siiq: “We are very satisfied with the results achieved in the first half of 2026, which confirm the solidity of our business and Igd’s ability to generate robust and consistent growth. The positive performance of core operations, supported by increased net rental income and lower financial expenses, enabled the Group to achieve recurring net profit (FFO) of 24,1 million euros, up 21,7% compared with the first half of 2025. The increase in the value of the core portfolio, the positive progress of the disposal plan and the new asset enhancement projects also confirm the validity of the strategic guidelines of the Business Plan 2025-2027 and the effectiveness of the path undertaken to translate them into tangible results.

In light of the results achieved, we are therefore raising our guidance for the financial year 2026, forecasting recurring net profit (FFO) of at least 46 million euros, up11,7% compared with 2025. We look ahead to the coming months with the conviction that we can continue along our growth trajectory, fully implementing the objectives of the Business Plan”.

This content was translated with the assistance of artificial intelligence.