IGD - Immobiliare Grande Distribuzione

Investor Presentation • Mar 6, 2025

FY 2024 RESULTS PRESENTATION

March 6th, 2025

This presentation does not constitute an offer or an invitation to subscribe for or purchase any securities.

The securities referred to herein have not been registered and will not be registered in the United States under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would require the approval of local authorities or otherwise be unlawful. The securities may not be offered or sold in the United States or to U.S. persons unless such securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. Copies of this presentation are not being made and may not be distributed or sent into the United States, Canada, Australia or Japan.

This presentation contains forward-looking information and statements about IGD SIIQ SPA and its Group.

Forward-looking statements are statements that are not historical facts.

These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding plans, performance.

Although the management of IGD SIIQ SPA believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of IGD SIIQ are cautioned that forward-looking information and statements are subject to various risk and uncertainties, many of which are difficult to predict and generally beyond the control of IGD SIIQ; that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking statements. These risks and uncertainties include, but are not limited to, those contained in this presentation.

Except as required by applicable law, IGD SIIQ does not undertake any obligation to update any forward-looking information or statements.

A year of growth for IGD's shopping centres…

Italian malls CNCC +0.7%

+1.6%

Footfalls Italian malls CNCC +1.6%

COLLECTION RATE FY 2024

Italy: 98,4% Romania: 97%

…combined with an effective leasing activity

+4.0% Upside Italy

Romania +3.8%

95.21%

Romania 95.83% Occupancy Italy*

2 yrs

WALB Italian malls Romania 2.3 years

COR Italy Stable over the last 3 years

12%

Operating indicators up over the quarters

UPSIDE

(Punctual data)	1Q	2Q	3Q	4Q
Italy	-3.5%	+3.6%	+8%	+4.10%
Romania	+6.54%	+0.36%	+0.57%	+2.08%

FINANCIAL OCCUPANCY

(progressive data – in %)	1Q	2Q	3Q	4Q
Malls + Hypermkt Italy	94.76	94.96%	95.05	95.21
Malls Italy	94.16	94.38	94.48	94.67
Romania	95.45	95.52	95.21	95.83

WALB

(Progressive data - years)	1Q	2Q	3Q	4Q
Malls Italy	1.78	1.82	1.9	2.0
Hypermkt Italy	11.77	12.22	12.9	12.7
Romania	2.1	2.2	2.2	2.3

Positive core business perfomance

Net Rental Income lfl

+4.6% +4.1% Core business Ebitda lfl

Funds From Operations

+4.8% vs FY 2024 guidance (€34mn)

The retail real estate sector in Italy is back on investors' radar

Renewed confidence and attractive yields have brought back investors interest

Offices High Street Shopping malls Logistics Hotel

BTP10Y

*Source: CBRE

Core portfolio value stabilises

Flat vs 2023

Core Italian Portfolio Market Value

Group's financial leverage decreases

Thanks to the disposal of a real estate portfolio carried out in April 2024

44.4% -370bps vs 2023 Loan to Value

The Board of Directors resolved to propose to the Shareholders' Meeting for the approval of

2024: a year of great change

An intense leasing activity attracted high profile national and international brands

Digital and innovation to enrich the «IGD shopping center ecosystem»

• IGD provides not only physical spaces but digital solutions and services to its clients (both mall visitors and tenants)
• All platforms (apps, leadwalls, totems, …) are able to collect and build data in real time
• This set of information at company's disposal enable it to improve strategic decision-making on the various aspects of the business.

Consumer Platforms and CRM

To consolidate the relationships with visitors, by offering them exclusive opportunities through actual loyalty programs.

Tenant Platforms

To simplify the shopping center's internal relationship management and ensure a more efficient oversight of operations.

Mall Media

To engage with shoppers during their visitors experience.

FY 2024 Further details

Net rental Income (€ mn)

	€mn 2024	Margin on revenues	Change % NRI LFL
NRI Italy	105 2	84 4%	4 3%
NRI Romania	8 5	84 0%	8 3%
Consolidated NRI	113 7	84 4%	4 6%

Core business Ebitda

(€ mn)

Financial management (€ mn)

Group net Result (€ mn)

Financial structure as of 31/12/2024

IGD Group

IGD Portfolio Market Value

	FY 2023	FY 2023 pro forma	FY 2024	Δ % 2024 vs 2023 pro forma	Net Exit Yield	Initial EPRA Net Yield	Initial EPRA Net Yield topped up
Malls Italy	1 404 8 ,	1 347 9 ,	1 354 3 ,	0 48% +	3% 7
Hypermarkets Italy	399 8	190 6	183 6	(-3 67%)	6 2%	6 2%	6 5%
Total Italy Core Portfolio	1 804 6 ,	1 ,538 .5	1 ,537 9	(-0.04%)	7.1%
Romania	122 0	122 0	* 117 2	(-3 98%)	7 2%	7 6%	7 9%
Other Porta a Mare Development + +	41 5	41 5	39 1
Total IGD Portfolio	1 968 1 ,	1 ,702 0	1 694 2 ,	(-0.46%)	+ 100 bps since	2019 in Italy
Leasehold properties (IFRS16) 2	17 0	17 0	10 3		+ 160 bps since 2019 in Romania
Equity investments	25 7	106 0	106 0
Total IGD Portfolio including leasehold properties and equity investments	2 010 .7 ,	1 824 9 ,	1 810 4 ,	(-0.80%)	Significant Yield since	increase pre-covid period	in Net Initial

ITALY CORE PORTFOLIO flat

Substantial stabilisation of values with malls growing slightly

LEASEHOLD PORTFOLIO -6.7mn€ 2 masterleases ending in 2026 and 2027

FOOD IMPACT -29mn€ One-off effect due to IFRS10 accounting standards

EPRA NAV Indicators

	€ per share	FY 2024	FY 2023	Δ %
NRV		8.94	9.22	-3 0%
NTA		8.87	9.15	-3 0%
NDV		8.75	9.00	-2 8%

Sustainability

2025-2027 Business Plan First results

for 8.3 €mn

in line with book value

11 FEBRUARY

Signed Green secured Facility Sold the first asset of Romanian portfolio 14 FEBRUARY

4 MARCH

Repaid existing bonds* with the facility proceeds

*Bond "€310,006,000 Fixed Rate Step-Up Notes due 17th May 2027" and Bond "€57,816,000 Fixed Rate Step-Up Notes due 17th May 2027, formerly the €400,000,000 2.125 per cent. Fixed Rate Notes due 28th November 2024"

Agreement € 615 million

With significant benefits on the Group's maturity profile (€ mn)

Debt maturity pre re-financing Debt maturity post re-financing*

• Ratings confirmed: Fitch BBB- (Stable); S&P BB (Stable)**

• Extended average debt maturity: c. 5 years***; always >3 years in the 2025-2027 period
• Igd will continue to monitor the debt capital market to seize any improvement opportunities that may arise

*Debt Maturity updated as of today

**Fitch latest review: November 2024; S&P latest review: February 2025

Debito bancario secured Debito bancario unsecured Bond

^***On the date the facility agreement was signed, 11 February 2025

Outlook

2025 FFO Outlook

IGD forecasts growing operating results and an improving financial management

FUNDS FROM OPERATION (FFO) IS EXPECTED AT APPROX. 38 MILLION EURO (c. +6.7% vs FY 2024)

Agenda

• 16 APRIL: Annual General Meeting
• 6 MAY: Results as of 03/31/25
• 5 AUGUST: Results as of 06/30/25
• 11 NOVEMBER: Results as of 09/30/25

INVESTOR RELATIONS

CONFIRMED

• 26 MARCH: STAR Conference (Milan)
• 8 APRIL: Virgilio Mid-Small Cap Conference (London)
• 20 MAY: Virgilio Mid-Small Cap Conference (Paris)
• 12 JUNE: «Appuntamento alle Colonne» Banca Akros (Milan)
• 16-18 SEPTEMBER: EPRA Conference (Stockholm)
• 14 OCTOBER: Italian Excellences Intesa Sanpaolo (Paris)

TBC

• 11-12 JUNE: Morgan Stanley European Real Estate Capital Markets Conference (London)
• 9-11 SEPTEMBER: Euronext Sustainability Week (Virtual)
• 1 DECEMBER: EPRA CEO Conference (London)

Attachments

Consolidated Financial Statements

(€ mn)

GROUP CONSOLIDATED	(a)	(c)	Δ
	CONS_2023	CONS_2024	(c)/(a)
Revenues from freehold rental activities	133,2	125,4	-5,9%
Revenues from leasehold rental activities	9,2	9,4	2,4%
Total income from rental activities	142,4	134,8	-5,3%
Direct costs from rental activities	-22,8	-21,1	-7,6%
Net rental income	119,6	113,7	-4,9%
Revenues from services	7,7	8,2	7,1%
Direct costs from services	-5,7	-6,5	13,1%
(Net services income	2,0	1,7	-10,4%
HQ Personnel expenses	-7,8	-7,4	-4,7%
G&A expenses	-5,6	-6,1	8,3%
CORE BUSINESS (Operating income)	108,2	102,0	-5,7%
Ebitda Margin gestione caratteristica	72,1%	71,3%
Revenues from trading	6,2	2,3	-63,6%
Cost of sale and other costs from trading	-6,7	-2,5	-62,5%
Operating result from trading	-0,5	-0,2	-49,5%
EBITDA	107,7	101,7	-5,5%
Ebitda Margin	68,9%	70,0%
Impairment and Fair Value Adjustments	-138,8	-31,9	-77,0%
Depreciation and provisions	-2,0	-3,3	71,3%
EBIT	-33,1	66,5	n.a.
Financial management	-48,7	-67,1	38,0%
Extraordinary management	-0,1	-29,2	n.a.
PRE-TAX RESULT	-81,8	-29,8	-63,6%
Taxes	0,0	-0,3	n.a.
NET RESULT OF THE PERIOD	-81,7	-30,1	-63,2%
(Profit/Loss) for the period related to third parties	0,0	0,0	n.a.
GROUP NET RESULT	-81,7	-30,1	-63,2%

Re-classified balance sheet (€ 000)

nibited	emarket sdir storage
	CERTIFIED
	S

	31/12/2024	31/12/2023	∆	%
Fixed assets	1,671,834	1,959,053	(287 ,219)	-17.2%
construction Assets under and prepayments	2,484	2,364	120	4.8%
Intangible assets	7,481	7,660	(179)	-2.4%
Other tangible assets	9,037	9,374	(337)	-3.7%
Assets held for sale	8,520	0	8,520	100.0%
Sundry receivables and other non current assets	140	112	28	20.1%
Equity investments	106,005	25,715	80,290	75.7%
NWC	4,411	4,122	289	6.6%
Funds	(10 ,645)	(9 ,235)	(1 ,410)	13.2%
Sundry payables and other liabilities current	(10 ,823)	(17 ,912)	7,089	-65.5%
Net deferred liabilities/(assets) tax	(10 ,103)	(11 ,090)	987	-9.8%
TOTAL USE OF FUNDS	1,778,341	1,970,163	(191,822)	-10.8%
Total Group's equity net	970,273	1,000,533	(30 ,260)	-3.1%
Net (assets)/liabilities for derivative instruments	1,594	1,205	389	24.4%
Net debt	806,474	968,425	(161 ,951)	-20.1%
TOTAL SOURCES	1,778,341	1,970,163	(191,822)	-10.8%

Funds From Operation (FFO) (€ mn)

Operations Funds from	2023	2024	Δ 2023	Δ% vs 2023
Core business EBITDA	108 2	102 0	-6 2	-5 7%
IFRS16 Adjustments (Payable leases)	-8 8	-8 9	-0 1	0% 1
Financial Adj management	-42 7	-55 9	-13 2	30 8%
Current for the period and other items taxes	-1 3	-1 6	-0 3	29 1%
FFO	55.4	35.6	-19.8	-35.7%

Other EPRA metrics

EPRA Performance Measures	12/31/2024	12/31/2023
EPRA NRV (€'000)	€ 985,934	€ 1,016,875
EPRA NRV per share	€ 8.94	€ 9.22
EPRA NTA	€ 978,453	€ 1,009,216
EPRA NTA per share	€ 8.87	€ 9.15
EPRA NDV	€ 965,618	€ 993,138
EPRA NDV per share	€ 8.75	€ 9.00
EPRA Net Initial Yield (NIY)	6.3%	6.1%
EPRA 'topped-up' NIY	6.6%	6.4%
EPRA Vacancy Rate Gallerie Italia	5.3%	5.8%
EPRA Vacancy Rate Iper Italia	0.0%	0.0%
EPRA Vacancy Rate Totale Italia	4.8%	4.7%
EPRA Vacancy Rate Romania	4.2%	3.8%
EPRA LTV	46.4%	50.9%
EPRA Cost Ratios (including direct vacancy costs)	23.6%	23.6%
EPRA Cost Ratios (excluding direct vacancy costs)	19.7%	19.3%
EPRA Earnings (€'000)	€ 30,365	€ 56,857
EPRA Earnings per share	€ 0.28	€ 0.52

	12/31/2024			12/31/2023
Net Asset Value	EPRA NRV	EPRA NTA	EPRA NDV	EPRA NRV	EPRA NTA	EPRA NDV
IFRS Equity attributable shareholders to	970 273 ,	970 273 ,	970 273 ,	1 000 533 , ,	1 000 533 , ,	1 000 533 , ,
Exclude:
v) Deferred in relation fair value gains of IP tax to	14 068 ,	14 068 ,		15 137 ,	15 137 ,
vi) Fair value of financial instruments	1 593 ,	1 593 ,		1 205 ,	1 205 ,
viii .a) Goodwill the IFRS balance sheet as per		(6 648) ,	(6 648) ,		(6 648) ,	(6 648) ,
viii b) Intangibles the IFRS balance sheet as per		(833)			(1 012) ,
Include:
ix) Fair fixed interest value of debt rate			1 994 ,			(747)
NAV	985 934 ,	978 453 ,	965 618 ,	1 016 875 , ,	1 009 216 , ,	993 138 ,
Fully diluted number of shares	110 341 903 , ,	110 341 903 , ,	110 341 903 , ,	110 341 903 , ,	110 341 903 , ,	110 341 903 , ,
NAV share per	8 94	8 87	8 75	9 22	9 15	9 00
Change 12/31/2023 % vs	-3 0%	-3 0%	-2 8%

Key tenants	in Italy…
TOP 10 Tenants

TOP 10 Tenants malls	Merchandise category	Turnover impact	Contracts
	clothing	2 5%	10
	electronics	2 4%	8
	clothing	2 4%	10
	clothing	2 1%	10
	clothing	1 9%	12
	jewellery	1 7%	27
	clothing (underwear)	1 6%	29
	jewellery	1 5%	20
	clothing (sportswear)	1 4%	8
	clothing (shoes)	1 4%	11
Total		19 0%	145

MERCHANDISING E TENANT MIX

…and in Romania

ibited	emarket
	sdir storage
	CERTIFIED

TOP Tenants 10	Merchandise category	Turnover impact	Contracts
	supermarkets	8% 11	11
	clothing	6 2%	5
	clothing	5% 4	11
	clothing	3 6%	7
	drugstore	2 6%	5
	entertainment	2 4%	5
	pharmacy	2 3%	4
	offices	2 1%	1
	jewellery	4% 1	4
	restaurant	1 4%	1
Total		38 2%	54

MERCHANDISING E TENANT MIX

Contracts in Italy and Romania

MALLS

Total contracts 1,351 In 2024 120 renewals were signed with the same tenant and 74 contracts were signed with a new tenant

Total contracts: 8 HYPERMARKETS/ SUPERMARKETS

ROMANIA

Total contracts 593 In 2024 252 renewals were signed with the same tenant and 103 contracts were signed with a new tenant

Raffaele Nardi , Director of Planning, Control, Investor Relations and Sustainability Raffaele.nardi@gruppoigd.it

Claudia Contarini , IR claudia.contarini@gruppoigd.it

Elisa Zanicheli, IR Team elisa.zanicheli@gruppoigd.it

Federica Pivetti, IR Team federica.pivetti@gruppoigd.it Follow us on Linkedin