IGD - Immobiliare Grande Distribuzione

Investor Presentation • May 6, 2025

1

Q1 2025 RESULTS PRESENTATION

May 6 th, 2025

Operating performance - Italy

-0.4%

Tenant sales

Italian malls

+1.3%

Footfall Italian malls CNCC -0.9%

IGD hypermarkets -1.7%

Shopping centers trends in Q1 2025 vs 2024 have been impacted by:

• February 2025: 1 day fewer (29 days in 2024)
• March 2024: Easter on 3/31/2024

Figures 2025 vs 2024 CNCC: National Council of Shopping Centers

Positive core business KPI

Net Rental Income freehold LFL

+2.4% +2.1% Core business Ebitda LFL

Funds From Operations

FY2025 FFO guidance confirmed

~ 38€ mn

Some of the Group Financial Indicators

Loan to Value Weighted Average Interest Rate

44.2%

-20bps vs 2024

5.60%

(vs average cost of debt FY24: 6.04%)

Return to dividend

Approved by the Annual General Meeting of April 16th the distribution of a dividend Coupon n. 7

Ex coupon date: 12 May Record date: 13 May Payment date: 14 May

A successful leasing activity

+0.7% Upside Italy
Punctual data)	1Q24	2Q24	3Q24	4Q24	1Q25
Italy	-3.5%	+3.6%	+8%	+4.10%	+0.7%
Romania	+6.54%	+0.36%	+0.57%	+2.08%	+13.51%

95.95%
Occupancy	Italy*

(progressive data in %)	1Q24	2Q24	3Q24	4Q24	1Q25	data in yrs)	1Q24	2Q24	3Q24	4Q24	1Q25
Malls + hpmkt Italy	94.76	94.96	95.06	95.21	95.95	Malls Italy	1.78	1.82	1.9	2.0	2.0
Malls Italy	94.16	94.38	94.48	94.67	95.49	Hpmkt Italy	11.77	12.22	12.9	12.7	12.4
Romania	95.45	95.52	95.21	95.83	95.73	Romania	2,1	2,2	2,2	2,3	2,21

Malls Italy	1.78	1.82	1.9	2.0	2.0
Hpmkt Italy	11.77	12.22	12.9	12.7	12.4
Romania	2,1	2,2	2,2	2,3	2,21

*Occupancy malls + hypermarkets WALB (Weighed Average Lease Break): remaining lease term until break option

With significant new openings in the quarter

While on the hypermarket side

March 2025

The new Sole365 hypermarket opened to the public at Le Porte di Napoli (NA) shopping center

March 2025

At Katanè (CT) shopping center the Coop Gruppo Radenza hypermarket re-opened after a complete restyling

Q1 2025 Additional information

Net Rental Income Freehold

(€ mn)

	€mn 2025	Margin on revenues	% Change LFL NRI
NRI Freehold	25.1	84.1%	2.4%
NRI Consolidated	27.3	85.1%	1.8%

Core business Ebitda (€ mn)

Financial Management

(€ mn)

Financial Management improvement due to the reduction of the average Net debt following asset disposals

* Financial management adj: net of FRS16 and IFRS9, non-recurring charges (it includes quota of the over the par redemption of bonds) Some figure may not add up due rounding.

Per il calcolo dell'FFO sono state considerate le locazioni passive e rettificato il dato della gestione * Financial Management adj: net of IFRS16 and IFRS9, non-recurring charges (it includes quota of the over the par redemption of bonds)

finanziaria ** It includes changes in payable lease, taxes and other non-recurring items

Some figures may not add up due to rounding

Group Net Results (€ mn)

Net Debt as of 3/31/2025

Group's maturities profile

Nominal debt due to banks and other sources of finance (€ mn)

Secured bank debt

Unsecured bank debt

• Average maturity: 5.1 years (vs 2.6 years as of 12/31/2024)
• Ratings confirmed: Fitch BBB- (Stable); S&P BB (Stable)*
• IGD will continue to monitor the debt capital market to seize any opportunities that may arise

The Real Estate Market over the quarter

Investor interest in the retail real estate market has been confirmed

2025-2027 Disposal Plan to Reduce Debt

Approx. €100mn disposals of non-core assets planned over the Business Plan horizon entirely focused on reducing Group leverage

ON-GOING NEGOTIATIONS ON OTHER ASSETS FOR APPROX. 12€ MN

Disposals - Focus on Romania

Disposal strategy based on the portfolio segmentation

					HYPOTHETICAL TARGETS
		% Romania Market Value	Institutional investors	Domestic institutional investors	Family office/ Private investors
		1 Premium asset (MV* Ploiesti - 41€ mn)	35.0%
Includes 1 asset already sold: Cluj mv 8.3€ mn	3 Medium size assets (Unitary MV: 7-12€ mn)	23.7%
	10 Minor assets (Unitary MV: 0.2-7€ mn)	38.8%
	1 office building (Unitary MV: 2.9€ mn)	2.5%

Disposals – Focus on Porta a Mare Livorno

Agenda

• 5 August: H1 2025 Results
• 11 November: 9M 2025 Results

INVESTOR RELATIONS

CONFIRMED

• 20 MAY: Virgilio Mid-Small Cap Conference (Paris)
• 11 JUNE: Morgan Stanley European Real Estate Capital Markets Conference (London)
• 12 JUNE: Appuntamento alle Colonne Banca Akros (Milan)
• 9-11 SEPTEMBER: Euronext Sustainability Week (Virtual)
• 16-18 SEPTEMBER: EPRA Conference (Stockholm)
• 14 OCTOBER: Italian Excellences Intesa Sanpaolo (Paris)

Attachments

Consolidated Financial Statements

(€ mn)

GROUP CONSOLIDATED	(a)	(c)	Δ
	CONS_2024	CONS_2025	(c)/(a)
Revenues from freehold rental activities	33.8	29.8	-11.8%
Direct costs from freehold rental activities	-5.0	-4.7	-5.1%
Net Rental Income freehold	28.8	25.1	-13.0%
Revenues from leasehold rental activities	2.3	2.2	-4.0%
Direct costs from leasehold rental activities	0.0	0.0	18.9%
Net Rental Income leasehold	2.3	2.2	-4.4%
Net Rental Income	31.1	27.3	-12.4%
Revenues from services	1.9	2.2	19.2%
Direct costs from services	-1.5	-1.8	22.7%
Net Service Income	0.4	0.4	6.0%
HQ personnel expenses	-2.0	-1.8	-7.0%
G&A expenses	-1.0	-1.1	11.0%
CORE BUSINESS EBITDA (Operating income)	28.6	24.8	-13.3%
Core business Ebitda margin	75.1%	72.2%
Revenues from trading	0.0	0.4	n.a.
Cost of sale and other cost from trading	0.1	-0.6	n.a.
Operating result from trading	0.1	-0.2	n.a.
EBITDA	28.7	24.6	-14.1%
Ebitda Margin	75.3%	70.9%
Impairment and FV adjustments	-3.8	-1.1	-69.5%
Change in FV and rights to use IFRS16	-1.7	-1.5	-14.0%
Depreciations and provisions	-0.5	-1.0	n.a.
EBIT	22.7	21.0	-7.8%
FINANCIAL MANAGEMENT	-18.5	-17.8	-3.9%
EXTRAORDINARY MANAGEMENT	0.0	-1.3	n.a.
PRE-TAX PROFIT	4.2	1.9	-55.9%
Taxes	0.1	-0.3	n.a.
NET PROFIT OF THE PERIOD	4.3	1.6	-64.2%
Profit/Loss of the period related to third parties	0.0	0.0	n.a.
GROUP NET PROFIT	4.3	1.6	-64.2%

Reclassified balance sheet (€ 000)

(amount in thousands of euro)	31/03/2025	31/12/2024	∆	%
Investment property	1 670 375 , ,	1 671 834 , ,	(1 459) ,	-0 09%
Assets under construction and prepayments	2 502 ,	2 484 ,	18	0 72%
Intangible assets	7 408 ,	7 481 ,	(73)	-0 99%
Other tangible assets	8 796 ,	9 037 ,	(241)	-2 74%
Assets held for sale	0	8 520 ,	(8 520) ,	#DIV/0!
Sundry receivables and other current assets non	136	140	(4)	-2 94%
Equity investments	106 005 ,	106 005 ,	0	0 00%
NWC	6 135 ,	4 411 ,	1 724 ,	28 10%
Funds	(9 663) ,	(10 645) ,	982	-10 16%
Sundry payables and other liabilities current non	(11 463) ,	(10 823) ,	(640)	5 58%
Net deferred (assets)/liabilities tax	(9 259) ,	(10 103) ,	844	-9 12%
TOTAL USE OF FUNDS	770 972 1 , ,	778 341 1 , ,	(7 369) ,	-0 42%
Total Group's equity net	972 167 ,	970 273 ,	1 894 ,	0 19%
Net (assets) and liabilities for derivative instruments	264 1 ,	594 1 ,	(330)	-26 11%
Net debt	797 541 ,	806 474 ,	(8 933) ,	-1 12%
TOTAL SOURCE	1 770 972 , ,	1 778 341 , ,	(7 369) ,	-0 42%

Funds From Operations (FFO) (€ mn)

Funds from Operations	CONS_2024	CONS_2025	Δ 2024	Δ% vs 2024
Core business EBITDA	28.6	24.8	-3.809	-13.3%
IFRS16 Adjustments (Payable lease)	-2.2	-2.2	-0.007	0.3%
Financial Management Adj	-15.8	-12.1	3.7	-23.4%
Current taxes for the period Adj	-0.3	-0.3	0.0	-11.0%
FFO	10.3	10.2	-0.1	-0.9%

Additional Financial Highlights and Debt Breakdown

Gearing ratio	0.83X	0.82X
Average maturity of long term debt	2.6 years	5.1 years
Uncommitted credit lines granted	79.6€ mn	70.6€ mn
Uncommitted credit lines available	76.9€ mn	69.2€ mn
Committed credit lines granted and available	60€ mn	15€ mn
Unencumbered assets	1,097.8€ mn	147.4€ mn

12/31/2024 3/31/2025 DEBT BREAKDOWN* AS OF 3/31/2025

Key Tenants in Italy…

TOP Mall 10 Tenants	Merchandise category	Turnover impact	Contracts
	clothing	2 5%	10
	electronics	2 4%	9
	clothing	2 4%	9
	clothing	2 1%	10
	jewellery	1 8%	28
	clothing	1 8%	12
	clothing (sportswear)	7% 1	9
	clothing (underwear)	1 6%	29
	jewellery	1 5%	20
	clothing (shoes)	4% 1	11
Total		19 2%	147

MERCHANDISING AND TENANT MIX

…and Romania

olleu	emarke sdir storage CERTIFIED
	S

TOP 10 Mall Tenants	Merchandise category	Turnover impact	Contracts
	supermarkets	11 7%	10
	clothing	4 7%	10
	clothing	3 6%	5
	clothing	3 1%	6
	office	2 7%	1
	entertainment	2 7%	5
	drugstore	2 3%	4
	pharmacy	2 1%	3
	restaurant	1 6%	1
	jewellery	1 5%	4
Total		36 1%	49

MERCHANDISING AND TENANT MIX

Contracts in Italy and Romania

Total contracts: 1,354

In Q1 25, 23 renewals were signed with existing tenants while 25 contracts were signed with a new tenant MALLS

2 WALB WALT

4.35

HYPERMARKETS/ SUPERMARKETS

Total contracts: 8

ROMANIA

Total contracts: 538

In Q1 25, 56 renewals were signed with existing tenants while 1 contract was signed with a new tenant

Luca Lucaroni, CFO luca.lucaroni@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