H1 2025 RESULTS PRESENTATION

August 5th, 2025

A dynamic semester

Initial Results of the 2025-2027 Business Plan

11TH FEBRUARY

€615 mn Green Secured Loan signed

14TH MAY

Return to dividend payment

14TH FEBRUARY

1 st asset of the Romanian portfolio sold for €8.3 mn in line with book value

3 TH JUNE

2 nd asset of the Romanian portfolio sold for €3.3 mn in line with book value

4 TH MARCH

Existing bonds* fully repaid with the facility proceeds

31TH JULY

3 rd asset of the Romanian portfolio sold for €2.2 mn substantially in line with book value

*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"

Positive KPIs vs 30 June 2024

Net Rental Income freehold LFL

+2.9% +1.4%

Core business Ebitda LFL

€ 19.8mn

+8.2% Funds From Operations

10.6 €mn

Group Net Profit -32.5 € mn 30/06/24

Operating Performance - Italy

Tenant Sales Italian malls

+3.9%

Footfalls Italian malls CNCC + 0.8%

IGD Hypermarkets +2.5%

Figures 2025 vs 2024 CNCC: National Council of Shopping Centers

An Effective Leasing Activity

1

	(Progressive data - years)	1Q24	2Q24				2Q25
2 years	Malls Italy	1.78	1.82	1.9	2.0	2.0	2.0
WALB	Hypermkt Italy	11.77	12.22	12.9	12.7	12.4	12.2
Malls Italy	Romania	2.1	2.2	2.2	2.3	2.21	2.31

	(Actual data)	1Q24	2Q24	3Q24	4Q24	1Q25	2Q25
+1.6%	Italy	-3.5%	+3.6%	+8%	+4.1%	+0.7%	+2.2%
Upside	Romania	+6.54%	+0.36%	+0.57%	+2.08%	+13.5%	+2.47%
Italy
Renewals + relettings period represent malls total rent	of the 4.3% of

Significant New Openings in the Semester

Leonardo (BO), Gran Rondò (CR)

La Favorita (MN), Centrosarca (MI), Centro d'Abruzzo (CH) Le Porte di Napoli (NA)

Re-layout of Centro Lungo Savio in Cesena

MAY 2023: Flooding in Emilia-Romagna

JYSK, a very appealing international brand of home and garden furniture, opened in a new medium-sized area created during the post-flood restoration work, by uniyfing some stores and a portion of the mall.

First six months progressive data

Hypermkt sales: +10.14%

Tenant sales: +3.10%

Footfalls: +8.15%

NEW LAYOUT

Update on Porta a Mare Project in Livorno

Digital & Innovation

Growth and Consolidation

The digitalisation process of shopping centers continues with significant results:

1H 2025: +55% App users. These profiles provide important data on the purchasing behaviour of IGD shopping centers visitors.

We are working on enhancing the market automation and user registration platforms to increase retention rate and improve data collection.

CONSUMER APPs

Offering increasingly engaging and personalised shopping experiences

In 2025 the Loyalty App will be adopted by 11 more shopping centers. As of today 9 Apps have already been launched

IGD CONNECT

New integrated platform for tenants

Since July 2025, the IGD Connect platform for managing and digitizing tenants relationships

These evolutions represent an important step toward a more integrated, value-driven model, geared to data analysis and sharing.

Marketing

New possibile partnerships with tenants

YOU BRIDGE

It represents a new way of collaborating with tenants through entertainment, merging online and in-person experiences.

The pre-show of certain events organized in our Shopping Centers can become an opportunity to promote tenants through discounts, giveaways and prize games aimed at the waiting audience.

64 tenants involved in H1 2025

The real estate market in the first half of 2025

Italian real estate continues to grow: more than €13 billion investments in the last 12 months, exceeding the record investment volumes of 2019 (€12.6 bn)

Core Portfolio Value increases

+0.48% vs FY2024

Italy Core Portfolio Market Value

Market Value of IGD Portfolio

	FY2024	IH 2025	Δ % 2025 2024 vs	Net Exit Yield	Initial EPRA Net Yield	Initial EPRA Net Yield topped up
Malls Italy	1 354 3 ,	1 361 5 ,	0 53% + ,	7 3%
Hypermarkets Italy	183 6 ,	183 8 ,	0 11% + ,	6 2% ,	6 2% ,	6 4% ,
IGD Total core portfolio	1 537 9 ,	1 545 3 ,	0,48% +	7 2% ,
* Romania LFL	105 3 ,	105 0 ,	(-0 28%) ,	7 4% ,	7 1% ,	7 4% ,
Romania disposal	11 8 ,
Porta a Mare development other + +	35 3 ,	35 2 ,
Officine residential (Porta Mare)	3 8 ,	2 6 ,

Total IGD Portfolio	1 694 1 ,	1 688 1 ,

2 Leasehold properties (IFRS16)	10 3 ,	7 5 ,
Equity Investments	106 0 ,	106 0 ,

Total IGD Portfolio including leasehold	810 3 1	801 6 1
properties equity investments and	,	,	(-0,48%)

Main Debt Ratios

Net Debt/Ebitda

Loan to Value

flat vs FY2024

44.4%

5.5%

(5.3% estimated at IPD** August 25) (Vs average cost of debt FY24: 6.0%)

Weighted Average Interest Rate

*Ebitda calculated over the rolling 12 months ** Interest Payment Date

Net Rental Income Freehold

	€mn 2025	Margin on Revenues	Change % LFL NRI
NRI Freehold	50.1	84.6%	2.4%
NRI Consolidated	54.6	85.5%	1.8%

Core Business Ebitda

Financial Management

The improvement in financial management and core business like for like more than offset the impact of disposal

Group Net Profit (€ mn)

Net Financial Position as of 6/30/2025

*Weighted Average Interest Rate at 6/30/2025 of the debts towards banks and other lenders

Group's Maturities Profile

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

Debt maturity pre refinancing Debt maturity post refinancing as of 6/30/2025**

• Average Maturity: 4.8 years (vs 2.6 years as of 12/31/2024)

Debito bancario secured Debito bancario unsecured Bond

Hedging ratio: 71.9%
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

EPRA NAV Indicators

	1H 2025	FY 2024	Δ%
NRV	8.92	8.94	-0 2%
NTA	8.85	8.87	-0 2%
NDV	8.71	8.75	-0 4%

2025-2027 Business Plan: Environmental Sustainability Targets

1H 2025		2027 Targets
BREEAM Certifications	82%	* >95%	Shopping centers in Italy certified with minimum «Very Good» rating
Photovoltaic Installed power	4.6 Mwp +48.4% vs 2024	+50%	Installed power of photovoltaic systems (baseline 2024: 3.1 Mwp)
Purchasing energy from renewable sources	94%	94%	Energy from renewable sources purchased at Group level for the Italian portfolio
Building an Energy Management System	2	16	Shopping centers equipped with AI technologies to reduce energy consumption
EV charging stations	142	200	EV charging stations installed (+33% vs 2024)

Purchase of electricity in 2025-2026

For the Italian portfolio, electricity purchases are made centrally through a purchasing group (Consorzio Esperienza Energia), which allows for price advantages thanks to massive buying and reduces market volatility with a diversified management

	Fixed cost average (€/MWh)	Portfolio coverage	PUN * - National Unique Price (€/MWh)
2025	113 70 €	61%	118 50 €
2026	99 30 €	73%	109 37 €

Diversity, Equity & Inclusion Policy

The DE&I Policy, approved by the Board of Directors on 5 August, represents the first step toward obtaining the internantional certification ISO 30415:2001 - Human Resource Management Diversity and Inclusion from an external body by the end of 2025.

In line with the target outlined in the 2025-2027 Business Plan, this new policy testifies IGD's constant committment toward its employees.

2025 FFO Guidace Upgrade

IGD expects

FUNDS FROM OPERATIONS (FFO) IS EXPECTED AT APPROX. €39 MILLION (c. +9.6% vs FY 2024)

A 2.6% improvement compared to the FFO Guidance of €38 million announced in March

Agenda

INVESTOR RELATIONS

11 NOVEMBER: Results as of 9/30/25

CONFIRMED

9-11 SEPTEMBER: Euronext Sustainability Week (Virtual)
15 SEPTEMBER: GOLDMAN SACHS European Real Estate

equity and Debt Conference (London)

16-18 SEPTEMBER : EPRA Conference (Stockholm)
30 SEPTEMBER : BANCA AKROS European MidCap Event (Paris)
14 OCTOBER: Italian Excellences INTESA SANPAOLO (Paris)

Attachments

Consolidated Financial Statements

GROUP CONSOLIDATED	(a)	(c)
	CONS_2024	CONS_2025
Revenues from freehold rental activities	64.3	59.3
Direct costs from freehold rental activities	-10.0	-9.2
Net Rental Income Freehold	54.3	50.1
Revenues from leasehold rental activities	4.8	4.6
Direct costs from leasehold rental activities	-0.1	-0.1
Net Rental income Leasehold	4.7	4.5
Net Rental Income	59.0	54.6
Revenues from services	4.1	4.4
Direct costs from services	-2.9	-3.5
Net Service Income	1.2	0.9
HQ Personnel	-3.9	-3.9
G&A Expenses	-2.4	-2.6
CORE BUSINESS EBITDA (Operating Income)	53.9	49.0
Core business Ebitda margin	73.6%	71.7%
Revenues from trading	0.1	1.3
Cost of sale and other cost from trading	-0.3	-1.6
Operating result from trading	-0.2	-0.3
EBITDA	53.7	48.7
Ebitda Margin	73.3%	70.0%
Impairment and FV adjustments	-15.4	0.0
Change in FV and rights to use IFRS 16	-3.5	-2.8
Depreciation and provisions	-1.0	-1.7
EBIT	33.8	44.2
Financial Management	-36.9	-31.7
Non-recurring Management	-29.1	-1.5
PRE-TAX PROFIT	-32.1	11.0
Taxes	-0.4	-0.4
NET PROFIT FOR THE PERIOD	-32.5	10.6
Profit/Loss of the period related to third parties	0.0	0.0
GROUP NET PROFIT	-32.5	10.6

Reclassified Balance Sheet

(€ 000)

	06/30/2025	12/31/2024	∆
Investment property	1 672 689 , ,	1 671 834 , ,	855
Assets under construction and pre-payments	2 516 ,	2 484 ,	32
Intangible assets	7 335 ,	7 481 ,	(146)
Other tangible assets	8 559 ,	9 037 ,	(478)
Assets held for sale	0	8 520 ,	(8 520) ,
Sundry receivables and other current assets non	162	140	22
Equity investments	106 005 ,	106 005 ,	0
NWC	2 771 ,	4 411 ,	(1 640) ,
Funds	(8 088) ,	(10 645) ,	2 557 ,
Sundry payables and other liabilities current non	(11 199) ,	(10 823) ,	(376)
Net deferred (assets)/liabilities tax	(8 762) ,	(10 103) ,	1 341 ,
Total uses	988 1 771 , ,	778 341 1 , ,	(6 353) ,
Total Group's equity net	967 987 ,	970 273 ,	(2 286) ,
Net (assets) and liabilities for derivative instruments	3 148 ,	1 594 ,	1 554 ,
Net debt	800 853 ,	806 474 ,	(5 621) ,
Total sources	1 771 988 , ,	1 778 341 , ,	(6 353) ,

Funds From Operation (FFO) (€ mn)

Operation Funds From	CONS 2024 _	CONS 2025 _	Δ VS 24	Δ% vs24
Core business Ebitda	53 9	49 0	-4 9	-9 1%
IFRS16 Adjustments (Payable leases)	-4 5	-4 5	0 0	0 0%
Financial Management adj	-30 5	-24 1	6 4	0% -21
Extraordinary adj management
Gross margin from trading activity
Current period Adj taxed of the	-0 6	-0 6	0 0	0% 0

FFO	18 3	19 8	1 5	8 2%

Additional Financial Highlights and Debt Breakdown

	12/31/2024	6/30/2025
Gearing ratio	0 83X	0 83X
Hedging long debt term on	73 8%	71 9%
M/L debt term quota	91 9%	95 5%
Uncommitted credit lines granted	79 6 €mn	20 6 €mn
Uncommitted credit lines availables	76 9 €mn	20 6 €mn
Committed credit lines granted and available	60 €mn	65 €mn
Unencumbered assets	1 097 8 €mn ,	142 8 €mn

DEBT* BREAKDOWN AS OF 6/30/2025

Other EPRA Performance Measures (€ 000)

IIIII GU	emarket sdir storage
	CERTIFIED
	S

EPRA Performance Measure	06/30/2025	12/31/20204
EPRA NRV (€'000)	€ 983 839 ,	€ 985 934 ,
EPRA NRV per share	€ 8 92	€ 8 94
EPRA NTA	€ 976 504 ,	€ 978 453 ,
EPRA NTA per share	€ 8 85	€ 8 87
EPRA NDV	€ 961 420 ,	€ 965 618 ,
EPRA NDV per share	€ 8 71	€ 8 75
EPRA Net Initial Yield (NIY)	6 3%	6 3%
EPRA 'topped-up' NIY	6 5%	6 6%
EPRA Vacancy Rate Gallerie Italia	4 5%	5 3%
EPRA Vacancy Rate Iper Italia	0 0%	0 0%
EPRA Vacancy Rate Totale Italia	4 0%	4 8%
EPRA Vacancy Rate Romania	3% 5	4 2%
EPRA LTV	46 2%	46 4%

	06/30/2025	30/06/2024
EPRA Cost Ratios (including direct vacancy costs)	22 8%	21 7%
EPRA Cost Ratios (excluding direct vacancy costs)	18 9%	17 8%
EPRA Earnings (€'000)	€ 17 440 ,	€ 16 306 ,
EPRA Earnings per share	€ 0 16	€ 0 15

EPRA Net Asset Value (€ 000)

	06/30/2025			12/31/2024
Net Asset Value	EPRA NRV	EPRA NTA	EPRA NDV	EPRA NRV	EPRA NTA	EPRA NDV
IFRS Equity attributable shareholders to	967 987 ,	967 987 ,	967 987 ,	970 273 ,	970 273 ,	970 273 ,
Exclude:
v) Deferred in relation fair value gains of IP tax to	12 704 ,	12 704 ,		068 14 ,	068 14 ,
vi) Fair value of financial instruments	3 148 ,	3 148 ,		1 593 ,	1 593 ,
viii .a) Goodwill IFRS the balance sheet as per		(6 567) ,	(6 567) ,		(6 648) ,	(6 648) ,
viii b) Intangibles the IFRS balance sheet as per		(768)			(833)
Include:
ix) Fair value of fixed interest debt rate			0			1 994 ,
NAV	983 839 ,	976 504 ,	961 420 ,	985 934 ,	978 453 ,	965 618 ,
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 92	8 85	8 71	8 94	8 87	8 75
Change % 12/31/2024 vs	-0 2%	-0 2%	-0 4%

Key tenants in Italy 1/2

	Merchandise category	Turnover impact	Contracts
1°	fashion	2 6%	8
2°	fashion	2 5%	9
3°	electronics	2 5%	8
4°	fashion	2 0%	9
5°	fashion	8% 1	12
6°	jewellery	8% 1	25
7°	footwear	7% 1	11
8°	jewellery	6% 1	18
9°	sportswear	1 5%	8
10°	underwear	1 5%	25

	Merchandise category	Turnover impact	Contracts
11°	sportswear	1 4%	3
12°	health & beauty	1 4%	12
13°	fashion	1 3%	11
14°	entertainment	1 3%	2
15°	services	1 2%	12
16°	fashion	1 2%	17
17°	footwear	1 1%	3
18°	fashion	1 0%	6
19°	fashion	0% 1	14
20°	services	1 0%	13

Total impact on mall turnover: 31.4% - Total no. of contracts: 226

Key tenants in Italy 2/2

MERCHANDISING MIX TENANT MIX

Key tenants in Romania

ipited	emarket sdir storage
	CERTIFIED

	S

TOP 10 Mall Tenants	Merchandise category	Turnover impact	Contracts
	supermarkets	11 0%	10
	fashion	6 3%	5
	fashion	4 2%	10
	fashion	3 1%	5
	leisure	2 7%	5
	offices	2 5%	1
	bank	2 3%	4
	drugstore	2 2%	3
	health & beauty	2 2%	3
	food & beverage	1 6%	1
Total		38 1%	47

MERCHANDISING AND TENANT MIX

Contracts in Italy and Romania

Total contracts:1,221 in freehold malls In H1 2025 43 renewals were signed with existing tenants and 42 contracts were signed with a new tenant.

Renewals + relettings of the period represent 4.3% of freehold malls total rent

Total contracts: 8 HYPERMARKETS/ SUPERMARKETS

MALLS

Focus on BREEAM Certifications

BREEAM > 16		CERTIFIED SHOPPING CENTRES	32%	CERTIFIED PORTFOLIO ON MV
	BUILDING MANAGEMENT	ASSET PERFORMANCE		BUILDING MANAGEMENT	ASSET PERFORMANCE
CENTROSARCA - MILAN	VERY GOOD	VERY GOOD	GRAN RONDO' - CREMA	EXCELLENT	EXCELLENT
KATANE' - CATANIA	EXCELLENT	EXCELLENT	CENTRO D'ABRUZZO - CHIETI	EXCELLENT	VERY GOOD
TIBURTINO - ROME	EXCELLENT	EXCELLENT	LE MAIOLICHE - FAENZA (RA)	VERY GOOD	EXCELLENT
PUNTADIFERRO - FORLI'	VERY GOOD	VERY GOOD	PORTOGRANDE - ASCOLI P.	EXCELLENT	EXCELLENT
ESP - RAVENNA	VERY GOOD	EXCELLENT	CENTROBORGO - BOLOGNA	VERY GOOD	VERY GOOD
CONE' - CONEGLIANO (TV)	EXCELLENT	EXCELLENT	MAREMA' - GROSSETO	EXCELLENT	EXCELLENT
LEONARDO - IMOLA (BO)	EXCELLENT	EXCELLENT	CASILINO - ROME	VERY GOOD	VERY GOOD
LE PORTE DI NAPOLI - NAPOLI - NAPLES	EXCELLENT	EXCELLENT	LA FAVORITA - MANTUA	VERY GOOD	VERY GOOD

Luca Lucaroni, CFO [email protected]

Claudia Contarini , IR claudia.c [email protected]

Elisa Zanicheli, IR Team [email protected]

Federica Pivetti, IR Team federica.piv [email protected] Follow us on Linkedin

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