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Earnings Release • Feb 28, 2022

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FIGURES AS AT DECEMBER 31 2021

(1° QUARTER)

PROJECTS UNDER DEVELOPMENT IN MILAN: OUR PIPELINE

PIPELINE: THE FIGURES

Ahead of the market and in absence of competitors, also thanks to the situation of distressed assets and NPLs, in just 5 years we have implemented the best and largest pipeline of projects in Milan, at a price way below the target for current values. Today, we are in the position to buy sites for development over a 5-year period, thus keeping the carrying amount of the sites low.

Notes:

THE RESIDENTIAL PROPERTY MARKET IN MILAN

During the last year, the housing market fully closed the ²⁰²⁰ gap, resuming that upward trend that had begunbefore the pandemic

6,125 transactions in 3° Q 2021 + 23.4% compared to 2020 e + 4,3% compared to 20191

4.1% prices increase in one year 2

NEW BUILDS: average sales price of 5,798 €/sqm³, due to the development of an increasingly selective demand - which prefers the quality and performance that only new buildings can guarantee – combined with a structural supply shortage.

4

Forecasts for the near future also remain extremely positive: prices increase in ²⁰²² 4(+6.5% for new builds 5)27,700 transactions in ²⁰²² 6

1- OMI – Residenziale, statistiche terzo trimestre 2021

• 2- Osservatorio Immobiliare Nomisma
• 3- Rilevazioni della Commissione Immobili della Camera di Commercio Milano, Monza Brianza, Lodi
• 4- Immobiliare.it
• 5- Idealista.it

6- Scenari Immobiliari - Rapporto 2021 sul mercato immobiliare della Città metropolitana di Milano | Una nuova Milano

CONSOLIDATED REVENUES

CONSOLIDATED REVENUES

Q	Q
2	2
0	0
2	2
2	I
I	1
€	€
3	4
5	4
5	0
M	M
L	L
N	N

CONSOLIDATED REVENUES NET TO NEW AREAS PURCHASE

Q	Q
2	2
0	0
2	2
2	1
I	I
€	€
1	1
9	6
3	6
M	M
L	L
N	N

• € ¹⁰ MLN: CHANGE IN INVENTORY FOR PROGRESS OF WORKS, net of discharge due to delivery of apartments tocustomers
• € ⁹ MLN: SALES REVENUE deriving from notarial deeds for the real estate units
• € 16.2 MLN: CHANGE IN INVENTORY DUE TO THE PURCHASE OF NEWREAL ESTATE COMPLEXES

Production progress is equal to Euro 19.5 mln

CONSOLIDATED EBT

CONSOLIDATED ADJ¹EBT

Q	Q
2	2
0	0
2	2
2	I
I	1
8	3
7	1
€	€
L	L
M	M
N	N

	l € m n
f d l d l i i E B T t t r o m r e s e n a e v e o p m e n	6 0
f f d d d A j i i t t t t s m e n o n a r s o r n c r e a s e o c o n s r c o n u w w u l d l l M C V T i T P N i i t c o s s o n r o g y o w e r s a n a a o a v g o z z ,	5 6 -
E B T F R O M D E V E L O P M E N T N E T O F A D J U S T M E N T S	0 4
f f l i i i I O H i S A F P n a n c a n c o m e r o m o o m p z y	9 5
E B T F R O M O P E R A T I N G A C T I V I T Y	6 3
f l l C i i i i C S i T E M A t t t t a p a a n r o m n e s m e n n o o n s g v u S A p	9 1
E B T	8 3
l f k i S G N t t t t o o n a c o s s o r o c r a n	0 4
E B T A D J	8 7

NET FINANCIAL POSITION

NET FINANCIAL POSITION

I	F
Q	Y
2	2
0	0
2	2
1	0
€	€
8	7
4	5
4	1
M	M
L	L
N	N

• an increase of Euro 9.3 mln compared to ³⁰ September 2021, versus total investments of Euro 32.6 mln, comprising Euro 15.8 mln for purchase of new areas and Euro 16.8 mln for work on orders in progress (progress of construction sites).
• Therefore, net of investments to purchase new areas, the consolidatedNFP would have amounted to Euro 68.6 mln.

CONFIRMED THE POSTPONEMENT OF DELIVERIES

Due to the direct and indirect effects of the pandemic emergency, the deliveries of the apartments of the Milan City Village, Palazzo Naviglio and Trilogy Towers projects, have been rescheduled for fiscal year ²⁰²³

MILANO CITY VILLAGE ²²³ Standard Units* On delivery from 4° ^{Q 2022} ( 1° fiscal ^Q 2023)

PALAZZO NAVIGLIO⁷⁴ Standard Units* On delivery from 4° ^{Q 2022} ( 1° fiscal ^Q 2023)

TRILOGY TOWERS ¹⁴² Standard Units* On delivery from 2°Q ²⁰²³ (3° fiscal ^Q 2023)

* No. of apartments, considering an average surface area of 92 m2 for the commercialization of standard residential houding. The actual number of apartments built and for which contracts

SOME OF THE PROJECTS IN PIPELINE

PORTA
Naviglio Grande

, T E TWIN PALACE