Abitare In — Investor Presentation 2021

Oct 14, 2021

AbitareIn

STAR CONFERENCE Fall edition 2021

Our mission

To satisfy the HOUSING ASPIRATIONS of today families by adopting an INDUSTRIAL and SCALABLE business model.

We build homes

By focusing on: Product; Market and Geographic area, we developed a unique level of know-how that makes us the best in our field.

FOR THE FAMILIES that (will) live in the city. The average age of our customers is 36

With an AFFORDABLE Price Range, covering 60% of the market

MADE IN MILANO A Tailor-Made product: best expression of milanese style

NEW BUILDS We demolish disused buildings to build new residential complexes

RESPONSIBILITY SENSE

Building to Regenerate, with utmost respect for social, environmental and energy performance factors

INNOVATING & DIGITAL

ABT invests 4% of its revenue in Research and Development. Our digital capabilities are comparable to those of a .COM

Residential - The New Asset Class

Residential sector is the most rising asset class Worldwide, esteemed not only by families but also by big investment funds. Thanks to its inner resilience, to the spread of new technologies and to the new working models, it overcame the pandemic stronger than ever.

Home Construction (Sector ID # 40202010) Mkt Cap

47.000 MN £

Where total Market Cap has grown by 1900% in 12 years (and 2800% from the negative peak)

170 MN €

THE ONLY COMPANY: At Borsa Italiana we are the only residential developer

4

Considering that the value of residen2al transac2ons in UK is just over double than in Italy, the growth poten2al is huge

Milano - We are already the leader, but we can grow further

Thanks to a growing demand, a demographic growth, low interest rates, favorable taxation, affordable prices - even compared with salaries - and lack of "quality" product, Milano is one of the most interesting market worldwide with a long horizon of rising prices.

			-0.5	u.s		1.5
1	→	Munich					23
$\overline{2}$	个	Frankfurt					2.21
3	$\mathbf{L}$	Toronto					1.96
4	J	Hong Kong				1.79
5	个	Paris				1.68
6	↓	Amsterdam*				1.52
$\overline{7}$	个	Zurich				1.51
8	↓	Vancouver				1.37
9	$\rightarrow$	London				1.26
10	$\uparrow$	Tokyo				1.20
11	个	Los Angeles				1.16
	$12 \rightarrow$	Stockholm				1.11
13 个		Geneva				1.08
	$14 \t{V}$	San Francisco			0.99
15 个		Tel Aviv			0.91
$16 \tight$		Sydney			0.75
17 个		Moscow			0.66
18	$\uparrow$	New York			$II$ 0.56
19	$\uparrow$	Boston			0.49
$20 \rightarrow$		Singapore			0.48
$21 \pm$		Madrid			0.43
22 个		Warsaw			0.36
23	J	Milan		0.25
$24 \rightarrow$		Dubai		$-0.40$
$25 \rightarrow$		Chicago		$-0.66$
						↓个→
	Bubble nsk (above 1.5)	Overvalued $(0.5 \text{ to } 1.5)$	Fair-valued $(-0.5 \text{ to } 0.5)$	Undervalued $(-1.5 - 0.5)$		Change vs. 2019
		Concerns 1982, it had an eliterated that the plate process of

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Post-Covid – Dynamics and price increase

COVID emergency and ecologists have just accelerated the ongoing changes in people's housing needs, which will involve price increase, thanks to an underbalanced ratio between supply and demand, especially for new constructions.

QUALITATIVE AND QUANTITATIVE DEMAND INCREASE

• Growth of the «replacement demand» in addition to the «first time buyers»
• Newly built houses, healthier, sunnier and more ecologic
• Customizable product, to satisfy the specific needs of every single family,
• Revival of investors (houses as safe-haven assets)
• Taxation and interest rates really convenient

SUPPLY DECREASE

• Slowdown of public administra3on in the issuing of authoriza3ons, due to Covid emergency, bureaucracy and poli3cal guidelines
• Interna3onal big funds are compe3ng to buy or develop residen3al buildings for PRS

Post-Covid – Construction costs

We got ready to face an increase, even significant, of construction costs, not only by increasing sales prices and adapting contracts but also by optimizing the product, modifying some construction techniques and planning in advance purchases within framework agreements.

MORE COMPETITION BETWEEN CONSTRUCTORS

• GEOGRAPHICAL: Milano is the only city in Italy with a growing market
• MICRO SECOR BASED: the decrease of orders from tertiary, hospitality and commercial sectors is leading many operators to move to residential sector

SLOWDOWN AND COST INCREASE OF SOME MATERIAL AND WORKS

• Iron, steel and aluminum, due to problems of exporters country
• Semi-finished materials, wood and low intensity polimers of thermal coatings that benefit of tax relieves
• Some skilled manual labourers

ADAPTATION OF OUR CONTRACTS

• "Price adjustment clause" in the contracts with customers
• Fixed price contracts with construction companies

The market - Dynamics and price increase

Structural product shortages are leading to price increases (though remaining affordable to families), leaving ample space for improvement before reaching European benchmarks.

8 4,500 €/sqm 4,300 €/sqm 3,900 €/sqm 4,750 €/sqm + 5,6% Jul 20 4,900 €/sqm + 14% Jul 21 4,300 €/sqm + 10,3% Jan 21 5,300 €/sqm +17,8% Jul 21 BUSINESS PLAN FIRST CAMPAIGN SECOND CAMPAIGN An increase of 10% of selling price can fully amortise an increase in construction costs of 25% (Construction costs account for less than 40% of total revenues). «FULLY ONLINE» SALES 240,000 UNIQUE USERS on the website 3.700 REGISTERED USERS 1.200 APPOINTMENTS (on site and online) 1 MILION apartments configured

Scan the QR code with your smartphone or tablet to open the multimedia content or copy the link: https://abitareinspa.com/docs/video/2021-10-11_MixVirtualVideoLOGHI_Light.mp4

Currently underway projects - The Pipeline

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2.952 equivalent apartments, of which 474 to be delivered in 2022/2023.

The Pipeline at a glance - Figures

Ahead of the market and in absence of competitors, accelerated by 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.

Pipeline Increase – 2021 new opportunities

7 new projects, for more than 800 new apartments and more than 300 mln € of expected revenues to increase the current pipeline, at an average purchase cost of 550 €/sqm

2017 – 2021: Revenues* +900%, EBT + 1,150%

Over time we have grown at a pace typical of the tech sector, the industry we come from, without ever losing track of the fundamentals and always maintaining our risk profile at a minimum.

	2017	2018	2019	2020	2021 E
TOTAL REVENUES (MN €)	9	49**	44.6	73.1	1261
EBT (MN €)	2	4	9,4	12.4	20
ORDER BOOK*** (MN €)	54	146	190	225.8	310
ORDER BOOK*** (UNITS)	114	248	485	586	800
CONTRACTUALIZED DOWN PAYMENT (MN €)***	14	39	56	69	85
PIPELINE (UNITS)	690	1,180	2,050	2,530	2,950
PIPELINE REVENUES (MN €)****	293	501.2	870.8	1,074	1,253
LOANS/FINANCING APPROVED	9	94.7	119.2	193.8	217.12
OF WICH USED	0.2	27.3	53.9	72.2	89.42

1. Of which €51 mln for new areas purchase 2. at 30/06/2021

We are a hi-tech company

Proprietary design model

Integra2on BIM + Salesforce + Accoun2ng (PRODECTO)

A.I. and virtual assistant available h24

Online configurator similar to automotive industry

Virtual Reality

E-commerce platform

Digitalization of all docs and signatures

Online payments

We developed a scalable and profitable business model

Thanks to huge investments and to our attention to innovation, we are ready to boost our selection of products and to export our model out of Milano.

	2017	2021
REVENUES PER FULL TIME EQUIVALENT EMPLOYEE	600k €	MORE THAN 1.4 MN € 2.3 MN if considering only employees and excluding freelances
EBT PER FULL TIME EQUIVALENT EMPLOYEE	145k €	MORE THAN 420K € More than 650k € if considering only employees and excluding freelances
APARTMENTS UNDER CONSTRUCTION PER FULL TIME EQUIVALENT EMPLOYEE	5.37	9.25
YEARLY EBT ON TOTAL EQUITY RAISED	24.9%	69.7%

Next Step: Homizy Euronext Italia Growth listing

Thanks to a unique know-how, technology and its critical mass, AbitareIn announced in 2019 a new project: HOMIZY.

An SPV, 89% owned by AbitareIn, that raised in 2020 a first tranche of equity at a pre-money value of € 34.4 Mln.

Transforming the "home" into A SHARING EXPERIENCE

bringing people together to make those who choose Milan to enhance their personal and professional growth "FEEL AT HOME"

HOMIZY – PRS: Co-living for young professionals

Our typical co-resident is a YOUNG PROFESSIONAL:

AGED BETWEEN 20 TO 35

who relocate from their hometowns FOR WORK

or who want to fly the nest to BECOME MORE INDEPENDENT

HOMIZY is the RESIDENTIAL VERSION of the SHARING ECONOMY.

PROPERTY, SPACE AND SERVICES ARE SHARED to create new socializing opportunities

EXTENSIVE USE OF TECHNOLOGY

GREATER MANAGEMENT EFFICIENCY and optimisation of resources

MAKING THE MOST OF ABITAREIN'S ECONOMIES OF SCALE AND KNOW-HOW we present a new-build product in Milan, quality and design with a price range of Euro 550-900 per room, all inclusive

FOR US SUSTAINABILITY IS AN ESSENTIAL VALUE

Among the 100 Italian excellences in sustainability

THE IMPACT OF OUR URBAN REGENERATION ON THE ENVIRONMENT:

22,155 MWh/year Energy saving

2,335 apartments N. of energy class A apartments

35,460 sqm Filtering surface

7,754 tons/year Reduction of CO2 emissions

1,980 Planted trees

114 tons/year CO2 emissions balanced out

3,792 MWh/anno Energy from renewable sources

Based on current

development pipeline We REALLY CARE ABOUT our city We REALLY DO GOOD to our planet

Our business IS INTRINSECALLY LINKED TO SUSTAINABILITY

Opportunities

There is a considerable value, still unexpressed, in AbitareIn:

PIPELINE

PRODUCT, MILANO TAILORMADE

A FORMIDABLE PLATFORM MADE POSSIBLE BY HI-TECH

PNRR, RECOVERY FUND and BONUSES

Scan the QR code with your smartphone or tablet to open the multimedia content or copy the link: https://abitareinspa.com/docs/video/2020-12-21_AI-video-corporate-35mb_SubENG.mp4