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Abitare In Investor Presentation 2022

Mar 22, 2022

4293_rns_2022-03-22_4bd5d95c-cbfd-440a-852c-add359c57a63.pdf

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ABITAREIN

MARCH 22, 2022

STAR CONFERENCE

O U R M I S S I O N

To satisfy the HOUSING NEEDS of today's families With an INDUSTRIAL AND SCALABLE INDUSTRIAL AND SCALABLE business model

W E B U I L D H O M E S

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

The average age of our customers is 36 years old, who lives the City and buys the house to live in. A type of customer less subject to market's cycles

AFFORDABLE PRICE RANGE, We cover the 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

LOW CONSUMPTION AND MANAGING COSTS

that allows to save money and to afford a higher mortgag epayment

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

47.000 MN £

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

Home Construction (Sector ID # 40202010*) Consumer Products/Household Goods

200 MN €

THE ONLY COMPANY: At BorsaItaliana we are the only residential developer

Considering that the value of residential transactions in UK is just over double than in Italy, the growth potential is huge

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MILANO - WE ARE ALREADY THE LEADER, BUT WE CAN GROW FURTHER

Thanks to a growing demand, 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

Source: UBS Real Estate Bubble Index 2021

5

INCREASE OF CONSTRUCTION COSTS

We got prepared and still working 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.

PROJECTS COMMERCIALISED BEFORE 2021

  • • € 11.5 Mln already contractualized for MCV, TT and PNprojects*
  • • € 9.5 Mln in the Business Plan of Savona105 e PNGprojects
  • • Not taken into consideration at the moment the positive effects of fiscal bonus, of Covid subsidies and price increase for residential units still to be sold

PROJECTS STILL TO BE SOLD OR SOLD SINCE 2021

  • • "Price adjustment clause" in the contracts with customers
  • •Temporal variation in signing building contracts
  • •Selling prices increase
  • •"Fixed price" contracts with construction companies
  • •Fiscal bonus
  • • Changes and optimizations of the product
  • * Of which € 5.6 mln adjustment in the IQ 2022 results

C O N S T R U C T I O N C O S T S – I M PA C T O F R AW M AT E R I A L S

Raw materials, energy and transports affect the revenues for around 27%, so a 10% increase of selling prices canbalance an increase of raw materials up to 38%

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The customer deposits and the concentration of production in the final stages of the site mean that the incidence of financial charges does not exceed 1% of revenues, €0.8* million in 52 months for an operation with €76 million inrevenues

24 48MonthsM € Customer DepositsMortgageFeasibility and sales Construction Delivery ABT loanProduction curvePayments curve

Even assuming Even assuming a growth of EURIBOR of EURIBOR of 500 bp, the incidence of financial financial charges would charges rise tominus 2 2.2% of revenues revenues

T H E S T R U C T U R E : T O TA L S E G R E G AT I O N O F S P V S

One project, one SPV, one bank: total segregation of cash flows.

Financial independence of the SPV. Before we sell and than we build, we don't start to build until we don't reach the goal of 70% of sales (on a preliminary basis)

  • •They own the buildings
  • •They don't have personnel
  • •They sign contracts with customers and suppliers
  • •Self financed assuring the coverage of all costs of the project since the beginning of works
  • •Only long term mortgages with payments based on progress of works
  • •Total amount of mortgages approved € 250 Mln of which € 112 Mln used

SPVs

The initial budget of each SPV – AbitareIn and/or MCC loan, mortgage and customers' deposits– covers more than the 120% of the expected costs and assures the successful conclusion of the project without the need of further financing from AitareIn

UKRAINIAN CRYSIS AND PANDEMIC – DYNAMICS AND PRICE INCREASE

The only driver of our sector is the demand – offer ratio, COVID emergency and ecologists have just accelerated and amplified the ongoingchanges in people's housing needs, which will involve price increase considering the current situation. Ukrainian crysis and the uncertainty of the markets seem to have even more underlined the resilience of the residential development and the importance of the house as safe-heaven asset

SUPPLY DECREASE DUE TO

  • • Slowdown of public administration in the issuing of authorizations, due to Covidemergency, bureaucracy and political guidelines
  • • International big funds are competing to buy or develop residential buildings for PRS

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 customers' needs
  • •Revival of investors (houses as safe-haven assets)
  • •Convenient taxation

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

C O M M E R C I A L S T R AT E G Y – T I M E TO D E L I V E R Y R E D U C T I O N

We reduce the distance between sales and delivery to increase the profitability of our projects, without prejudice to the start of construction work upon achievement of the 70% sales target. The new marketing strategy with «micro campaigns» allows us to align sales price to the growing market prices

P R O J E C T S U N D E R D E V E L O P M E N T I N M I L A N O : O U R P I P E L I N E

14

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 and being able to decide in anopportunistic way which and how many projects start

custom size of the real estate units. 2) May differ from the no. of apartments depending on the actual size of the apartments sold. In the most recent transactions, AbitareIn has noted a significant and progressive increase in the average size of apartments sold. 3) Includes 12,800 m2 of net saleable area - equal to 140 standardapartment units - currently being assessed for development into co-living units

through the subsidiary Homizy S.p.A.

4) Of which 26,000 m2 of net saleable area of social housing.

5) Of which 317 social housing apartments.

6) Building works can be started in 12 months

HYPOTHESIS OF BUSINESS PLAN OF A SAME OPERATION COMMERCIALIZED IN DIFFERENT MOMENTS

Thanks to our pipeline, we can now choose what to market and when to market it with the aim of maximizing

T H E P I P E L I N E : O P P O RT U N I T Y

profitability

*

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N E X T D E L I V E R I E S

During fiscal year 2023 (October 2022 – September 2023) more than 420 apartments (worth a total of over € 180million) of the Milano City Village, Palazzo Naviglio and Trilogy Towers projects will be delivered to clients

M I L A N O C I T Y V I L L A G E 223 Apartments* On delivery from 4° quarter 2022 ( 1° fiscal quarter 2023)

P A L A Z Z O N A V I G L I O74 Apartments* On delivery from 4° quarter 2022 ( 1° fiscal quarter 2023)

T R I L O G Y T O W E R S 142 Apartments* On delivery from 2° quarter 2023 (3° fiscal quarter 2023)

* No. of apartments, considering an average surface area of 92 m2. The actual number of apartments built and for which contracts have been signed - without prejudice to the combined floor area (m2) - may vary depending on the custom size of the real estate units.

WE ARE A HI-TECH COMPANY

Proprietary design model Proprietary design model

IntegrationBIM+Salesforce+Accounting (PRODECTO)

A.I. and virtual assistant available h24

Online configurator similar toautomotive industry

Virtual Reality

E-commerce commerce platform

Digitalization of all docs and signatures

Online payments

NEXT STEP: HOMIZY EURONEXT ITALIA GROWTH LISTING

THE HOMIZY PRODUCT

HOMIZY is the RESIDENTIAL VERSIONof the SHARING ECONOMY.

Transforming the "home" intoA SHARING EXPERIENCE

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

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

An SPV, 70% owned by AbitareIn, that raised in 2020 a first tranche of equity at a pre-money value of € 34.4 Mln andin 2021 went public on Euronext Growthwith a post-money value of € 55 mln.

PROPERTY, SPACE AND SERVICES ARE SHARED to create new socializing opportunitiesEXTENSIVE USE OF TECHNOLOGY

GREATER MANAGEMENT EFFICIENCY and optimization 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

OUR TARGET

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

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/yearEnergy saving

2,335 apartmentsN. of energy class A apartments

35,460 sqmFiltering surface

7,754 tons/yearReduction of CO2 emissions

1,980Planted trees

114 tons/yearCO2 emissions balanced out

3,792 MWh/annoEnergy from renewable sources

ESG report 2020

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

PRODUCT, MILANO TAILORMADEPRODUCT, MILANO

A FORMIDABLE PLATFORM MADE POSSIBLE BY HI-HI-TECH

PNRR, RECOVERY FUND and RECOVERY FUND BONUSES

23

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