Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — Q1 2025 Earnings Presentation
30 slides from Immobiliare Grande Distribuzione Siiq's earnings presentation, May 6, 2025
Slide 1: Q1 2025 Results Presentation
Q1 2025 RESULTS PRESENTATION May 6th, 2025 1
Slide 2: Operating performance - Italy
Operating performance - Italy -0.4% +1.3% Tenant sales Footfall Italian malls Italian malls CNCC -0.9% -1.7% IGD hypermarkets 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:
Slide 3: Positive core business KPI
Positive core business KPI +2.4% +2.1% Net Rental Income Core business Ebitda LFL freehold LFL 10.2€ mn Funds From Operations FY2025 FFO guidance confirmed ~ 38€ mn 3
Slide 4: Some of the Group Financial Indicators
Some of the Group Financial Indicators Weighted Average Loan to Value Interest Rate 44.2% 5.60% -20bps vs 2024 (vs average cost of debt FY24: 6.04%) *As of 3/31/2025 4
Slide 5: Return to dividend
Return to dividend Approved by the Annual General Meeting 0.10€ of April 16th Dividend per share the distribution Coupon n. 7 of a dividend Ex coupon date: 12 May Record date: 13 May Payment date: 14 May 5
Slide 6: A successful leasing activity
A successful leasing activity +0.7% Upside Italy (Dati puntuali) 1Q 2Q 3Q 4Q Punctual 1Q24 2Q24 3Q24 4Q24 1Q25 data) Italy -3.5% +3.6% +8% +4.10% +0.7% Romania +6.54% +0.36% +0.57% +2.08% +13.51% 95.95% 2 years Occupancy Italy* WALB Italian malls (progressive (Progressive data in %) data in yrs) 1Q2
Slide 7: With significant new openings in the quarter
With significant new openings in the quarter March 2025 March 2025 February 2025 First store in Italy - Electronics store - 1° Plan&Order point in IGD Puntadiferro (FC) Winmarkt Tulcea network - La Favorita (MN) February 2025 January/February 2025 March 2025 Esp (RA) Esp (RA) Restaurant - Puntadifer
Slide 8: While on the hypermarket side
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 8
Slide 9: Q1 2025 Additional information
Q1 2025 Additional information
Slide 10: Net Rental Income Freehold
Net Rental Income Freehold (€ mn) Change vs 24 -4.3€ mn of which: LFL ▪ -4.2€ mn Food portfolio sold in 2024; +0.6€ mn ▪ -0.1€ mn Romania for the Cluj +2,4% disposal Change vs 24 -3.7€ mn -12.8% -4.2 -0.1 Margin on % Change €mn 2025 revenues LFL NRI NRI Freehold 25.1 84.1% 2.4% Of which: ▪ +2.7% Ita
Slide 11: Core business Ebitda
Core business Ebitda (€ mn) Change vs 24 LFL -4.3€ mn of which: +0.5€ mn ▪ -4.2€ mn Food; +2.1% ▪ -0.1€ mn Romania Change vs 24 -3.8€ mn -13.3% -4.2 -0.1 Some figure may not add up due rounding. 11
Slide 12: Financial Management
Financial Management (€ mn) Total change: -3.9% -0.7€ mn Total Total 18.5€ mn 17.8€ mn 2.7 IFRS16 and non-recurring 5.7 charges 15.8 Financial Management Adj * : -3.7€ mn vs 2024 (-23.4%) 12.1 1Q 2024 1Q 2025 Financial Management adj* IFRS16 and non recurring charges Financial Management improvement
Slide 13: FFO
FFO (€ mn) Change vs 24 L4L -4.3€ mn of which: +4.2€ mn ▪ -4.2€ mn Food; ▪ -0.1€ mn Romania Financial Management Adj* +71.0% improvement. Change vs 24 -0.1€ mn -0.9% -4.2 -0.1 ** Per il calcolo dell’FFO sono state considerate le locazioni passive e rettificato il dato della gestione * Financial Mana
Slide 14: Group Net Results
Group Net Results (€ mn) Comprising: Higher ancillary costs in 2025 -3.8€ mn change in core due to the early repayment of Change in FV, general business Ebitda non-like for like; bond and some other loans provisions, amortization, -0.2€ mn other over the quarter extraordinary management Financial Ma
Slide 15: Net Debt as of 3/31/2025
Net Debt as of 3/31/2025 Net Debt FY24 Net Debt Q125 806.5€ mn 797.5€ mn FFO 1Q 25 Investments 12/31/2024 03/31/2025 44.4% 48,1% Loan to Value 44.2% 6.04% 3,86% Average cost of debt 5.60%* 1.8X 2,4X Interest Cover Ratio 2.0X *Weigheted average interest rate due to banks and other sources of finance
Slide 16: Group's maturities profile
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 mark
Slide 17: The Real Estate Market over the quarter
The Real Estate Market over the quarter Investor interest in the retail real estate market has been confirmed Real estate FY FY Real estate investments investments 2024 2024 9.9€ bn 733€ mn comprising comprising Retail Retail 2.9€ bn c. 240€ mn +236% vs 2023* Real estate 1Q 1Q Real estate investment
Slide 18: 2025-2027 Disposal Plan to Reduce Debt
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 Romania 3 prestigious areas still to be developed Other non-core portfolio Included in the Porta a Mare minor assets (partial) * proje
Slide 19: Disposals - Focus on Romania
Disposals - Focus on Romania Disposal strategy based on the portfolio segmentation HYPOTHETICAL TARGETS Domestic % Romania Institutional Family office/ institutional Market Value investors Private investors investors 1 Premium asset 35.0% (MV* Ploiesti - 41€ mn) Includes 1 3 Medium size assets asset
Slide 20: Disposals – Focus on Porta a Mare Livorno
Disposals – Focus on Porta a Mare Livorno Winner in the RETAIL AREA OWNED BY IGD BEST URBAN GLA 24,000 sqm REGENERATION 3 PRESTIGIOUS AREAS STILL TO BE PROJECT DEVELOPED category (with mixed residential, touristic- hotel, services and nautical related business use) c. 26,000 sqm usable gross floor a
Slide 21: Corporate Investor Relations
Agenda CORPORATE INVESTOR RELATIONS CONFIRMED 5 August: H1 2025 Results 20 MAY: Virgilio Mid-Small Cap Conference (Paris) 11 November: 9M 2025 Results 11 JUNE: Morgan Stanley European Real Estate Capital Markets Conference (London) 12 JUNE: Appuntamento alle Colonne Banca Akros (Milan) 9-11 SEPTEMBE
Slide 22: Attachments
Attachments
Slide 23: Consolidated Financial Statements
Consolidated Financial Statements (€ mn) (a) (c) Δ GROUP CONSOLIDATED 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 activiti
Slide 24: Reclassified balance sheet
Reclassified balance sheet (€ 000) 31/03/2025 31/12/2024 ∆ % (amount in thousands of euro) 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% As
Slide 25: Funds From Operations (FFO)
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% F
Slide 26: Additional Financial Highlights and Debt Breakdown
Additional Financial Highlights and Debt Breakdown 12/31/2024 3/31/2025 DEBT BREAKDOWN* AS OF 3/31/2025 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 76.9€ mn 69.2€ mn available Committed c
Slide 27: Key Tenants in Italy…
Key Tenants in Italy… TOP 10 Mall Turnover Tenants Merchandise category impact Contracts MERCHANDISING AND TENANT MIX 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 1.7% 9 (sportswear) clothing 1.6% 29 (underwear) jewellery 1.5% 20 cl
Slide 28: …and Romania
…and Romania Merchandise Turnover TOP 10 Mall Tenants category impact Contracts MERCHANDISING AND TENANT MIX 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 28
Slide 29: Contracts in Italy and Romania
Contracts in Italy and Romania 4.35 2 Total contracts: 1,354 MALLS In Q1 25, 23 renewals were signed with existing tenants while 25 WALB WALT contracts were signed with a new tenant HYPERMARKETS/ SUPERMARKETS Total contracts: 8 Total contracts: 538 ROMANIA In Q1 25, 56 renewals were signed with exis
Slide 30: Investor Relations contacts
Luca Lucaroni, CFO luca.lucaroni@gruppoigd.it Claudia Contarini, IR claudia.contarini@gruppoigd.it Elisa Zanicheli, IR Team elisa.zanicheli@gruppoigd.it Follow us on Linkedin Federica Pivetti, IR Team federica.pivetti@gruppoigd.it
Immobiliare Grande Distribuzione SIIQ S.p.A. (IGD) — Q1 2025 Earnings Presentation on 6ix