Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — IGD SIIQ — Non-Deal Roadshow (March 2025)
74 slides from Immobiliare Grande Distribuzione Siiq's roadshow presentation, March 2025
Slide 1: Road Show Presentation March 2025
ROAD SHOW PRESENTATION Marzo 2025 1
Slide 2: Disclaimer
Disclaimer This presentation does not constitute an offer or an invitation to subscribe These statements include financial projections and estimates and their for or purchase any securities. underlying assumptions, statements regarding plans, objectives and expectations with respect to future operat
Slide 3: Index
Index 1 IGD at a glance Pag. 4 2 FY 2024 Results Pag. 11 3 2025-2027 Business Plan Pag. 34 4 Appendix Pag. 64 3
Slide 4: IGD at a glance
1 IGD at a glance
Slide 5: Who is IGD?
Who is IGD? SIIQ #1 in Italy We develop, manage and enhance our retail assets with a strategic, sustainable and long-term approach to maintain their high value. With the same attention and expertise we manage third-party portfolios 5
Slide 6: An overview of the Group
An overview of the Group TOTAL PORTFOLIO ITALY CORE 95.21%* EPRA NRV €8.94/share MARKET VALUE €1.8 bn PORTFOLIO €1.5 bn FINANCIAL Incl leasehold and equity MARKET VALUE OCCUPANCY EPRA NIY 6.5% 95,83% topped up Italy investments IGD fully owned portfolio market value breakdown EBITDA MARGIN FFO €35.6
Slide 7: IGD Group
IGD Group Alliance JUICE FUND FOOD FUND SIINQ S.r.l. Real estate Real estate WINMAGAZIN S.A. fund fund 0.1% 100% 100% 99.9% 40% 40% Italian Facility Management and Living & sport facilities Romania Equity Investment Holding (1 asset c. 3.55€mn) WINMAGAZIN S.A. 100% 99,9% Mixed-use project in Livorno
Slide 8: April 2024: New Board of Directors and new Chairman and CEO
April 2024: New Board of Directors and new Chairman and CEO IGD’s governance has been in line with the criteria of the Self Regulatory Code of the Italian Stock Exchange since it was listed. An internal Corporate Governance Code has been in use since 2008. CHIEF EXECUTIVE OFFICER and GENERAL MANAGER
Slide 9: The equity structure
The equity structure Number of shares: Listed on the Italian Stock IGD share is included in Exchange in the 110,341,903 104 indexes EURONEXT STAR segment Current market cap Average daily trading Net equity FY2024 (at 13 march 2025) 18/4/24 – 13/3/25 0.97 € bn c. 291 € mn c. 230,992 shares Majority o
Slide 10: Sustainability fully integrated in our actions
Sustainability fully integrated in our actions Reduce the Portfolio carbon footprint Develope skills, promote inclusion and wellbeing of employees and ensure safety of shopping center visitors Accelerate integration of sustainability into internal processes Enhance shopping centers as sustainable, a
Slide 11: FY 2024 Results
1 FY 2024 Results
Slide 12: A year of growth for IGD's shopping centres
A year of growth for IGD’s shopping centres… COLLECTION RATE FY 2024 +0.6% +1.6% Italy: 98,4% Romania: 97% Tenant Sales Footfalls Italian malls Italian malls CNCC +0.7% CNCC +1.6% +0.6% IGD Hypermarkets Figures 2024 vs 2023 CNCC: National Council of Shopping Centers Collection rate as of 4 March 202
Slide 13: …combined with an effective leasing activity
…combined with an effective leasing activity Operating indicators up +4.0% 95.21% 2 yrs 12% over the quarters Upside Italy Occupancy Italy* WALB Italian malls COR Italy Romania +3.8% Romania 95.83% Romania 2.3 years Stable over the last 3 years UPSIDE (Punctual 1Q 2Q 3Q 4Q data) Italy -3.5% +3.6% +8
Slide 14: Positive core business performance
Positive core business perfomance +4.6% +4.1% Net Rental Income Core business Ebitda lfl lfl €35.6mn Funds From Operations +4.8% vs FY 2024 guidance (€34mn) 14
Slide 15: The retail real estate sector in Italy is back on investors' radar
The retail real estate sector in Italy is back on investors’ radar Renewed confidence and attractive yields have brought back investors interest 2024 Retail real estate investments in Italy «The significant pipeline of deals planned in the shopping centres and 2,9 €bn supermarkets segment suggests +
Slide 16: Core portfolio value stabilises
Core portfolio value stabilises WINNER for the BEST URBAN REGENERATION PROJECT €1,537.9 mn Flat vs 2023 Core Italian Portfolio Market Value 16
Slide 17: Group's financial leverage decreases
Group’s financial leverage decreases Thanks to the disposal of a real estate portfolio carried out in April 2024 44.4% -370bps vs 2023 Loan to Value *Portfolio consisting of 8 hypermarkets, 3 supermarkets and 2 shopping malls sold for EUR 258 million; for more information see the press release of Ap
Slide 18: Return to dividend
Return to dividend The Board of Directors € 0.10 resolved to propose to the Dividend per share Shareholders' Meeting for the approval of *Dividend for 2024 payable in 2025 to be submitted for approval at the 2025 Annual General Meeting (to be held on April 16th) 18
Slide 19: 2024: a year of great change
2024: a year of great change 18 23 4 21 APRIL APRIL JULY NOVEMBER New governance FOOD Portfolio Strategic 2025-2027 and disposal guidelines of the Business Plan organizational 2025-2025 presentation structure Business Plan 19
Slide 20: An intense leasing activity attracted high profile brands
An intense leasing activity attracted high profile national and international brands IN ITALY 52 NEW STORES OPENED 31 NEW BRANDS ADDED 18,000 m2 of rented space IN ROMANIA 33 NEW BRANDS ADDED 20
Slide 21: Digital and innovation to enrich the IGD shopping center ecosystem
Digital and innovation to enrich the «IGD shopping center ecosystem» • IGD provides not only physical spaces but digital solutions and services to its clients (both mall visitors and tenants) • All platforms (apps, leadwalls, totems, …) are able to collect and build data in real time • This set of i
Slide 22: FY 2024 Further details
FY 2024 Further details
Slide 23: Net rental Income
Net rental Income (€ mn) Change vs 23R +4.3€mn +3.9% Change due to the sold portfolio Change vs 23 -5.9€mn -4.9% Margin on % Change NRI €mn 2024 revenues LFL NRI Italy 105.2 84.4% 4.3% NRI Romania 8.5 84.0% 8.3% NRI Consolidated 113.7 84.4% 4.6% Some figures may not add up due to rounding 23
Slide 24: Core business Ebitda
Core business Ebitda (€ mn) Change vs 23R +4.0€mn +4.1% Change vs 23 -6.2€mn -5.7% Some figures may not add up due to rounding 24
Slide 25: Financial management
Financial management (€ mn) IFRS16 and non recurring charges Financial Management Adj * : +13.2 €mn vs 2023 (+30.8%) * Financial management adj: net of IFRS16, IFRS9 and non recurring charges (including quota of the over the par redemption of bonds) 25 Some figures may not add up due to rounding
Slide 26: FFO
FFO (€ mn) Change vs 23R Change due to the -9.6€mn sold portfolio -21.3% Change vs 23 -19.8€mn -35.7% Per il calcolo dell’FFO sono state considerate le locazioni passive e rettificato il dato della gestione finanziaria Some figures may not add up due to rounding 26
Slide 27: Group net Result
Group net Result (€ mn) Of which : Of which : +106.9€mn due to lower impairment -18.4€mn change in financial Of which: management; and fair value adjustments; +4.0 €mn change in core business -29.1€mn «Food» impact; -1.4 €mn due to higher amortization Ebitda; -0.5 change in taxes and other and provi
Slide 28: Financial structure as of 31/12/2024
Financial structure as of 31/12/2024 NET DEBT FY23 968.4 €mn NET DEBT FY24 806.48 €mn Long term financial Long term instruments financial 974.47 instruments 808.52 Short term financial instruments 2.69 Cash –6.07 Cash -4.73 31/12/2023 31/12/2024 Post refinancing 48.1% 48,1% Loan to Value 44.4% 44,4%
Slide 29: Benefits on maturity profile from Green Secured Facility
Significant benefits on the Group’s maturity profile thanks to the Green Secured Facility obtained on Feb. 11th 2025 (€ mn) Debt maturity pre re-financing Debt maturity post re-financing* Secured bank debt Unsecured bank debt Bond 294 220* 4 4 277 277 14 12 142 5 163 58 5 5 9 32 20 42 24 24 2025 202
Slide 30: IGD Portfolio Market Value
IGD Portfolio Market Value Δ % 2024 vs FY 2023 pro- EPRA Net Initial EPRA Net Initial FY 2023 FY 2024 2023 pro- Net Exit Yield forma Yield Yield topped up forma Malls Italy 1,404.8 1,347.9 1,354.3 + 0.48% 7.3% Hypermarkets Italy 399.8 190.6 183.6 (-3.67%) 6.2% 6.2% 6.5% Total Italy Core Portfolio 1,
Slide 31: EPRA NAV Indicators
EPRA NAV Indicators € per share FY 2024 FY 2023 Δ% NRV 8.94 9.22 -3.0% NTA 8.87 9.15 -3.0% NDV 8.75 9.00 -2.8% 31
Slide 32: Sustainability
Sustainability 2024 ACTIVITIES INTERNATIONAL AWARDS • Decrease in energy consumption per sqm: -7.1% vs 2023, -30.6% vs 2018 (Group) • Decrease in water consumption: -3.8% vs 2023 (Group) • Waste sorting (Italy): 83% • Stable workforce vs 2023: 169 employees • Corporate Welfare Plan almost entirely u
Slide 33: 2025 FFO Outlook
2025 FFO Outlook IGD forecasts growing operating results and an improving financial management FUNDS FROM OPERATION (FFO) IS EXPECTED AT APPROX. 38 MILLION EURO (c. +6.7% vs FY 2024) 33
Slide 34: 2025-2027 Business Plan
SB oe. hi | | 00 2025-2027 Business Plan
Slide 35: Our main focus
Our main focus Over the next three years our main focus will be to optimize our financial profile and improve our operations to deliver best in class performance 35
Slide 36: Our priorities
Our priorities MAXIMIZE VALUE CREATION FROM CORE 02 BUSINESS ACTIVITIES OPTIMIZE OUR FINANCIAL PROFILE AND REDUCE COSTS 01 ENHANCE ATTRACTIVENESS OF OUR 03 PORTFOLIO THROUGH TARGETED AND ESG COMPLIANT INVESTMENTS Focus on embarking on a new growth path and consistent and sustainable dividend distrib
Slide 37: 2025-2027 Business Plan: Operating Targets
2025-2027 Business Plan: Operating Targets FIGURES FY24 2027 Targets ITA 94.7% ~ 98% Malls Occupancy ROM 95.8% ~ 99% ITA 2.0 years ~ 2.5 years** Malls WALB* ROM 2.3 years ~ 3 years ITA 4.1 years ~ 4.2 years Malls WALT*** ROM 3.9 years ~ 5.4 years * Weighted Average Lease Break: remaining lease term
Slide 38: 2025-2027 Business Plan: Economic Targets
2025-2027 Business Plan: Economic Targets 2027 Targets In view of impact of planned disposal of non-core assets and the conclusion of 2 masterleases* Net Rental Income ~ +16% like for like Total core business ~ 101 € mn ~ 98 € mn Ebitda Masterleases* and impact of disposals EBITDA ~ 98 € mn ~+16% ~
Slide 39: 2025-2027 Business Plan: Financial and Capital Targets
2025-2027 Business Plan: Financial and Capital Targets FIGURES FY24 2027 Targets Investments over BP timespan 17.8 € mn ~ 50 € mn Disposal of non-core assets over BP timespan 258 € mn* ~ 100 € mn Loan To Value 44.4% ~ 40% at 2027 YE (vs 44.8% at 9/30/24) 39 *Food portfolio disposal: 8 hypermarkets,
Slide 40: Optimize our financial profile and reduce costs
Optimize our financial profile and reduce costs 1 Redefine our financial maturities profile 2 Reduce cost of debt and improve financial KPIs in line with an investment grade profile (recently confirmed) 3 Reduce debt by completing non-core assets disposal 40
Slide 41: 1. Redefine our financial maturities profile
1. Redefine our financial maturities profile Already done* Avoid financial maturities concentration (as in 2027) and extend 11 /02/2025 debt duration Signed Green secured Facility Agreement € 615 million Early repayment of bonds with burdensome contractual terms and clauses 04/03/2025 Repaid existin
Slide 42: 2. Reduce cost of debt and improve financial KPIs
2. Reduce cost of debt and improve financial KPIs Reduce the burden of our financial position and improve ICR Lowering leverage KPIs (LTV, Debt/EBITDA), also taking advantage of a new disposal plan (see next slide) Closely monitor the debt capital market to take advantage of any additional, benefici
Slide 43: 3. Reduce debt
3. Reduce debt Approx. 100€ mn disposal of non-core assets over Business Plan horizon set aside to reduce Group leverage Romania 3 prestigious areas still to be developed Other minor non- Portfolio included in the Porta a Mare core assets (partial) * project in Livorno 1 c. 70 €mn 22 c. 20 €mn 3 c.
Slide 44: Disposal – Focus on Romania
Disposal – Focus on Romania Disposal strategy based on Portfolio Segmentation HYPHOTETICAL TARGETS % Romania Institutional Domestic Family office/ Market Value investors institutional private investors investors 1 Premium asset (Ploiesti MV* - 40€ mn) 32.9% 1 asset already 6 Medium size assets sold:
Slide 45: Disposals – Focus on Porta a Mare, Livorno
Disposals – Focus on Porta a Mare, Livorno WINNER RETAIL AREA OWNED BY IGD of GLA 24,000 sqm BEST URBAN 3 PRESTIGIOUS AREAS STILL TO BE REGENERATION DEVELOPED PROJECT (with mixed residential, tourist-hotel, services and nautical-related business use) c. 26,000 sqm usable Gross Floor Area 115 APARTME
Slide 46: Maximize value creation from core business activities
Maximize value creation from core business activities 1 Increase Net Rental Income (NRI) through «IGD value proposition» 2 Expand the landlord-tenant relationship, with a view to innovation, for the entire contract duration, by enriching and extending the areas of collaboration 3 Position ourself as
Slide 47: 1. Increase NRI through IGD value proposition (1/2)
1. Increase NRI through «IGD value proposition» (1/2) 2027 Net Rental Income like for like: ~+16% vs 2024e • Increase occupancy of Italian and Romanian malls ACTIONS TARGETS • This will increase revenues, reduce the landlord’s • Attract new traffic-generator brands and condominium expenses and thus
Slide 48: 1. Increase NRI through IGD value proposition (2/2)
1. Increase NRI through «IGD value proposition» (2/2) • Extend WALB and WALT TARGETS • Increase visibility and sustainability of cash flows ACTIONS • Maintain COR* at sustainable levels (11.9% in 2023) FIGURES FY24 2027 TARGETS • Strengthen partnerships and contractual flexibility (tailor-made ITA M
Slide 49: Value added: enhance our portfolio by increasing occupancy and NRI
Value added: enhance our portfolio by increasing occupancy and NRI Isola d’Asti (AT) Possible change of intended use, in view 5,000 sqm of disposal in mind Conegliano (TV) c. 800 sqm Maximizing the value of warehouses, Faenza (RA) loading/unloading areas c. 800 sqm and offices resulting from hyperma
Slide 50: 2. Expand landlord-tenant relationship and attract anchor tenants
2. Expand landlord-tenant relationship and attract anchor tenants Physical retail spaces IGD aims to expand and Long term and ESG enrich the compliant vision landlord-tenant relationship with a view to innovation, going High value-added beyond the property services simple contractual approach of Par
Slide 51: IGD shopping center ecosystem at the service of tenants
«IGD shopping center ecosystem» at the service of tenants IGD no longer presents itself as a standard landord, but as a partner that offers a complete ecosystem, with a diverse range of opportunities for tenants to improve their revenues 51
Slide 52: IGD shopping center ecosystem at the service of visitors
«IGD shopping center ecosystem» at the service of visitors The «IGD Shopping Center Ecosystem» offers shopping, services, entertainment and dining experiences together with events and initiatives that build customer loyalty and strengthen interaction with the local area and community 52
Slide 53: 3. Position ourself as the key player in the retail real estate market
3. Position ourself as the key player in the retail real estate market Annual expected margin: ~€ 2 mn (non-capital-intensive activity) TARGET: Increase the pool of assets under management to capture «new opportunities» CURRENT SITUATION 360° MANAGEMENT FACILITY MARKETING MANAGEMENT 62 ASSETS DIRECT
Slide 54: Enhance attractiveness of portfolio through targeted ESG compliant investments
Enhance attractiveness of our portfolio through targeted and ESG compliant investments 1 Support transformation of shopping centers into innovative ecosystems, through investments in technology, digital and the high quality of spaces to attract tenants 2 Invest in ESG-specific initiatives, to foster
Slide 55: 1. Support the transformation of shopping centers into innovative ecosystems
1. Support the transformation of shopping centers into innovative ecosystems Maximum flexibility in the management of spaces through re-sizing, re-modelling and re-shaping RE-MODELLING in RE-SIZING and RE-SHAPING in HYPERMARKET REMODELLING in PORTA A MARE (LI) CENTROBORGO (BO) LA TORRE (PA) Converti
Slide 56: 2. ESG-specific investments
2. ESG-specific investments… 2027 TARGETS Shopping centers in Italy certified with minimum BREEAM Certifications >95% * «Very Good» rating Installed power of photovoltaic systems Photovoltaic +50% (baseline 2024) Purchasing energy from renewable Energy from renewable sources purchased at sources 94%
Slide 57: 2. …to reduce CO2 emissions
2. …to reduce CO2 emissions 2027 TARGETS Scope 1 Scope 2 Scope 3 (baseline 2018) (baseline 2021) -22.8% -16.4% -40% -20% 2018 2023 2027 2021 2023 2027 Reductions (kwh/sqm) thanks to energy efficiency – Reductions in TonCo2e, accounting for changes in location based emission factors 57
Slide 58: 2. Enhance sustainability within the value chain
2. Enhance sustainability within the value chain • Mitigate ESG risks within the value chain TARGETS • Grow stakeholder involvement through partnerships (eg. with tenants) • Increase positive social impact of corporate activities on communities and stakeholders • Maintain high levels of standards an
Slide 59: 3. Reduce the exposure to climate change risks 1/2
3. Reduce the exposure to climate change risks 1/2 Prioritize insurance coverage for climate change risks Policies were improved, in 2019, with regard to catastrophic events. The insured value reflects the reconstruction value as new. Timely warning systems Introduction of Artificial Intelligence (I
Slide 60: 3. Reduce the exposure to climate change risks 2/2
3. Reduce the exposure to climate change risks 2/2 Some of the interventions implemented: WHILRWINDS: Anchoring of signs and external elements EARTHQUAKE: Already executed seismic improvement works on more vulnerable assets (Città delle Stelle, Portogrande, Centro FLOODS and STORMS: roof waterproofi
Slide 61: 2025-2027 Investment pipeline
2025-2027 Investment pipeline Investments based on the distinctive features of locations and catchment areas, envisaging possible changes in planned interventions, also based on the results achieved ~ 12 € mn ~ 50 €mn Commercial ~ 16 € mn ~16 €mn investments (fit out, digital,…) ~11 €mn ESG specific
Slide 62: Final remarks
Final remarks Embark on a growth path and create the conditions to catch up with the major players in the European retail real estate market Handle challenges in our favour, that have recently weighed on results, as well as the stock performance and return to consistent and sustainable dividend dist
Slide 63: Committed to change… We're going to make it!
Committed to change… The change in governance and the subsequent organizational adjustments have already produced the first visible improvements in our operating results Activities to optimize our financial structure are well under way and at an advanced stage, we are therefore confident that result
Slide 64: Appendix
4 Appendix 64
Slide 65: Consolidated Financial Statements
Consolidated Financial Statements (€ mn) (a) (c) Δ GROUP CONSOLIDATED CONS_2023 CONS_2024 (c)/(a) Revenues from freehold rental activities 133,2 125,4 -5,9% Revenues from leasehold rental activities 9,2 9,4 2,4% Total income from rental activities 142,4 134,8 -5,3% Direct costs from rental activitie
Slide 66: Re-classified balance sheet
Re-classified balance sheet (€ 000) 31/12/2024 31/12/2023 ∆ % Fixed assets 1,671,834 1,959,053 (287,219) -17.2% Assets under construction and prepayments 2,484 2,364 120 4.8% Intangible assets 7,481 7,660 (179) -2.4% Other tangible assets 9,037 9,374 (337) -3.7% Assets held for sale 8,520 0 8,520 10
Slide 67: Funds From Operation (FFO)
Funds From Operation (FFO) (€ mn) Δ% Funds from Operations 2023 2024 Δ 2023 vs 2023 Core business EBITDA 108.2 102.0 -6.2 -5.7% IFRS16 Adjustments (Payable leases) -8.8 -8.9 -0.1 1.0% Financial management Adj. -42.7 -55.9 -13.2 30.8% Current taxes for the period and other items -1.3 -1.6 -0.3 29.1%
Slide 68: Other EPRA metrics
Other EPRA metrics EPRA Performance Measures 12/31/2024 12/31/2023 EPRA NRV (€'000) € 985,934 € 1,016,875 EPRA NRV per share € 8.94 € 9.22 EPRA NTA € 978,453 € 1,009,216 EPRA NTA per share € 8.87 € 9.15 EPRA NDV € 965,618 € 993,138 EPRA NDV per share € 8.75 € 9.00 EPRA Net Initial Yield (NIY) 6.3% 6
Slide 69: EPRA Net Asset Value
EPRA Net Asset Value (€ 000) 12/31/2024 12/31/2023 Net Asset Value EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV IFRS Equity attributable to shareholders 970,273 970,273 970,273 1,000,533 1,000,533 1,000,533 Exclude: v) Deferred tax in relation to fair value gains of IP 14,068 14,068 15,137
Slide 70: Key tenants in Italy…
Key tenants in Italy… TOP 10 Tenants Turnover Merchandise category Contracts MERCHANDISING E TENANT MIX malls impact clothing 2.5% 10 electronics 2.4% 8 clothing 2.4% 10 clothing 2.1% 10 clothing 1.9% 12 jewellery 1.7% 27 clothing 1.6% 29 (underwear) jewellery 1.5% 20 clothing 1.4% 8 (sportswear) cl
Slide 71: …and in Romania
…and in Romania Merchandise Turnover TOP 10 Tenants Contracts MERCHANDISING E TENANT MIX category impact supermarkets 11.8% 11 clothing 6.2% 5 clothing 4.5% 11 clothing 3.6% 7 drugstore 2.6% 5 entertainment 2.4% 5 pharmacy 2.3% 4 offices 2.1% 1 jewellery 1.4% 4 restaurant 1.4% 1 Total 38.2% 54 71
Slide 72: Contracts in Italy and Romania
Contracts in Italy and Romania Total contracts 1,351 MALLS In 2024 120 renewals were signed with the same tenant and 74 contracts were signed with a new tenant HYPERMARKETS/S UPERMARKETS Total contracts: 8 Total contracts 593 ROMANIA In 2024 252 renewals were signed with the same tenant and 103 cont
Slide 73: Italian Portfolio composition
Italian Portfolio composition* 25 shopping malls 8 hypermarkets Tenants of hypermarkets CENTRO D'ABRUZZO - Pescara CENTRO D'ABRUZZO - Pescara Coop Alleanza 3.0 LE MAIOLICHE - Faenza LE MAIOLICHE - Faenza Coop Alleanza 3.0 LE PORTE DI NAPOLI - Afragola (NA) LE PORTE DI NAPOLI - Afragola (NA) AP Comme
Slide 74: Investor Relations contacts
Claudia Contarini, IR claudia.contarini@gruppoigd.it Elisa Zanicheli, IR Team elisa.zanicheli@gruppoigd.it Federica Pivetti, IR Team federica.pivetti@gruppoigd.it Follow us on Linkedin