Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — IGD SIIQ — Non-Deal Roadshow (December 2025)
72 slides from Immobiliare Grande Distribuzione Siiq's roadshow presentation, December 2025
Slide 1: Road Show Presentation December 2025
Road Show Presentation December 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 9M 2025 Pag. 15 3 2025-2027 Business Plan: where we stand Pag. 34 4 Appendix Pag. 49 5 More details on 2025-2027 Business Plan Pag. 61 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 preserve and increase their value in the long-term period. With the same attention and expertise we manage third-party portfolios 5
Slide 6: An overview of the Group
An overview of the Group IGD fully owned portfolio IGD NRI Breakdown TOTAL PORTFOLIO 96.0%* market value breakdown H1 25 FINANCIAL 9M 25 MARKET VALUE €1.8 bn OCCUPANCY H1 25 Porta a Mare 95.57% Incl leasehold and equity investments 1,2% Development & 9M 25 Other Other Romania Romania 1,0% 0,5% 7,1%
Slide 7: The real estate market in the first 9 months of 2025
The real estate market in the first 9 months of 2025 Italian real estate continues to grow: more than €13 billion investments in the last 12 months, exceeding 2019 record investment volumes (€12.6€ bn) Real estate Real estate investments investments €9.1 md 9M 9M €0.42 md Of which 2025 2025 Of which
Slide 8: IGD Portfolio Market Value H1 25
IGD Portfolio Market Value H1 25 EPRA Net Initial EPRA Net Initial FY2024 IH 2025 Δ % 2025 vs 2024 Net Exit Yield Yield Yield topped up Malls Italy 1.354,3 1.361,5 + 0,53% 7.3% Hypermarkets Italy 183,6 183,8 + 0,11% 6,2% 6,2% 6,4% Total IGD core portfolio 1.537,9 1.545,3 + 0,48% 7,2% Romania LFL 105
Slide 9: EPRA NAV Indicators H1 25
EPRA NAV Indicators H1 25 € per share 1H 2025 FY 2024 Δ% NRV 8.92 8.94 -0.2% NTA 8.85 8.87 -0.2% NDV 8.71 8.75 -0.4% 9
Slide 10: Epra NNNAV/NTA and Nav Discount Evolution
Epra NNNAV/NTA and Nav Discount Evolution EPRA NNNAV/NTA* Nav Discount EPRA NTA from 2019 10
Slide 11: IGD group structure
IGD group structure €1,802m2 €1,559m Total Fair Asset Asset Value Value 0.1% 100% 100% 99.9% 40% 40% Alliance JUICE FOOD SIINQ S.r.l. FUND FUND WinMagazin S.A. Engaged in the sale, leasing Holds licences and Engaged in the sale, leasing Established in 2021, Established in 2024, Romania and managemen
Slide 12: Board of Directors
Board of Directors 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 EXECUTIVE Roberto Zoia NON EXECUTIVE CHA
Slide 13: 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 H1 2025 (as of 12 /11/2025) 01/04/24 – 12/11/2025 0.97 € bn c. 392 € mn c. 209,552 shares Majo
Slide 14: IGD share performance
IGD share performance IGD share price from 1 April 2024 12 Nov Traded volumes from 1 April 2024 MAX €3.66 +160,3% MIN €1.406 YTD: +47,9% Average daily trading volume during the period 12M: +69,1% analysed: 209,552 shares for an average countervalue equal to 549,026€ Source: internal processing on Bl
Slide 15: 9M 2025
1 9M 2025
Slide 16: Delivering on the 2025-2027 Business Plan
Delivering on the 2025-2027 Business Plan FINANCIAL DISPOSALS STRUCTURE 3 assets of the • FEBRUARY Romanian portfolio €615 mn Green sold (Cluj, Alexandria secured loan signed and Vaslui) and existing bonds* fully repaid for approx. €14 mn • NOVEMBER €300 mn new Bond issued, 5 years, 4,45% yearly cou
Slide 17: Main KPIs
Main KPIs vs 30 September 2024 +3.8% +2.9% Net Rental Income Core business Ebitda LFL freehold LFL €31.1 mn €17.6 mn +18.2% - €32.0 mn 30/09/24 Funds From Operations Group Net Profit 17
Slide 18: Operating performance – Italy
Operating performance – Italy +1.3% +3.7% Tenant Sales Footfalls Italian malls Italian malls CNCC +0.3% +1.6% IGD Hypermarkets Figures 2025 vs 2024 18
Slide 19: An Effective Leasing Activity
An Effective Leasing Activity (Progressive data - %) Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Malls + 96.0% Hypermkt 94.76 94.96 95.06 95.21 95.95 95.99 96.0 Italy Malls Occupancy Italy 94.16 94.38 94.48 94.67 95.49 95.55 95.56 Italy malls + hypermarkets Italy* occupancy Romania 95.45 95.52 95.21 9
Slide 20: Significant New Openings in the Third Quarter
Significant New Openings in the Third Quarter Portogrande (AP), Puntadiferro (FC), Le Porte di Napoli Centro d’Abruzzo Centroborgo (NA), Le Maioliche (RA) (CH) (BO) Casilino Puntadiferro Maremà (RM) (FC) (GR) 20
Slide 21: Digital
Digital Growth and Consolidation The digitalisation process of shopping centers continues with significant results: CONSUMER APPs IGD CONNECT Offering increasingly engaging and New integrated platform for tenants Focus on CRM personalised shopping experiences In 2025 11 Shopping Centers have Since J
Slide 22: 9M 2025 Further details
9M 2025 Further details
Slide 23: Net rental Income Freehold
Net rental Income Freehold (€ mn) -€5.3 mn of which: Change vs. 24 ▪ -€5.2 mn Food portfolio sold in 2024; LFL ▪ -€0.6 mn Romania due to Cluj, +€2.8 mn Alexandria and Vaslui disposals; +3.8% ▪ +€0.5 mn other non-lfl changes. Margin on Change % LFL €mn 2025 revenues NRI Of which: NRI Freehold 75.9 84
Slide 24: Core Business Ebitda
Core Business Ebitda (€ mn) Change vs 24 LFL +€2.1 mn +2.9% 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 * : -€8.0 mn vs 2024 (-18.2%) *Financial management adj: net of IFRS16 and IFRS9, non-recurring charges (it includes quota of the over the par redemption of bonds Some figures may not add up due to rounding 25
Slide 26: FFO
FFO (€ mn) Change vs 24 LFL -€5.3 mn of which: +€10.1 mn ▪ -€5.2 mn Food portfolio sold in 2024; Financial Management improved mainly +48.1% ▪ -€0.6 mn Romania due to Cluj, thanks to the reduction in average Net Alexandria and Vaslui disposals; Debt as well as progressive improvements in average int
Slide 27: Group Net Profit
Group Net Profit (€ mn) Of which: Financial management improved thanks +€27 mn mainly due to 2024 to the reduction in average Net Debt Food equity investment partially offset by higher ancillary costs impact; recorded in 2025 due to early redemption -€2.0 mn change in general Change vs 24 of bond an
Slide 28: Main Debt Ratios
Main Debt Ratios 44.0% 8.1x* -40bps vs FY2024 +20bps vs FY2024 Loan to Value Net Debt/Ebitda 5.3% (5.1% post new-bond issue estimate) (Vs average cost of debt FY24: 6.0%) Weighted Average Interest Rate *Ebitda calculated over the rolling 12 months 28
Slide 29: New Bond
New Bond Orders from both Italian and foreign institutional investors for over 1.35 billion euros at peak NEW SENIOR Funding sources diversified UNSECURED GREEN BOND Net Financial Position mix rebalanced between bank debt • Eur 300,000,000 and capital markets • 5 years tenor • Maturity November 4th,
Slide 30: Net Financial Position as of 09/30/2025
Net Financial Position as of 09/30/2025 NFP FY24 NFP 9M 25 €806.5 mn €792.0 mn 12/31/2024 09/30/2025 Post Bond issue 44.4% 48,1% Loan to Value 44.0% 6.0% 3,86% Average cost of debt 5.3%* 5.1%* 1.8X 2,4X Interest Cover Ratio 2.0X Net Debt/Ebitda 8.1x 7.9x *Weighted Average Interest Rate of the debts
Slide 31: Group’s Maturities Profile
Group’s Maturities Profile Nominal debt due to banks and other sources of finance (€ mn) Debt maturity as of 09/30/2025 Debt maturity post bond issue Secured bank debt Secured bank debt Unsecured bank debt Unsecured bank debt Bond • Average maturity: 4.9 years post bond issuance ( vs 4.6 years as of
Slide 32: Additional Financial Highlights and Debt breakdown
Additional Financial Highlights and Debt breakdown Pro-forma post 6/30/2025 9/30/2025 DEBT BREAKDOWN* bond issue Gearing ratio 0.83X 0.81X 0.82X 09/30/2025 Post bond issue Hedging on long term debt 71.9% 72.6% 84.6% M/L term debt quota 95.5% 95.3% Uncommitted credit lines granted €20.6 mn €20.6 mn U
Slide 33: Sustainability: latest news
Sustainability: latest news 9M 2025 BREEAM Certifications 82%* of Italian freehold portfolio is certified with a minimum «Very Good» rating Contract signed with Edison Next to install a photovoltaic Photovoltaic system at the Tiburtino Shopping Center: it will be the largest photovoltaic system inst
Slide 34: 2025-2027 Business Plan: where we stand
3 2025-2027 Business Plan: where we stand 34
Slide 35: 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 36: 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* Q1 2024 FY 2024 9M2025 Net Rental Income ~ +16%: Like for like Core Business • 4,6% CPI _ +4.6% +3.8% • 4,9% RELETTING/TOPPED Malls + hypermarkets lik
Slide 37: Increase NRI through «IGD value proposition»
Increase NRI through «IGD value proposition» 2027 Net Rental Income like for like: ~+16% vs 2024 Targets Actions • Increase occupancy of Italian and Romanian malls • Attract new traffic-generator brands and provide new offerings and • This will increase revenues, reduce the landlord’s experiences to
Slide 38: 2025-2027 Business Plan: Operating Targets
2025-2027 Business Plan: Operating Targets 2027 Targets Q1 2024 FY 2024 9M 2025 ITA 94.16% 94.67% 95.56% ~ 98% Malls Occupancy ROM 95.45 95.83% 95.57% ~ 99% ITA 1.8 years 2.0 years 2.0 years ~ 2.5 years** Malls WALB* ROM 2.1 years 2.3 years 2.4 years ~ 3 years ~ 4.2 years ITA 4.2 years 4.1 years 4.6
Slide 39: 2025-2027 Business Plan: Financial and Capital Targets
2025-2027 Business Plan: Financial and Capital Targets 2027 Targets Q1 2024 FY 2024 9M 2025 Loan to Value 48.0% 44.4% 44.0% ~ 40% At 2027YE Investments Over BP timespan ~ 50 € mn Disposal of non-core assets ~ 100 € mn Over BP timespan 39 *Food portfolio disposal: 8 hypermarkets, 3 supermarkets and 2
Slide 40: 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 Of which 8.7€ mn ~ 16 € mn investments (fit out, already done in ~16 €m
Slide 41: 2025-2027 Disposal Plan to Reduce Debt and Funding Capex Expenditure
2025-2027 Disposal Plan to Reduce Debt and Funding Capex Expenditure 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
Slide 42: Disposals - Focus on Romania
Disposals - Focus on Romania Disposal strategy based on the portfolio segmentation HYPOTHETICAL TARGETS Domestic institutional % Romania Institutional Family office/ investors Market Value investors Private investors 1 Premium asset 35.0% (MV* Ploiesti - 41€ mn) Includes 4 assets 3 Medium size asset
Slide 43: Update on Porta a Mare Project in Livorno
Update on Porta a Mare Project in Livorno Winner in the IGD’S RETAIL AREA BEST URBAN GLA 24,000 sqm 3 PRESTIGIOUS AREAS TO BE REGENERATION SOLD AFTER THE OBTAINING PROJECT OF FINAL PERMITS category (with mixed residential, hospitality, service,… uses) c. 26,000 sqm usable gross floor Winner in the P
Slide 44: 2025-2027 Business Plan: Environmental Sustainability Targets
2025-2027 Business Plan: Environmental Sustainability Targets 1H 2025 2027 Targets * Shopping centers in Italy certified with BREEAM Certifications 82% >95% minimum «Very Good» rating Photovoltaic 4.6 Mwp +50% Installed power of photovoltaic systems Installed power (baseline 2024: 3.1 Mwp) +48.4% vs
Slide 45: Focus on BREEAM Certifications
Focus on BREEAM Certifications 45
Slide 46: Purchase of electricity in 2025-2026
Purchase of electricity in 2025-2026 For the Italian portfolio, electricity purchases are made centrally through a purchasing group (Consorzio Esperienza Energia), which allows for price advantages thanks to massive buying and reduces market volatility with a diversified management Fixed average cos
Slide 47: 2025-2027 Business Plan: CO2 emissions targets
2025-2027 Business Plan: CO2 emissions targets 2027 Targets Scope 1 Scope 2 Scope 3 (baseline 2018) (baseline 2021) -30.3% -17% -40% -20% 2018 2024 2027 2021 2024 2027 Reductions (kwh/sqm) thanks to energy efficiency – Reductions in TonCo2e, accounting for changes in location based emission factors
Slide 48: Diversity, Equity & Inclusion Policy
Diversity, Equity & Inclusion Policy The DE&I Policy, approved by the Board of Directors on 5 August 2025, represents the first step toward obtaining the internantional certification ISO 30415:2001 - Human Resource Management Diversity and Inclusion from an external body by the end of 2025. In line
Slide 49: Appendix
4 Appendix 49
Slide 50: Consolidated Financial Statements 9M 25
Consolidated Financial Statements 9M 25 (€ mn) (a) (c) GROUP CONSOLIDATED CONS_2024 CONS_2025 Revenues from freehold rental activities 93.6 89.4 Direct costs from freehold rental activities -15.2 -13.5 Net Rental Income Freehold 78.4 75.9 Revenues from leasehold rental activities 7.1 7.0 Direct cost
Slide 51: Reclassified Balance Sheet 9M 25
Reclassified Balance Sheet 9M 25 (€ 000) 9/30/2025 12/31/2024 ∆ Investment property 1,668,681 1,671,834 (3,153) Assets under construction and pre-payments 2,544 2,484 60 Intangible assets 7,251 7,481 (230) Other tangible assets 8,378 9,037 (659) Assets held for sale 0 8,520 (8,520) Sundry receivable
Slide 52: Funds From Operation (FFO) 9M 25
Funds From Operation (FFO) 9M 25 (€ mn) Funds From Operation CONS_2024 CONS_2025 Δ VS 24 Δ% vs24 Core Business EBITDA 77.7 74.5 -3.2 -4.1% IFRS16 Adjustments (Payable leases) -6.6 -6.7 -0.1 0.0% Financial Management Adj. -43.9 -35.9 8.0 -18.2% Current taxes of the period Adj. -0.9 -0.8 0.1 0.0% FFO
Slide 53: Other EPRA Performance Measures H1 2025
Other EPRA Performance Measures H1 2025 (€ 000) EPRA Performance Measure 06/30/2025 12/31/20204 EPRA NRV (€'000) € 983,839 € 985,934 EPRA NRV per share € 8.92 € 8.94 EPRA NTA € 976,504 € 978,453 EPRA NTA per share € 8.85 € 8.87 EPRA NDV € 961,420 € 965,618 EPRA NDV per share € 8.71 € 8.75 EPRA Net I
Slide 54: EPRA Net Asset Value H1 2025
EPRA Net Asset Value H1 2025 (€ 000) 06/30/2025 12/31/2024 Net Asset Value EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV IFRS Equity attributable to shareholders 967,987 967,987 967,987 970,273 970,273 970,273 Exclude: v) Deferred tax in relation to fair value gains of IP 12,704 12,704 14,06
Slide 55: Key tenants in Italy 9M25 1/2
Key tenants in Italy 9M25 1/2 TOP 20 Mall Turnover TOP 20 Mall Merchandise Turnover Merchandise category Contracts Contracts Tenants impact Tenants category impact 1° fashion 2.5% 10 11° footwear 1.5% 11 2° fashion 2.4% 8 12° sportswear 1.3% 3 3° electronics 2.3% 7 13° fashion 1.2% 11 4° fashion 2.1
Slide 56: Key tenants in Italy 9M25 2/2
Key tenants in Italy 9M 25 2/2 MERCHANDISING MIX TENANT MIX Fashion* 48.1% *Total fashion: 48.1% 56
Slide 57: Hypermarkets’ key tenants in Italy 9M 25
Hypermarkets’ key tenants in Italy 9M 25 No. of TOP Hypermarket Tenants Brand Name Turnover Impact Contracts 1° Coop Alleanza 3.0 Ipercoop 84% 5 2° Superisola s.r.l. Ipercoop 6% 1 3° Fratelli Arena s.r.l. Superconveniente 6% 1 4° Centouno s.r.l. Sole365 4% 1 Total 100% 8 57
Slide 58: Key tenants in Romania
Key tenants in Romania Merchandise Turnover TOP 10 Tenants Contracts MERCHANDISING & TENANT MIX category impact supermarkets 10.8% 8 fashion 5.4% 5 fashion 3.9% 8 fashion 3.3% 5 leisure 2.9% 5 offices 2.7% 1 drugstore 2.5% 4 offices - bank 2.4% 3 health & beauty 2.3% 3 food & beverage 1.7% 1 Total 3
Slide 59: Contracts in Italy and Romania
WALB & WALT Contracts in Italy and Romania Total contracts: 1,166 in freehold malls In 9M 2025 63 renewals were signed with existing tenants and 70 contracts were signed with new MALLS tenants. Renewals and relettings of the period represent 8.3% of freehold malls total rent HYPERMARKETS/ Total cont
Slide 60: Italian Portfolio composition
Italian Portfolio composition 60
Slide 61: More details on 2025-2027 Business Plan
4 More details on 2025-2027 Business Plan 61
Slide 62: 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 63: 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 64: «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 64
Slide 65: «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 65
Slide 66: Positioning as key player of the retail real estate service providers market
3. Positioning as key player of the retail real estate service providers 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 61 ASSE
Slide 67: Enhance attractiveness of our portfolio through targeted and 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 68: 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 69: 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 70: 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 71: 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 72: 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