Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — IGD SIIQ — Non-Deal Roadshow (September 2025)
75 slides from Immobiliare Grande Distribuzione Siiq's roadshow presentation, September 2025
Slide 1: Road Show Presentation September 2025
Road Show Presentation September 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 H1 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. 62 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 95.99%* market value breakdown H1 25 FINANCIAL H1 25 MARKET VALUE €1.8 bn OCCUPANCY H1 25 Porta a Mare 94,73% Incl leasehold and equity investments 1,2% Development & H1 25 Other Romania Other 1% 7% Romania 1,0% Hyp
Slide 7: The real estate market in the first half of 2025
The real estate market in the first half of 2025 Italian real estate continues to grow: more than €13 billion investments in the last 12 months, exceeding the record investment volumes of 2019 (€12.6 bn) Real estate Investimenti investments real estate €6.7 bn 1H 1H €0.4 bn Of which 2025 2025 Of whi
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
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 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 1 September 2025) 01/04/24 – 01/09/25 0.97 € bn c. 370 € mn c. 220,815 shares M
Slide 14: IGD share performance
IGD share performance IGD share price from 1 April 2024 25 Traded volumes from 1 April 2024 AUG MAX €3.375 +132.0% 1 SEPT €3.355 MIN €1.406 YTD: +34.2% Average daily trading volume during the period 12M: +33.9% analysed: 220,815 shares for an average countervalue equal to 530.824€ Source: internal p
Slide 15: H1 2025
1 H1 2025
Slide 16: A dynamic semester
A dynamic semester Initial Results of the 2025-2027 Business Plan 11TH FEBRUARY 14TH FEBRUARY 4TH MARCH €615 mn Green 1st asset of the Existing bonds* Secured Loan Romanian portfolio fully repaid with the signed sold for €8.3 mn in facility proceeds line with book value 14TH MAY 3TH JUNE 31TH JULY R
Slide 17: Positive KPIs vs June 2024
Positive KPIs vs 30 June 2024 +2.9% +1.4% Net Rental Income Core business Ebitda LFL freehold LFL € 19.8mn 10.6 €mn +8.2% -32.5 € mn 30/06/24 Funds From Operations Group Net Profit 17
Slide 18: Operating Performance - Italy
Operating Performance - Italy +1.0% +3.9% Footfalls Tenant Sales Italian malls Italian malls CNCC + 0.8% +2.5% IGD Hypermarkets Figures 2025 vs 2024 CNCC: National Council of Shopping Centers 18
Slide 19: An Effective Leasing Activity
An Effective Leasing Activity (Progressive data - %) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Malls + 95.99% Hypermkt 94,76 94,96 95,06 95,21 95,95 95,99 Italy Malls Italy Occupancy 94,16 94,38 94,48 94,67 95,49 95,55 Italy malls + hypermarket Italy* Romania 95,45 95,52 95,21 95,83 95,73 94,73 occupancy (Progr
Slide 20: Significant New Openings in the Semester
Significant New Openings in the Semester Leonardo (BO), Gran Rondò (CR) Tiburtino (RM), Leonardo Le Porte di Napoli (BO) (NA) La Favorita (MN), Centrosarca (MI), Centro d’Abruzzo (CH) Le Porte di Napoli (NA) Conè (TV) 20
Slide 21: Re-layout of Centro Lungo Savio in Cesena
Re-layout of Centro Lungo Savio in Cesena MAY 2023: Flooding in Emilia-Romagna JYSK, a very appealing international brand of home and garden furniture, opened in a new medium-sized area created during the post-flood restoration work, by uniyfing some stores and a portion of the mall. First six month
Slide 22: Digital & Innovation
Digital & Innovation 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 the Loyalty App wil
Slide 23: Marketing: YOU BRIDGE
Marketing New possibile partnerships with tenants YOU BRIDGE It represents a new way of collaborating with tenants through entertainment, merging online and in-person experiences. 6 pre-show organized in H1 2025 The pre-show of certain events organized in our Shopping Centers can become 64 tenants a
Slide 24: Return to dividend
Return to dividend Approved by the Annual General Meeting 0.10€ of April 16th Dividend per share the distribution Total dividend paid on 14 May of a dividend €11,034,190.30 24
Slide 25: H1 2025 Further details
H1 2025 Further details
Slide 26: Net Rental Income Freehold
Net Rental Income Freehold (€ mn) ▪ -€5.2 mn Food porftolio sold in 2024; ▪ -€0.4 mn Romania due to Cluji and Change vs 24 Alexandria disposal LFL +€1.4 mn +2.9% -5.2 -0.4 Margin on Change % LFL €mn 2025 Revenues NRI Of which: NRI Freehold 50.1 84.6% 2.4% ▪ +3.2% Italy; ▪ -0.9% Romania NRI Consolida
Slide 27: Core Business Ebitda
Core Business Ebitda (€ mn) Change vs 24 LFL +€0.7 mn +1.4% Some figures may not add up due to rounding 27
Slide 28: Financial Management
Financial Management (€ mn) Total change: -14.1% -€5.2 mn IFRS16 and non-recurring charges Financial Management Adj*: -€6.4 mn vs 2024 (-21%) * Financial management adj: net of FRS16 and IFRS9, non-recurring charges (it includes quota of the over the par redemption of bonds) Some figure may not add
Slide 29: FFO
FFO (€ mn) Change vs 24 LFL +€7.1 mn +55.9% Financial Management improved thanks ▪ -€5.2 mn Food porftolio sold in 2024; to the reduction in average Net Debt as ▪ -€0.4 mn Romania due to Cluji and well as the progressive improvement in Change vs 24 Alexandria disposal average interest rate of debts.
Slide 30: Group Net Profit
Group Net Profit (€ mn) Financial Management improved thanks to the reduction in average Net Debt Of which: partially offset by higher ancillary costs +€27.6 mn mainly for 2024 recorded in 2025 due to early redemption Food equity investment of the bond and certain loans during the impact; six-month
Slide 31: Main Debt Ratios
Main Debt Ratios 44.4% 8.3x* flat vs FY2024 +40bps vs 2024 Loan to Value Net Debt/Ebitda 5.5% (5.3% at IPD** August 25) (Vs average cost of debt FY24: 6.0%) Weighted Average Interest Rate *Ebitda calculated over the rolling 12 months 31 ** Interest Payment Date
Slide 32: Net Financial Position as of 6/30/2025
Net Financial Position as of 6/30/2025 NFP FY24 NFP 1H25 €806.5 mn € 800.9mn 12/31/2024 6/30/2025 44.4% 48,1% Loan to Value 44.4% 6.0% 3,86% Average Cost of Debt 5.5%* 1.8X 2,4X Interest Cover Ratio 2.0X 7.9x Net Debt/Ebitda 8.3x *Weighted Average Interest Rate at 6/30/2025 of the debts towards bank
Slide 33: Group's Maturities Profile
Group’s Maturities Profile Nominal debt due to banks and other sources of finance (€ mn) Debt maturity pre refinancing Debt maturity post refinancing ** as of 6/30/2025 Secured bank debt Secured bank debt Unsecured bank debt Unsecured bank debt 294 Bond 220* 4 4 277 277 14 12 142 159 58 3 6 6 9 32 2
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 H12025 Net Rental Income ~ +16%: Like for like Core Business • 4,6% CPI _ +4.6% +2.9% • 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 H1 2025 ITA 94.16% 94.67% 95.55% ~ 98% Malls Occupancy ROM 95.45 95.83% 94.73% ~ 99% ITA 1.8 years 2.0 years 2.0 years ~ 2.5 years** Malls WALB* ROM 2.1 years 2.3 years 2.31 years ~ 3 years ~ 4.2 years ITA 4.2 years 4.1 years 4.
Slide 39: 2025-2027 Business Plan: Financial and Capital Targets
2025-2027 Business Plan: Financial and Capital Targets 2027 Targets Q1 2024 FY 2024 H1 2025 Loan to Value 48.0% 44.4% 44.4% ~ 40% At 2027YE Investments See next slides Over BP timespan ~ 50 € mn Disposal of non-core assets See next slides ~ 100 € mn Over BP timespan 39 *Food portfolio disposal: 8 hy
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 6.2€ mn ~ 16 € mn investments (fit out, already done in ~16 €m
Slide 41: 2025-2027 Disposal Plan to Reduce Debt and Fund Capex
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 3 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 115 APARTMENTS
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: 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 46: 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 47: 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 48: Appendix
4 Appendix 48
Slide 49: Consolidated Financial Statements H1 25
Consolidated Financial Statements H1 25 (€ mn) (a) (c) GROUP CONSOLIDATED CONS_2024 CONS_2025 Revenues from freehold rental activities 64.3 59.3 Direct costs from freehold rental activities -10.0 -9.2 Net Rental Income Freehold 54.3 50.1 Revenues from leasehold rental activities 4.8 4.6 Direct costs
Slide 50: Reclassified Balance Sheet H1 25
Reclassified Balance Sheet H1 25 (€ 000) 06/30/2025 12/31/2024 ∆ Investment property 1,672,689 1,671,834 855 Assets under construction and pre-payments 2,516 2,484 32 Intangible assets 7,335 7,481 (146) Other tangible assets 8,559 9,037 (478) Assets held for sale 0 8,520 (8,520) Sundry receivables a
Slide 51: Funds From Operation (FFO) H1 25
Funds From Operation (FFO) H1 25 (€ mn) Funds From Operation CONS_2024 CONS_2025 Δ VS 24 Δ% vs24 Core business Ebitda 53.9 49.0 -4.9 -9.1% IFRS16 Adjustments (Payable leases) -4.5 -4.5 0.0 0.0% Financial Management adj. -30.5 -24.1 6.4 -21.0% Extraordinary management adj. Gross margin from trading a
Slide 52: Additional Financial Highlights and Debt Breakdown H1 2025
Additional Financial Highlights and Debt Breakdown H1 2025 12/31/2024 6/30/2025 DEBT* BREAKDOWN AS OF 6/30/2025 Gearing ratio 0.83X 0.83X Hedging on long term debt 73.8% 71.9% M/L term debt quota 91.9% 95.5% Uncommitted credit lines granted 79.6 €mn 20.6 €mn Uncommitted credit lines 76.9 €mn 20.6 €m
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 H1 25 (1/2)
Key tenants in Italy H1 25 (1/2) TOP 20 Mall Turnover TOP 20 Mall Merchandise Turnover Merchandise category Contracts Contracts Tenants impact Tenants category impact 1° fashion 2.6% 8 11° sportswear 1.4% 3 2° fashion 2.5% 9 12° health & beauty 1.4% 12 3° electronics 2.5% 8 13° fashion 1.3% 11 4° fa
Slide 56: Key tenants in Italy H1 25 (2/2)
Key tenants in Italy H1 25 (2/2) MERCHANDISING MIX TENANT MIX 56
Slide 57: Key tenants in Romania H1 25
Key tenants in Romania H1 25 Merchandise Turnover TOP 10 Mall Tenants category impact Contracts MERCHANDISING AND TENANT MIX supermarkets 11.0% 10 fashion 6.3% 5 fashion 4.2% 10 fashion 3.1% 5 leisure 2.7% 5 offices 2.5% 1 bank 2.3% 4 drugstore 2.2% 3 health & beauty 2.2% 3 food & beverage 1.6% 1 To
Slide 58: Contracts in Italy and Romania H1 25
WALB & WALT Contracts in Italy and Romania H1 25 Total contracts:1,221 in freehold malls In H1 2025 43 renewals were signed with existing tenants and 42 contracts were signed MALLS with a new tenant. Renewals + relettings of the period represent 4.3% of freehold malls total rent HYPERMARKETS/ Total
Slide 59: 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 Commer
Slide 60: Focus on BREEAM Certifications
Focus on BREEAM Certifications 60
Slide 61: More details on 2025-2027 Business Plan
4 More details on 2025-2027 Business Plan 61
Slide 62: 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 62
Slide 63: 1. Redefine our financial maturities profile
1. Redefine our financial maturities profile Already done* 11/02/2025 Avoid financial maturities concentration (as in 2027) and extend debt Signed duration Green secured Facility Agreement € 615 million Early repayment of bonds with burdensome contractual terms and clauses 04/03/2025 Repaid existing
Slide 64: 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 Closely monitor the debt capital market to take advantage of any additional, beneficial opportunities
Slide 65: 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 66: 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 67: 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 67
Slide 68: 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 68
Slide 69: 3. Positioning as key player of retail real estate services
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 70: Enhance attractiveness of our portfolio through 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 71: 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 72: 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 73: 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 74: 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 75: 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