38 slides from Immobiliare Grande Distribuzione Siiq's earnings presentation, Mar 6, 2025
Slide 1: FY 2024 Results Presentation
FY 2024 RESULTS PRESENTATION March 6th, 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: 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 3 Collection rate as of 4 March 2
Slide 4: Effective leasing activity, operating indicators up
…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 5: 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) 5
Slide 6: 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 7: 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 7
Slide 8: 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; 8 for more information see the press release of
Slide 9: 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) 9
Slide 10: 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
Slide 11: 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 11
Slide 12: 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 13: FY 2024 Further details
FY 2024 Further details
Slide 14: 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 14
Slide 15: 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 15
Slide 16: 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) 16 Some figures may not add up due to rounding
Slide 17: 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 Some figures may not addfinanziaria up due to rounding 17
Slide 18: 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 19: 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 20: 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 21: 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 22: 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% 22
Slide 23: 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 24: Business Plan 2025-2027 First results
2025-2027 Business Plan First results 11 FEBRUARY 14 FEBRUARY 4 MARCH Signed Sold the first asset of Repaid existing Green secured Romanian portfolio bonds* with the Facility for 8.3 €mn facility proceeds Agreement in line with book value € 615 million *Bond “€310,006,000 Fixed Rate Step-Up Notes du
Slide 25: Significant benefits on the Group's maturity profile
With significant benefits on the Group’s maturity profile (€ 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 5 5 9 58 42 32 20 24 24 2025 2026 2027 2028 2025 2026 2027 2028 2029 2030 2031 Debito banca
Slide 26: Outlook
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Slide 27: 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) 27
Slide 28: Corporate Investor Relations Agenda
Agenda CORPORATE INVESTOR RELATIONS CONFIRMED 16 APRIL: Annual General Meeting 26 MARCH: STAR Conference (Milan) 6 MAY: Results as of 03/31/25 8 APRIL: Virgilio Mid-Small Cap Conference (London) 20 MAY: Virgilio Mid-Small Cap Conference (Paris) 5 AUGUST: Results as of 06/30/25 12 JUNE: «Appuntamento
Slide 29: Attachments
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Slide 30: 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 31: 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 32: 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 33: 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 34: 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 35: Key tenants in Italy
Key tenants in Italy… TOP 10 Tenants Turnover malls Merchandise category impact Contracts MERCHANDISING E TENANT MIX 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 36: ...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 36
Slide 37: 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/ SUPERMARKETS Total contracts: 8 Total contracts 593 ROMANIA In 2024 252 renewals were signed with the same tenant and 103 cont
Slide 38: Investor Relations contacts
Raffaele Nardi, Director of Planning, Control, Investor Relations and Sustainability Raffaele.nardi@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