Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — H1 2025 Earnings Presentation
40 slides from Immobiliare Grande Distribuzione Siiq's earnings presentation, Aug 5, 2025
Slide 1: H1 2025 Results Presentation
H1 2025 RESULTS PRESENTATION August 5th, 2025 1
Slide 2: 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 3: Positive KPIs
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 3
Slide 4: 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 4
Slide 5: 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 malls + Occupancy Italy 94,16 94,38 94,48 94,67 95,49 95,55 hypermarket occupancy Italy* Romania 95,45 95,52 95,21 95,83 95,73 94,73 (Progr
Slide 6: Significant New Openings in the Semester
Significant New Openings in the Semester Leonardo (BO), Gran Rondò (CR) Tiburtino (RM), Leonardo (BO) Le Porte di Napoli (NA) La Favorita (MN), Centrosarca (MI), Centro d’Abruzzo (CH) Le Porte di Napoli (NA) Conè (TV) 6
Slide 7: 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 8: 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 OF PROJECT FINAL PERMITS category (with mixed residential, hospitality, service,… uses) c. 26,000 sqm usable gross floor 115 APARTMENTS
Slide 9: 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 10: 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 11: 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 1Q 169€ md Of which 2025 2025 Di cui
Slide 12: Core Portfolio Value increases
Core Portfolio Value increases €1,545.3 mn +0.48% vs FY2024 Italy Core Portfolio Market Value 12
Slide 13: Market Value of IGD Portfolio
Market Value of IGD Portfolio 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 14: 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% estimated at IPD** August 25) (Vs average cost of debt FY24: 6.0%) Weighted Average Interest Rate *Ebitda calculated over the rolling 12 months 14 ** Interest Payment Date
Slide 15: 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 16: 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 16
Slide 17: 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 18: 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 19: 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 20: 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 21: 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 14 12 142 32 58 20 2025 2026 2027 2028
Slide 22: EPRA NAV Indicators
EPRA NAV Indicators € 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% 22
Slide 23: 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 24: 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 25: Diversity, Equity & Inclusion Policy
Diversity, Equity & Inclusion Policy The DE&I Policy, approved by the Board of Directors on 5 August, 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 with
Slide 26: 2025 FFO Guidance Upgrade
2025 FFO Guidace Upgrade IGD expects FUNDS FROM OPERATIONS (FFO) IS EXPECTED AT APPROX. €39 MILLION (c. +9.6% vs FY 2024) A 2.6% improvement compared to the FFO Guidance of €38 million announced in March 26
Slide 27: Investor Relations Corporate Agenda
Agenda CORPORATE INVESTOR RELATIONS 11 NOVEMBER: Results as of 9/30/25 CONFIRMED 9-11 SEPTEMBER: Euronext Sustainability Week (Virtual) 15 SEPTEMBER: GOLDMAN SACHS European Real Estate equity and Debt Conference (London) 16-18 SEPTEMBER : EPRA Conference (Stockholm) 30 SEPTEMBER : BANCA AKROS Europe
Slide 28: Attachments
ES Attachments
Slide 29: Consolidated Financial Statements
Consolidated Financial Statements (€ 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 from
Slide 30: Reclassified Balance Sheet
Reclassified Balance Sheet (€ 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 and oth
Slide 31: Funds From Operation (FFO)
Funds From Operation (FFO) (€ 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 activit
Slide 32: Additional Financial Highlights and Debt Breakdown
Additional Financial Highlights and Debt Breakdown 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 €mn availa
Slide 33: Other EPRA Performance Measures
Other EPRA Performance Measures (€ 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 Initial Y
Slide 34: EPRA Net Asset Value
EPRA Net Asset Value (€ 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 14,068 14,068
Slide 35: Key tenants in Italy 1/2
Key tenants in Italy 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° fashion 2.
Slide 36: Key tenants in Italy 2/2
Key tenants in Italy 2/2 MERCHANDISING MIX TENANT MIX 36
Slide 37: Key tenants in Romania
Key tenants in Romania 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 Total 38
Slide 38: Contracts in Italy and Romania
WALB & WALT Contracts in Italy and Romania Total contracts:1,221 in freehold malls In H1 2025 43 renewals were signed with existing tenants and 42 contracts were MALLS signed with a new tenant. Renewals + relettings of the period represent 4.3% of freehold malls total rent HYPERMARKETS/ Total contra
Slide 39: Focus on BREEAM Certifications
Focus on BREEAM Certifications 39
Slide 40: 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) — H1 2025 Earnings Presentation on 6ix