Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — FY2025 Earnings Presentation
40 slides from Immobiliare Grande Distribuzione Siiq's earnings presentation, Feb 26, 2026
Slide 1: FY 2025 Results Presentation
FY 2025 RESULTS PRESENTATION February 26th, 2025 1
Slide 2: 2025: a turning point for IGD
2025: a turning point for IGD The path outlined in the 2025-2027 Business Plan continues Return to dividends: €0.10 per DIVIDEND share paid in May 2025 DISPOSAL New disposal strategy launched in PLAN Romania: 5 assets sold for a total of €21,8 million FINANCIAL Financial profile optimised, maturity
Slide 3: Positive KPIs vs FY 2024
Positive KPIs vs FY 2024 +4.0% +3.0% Net Rental Income Core business Ebitda LFL freehold LFL € 41.2mn 32.0 €mn +15.7% -30.1 € mn 31/12/24 Funds From Operations Group Net Profit 3
Slide 4: FY 2025 Operating Performance - Italy
FY 2025 Operating Perfomance - Italy +1.6% +3.5% Footfalls Tenant sales Italian malls Italian malls CNCC: + 0.8% +0.8% IGD Hypermarkets Figures 2025 vs 2024 CNCC: National Council of Shopping Centers 4
Slide 5: An effective leasing activity in 2025
An effective leasing activity in 2025 (Progressive data - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 %) 24 24 24 24 25 25 25 25 96.06% Malls + Hypermkt 94.76 94.96 95.06 95.21 95.95 95.99 96.0 96.06 Italy Occupancy Malls Italy malls + hypermarket 94.16 94.38 94.48 94.67 95.49 95.55 95.56 95.63 Italy* Italy occupancy (
Slide 6: Significant new openings during the year (1/2)
Significant new openings during the year (1/2) Tiburtino (RM), Leonardo (BO), Le Porte di La Favorita (MN) Napoli (NA), Esp (RA), Fonti del Corallo (LI) Le Porte di Napoli (NA) Esp (RA), Casilino (RM), Città delle Stelle (AP) Tiburtino (RM) Conè (TV) 6
Slide 7: Significant new openings during the year (2/2)
Significant new openings during the year(2/2) Esp (RA), Puntadiferro (FC) Esp (RA) Centrosarca (MI), La Favorita (MN), Centro d’Abruzzo (CH) Conè (TV), Portogrande (AP), Puntadiferro (FC), Le Porte di Napoli (NA), Le Maioliche Lungosavio (FC) (RA), Esp (RA) Puntadiferro (FC) 7
Slide 8: Digital: growth and consolidation
Digital: growth and consolidation The digitalisation process of shopping centers continued with significant results: CONSUMER APPs IGD CONNECT Focus on CRM Increasingly engaging and New integrated platfom customized shopping experiences for tenants In 2025 app users Since July 2025, have almost trip
Slide 9: The real estate market in 2025
The real estate market in 2025 Italian real estate continued to grow: more than €13.5 billion investments over the last 12 months, the highest level recored in Italy (+36% vs 2024) Real Estate Real Estate Investments Investments 13.5€ bn FY FY 0.5€ bn Di cui 2025 2025 Di cui Retail Retail ~4€ bn* ~
Slide 10: Core Portfolio Value increases
Core Portfolio Value increases €1,565.1 mn +1.8% vs FY2024 Italy Core Portfolio Market Value Revaluation driven by organic growth, not impacted by the valuation discount rates applied 10
Slide 11: Market Value of IGD Portfolio
Market Value of IGD Portfolio EPRA Net Initial EPRA Net Initial FY 2024 FY 2025 Δ % 2025 vs 2024 Net Exit Yield Yield Yield topped up Malls Italy 1,354.3 1,383.4 + 2.14% 7.3% Hypermarkets Italy 183.6 181.7 (-1.04%) 6.2% 6.2% 6.5% Total IGD core portfolio 1,537.9 1,565.1 + 1.76% 7.2% New investments
Slide 12: Main Debt Ratios
Main Debt Ratios 43.5% 8.0x* -90bps vs FY2024 +10bps vs 2024 Loan to Value Net Debt/Ebitda 5.1% Weighted Average Interest Rate 4.8% Post-financing Feb. ‘26 12 *Ebitda calculated over the 12 months rolling
Slide 13: Net Rental Income Freehold
Net Rental Income Freehold (€ mn) - €6.3 mn of which: Change vs 24 ▪ -€5.2 mn Food portfolio sold in 2024; LFL ▪ -€1.1 mn disposals Romania* +€3.9 mn +4.0% -5.2 -1.1 Margin on % Change €mn 2025 revenues LFL NRI Of which: NRI Freehold 101.5 84.5% 4.0% ▪ +4.3% Italy; ▪ -1.0% Romania NRI Consolidated 1
Slide 14: Core Business Ebitda
Core Business Ebitda (€ mn) Change vs 24 LFL + €2.9 mn +3.0% 14
Slide 15: Financial Management
Financial Management (€ mn) It includes non-recurring charges for €4.4 million following the issue of a new bond at the end of October, net of mark-to-market adjustments on closed IRSs (relating to the redemption of Helmet II, tranche A). Financial Management Adj*: - €8.7 mn vs 2024 (-15.6%) thanks
Slide 16: FFO
FFO Change vs 24 LFL (€ mn) +€11.9 mn +40.5% Change vs 24 +€5.6 mn +15.7% The improvement in financial management and like for like core business more than offset the impact of disposal Exceeded the FFO Guidance of €39 million announced in August 2025 16
Slide 17: Group Net Profit
Group Net Profit (€ mn) Change vs ‘24 +€62.1 mn 17
Slide 18: Dividend per share
Dividend Thanks to the significant results achieved, driven by the Company’s commitment and undertaken initiatives The Board of Directors €0.15 resolved to (+50% vs 2024) submit the proposal Dividend per share (mostly resulting from profit to the Shareholders for from exempt management) approval at
Slide 19: A year of intense financial activity
A year of intense financial activity February 2025 November 2025 February 2026 Signed a green secured loan Issued a new unsecured green Signed a secured loan agreement for € 615 mn and bond for € 300mn; the net agreement for € 165 mn fully repaid existing bonds proceeds of the issuance were used to
Slide 20: Net Financial Position as of 12/31/2025
Net Financial Position as of 12/31/2025 NFP FY24 NFP FY25 €806.5 mn €789.4 mn Post-financing 12/31/2024 12/31/2025 Feb ‘26 44.4% 48,1% Loan to Value 43.5% 6.0% 3,86% Average cost of debt 5.1%* 4.8%* 1.8X 2,4X Interest Cover Ratio 2.0X 7.9X Net Debt/Ebitda 8.0X *Weighted Average Interest Rate of debt
Slide 21: Group's Maturities Profile
Group’s Maturities Profile Nominal debt due to banks and other sources of finance (€ mn) Debt maturity as of 31 December 2025 Debt maturity post- refinancing 24 February 2026 Secured bank debt Secured bank debt Bond Bond Scheduled depreciation of bank debt Scheduled depreciation of bank debt • Avera
Slide 22: Additional Financial Highlights and Debt Breakdown
Additional Financial Highlights and Debt Breakdown Pro-forma post- 12/31/2024 12/31/2025 Debt Breakdown* financing 2026 12/31/2025 Post-financing Gearing ratio 0.83X 0.80X 0.80x Hedging on long term debt 77.6% 85.0% 69.5% M/L term debt quota 91.9% 95.4% Uncommitted credit lines granted €79.60 mn €24
Slide 23: EPRA NAV Indicators
EPRA NAV Indicators € per share FY 2025 FY 2024 Δ% NRV 9.09 8.94 1.8% NTA 9.03 8.87 1.8% NDV 8.93 8.75 2.1% 23
Slide 24: Sustainability: 2025 activities
Sustainability: 2025 activities • GHG emission intensity/sqm (Group): -27.3% vs 2024, -54.2% vs 2018 AWARDS • Waste sorting (Italy): 85% (+2 p.p vs 2024) • EV charging: +31.2% charging stations vs 2024 • Stable workforce: vs 2023 and 2024, 169 employees • DE&I: Policy approved and UNI ISO 30415 cert
Slide 25: Focus on BREEAM Certifications
Focus on BREEAM Certifications * Data updated following certification renewals in January 2026 25
Slide 26: Outlook
PAIN NG ae Outlook
Slide 27: 2026 FFO Outlook
2026 FFO Outlook The path started in 2025 continues, IGD forecasts growing operating results and a further improvement in financial management FUNDS FROM OPERATION (FFO) IS EXPECTED TO BE AT LEAST €45 MILLION (c. +9.2% vs FY 2025) 27
Slide 28: 2026: On track, on target, ready to scale
2026: On track, on target, ready to scale ON TRACK Fully aligned with the 2025- 2027 Business Plan targets ON TARGET Financial, balance sheet and operating structure strengthened in 2026 READY TO SCALE Ready to seize growth opportunities 28
Slide 29: Agenda: Corporate and Investor Relations
Agenda CORPORATE INVESTOR RELATIONS CONFIRMED 16 APRIL: Annual General Meeting 18 MARCH: Virgilio Mid-Small Cap Conference (Paris) 7 MAY: Results as of 3/31/2026 4 AUGUST: Results as of 6/30/2026 25_26 MARCH: STAR Conference (Milan) 12 NOVEMBER: Results as of 9/30/2026 20 MAY: European Real Estate S
Slide 30: Appendix
Fy Appendix
Slide 31: Consolidated Financial Statements
Consolidated Financial Statements (€ mn) GROUP CONSOLIDATED CONS_2024 CONS_2025 Revenues from freehold rental activities 125.3 120.1 Direct costs from freehold rental activities -21.4 -18.6 Net Rental Income Freehold 103.9 101.5 Revenues from leasehold rental activities 9.4 9.3 Direct costs from lea
Slide 32: Re-classified balance sheet
Re-classified balance sheet (€ 000) 12/31/2025 12/31/2024 ∆ % Investment property 1,687,320 1,671,834 15,486 0.92% Asset under construction and pre-payments 2,512 2,484 28 1.11% Intangible assets 7,284 7,481 (197) -2.70% Other tangible assets 8,292 9,037 (743) -8.96% Assets held for sale - 8,520 (8,
Slide 33: Funds From Operation (FFO)
Funds From Operation (FFO) (€ mn) FFO CONS_2024 CONS_2025 2025 vs 2024 Core business Ebitda 102.0 98.6 -3.2% IFRS16 Adjustments (payable leases) -8.9 -9.0 0.6% Financial Management Adj. -55.9 -47.2 -15.6% Current taxes for the period Adj. -1.1 -1.2 17.2% Una tantum -0.5 n.a. FFO 35.6 41.2 15.7% 33
Slide 34: Other EPRA Metrics
Other EPRA Metrics (€ 000) EPRA Performance Measure 12/31/2025 12/31/2024 EPRA NRV (€'000) € 1,003,539 € 985,934 EPRA NRV per share € 9.09 € 8.94 EPRA NTA € 996,255 € 978,453 EPRA NTA per share € 9.03 € 8.87 EPRA NDV € 985,571 € 965,618 EPRA NDV per share € 8.93 € 8.75 EPRA Net Initial Yield (NIY) 6
Slide 35: EPRA Net Asset Value
EPRA Net Asset Value (€ 000) 12/31/2025 12/31/2024 Net Asset Value EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV IFRS Equity attributable to shareholders 992,545 992,545 992,545 970,273 970,273 970,273 Exclude: v) Deferred tax in relation to fair value gains of IP 12,447 12,447 14,068 14,068
Slide 36: 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 2.7% 11 11° footwear 1.4% 11 2° fashion 2.4% 8 12° sportswear 1.3% 3 3° electronics 2.2% 8 13° entertainment 1.2% 2 4° fashion 2.1
Slide 37: Key tenants in Italy 2/2
Key tenants in Italy 2/2 MERCHANDISING MIX TENANT MIX Fashion* 48.5% *Total fashion: 48.5% 37
Slide 38: Key tenants in Romania
Key tenants in Romania Merchandise Turnover TOP 10 Tenant category impact Contracts MERCHANDISING E TENANT MIX supermarkets 11.0% 7 fashion 6.3% 5 fashion 4.4% 9 fashion 3.5% 5 leisure 3.1% 5 offices 2.8% 1 drugstore 2.6% 4 offices - bank 2.5% 3 health & beauty 2.5% 3 food & beverage 1.8% 1 Total 40
Slide 39: Contracts in Italy and Romania
WALB & WALT Contracts in Italy and Romania Total contracts: 1,321 In 2025 82 renewals were signed with the same tenant and 100 contracts were signed MALLS with a new tenant Renewals and turnover of the year represent 10.8% of mall total rent HYPERMARKETS/ Total contracts: 8 SUPERMARKETS Total contra
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
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