Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — IGD SIIQ — Non-Deal Roadshow (May 2025)
68 slides from Immobiliare Grande Distribuzione Siiq's roadshow presentation, May 2025
Slide 1: Road Show Presentation May 2025
Road Show Presentation May 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 Q1 2025 Pag. 13 3 2025-2027 Business Plan: where we stand Pag. 30 4 Appendix Pag. 43 5 More details on 2025-2027 Business Plan Pag. 54 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 TOTAL PORTFOLIO ITALY CORE 95.95%* EPRA NRV FY24 €8.94/share MARKET VALUE FY24 €1.8 bn €1.5 bn FINANCIAL PORTFOLIO Incl leasehold and equity OCCUPANCY EPRA NIY FY24 6.5% MARKET VALUE FY24 95,73% topped up Italy investments IGD fully owned portfolio market value breakdown (FY
Slide 7: IGD Portfolio Market Value FY 24
IGD Portfolio Market Value FY 24 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 Portfo
Slide 8: EPRA NAV Indicators FY 24
EPRA NAV Indicators FY 24 € 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% 8
Slide 9: 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 10: 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 11: 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 Q1 2025 (as of 16 May 2025) 01/04/24 – 16/05/25 0.97 € bn c. 321 € mn c. 242,349 shares Majori
Slide 12: IGD share performance
IGD share performance IGD share price from 1 April 2024 Traded volumes from 1 April 2024 30 APR MAX €3.135 +101,2% 16 MAY €2.91 MIN €1.406 YTD: +16.4% Average daily trading volume during the period 12M: +74.04% analysed: 242,349 shares for an average countervalue equal to 556,397€ Source: internal p
Slide 13: Q1 2025
1 Q1 2025
Slide 14: Operating performance - Italy
Operating performance - Italy -0.4% +1.3% Tenant sales Footfall Italian malls Italian malls CNCC -0.9% -1.7% IGD hypermarkets Shopping centers trends in Q1 2025 vs 2024 have been impacted by: - February 2025: 1 day fewer (29 days in 2024) - March 2024: Easter on 3/31/2024 Figures 2025 vs 2024 CNCC:
Slide 15: Positive core business KPI
Positive core business KPI +2.4% +2.1% Net Rental Income Core business Ebitda LFL freehold LFL 10.2€ mn Funds From Operations FY2025 FFO guidance confirmed ~ 38€ mn 15
Slide 16: Main Debt Ratios
Main Debt Ratios 44.2% 5.60%* -20bps vs 2024 (vs average cost of debt FY24: 6.04%) Loan to Value Weighted Average Interest Rate 5.1 yrs Average maturity of long-term debt *As of 3/31/2025 16
Slide 17: Dividend per share
Return to dividend Approved by the Annual General Meeting 0.10€ of April 16th Dividend per share the distribution Coupon n. 7 of a dividend Ex coupon date: 12 May Record date: 13 May Payment date: 14 May 17
Slide 18: The Real Estate Market over the quarter
The Real Estate Market over the quarter Investor interest in the retail real estate market has been confirmed Real estate FY FY Real estate investments investments 2024 2024 9.9€ bn 733€ mn comprising comprising Retail Retail 2.9€ bn c. 240€ mn +236% vs 2023* Real estate 1Q 1Q Real estate investment
Slide 19: A successful leasing activity
A successful leasing activity +0.7% Upside Italy (Dati puntuali) 1Q 2Q 3Q 4Q Punctual 1Q24 2Q24 3Q24 4Q24 1Q25 data) Italy -3.5% +3.6% +8% +4.10% +0.7% Romania +6.54% +0.36% +0.57% +2.08% +13.51% 95.95% 2 years Occupancy Italy* WALB Italian malls (progressive (Progressive data in %) data in yrs) 1Q2
Slide 20: With significant new openings in the quarter
With significant new openings in the quarter March 2025 March 2025 February 2025 First store in Italy - Electronics store - 1° Plan&Order point in IGD Puntadiferro (FC) Winmarkt Tulcea network - La Favorita (MN) February 2025 January/February 2025 March 2025 Esp (RA) Esp (RA) Restaurant - Puntadifer
Slide 21: While on the hypermarket side
While on the hypermarket side March 2025 The new Sole365 hypermarket opened to the public at Le Porte di Napoli (NA) shopping center March 2025 At Katanè (CT) shopping center the Coop Gruppo Radenza hypermarket re-opened after a complete restyling 21
Slide 22: Q1 2025 Further details
Q1 2025 Further details
Slide 23: Net Rental Income Freehold
Net Rental Income Freehold (€ mn) Change vs 24 -4.3€ mn of which: LFL ▪ -4.2€ mn Food portfolio sold in 2024; +0.6€ mn ▪ -0.1€ mn Romania for the Cluj +2,4% disposal Change vs 24 -3.7€ mn -12.8% -4.2 -0.1 Margin on % Change €mn 2025 revenues LFL NRI NRI Freehold 25.1 84.1% 2.4% Of which: ▪ +2.7% Ita
Slide 24: Core business Ebitda
Core business Ebitda (€ mn) Change vs 24 LFL -4.3€ mn of which: +0.5€ mn ▪ -4.2€ mn Food; +2.1% ▪ -0.1€ mn Romania Change vs 24 -3.8€ mn -13.3% -4.2 -0.1 Some figure may not add up due rounding. 24
Slide 25: Financial Management
Financial Management (€ mn) Total change: -3.9% -0.7€ mn Total Total 18.5€ mn 17.8€ mn 2.7 IFRS16 and non-recurring 5.7 charges 15.8 Financial Management Adj * : -3.7€ mn vs 2024 (-23.4%) 12.1 1Q 2024 1Q 2025 Financial Management adj* IFRS16 and non recurring charges Financial Management improvement
Slide 26: FFO
FFO (€ mn) Change vs 24 L4L -4.3€ mn of which: +4.2€ mn ▪ -4.2€ mn Food; ▪ -0.1€ mn Romania Financial Management Adj* +71.0% improvement. Change vs 24 -0.1€ mn -0.9% -4.2 -0.1 ** FFO ps: 0.09€ FFO ps: 0.09€ Per il calcolo dell’FFO sono state considerate le locazioni passive e rettificato il dato del
Slide 27: Group Net Profit
Group Net Profit (€ mn) Comprising: Higher ancillary costs in 2025 -3.8€ mn change in core due to the early repayment of Change in FV, general business Ebitda non-like for like; bond and some other loans provisions, amortization, -0.2€ mn other over the quarter extraordinary management Financial Man
Slide 28: Net Debt as of 3/31/2025
Net Debt as of 3/31/2025 Net Debt FY24 Net Debt Q125 806.5€ mn 797.5€ mn FFO 1Q 25 Investments 12/31/2024 03/31/2025 44.4% 48,1% Loan to Value 44.2% 6.04% 3,86% Average cost of debt 5.60%* 1.8X 2,4X Interest Cover Ratio 2.0X *Weighted average interest rate at 03/31/2025 of debts towards banks and ot
Slide 29: Group's maturities profile
Group’s maturities profile Nominal debt due to banks and other sources of finance (€ mn) Secured bank debt Unsecured bank debt • Average maturity: 5.1 years (vs 2.6 years as of 12/31/2024) • Ratings confirmed: Fitch BBB- (Stable); S&P BB (Stable)* • IGD will continue to monitor the debt capital mark
Slide 30: 2025-2027 Business Plan: where we stand
3 2025-2027 Business Plan: where we stand 30
Slide 31: 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 32: 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 Q12025 Net Rental Income _ +4.6% +2.4% Like for like like for like like for like ~ +16% EBITDA 24.3€ mn like for like: 83.5€ mn: • 9.1
Slide 33: 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 34: 2025-2027 Business Plan: Operating Targets
2025-2027 Business Plan: Operating Targets 2027 Targets Q1 2024 FY 2024 Q12025 ITA 94.16% 94.67% 95.49% ~ 98% Malls Occupancy ROM 95.45 95.83% 95.73% ~ 99% ITA 1.8 years 2.0 years 2.0 years ~ 2.5 years** Malls WALB* ROM 2.1 years 2.3 years 2.2 years ~ 3 years ~ 4.2 years ITA 4.2 years 4.1 years 4.4
Slide 35: 2025-2027 Business Plan: Financial and Capital Targets
2025-2027 Business Plan: Financial and Capital Targets 2027 Targets Q1 2024 FY 2024 Q1 2025 Loan to Value 48.0% 44.4% 44.2% ~ 40% At 2027YE Investments See slide 36 Over BP timespan ~ 50 € mn Disposal of non-core assets See slides 37,38,39 ~ 100 € mn Over BP timespan 35 *Food portfolio disposal: 8 h
Slide 36: 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 1.2€ mn ~ 16 € mn investments (fit out, already done in ~16 €m
Slide 37: 2025-2027 Disposal Plan to Reduce Debt
2025-2027 Disposal Plan to Reduce Debt 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 minor assets (partial) * proje
Slide 38: 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 1 3 Medium size assets asset
Slide 39: Disposals – Focus on Porta a Mare Livorno
Disposals – Focus on Porta a Mare Livorno Winner in the RETAIL AREA OWNED BY BEST URBAN IGD REGENERATION GLA 24,000 sqm 3 PRESTIGIOUS AREAS STILL PROJECT TO BE DEVELOPED category (with mixed residential, touristic- hotel, services and nautical related business use) c. 26,000 sqm usable gross floor a
Slide 40: 2025-2027 Business Plan: ESG specific investments
2025-2027 Business Plan: ESG specific investments 2027 Targets Q1 2025 * Shopping centers in Italy certified with minimum «Very BREEAM Certifications 84% >95% Good» rating Photovoltaic 0 +50% Installed power of photovoltaic systems (baseline 2024) Purchasing energy from 94% 94% Energy from renewable
Slide 41: 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 42: Final remarks
Final remarks Embark on a growth path and create the conditions to catch up with the major players in the European retail real estate market Handle challenges in our favour and continue to distribute a consistent and sustainable dividend Take operating and financial performance (occupancy, LTV,...)
Slide 43: Appendix
4 Appendix 43
Slide 44: Consolidated Financial Statements Q1 2025
Consolidated Financial Statements Q1 2025 (€ mn) (a) (c) Δ GROUP CONSOLIDATED CONS_2024 CONS_2025 (c)/(a) Revenues from freehold rental activities 33.8 29.8 -11.8% Direct costs from freehold rental activities -5.0 -4.7 -5.1% Net Rental Income freehold 28.8 25.1 -13.0% Revenues from leasehold rental
Slide 45: Reclassified balance sheet Q1 2025
Reclassified balance sheet Q1 2025 (€ 000) 31/03/2025 31/12/2024 ∆ % (amount in thousands of euro) Investment property 1,670,375 1,671,834 (1,459) -0.09% Assets under construction and prepayments 2,502 2,484 18 0.72% Intangible assets 7,408 7,481 (73) -0.99% Other tangible assets 8,796 9,037 (241) -
Slide 46: Funds From Operations (FFO) Q1 2025
Funds From Operations (FFO) Q1 2025 (€ mn) Funds from Operations CONS_2024 CONS_2025 Δ 2024 Δ% vs 2024 Core business EBITDA 28.6 24.8 -3.809 -13.3% IFRS16 Adjustments (Payable lease) -2.2 -2.2 -0.007 0.3% Financial Management Adj -15.8 -12.1 3.7 -23.4% Current taxes for the period Adj -0.3 -0.3 0.0
Slide 47: Other EPRA metrics FY 2024
Other EPRA metrics FY 2024 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
Slide 48: EPRA Net Asset Value FY 2024
EPRA Net Asset Value FY 2024 (€ 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
Slide 49: Additional Financial Highlights and Debt Breakdown Q1 2025
Additional Financial Highlights and Debt Breakdown Q1 2025 12/31/2024 3/31/2025 DEBT BREAKDOWN* AS OF 3/31/2025 Gearing ratio 0.83X 0.82X Average maturity of long term debt 2.6 years 5.1 years Uncommitted credit lines granted 79.6€ mn 70.6€ mn Uncommitted credit lines 76.9€ mn 69.2€ mn available Com
Slide 50: Key Tenants in Italy Q1 2025
Key Tenants in Italy Q1 2025 TOP 10 Mall Turnover Tenants Merchandise category impact Contracts MERCHANDISING AND TENANT MIX clothing 2.5% 10 electronics 2.4% 9 clothing 2.4% 9 clothing 2.1% 10 jewellery 1.8% 28 clothing 1.8% 12 clothing 1.7% 9 (sportswear) clothing 1.6% 29 (underwear) jewellery 1.5
Slide 51: Key Tenants in Romania Q1 2025
Key Tenants in Romania Q1 2025 Merchandise Turnover TOP 10 Mall Tenants category impact Contracts MERCHANDISING AND TENANT MIX supermarkets 11.7% 10 clothing 4.7% 10 clothing 3.6% 5 clothing 3.1% 6 office 2.7% 1 entertainment 2.7% 5 drugstore 2.3% 4 pharmacy 2.1% 3 restaurant 1.6% 1 jewellery 1.5% 4
Slide 52: Contracts in Italy and Romania Q1 2025
Contracts in Italy and Romania Q1 2025 4.35 2 Total contracts: 1,354 MALLS In Q1 25, 23 renewals were signed with existing tenants while 25 contracts WALB WALT were signed with a new tenant HYPERMARKETS/ SUPERMARKETS Total contracts: 8 Total contracts: 538 ROMANIA In Q1 25, 56 renewals were signed w
Slide 53: 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 54: More details on 2025-2027 Business Plan
4 More details on 2025-2027 Business Plan 54
Slide 55: 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 55
Slide 56: 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 57: 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 58: 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 59: 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 60: «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 60
Slide 61: «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 61
Slide 62: Positioning as key player of 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 63: 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 64: 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 65: 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 66: 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 67: 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 68: 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