Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — IGD SIIQ — Non-Deal Roadshow (May 2026)
63 slides from Immobiliare Grande Distribuzione Siiq's roadshow presentation, May 2026
Slide 1: Road Show presentation May 2026
Road Show presentation May 2026
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 2026 Pag. 11 3 2025-2027 Business Plan: where we stand Pag. 29 4 ESG Pag. 38 5 Appendix Pag. 44 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: Group's overview
Group’s overview IGD fully owned portfolio market value breakdown FY 25 Hypermarkets Development &Other 10.7% 1.6% Porta a Mare TOTAL PORTFOLIO 1.2% EBITDA FY 25 €98.6 mn MARKET VALUE €1.8 bn CORE FY 25 Romania Incl leasehold and equity investments 5.4% BUSINESS Q1 26 €24.3 mn Malls 81.1% ITALY CORE
Slide 7: Italian real estate market in Q1 2026
Italian real estate market in Q1 2026 Italian real estate continues to show solid volumes with approx. €2.3 billion invested over the last 3 months, in line with the 10-year quarterly average. This represents a decrease compared to Q1 2025 (-21%), which, however, was a record period Real Estate Inve
Slide 8: Core Portfolio Value increases (FY2025)
Core Portfolio Value increases (FY2025) €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 8
Slide 9: Market Value of IGD Portfolio FY2025
Market Value of IGD Portfolio FY2025 EPRA Net Initial EPRA Net Initial 12/31/2024 12/31/2025 Δ % 2025 vs 2024 Net Exit Yield Yield Yield topped up Malls Italy 1,354.3 1,383.4 + 2.1% 7.3% Hypermarkets and supermarkets Italy 183.6 181.7 (-1.0%) 6.2% 6.2% 6.5% Total IGD core portfolio 1,537.9 1,565.1 +
Slide 10: EPRA NAV Indicators FY2025
EPRA NAV Indicators FY2025 € 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% 10
Slide 11: Q1 2026
2 Q1 2026
Slide 12: Disposals continue in 2026
Disposals continue in 2026 2nd March – 1 asset sold in Turda for a total of €0.6 million 21st April – 2 assets sold: «Winmarkt Ploiești Big” and “Winmarkt Ploiești Junior» for a total of €10.1 million As of today, 8 out of 15 assets have been sold, for a total of € 32.5 million Target 2026: Disposal
Slide 13: Positive KPIs vs Q1 2025
Positive KPIs vs Q1 2025 +2.4% €24.3 mn Net Rental Income in line vs Q1 2025 freehold LFL Core business Ebitda LFL €11.7 mn €5.7 mn +14.7% Vs €1.6 mn 31/03/25 Funds From Operations Group Net Profit FFO Guidance FY 2026 confirmed ~€45 mn 13
Slide 14: Operating Performance Italy
Operating Performance Italy +4.7% +5.1% Tenant sales Footfalls Italian malls Italian malls CNCC +2.5% CNCC +2.3% +2.4% IGD’s hypermarkets/ supermarkets Figures Q1 2026 vs Q1 2025 CNCC: National Council of Shopping Centers 14
Slide 15: Leasing activity: key indicators continue their steady growth
Leasing activity: key indicators continue their steady growth (Progressive Q1 Q2 Q3 Q4 Q1 data - %) 25 25 25 25 26 Italy: malls + Malls + hypermarkets 96.09% Hypermkt Italy 95.95 95.99 96.0 96.06 96.09 occupancy Occupancy Malls 95.49 95.55 95.56 95.63 95.66 Italy* Italy (Progressive (Actual Q1 Q2 Q3
Slide 16: Significant new openings in the first quarter
Significant new openings in the first quarter Esp (RA) Le Maioliche (RA), Puntadiferro (FC) Puntadiferro (FC) Esp (RA) Nuova Darsena (FE) Casilino (RM) 16
Slide 17: Q1 2026 Further details
Q1 2026 Further details
Slide 18: Net rental Income Freehold
Net rental Income Freehold (€ mn) Change vs 25 LFL BREAKDOWN NRI CORE BUSINESS +€0.6 mn +2.4% Romania Other 5.3% 0.5% Hypermarkets 12.2% Malls 82.0% NRI FREEHOLD FY 25 €101.5 mn Some figures may not add up due to rounding. 18
Slide 19: Core business Ebitda
Core business Ebitda (€ mn) LFL In line vs Q1 25 Some figures may not add up due to rounding. 19
Slide 20: Financial Management
Financial Management (€ mn) It includes non recurring charges in the income statement following the March 2026 refinancing and costs related to the early closures of derivatives Financial management adj* : -€1.6 mn vs Q1 25 (-13.2%) thanks to reduction in the weighted average interest rate as well a
Slide 21: FFO
FFO (€ mn) Change vs ‘25 +€1.5 mn +14.7% FFO FY 25 € 41.2 mn +15.7% vs FY 24y FFO Guidance FY 2026 confirmed ~€45 mn Some figures may not add up due to rounding. 21
Slide 22: Group Net Profit
Group Net Profit (€ mn) Change vs Q1 25 +€4.1 mn Group Net Profit FY 25 € 32.0 mn Some figures may not add up due to rounding. 22
Slide 23: The improvement trend continues
The improvement trend continues 43.3% 8.0x* -20bps vs FY2025 Stable vs FY2025 Loan to Value Net Debt/Ebitda 4.8% 2.3x -30bps vs FY2025 vs 2.0x at 31/12/25 Weighted Average Interest Cover Ratio Interest Rate *Ebitda calculated with reference to the 12 months ended 31 March 2026 23
Slide 24: Debt Ratios Evolution
Debt Ratios Evolution Loan to Value Net Debt/Ebitda Weighted Average Interest Rate Interest Cover Ratio 6.0% 5.1% 4.8% 3.9% 2023 2024 2025 Q1 26 24
Slide 25: Net Financial Position
Net Financial Position NFP FY25 NFP Q1 26 €789.4 mn € 784.1 mn 25
Slide 26: Group's Maturity Profile
Group’s Maturity Profile Nominal debt due to banks and other sources of finance (€ mn) Debt maturity as of 31 March 2026 Secured bank debt Bond Scheduled depreciation of bank debt • Average maturity: 5.3 years as of 03/31/2026 • Rating* confirmed: Fitch BBB- (Stable) *Latest review Fitch rating: Oct
Slide 27: Additional Financial Highlights and Debt Breakdown
Additional Financial Highlights and Debt Breakdown 12/31/2025 03/31/2026 DEBT BREAKDOWN** Gearing ratio 0.8X * 0.8X Hedging on long term debt 69.5% * 68.9% M/L term debt quota 95.4% 98.6% Uncommitted credit lines 24.6 €mn 24.6 €mn granted Uncommitted credit lines 24.6 €mn 24.6 €mn available Committe
Slide 28: ESG Finance
ESG Finance 16 March 2026 30 April 2026 € 10 MN UNSECURED ALLOCATION & IMPACT CREDIT LINES REPORT Agreement signed with Intesa Sanpaolo for an The Allocation & Impact Report has been unsecured credit line of up to €10 million with a 5- published in accordance with the provisions of years term the Gr
Slide 29: 2025-2027 Business Plan: where we stand
3 2025-2027 Business Plan: where we stand 29
Slide 30: 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 31: 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* FY 2024 FY2025 Q1 2026 Net Rental Income ~ +16%: Like for like Core Business +4.0% +2.4% • 4,6% CPI Malls + hypermarkets • 4,9% RELETTING/TOPPED like
Slide 32: 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 experiences to retain/obtain the catchment area • This will increas
Slide 33: 2025-2027 Business Plan: Operating Targets
2025-2027 Business Plan: Operating Targets 2027 Targets FY 2024 FY 2025 Q1 2026 ITA Occupancy 95.21% 96.06% 96.09% ~ 98% ITA Malls WALB* 2.0 years 2.09 years 2.11 years ~ 2.5 years** ITA Malls WALT*** 4.1 years 4.62 years 4.74 years ~ 4.2 years * Weighted Average Lease Break: remaining lease term un
Slide 34: 2025-2027 Business Plan: Financial and Capital Targets
2025-2027 Business Plan: Financial and Capital Targets 2027 Targets FY 2024 FY 2025 Q1 2026 Loan to Value 44.4% 43.5% 43.3% ~ 40% At 2027YE Investments To date € 16.9 mn Over BP timespan ~ 50 € mn Disposal of non-core assets To date € 32.5 mn ~ 100 € mn Over BP timespan *Food portfolio disposal: 8 h
Slide 35: 2025-2027 Capex pipeline
2025-2027 Capex pipeline Investments based on the distinctive features of locations and catchment areas, envisaging possible changes in planned interventions, also based on the results achieved ~ 13.7 € mn ~ 50 €mn Commercial investments (fit out, ~ 21.7 € mn ~16 €mn digital,…) ESG specific ~11 €mn
Slide 36: 2025-2027 Disposal Plan to Reduce Debt and Funding Capex Expenditure
2025-2027 Disposal Plan to Reduce Debt and Funding Capex Expenditure Romania 3 prestigious areas still to be developed Other non-core portfolio Included in the Porta a Mare minor assets (partial) * project in Livorno 1 c. 70€ mn 22 c. 20€ mn 3 c. 10€ mn 2025-2026* 2026 2025-2026 Reduction of structu
Slide 37: 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) 3 Medium size assets 2025 23.7% (Unit
Slide 38: ESG
4 ESG 38
Slide 39: 2025-2027 Business Plan: Environmental Sustainability Targets
2025-2027 Business Plan: Environmental Sustainability Targets Q1 2026 2027 Targets * Shopping centers in Italy certified with BREEAM Certifications 92% >95% minimum «Very Good» rating Photovoltaic Installed power 3.1** Mwp +50% Installed power of photovoltaic systems (baseline 2024: 3.1 Mwp) Purchas
Slide 40: Focus on BREEAM Certifications
Focus on BREEAM Certifications * Data updated following certification renewals in January 2026 40
Slide 41: 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 Costo medio fisso
Slide 42: Diversity, Equity & Inclusion Policy
Diversity, Equity & Inclusion Policy The DE&I Policy, approved by the Board of Directors on 5 August 2025, represented the first step toward obtaining the internantional certification ISO 30415:2001 - Human Resource Management Diversity and Inclusion which was achieved in December 2025 through an ex
Slide 43: 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 44: Appendix
5 Appendix 44
Slide 45: IGD Group structure
IGD Group structure €1,812m1 €1,576m Total Fair Asset Asset Value Value 0.1% 100% 100% 99.9% 40% 40% Alliance JUICE FOOD SIINQ S.r.l. FUND FUND WinMagazin S.A. Engaged in the sale, Holds licences and Engaged in the sale, Established in Established in 2024, Romania leasing and management management s
Slide 46: 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 Market cap as of Average daily trading Net equity Q1 2026 04/30/2026 01/01/26 – 04/30/2026 1.0 € bn c. 470.1 € mn c. 158,916 shares Majority of in
Slide 47: Consolidated Financial Statements FY 2025
Consolidated Financial Statements FY 2025 (€ 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
Slide 48: Consolidated Financial Statements Q1 2026
Consolidated Financial Statements Q1 2026 (€ mn) GROUP CONSOLIDATED (a) (c) CONS_2025 CONS_2026 Revenues from freehold rental activities 29.8 29.8 Direct costs from freehold rental activities -4.9 -4.6 Net Rental Income Freehold 24.9 25.2 Revenues from leasehold rental activities 2.3 2.1 Direct cost
Slide 49: Re-classified balance sheet
Re-classified balance sheet (€ 000) 03/31/2026 12/31/2025 ∆ Investment property 1,672,606 1,687,320 (14,714) Assets under construction and pre-payments 2,574 2,512 62 Intangible assets 6,240 7,284 (1,044) Other tangible assets 8,205 8,292 (87) Sundry receivables and other non current assets 166 166
Slide 50: Funds From Operation (FFO)
Funds From Operation (FFO) (€ mn) FFO Q1 2025 Q1 2026 Core business EBITDA 24.8 24.3 IFRS16 Adjustments (Payable leases) -2.2 -1.9 Financial management adj. -12.1 -10.5 Current taxes for the period adj. -0.3 -0.2 FFO 10.2 11.7 50
Slide 51: Other EPRA Metrics FY2025
Other EPRA Metrics FY2025 (€ 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
Slide 52: EPRA Net Asset Value FY2025
EPRA Net Asset Value FY2025 (€ 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
Slide 53: Key tenants in Italy Q1 2026 1/2
Key tenants in Italy Q1 2026 1/2 Impact on Merchandise Impact on TOP 20 Mall Merchandise TOP 20 Mall Tenant Contracts relative Contracts category relative turnover Tenant category turnover 1° fashion 2.5% 8 11° health & beauty 1.4% 12 2° fashion 2.4% 9 12° sportswear 1.3% 3 3° fashion 2.2% 10 13° en
Slide 54: Key tenants in Italy Q1 2026 2/2
Key tenants in Italy Q1 2026 2/2 MERCHANDISING MIX* TENANT MIX Fashion 48.2% *Calculaton on freehold + leasehold malls total rent 54
Slide 55: Hyper/Supermarkets' key tenants in Italy Q1 2026
Hyper/Supermarkets’ key tenants in Italy Q1 2026 TOP Hypermarket Brand Impact No. of Tenants Name on IGD turnover Contracts 1° Coop Alleanza 3.0 Ipercoop 84% 5 2° Superisola s.r.l. Ipercoop 6% 1 3° Fratelli Arena s.r.l. Superconveniente 6% 1 4° Centouno s.r.l. Sole365 4% 1 Total 100% 8 Annual turnov
Slide 56: Key tenants in Romania Q1 2026
Key tenants in Romania Q1 2026 Merchandise Impact on relative TOP 10 Tenant Contracts MERCHANDISING E TENANT MIX category turnover supermarkets 12.6% 7 fashion 6.1% 8 fashion 4.0% 5 offices 3.8% 1 leisure 3.5% 5 health & beauty 2.8% 3 fashion 2.6% 4 drugstore 2.4% 3 food & beverage 2.1% 1 fashion 2.
Slide 57: Contracts in Italy and Romania Q1 2026
WALB & WALT Contracts in Italy and Romania Q1 2026 Total contracts: 1,181 in freehold malls In Q1 2026 26 renewals were signed with the same tenant and 19 contracts were signed MALLS with a new tenant. Renewals and turnover of the quarter represent 2.5% of freehold mall total rent HYPERMARKETS/ Tota
Slide 58: Main lease terms Italy
Main lease terms Italy Average maturity: 5 / 7 years Business Branch Lease Indexation: 100% of CPI Agreement Rental income: a minimum guaranteed rent (space + licence) + a % of the tenant turnover (net of VAT) Shopping Malls Average maturity: 6 years (+ 6 years) Lease Agreement Indexation: 75% of CP
Slide 59: Italian Portfolio composition
Italian Portfolio composition 25 shopping malls 8 hyper /supermarkets Tenants of hyper / supermarkets CENTRO D'ABRUZZO - Pescara CENTRO D'ABRUZZO - Pescara Coop Alleanza 3.0 LE MAIOLICHE - Faenza LE MAIOLICHE - Faenza Coop Alleanza 3.0 Full ownership LE PORTE DI NAPOLI - Afragola (NA) LE PORTE DI NA
Slide 60: Porta a Mare Project in Livorno
Porta a Mare Project in Livorno IGD’S RETAIL AREA GLA 24,000 sqm 3 PRESTIGIOUS AREAS TO BE SOLD AFTER THE OBTAINING OF FINAL PERMITS (with mixed residential, hospitality, service,… uses) c. 26,000 sqm usable gross floor 115 APARTMENTS TOURISTIC PORT 114 sold + 1 still to be sold OFFICE BUILDING Sold
Slide 61: Coop world key data
«Coop world» key data 9 Legal entities throghout Italy Key data at FY 2024 • Turnover: 16.6€ bn IGD’s main shareholders • Market share: 11.3% of Italian large scale retail • No. of stores: 1,131 • Employees: 58,000 • Members: 6.2 million people 61
Slide 62: Coop Alleanza 3.0 key data
Coop Alleanza 3.0 key data It is the largest coop in Italy and operates in 8 regions Key data at FY 2024 • Turnover: 5.7€ bn • No. of stores: 346 • Employees: >15,000 • Members: 2.2 million people • Strategic investments in listed comanies: UNIPOL (insurance and banking) and IGD SIIQ SPA 62
Slide 63: Contact details
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