Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — 9M 2025 Earnings Presentation
27 slides from Immobiliare Grande Distribuzione Siiq's earnings presentation, Nov 11, 2025
Slide 1: 9M 2025 Results Presentation
9M 2025 RESULTS PRESENTATION November 11th, 2025 1
Slide 2: Delivering on the 2025-2027 Business Plan
Delivering on the 2025-2027 Business Plan FINANCIAL DISPOSALS STRUCTURE 3 assets of the • FEBRUARY Romanian portfolio €615 mn Green sold (Cluj, Alexandria secured loan signed and Vaslui) and existing bonds* fully repaid for approx. €14 mn • NOVEMBER €300 mn new Bond issued, 5 years, 4,45% yearly cou
Slide 3: Main KPIs
Main KPIs vs 30 September 2024 +3.8% +2.9% Net Rental Income Core business Ebitda LFL freehold LFL €31.1 mn €17.6 mn +18.2% - €32.0 mn 30/09/24 Funds From Operations Group Net Profit 3
Slide 4: Operating performance – Italy
Operating performance – Italy +1.3% +3.7% Tenant Sales Footfalls Italian malls Italian malls CNCC +0.3% +1.6% IGD Hypermarkets Figures 2025 vs 2024 4
Slide 5: An Effective Leasing Activity
An Effective Leasing Activity (Progressive data - %) Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Malls + 96.0% Hypermkt 94.76 94.96 95.06 95.21 95.95 95.99 96.0 Italy Malls Italy malls + Occupancy Italy 94.16 94.38 94.48 94.67 95.49 95.55 95.56 hypermarkets occupancy Italy* Romania 95.45 95.52 95.21 9
Slide 6: Significant New Openings in the Third Quarter
Significant New Openings in the Third Quarter Portogrande (AP), Puntadiferro (FC), Le Porte di Napoli (NA), Centro d’Abruzzo (CH) Centroborgo (BO) Le Maioliche (RA) Casilino (RM) Puntadiferro (FC) Maremà (GR) 6
Slide 7: Digital: Growth and Consolidation
Digital 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 11 Shopping Centers have Since J
Slide 8: The real estate market in the first 9 months of 2025
The real estate market in the first 9 months of 2025 Italian real estate continues to grow: more than €13 billion investments in the last 12 months, exceeding 2019 record investment volumes (€12.6€ bn) Real estate Real estate investments investments €9.1 md 9M 9M €0.42 md Of which 2025 2025 Of which
Slide 9: Main Debt Ratios
Main Debt Ratios 44.0% 8.1x* -40bps vs FY2024 +20bps vs FY2024 Loan to Value Net Debt/Ebitda 5.3% (5.1% post new-bond issue estimate) (Vs average cost of debt FY24: 6.0%) Weighted Average Interest Rate *Ebitda calculated over the rolling 12 months 9
Slide 10: Net Rental Income Freehold
Net rental Income Freehold (€ mn) -€5.3 mn of which: Change vs. 24 ▪ -€5.2 mn Food portfolio sold in 2024; LFL ▪ -€0.6 mn Romania due to Cluj, +€2.8 mn Alexandria and Vaslui disposals; +3.8% ▪ +€0.5 mn other non-lfl changes. Margin on Change % LFL €mn 2025 revenues NRI Of which: NRI Freehold 75.9 84
Slide 11: Core Business Ebitda
Core Business Ebitda (€ mn) Change vs 24 LFL +€2.1 mn +2.9% Some figures may not add up due to rounding 11
Slide 12: Financial Management
Financial Management (€ mn) IFRS16 and non-recurring charges Financial Management Adj * : -€8.0 mn vs 2024 (-18.2%) *Financial management adj: net of IFRS16 and IFRS9, non-recurring charges (it includes quota of the over the par redemption of bonds Some figures may not add up due to rounding 12
Slide 13: FFO
FFO (€ mn) Change vs 24 LFL -€5.3 mn of which: +€10.1 mn ▪ -€5.2 mn Food portfolio sold in 2024; Financial Management improved mainly +48.1% ▪ -€0.6 mn Romania due to Cluj, thanks to the reduction in average Net Alexandria and Vaslui disposals; Debt as well as progressive improvements in average int
Slide 14: Group Net Profit
Group Net Profit (€ mn) Of which: Financial management improved thanks +€27 mn mainly due to 2024 to the reduction in average Net Debt Food equity investment partially offset by higher ancillary costs impact; recorded in 2025 due to early redemption -€2.0 mn change in general Change vs 24 of bond an
Slide 15: New Bond
New Bond Orders from both Italian and foreign institutional investors for over 1.35 billion euros at peak NEW SENIOR Funding sources diversified UNSECURED GREEN BOND Net Financial Position mix rebalanced between bank debt • Eur 300,000,000 and capital markets • 5 years tenor • Maturity November 4th,
Slide 16: Net Financial Position as of 09/30/2025
Net Financial Position as of 09/30/2025 NFP FY24 NFP 9M 25 €806.5 mn €792.0 mn 12/31/2024 09/30/2025 Post Bond issue 44.4% 48,1% Loan to Value 44.0% 6.0% 3,86% Average cost of debt 5.3%* 5.1%* 1.8X 2,4X Interest Cover Ratio 2.0X Net Debt/Ebitda 8.1x 7.9x *Weighted Average Interest Rate of the debts
Slide 17: Group's Maturities Profile
Group’s Maturities Profile Nominal debt due to banks and other sources of finance (€ mn) Debt maturity as of 09/30/2025 Debt maturity post bond issue Secured bank debt Secured bank debt Unsecured bank debt Unsecured bank debt Bond • Average maturity: 4.9 years post bond issuance ( vs 4.6 years as of
Slide 18: Additional Financial Highlights and Debt breakdown
Additional Financial Highlights and Debt breakdown Pro-forma post 6/30/2025 9/30/2025 bond issue DEBT BREAKDOWN* Gearing ratio 0.83X 0.81X 0.82X 09/30/2025 Post bond issue Hedging on long term debt 71.9% 72.6% 84.6% M/L term debt quota 95.5% 95.3% Uncommitted credit lines granted €20.6 mn €20.6 mn U
Slide 19: Sustainability: latest news
Sustainability: latest news 9M 2025 BREEAM Certifications 82%* of Italian freehold portfolio is certified with a minimum «Very Good» rating Contract signed with Edison Next to install a photovoltaic system at Photovoltaic the Tiburtino Shopping Center: it will be the largest photovoltaic system inst
Slide 20: Attachments
ES Attachments
Slide 21: Consolidated Financial Statements
Consolidated Financial Statements (€ mn) (a) (c) GROUP CONSOLIDATED CONS_2024 CONS_2025 Revenues from freehold rental activities 93.6 89.4 Direct costs from freehold rental activities -15.2 -13.5 Net Rental Income Freehold 78.4 75.9 Revenues from leasehold rental activities 7.1 7.0 Direct costs from
Slide 22: Reclassified Balance Sheet
Reclassified Balance Sheet (€ 000) 9/30/2025 12/31/2024 ∆ Investment property 1,668,681 1,671,834 (3,153) Assets under construction and pre-payments 2,544 2,484 60 Intangible assets 7,251 7,481 (230) Other tangible assets 8,378 9,037 (659) Assets held for sale 0 8,520 (8,520) Sundry receivables and
Slide 23: Funds From Operation (FFO)
Funds From Operation (FFO) (€ mn) Funds From Operation CONS_2024 CONS_2025 Δ VS 24 Δ% vs24 Core Business EBITDA 77.7 74.5 -3.2 -4.1% IFRS16 Adjustments (Payable leases) -6.6 -6.7 -0.1 0.0% Financial Management Adj. -43.9 -35.9 8.0 -18.2% Current taxes of the period Adj. -0.9 -0.8 0.1 0.0% FFO 26.3 3
Slide 24: 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 2.5% 10 11° footwear 1.5% 11 2° fashion 2.4% 8 12° sportswear 1.3% 3 3° electronics 2.3% 7 13° fashion 1.2% 11 4° fashion 2.1% 10
Slide 25: Key tenants in Italy 2/2
Key tenants in Italy 2/2 MERCHANDISING MIX TENANT MIX Fashion* 48.1% *Total fashion: 48.1% 25
Slide 26: Key tenants in Romania
Key tenants in Romania Merchandise Turnover TOP 10 Tenants Contracts MERCHANDISING & TENANT MIX category impact supermarkets 10.8% 8 fashion 5.4% 5 fashion 3.9% 8 fashion 3.3% 5 leisure 2.9% 5 offices 2.7% 1 drugstore 2.5% 4 offices - bank 2.4% 3 health & beauty 2.3% 3 food & beverage 1.7% 1 Total 3
Slide 27: Contracts in Italy and Romania
WALB & WALT Contracts in Italy and Romania Total contracts: 1,166 in freehold malls In 9M 2025 63 renewals were signed with existing tenants and 70 contracts were signed MALLS with new tenants. Renewals and relettings of the period represent 8.3% of freehold malls total rent HYPERMARKETS/ Total cont
Immobiliare Grande Distribuzione SIIQ S.p.A. (IGD) — 9M 2025 Earnings Presentation on 6ix