Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — Immobiliare Grnde Dist Sl — Q1 2026 Earnings Presentation
28 slides from Immobiliare Grande Distribuzione Siiq's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Results Presentation
Q1 2026 RESULTS PRESENTATION May 7th, 2026
Slide 2: 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 bene sold, for a total considerarion of € 32.5 million Target
Slide 3: 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 3
Slide 4: Dividend per share
Dividend 2025 The Annual General Meeting of April 16th €0.15 (+50% vs 2024) approved the Dividend per share dividend distribution, paid on May 6th 4
Slide 5: Operating Performance Italy
Operating Performance Italy +4.7% +5.1% Tenant sales Footfalls Italian malls Italian malls CNCC +2.5% +2.4% IGD’s hypermarkets/ supermarkets Figures Q1 2026 vs Q1 2025 5 CNCC: National Council of Shopping Centers
Slide 6: 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 7: 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) 7
Slide 8: 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 Inv
Slide 9: The trend of gradual improvement continues
The trend of gradual improvement continues 43.3% 8.0x* -20bps vs FY2025 Flat vs FY2025 Loan to Value Net Debt/Ebitda 4.8% 2.3x Weighted Average vs 2.0x at 31/12/25 Interest Rate Interest Cover Ratio 9 *Ebitda calculated with reference to the 12 months ended 31 March 2026
Slide 10: Net rental Income Freehold
Net rental Income Freehold (€ mn) Change vs 25 LFL +€0.6 mn +2.4% Some figures may not add up due to rounding. 10
Slide 11: Core business Ebitda
Core business Ebitda (€ mn) LFL In line vs Q1 25 Some figures may not add up due to rounding. 11
Slide 12: 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 13: FFO
FFO (€ mn) Change vs ‘25 +€1.5 mn +14.7% Some figures may not add up due to rounding. 13
Slide 14: Group Net Profit
Group Net Profit (€ mn) Change vs Q1 25 +€4.1 mn Some figures may not add up due to rounding. 14
Slide 15: Net Financial Position
Net Financial Position NFP FY25 NFP Q1 26 €789.4 mn € 784.1 mn 12/31/2025 03/31/2026 43.5% Loan to Value 43.3% 5.1% Weighted average interest rate* 4.8% 2.0X Interest Cover Ratio 2.3X Net Debt/Ebitda 8.0x 8.0x *Weighted Average Interest Rate of debt toward banks and other lenders at the reporting da
Slide 16: 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 17: 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 18: 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 published unsecured credit line of up to €10 million with a 5- in accordance with the provisions of the Green years t
Slide 19: Corporate Investor Relations
Agenda CORPORATE INVESTOR RELATIONS CONFIRMED 4 AUGUST: Results as of 6/30/2026 19 MAY: Northern MidCap Event Intermonte (Virtual) 12 NOVEMBER: Results as of 9/30/26 20 MAY: European Real Estate Seminar Kempen (Amsterdam) 10 JUNE: Morgan Stanley European Real Estate Capital Markets Conference (Londo
Slide 20: Appendix
Appendix ~~ J >
Slide 21: Consolidated Financial Statements
Consolidated Financial Statements (€ 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 costs from l
Slide 22: 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 23: Funds From Operation (FFO)
Funds From Operation (FFO) (€ mn) FFO CONS_2025 CONS_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 23
Slide 24: Key tenants in Italy 1/2
Key tenants in Italy 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° entertainm
Slide 25: Key tenants in Italy 2/2
Key tenants in Italy 2/2 MERCHANDISING MIX* TENANT MIX Fashion 48.2% *Calculaton on freehold + leasehold malls total rent 25
Slide 26: Key tenants in Romania
Key tenants in Romania 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 2.0% 2 Tot
Slide 27: Contracts in Italy and Romania
WALB & WALT Contracts in Italy and Romania 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/ Total contra
Slide 28: 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 Grnde Dist Sl — Q1 2026 Earnings Presentation on 6ix