Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — IGD SIIQ — Non-Deal Roadshow (March 2026)
66 slides from Immobiliare Grande Distribuzione Siiq's roadshow presentation, March 2026
Slide 1: Road Show presentation March 2026
Road Show presentation March 2026 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 FY 2025 Pag. 11 3 2025-2027 Business Plan: where we stand Pag. 34 4 ESG Pag. 43 5 Appendix Pag. 51 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 TOTAL PORTFOLIO 10.7% &Other Porta a Mare 1.6% EBITDA CORE MARKET VALUE €1.8 bn 1.2% €98.6mn FY 25 BUSINESS +3.0% lfl Incl leasehold and equity investments Romania FY 25 5.4% ITALY CORE FFO €1.6 bn FY 25
Slide 7: 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 Investments 13.5€ bn FY Di cui 2025 Retail ~4€ bn* +49% YoY In 2025, investments in retail were the leading
Slide 8: 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 8
Slide 9: Market Value of IGD Portfolio
Market Value of IGD Portfolio 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 + 1.8% 7
Slide 10: 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% 10
Slide 11: FY 2025
2 FY 2025
Slide 12: 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 DIVIDEND per 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 13: Positive KPIs
Positive KPIs vs FY 2024 +4.0% +3.0% Net Rental Income Core business Ebitda LFL core business* LFL € 41.2mn 32.0 €mn +15.7% -30.1 € mn as at 31/12/24 Funds From Operations Group Net Profit * freehold 13
Slide 14: 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 & Supermarkets Figures 2025 vs 2024 CNCC: National Council of Shopping Centers 14
Slide 15: An effective leasing activity in 2025 in Italy
An effective leasing activity in 2025 in Italy Occupancy malls + hypermarkets Italy 96,06% Occupancy Italy* (Actual +1,4% data - %) Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Upside Italy FY2025 Italy -3.5 +3.6 +8.0 +4.1 +0.7 +2.2 +1.0 +1.8 Renewals + relettings of the period represent 10.8% of
Slide 16: 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) 16
Slide 17: 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) 17
Slide 18: 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 19: FY 2025 Further details
FY 2025 Further details
Slide 20: Net Rental Income core business
Net Rental Income core business (€ 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 core business** 101.5 84.5% 4.0% ▪ +4.3% Italy; ▪ -1.0% Romania NRI C
Slide 21: Core Business Ebitda
Core Business Ebitda (€ mn) Change vs 24 LFL + €2.9 mn +3.0% Change Net rental Income post disposal 21
Slide 22: Financial Management
Financial Management (€ mn) It includes mainly not recurring costs accounted for the repayment of outstanding loans and bonds in February and October 2025 Financial Management Adj*: - €8.7 mn vs 2024 (- 15.6%) thanks to the improvement in financial management resulting from the reduction in average
Slide 23: FFO
FFO Change vs 24 LFL (€ mn) +€11.9 mn +40.5% Change vs 24 +€5.6 mn +15.7% Change Net rental Income post disposal The improvement in financial management and like for like core business more than offset the impact of disposal 2025 FFO higher than the €39 million Guidance announced in August 2025 23
Slide 24: 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 25: Main Debt Ratios as of 31/12/2025
Main Debt Ratios as of 31/12/2025 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 re-financing Feb. ‘26 25
Slide 26: 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 27: Debt Ratios Evolution
Debt Ratios Evolution Loan to Value Net Debt/Ebitda Weighted Average Interest Rate 27
Slide 28: 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 *Weighted Average Interest Rate of debts toward banks and other lenders 28
Slide 29: 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 30: Additional Financial Highlights and Debt Breakdown
Additional Financial Highlights and Debt Breakdown Pro-forma post 12/31/2024 12/31/2025 re-financing Debt Breakdown* 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% Interest cover ratio 1.8X 2.0X Uncommitted c
Slide 31: Outlook
PAIN NG ae Outlook
Slide 32: 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) 32
Slide 33: 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 33
Slide 34: 2025-2027 Business Plan: where we stand
3 2025-2027 Business Plan: where we stand 34
Slide 35: 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 36: 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 Net Rental Income ~ +16%: Like for like Core Business +4.0% like • 4,6% CPI - for like • 4,9% RELETTING/TOPPED Malls + hypermarkets UP/
Slide 37: 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 38: 2025-2027 Business Plan: Operating Targets
2025-2027 Business Plan: Operating Targets 2027 Targets FY 2024 FY 2025 ITA Malls Occupancy 94.67% 96.06% ~ 98% ITA Malls WALB* 2.0 years 2.09 years ~ 2.5 years** ITA Malls WALT*** 4.1 years 4.62 years ~ 4.2 years * Weighted Average Lease Break: remaining lease term until break option 38 ** of which
Slide 39: 2025-2027 Business Plan: Financial and Capital Targets
2025-2027 Business Plan: Financial and Capital Targets 2027 Targets FY 2024 FY 2025 Loan to Value 44.4% 43.5% ~ 40% At 2027YE Investments Over BP timespan ~ 50 € mn Disposal of non-core assets ~ 100 € mn Over BP timespan 39 *Food portfolio disposal: 8 hypermarkets, 3 supermarkets and 2 malls
Slide 40: 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,…) ~11 €mn ESG specific
Slide 41: 2025-2027 Disposal Plan to Reduce Debt and Fund Capex
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 42: 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 43: ESG
4 ESG 43
Slide 44: 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 45: 2025-2027 Business Plan: Environmental Sustainability Targets
2025-2027 Business Plan: Environmental Sustainability Targets FY 2025 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 46: 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 47: Focus on BREEAM Certifications
Focus on BREEAM Certifications * Data updated following certification renewals in January 2026 47
Slide 48: 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 Fixed average cos
Slide 49: 2025-2027 Business Plan: CO2 emissions targets
2025-2027 Business Plan: CO2 emissions targets 2027 Targets Scope 1 Scope 2 (baseline 2018) -40% .54.2% 2018 2025 2027 Reductions (kwh/sqm) thanks to energy efficiency – location based 49
Slide 50: 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 51: Appendix
5 Appendix 51
Slide 52: 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, leasing Holds licences and Engaged in the sale, leasing Established in 2021, Established in 2024, Romania and managemen
Slide 53: 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 12M 2025 12/31/2025 01/01/25 – 12/31/2025 0.97 € bn c. 383 € mn c. 169,644 shares Majority of in
Slide 54: 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 55: 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 56: 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% 56
Slide 57: 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 58: 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 59: Mall's key tenants in Italy 1/2
Mall’s 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° fash
Slide 60: Mall's key tenants in Italy 2/2
Mall’s key tenants in Italy 2/2 MERCHANDISING MIX TENANT MIX Fashion* 48.5% *Total fashion: 48.5% 60
Slide 61: Hyper/Supermarkets' key tenants in Italy FY 25
Hyper/Supermarkets’ key tenants in Italy FY 25 No. of TOP Hypermarket Tenants Brand Name Turnover Impact 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 turnover: 12,0
Slide 62: Key tenants in Romania
Key tenants in Romania Merchandise Turnover TOP 10 Tenant Contracts MERCHANDISING E TENANT MIX category impact 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 63: 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 with a MALLS new tenant Renewals and turnover of the year represent 10.8% of mall total rent HYPERMARKETS/ Total contracts: 8 SUPERMARKETS Total contra
Slide 64: 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 LE PORTE DI NAPOLI - Afragola (NA) LE PORTE DI NAPOLI - Afragola
Slide 65: Porta a Mare Project in Livorno
Porta a Mare Project in Livorno Winner in the IGD’S RETAIL AREA BEST URBAN GLA 24,000 sqm 3 PRESTIGIOUS AREAS TO BE REGENERATION SOLD AFTER THE OBTAINING PROJECT OF FINAL PERMITS category (with mixed residential, hospitality, service,… uses) c. 26,000 sqm usable gross floor Winner in the PROGETTO D’
Slide 66: 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