Slides
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1 9M 2025 RESULTS PRESENTATION November 11th, 2025
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Delivering on the 2025-2027 Business Plan • FEBRUARY €615 mn Green secured loan signed and existing bonds* fully repaid • NOVEMBER €300 mn new Bond issued, 5 years, 4,45% yearly coupon DISPOSALS 2 *Bond “€310,006,000 Fixed Rate Step-Up Notes due 17th May 2027” e Bond “€57,816,000 Fixed Rate Step-Up Notes due 17th May 2027, formerly the €400,000,000 2.125 per cent. Fixed Rate Notes due 28th November 2024” 3 assets of the Romanian portfolio sold (Cluj, Alexandria and Vaslui) for approx. €14 mn FINANCIAL STRUCTURE
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Main KPIs vs 30 September 2024 3 €17.6 mn Group Net Profit Net Rental Income freehold LFL +3.8% +2.9% Core business Ebitda LFL €31.1 mn +18.2% Funds From Operations - €32.0 mn 30/09/24
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4 Operating performance – Italy Figures 2025 vs 2024 Tenant Sales Italian malls +1.3% IGD Hypermarkets +1.6% Footfalls Italian malls CNCC +0.3% +3.7%
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An Effective Leasing Activity *Malls + Hypermarkets Occupancy WALB (Weighed Average Lease Break): remaining lease term until break option Occupancy Italy* 96.0% WALB Malls Italy 2 years Malls + Hypermkt Italy 94.76 94.96 95.06 95.21 95.95 95.99 96.0 Malls Italy 94.16 94.38 94.48 94.67 95.49 95.55 95.56 Romania 95.45 95.52 95.21 95.83 95.73 94.73 95.57 Malls Italy 1.78 1.82 1.9 2.0 2.0 2.0 2.0 Hypermkt Italy 11.77 12.22 12.9 12.7 12.4 12.2 11.9 Romania 2.1 2.2 2.2 2.3 2.21 2.31 2.4 5 +1.3% Upside Italy Italy -3.5 +3.6 +8.0 +4.1 +0.7 +2.2 +1.0 Romania +6.54 +0.36 +0.57 +2.08 +13.5 +2.47 +2.23 Q3 24 Q4 24 Q1 25 (Actual data - %) Q1 24 Q2 24 Q2 253Q24 4Q24 1Q25 (Progressive data – years) 1Q24 2Q24 2Q25 Q3 24 Q4 24 Q1 25 (Progressive data - %) Q1 24 Q2 24 Q2 25 Italy malls + hypermarkets occupancy Renewals + relettings of the period represent 8.3% of malls total rent Q3 253Q25 Q3 25
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6 Significant New Openings in the Third Quarter Puntadiferro (FC) Maremà (GR) Casilino (RM) Portogrande (AP), Puntadiferro (FC), Le Porte di Napoli (NA), Le Maioliche (RA) Centroborgo (BO) Centro d’Abruzzo (CH)
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7 Digital October 2025: app users more than doubled compared to the end of 2024. These profiles provide important data on the purchasing behaviour of IGD shopping center visitors. We are working on enhancing the market automation and user registration platforms to increase retention rate and improve data collection Focus on CRM Growth and Consolidation The digitalisation process of shopping centers continues with significant results: CONSUMER APPs In 2025 11 Shopping Centers have launched its Loyalty App. Offering increasingly engaging and personalised shopping experiences IGD CONNECT Since July 2025, the IGD Connect platform for managing and digitizing relationships with tenants has been active in 28 Shopping Centers. New integrated platform for tenants These evolutions represent an important step toward a more integrated, value-driven model, geared to data analysis and sharing
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8 The real estate market in the first 9 months of 2025 Sources: CBRE ITALY 8 Real estate investments Retail €9.1 md Of which ~€3.1 md +74% YoY ROMANIA 9M 2025 9M 2025 Real estate investments Retail €0.42 md Of which ~€0.21 md Italian real estate continues to grow: more than €13 billion investments in the last 12 months, exceeding 2019 record investment volumes (€12.6€ bn) Retail transactions of the last quarter include a factory outlet portfolio sold by Blackstone and the acquisition of Oriocenter by Generali and Gruppo Percassi
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9 Main Debt Ratios Loan to Value 44.0% -40bps vs FY2024 Weighted Average Interest Rate 5.3% (5.1% post new-bond issue estimate) (Vs average cost of debt FY24: 6.0%) *Ebitda calculated over the rolling 12 months Net Debt/Ebitda 8.1x* +20bps vs FY2024
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10 Net rental Income Freehold Some figures may not add up due to rounding Change vs. 24 LFL +€2.8 mn +3.8% -€5.3 mn of which: ▪ -€5.2 mn Food portfolio sold in 2024; ▪ -€0.6 mn Romania due to Cluj, Alexandria and Vaslui disposals; ▪ +€0.5 mn other non-lfl changes. (€ mn) Of which: ▪ +4.4% Italy; ▪ -2.0% Romania. €mn 2025 Margin on revenues Change % LFL NRI NRI Freehold 75.9 84.9% 3.8% NRI Consolidated 82.6 85.7% 3.3%
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Core Business Ebitda 11 Change vs 24 LFL +€2.1 mn +2.9% (€ mn) Some figures may not add up due to rounding
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Financial Management 12 IFRS16 and non-recurring charges Financial Management Adj * : -€8.0 mn vs 2024 (-18.2%) (€ mn) *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
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13 Change vs 24 +€4.8 mn +18.2% (€ mn) FFO Change vs 24 LFL +€10.1 mn +48.1%Financial Management improved mainly thanks to the reduction in average Net Debt as well as progressive improvements in average interest rate of debts. The improvement in financial management and in core business LFL more than offset the impact of disposal Some figures may not add up due to rounding -€5.3 mn of which: ▪ -€5.2 mn Food portfolio sold in 2024; ▪ -€0.6 mn Romania due to Cluj, Alexandria and Vaslui disposals; ▪ +€0.5 mn other non-lfl changes. and other
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Group Net Profit 14 Of which: +€27 mn mainly due to 2024 Food equity investment impact; -€2.0 mn change in general provisions and other minor items. Change vs 24 +€49.6€mn (€ mn) Financial management improved thanks to the reduction in average Net Debt partially offset by higher ancillary costs recorded in 2025 due to early redemption of bond and certain loans during the nine- months period. Some figures may not add up due to rounding
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15 New Bond NEW SENIOR UNSECURED GREEN BOND • Eur 300,000,000 • 5 years tenor • Maturity November 4th, 2030 • Annual coupon 4.450% Orders from both Italian and foreign institutional investors for over 1.35 billion euros at peak Funding sources diversified Net Financial Position mix rebalanced between bank debt and capital markets Maturity profile further extended Average interest rate of debt reduced An amount equal to the net proceeds from this issuance were used to refinance green projects in the «Green Buildings» category under the IGD’s Green Financing Framework, previously financed through bank mortgage borrowings..
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16 Net Financial Position as of 09/30/2025 Loan to Value Interest Cover Ratio Average cost of debt 48,1% 3,86% 2,4X NFP 9M 25 €792.0 mn 44.4% 6.0% 1.8X 44.0% 5.3%* 2.0X 12/31/2024 09/30/2025 *Weighted Average Interest Rate of the debts towards banks and other lenders Net Debt/Ebitda7.9x 8.1x NFP FY24 €806.5 mn 5.1%* Post Bond issue
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17 Group’s Maturities Profile Nominal debt due to banks and other sources of finance (€ mn) • Average maturity: 4.9 years post bond issuance ( vs 4.6 years as of 30 September) • Ratings* confirmed: Fitch BBB- (Stable); S&P BB (Stable) *Latest review Fitch rating - October 2025; latest review S&P rating February 2025 Secured bank debt Unsecured bank debt Bond Debt maturity as of 09/30/2025 Debt maturity post bond issue Secured bank debt Unsecured bank debt
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18 Additional Financial Highlights and Debt breakdown *Debt calculated excluding the IFRS16 effect DEBT BREAKDOWN* 09/30/2025 Post bond issue 6/30/2025 9/30/2025 Pro-forma post bond issue Gearing ratio 0.83X 0.81X 0.82X 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 Uncommitted credit lines available €20.6 mn €11.5 mn Committed credit lines granted and available €65 mn €65 mn Unencumbered assets €142.8 mn €142.8 mn €676.8 mn
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Sustainability: latest news *Percentage calculated on assets fair value BREEAM Certifications Photovoltaic Building Energy Management System 19 9M 2025 Contract signed with Edison Next to install a photovoltaic system at the Tiburtino Shopping Center: it will be the largest photovoltaic system installed in IGD shopping centers -20% energy consumption (May–Sept. ‘25 vs May–Sept. ‘24) @Conè, first shopping center where the AI-based consumption monitoring system came into operation 82%* of Italian freehold portfolio is certified with a minimum «Very Good» rating
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Attachments
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21 Consolidated Financial Statements (€ mn) (a) (c) 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 leasehold rental activities -0.3 -0.3 Net Rental Income Leasehold 6.8 6.7 Net Rental Income 85.2 82.6 Revenues from services 6.2 6.8 Direct costs from services -4.4 -5.2 Net Service Income 1.8 1.6 HQ Personnel -5.6 -5.8 G&A Expenses -3.7 -3.9 CORE BUSINESS EBITDA (Operating Income) 77.7 74.5 Core business EBITDA Margin 72.8% 72.2% Revenues from trading 0.7 1.7 Cost of sale and other cost from trading -0.9 -2.1 Operating result from trading -0.2 -0.4 EBITDA 77.5 74.1 Ebitda Margin 72.1% 70.7% Impairment and FV adjustments -21.3 -2.4 Change in FV and rights to use IFRS 16 -5.1 -4.4 Depreciation and provisions -1.5 -3.4 EBIT 49.6 63.9 Financial management -52.1 -43.6 Non-recurring Management -29.1 -2.1 PRE-TAX PROFIT -31.5 18.2 Taxes -0.5 -0.6 NET PROFIT FOR THE PERIOD -32.0 17.6 Profit/Loss for the period related to third parties 0.0 0.0 GROUP NET PROFIT -32.0 17.6 GROUP CONSOLIDATED
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22 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 other non current assets 157 140 17 Equity investments 106,185 106,005 180 NWC 5,256 4,411 845 Funds (9,629) (10,645) 1,016 Sundry payables and other non current liabilities (10,396) (10,823) 427 Net deferred tax (assets)/liabilities (8,996) (10,103) 1,107 Total uses 1,769,431 1,778,341 (8,910) Total Group's net equity 976,251 970,273 5,978 Net (assets) and liabilities for derivative instruments 1,202 1,594 (392) Net financial position 791,978 806,474 (14,496) Total sources 1,769,431 1,778,341 (8,910)
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23 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 31.1 4.8 18.2%
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TOP 20 Mall Tenants Merchandise category Turnover impact Contracts footwear 1.5% 11 sportswear 1.3% 3 fashion 1.2% 11 entertainment 1.2% 2 fashion 1.2% 7 services 1.2% 13 fashion 1.1% 16 children's clothing 1.0% 17 home goods 1.0% 11 footwear 1.0% 3 TOP 20 Mall Tenants Merchandise category Turnover impact Contracts fashion 2.5% 10 fashion 2.4% 8 electronics 2.3% 7 fashion 2.1% 10 jewellery 1.8% 28 fashion 1.8% 12 jewellery 1.7% 21 sportswear 1.7% 9 health & beauty 1.6% 14 underwear 1.5% 27 24 Key tenants in Italy 1/2 1° 4° 3° 2° 5° 6° 7° 8° 10° 9° 11° 14° 13° 12° 15° 16° 17° 18° 20° 19° Total impact on mall turnover: 31.1% - Total no. of contracts: 240
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25 Key tenants in Italy 2/2 MERCHANDISING MIX TENANT MIX *Total fashion: 48.1% Fashion* 48.1%
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TOP 10 Tenants Merchandise category Turnover impact Contracts 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 38.0% 43 26 Key tenants in Romania MERCHANDISING & TENANT MIX
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27 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 with new tenants. Renewals and relettings of the period represent 8.3% of freehold malls total rent Total contracts: 8 ROMANIA Total contracts: 456 In 9M 2025 238 renewals were signed with the same tenant 31 contracts were signed with a new tenant . MALLS HYPERMARKETS/ SUPERMARKETS WALB & WALT