Slides
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1 FY 2025 RESULTS PRESENTATION February 26th, 2025
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Operating performance remains sound quarter after quarter Financial profile optimised, maturity profile extended and average cost of debt reduced Return to dividends: €0.10 per share paid in May 2025 New disposal strategy launched in Romania: 5 assets sold for a total of €21,8 million 2 CORE BUSINESS FINANCIAL MANAGEMENT DISPOSAL PLAN DIVIDEND 2025: a turning point for IGD The path outlined in the 2025-2027 Business Plan continues
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Positive KPIs vs FY 2024 3 32.0 €mn Group Net Profit Net Rental Income freehold LFL +4.0% +3.0% Core business Ebitda LFL € 41.2mn +15.7% Funds From Operations -30.1 € mn 31/12/24
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4 FY 2025 Operating Perfomance - Italy Figures 2025 vs 2024 CNCC: National Council of Shopping Centers Tenant sales Italian malls +1.6% IGD Hypermarkets +0.8% Footfalls Italian malls CNCC: + 0.8% +3.5%
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An effective leasing activity in 2025 *Malls + Hypermarkets Occupancy WALB (Weighed Average Lease Break): remaining lease term until break option Occupancy Italy* 96.06% WALB Malls Italy 2.09 years Malls + Hypermkt Italy 94.76 94.96 95.06 95.21 95.95 95.99 96.0 96.06 Malls Italy 94.16 94.38 94.48 94.67 95.49 95.55 95.56 95.63 Malls Italy 1.78 1.82 1.9 2.0 2.0 2.0 2.0 2.09 Hypermkt Italy 11.77 12.22 12.9 12.7 12.4 12.2 11.9 11.66 5 +1.4% Upside Italy Italy -3.5 +3.6 +8.0 +4.1 +0.7 +2.2 +1.0 +1.8 Italy malls + hypermarket occupancy Renewals + relettings of the period represent 10.8% of malls total rent Q3 24 Q4 24 Q1 25 (Progressive data - %) Q1 24 Q2 24 Q2 25 Q3 25 Q4 25 (Progressive data - years) Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q2 25 Q3 25 Q4 25 (Actual data - %) Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q2 25 Q3 25 Q4 25
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6 Significant new openings during the year (1/2) La Favorita (MN) Conè (TV) Le Porte di Napoli (NA) Tiburtino (RM), Leonardo (BO), Le Porte di Napoli (NA), Esp (RA), Fonti del Corallo (LI) Esp (RA), Casilino (RM), Città delle Stelle (AP) Tiburtino (RM)
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7 Significant new openings during the year(2/2) Esp (RA), Puntadiferro (FC) Puntadiferro (FC) Centrosarca (MI), La Favorita (MN), Centro d’Abruzzo (CH)Esp (RA) Lungosavio (FC) Conè (TV), Portogrande (AP), Puntadiferro (FC), Le Porte di Napoli (NA), Le Maioliche (RA), Esp (RA)
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8 Digital: growth and consolidation In 2025 app users have almost tripled compared to 2024. The acquired profiles provide important data on the purchasing behaviour of consumers visitinh IGD shopping centers. Marketing automation and user registration platforms were enhanced, to increase retention rate and improve data collection. Focus on CRM The digitalisation process of shopping centers continued with significant results: Increasingly engaging and customized shopping experiences IGD CONNECT Since July 2025, the IGD Connect platform for managing and digitizing tenant relationships has been active in 28 Shopping Centers. New integrated platfom for tenants This evolution represents and important step toward a more integrated, value-driven model, geared to data analysis and sharing. CONSUMER APPs In 2025 the Loyalty App was adopted by 12 Shopping Centers
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9 The real estate market in 2025 Source: CBRE * Including Grandi Stazioni transaction for approx €1bn ITALY 9 Real Estate Investments Retail 13.5€ bn Di cui ~4€ bn* +49% YoY ROMANIA FY 2025 FY 2025 Real Estate Investments Retail 0.5€ bn Di cui ~ 0.3€ bn 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) In 2025, investments in retail were the leading asset class volume-wise and they were mainly focused on outlets and shopping centers
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Revaluation driven by organic growth, not impacted by the valuation discount rates applied Core Portfolio Value increases 10 Italy Core Portfolio Market Value €1,565.1 mn +1.8% vs FY2024
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Market Value of IGD Portfolio 11* Does not include assets sold in 2025 ** The decrease mainly relates to Officine Storiche residential (Porta a Mare) deeds executed in 2025 FY 2024 FY 2025 Δ % 2025 vs 2024 Net Exit Yield EPRA Net Initial Yield EPRA Net Initial Yield topped up Malls Italy 1,354.3 1,383.4 + 2.14% 7.3% Hypermarkets Italy 183.6 181.7 (-1.04%) 6.2% Total IGD core portfolio 1,537.9 1,565.1 + 1.76% 7.2% New investments 11.2 Romania LFL 94.6 92.4 (-2.34%) 7.4% 7.2% 7.4% Romania disposal 22.6 Porta a Mare + development + other 35.3 34.7 Officine Storiche residential (Porta a Mare) 3.8 1.6 Total IGD Portfolio 1,694.2 1,704.8 + 0.63% 2 Leasehold properties (IFRS16) 10.2 4.4 Equity investments 106.0 103.1 Total IGD Portfolio including leasehold properties and equity investments 1,810.4 1,812.3 + 0.11% 6.2% 6.5%
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12 Main Debt Ratios Loan to Value 43.5% -90bps vs FY2024 Weighted Average Interest Rate 5.1% *Ebitda calculated over the 12 months rolling Net Debt/Ebitda 8.0x* +10bps vs 2024 4.8% Post-financing Feb. ‘26
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13 Net Rental Income Freehold *Cluji February ‘25, Alexandria June ‘25, Vaslui July ‘25, Slatina November ‘25 and Tulcea December ‘25 Change vs 24 LFL +€3.9 mn +4.0% - €6.3 mn of which: ▪ -€5.2 mn Food portfolio sold in 2024; ▪ -€1.1 mn disposals Romania* (€ mn) -1.1 Of which: ▪ +4.3% Italy; ▪ -1.0% Romania -5.2 €mn 2025 Margin on revenues % Change LFL NRI NRI Freehold 101.5 84.5% 4.0% NRI Consolidated 110.3 85.4% 3.4%
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Core Business Ebitda 14 Change vs 24 LFL + €2.9 mn +3.0% (€ mn)
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Financial Management 15* Financial Management Adj.: net of the effects of the application of IFRS 16 to leasehold agreements, non-recurring items arising from the early termination of loans, bonds and derivative instruments, as well as the portion and above-par repayment of bonds. It includes non-recurring charges for €4.4 million following the issue of a new bond at the end of October, net of mark-to-market adjustments on closed IRSs (relating to the redemption of Helmet II, tranche A). Financial Management Adj*: - €8.7 mn vs 2024 (-15.6%) thanks to the improvement in financial management resulting from the reduction in average net debt, as well as the progressive improvement in the weighted average interest rate. (€ mn)
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16 Change vs 24 +€5.6 mn +15.7% (€ mn) FFO Change vs 24 LFL +€11.9 mn +40.5% The improvement in financial management and like for like core business more than offset the impact of disposal Exceeded the FFO Guidance of €39 million announced in August 2025
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Group Net Profit 17 Change vs ‘24 +€62.1 mn (€ mn)
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18 Dividend €0.15 (+50% vs 2024) Dividend per share (mostly resulting from profit from exempt management) The Board of Directors resolved to submit the proposal to the Shareholders for approval at the next AGM *Dividend 2025 payable in 2026 to be submitted for approval at the Annual General Meeting to be held on April 16th Thanks to the significant results achieved, driven by the Company’s commitment and undertaken initiatives Coupon n. 8 Detachment date: May 4th Record date: May 5th Payment date: May 6th
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19 A year of intense financial activity Issued a new unsecured green bond for € 300mn; the net proceeds of the issuance were used to refinance Tranche A of the green secured loan signed in February 2025, amounting to €285 million, and due in 2029 Signed a green secured loan agreement for € 615 mn and fully repaid existing bonds Signed a secured loan agreement for € 165 mn February 2025 November 2025 February 2026 *Bond “€310,006,000 Fixed Rate Step-Up Notes due 17th May 2027” and 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” Increased diversification of funding sources Started rebalancing the Net Financial Position structure between banking system and debt capital markets Further extended the debt maturity profile Reduced average interest rate
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20 Net Financial Position as of 12/31/2025 Loan to Value Interest Cover Ratio Average cost of debt 48,1% 3,86% 2,4X NFP FY25 €789.4 mn 44.4% 6.0% 1.8X 43.5% 5.1%* 2.0X 12/31/2024 12/31/2025 *Weighted Average Interest Rate of debts toward banks and other lenders Net Debt/Ebitda7.9X 8.0X NFP FY24 €806.5 mn 4.8%* Post-financing Feb ‘26
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21 Group’s Maturities Profile Nominal debt due to banks and other sources of finance (€ mn) • Average maturity: 4.75 years as of 12/31/2025; 5.5 years post-refinancing February 2026 • Ratings confirmed: Fitch BBB- (Stable); S&P BB (Positive)* *Latest review Fitch rating: October 2025; latest review S&P rating_ Febraury 2026 Debt maturity as of 31 December 2025 Debt maturity post- refinancing 24 February 2026 Secured bank debt Bond Scheduled depreciation of bank debt Secured bank debt Bond Scheduled depreciation of bank debt
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22 Additional Financial Highlights and Debt Breakdown *Debt calculated excluding the IFRS16 effect Debt Breakdown* 12/31/2025 Post-financing 12/31/2024 12/31/2025 Pro-forma post- financing 2026 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% Uncommitted credit lines granted €79.60 mn €24.60 mn Uncommitted credit lines available €76.91 mn €24.60 mn Committed credit lines granted and available €60 mn €54.5 mn Unencumbered assets €1,097.58 mn €679.97 mn €679.97 mn
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€ 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% 23 EPRA NAV Indicators
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24 Sustainability: 2025 activities AWARDS • «Aziende più attente al clima 2025» Among the Italian companies with the greatest GHG emission reduction (Corriere della Sera/Statista) • «Leader della Sostenibilità 2025» Among the Italian companies more focused on climate change (Sole24 Ore /Statista) EPRA BPR Gold Award 2024 Consolidated Financial Statements EPRA sBPR Gold Award 2024 Sustainability Report • Stable workforce: vs 2023 and 2024, 169 employees • DE&I: Policy approved and UNI ISO 30415 certification acquired • Welfare: more resources to employees and new «Long Term Care» insurance policy • Stakeholder engagement: increase in no. of investors and tenants met • Events carried out with local associations: 30% out of the total • Associations and other non-profit organisations: 281 involved in 2025 • Responsible Supply Chain Policy: subscribed by suppliers • Cybersecurity: process started to strengthen IT security • QHSE Management system certified in 2025 • GHG emission intensity/sqm (Group): -27.3% vs 2024, -54.2% vs 2018 • Waste sorting (Italy): 85% (+2 p.p vs 2024) • EV charging: +31.2% charging stations vs 2024 • Events social and economic impact: € 3.3 million invested by the consortiums • Socio-environmental events: 20% out of the total • Shopping centers with at least one socio-ennvironmental initiative (Italy): 88%
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Focus on BREEAM Certifications 25* Data updated following certification renewals in January 2026
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Outlook
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2026 FFO Outlook FUNDS FROM OPERATION (FFO) IS EXPECTED TO BE AT LEAST €45 MILLION (c. +9.2% vs FY 2025) The path started in 2025 continues, IGD forecasts growing operating results and a further improvement in financial management 27
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28 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
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29 Agenda CONFIRMED 18 MARCH: Virgilio Mid-Small Cap Conference (Paris) 25_26 MARCH: STAR Conference (Milan) 20 MAY: European Real Estate Seminar Kempen (Amsterdam) 10 JUNE: European Real Estate Capital Markets Conference Morgan Stanley (London) 8-10 SEPTEMBER: EPRA Conference (Milan) CORPORATE 16 APRIL: Annual General Meeting 7 MAY: Results as of 3/31/2026 4 AUGUST: Results as of 6/30/2026 12 NOVEMBER: Results as of 9/30/2026 INVESTOR RELATIONS
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Appendix
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31 Consolidated Financial Statements (€ mn) 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 leasehold rental activities -0.3 -0.5 Net Rental Income Leasehold 9.1 8.8 Net Rental Income 113.0 110.3 Revenues from services 8.2 8.9 Direct costs from services -5.8 -6.6 Net Service Income 2.4 2.3 HQ Personnel -7.4 -8.1 G&A Expenses -6.1 -5.9 CORE BUSINESS EBITDA (Operating Income) 102.0 98.6 Core business Ebitda margin 71.3% 71.3% Revenues from trading 2.3 2.1 Cost of sale and other cost from trading -2.5 -2.6 Operating result from trading -0.2 -0.5 EBITDA 101.7 98.1 Ebitda Margin 70.0% 69.9% Impairment and FV adjustments -25.2 9.0 Change in FV and rights to use IFRS 16 -6.7 -5.9 Depreciation and provisions -3.3 -4.0 EBIT 66.5 97.2 Financial management -67.1 -59.5 Non-recurring Management -29.2 -5.4 PRE-TAX PROFIT -29.8 32.3 Taxes -0.3 -0.3 NET PROFIT FOR THE PERIOD -30.1 32.0 Profit/Loss for the period related to third parties 0.0 0.0 GROUP NET PROFIT -30.1 32.0 GROUP CONSOLIDATED
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32 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 (8,520) - Sundry receivables and other non current assets 166 140 25 14.90% Equity investments 103,313 106,005 (2,692) -2.61% NWC (333) 4,411 (4,744) 1424.62% Funds (8,970) (10,645) 1,675 -18.67% Sundry payables and other non current liabilities (10,117) (10,823) 706 -6.98% Net deferred tax (assets)/liabilities (8,025) (10,103) 2,078 -25.89% Total uses 1,781,442 1,778,341 3,101 0.17% Total Group's net equity 992,545 970,273 22,272 2.24% Net (assets) and liabilities for derivative instruments (482) 1,594 (2,076) 430.71% Net financial position 789,379 806,474 (17,094) -2.17% Total sources 1,781,442 1,778,341 3,101 0.17%
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33 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%
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34 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) 6.3% 6.3% EPRA 'topped-up' NIY 6.6% 6.6% EPRA Vacancy Rate Malls Italy 4.4% 5.3% EPRA Vacancy Rate Hypermarkets Italy 0.0% 0.0% EPRA Vacancy Rate Total Italy 3.9% 4.8% EPRA Vacancy Rate Romania 5.0% 4.2% EPRA LTV 45.3% 46.4% EPRA Cost Ratios (including direct vacancy costs) 23.5% 23.6% EPRA Cost Ratios (excluding direct vacancy costs) 19.7% 19.7% EPRA Earnings (€'000) € 40,380 € 30,365 EPRA Earnings per share € 0.37 € 0.28
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35 EPRA Net Asset Value (€ 000) 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 vi) Fair value of financial instruments (1,453) (1,453) 1,593 1,593 viii.a) Goodwill as per the IFRS balance sheet (6,566) (6,566) (6,648) (6,648) viii.b) Intangibles as per the IFRS balance sheet (718) (833) Include: ix) Fair value of fixed interest rate debt (408) 1,994 NAV 1,003,539 996,255 985,571 985,934 978,453 965,618 Fully diluted number of shares 110,341,903 110,341,903 110,341,903 110,341,903 110,341,903 110,341,903 NAV per share 9.09 9.03 8.93 8.94 8.87 8.75 Change % vs 12/31/2024 1.8% 1.8% 2.1% 12/31/202412/31/2025
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TOP 20 Mall Tenants Merchandise category Turnover impact Contracts footwear 1.4% 11 sportswear 1.3% 3 entertainment 1.2% 2 fashion 1.2% 11 services 1.1% 13 fashion 1.1% 16 fashion 1.1% 7 fashion 1.0% 16 home goods 1.0% 11 footwear 1.0% 3 TOP 20 Mall Tenants Merchandise category Turnover impact Contracts fashion 2.7% 11 fashion 2.4% 8 electronics 2.2% 8 fashion 2.1% 10 fashion 2.0% 13 jewellery 1.8% 28 sportswear 1.7% 9 health & beauty 1.5% 14 jewellery 1.5% 19 underwear 1.5% 27 36 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% - Total no. of contracts: 226
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37 Key tenants in Italy 2/2 MERCHANDISING MIX TENANT MIX Fashion* 48.5% *Total fashion: 48.5%
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TOP 10 Tenant Merchandise category Turnover impact Contracts 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 40.3% 43 38 Key tenants in Romania MERCHANDISING E TENANT MIX
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39 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 new tenant Renewals and turnover of the year represent 10.8% of mall total rent Total contracts: 8 ROMANIA Total contracts: 434 In 2025 290 renewals were signed with the same tenant and 54 contracts were signed with a new tenant MALLS HYPERMARKETS/ SUPERMARKETS WALB & WALT
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Luca Lucaroni, CFO luca.lucaroni@gruppoigd.it Claudia Contarini, IR claudia.contarini@gruppoigd.it Elisa Zanicheli, IR T eam elisa.zanicheli@gruppoigd.it Federica Pivetti, IR T eam federica.pivetti@gruppoigd.it Follow us on Linkedin