Immobiliare Grande Distribuzione SIIQ (IGD) investor relations material

Executive summary

• Net rental income freehold like-for-like increased by 4.1% year-over-year to €50.6 million; core business EBITDA rose 3.4% to €48.3 million; FFO grew 21.7% to €24.1 million; group net profit nearly doubled to €20.6 million.

• Tenant sales in Italian malls increased by 4.6% and footfall by 4.3% year-over-year, both outperforming national benchmarks.

• Occupancy rates for malls and hypermarkets in Italy improved to 96.22%, with WAULT at 2.13 years and rent improvements in renewals and new contracts.

• Strategic focus on anchor tenants, entertainment, food & beverage, and digital initiatives is driving higher traffic, longer visits, and enhanced customer engagement.

• Asset repositioning, restyling, and sustainability initiatives, including new photovoltaic plants and increased employee welfare, are underway.

Financial highlights

• FFO for H1 2026 at €24.1 million, up 21.7% year-over-year; group net profit at €20.6 million, nearly double H1 2025.

• Net rental income freehold reached €50.6 million, up from €49.8 million in H1 2025; core business EBITDA was €48.3 million with a margin of 71.2%.

• Portfolio value stable at €1.802 billion despite disposals; Italian core portfolio value up 0.6% to €1,574.4 million.

• Net financial position improved to €781.0 million from €789.4 million; LTV at 43.2%, down 30 bps from year-end 2025.

• Weighted average interest rate decreased to 4.8%; ICR increased to 2.3x; net debt/EBITDA stable at 8.0x.

Outlook and guidance

• FFO guidance for 2026 raised to at least €46 million, up 11.7% from FY2025, reflecting confidence despite macro volatility.

• Priority remains on growing FFO, net profit, and KPIs, with medium-term growth expected, especially post-Romanian disposals.