Immobiliare Grande Distribuzione SIIQ (IGD) Investor presentation summary

Company overview and strategy

• Leading Italian retail real estate operator focused on developing, managing, and enhancing retail assets with a sustainable, long-term approach.

• Total portfolio market value at €1.8 billion in FY25, with Italy core portfolio at €1.6 billion and 96.06% financial occupancy.

• Strategic priorities include optimizing the financial profile, maximizing value from core business, and enhancing portfolio attractiveness through targeted ESG-compliant investments.

• Ongoing disposal plan for non-core assets, especially in Romania, to reduce debt and fund capex.

• Focus on consistent and sustainable dividend distribution.

Financial performance and guidance

• FY25 EBITDA from core business reached €98.6 million; Q1 26 EBITDA at €24.3 million.

• Funds From Operations (FFO) for FY25 at €41.2 million, with Q1 26 at €11.7 million; FY26 FFO guidance confirmed at ~€45 million.

• Group net profit improved to €32.0 million in FY25 and €5.7 million in Q1 26.

• Loan to Value ratio at 43.3% in Q1 26, trending toward the ~40% target by 2027.

• Net financial position improved to €784.1 million in Q1 26.

Operating performance and portfolio management

• Italian malls saw tenant sales up 4.7% and footfalls up 5.1% in Q1 26 vs Q1 25.

• Occupancy rates for malls and hypermarkets remained high at 96.09% in Q1 26.

• Key tenants include major fashion, electronics, and supermarket brands, with Coop Alleanza 3.0 accounting for 84% of hypermarket turnover.

• 8 out of 15 Romanian assets sold as of Q1 26, totaling €32.5 million; additional €30 million disposals targeted for 2026.

• New store openings in Q1 26 included brands like Pepco, Tezenis, IKEA, KFC, and Piazza Italia.