CONSOLIDATED HALF YEAR FINANCIAL REPORT 30/6/2026

IMMOBILIARE GRANDE DISTRIBUZIONE

SOCIETÀ DI INVESTIMENTO IMMOBILIARE QUOTATA S.P.A.

Registered office in Bologna, Via Trattati Comunitari Europei 1957 -2007, 13 VAT and Bologna Company Register no: 397420399 Bologna Chamber of Commerce (R.E.A.) no.:458582 Share capital fully subscribed and paid -in EUR 650,000,000

CONSOLIDATED HALF YEAR FINANCIAL

REPORT

30/6/2026

IGD GROUP Interim Management Report

2 1. IGD Group’s Interim Management Report ................................ ................................ ........... 4 1.1. //Foreword ................................ ................................ ................................ ................. 5 1.2. // Alternative Performance Indicators ................................ ................................ ................ 5 1.3. //IGD Group ................................ ................................ ................................ ................ 6 1.4. //Income statement review ................................ ................................ ............................. 8 1.5. //Statement of financial position and financial review ................................ ......................... 19 1.6. // EPRA Performance Indicators ................................ ................................ ..................... 24 1.7. // The Stock ................................ ................................ ................................ .............. 33 1.8. //Significant events of the first half ................................ ................................ ................. 37 1.9. //The real estate portfolio ................................ ................................ ............................. 40 1.9.1. The real estate portfolio ................................ ................................ ............................... 42 1.9.2. Detailed analysis of the freehold property assets ................................ ............................... 49 1.9.2.1. ITALY ................................ ................................ ................................ ...................... 50 1.9.2.2. ROMANIA ................................ ................................ ................................ ................ 52 1.10. // Appraisals of the Independent Experts ................................ ................................ .......... 55 1.11. // The SIIQ status: Regulatory Environment and Information on the Company’s Compliance ........ 75 1.12. //Post -balance sheet events ................................ ................................ ......................... 78 1.13. //Outlook for the current financial year ................................ ................................ ............ 78 1.14. // Intercompany and related party transactions ................................ ................................ . 78 1.15. // Treasury shares ................................ ................................ ................................ ...... 79 1.16. // Research and development ................................ ................................ ....................... 79 1.17. // Significant transactions ................................ ................................ ............................ 79

2. IGD GROUP’S CONSOLIDATED HALF - YEAR STATEMENTS AT 30 JUNE 2026 .............................. 80

2.1 // Consolidated income statement ................................ ................................ ................. 81 2.2 //Consolidated statement of comprehensive income ................................ .......................... 82 2.3 // Consolidated statement of financial position ................................ ................................ . 83 2.4 // Consolidated statement of changes in equity ................................ ................................ . 84 2.5 // Consolidated statement of cash flows ................................ ................................ .......... 85 2.6 // Notes to the condensed consolidated half -year statements ................................ ............... 86 2.7 // Certification of the consolidated half -year financial statements ................................ ........ 142 2.8 // Independent Auditors’ Report on the limited audit of the consolidated condensed half -year statements ................................ ................................ ................................ ............. 143 3. GLOSSARY ................................ ................................ ................................ ................. 145

IGD GROUP Interim Management Report

3 Corporate & Supervisory Bodies

Supervisory Board

Giuseppe Carnesecchi (Chairman), Alessandra De Martino, Paolo Maestri.

Independent Auditors

Deloitte &Touche S.p.A.

Financial Reporting Officer

Emanuela Caleffi

Board of Directors Office ExecutiveNon ExecutiveIndependentControl and Risk

CommitteeNomination and

Compensation

CommitteeRelated Party

CommitteeStrategic

Committee

Antonio Rizzi Chairman X X X Edy Gambetti Vice Chairman X X Roberto ZoiaChief Executive

OfficerX X

Antonello Cestelli Director X X Antonio Cerulli Director X X Alessia Savino Director X Daniela Delfrate Director X X X X Francesca Mencuccini Director X Laura Ceccotti Director X Mirella Pellegrini Director X X X Simonetta Ciocchi Director X X X X Board of Statutory AuditorsOffice Standing Alternate Iacopo Lisi Chairman X Barbara Idranti Auditor X Massimo Scarafuggi Auditor X Juri Scardigli Auditor X Laura Macrì Auditor X Pierluigi Brandolini Auditor X

1. IGD Group ’s Interim Management Report

IGD GROUP Interim Management Statement

5 1.1. //Foreword IGD Group ’s consolidated half -year financial report as of 30 June 2026 has been prepared pursuant to Art. 154 -ter of Legislative Decree 58/1998, in accordance with the valuation and measurement criteria established by the International Accounting Standards (IAS/IFR S) adopted by the European Commission according to the procedure set out in Article 6 of Regulation (EC) no. 1606/2002 of the European Parliament and of the Council of 19 July 2002 and, in particular, IAS 34 – Interim Financial Reporting. The half -year fin ancial report, accompanied by the explanatory notes, includes the accounting statements as of 30 June 2026, of IGD Siiq S.p.A. (hereinafter the “Company”, “IGD” or “IGD SIIQ”) and its subsidiaries (hereinafter “Gruppo IGD”, “IGD Group” or “Group”), detailed in the paragraph on the scope of consolidation.

1.2. // Alternative Performance Indicators This report contains alternative performance indicators , in addition to the conventional indicators required in audited financial statements that comply with IAS/IFRS. Alternative performance indicators are derived from the financial statements prepared in compliance with IAS/ IFRS but have also been calculated using other sources or alternative methods (as provided for in CONSOB communication no. 92543/15) where clearly specified. These may not comply with the accounting standards required of audited financial statements and may not consider the accounting, recognition and measurement requirements associated with such standards.

The indicators that are deemed to be significant for the Group’s financial statements include like-for-like revenue, core business EBITDA, core business EBITDA margin, FFO, net financial position, interest cover ratio, average cost of debt (net of ancillar y expenses, recurring and non), gearing ratio, loan to value, EPRA net asset value metrics, the calculations of which are described in the Glossary.

IGD GROUP Interim Management Statement

6 1.3. //IGD Group IGD was the first company in Italy to become a SIIQ, in 2008, and is still the only company in the large -scale retail sector to have been admitted to this tax regime. The majority of the Group's real estate assets is in Italy and is equal to approximately 95.4%. The remaining assets, equal to approximately 4.6%, are in Romania, where IGD controls the Winmarkt shopping centre chain through the company Win Magazin S.A.

IGD SIIQ’s perimeter of exempt operations includes the freehold assets in Italy (approximately 94.4% of the total value of the Group’s portfolio).

IGD GROUP Interim Management Statement

7 At 30 June 2026, in addition to the Group parent company, IGD Group comprises:

• 99.9% of Arco Campus S.r.l., a company engaging in the sale, leasing and management of properties designed to become sports facilities or host activities connected to the development and spread of sports;

• 100% of Alliance SIINQ S.r.l. , a company engaging in the sale, leasing and management of real properties for commercial use;

• 100% of IGD Service S.r.l., which not only owns the business divisions that hold the licenses for the Centro Sarca, Millennium Centre, Gran Rondò, and Darsena centres, but also manages third -party centres (Centro Nova), services including management mandates for freehold and leasehold centres and controls the majority of the operations which are not included in the SIIQ perimeter;

o 99.9% of WinMagazin SA , the Romanian subsidiary, through which it controls 100% of WinMarkt Management S.r.l. , the company responsible for the team of Romanian managers in charge of the Romanian shopping centres;

o 100% of Porta Medicea S.r.l. , responsible for the construction of the mixed -use real estate development and requalification of Livorno’s waterfront.

The Group also holds equity investments in two real estate funds:

• Juice Fund , in which the Group owns a 40% stake, established in financial year 2021. The fund’s portfolio consists of 5 hypermarkets and 1 supermarket.

• Food Fund, of which the Group holds a 40% share, established in 2024. The fund owns a portfolio consisting of 8 hypermarkets, 3 supermarkets and 2 shopping malls.

IGD GROUP Interim Management Statement

8 1.4. //Income statement review In the first half of 2026, the international macroeconomic situation was affected by the significant deterioration in the geopolitical scenario, with the outbreak of the conflict between the United States, Israel, and Iran at the end of February. This cont ext has led to a sharp increase in energy commodity prices and, at the same time, a deterioration in business and household confidence, heightening uncertainty about the global economy's growth

prospects .1

In this context, the various economies showed different trends: In the United States, economic activity continued to show sustained growth, supported by solid domestic demand and investment, while the Euro Area was more affected by the effects of rising en ergy prices and the deterioration of confidence, recording a decline in Gross Domestic Product (GDP) in the first quarter ( -0.2%).2

Regarding inflation, the sharp increase in energy prices in the Euro Area has led to an upward revision of estimates for 2026, with an expected rate of around 3%, still above the 2% target set by the European Central Bank. In this context, at its June meet ing, the ECB raised official interest rates by 25 basis points, making the first increase since 2023.3 At its subsequent meeting in July, however, it kept rates unchanged, while confirming its cautious stance and leaving open the possibility of further increases if persistent pressures on energy prices continued to hinder inflation's return to the 2% targe t.4

Within this framework, however, the Italian economy has shown good resilience: in the first quarter of 2026, Gross Domestic Product grew by 0.3% compared to the previous quarter, supported by the contribution of domestic demand and, above all, net foreign demand. The most recent estimates indicate a 0.7% increase in GDP in 2026 compared to 2025, continuing the growth rates recorded in the previous two years. This growth will continue to be driven primarily by domestic demand, while the contribution from foreign demand will remain more limited, impacted by the slowdown in world trade5.

Strong consumption determined the solid operating performance of Italian malls in the first six months of 2026: compared to the same period the previous year, footfall increased by +4.3%, while mall tenants' sales increased by +4.6% . The Group's freehold hypermarkets and supermarkets also delivered positive results, recording a +1.3% increase for the first half year compared to the same period of the previous year.

During the first half of the year, IGD continued its marketing activity, the effectiveness of which is reflected in the results achieved: the average mall and hypermarkets occupancy rate at 30 June 2026 was 96.22%, continuing on the progressive increase tr end recorded over the

1Source: ISTAT - Le prospettive per l’economia italiana nel 2026 -2027 (courtesy translation: Italian economy outlook) , June

2026

2Source: Source ISTAT – Nota sull’andamento dell’economia italiana (courtesy translation: Note on the performance of the Italian economy ), July 2026 3Source: European Central Bank – Monetary Policy Decisions, June 2026 4Source: European Central Bank – Monetary Policy Decisions, June 2026 5 Source : ISTAT - Le prospettive per l’economia italiana nel 2026 -2027 (courtesy translation: Italian economy outlook) , June

2026

IGD GROUP Interim Management Statement

9 quarters (+13 bps compared to 31 March 2026; +16 bps compared to 31 December 2025); the average occupancy rate for malls was 95.81% against 31 March 2026 (+18 bps compared to 31 December 2025).

The capacity of IGD shopping centres for attracting international anchor tenants is once again confirmed: Ikea, Normal, Pepco, and KFC are just some of the brands that have chosen the Group's shopping centres to expand their network in Italy over the last six months.

The 92 leases signed during the first half of the year (50 renewals and 42 turnovers), representing 5.8% of mall rents, led to an uplift of 0.9%. The Weighted Average Lease Break (WALB), i.e. the minimum guaranteed lease term before the tenant’s break option, is equal to 2.13 years.

The set of operating results just described contributed to the increase in the value of the core Italian real estate portfolio in the half -year (+0.6% on a like -for-like basis).

In Romania, after the +0.7% GDP growth recorded in 2025, the economy slowed in 2026, penalised by persistent high inflation and the measures adopted by the Government to consolidate public finances. At the end of the year, GDP is expected to grow by 1%. 6Despite the challenging macroeconomic environment, the shopping malls in the Winmarkt portfolio continued to deliver good operating performance. In the first six months of 2026, 108 leases (83 renewals and 25 turnover) were signed with an average increase on renewal rents of 1.59%;

As at 30 June 2026, the occupancy rate was 93.0%, a modest decline versus 31 December 2025, due to the number of unforecast exits over the six months. The Group is currently working to replace these tenants, supported by space redesigns and related commercial investments.

In terms of asset management, IGD’s closing balance of investments and capex for the first half of 2026 was approximately €6.4 million. The main activities involved restyling work at the Leonardo shopping centres in Imola and Lungo Savio in Cesena, and commercial fit -out activities at the Katané centres in Gravina di Catania, Punta di Ferro in Forlì, Le Maioliche in Faenza, Tiburtino in Guidonia Montecelio and Casilino in Rome.

As part of the Porta a Mare Waterfront project in Livorno, the final deed signed in June concluded the sale of the entire residential complex, consisting of 73 apartments in the Piazza Mazzini sub -area and 42 apartments in the Officine Storiche sub -area.

In the first half of the year , the sale of three additional assets in the Romanian portfolio was finalised for a total of approximately €10.7 million, broadly in line with their book value. These transactions add to the disposals completed in 2025 for €21.8 million, confirming the steady progress of the Romanian portfolio disposal process outlined in the 2025 -2027 Business Plan.

Initial discussions are also underway with potential buyers for further sales, for a total value of approximately 15 million euros, which could be completed by the end of 2026.

Financially, the most significant H1 2026 transaction was the green secured loan of €165 million, which IGD finalised in February 2026. The liquidity provided by this transaction was

6Source: European Commission – Spring Economic Forecast , May 2026

IGD GROUP Interim Management Statement

10 used to fully repay the green secured loan signed in 2023, allowing the Company to extend the average maturity of its debt to 5.0 years as of 30 June (vs. 4.75 years as of 31 December 2025).

Furthermore, the new financing has a lower margin than the existing financing and has therefore allowed a further reduction in the average interest rate on the Group's debt, which at the end of June stood at 4.8% (average rate of 5.1% as of 31 December 202 5).

With regard to other financial indicators, at 30 June 2026, the Loan -to-value ratio was stable at 43.2% (44.4% at 31 December 2025), while the interest coverage ratio, or ICR, stood at 2.3x (2.0x at 31 December 2025) and the Net Debt/EBITDA ratio was 8.0x (8.3x at 31 December 2025).

The lower financial burden resulting from the financial maneuvers of the first half and the previous year, combined with the solid operating results that confirm those of 2025 despite the smaller number of properties, led the Group to close the first half with a consolidated net profit of €20,609 thousand, marking a significant improvement compared to the same period the previous year, which recorded a consolidated net profit of €10,600 thousand.

The consolidated operating income statement is shown below:

(a) (b)

30/06/2026 30/06/2025

Revenues from freehold rental activities 59,465 59,268 Direct costs from freehold rental activities -8,871 -9,468 Net Rental Income Freehold 50,594 49,800 Revenues from leasehold rental activities 3,680 4,576 Direct costs from leasehold rental activities -166 -111 Net Rental Income Leasehold 3,514 4,465 Net Rental Income 54,108 54,265 Revenues from services 4,567 4,430 Direct costs from services -3,552 -3,181 Net Service Income 1,015 1,249 HQ Personnel -4,131 -3,856 G&A Expenses -2,689 -2,701 CORE BUSINESS EBITDA (Operating Income) 48,303 48,957 Core business Ebitda margin 71.3% 71.7% Revenues from trading 1,453 1,251 Cost of sale and other cost from trading -1,551 -1,523 Operating result from trading -98 -272

EBITDA 48,205 48,685

Ebitda Margin 69.6% 70.0% Impairment and FV adjustments -1,966 -58 Change in FV and rights to use IFRS 16 -2,269 -2,780 Depreciation and provisions -815 -1,663

EBIT 43,155 44,184

Financial management -22,669 -31,652 Non-recurring Management 43 -1,496

PRE-TAX PROFIT 20,529 11,036

Taxes 80 -436

NET PROFIT FOR THE PERIOD 20,609 10,600

Profit/Loss for the period related to third parties 0 0

GROUP NET PROFIT 20,609 10,600GROUP CONSOLIDATED

IGD GROUP Interim Management Statement

11 Certain cost and revenue items have been restated or offset, which explains any differences from the financial statements (see the segment reporting section for further information).

Intermediate results as per the reclassified income statement, namely CORE BUSINESS EBITDA, EBITDA, and EBIT, are not defined as accounting measures under International Accounting Standards and should therefore not be considered a substitute for evaluating the Company's performance. Also , the way the company determines intermediate results may not be consistent with the methods followed by other companies and/or groups in the sector, therefore such figures may not be comparable.

Net rental income At 30 June 2026, freehold rental income amounted to €59,465, increasing slightly compared to the same period of the previous financial year. For a more correct comparison, following the change in scope, the 2025 like -for-like rental revenues were €57,968 thousand, taking into account the change in scope.

The increase compared to 2025 on a like -for-like basis, equal to €1,497 thousand (+2.6), is due to the like -for-like revenue growth in Italy (+3.1%), while Romania shows a slight decrease ( -

4.6).

Direct costs from freehold rental activities amount to €8,871 thousand. The decrease is mainly due to the costs of the disposed portfolio, down €144 thousand compared to the same period of the previous financial year. On a like -for-like basis, direct costs in the first half of 2026 amount to €8,708 t housand, a decrease of €453 thousand ( -4.9%) on the same period of the last year. The change mainly refers to savings in condo expenses in connection with better occupancy, and lower accruals and losses on receivables.

IGD GROUP Interim Management Statement

12

Net rental income freehold (net revenues from rental activities) was €50,594 thousand, up €794 thousand on the previous year. For a more correct comparison, following the change in scope, the 2025 like-for-like net rental income was calculated taking into account the scope change of -€1.156 thousand: the change in sold scope derives from the relevant change in revenues of €1.300 thousand and costs of €144 thousand indicated above. The net rental income increase compared to the 2025 like-for-like figure is €1.950 thousand.

Net rental income leasehold was €3,514 thousand, down from the same period the previous year , mainly for the Fonti del Corallo master lease expires in February 2026.

The overall net rental income is €54,108 thousand, showing a slight decrease compared to the €54,265 thousand of the same period the previous year.

The restated net like -for-like rental income for 2025 amounts to €51,999 thousand, an increase of €2.109 thousand.

IGD GROUP Interim Management Statement

13 Net services income Revenues from services amounted to €4,567 thousand, increasing +3.1% (+€137 thousand) compared to the previous year , mainly due to higher revenues from outsourcing and management of centres. Most of this revenue comes from the facility management business (75.9% of the total or €3,465 thousand).

Direct costs from services amounted to €3,552 thousand, an increase of €371 thousand (+11.7%) compared to the previous year, due in particular to the higher cost of general expenses considered for the services business unit and the increase in network personnel to strengthen the structure.

Net services income is €1.015 thousand, an increase of 18.7% compared to the previous year.

IGD GROUP Interim Management Statement

14 Core business G&A Expenses Core business G&A expenses , including headquarters personnel expenses , were €6,820 thousand, increasing from €6,557 thousand in the first half of 2025, mainly due to the growth of headquarters personnel expenses.

These expenses came to 10.1% of core business revenue.

Operating result from trading As at 30 June 2026, the sale of three residential units and two garages had been completed, bringing the Officine Storiche residential sector to full completion.

The operating result from trading shows a loss of €98 thousand , mainly due to the IMU local property charge for the three sub -areas on sale, and corporate charges relating to the Porta Mare company.

The costs for the Porta a Mare project are broken down below:

IGD GROUP Interim Management Statement

15 EBITDA

Core business EBITDA for H1 2026 was €48,303 thousand, 1.3% lower than the previous year but improving €1,612 thousand on a like -for-like basis.

Overall EBITDA was €48,205 thousand, down 1.0% on the same period the previous year.

The changes in the components of total EBITDA in 2026 are shown below.

Fair value adjustment and write -downs of assets in progress and inventories Fair value adjustments and impairment losses/reversals as at 30 June 2026 amounted to a negative €4,235 thousand, decreasing compared with €2,838 thousand at 30 June 2025.

Fair value changes ( -€4,034 thousand) were made up as follows:

an impairment loss of €2,268 thousand on right -of-use assets from application of IFRS 16;

• an impairment loss of €6,000 thousand for extraordinary maintenance on the freehold and leasehold properties of IGD Group ’s Italian companies;

• an impairment loss of €285 thousand for extraordinary maintenance on freehold properties of the Romanian subsidiary Win Markt SA;

• a revaluation of €8,985 thousand for the adjustment to fair value of the freehold investment property of IGD Group ’s Italian companies, based on independent appraisals as of 30 June 2026;

• an impairment loss of €4,820 thousand for the adjustment to fair value of the freehold investment property of the Romanian subsidiary Win Magazin SA, based on the findings of independent appraisals as of 30 June 2026 on such investments.

IGD GROUP Interim Management Statement

16 Net impairment losses of €201 thousand reflect impairment losses on the Officine (residential), Molo, Lips, and Arsenale sub -areas based on the reports of independent appraisers at 30 June 2026.

EBIT

EBIT was negative by €43,155 thousand, higher on a year -on-year basis, for the reasons described above.

Income/ (loss) from equity investments and asset disposal

In accordance with the provisions of the 2025 -2027 Business Plan, on 2 March 2026, the subsidiary Win Magazin S.A. signed a contract for the sale of an asset located in Turda, a city of approximately 50,000 inhabitants. The property was acquired by the Municipality of Turda following the exercise of a right of pre -emption, as part of a project to convert and rede velop the area by the city administration, for a total consideration of approximately €550 thousand.

The transaction had a positive economic impact of €147 thousand, including the ancillary costs associated with the transaction.

Financial income and charges

As described in more detail in paragraph 1.8 of this interim management report, on 24 February 2026 IGD SIIQ S.p.A. signed a secured financing agreement for a total amount of €165 million, underwritten by a pool of leading national and international banks and financial institutions.

The net amount disbursed has been used primarily to fully repay the green mortgage loan signed on 9 May 2023, which as of 25 February , had a residual debt of approximately €157 million. The loan will extend the Group’s average debt maturity to 5.5 years, shifting the first significant maturity to 2030.

06/30/26 06/30/25 Change 147 (496) 643 147 (496) 643 Gain/(loss) from property sales Result from equity investments and property disposals

IGD GROUP Interim Management Statement

17 On 16 March 2026, IGD SIIQ S.p.A. signed an agreement for an unsecured facility of up to €10 million, with a term of 5 years, intended to finance investment projects aimed at improving the adaptation and resilience of real estate assets to climate change.

As a result of the refinancing operation, the balance of the item " financial management " went from €31,652 thousand on 30 June 2025 to €22,669 thousand on 30 June 2026. The increase of €8,983 thousand is mostly explained by:

• the decrease in interest expense on mortgages and bonds, including IRS differentials, resulting from the reduction in the average debt rate linked to the refinancing operations carried out in 2025 and in the first quarter of 2026;

• the decrease in amortised cost of the bonds, which in 2025 had been significantly influenced by the effects of the repayment of existing loans carried out as part of the large refinancing operation completed in March 2025;

• the increase in the amortised cost of mortgage loans resulting from the early repayment of a mortgage refinanced in March 2026 ;

• the increase in financial income.

At 30 June 2026, the average debt rate (without considering the debt’s recurring and non -

recurring accessory charges) was 4.83%, compared to an average cost of debt of 5.10% in 2025. The effective average cost of debt for the first half of 2026 was 5.24%, down from 6.33% in 2025.

The interest coverage ratio (ICR) calculated as the ratio of EBITDA to net financial charges , is 2.1x, improving from 1.6x at 31 December 2025.

The adjusted interest coverage ratio , calculated as the ratio of EBITDA to adjusted financial charges, financial management net of IFRS 9, non -recurring exchange charges and negative carry value, is 2.3x (2x at 31 December 2025).

Taxes

Overall current and deferred tax effect is positive by €80 thousand; an improvement compared to €516 thousand recorded at 30 June 2025.

Current taxes amounted to €1,695 thousand, an increase of €157 thousand compared to the first half of 2026. This item is mainly attributable to the taxes that the Romanian subsidiary Win 06/30/26 06/30/25 Change 1,695 1,852 (157) (2,138) (1,418) (720) 363 2 361 (80) 436 (516) Income taxesDeferred tax liabilitiesCurrent taxes Out-of-period income/charges - Provisions

IGD GROUP Interim Management Statement

18 Magazin S.A. will have to pay in relation to the sale of the properties located in Turda and Ploiești.

Deferred taxes amounted to €2,138 thousand, an increase of €720 thousand on the reference period. The change is mainly attributable to (i ) the adjustment of deferred tax liabilities resulting from the change in the fair value of real estate investments held by the subsidiary Win Magazin S.A., operating under the ordinary tax regime, and the sale of the properties in Turda and Ploiești, and to (ii) the accounting under IFRS 16 of the rental contract for the shopping mall in the «Centro Nova» Shopping Centre.

Group net profit/loss As a result of the above factors, the Group recorded a net profit of €20,609 thousand, compared with a net profit of €10,600 thousand for the same period the previous year.

The change in net loss compared with the previous year is broken down below.

Core business FFO FFO (Funds From Operations), a performance measurement indicator widely used in real estate sector analyses (SIIQs and REITS), which defines the cash flows generated by recurring operations, amounted to €24,142 thousand as of 30 June 2026, an increase of €4,299

IGD GROUP Interim Management Statement

19 thousand compared to the first quarter of the previous year , mainly due to the improvement in recurring financial charges.

*Includes some 2024 non -recurring items that were excluded from FFO **Financial operations net of the effects of IFRS 16, non -recurring financial expenses recognized following the early repayment of loans and the early termination of derivative instruments, as well as net of changes in the fair value of derivative instrume nts recognized in the income statement.

1.5. //Statement of financial position and financial review IGD Group ’s statement of financial position at 30 June 2026 can be summarised as follows:

Funds from Operations H1 2026 H1 2025 Δ Core business EBITDA 48,303 48,957 (654) IFRS16 Adjustments (Payable leases) (3,197) (4,467) 1,270 Financial Management Adj** (20,512) (24,052) 3,540 Current taxes of the period* (452) (595) 143

FFO 24,142 19,843 4,299

(amount in € thousand)06/30/2026 12/31/2025 ∆ % Investment property 1,679,071 1,687,320 (8,249) -0.49% Assets under construction and pre-payments 2,522 2,512 10 0.40% Intangible assets 6,226 7,284 (1,058) -14.52% Other tangible assets 8,678 8,292 386 4.66% Sundry receivables and other non current assets 167 166 1 0.47% Equity investments 103,308 103,313 (5) 0.00%

NWC 1,406 480 926 192.92%

Funds (7,790) (8,970) 1,180 -13.15% Sundry payables and other non current liabilities (10,516) (10,930) 414 -3.79% Net deferred tax (assets)/liabilities (6,346) (8,025) 1,679 -20.92% Total uses 1,776,726 1,781,442 (4,716) -0.26% Total Group's net equity 999,091 992,545 6,546 0.66% Non-controlling interest capital and reserves - - - 0.00% Net (assets) and liabilities for derivative instruments (3,414) (482) (2,932) 85.88% Net financial position 781,049 789,379 (8,330) -1.07% Total sources 1,776,726 1,781,442 (4,716) -0.27%

IGD GROUP Interim Management Statement

20 The following is a commentary on the main changes that affected the financial position as of 30 June 2026, compared to 31 December 2025.

✓ Investment propert y suffered a net overall decrease of €8,249 thousand, determined by the following effects:

• continuation of extraordinary maintenance work, amounting to €6,280 thousand, mainly relating to restyling work at the Leonardo and Lungo Savio shopping centres in Imola and Cesena respectively, and to commercial fit-outs at Katané in Gravina di Catania, Punta di Ferro in Forlì, Le Maioliche in Faenza, Tiburtino in Guidonia Montecelio and Casilino in Rome;

• sales, completed in the first half of 2026 by the subsidiary Win Magazin S.A., for a total of €10,500 thousand, of which €400 thousand relating to the sale of an asset located in Turda, and €10,100 thousand relating to the sale of two assets in Ploiești;

• fair value adjustments: Specifically, investment property was revalued by €13,601 thousand and written down by €15,366 thousand for a net negative impact of €1,765

thousand;

• the write -down of the right -of-use asset for the mall at the Centro Nova shopping centre was determined based on an independent appraisal, by €2,269 thousand.

✓ Intangible assets underwent a negative change of €1,058 thousand, mainly attributable to:

• conclusion of the lease agreement for the Fonti del Corallo business unit, which resulted in the collection of €1,000 thousand of the increased value of the business unit that had previously been recorded under goodwill;

• amortisation for the first half of 2026 amounting to €154 thousand, only partially offset by the costs incurred for the implementation of the integrated accounting and management software and the personnel management software, amounting to a total of €96 thousand.

✓ Other tangible assets increased by a total of €386 thousand, mainly due to depreciation pertaining to the first half of 2026, amounting to €584 thousand, only partially offset by increases related to new investments for the purchase of equipment, furniture, fixtures and system s for €137 thousand, and those incurred for extraordinary maintenance of the headquarters amounting to €52 thousand.

✓ Assets under construction and pre-payments amount to €2,522 thousand, an increase of €10 thousand compared to 31 December 2025.

✓ Equity Investments decreased by €5 thousand as a result of the sale of Emilbanca shares.

IGD GROUP Interim Management Statement

21 ✓ Net Working Capital , as shown in the table below, recorded an overall increase of €926 thousand compared to 31 December 2025.

The main changes compared to 31 December 2025 that contributed to the increase in Net Working Capital were:

• an overall increase of €290 thousand in trade receivables from third parties and related parties due to an increase in collection times in the first half of the year compared to the last quarter of the previous year;

• an overall decrease of €1,651 thousand in payables to suppliers and related parties, due to different payment timing compared to the previous year and less work carried out in the first half of the year compared to the last half of 2025;

• increase in other current assets, equal to €125 thousand, mainly attributable to higher prepaid expenses relating to insurance and other operating costs;

• increase in tax liabilities, equal to approximately €326 thousand, attributable to the increase in debts for current taxes and withholdings, only partially offset by the decrease in debts for VAT and substitute tax;

• decrease in inventories, with a change of €1.462 thousand in the quarter, determined:

• sale of 3 residential units and 3 enclosed garage units in the Officine Storiche for a total amount of €1,362 thousand;

• works for the completion of the residential units in the Officine Storiche sub -area and for the arrangement of the Molo, Lips and Arsenale sub -areas, for a total amount of approximately €100 thousand;

• decrease in current liabilities of €717 thousand, mainly attributable to the reduction in accrued expenses, security deposits and debt for received repayments, as well as the extinction of the debt relating to ancillary costs linked to some loans, followin g the signing of the new secured loan completed in February 2026, which led to the closing of a secured mortgage raised in May 2023.

✓ The Funds decreased by €1,180 thousand, due to:

• upon the release, by the subsidiary Win Magazin S.A., of the fund allocated for adaptation works to be borne by the company for a total of €707 thousand, €200 thousand of which on the asset in Turda, sold in March 2026.

• the release of the variable salary fund, following the payment of the 2025 bonus, in

May 2026;

(amount in € thousand)06/30/2026 12/31/2025 ∆ % Inventories and advances 18,303 19,765 (1,462) -7.40% Trade receivables from third parties 6,861 6,954 (93) -1.34% Trade and other receivables from related parties 1,102 719 383 53.27% Other current assets 4,828 4,703 125 2.66% Trade and other payables 12,776 14,427 (1,651) -11.44% Trade and other payables to related parties 1,486 1,417 69 4.87% Tax liabilities 2,960 2,634 326 12.38% Other liabilities 12,466 13,183 (717) -5.44% Net Working Capital 1,406 480 926 65.86%

IGD GROUP Interim Management Statement

22 • the accrual to provisions of the variable salary pertaining to 2026;

• provisions in respect of certain ongoing IMU disputes relating to certain shopping

centres;

• the works to be carried out by IGD at the Centro Lame and Clodì shopping centres, which were sold in 2024;

• adjustments of the TFR employee leaving indemnity provisions.

✓ Non -current payables and other liabilities as of 30 June 2026 saw an increase of €414 thousand compared to the previous period. This change is mainly attributable to the reduction in the debt relating to the substitute tax on the redemption carried out pursuant to Article 14 of Legislative Decree 1 92/2024, following the reclassification of the portion due within the financial year among current liabilities.

✓ Net deferred tax liabilities (assets) , which went from €8,025 thousand to €6,346 thousand due to tax misalignments mainly relating to (i ) the application of IFRS 16 and (ii) the fair value adjustments of real estate investments that do not fall within the SIIQ scope and the effects of the sale of the Turda and Ploiești properties.

✓ Group net equity amounted to €999.091 thousand at 30 June 2026, and the increase of €6,546 thousand is due to:

• the dividends paid during the period by the group parent, amounting to €16,551

thousand;

• the upward adjustment of the reserve for existing derivatives, accounted for using the cash flow hedge method, and amounting to €2.717 thousand;

• movements in the foreign currency translation reserve for financial statements in a currency other than the Group’s, for a balance of €217 thousand;

• the Group's share of net profit for the period, which is €20,609 thousand;

✓ Net derivative (assets)/liabilities, which increased compared to the previous year. The fair value measurement of hedging derivatives at 30 June 2026 increased net assets, compared to the previous year, by €2,932 thousand.

Net financial position as of 30 June 2026 amounted to €781,049 thousand, improving by €8,330 thousand compared to 31 December 2025, mainly due to the cash flow from operations, the sale of the Romanian subsidiary’s assets net of changes in net working capital and investment for the period.

For further information on the change in the net financial position, see the consolidated statement of cash flows in Chapter 2.5.

Below is the breakdown of net debt:

IGD GROUP Interim Management Statement

23

The gearing ratio is the ratio of net debt to net equity, including non -controlling interests, net of cash flow hedge reserves. The figure recorded as of 30 June 2026, equal to 0.79, is substantially in line with the figure at 31 December 2025.

IGD GROUP Interim Management Statement

24 1.6. // EPRA Performance Indicators IGD Group decided to report on a few of the EPRA performance indicators, in accordance with the EPRA recommendations7, found in the EPRA Best Practices Recommendations8.

EPRA Vacancy Rate: the portfolio’s vacancy rate calculated as the ratio between the estimated market rental value (ERV) of the vacant premises and the ERV for the whole portfolio. Given the different characteristics of the portfolio and the Italian market with respect to the Romanian one, the vacancy rate was calculated separately by asset class and for the two countries.

NET ASSET VALUE METRICS : are the main performance indicators that provide stakeholders with information about the fair value of the company’s assets and liabilities.

The EPRA Best Practices Recommendations provide three Net Asset Value indicators: EPRA Net Reinstatement Value (NRV), EPRA Net Tangible Assets Value (NTA) and EPRA Net Disposal Value (NDV).

NET REINSTATEMENT VALUE (NRV) : The objective of the EPRA Net Reinstatement Value measure is to highlight the value of net assets on a long -term basis. It is calculated based on the equity attributable to the Group (as shown in IFRS financial statements), excluding the fair value of he dging instruments and deferred taxes on the market valuations of property and hedging derivatives.

NET TANGIBLE ASSETS (NTA): the underlying assumption is that the Group buys and sells assets, impacting deferred taxation. It represents a scenario in which a few properties could be sold. Unlike NRV, the goodwill and the intangible assets included in the financial statements are n ot part of the equity attributable to the Group.

NET DISPOSAL VALUE (NDV) represents the stakeholders’ value under a Group disposal scenario, where deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liability, net of any resulting tax. In this disposal scenario , goodwill is excluded from the Group’s portion of equity, while the fair value of debt is included.

EPRA Cost Ratios: these ratios provide a consistent comparison base for the Group’s main structural and operating costs. They are calculated as a percentage of operating and general costs, net of management fees and other limited items not attributable to the company's cor e business, on gross rental revenues. There are two EPRA Cost Ratios, one that includes and one that excludes direct vacancy costs.

7 European Public Real Estate Association 8 See www.epra.com

IGD GROUP Interim Management Statement

25 EPRA Earnings: this is a measure of a company’s underlying operating performance net of fair value adjustments, gains and losses from the sale of investment property and a limited number of other items that are not considered to be part of the Group’s core business.

EPRA Net Initial Yield (NIY): is a measure calculated as the annualised rental income (including variable and temporary revenue), less non -recoverable operating expenses, divided by the market value of the real estate assets, net of properties currently being developed.

EPRA “topped -up” NIY: is a measure calculated by adjusting the EPRA NIY by the annualised rental income (including variable and temporary revenue) excluding any other temporary incentives such as discounted rent -free periods and step -up rents.

EPRA LTV: Is a measure which shows the ratio of the net financial position (which includes financial debt for the headquarters’ lease and the balance between payables and receivables) to the market value of the real estate assets. The debt and assets of the companies in which the Group has a significant interest are included in the calculation.

The results obtained by applying the EPRA Best Practices Recommendations are summarized

below:

EPRA Performance Measure 06/30/2026 12/31/2025

EPRA NRV (€'000) € 1,006,413 € 1,003,539

EPRA NRV per share € 9.12 € 9.09

EPRA NTA € 1,000,187 € 996,255

EPRA NTA per share € 9.06 € 9.03

EPRA NDV € 989,114 € 985,571

EPRA NDV per share € 8.96 € 8.93 EPRA Net Initial Yield (NIY) 6.3% 6.3% EPRA 'topped-up' NIY 6.5% 6.6% EPRA Vacancy Rate Gallerie Italia 4.2% 4.4% EPRA Vacancy Rate Iper Italia 0.0% 0.0% EPRA Vacancy Rate Totale Italia 3.8% 3.9% EPRA Vacancy Rate Romania 7.0% 5.0%

EPRA LTV 44.8% 45.3%

06/30/2026 06/30/2025

EPRA Cost Ratios (including direct vacancy costs) 22.7% 22.8% EPRA Cost Ratios (excluding direct vacancy costs) 19.7% 18.9% EPRA Earnings (€'000) € 25,161 € 17,440 EPRA Earnings per share € 0.23 € 0.16

IGD GROUP Interim Management Statement

26 NAV calculations, considering the three indicators above, at 30 June 2026 are shown below:

The NRV was lower than at 31 December 2025 (+0.3%) due mainly to the changes in net equity and the fair value of financial instruments. These changes are primarily attributable to: (i) growth of the FFO (ii) payment of dividends (in a single payment in May 2026), and (iii) other minor changes in equity.

The NTA was higher than at 31 December 2025 (+0.4%). The difference with respect to the NRV is that goodwill and intangible assets recognized in the financial statements are excluded from the NTA calculation.

The NDV was higher than at 31 December 2025 (+0.4%). This change, in addition to the data indicated above, also reflects the increase in the fair value valuation of the debt.

The net initial yield (NIY) is the ratio between the annualized rents generated by the portfolio (including variable and temporary revenue), net of irrecoverable operating costs and the real estate assets market value, net of development properties and ass ets being remodelled.

The annualised rental income includes all the adjustments that the company is contractually entitled to consider at the close of each year (indexing and other changes).

Net Asset Value EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV

IFRS Equity attributable to shareholders 999,091 999,091 999,091 992,545 992,545 992,545

Exclude:

v) Deferred tax in relation to fair value gains of IP 10,736 10,736 12,447 12,447 vi) Fair value of financial instruments (3,414) (3,414) (1,453) (1,453) viii.a) Goodwill as per the IFRS balance sheet (5,567) (5,567) (6,566) (6,566) viii.b) Intangibles as per the IFRS balance sheet (659) (718)

Include:

ix) Fair value of fixed interest rate debt (4,410) (408)

NAV 1,006,413 1,000,187 989,114 1,003,539 996,255 985,571

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 9.12 9.06 8.96 9.09 9.03 8.9306/30/2026 12/31/2025 €'000 Italy RomaniaTotal (no IFRS16) Leasehold Total Italy RomaniaTotal (no IFRS16) Leasehold Total Investment property – wholly owned 1,602,390 77,030 1,679,420 2,178 1,681,597 1,593,225 92,330 1,685,555 4,441 1,689,996 Investment property – share of JVs/Funds 0 0 0 0 0 0 0 0 0 0 Trading property (including share of JVs) 17,757 0 17,757 0 17,757 19,219 0 19,219 0 19,219 Less developments -20,182 0 -20,182 0 -20,182 -21,589 0 -21,589 0 -21,589 Completed property portfolio 1,599,965 77,030 1,676,995 2,178 1,679,172 1,590,855 92,330 1,683,185 4,441 1,687,626 Allowance for estimated purchasers’ costs 0 0 0 0 0 0 0 0 0 0 Gross up completed property portfolio valuation B 1,599,965 77,030 1,676,995 2,178 1,679,172 1,590,855 92,330 1,683,185 4,441 1,687,626 Annualised cash passing rental income 113,582 6,277 119,859 6,293 126,152 112,965 8,093 121,058 9,529 130,587 Property outgoings -13,822 -994 -14,816 -120 -14,936 -14,162 -1,472 -15,634 -512 -16,146 Annualised net rents A 99,760 5,283 105,043 6,173 111,216 98,803 6,621 105,424 9,017 114,441 Add: notional rent expiration of rent free periods or other lease incentives2,974 151 3,125 153 3,278 5,394 226 5,620 216 5,836 Topped-up net annualised C 102,734 5,434 108,168 6,326 114,494 104,197 6,847 111,044 9,233 120,277

EPRA NIY A/B 6.2% 6.9% 6.3% 283.5% 6.6% 6.2% 7.2% 6.3% 203.0% 6.8%

EPRA “topped-up” NIY C/B 6.4% 7.1% 6.5% 290.5% 6.8% 6.5% 7.4% 6.6% 207.9% 7.1%Consolidated 30-Jun-26 31-Dec-25NIY and “topped-up” NIY disclosureConsolidated

IGD GROUP Interim Management Statement

27 The real estate assets considered for the purposes of NIY (the completed portfolio) include: (i) the properties held entirely by the Company; (ii) any properties held in joint venture ; and (iii) assets held for trading. Plots of land and properties under development are not included. The properties (hypermarkets and malls) which will be remodelled were reclassified under “Investment properties under development”.

The EPRA Topped -up NIY is a measure calculated by making an adjustment to EPRA NIY based on the annualised rental income (including variable and temporary revenue) at capacity, namely excluding any temporary incentives such as discounted and step -up rents.

The EPRA vacancy rate in the Italian portfolio was 3.8%, improving on 31 December 2025.

The vacancy rate for malls came to 4.2%, improving compared to 31 December 2025, while the full occupancy of hypermarkets is in line with the prior year. The EPRA vacancy rate in Romania was 7.0%, i.e. 5.0% higher than at 31 December 2025.

EPRA Vacancy RateHypermarkets

ItalyShopping Malls

Italy Total Italy Romania Estimated Rental Value of vacant space A - 4.57 4.57 0.45 Estimated rental value of the whole portfolio B 12.03 109.11 121.14 6.46 EPRA Vacancy Rate A/B 0.00% 4.19% 3.78% 7.01%

IGD GROUP Interim Management Statement

28 The calculations used for the EPRA Cost Ratios are shown below:

The EPRA cost ratio (including direct vacancy costs) is in line with the figure at 30 June 2025.

The EPRA cost ratio (excluding direct vacancy costs) is slightly higher than the same period the prior year, as a result of higher capped condo costs.

In the first half of 2026 the Group did not capitalize any project management costs related to development projects.

1H 1H

CONS_2026 CONS_2025

Include:

(i) Administrative/operating expense line per IFRS income statement -19,551 -19,542 (ii) Net service charge costs/fees 2,190 1,949 (iii) Management fees less actual/estimated profit element 3,513 3,480 (iv) Other operating income/recharges intended to cover overhead expenses less any related profits39 16 (v) Share of Joint Ventures expenses Exclude (if part of the above):

(vi) Investment Property depreciation (vii) Ground rent costs 0 0 (viii) Service charge costs recovered through rents but not

separately invoiced

EPRA Costs (including direct vacancy costs) (A) -13,809 -14,097 (ix) Direct vacancy costs -1,822 -2,413 EPRA Costs (excluding direct vacancy costs) (B) -11,987 -11,684 (x) Gross Rental Income less ground rent costs - per IFRS 63,146 63,845 (xi) Less: service fee and service charge costs components of Gross Rental Income (if relevant) (x)-2,190 -1,949 (xii) Add: share of Joint Ventures (Gross Rental Income less ground

rent costs)

Gross Rental Income ( C ) 60,956 61,896 EPRA Cost Ratio (including direct vacancy costs) (A/C) 22.7% 22.8% EPRA Cost Ratio (excluding direct vacancy costs) (B/C) 19.7% 18.9% Cost Ratios

IGD GROUP Interim Management Statement

29 The EPRA Earnings per share calculation is shown below:

1H 1H

CONS_2026 CONS_2025

Earnings per IFRS income statement 20,609 10,600 EPRA Earnings Adjustments:

(i) Changes in value of investment properties, development properties held for investment and other interests4,235 2,837 (ii) Profits or losses on disposal of investment properties, development properties held for investment and other interests0 1,496 (iii) Profits or losses on sales of trading properties including impairment charges in respect of trading properties-89 53 (iv) Tax on profits or losses on disposals 25 -15 (v) Negative goodwill / goodwill impairment 0 0 (vi) Changes in fair value of financial instruments and associated close-out costs1,865 2,223 (vii) Acquisition costs on share deals and non-controlling joint venture interests0 0 (viii) Adjustments related to funding structure (ix) Adjustments related to non-operating and exceptional items 0 0 (x) Deferred tax in respect of EPRA adjustments -1,484 246 (xi) Adjustments (i) to (viii) above in respect of joint ventures (unless already included under proportional consolidation)0 0 (xii) Non-controlling interests in respect of the above 0 EPRA Earnings 25,161 17,440 Company specific adjustments:

(a) General provisions and depreciations 815 1,664 (b) Non-controlling interests in respect of the above 0 0 (c) Tax on profits or losses on disposals 0 15 (d) Prior year tax Adj 363 2 (e) Capitalized interests 0 0 (f) Current Tax 0 0 (g) IFRS16 Leasehold Adj -2,902 -3,925 (h) Other deferred tax 589 -407 (i) Other Adjstument for no core activities 116 5,054 Company specific Adjusted Earnings 24,142 19,843 Earnings Per Share Number of shares 110,341,903 110,341,903 Earnings Per Share 0.23 0.16 Earnings & Earnings Per Share

IGD GROUP Interim Management Statement

30 The EPRA Earnings indicator is calculated by excluding non -monetary items (write -downs, fair value gains and losses on properties and financial instruments recognized in the income statement, any impairment or revaluations of goodwill), as well as non -recu rring items (gains or losses from the disposal of investment properties, profits generated by trading along with current tax, costs relating to the advance repayment of any loans), deferred tax relating to the fair value of properties and financial instrum ents recognized in the income statement, as well as the portion of these items that pertains to non -controlling interests. The main differences with respect to FFO are generic amortisation , depreciation and provisions, as well as the above EPRA adjustments pertaining to the Group, the non -recurring tax recognised in the income statement and the deferred tax that does not relate to the fair value of properties and financial instruments recognised in the income statement, and non -recurring financial costs.

The figure posted on 30 June 2026 shows an increase of €7,721 thousand or +44.3%, higher than the increase in FFO, mainly due to increased generic provisions and non -recurring financial charges ( not included in the FFO) compared to the previous year, which included a share of expected redemption above par in 2025.

The EPRA LTV is a measurement of the ratio between the net financial position, including finance leases relating to headquarters to which the difference between receivables (trade, other current assets, other non -current receivables) and payables (trade, p rovisions for risks and charges, TFR employee leaving indemnity provisions, other liabilities) is added, and the value of the real estate portfolio, including the building housing the company’s office.

The Group holds two equity investments equal to 40% in two real estate funds (Food and Juice funds) and therefore the LTV of the equity investments is added to the Group's ratio. For greater transparency and comparability, in the first column of the table we show the Group’s calculation of the LTV using the Group’s method and the relevant reconciliation with the EPRA LTV.

€/000I) LTV under IFRS as reported witout EPRA adjustmentsII) Adjustments to arrive at Epra Group LTV III) Group Epra LTV

before material

associates adjustmentsIV) Share of Material Associates (€ M)V) Epra LTV

Include:

Borrowings from Financial Institutions 498,367 411 498,778 25,256 524,034 Bond Loans 303,146 0 303,146 303,146 Foreign Currency Derivatives (futures, swaps, options and forwards) 0 0 0 0 Net Payables 0 35,036 35,036 35,036 Owner-occupied property (debt) 0 1,802 1,802 1,802 Exclude: 0 0 Cash and cash equivalents 22,266 0 22,266 4,089 26,355 Net Debt (a) 779,247 37,249 816,496 21,167 837,663

Include:

Owner-occupied property 0 6,946 6,946 6,946 Investment properties at fair value 1,781,808 0 1,781,808 57,853 1,839,661 Properties held for sale 0 0 0 Properties under development 20,825 370 21,195 21,195 Intangibles 0 659 659 659 Financial assets 0 -411 -411 -411 Total Property Value (b) 1,802,633 7,564 1,810,197 57,853 1,868,050 LTV (a/b) 43.2% 45.1% 44.8%

IGD GROUP Interim Management Statement

31 Additional information on investment properties In accordance with EPRA Best Practices Recommendations, the capital expenditure made in the last two years is shown below:

The Acquisitions at 31.12.2025 include the logistics property acquired in 2025, called “Logistica San Vito”.

Development includes the investments made in the reporting period in the development company Porta Medicea in Livorno.

“No incremental lettable space ”, under investment properties, includes the capex made to accommodate new retailers and property restyling.

Other material non -allocated types of expenditure include extraordinary maintenance of properties, systems, earthquake proofing, as well as improvements to the Environmental Management System.

The Group is not a party to any joint ventures.

In 2025 , the Group did not capitalise any project management costs related to development projects.

With regard to capex capitalised for freehold properties , please refer to the following sections of the Report on Operations:

• 2.2.2 Statement of financial position and financial review • 2.5 Significant events in the year - Investments and the Explanatory Notes (section 4.6.5, Notes 12, 13, 14, 15, 16, 17).

The Estimated Rental Value of Vacant Space is reported in the section above on the EPRA Vacancy Rate.

For the accounting standards used for the various asset classes please refer to the Explanatory Notes (Chapter 4.6.2.1).

With regard to the real estate portfolio appraisals, the independent experts selected and the appraisal criteria used, please refer to section 2.6 The Real Estate Portfolio in the Directors’ Report and section 4.6.3 Use of Estimates in the Explanatory Notes.

The reports issued by each independent expert on the appraisals made at 31 December 2025 are in section 2.7 Appraisals of the Independent Experts, in the Directors’ Report.

Capital expenditure (Euro/thousand) 06/30/2026 12/31/2025 Acquisitions 0 11,020 Development 102 250 Investment properties 6,306 14,140 Incremental lettable space 0 0 No incremental lettable space 3,978 6,413 Tenant incentives 0 0 Other material non-allocated types of expenditure 2,328 7,727 Capitalised interest (if applicable) 0 0 Total CapEx 6,408 25,410

IGD GROUP Interim Management Statement

32 The reconciliation of the fair value shown in the independent experts’ appraisals and the book value of the real estate portfolio, along with any changes in the classification of real estate assets, are reported in section 2.6 The Real Estate Portfolio in the Directors’ Report.

IGD GROUP Interim Management Statement

33 1.7. // The Stock IGD’s shares are traded on the Euronext Milan market managed by Borsa Italiana as part of the Industry Finanza and Super Sector Beni Immobili index; IGD is also part of the Euronext STAR segment. The stock began trading on 11 February 2005.

The minimum lot is €1.00. The specialist is Intesa Sanpaolo – IMI Corporate & Investment Banking.

IGD’s stock symbols:

RIC: IGD.MI

BLOOM: IGD IM

ISIN: IT0005322612

Borsa Italiana ID instrument: 327.322 IGD SIIQ S.p.A’s share capital amounts to €650,000,000.00, broken down into 110,341,903 ordinary shares without a stated par value.

IGD is included in a number of index families.

International indices : Bloomberg, FTSE Russel, S&P, STOXX, Sustainalytics.

Real estate sector indices : EPRA (European Public Real Estate Association) and GPR (Global Property Research).

The IGD stock is also a component of five stock market indices with an ESG (Environment, Social & Governance) focus , including: Bloomberg ESG Data Index, Bloomberg ESG Score Universe, Bloomberg ESG Coverage Index, FTSE EPRA Nareit Developed Green Index, Sustainalytics ESG Universe: Ratings+ Index.

IGD is financially rated by Fitch Ratings Ltd. and S&P Global Ratings: in particular, Fitch has assigned the Company a BBB -investment grade with a Stable Outlook, while S&P has assigned a rating of BB with a Positive Outlook.

IGD has 11 independent and unsolicited ESG ratings , as well as two solicited ratings from CDP and GRESB.

IGD GROUP Interim Management Statement

34 Volume of IGD shares traded since 2 January 2026

Bloomberg data compiled by IGD

During H1 2026, average daily trading of IGD shares stood at 129,941 units for an average value of €518,630.

IGD’s stock price since 2 January 2026

Source: Bloomberg data compiled by IGD

IGD shares continued their appreciation trend during the first half of 2026, recording an increase of 22.9%. Starting from a value of €3.43 on 2 January 2026 , the stock closed the half -

year at € 4.215 on 30 June 2026 . The high for the year, of €4.55, was recorded on 29 May , while the period low of €3.425 was recorded on 13 January.

IGD GROUP Interim Management Statement

35 IGD’s stock vs. the Italian stock market index FTSE Italia All - Share, EPRA/NAREIT Developed Europe and EPRA/NAREIT Developed Europe Retail (Base 2.1.2025= 100)

Source: Bloomberg data compiled by IGD

During the first half of 2026, IGD shares showed significant outperformance compared to all benchmark indices, recording growth higher than both the FTSE Italia All Share (+13.0%) and the main European real estate sector indices ( FTSE EPRA/NAREIT Developed Europe +0.7% and FTSE EPRA/NAREIT Europe REITs +9.5% ).

The stock's performance reflects the market's appreciation of the Group's results and the progress made in executing the 2025 -2027 Business Plan. In particular, investors welcomed the strengthening of the financial structure resulting from the refinancing concluded in February, which allowed for a reduction in the average cost of debt and an extension of its maturity, the steady progress of the Romanian portfolio disposal program, and the confirmation of the solidity of the operating performance.

In June, the Group's commitment to the plan was further recognised with the stock's return to the FTSE Italia Mid Cap index, effective 23 June 2026. Inclusion in the index, from which the Company left in 2021, is an important confirmation of the progress made in implementing the Business Plan and contributes to increasing IGD's visibility in the international financial community.

Investor Relations

Broker coverage

As of 30 June 2026, the consensus target price of the four analysts covering IGD shares stands at €4.88. Please note that since January 2026, ABN AMRO – Oddo BHF, a leading European financial institution headquartered in Amsterdam, the Netherlands, has started covering the security. Brokers’ recommendations are divided between neutral (one “Neutral”

IGD GROUP Interim Management Statement

36 ratings), and buy recommendations (with three “Outperform”, “Buy” and “Accumulate” ratings).

No broker has issued a sell recommendation for IGD shares.

Presentations and meetings with investors In the first half of 2026, IGD held two presentations in the form of conference calls:

• 26 February, to discuss the results for FY 2025;

• 6 May, to discuss the results for Q1 2026.

During the first half of 2026, IGD further intensified its Investor Relations activity, achieving the best results since 2019 in terms of engagement with the financial community. In the first six months of the year, management attended several investor events, meeting with a total of 68 institutional investors, a 62% increase compared to the first half of 2025. Among these, 24 asset management companies met with IGD for the first time, a 100% increase compared to the same period last year, confirming the financial community's growing interest in IGD and the impl ementation of its Business Plan.

The activity was developed through participation in conferences and roadshows organised by leading international financial institutions. Among the most significant events were the roadshow organized in April in London by Banca Akros and KBC Securities, IGD's first dedicated roadshow in the London market since 2018; the European Real Estate S eminar by Van Lanschot Kempen held in Amsterdam, in which the Company returned to participate for the first time since 2011; the Euronext STAR Conference of Borsa Italiana held in Milan; and the European Real Estate Capital Market Conference organized by Morgan Stanley at their London headquarters.

At the same time, the Company continued to engage with equity investors and bondholders through one -to-one meetings, both in person and online, encouraging ongoing discussion on the Group's performance, the progress of the Business Plan, and the Company's development prospects.

Financial calendar 2026 4 August - Board of Directors’ meeting to approve the Half -year Financial Report at 30 June 2026.

12 November - Board of Directors’ meeting to approve the Interim Financial Report as at 30 September 2026.

IGD GROUP Interim Management Statement

37 1.8. //Significant events of the first half The main events in the reporting period are described below.

Corporate events

On 24 February 2026, IGD SIIQ S.p.A. signed a secured loan agreement for an amount of €165 million with a pool of leading national and international banks and financial institutions , which includes, as Mandated Lead Arrangers, Intesa Sanpaolo – IMI CIB Division (which also acts as Agent, Security Agent and Green Loan Coordinator), Banca Monte dei Paschi di Siena S.p.A., Banco BPM S.p.A., BNL BNP Paribas. The loan has a variable rate, a 6 -year term, and is classified as green under the Company's Green Financing Framework. The net amount disbursed has been used primarily to fully repay the green mor tgage loan signed on 9 May 2023, which as of 25 February had a residual debt of approximately €157 million. The loan will extend the Group’s average debt maturity to 5.5 years, shifting the first significant maturity to 2030. The new loan carries a margin 135 basis points lower than the existing loan and will therefore further reduce the Group’s average cost of debt, in line with the radical transformation of its financial structure begun in 2025.

*** On 24 February 2026, the sale of the business unit relating to the shopping mall “Fonti del Corallo” Centre in Livorno was completed, in implementation of the commitments undertaken with BNP Paribas Real Estate Investment Management Italy SGR p.A. (“BNP”), manager of “Immobiliare Negri” real estate fund, under the Framework Agreement of 13 February 2014 and the Preliminary Contract for the sale of the business unit signed on 27 June 2019.

The sale was completed following IGD's exercise of its contractual right to terminate the Mall's lease early, as it was due to expire on 25 February 2026, and in accordance with the provisions of the Preliminary Agreement, which established that the transf er would be completed by the lease termination date.

*** On 26 February 2026, the Board of Directors examined and approved the draft financial statements and consolidated financial statements as of 31 December 2025. The Board of Directors simultaneously approved the Report on Corporate Governance and Ownership Structure, an integral part of the Financial Statements. The Board of Directors approved the 2025 Corporate Sustainability Report, subject to Limited Assurance by Deloitte & Touche, which certified compliance with the most important international standards (the GRI Standards).

Furthermore, the Board of Directors examined and approved, upon proposal from the Nomination and Remuneration Committee, the Report on Remuneration and Compensation pursuant to Article 123 -ter of the TUF.

*** On 2 March 2026, the subsidiary Win Magazin S.A. signed a contract for the sale of an asset located in Turda, a city of approximately 50,000 inhabitants. The property was acquired by the Municipality of Turda by exercising a right of pre -emption, as part o f a project to convert and

IGD GROUP Interim Management Statement

38 redevelop the area by the city administration, for a total consideration of approximately €0.55 million.

*** On 16 March 2026, IGD SIIQ S.p.A. signed an agreement for an unsecured credit line of up to €10 million, with a term of 5 years, intended to finance investment projects aimed at improving the adaptation and resilience of real estate assets to climate chang e.

The financing, provided by Intesa Sanpaolo's IMI Corporate & Investment Banking Division, will be used by IGD to support projects aimed at strengthening the Group's assets' ability to address climate change -related risks, including extreme weather events a nd significant changes in climate conditions, helping to ensure the operational continuity and functionality of the affected properties. Investments eligible for financing under the credit line include, among others, building modernisation and thermal comfort improvements, digitalisation and smart infrastructure, energy efficiency, as well as solutions for sustainable water management, such as water reuse or rainwater harvesting, and mapping and strengthening the climate protection of physical assets.

*** On 16 April 2026, the Shareholders' Meeting of IGD SIIQ S.p.A. approved the Financial Statements for the year ended 31 December 2025, as presented by the Board of Directors at its meeting of 26 February 2026, which closed with a Net Profit of €31.2 million , and to distribute a dividend of €0.15 per share for a total of €16.6 million to be taken: €16.2 million from the statutory profit made available for distribution, entirely deriving from exempt operations; and €0.3 million from using part of the other dis tributable profit reserves deriving from exempt operations.

The Shareholders' Meeting also approved the first section of the "Report on Remuneration and Compensation" pursuant to Article 123 -ter (3 -bis and 3 -ter), of the TUF, and approved the second section of the "Report on Remuneration and Compensation" pursuant to Article 123 -

ter (6) of the TUF.

*** On 21 April 2026, the subsidiary Win Magazin S.A. signed a contract with Dolphin Invest S.A., a Romanian company specialised in the development of retail real estate projects, for the sale of two assets in Ploiești , a city of around 180,000 inhabitants, approximately 60 km north of Bucharest. In particular, the transaction concerns the “Winmarkt Ploiești Big” property and the office building, “Winmarkt Ploiești Junior”. The first is spread over three floors, with a total GLA of over 4,200 sq m, and hosts, among others, tenants such as Carrefour Market, KIK and Pepco. The second is almost entirely leased to the National Agency for Cadastre and Land Registration of Romania (OCPI).

The total value of the sale is approximately €10.1 million.

*** On 7 May 2026 the Board of Directors examined and approved the interim financial report as at 31 March 2026.

IGD GROUP Interim Management Statement

39

Investments

As of 30 June 2026, the Group continued the restyling of Leonardo and Lungo Savio shopping centres in Imola and Cesena respectively. During the first half of 2026, works on the real estate portfolio continued, mainly involving commercial fitouts at Katané (Gravina di Catania), Punta di Ferro (Forlì), Le Maioliche (Faenza), Tiburtino (Guidonia Montecelio), and Casilino (Rome) shopping centres.

The investments made as at 30 June 2026 are shown below:

Development projects

“Porta a Mare” Project During the first half of 2026, the subsidiary Porta Medicea carried out finishing works on apartments in the Officine Storiche sub -area, for a total amount of approximately €102 thousand, relating to residential use. As of 30 June 2026, the sales of the last three residential units and as many garages were concluded; following these transactions, the sale of the whole Officine St oriche residential compartment was completed.

Restyling

At 30 June 2026 work was underway on the expansion of the Gran Rondò Shopping Centre in Crema.

06/30/2026

Euro/mln

Investments:

Centro Leonardo restyling 1.9 Centro Lungo Savio restyling 1 Extraordinary maintenance 3.4

Other 0.1

Total investments 6.4

IGD GROUP Interim Management Statement

40 1.9. //The real estate portfolio The following table shows the volumes of the commercial real estate market in Italy and Romania at 30 June 2026, to provide a better understanding of the performance of IGD Group 's real estate portfolio.

The Italian real estate market The recovery of the Italian real estate market was confirmed in the first half of 2026, with investment volumes reaching €7.1 bn (+2% YoY) by 30 June.

Investments in the Retail segment reached €2.18 billion, marking a slight decrease of 1% compared to the same date in 2025. Also in this half -year, the Retail segment was the most important in terms of transaction volumes, followed by the Hotel segment whi ch, with a volume of approximately €1.36 billion, recorded a decrease of -4% compared to the same date of the previous year. The Industrial & Logistics sector recorded volumes of €1.15 billion, marking a growth of +43% compared to 30 June 2025. The Land se gment follows with a transaction volume of €0.82 billion and growth of +410% compared to the first half of 2025.

The Alternative and Office segments recorded a decline, with transactions of €0.63 billion ( -

16% compared to the first half of 2025) and €0.62 billion ( -14% compared to the first half of 2025) , respectively. The Living and Mixed -Use segments close the list, having experienced a significant slowdown in transactions in the first half of 2026, recording €0.26 billion euros ( -

42% compared to the first half of 2025) and €0.14 billion ( -97% compared to the first half of 2025) respectively.

The following chart shows the breakdown of investments for the year by property class:

Breakdown of trade investments Italy H1 2026

Source CBRE 2Q2026

RETAIL

30%

HOTEL

19%LOGISTICS

16%LAND

11%ALTERNATIVE

9%OFFICES

9%RESIDENTIAL

4%MIXED -USE

2%;

IGD GROUP Interim Management Statement

41 The retail real estate market segment In the first half of 2026, investments in the Retail segment reached €2.18 billion, marking a slight decrease of 1% compared to the same period in 2025.

The following table shows the evolution of retail investments over the last ten years.

Retail Investment Evolution Chart in Italy 2016_2026

Source CBRE 2Q2026

For the next few months, an intense pipeline of transactions is expected, especially on out -of-

town products, with closings expected by the end of the year and in the first months of 2027.

The following table shows the evolution of new retail developments released over the last ten years with estimates for FY2026 and FY2027:

Volume of new retail developments (sq m/GLA)

Source CBRE 2Q2026

As of 30 June 2026, the net prime yield of shopping centres remained unchanged at 6.90% and the “prime” was confirmed at €1,250/sq m/year.

010002000300040005000(ML/€)

- 100,000 200,000 300,000 400,000

IGD GROUP Interim Management Statement

42 Retail Real Estate Yields Chart (NIY) Italy

Source CBRE 2Q2026

The Romanian real estate market: Retail segment In the first half of 2026, the total transaction volume was €253 million, down 35% compared to the same half of the previous year even if the 16 transactions recorded compared to 17 of the first half of 2025. The contraction in volumes is due to the reduct ion in the size of deals executed, with an average transaction value of €16 million compared to €23 million in the first half of 2025.

The retail segment was the most active of the first half of 2026, accounting for approximately 80% of the Romanian commercial real estate market turnover.

In the first half of 2026, the total stock reached 4,859 million sq m of GLA. The Retail Park segment accounts for 23% of that.

The development pipeline remains robust with approximately 68,000 sq m of GLA under construction and scheduled for delivery in the second half of 2026 and approximately a further 300,000 sq m of new GLA planned for the two -year period 2027 -2028.

Rents in prime shopping centres at 30 June 2026 increased €1.044 sq m/year. In the same period prime yields recorded a decline to 7.65%.

1.9.1. The real estate portfolio As of 30 June 2026, IGD Group presents:

• A freehold real estate portfolio valued by independent experts at €1,697.3 million, which recorded a change of -0.4% (€ -7.5 million in absolute terms) compared to 31 December 2025.

In the first half of 2026, the Group completed the sale of two shopping centres (Big Turda and Big Ploiești) and one office building (Junior Ploiești) from the Winmarkt portfolio in Romania.

The sale of the last apartment and related appurtenances in the Porta a Mare project in the Officine area of Livorno was also completed in the first quarter of 2026. 3.00% 3.00% 3.10% 3.10%3.75% 4.00%4.20% 3.95%3.95%5.00%5.40%6.15%6.15% 6.50% 6.75%6.90%

6.90% 6.90%

0.00%2.00%4.00%6.00%8.00%

High street Prime Shopping Center Prime

IGD GROUP Interim Management Statement

43 On a like -for-like basis, the portfolio increased 0.4% (€+7.4 million) compared to the previous half, confirming the resilience of the properties it comprises.

• A leasehold portfolio that decreased by 50% by €2.2 million due to the write -down of the shopping mall (Centro Nova), which was valued €1.9 million, and the exit from the portfolio, in February 2026, of the Galleria Fonti del Corallo due to the expiration of the contract.

• Equity investments in two funds:

o Juice Fund: the 40% stake is valued €22.8 million, in line with the value recorded in the previous half -year .

o FOOD Fund: the 40% stake is valued €80. 47 million, in line with the value recorded in the previous half year.

THE FREEHOLD REAL ESTATE PORTFOLIO

The freehold real estate portfolio of the IGD SIIQ S.p.A. Group consists of 98.84% commercial properties for income -generating purposes and the remaining 1.16% from assets under construction.

The income -generating portfolio consists of properties in Italy and Romania, while the development projects are located exclusively in Italy.

The appraisers for the Group's real estate portfolio are CBRE Valuation S.p.A. (hereinafter CBRE), Kroll Advisory S.p.A. (hereinafter Kroll), Cushman & Wakefield LLP (hereinafter C&W) and Jones Lang LaSalle S.p.A. (hereinafter JLL) , whose mandates were signed in April 2026 for a duration of four half -years.

IGD Portfolio Breakdown by appraisal company 30 June 2026

IGD GROUP Interim Management Statement

44 The following table shows the breakdown of the Fair Value at 30 June 2026 by appraiser in Italy and Romania:

The following are the fees accrued as of 30 June 2026 by independent appraisers:

The categories of properties comprising the Group's real estate assets as of 30 June 2026 are:

• “Hyper”: the Hyper class includes 8 properties distributed across 4 Italian regional territories for a total GLA of approximately 81,800 sq m. Five hypermarkets have a GLA between 6,000 and 10,000 sq m ; three hypermarkets have a GLA between 14,000 and 16,600 sq m.

• “Malls and retail parks ”: this asset class consists of 25 properties distributed across 12 regions of the Italian territory for a total GLA of approximately 442,000 sq m. Eleven malls have a GLA of between 20,000 sq m and 40,000 sq m, while the GLA of the remaining fourteen is b elow 20,000 sq m.

As of 30 June 2026, nineteen malls have obtained the BREEAM in Use certification, with a rating from Very Good to Excellent, in the Asset Performance and Building Management categories. Since 2013, IGD Group SIIQ S.p.A.'s environmental management system has been ISO14001 certified.

The system facilities in all the malls of the Italian real estate portfolio are managed with BMS (Building Management System) systems and equipped with divisional meters for monitoring and optimizing energy consumption.

The majority of freehold malls have green areas planted with native and diversified flora to optimize biodiversity;

• “Other”: as of 30 June 2026, the category “Other” included two new assets: the Mazzini and the Officine public car parks, previously classified in the Porta Mare Project. At the (in million of Euros)Fair Value

06/30/2026

TotalFair Value

06.30.26 ItalyFair Value

06.30.26

Romania

C&W 421.49 421.49 0

CBRE 518.86 484.43 34

KROLL 429.85 387.25 43

JLL 327.15 327.15 0

Total IGD's portfolio 1,697.35 1,620.32 77.03 Amounts in thousands of

EuroAppraisal feesABI-compliant

appraisal feesOther fees Total fees

CBRE 44 48 0 92

KROLL 57 27 0 84

J LL 50 0 0 50

C&W 34 9 0 43

Total fees 185 84 0 269

IGD GROUP Interim Management Statement

45 end of the first half of 2026, this category included nine properties for a total GLA of 34.8 sq m. In addition to the two car parks, the category includes two buildings for various uses that are appurtenances of owned commercial properties, a shop, two portions of the office building, and a mixed -use building (guesthouse/offices) for sports activiti es.

• “Porta a Mare Project ”: it is a multifunctional real estate complex with a mix of residential, office, commercial, hotel and temporary residential accommodation under construction. The project location is in the old port area of Livorno, close to the city centre.

Given the scale of the project, it was divided into five sub -areas: Mazzini, Officine, Lips, Molo and Arsenale.

The Mazzini sub -area, consisting of residences, a shopping mall, an office building and parking lots, is completely finished. The shopping mall, upon opening to the public, was reclassified in the Malls/RP asset class and joined to Galleria Mazzini; the of fice building was sold , and so were the residences with related appurtenances; only a few residual real estate units used as parking spaces , whereas the private car parks open to the public were reclassified in the category “Other”.

The Officine sub -area, consisting of a commercial space, residences with related appurtenances and private parking spaces for public use, is complete. The residences and their appurtenances have been completely sold, with only a few garages and parking spa ces remaining, while the private parking lot for public use has been reclassified as Other.

The Lips, Molo and Arsenale sub -areas are lands with building permits.

The entire building complex has been designed with the most advanced environmental solutions, ensuring high comfort and energy efficiency levels. Particular attention was paid to pedestrian and cycle -pedestrian mobility between the buildings, the existing urban fabric and the tourist port.

All the buildings were designed in A class. The air conditioning system was created with a multipurpose thermo -refrigeration plant based on seawater , exploiting thermal inertia and significantly reducing the need for electricity. Only refrigerating gases with a very low GWP (R513) were used, while the materials used during the construction phase were all EC marked with priority given to those coming f rom ISO, Casaclima, EDP, ANAB, which are certified companies;

• “Direct development projects ”: the class consists of a single area near the Porto Grande Shopping Centre, which is designed to expand the shopping centre GLA by approximately 5,000 sq m;

• “Winmarkt ”: in the first half of 2026, this portfolio was down three assets due to the sale of the Big malls in Turda and Ploiești , as well as the Junior office building in Ploiești. As of 30 June 2026, the portfolio consists of seven shopping malls for approximately 59,100 sq m GLA. The properties are located in the central areas of thirteen major cities in Romania.

No properties in this class are in the capital, Bucharest.

IGD Group owns 48 properties in Italy, broken down by asset class as follows:

IGD GROUP Interim Management Statement

46 • 8 Hypermarkets • 25 Malls e retail parks • 5 assets held for trading (Porta a Mare Project) • 9 properties classified as Other • 1 Direct Development project

IGD Group has 7 real estate units in Romania (Winmarkt portfolio) broken down as follows:

Geographic distribution chart in Italy and Romania of the IGD real estate portfolio as of 30 June 2026

Geographical location map of the properties in the Italian real estate portfolio as of 30/6/2026

Romania , 4.5%NE, 40.1%

NO, 17.3%

C, 28.5%S+I, 14.1%Italy

95.7%

E. Romagna : 7 GC, 4 Hyper -Super; 5 Other;

Piedmont: 2 GC+RP;

Lombardy: 3 GC;

Friuli -Venezia Giulia : 1 Other;

Liguria: 1 GC;

Trentino : 1 GC;

Veneto ; 1 GC+RP;

Marche: 2 GC, 1 Development project;

Abruzzo: 1 GC, 1 Hyper;

Campania: 1 GC, 1 Hype;

Lazio: 2 GC;

Toscana: 5 Asset held for trading, 2 GC; 3

Other;

Sicily: 2 Hyper, 2 GC.

16 1

1 3 2 10 3 2 2 2 4

Northern

Italy

Central

Italy

Southern

Italy

1 1

IGD GROUP Interim Management Statement

47 Note: NE: Trentino Alto Adige , Veneto, Emilia -Romagna, Friuli Venezia Giulia; NO: Piedmont, Lombardy; Liguria; C:

Tuscany, Marche, Lazio, Abruzzo; S+I:Sicily, Campania.

Geographical location map of the properties in the Romanian Winmarkt real estate portfolio as of 30/6/2026

The following tables show the main data relating to the Italian freehold portfolio:

1 3 2 1 7 freehold assets

Muntenia : 3 GC;

Moldova : 2 GC+RP;

Oltenia :1 GC;

Transylvania: 1 GC;

IGD GROUP Interim Management Statement

48 ITALY

ROMANIA

Asset LocationMall and Retail Park GLA (sqm)Other/Ext

ernal

areas

(sqm)OwnershipBranch title/

Compny branchesOpening

dateProperty OwnershipDate of last

extension/rest

yling/

remodeling% owned Form of ownership No. of shopsNo. of

medium

surfacesNo of

other

external

areasParking

placesMain brands Food anchorFood anchor

GLA (sqm)

Centro Commerciale

La Torre Palermo (PA) 20.500 // IGD SIIQ SPA IGD SIIQ SPA 2,010 Deed of Sale by Cogei Costruzioni S.p.A., drawn up by Notary Daniela Cenni on 18 June 2010, Register No. 18990, File No.

12785 2022 riduzione

Iper e

ampliamento

Galleria 100 Freehold property 46 8 1,700 Expert, Piazza Italia, H&M; McDonald Ipercoop Atto Compravendita da Ipercoop Sicilia

S.p.A. notaio

Daniela Cenni del

12/07/2011 Rep

21636 Racc 14555 7.200

Centro Commerciale

Katanè Gravina di Catania (CT) 21.400 // IGD SIIQ SPA IGD SIIQ SPA 2,009 Deed of Sale drawn up by Iniziative Immobiliari Siciliane S.r.l.

before Notary Daniela Cenni on 29 October 2009, Register No.

17762, File No. 12002 2022 riduzione

Iper e

ampliamento

Galleria 100 Freehold property 69 10 1,320 Adidas, Euronics, OVS, Conbipel, Piazza Italia, Ipercoop 7.200

Galleria Commerciale

Millennium Center Rovereto (TN) 7.700 // IGD SIIQ SPA IGD SERVICE Srl 2,004 Merger deed, Registry No. 42827/27542, drawn up by Notary Daniela Cenni on 22 September 2021, with effect from 1 October 2021 // 100 Freehold property (excluding supermarket and a portion of the mall) 28 4 900 Game 7 Athletics, Oviesse, Terranova, Me & City Superstore

Despar (non

di proprietà) fuori perimetro Galleria CC Favorita+ RP Mantova (MN) 13.600 // IGD SIIQ SPA IGD SIIQ SPA 1,996 Deed of Sale by Eurocommercial Properties Italia S.r.l., drawn up by Notary Daniela Cenni on 18 April 2018, Register No. 35501 – File No. 22901 2,022 100 Freehold property (excluding hypermarket) 33 4 Ovs, Piazza Italia, Calliope, Deichmann Ipercoop (non di proprietà) fuori perimetro

Centro Commerciale

d'Abruzzo San Giovanni Teatino (CH) 16.400 3.610 IGD SIIQ SPA IGD SIIQ SPA 2,001 Deed of merger by absorption drawn up by Notary Giancarlo Pasi on 4 September 2001, Reg. No. 141540 2,014 100 Freehold property 45 7 3 1,730 Unieuro, Piazza Italia;

Terranova; Happycasa;

Kiabi Ipercoop 14.100

Centro Commerciale

Le Porte di Napoli Afragola (NA) 26.500 // IGD SIIQ SPA IGD SIIQ SPA 1,999 Deed of transfer from Unicoop Tirreno S.C. Notary Giancarlo Pasi dated 26 March 2003, Rep. 143944, Reg. 29195 2,014 100 Freehold property 66 9 2,650 Euronics, H&M, Piazza Italia, Toys, Deichmann; HP SOLE 365 da 2024 7.200 Centro Commerciale e Retail Park Conè Conegliano (TV) 20.800 // IGD SIIQ SPA IGD SIIQ SPA 2,010 Deed of sale drawn up by Notary Cenni on 22 December 2010, Ref. No. 20.400/13.766, registered with the Bologna 1 Revenue Agency on 24 December 2010 under No. 18338, Series 1T, and transcribed in Treviso on 30 December 2010 under No. 29916, Particular Register 2019 riduzione

Iper -

ampliamento

Galleria 2021 100 Freehold property (excluding hypermarket) 58 9 1,550 Maison du

Monde,Conbipel, H&M,

Librerie Coop, Euronics,

Scarpe&Scarpe,

Stradivarius, Bershka Ipercoop perimetro FOOD

Centro Commerciale

Città delle Stelle Ascoli Piceno (AP) 22.500 1.850 IGD SIIQ SPA IGD SIIQ SPA 2,002 Deed of Sale by Coop Adriatica S.c.a. r.l. (fulfilment of condition) drawn up by Notary Daniela Cenni on 24 October 2014, Register No. 28057, File No. 18348 2,017 100 Freehold property (excluding hypermarket) 46 8 1 2,200 Piazza Italia,

HappyCasa; H&M;

Multiplex Stelle; Kiabi, Casa, Clayton; Dverso Ipercoop perimetro FOOD

Centro Commerciale

Casilino Roma (RM) 13.700 5 IGD SIIQ SPA IGD SIIQ SPA 2,002 Deed of Sale by Unicoop Tirreno S.C., drawn up by Notary Daniela Cenni on 1 July 2003, Register No. 4291, File No. 2975 2019 restyling

parziale e

nuova MS PT -

2021 riduzione

Iper - 2022

nuova Galleria

P1 100 Freehold property (excluding hypermarket) 27 7 2 1,260 Euronics, Piazza Italia, Azzurra Sport, Pepco; Ipercoop perimetro FOOD

Centro Commerciale

Tiburtino Guidonia Montecelio (RM) 36.000 // IGD SIIQ SPA IGD SIIQ SPA 2,009 Deed of Sale of Property drawn up by Notary Daniela Cenni on 27 March 2009, Register No. 16363, File No. 11141 2021 riduzione

Iper e

ampliamento

Galleria (1

Nuova MS) 100 Freehold property (excluding hypermarket) 99 16 3,800 Desigual; Azzurra Sport, Piazza Italia, Obi,

Scarpamondo,

NewYorker, Euronics,

Orizzonte, Moby Dick Spazio Conad perimetro FOOD

Centro Commerciale

ESP Ravenna (RA) 33.300 3.200 IGD SIIQ SPA IGD SIIQ SPA 1,998 Deed of transfer by Coop Adriatica S.c.a. r.l. Notary Giancarlo Pasi, dated 6 November 2000, Register No. 139941, File No.

26975 2,017 100 Freehold property 84 16 1 3,304 Deichmann, Game 7 Athletics, Unieuro, H&M, Piazza Italia, Bershka, Pull & Bear, OVS; Kiabi, Casa, Scarpe & Scarpe Ipercoop 16.500 Galleria CC Luna Sarzana (SP) 3.600 // IGD SIIQ SPA IGD SIIQ SPA 1,992 Deed of Sale drawn up by Eurocommercial Properties Italia S.r.l.

before Notary Daniela Cenni on 18 April 2018, Register No. 35501 – File No. 22901 // 100 Freehold property (excluding hypermarket) 38 1 Kiko, GameStop, Camaieu Ipercoop (non di proprietà) fuori perimetro

Galleria Commerciale

Punta di Ferro Forlì (FC) 21.200 // IGD SIIQ SPA IGD SIIQ SPA 2,011 Deed of Sale for Shares in Punta di Ferro Srl (now merged into IGD SiiQ S.p.A.) Notary Daniela Cenni, 16 December 2015, Register No. 30283, File No. 19716 // 100 Freehold property (excluding hypermarket) 88 7 2,854 H&M, Unieuro, Toys,

McDonald, Deichmann,

Benetton Conad (non di proprietà) fuori perimetro

Galleria Commerciale

Gran Rondò Crema (CR) 8.600 6.300 IGD SIIQ SPA IGD SERVICE Srl 1,994 Deed of Sale drawn up by Immobiliare Gran Rondò, notarised by Daniela Cenni on 26 January 2009, Register No. 15859, File No.

10839 2018 riduzione

Iper e

ampliamento

Galleria 100 Freehold property (excluding hypermarket) 40 4 presente

distributore

di proprietà

Coop

Lombardia 1,280 Oviesse, Euronics, Pepco, DM Ipercoop (non di proprietà) fuori perimetro

Centro Commerciale

Borgo Bologna (BO) 7.000 // IGD SIIQ SPA IGD SIIQ SPA 1,989 Deed of transfer by Coop Adriatica S.c.a. r.l. Notary Giancarlo Pasi, dated 6 November 2000, Register No. 139941, File No.

26975 2,015 100 Freehold property (excluding hypermarket) 33 4 1,450 Librerie Coop, Unieuro,

Scarpe&Scarpe, Pepco,

Portobello Ipercoop (non di proprietà) perimetro FOOD

Centro Commerciale

Leonardo Imola (BO) 14.900 // IGD SIIQ SPA IGD SIIQ SPA 1,992 Deed of Sale drawn up by Eurocommercial Properties Italia S.r.l.

before Notary Daniela Cenni on 18 April 2018, Register No. 35501 – File No. 22901 2024 100 Freehold property 60 7 OVS, Mediaworld,King Sport, Terranova Ipercoop Atto di fusione per

incorporazione

Notaio Giancarlo

Pasi del 04/11/2001 Rep 141540 15.900

Galleria Commerciale

Maremà Grosseto (GR) 17.100 // IGD SIIQ SPA IGD SIIQ SPA 2,016 Deed of Sale by Unicoop Tirreno S.C., drawn up by Notary Daniela Cenni on 13 December 2016, Register No. 32747, File No. 21126 // 100 Freehold property (excluding hypermarket) 45 6 3,000 Piazza Italia, Decathlon,

Zara, Bershka,

Stradivarius, Pull & Bear Ipercoop (non di proprietà) fuori perimetro

Centro Commerciale

Lungo Savio Cesena FC) 3.200 // IGD SIIQ SPA IGD SIIQ SPA 2,002 Deed of Sale (Galleria only) by Coop Adriatica S.c.a. r.l., drawn up by Notary Daniela Cenni on 18 December 2008, Register No.

15786, File No. 10783 // 100 Freehold property 23 1 850 Librerie Coop, Coop Salute Ipercoop Atto Compravendita (solo Iper) da Coop Adriatica S.c.a r.l.

(avveramento

condizione) notaio

Daniela Cenni del

24/10/2014 Rep

28057 Racc 18348 7.500

Centro Commerciale

Porto Grande Porto d'Ascoli (AP) 12.800 0.543 IGD SIIQ SPA IGD SIIQ SPA 2,001 Deed of merger by absorption drawn up by Notary Giancarlo Pasi on 4 September 2001, Reg. No. 141540 2019 riduzione

Iper -

ampliamento

Galleria 2022 -

restyling 2023 100 Freehold property (excluding hypermarket) 35 5 1 1,730 Decathlon, Deichmann, Portobello, Unieuro Ipercoop perimetro FOOD

Centro Commerciale

Le Maioliche Faenza (RA) 25.100 // IGD SIIQ SPA IGD SIIQ SPA 2,009 Deed of merger by absorption of Faenza Sviluppo Area Marcucci SRL, drawn up by Notary Daniela Cenni on 28 June 2010 2019 riduzione

Iper -

ampliamento

Galleria 2021 100 Freehold property 42 10 2,400 Deichmann, H&M, Trony, C&A, Decathlon, Bricofer Ipercoop 6.200

Galleria Commerciale

Sarca Sesto S. Giovanni (MI) 22.800 // IGD SIIQ SPA IGD SERVICE Srl 2,003 Deed of Sale for Shares in Immobiliare Larice Srl (now IGD Management Srl, a single-member company) drawn up by Notary Daniela Cenni on 25 September 2006, Register No. 10287, File No. 6956 2,015 100 Freehold property (excluding hypermarket) 72 8 2,500 OVS, H&M, Notorious

cinema, Roadhouse,

Scarpe&Scarpe, Ipercoop (non di proprietà) fuori perimetro

Centro Commerciale

Darsena City Ferrara (FE) 16.300 // IGD SIIQ SPA IGD SERVICE Srl 2,005 Deed of Sale by Magazzini Darsena S.p.A., drawn up by Notary Daniela Cenni on 15 May 2006, Reg. No. 9540, File No. 6435 -

Subsequent sale by Covivio S.A. (formerly Beni Stabili), deed drawn up by Notary Lorenzo Colizzi in Milan on 30 September 2019, Reg. No. 4675, File No. 1559 2018 50 Freehold property 15 2 1,320 UCI, WeArena, TEDI Despar fuori perimetro

Galleria Commerciale

e Retail Park Mondovicino Mondovì (CN) 17.200 // IGD SIIQ SPA IGD SIIQ SPA 2,007 Deed of merger by absorption of MV SRL, drawn up by Notary Daniela Cenni on 27 August 2008 2014 100 Freehold property (excluding hypermarket) 39 8 4,500 Jysk,OVS, Librerie.Coop, Brico IO, Foot Loker Ipercoop (non di proprietà) fuori perimetro

Galleria Commerciale

I Bricchi Isola d'Asti (AT) 16.000 0.245 IGD SIIQ SPA IGD SIIQ SPA 2,009 Deed of merger by absorption of Nikefin Asti SRL, drawn up by Notary Daniela Cenni on 9 July 2009 // 100 Freehold property (excluding hypermarket) 24 5 1,450 Deichmann Il Gigante

(non di

proprietà) fuori perimetro

Centro Commerciale

Mazzini Officne Livorno (LI) 23.900 // IGD SIIQ SPA IGD SIIQ SPA 2014-2023 // 100 Freehold property 23 1

Unieuro/CoopMcDonald's

, JD Sports, Giochi Preziosi, Wappy Coop

442.100 81.800

Centro Nova Villanova di Castenaso

(BO) 12.600 // CSII SPA e COPAIN

HOLDING SPA IGD SERVICE Srl 1,995 2,008 // Master Leasing 55 7 2,400 H&M, Librerie Coop,

Bershka, Pittarosso,

Benetton; McDonald Ipercoop 18,268 Asset LocationMall GLA

(sqm)OwnershipOpening

dateDate of last

restyling/rem

odeling% ownedForm of

ownershipNo. Of

shopsNo. Of

mediu m

surfacesParking

placesMain brands Food anchorFood anchor

(GLA)Food anchor

sales area

(sqm)

Winmarkt Grand

Omnia Center Ploiesti 19.500 Win Magazin SA 1986 2015 100 Piena Proprietà 109 // 400Adidas, Levi's, Domo, Vodafone, Carrefour Market, dm drogerie,Leonardo, Jolidon, Eponge, Banca Transilvania, KFC, Flanco, PepcoCarrefour 1,215 1,215 Winmarkt Galati 8.200 Win Magazin SA 1973 2005 100 Piena Proprietà 36 //H&M, B&B, Sevda, Jolidon, Bigotti, Massini, Pepco, CGSBilla 827 569 Winmarkt Ramnicu Valcea 8.100 Win Magazin SA 1973 2004 100 Piena Proprietà 35 //H&M, Carrefour Market, Eponge, Leonardo, Jolidon, dm drogerie Markt, DomoCarrefour 900 900 Winmarkt Piatra Neamt 5.900 Win Magazin SA 1985 2014 100 Piena Proprietà 67 //H&M, Sevda, B&B Collection, Billa, Leonardo, Eponge, Pepco, ReshoesBilla 878 520 Winmarkt Braila 6.800 Win Magazin SA 1978 2004 100 Piena Proprietà 45 //Carrefour Market, Leonardo, Jolidon, Altex, Vodafone, Sevda, PepcoCarrefour 673 550 Winmarkt Buzau 5.400 Win Magazin SA 1975 2013 100 Piena Proprietà 29 //H&M, Carrefour Market, Leonardo, PepcoCarrefour 800 650 Winmarkt Bistrita 5.200 Win Magazin SA 1984 2005 100 Piena Proprietà 33 //Altex, Leonardo, dm drogerie, fast-food

Pizzamania, Pepco

59.100 TOTAL Malls

IGD GROUP Interim Management Statement

49 LEASEHOLD PORTFOLIO

The leasehold real estate portfolio as of 30 June 2026, has reduced its scope to a shopping mall in Villanova Castenaso (BO) for a total of approximately 12,650 sq m of GLA following the expiration, on 28 February 2026, of the right -of-use master lease agreement of the Centro Fonti del Corallo. The master lease for Centro Nova expires on 28 February 2027.

EQUITY INVESTMENTS IN FUNDS:

As of 30 June 2026, IGD SIIQ SpA holds equity investments in the following real estate funds:

Juice Fund : the fund, managed by Savills Investment Management SGR, consists of five hypermarkets and a supermarket distributed in the regions of Veneto, Tuscany, Marche and Emilia -Romagna, for a total GLA of approximately 54,000 sq m. The company's equity investmen t as of 30 June 2026 is 40% of the value, in line with 31 December 2025.

Food Fund : the fund, managed by Prelios SGR, consists of eleven hypermarkets/supermarkets and two Malls/RP distributed in the regions of Emilia Romagna, Lazio, Marche and Veneto for a total GLA of approximately 101,100 sq m. The company's equity investment as of 30 June 2026 is 40% of the value , in line with 31 December 2025.

1.9.2. Detailed analysis of the freehold property assets The following table details the main changes in value during the half year by asset class.

IGD GROUP INVESTMENT PROPERTYPORTA A MARE

PROJECT

Hypermarket

s and

supermarket

sShopping

Mall ItalyOther Total ItalyTotal

RomaniaTotal IGD

GroupPilots of land

and ancillary

costsPorta a Mare

Project (+)

Book value 12.31.25 181.69 1,383.36 25.47 1,590.52 92.35 1,682.87 2.20 19.76 1,704.83 4.41 0.00 1,709.24 Increases due to 2026 work 1.00 4.98 0.01 5.99 0.29 6.28 0.00 0.10 6.38 0.00 0.00 6.38 Asset disposal 0.00 0.00 0.00 0.00 (0.40) (0.40) 0.00 (1.36) (1.76) 0.00 0.00 (1.76) Capital gains from asset disposal 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Reclassification from asset under construction 0.00 0.00 0.00 0.00 (10.10) (10.10) 0.00 0.00 (10.10) 0.00 0.00 (10.10) Reclassification from space remodelling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Reclassification to asset held for sale 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Nei revalution/writedowns (0.67) 4.07 (0.06) 3.34 (5.11) (1.77) 0.00 (0.20) (1.97) (2.23) 0.00 (4.20) Book value 06.30.26 182.02 1,392.41 25.42 1,599.85 77.03 1,678.88 2.20 18.30 1,697.37 2.18 0.00 1,699.55ASSETS

HELD FOR

SALETOTAL INVESTMENT

PROPERTY, LAND AND

DEVOLOPMENT

INITIATIVES, ASSETS,

HELD FOR TRADING

AND RIGHT TO USE

Amounts in million of EuroDIRECT DEVEL-

OPMENT

INITIATIVESTOTAL INVESTMENT

PROPERTY, LAND AND

DEVOLOPMENT

INITIATIVES, ASSETS,

HELD FOR TRADINGRIGHT TO

USE (IFRS 16)

IGD GROUP Interim Management Statement

50 1.9.2.1. ITALY

HYPERMARKETS AND SUPERMARKETS

Five out of eight hypermarkets in IGD's real estate portfolio are leased to the Coop Alleanza 3.0 Group, while the remaining three to national and local brands (Sole 365, Gruppo Radenza and Superconveniente). All contracts are long -term , and rents are indexed to 75% of the ISTAT index.

Ordinary and extraordinary maintenance relating to the systems and internal construction of the buildings are expected to be borne by the tenant.

The hypermarket class as of 30 June 2026 was valued by independent experts CBRE, Kroll, C&W and JLL, in the following proportion based on the impact on fair value:

For this asset class, all appraisers used the discounted cash flow (DCF) method. CBRE, C&W and JLL used a standard term of ten years, while Kroll adopted an 18 -year standard term contract.

The total fair value of the Hypermarket class was €182.0 million, recording an increase in value compared to the previous half -year of +0.2% (€0.3 million) due to the indexation of contracts net of the expiry of the rent compensation relating to the reduct ion in GLA of the Le Porte di Napoli hypermarket.

The weighted average discount rate recorded a slight decompression of +0.02%, settling at 7.25%.

The average net exit yield was 6.19%, unchanged compared to the prior half.

The occupancy rate of the Hyper asset class is confirmed at 100%.

SHOPPING MALLS AND RETAIL PARKS

The “Shopping malls and retail parks” class as of 30 June 2026 was valued by independent experts CBRE, Kroll, C&W and JLL with the following proportion based on the impact on fair

value:

C&W 24%

CBRE 3%

KROLL 10%

JLL 63%

Total 100%HYPER/SUPER

C&W 27%

CBRE 34%

KROLL 24%

JLL 14%

Total 100%MALL/RP

IGD GROUP Interim Management Statement

51 For this asset class, all appraisers used the discounted cash flow (DCF) method. CBRE, C&W and JLL adopted a standard duration of 10 years, while KROLL used a standard duration of 15 years.

As of 30 June 2026, the total fair value of this asset class was estimated to be €1,392.4 million, recording an increase of 0.6% (+ €9.0 million) compared to the previous half. The increase in value reflects the improved earnings prospects of some strateg ic assets supported by the increase in minimum guaranteed rents (hereinafter also MGR) resulting from the renewals uplift, the growth in speciality revenues and the increase in variable rents.

The average discount rate for the Malls/RP asset class had a slight increase of -0.09% on the previous half, settling at 8.28%. All the valuation firms that appraise the IGD portfolio left the discount rate unchanged compared to the previous half -year exce pt one, which rewarded the Malls/RP category with a rate reduction of approximately 30 bps.

The weighted average net exit yield stood at 7.26%, a slight decrease of -0.02% compared to 31 December 2025.

The financial occupancy rate was 95.81%, increasing 0.15% compared to the prior half.

DEVELOPMENT PROJECTS

As of 30 June 2026, the category’s 100% valuation by independent appraisers KROLL was €2.2 million, using the transformation method. The value was unchanged compared to the prior half.

“PORTA A MARE” PROJECT

As of 30 June 2026, the assets of Porta Medicea, the company that owns the Porta a Mare Project, were entirely valued by the appraisers Kroll using the transformation method.

The overall market value of this category of properties was €17.4 million, recording a reduction in value compared to the previous half year of -11.7% (€ -2.3 million). The reduction in fair value is due to the completion of the sales of the residential uni ts and related appurtenances of the residential sector in the Officine area and the reclassification to the "Other" category of the two private car parks for public use in the Mazzini and Officine sectors. No changes in the value were recorded for the LIPS /MOLO/ARSENALE sectors yet to be developed.

OTHER

As of 30 June 2026, the “Other” property class was valued at €26.3 million, recording an increase in value of 3.3% (€0.8 million) compared to the previous half -year due to the reclassification of the two private car parks for public use in the Mazzini and Officine sections of the Porta a Mare Project. With the same perimeter of the previous half -year, the value of the real estate class dropped by -0.2% ( -0.05 million) as a result of the lower minimum guaranteed rent for the renegotiation of a medium -sized surface area lease.

The valuation of this asset class was conducted by independent experts CBRE, Kroll and JLL, with the following breakdown in relation to fair value:

IGD GROUP Interim Management Statement

52 For this asset class, all appraisers used the discounted cash flow (DCF) method.

1.9.2.2. ROMANIA

The Winmarkt class at 30 June 2026 was valued by independent experts CBRE and Kroll, C&W and JLL in the following proportions based on the impact on fair value:

As of 30 June 2026, the total fair value was estimated to be €77.0 million, recording a reduction of 16.6% (€-15.3 million in absolute terms) compared to the previous half -year , as a result of the sale of two shopping centres and an office building in the first half of the year. On a like -

for-like basis, the fair value of the Malls real estate category dropped 2.4% ( -€1.9 million) compared to 31 December 2025 for estimated ca pex in preparation of further disposals, vacancy increases and MGR reduction.

With the sale of the Junior office building, the office category is no longer represented in the Winmarkt portfolio.

The discount rate for the Malls asset class was 9.14%, recording a slight drop of 0.03% compared to the previous half -year .

The net exit yield, always on a like -for-like basis, was 7.09%, compared to the previous half -

year.

The financial occupancy rate of Winmarkt Malls experienced a decline of 1.06% compared to the previous half, settling at 93,00%.

CBRE 1%

KROLL 45%

JILL 54%

Total 100%OTHER

CBRE 45%

KROLL 55%

Total 100%ROMANIA

IGD GROUP Interim Management Statement

53 Key summary data a s of 06/30 /2026:

No. of

assets Gross

leasable

area GLA (sq m) gross cap

out weighted

discount rate financial

occupancy

rate Yearly

rent/sq m Erv/sq m Hypermarkets 8 81,800 6.96% 7.25% 100% 148 147 Shopping malls Italy 25 442,000 8.53% 8.28% 95.81% 233 243 Total - Italy 33 523.800 8.35% 8.16% 96.22% 218 229 Hypermarkets and

Malls

Shopping Malls in Romania 7 59,100 9.04% 9.14% 92.99% 101 109

Total hypermarkets

and shopping malls IGD Group 40 582.900 8.38% 8.20% 95.52% 206 219

Key summary data as of 12/31 /2025:

No. of

assets Gross

leasable

area GLA

(sq m) gross cap

out weighted

discount rate financial

occupancy

rate Yearly

rent/sq m Erv/sq m Hypermarkets 8 81,800 6.96% 7.23% 100% 147 145 Shopping malls Italy 25 442,600 8.53% 8.37% 95.63% 230 242 Total - Italy

Hypermarkets and

Malls 33 524,400 8.35% 8.24% 96.06% 215 227 Shopping Malls in Romania 9 66,900 9.09% 9.16% 95.00% 108 112

Total

hypermarkets and

shopping malls -

IGD Group 42 591,300 8.39% 8.29% 96.00% 204 217

IGD GROUP Interim Management Statement

54 The following table shows the real estate investments, the main development projects and the details of the accounting criteria adopted:

The following table shows a detail of key direct development projects:

CategoryBook value

06/30/26Accounting method Market value 06/30/26Book Value

12/31/2025Change

IGD Group Real Estate

Investment

Hyoermarkets and supermarkets 182.03 fair value 182.03 181.69 0.33 Shopping malls Italy 1,392.40 fair value 1,392.40 1,383.36 9.04 Other 25.43 fair value 25.43 25.47 (0.05) Total Italy 1,599.86 1,599.86 1,590.53 9.34 Shopping malls Romania 77.03 fair value 77.03 89.45 (12.42) Other Romania 0.00 fair value 0.00 2.90 (2.90) Total Romania 77.03 77.03 92.35 (15.32) Total IGD Group 1,676.89 1,676.89 1,682.88 (5.98)

CategoryBook value

06/30/26Accounting method Market value 06/30/26Book Value

12/31/2025Change

Pilots of land and ancillary costs 2.20 adjusted cost/fair value2.20 2.20 -

Direct development initiatives 2.20 2.20 2.20 -

CategoryBook value

06/30/26Accounting method Market value 06/30/26Book Value

12/31/2025Change

Porta a Mare Project 18.25 adjusted cost/fair value18.25 19.72 (1.46) Totale progetto Porta a Mare 18.25 18.25 19.72 (1.46)

CategoryBook value

06/30/26Accounting method Market value 06/30/26Book Value

12/31/2025Change

Right to use (IFRS 16) 2.18 fair value 2.18 4.44 (2.26) Totale diritti d'uso 2.18 2.18 4.44 (2.26) Real estate investments, pilots of land and development initiatives, assets held for sales and right to useBook value 06/30/26Accounting method Market value 06/30/26Book Value

12/31/2025Change

Total 1,699.52 1,699.52 1,709.24 (9.72)

PROJECT TYPE LOCATION GLACOMPLETIO

N DATEEXPECTED

INVESTMENTBOOK VALUE AT

12/31/2025

(Mln/€)% HELD STATUS

PORTO

GRANDEExtensionPorto d'Ascoli

(AP)5,000

sqmJun-25 approx. 9.9 Mln/€ 2.20 100%Planning stage completed. All the building permits and

authorisation for

preletting activities

have been issued

Total 2.20

IGD GROUP Interim Management Statement

55 1.10. // Appraisals of the Independent Experts

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75 1.11. // The SIIQ status: Regulatory Environment and Information on the Company’s Compliance The special SIIQ (Società di Investimento Immobiliare Quotate) regime was introduced in Article 1, paragraphs 119 - 141, of Law 296 dated 27 December 2006 (“ the Founding Law ”) and is governed by the Ministry of Economics and Finance’s Decree no. 174 dated 7 September 2007 (“the Implementing Regulation” ).

Although the income generated by real estate rental activities is exempt from IRES and IRAP, the Special regime requires SIIQs to distribute a minimum percentage of the income generated by such activities (“ Exempt Operations ”).

Based on Legislative Decree 133 of 12 September 2014, converted as amended into Law no.

164 of 11 November 2014, exempt operations may also include the capital gains and losses relating to rental properties and interests held in SIIQ or SIINQ, as well as t he income, capital gains and losses, relating to interests held in “qualified” real estate funds.

In order to fulfil the distribution requirements, the SIIQs must distribute (or risk losing their SIIQ status): (i ) at least 70% of the distributable income generated by exempt operations upon approval of the full year financial statements; (ii) at least 50% of the capital gains generated by the sale of rental properties, interests in SIIQs or SIINQs, as well as in qu alified real estate investment funds within two years of their realization.

The main characteristic of the special regime is, therefore, the possibility of applying a specific system of taxation, once certain mandatory qualifications are complied with, based on which earnings are subject to taxation solely upon distribution to sha reholders which basically inverts the system of taxation based on which income is subject to taxation when produced by the company rather than when distributed.

The current requirements for eligibility under the special SIIQ regime can be summarized as

follows:

Subjective requirements

• it must be a joint stock company • it must be resident in Italy for tax purposes or, if it is a permanent establishment predominantly engaging in real estate business in Italy, tax resident in one of European member states or in a country that is party to the European Economic Area (EEA) Agreement as indicated in the list appended to the decree issued by the Italian Ministry of Treasury and Finance as per paragraph 1 of Art. 168 -bis of the Consolidated Income Tax Act.

• its shares must be traded on a regulated market.

Requirements concerning the articles of association Its corporate articles of association must include:

IGD GROUP Interim Management Statement

76 • rules adopted with regard to investments • limits on the concentration of investment and counterparty risk • limits on the maximum financial leverage allowed

Objective requirements

• freehold or other rental properties, equity investments in other SIIQ/SIINQ, in SICAF and in “qualified” real estate funds must make up 80% of the real estate assets, the so -called “Asset Test ”.

• revenue from rental activities, income from SIIQ/SIINQ, SICAF and “qualified” real estate funds, gains on rental properties must make up must total at least 80% of the positive entries in the income statement, the so -called “ Profit Test ”.

• The failure to comply with one of the most important conditions for three consecutive years will result in ineligibility under the special regime and the ordinary rules and regulations will be applied beginning as of the second of the three years considere d.

Ownership requirements

• limited concentration of control shareholding (“ Control requirement ”): a single shareholder may not hold more than 60% of the voting rights exercisable in ordinary Shareholders’ Meetings and more than 60% of the dividend rights.

• sufficient distribution and fractioning of the share capital (“ Float requirement ”): at least 25% of the float must be held by shareholders who, at the time the option is exercised, hold less than 2% of the voting rights exercisable in ordinary Shareholders’ Meetings and less than 2% of the dividend rights. This requisite is not applic able to companies that are already listed.

For the purposes of assessing eligibility, the Founding Law expressly provides that subjective requirements and requirements connected to the articles of association be satisfied before the option is exercised, while objective and ownership requirements ca n be ascertained after the end of the financial statements for the period in which the option is exercised, and on an annual basis, thereafter, following financial year -end.

REPORTING ON COMPLIANCE WITH SUBJECTIVE, OBJECTIVE AND OWNERSHIP

REQUIREMENTS

The subjective requirements were satisfied as IGD SIIQ SPA is a joint stock company, with headquarters and tax residency in Italy. Its shares are traded on the Mercato Telematico Azionario (MTA - screen -based stock market) managed by Borsa Italiana S.p.A. in the STAR segment.

Based on the parent company’s financial statements at 30 June 2026 and likewise at 2025 year -end, all the objective requirements, and the equity and income requirements were also satisfied. The Asset Test showed that the value of freehold rental properties held for leasing

IGD GROUP Interim Management Statement

77 exceeded 80% of the total value of the real estate assets and the Profit Test showed that the revenues from the rental of freehold properties or other property rights rental activities totalled at least 80% of the positive entries in the income statement.

As for the Ownership Requirement, based on the information available to the company, no single shareholder holds more than 60% of the voting rights exercisable in ordinary Shareholders’ Meetings and more than 60% of the profit -sharing rights.

REPORTING ON COMPLIANCE WITH REQUIREMENTS OF THE ARTICLES OF

ASSOCIATION

With regard to the requirements set by the articles of association, please note the following.

With regard to investments, it is expressly provided in Article 4.3 lett. i ) of the Company’s Articles of Association that: “ the Company shall not, either directly or through its subsidiaries, invest more than 30 percent of its assets in a given property with a single identity for zoning and functional purposes, except in the case of development plans covered by a single plannin g scheme, where portions of the property covered by individual, functionally independent building permits, or equipped with urban works that are sufficient to guarantee connection to public services, cease to have a single identity. ” The Company did not invest, either directly or through its subsidiaries, more than 30% of its assets in a single property with common urban and functional characteristics.

With regard to the limits on the concentration of investment and counterparty risk, it is expressly provided in Article 4.3 lett. ii) of the Company’s Articles of Association that: “ income from a single tenant or from tenants belonging to a single group may not exceed 60 percent of total rental income;” .

The income from a single tenant or tenants belonging to a single group does not exceed 60% of total rental income.

With regard to limits on the maximum financial leverage permitted, it is expressly provided in Article 4.3 lett. iii) of the Company’s Articles of Association that: “the maximum permitted financial leverage, at a company or group level, is 85 percent of equity”.

Financial leverage, either at group or company level, never exceeded 85% of equity.

IGD GROUP Interim Management Statement

78 OTHER INFORMATION RELATING TO THE COMPANY’S ADHERENCE TO THE

SPECIAL REGIME

Once it was clear that all the requisites had been satisfied, IGD exercised the option to be treated under the special regime effective from 1 January 2008.

Under the special regime the total capital gains, net any losses, resulting from the difference between the normal value of the rental assets and the value for tax purposes at the end of the fiscal year, are subject to IRES (corporate income tax) and IRAP (regional business tax) at a tax rate of 20% (the Entry Tax ).

With regard to 2025, as resolved in previous years, during the AGM held on 16 April 2026 shareholders approved the distribution of income generated by exempt operations for an amount that complied with the distribution requirements.

In particular, the Shareholders in AGM resolved to distribute a dividend totalling €16,551,285.45, as follows:

• - for €16,216,012.76, from the statutory profit made available for distribution, specifying that it derives entirely from exempt management;

• - for €335,272.69, using part of the other distributable profit reserves deriving from exempt

management;

1.12. //Post -balance sheet events No significant post -balance sheet events were recorded.

1.13. //Outlook for the current financial year The Group expects the positive trend of the first half of 2026 to continue in the second. For this reason, we believe it will be necessary to increase the FFO guidance for the entire 2026 from the €45 million communicated in February 2026 to €46 million, with an es timated growth of 11.7% compared to the figure at 31 December 2025.

1.14. // Intercompany and related party transactions With regard to related party and intercompany transactions, there are no transactions which qualify as unusual or atypical, as they fall within the Group's ordinary scope of operations and take place under arm's -length conditions. These transactions are regulated under market conditions.

Details of related party transactions carried out in the first half of 2026 are provided in a section of the notes to the financial statements.

IGD GROUP Interim Management Statement

79 1.15. // Treasury shares IGD owned no treasury shares at 30 June 2026.

1.16. // Research and development IGD SIIQ and the Group companies do not perform research and development activities.

1.17. // Significant transactions During the first half of 2026, no significant non -recurring transactions or atypical/unusual transactions, as defined in CONSOB's notice of 28 July 2006, were carried out with third parties or between Group companies.

2. IGD GROUP ’S CONSOLIDATED HALF - YEAR

STATEMENTS AT 30 JUNE 2026

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

81 2.1 // Consolidated income statement

06/30/2026 06/30/2025 Change (in thousands of Euros) (A) (B) (A)-(B) 1 63,145 63,844 (699) 56,960 57,386 (426) 6,185 6,458 (273) 2.1 4,567 4,430 137 2,281 2,488 (207) 2,286 1,942 344 2.2 1,453 1,251 202 69,165 69,525 (360) 6 (1,261) (1,226) (35) 67,904 68,299 (395) 6 (102) (78) (24) 3 (8,853) (8,925) 72 (6,358) (6,592) 234 (2,495) (2,333) (162) 4 (6,476) (6,549) 73 5 (4,012) (5,220) 1,208 (19,443) (20,772) 1,329 (815) (1,130) 315 (201) 38 (239) (360) (375) 15 (4,034) (2,876) (1,158) 0 0 0 7 (5,410) (4,343) (1,067) 43,051 43,184 (133) 8 147 (496) 643 754 249 505 740 249 491 14 0 14 (23,423) (31,901) 8,478 (23,317) (31,854) 8,537 (106) (47) (59) 9 (22,669) (31,652) 8,983 20,529 11,036 9,493 10 80 (436) 516 20,609 10,600 10,009 0 0 0 20,609 10,600 10,009 11 0.187 0.096 0 11 0.187 0.096 0Financial income from third parties Financial income from related parties

Financial charges

Financial charges from third parties Financial charges from related parties Net financial income (expense)Revenue Revenues from third parties Revenues from related parties

Other revenue

Other revenues from third parties Revenues and change in inventory Cost of labour Other operating costs Total operating costsConstruction costs for the period

Service costs

Service costs from third parties Service costs from related partiesRevenues from property sales

Operating revenues

Change in inventory Diluted earnings per shareProvisions for doubtful accounts Net revaluation acquisition

Income taxes

NET PROFIT FOR THE PERIOD

Non-controlling interests in (profit)/loss for the period Profit/(loss) for the period attributable to the Parent Company Basic earnings per shareNote Pre-tax profitChange in fair value Depreciation, amortization, provisions, impairment and change in fair value

EBIT

Income/ (loss) from equity investments and asset disposal Financial IncomeDepreciations, amortization and provisions (Impairment losses)/Reversals on work in progress and inventoriesOther revenues from related parties

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

82 2.2 //Consolidated statement of comprehensive income

(amount in thousands of euro)

NET PROFIT FOR THE PERIOD 20,609 10,600

Total other components of comprehensive income that will not be reclassified to profit/(loss), net of tax effect0 0 Other components of comprehensive income that will be reclassified to

profit/(loss)

Effects of hedge derivatives on net equity 2,717 (101) Tax effect of hedge derivatives 0 24 Traslation reserve (229) (149) Total other components of comprehensive income that will be reclassified to

profit/(loss)2,488 (226)

TOTAL COMPREHENSIVE PROFIT/(LOSS) FOR THE PERIOD 23,097 10,374

Non-controlling interest profit/(loss) for the period 0 0

PROFIT/(LOSS) FOR THE PERIOD ATTRIBUTABLE TO THE PARENT COMPANY 23,097 10,374 06/30/2026 06/30/2025

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

83 2.3 // Consolidated statement of financial position

06/30/2026 06/30/2025 Change (in thousands of Euros) (A) (B) (A)-(B) 12 659 718 (59) 13 5,567 6,566 (999) 6,226 7,284 (1,058) 14 1,679,071 1,687,320 (8,249) 15 6,946 6,355 591 16 105 108 (3) 16 1,627 1,831 (204) 17 2,522 2,512 10 1,690,271 1,698,126 (7,855) 18 3,014 3,586 (572) 19 167 166 1 20 103,308 103,313 (5) 21 176 426 (250) 39 3,414 2,057 1,357 110,079 109,548 531 1,806,576 1,814,958 (8,382) 22 18,303 19,765 (1,462) 23 6,861 6,954 (93) 23 1,102 719 383 24 4,828 4,703 125 25 235 0 235 26 22,266 9,291 12,975 53,595 41,431 12,164 0 0 0 1,860,171 1,856,389 3,782 650,000 650,000 0 0 0 0 0 0 0 362,534 345,362 17,172 (34,052) (34,819) 767 20,609 32,002 (11,393) 999,091 992,545 6,546 0 0 0 27 999,091 992,545 6,546 39 0 1,575 (1,575) 28 775,023 753,375 21,648 29 2,608 2,666 (58) 18 9,360 11,611 (2,251) 30 5,182 6,304 (1,122) 31 6,003 6,465 (462) 31 4,513 4,465 48 802,689 786,461 16,228 32 28,703 45,722 (17,019) 34 12,776 14,427 (1,651) 34 1,486 1,417 69 35 2,960 2,634 326 36 12,466 13,183 (717) 58,391 77,383 (18,992) 861,080 863,844 (2,764) 1,860,171 1,856,389 3,782 Note

NON CURRENT ASSETS:

Intangible assets

Intangible assets with finite useful lives

Goodwill

Property, plant, and equipment Plant and machineryInvestment property

Buildings

Net deferred tax assets Sundry receivables and other non-current assetsEquipment and other goods Assets under construction and advance payments Other non-current assets Non-current financial assets Derivative assetsEquity investments Work in progress inventory and advances Trade and other receivablesTOTAL NON-CURRENT ASSETS (A)

CURRENT ASSETS:

Other current assets Related parties financial receivables and other current financial assetsRelated party trade and other receivables

ASSETS HELD FOR SALE (C)

TOTAL ASSETS (A + B+C)

NET EQUITY:

Share capital

Share premium reserve Treasury share reserveCash and cash equivalents

TOTAL CURRENT ASSETS (B)

Other reserves

Group profit (loss) carried forward

Group profit

Total Group net equity Capital and reserves of non-controlling interests

TOTAL NET EQUITY (D)

Non-current financial liabilities Provisions for employee severance indemnities Deferred tax liabilitiesNON-CURRENT LIABILITIES:

Derivatives - liabilities Related parties sundry payables and other non-current liabilities

TOTAL NON-CURRENT LIABILITIES (E)

CURRENT LIABILITIES:Provisions for risks and future charges Sundry payables and other non-current liabilities Trade and other payables Related parties trade and other payablesCurrent financial liabilities Other current liabilities

TOTAL CURRENT LIABILITIES (F)

TOTALE PASSIVITA' (H=E+F+G)

TOTAL NET EQUITY AND LIABILITIES (D+H)Current tax liabilities

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

84

2.4 // Consolidated statement of changes in equity

(Amount in thousand of euro)Share capital Other

reserversProfit (loss)

from previous

periodProfit (loss) of the periodGroup net equity Non-

controlling

interestTotal net equity Balance at 01/01/2026 650,000 345,362 (34,819) 32,002 992,545 0 992,545 Profit/(loss) of the period 0 0 0 20,609 20,609 0 20,609 Cash flow hedge derivative assessment 0 2,717 0 0 2,717 0 2,717 Other comprehensive profit/(loss) 0 (229) 0 0 (229) 0 (229) Total comprehensive profit/(loss) 0 2,488 0 20,609 23,097 0 23,097 Distribution of the 2025 profit 0 0 0 0 0 0 0 Dividend distribution 0 (16,551) 0 0 (16,551) 0 (16,551) Reclassification to fair value reserve 0 0 0 0 0 0 0 Revaluation reserve exemption 0 0 0 0 0 0 0 Allocation of 2025 profit 0 31,223 767 (32,002) 0 0 0 Balance at 30/06/2026 650,000 362,522 (34,052) 20,609 999,091 362,523 999,091 (Amount in thousand of euro)Share capital Other

reserversProfit (loss)

from previous

periodProfit (loss) of the periodGroup net equity Non-

controlling

interestTotal net equity Balance at 01/01/2025 650,000 380,388 (30,031) (30,084) 970,273 0 970,273 Profit/(loss) of the year 0 0 0 32,002 32,002 0 32,002 Cash flow hedge derivative assessment 0 3,009 0 0 3,009 0 3,009 Other comprehensive profit/(loss) 0 (80) 0 0 (80) 0 (80) Total comprehensive profit/(loss) 0 2,929 0 32,002 34,931 0 34,931 Distribution of the 2024 loss 0 0 0 0 0 0 0 Dividend distribution 0 (11,034) 0 0 (11,034) 0 (11,034) Reclassification to fair value reserve 0 0 0 0 0 0 0 Revaluation reserve exemption 0 0 (1,625) 0 (1,625) 0 (1,625) Allocation of 2024 loss 0 (26,921) (3,163) 30,084 0 0 0 Balance at 31/12/2025 650,000 345,362 (34,819) 32,002 992,545 0 992,545

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

85 2.5 // Consolidated statement of cash flows

(in thousands of Euros)Note 06/30/2026 06/30/2025

CASH FLOW FROM OPERATING ACTIVITIES:

Profit (loss) of the period 20,609 10,600 Adjustments to reconcile net profit with cash flow generated (absorbed) by operating

activities

Taxes of the period 10 (80) 436 Financial charges / (income) 9 22,669 31,652 Depreciation and amortization 7 815 1,130 Writedown of receivables 7 360 375 (Impairment losses) / reversal on work in progress 7 201 (38) Changes in fair value - increases / (decreases) 7 4,034 2,876 Gains/losses from disposal - equity investments 8 (147) 496 Changes in provisions for employees and end of mandate treatment 899 844

CASH FLOW FROM OPERATING ACTIVITIES: 49,360 48,371

Financial charge paid (7,863) (22,110) Provisions for employees, end of mandate treatment (1,319) (940) Income tax (360) (1,402)

CASH FLOW FROM OPERATING ACTIVITIES NET OF TAX: 39,818 23,919

Change in inventory 1,261 1,226 Change in trade receivables (650) 2,626 Net change in other assets 551 (1,240) Change in trade payables (1,582) (717) Net change in other liabilities (2,279) (4,049)

CASH FLOW FROM OPERATING ACTIVITIES (A) 37,119 21,765

(Investments) in intangible assets 12 (96) (135) Disposals of intangible assets 200 0 (Investments) in tangible assets (6,600) (6,183) Disposals of tangible assets 10,650 9,401

CASH FLOW FROM INVESTING ACTIVITIES (B) 4,154 3,083

Change in related parties financial receivables and other current financial assets 15 0 Tax-free release of the revaluation reserve (406) (406) Distribution of dividends 27 (16,510) (10,958) Rents paid for financial leases (3,075) (4,457) Collections for new loans and other financing activities 175,000 600,000 Loans repayments and other financing activities (183,094) (610,000)

CASH FLOW FROM FINANCING ACTIVITIES (C) (28,070) (25,965)

Exchange rate differences on cash and cash equivalents (D) (228) (68)

NET INCREASE (DECREASE) IN CASH BALANCE (A+B+C+D) 12,975 (1,185)

CASH BALANCE AT BEGINNING OF THE PERIOD 26 9,291 4,741

CASH BALANCE AT END OF THE PERIOD 26 22,266 3,556

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

86 2.6 // Notes to the condensed consolidated half -year

statements

2.6.1. General information The consolidated half -year statements of Immobiliare Grande Distribuzione SIIQ S.p.A. at 30 June 2026 were approved and authorised for publication by the Board of Directors on 4 August 2026.

IGD SIIQ S.p.A. is a subsidiary and is under the management and coordination of Coop Alleanza 3.0 Soc. Soc. Coop.

2.6.2. Summary of accounting standards 2.6.2.1. Basis of preparation Statement of compliance with International Accounting Standards The consolidated half -year statements at 30 June 2026 have been prepared in accordance with the IFRS (International Financial Reporting Standards) issued by IASB (International Accounting Standards Board) and approved by the European Union, and with the instructions issued in compliance with Art icle 9 of Italian Legislative Decree 38/2005. The term "IFRS" encompasses all of the International Accounting Standards (IAS) and all interpretations published by the International Financial Reporting Interpretations Committee (IFRIC), including those prev iously issued by the Standing Interpretations Committee (SIC), that as of the reporting date had been endorsed following the procedure specified in Regulation (EC) 1606/2002, and in particular IAS 34 - Interim financial reporting. The IFRS have been appli ed consistently to all reporting periods presented. The condensed consolidated half -year financial statements do not include all the additional information required in the annual financial statements and should be read in conjunction with the Group's annua l financial statements as at 31 December 2025, to which reference is made.

Reporting formats

The items in the statement of financial position have been classified as current or non -current and, if any, held for sale non -current items; entries in the income statement are classified by nature.

The statement of comprehensive income shows the net profit or loss along with income and charges that by express requirement of IFRS are recognised directly in equity.

The statement of changes in equity presents comprehensive income and charges, transactions with shareholders and other changes in net equity.

The statement of cash flows is prepared using the indirect method, adjusting the pre -tax result for non -cash items.

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

87 The financial statements, tables and explanatory and supplementary notes are expressed in thousands of euros. The Euro is the Group's "functional" and "presentation" currency as required by IAS 21, unless otherwise specified.

Changes in accounting standards

IFRS ACCOUNTING STANDARDS, POLICIES, AMENDMENTS AND INTERPRETATIONS

APPLIED FROM 1 JANUARY 2026

The following accounting policies, amendments and interpretations of IFRS Accounting Standards were applied for the first time by the Group from 1 January 2026:

• On 30 May 2024, IASB published “ Amendments to the Classification and Measurement of Financial Instruments —Amendments to IFRS 9 and IFRS 7 .” The document clarifies some problematic aspects that emerged from the post -implementation review of IFRS 9, including the accounting of financial assets whose returns depend on the achievement of ESG objectives (i.e. green bonds). The amendments, in par ticular, aim to:

o Clarify the classification of financial assets with variable returns and linked to environmental, social and corporate governance (ESG) objectives and the criteria to be used for the SPPI test assessment;

o Determine that the liabilities settlement date through electronic payment systems is the date on which the liability is extinguished. However, an entity is permitted to adopt an accounting policy to allow a financial liability to be derecognised before deli vering cash at the settlement date if certain specified conditions are met.

With these amendments, IASB has also introduced additional disclosure requirements specifically regarding investments in equity instruments recognised at FVOCI. The adoption of this amendment has not affected the Group's consolidated financial statements.

• On 18 December 2024, IASB published an amendment denominated “Contracts Referencing Nature -dependent Electricity – Amendment to IFRS 9 and IFRS 7”. The document aims to support entities in reporting the financial effects of contracts for the purchase of el ectricity produced from renewable sources (often structured as Power Purchase Agreements). Under these contracts, the amount of electricity generated and purchased can vary based on uncontrollable factors such as weather conditions. IASB has made targeted amendments to IFRS 9 and IFRS 7. Amendments include:

o a clarification regarding the application of the “own use” requirements to this type of contract;

o the criteria to allow the accounting of such contracts as hedging instruments;

and,

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

88 o new disclosure requirements to enable users of financial statements to understand the effect of these contracts on an entity's financial performance and cash flows.

The adoption of this amendment has not affected the Group's consolidated financial statements.

• On 18 July 2024, IASB published “ Annual Improvements Volume 11 .” The document includes clarifications, simplifications, corrections and changes aimed at improving the consistency of several IFRS Accounting Standards. The amended standards are as follows:

o IFRS 1 First -time Adoption of International Financial Reporting Standards;

o IFRS 7 Financial Instruments: Disclosures and related guidance on the implementation of IFRS 7;

o IFRS 9 Financial Instruments;

o IFRS 10 Consolidated Financial Statements; and o IAS 7 Statement of Cash Flows.

The adoption of this amendment has not affected the Group's consolidated financial statements.

IFRS ACCOUNTING STANDARDS, AMENDMENTS, AND INTERPRETATIONS ENDORSED BY

THE EUROPEAN UNION BUT NOT YET MANDATORILY APPLICABLE AND NOT ADOPTED IN

ADVANCE BY THE GROUP AS OF 30 JUNE 2026

As of the reporting date, the competent bodies of the European Union have completed the endorsement process for the adoption of the amendments and principles described below, but they are not mandatorily applicable and have not been adopted in advance by the Group as of 30 June 2026:

• On 9 April 2024, IASB published the new IFRS 18 Presentation and Disclosure in Financial Statements that will replace IAS 1 Presentation of Financial Statements. The new standard aims to improve the format for the presentation of financial statements and t he income statement in particular. Specifically, the new standard requires to:

o classify revenue and costs into three new categories (operating, investing and financing), in addition to the tax and discontinued operations categories which are already included in the income statement;

o present two new subtotals, operating profit and earnings before interest and taxes (i.e. EBIT).

The new standard also:

o requires more information on the performance indicators defined by

management;

o introduces new criteria for the aggregation and disaggregation of information;

and,

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

89 o introduces some changes to the cash flow statement, including the requirement to use operating profit as the starting point for the presentation of the cash flow statement prepared using the indirect method and the elimination of some classification option s for some currently existing items (such as interest paid, interest received, dividends paid and dividends received).

They are effective from 1 January 2027 but early adoption is permitted. The directors are currently evaluating the possible effects of the introduction of this new principle on the Group's consolidated financial statements.

IFRS ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS NOT YET

ENDORSED BY THE EUROPEAN UNION

As of the reporting date, the EU authorities had not yet finished the endorsement process necessary for the adoption of the following amendments and standards.

o On 13 November 2025, IASB published a document called “ Translation to a Hyperinflationary Presentation Currency – Amendment to IAS 21 ” which clarifies the translation procedures for an entity whose presentation currency is that of a hyperinflationary economy. The entity applies the changes if:

o its functional currency is that of a non -hyperinflationary economy and it is converting its financial results and financial position into the currency of a hyperinflationary economy; or, o it is converting into the currency of a hyperinflationary economy the economic results and financial position of a foreign operation whose functional currency is that of a non -hyperinflationary economy.

The changes are effective from 1 January 2027. The Directors do not expect the adoption of this amendment to have a significant impact on the Group’s consolidated financial statements.

o On 27 May 2026 the il principio IFRS 20 – Regulatory asset and Regulatory Liabilities.

The new principle applies to all entities subject to a specific type of tariff regulation, namely tariff regulation that creates temporal differences.

The objective of the new standard is to require an entity to provide relevant information that represents the impact of income and expenses arising from regulated activities on the entity's financial performance, as well as the impact of assets and liabili ties arising from regulated activities on its financial position. The new standard defines the requirements for the recognition, measurement, presentation and disclosure of assets, liabilities, income and expenses arising from regulated activities. Assets and liabilities arising from regulated activities are a subset of the rights and obligations

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

90 created by a regulatory agreement. Information relating to this subset of rights and obligations enables users of financial statements to understand:

a) the income and expenses from an entity's regulated activities, which arise from assets and liabilities from regulated activities. This understanding, together with the information required by other IFRSs, will provide guidance on the total allowable compen sation for regulated goods or services provided by the entity in a reporting period and, consequently, on the entity's financial performance and future cash flow prospects.

b) assets and liabilities arising from regulated activities. This understanding will provide information about the entity's financial position at the end of a reporting period and the amount, timing and uncertainty of the entity's future cash flows.

IFRS 20 will replace IFRS 14 – Regulatory Deferral Accounts and will come into force on 1 January 2029, but earlier application is permitted.

The Directors do not expect the adoption of this amendment to have a significant impact on the Group’s consolidated financial statements.

o On 27 June 2026, IASB published a document called “Amendments to the Fair Value Option for Investments in Associates and Joint Ventures (Amendments to IAS 28)” clarifying which entities are eligible to measure investments in associates and joint ventures u sing the fair value measurement option provided for by IAS 28. The IASB has decided to develop amendments to address:

o the lack of clarity on the meaning of “similar entities, including investment -

linked insurance funds” and how that definition should be interpreted, narrowly or broadly; and, o the different interpretations of the relationship between the scope of the fair value option in IAS 28 and the requirements of IFRS 18 relating to “specified main business activities”.

The changes will be effective at the same time as the application of IFRS 18 and therefore, starting from the financial statements for financial years beginning on or after 1 January 2027. The directors do not expect them to have a significant impact on the consolidated financial statements.

2.6.2.2. Consolidation

a) Scope of consolidation The consolidated financial statements have been drawn up on the basis of the draft financial statements at 30 June 2026, prepared by the directors of the consolidated companies and adjusted, where necessary, to align them with the Group’s IFRS -compliant accounting and

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

91 classification policies. With respect to 31 December 2025, the scope of consolidation has not changed. Pursuant to CONSOB’s Circular Letter DEM/6064293 dated 28 July 2006, below is a list of Group companies showing the location of their registered office, share capital in the local currency and consolidation method. The interests held directly or indirectly by the parent company and each of its subsidiaries are also specified. Below are the exchange rates used to convert foreign subsidiaries' accounts into euros:

Exchange rates Euro/Ron Spot rate as at 06.30.2026 5.2438 Average rate H1 2026 5.1423 Spot rate as at 12.31.2025 5.0985 Average rate 2025 5.0415 Spot rate as at 06.30.2025 5.0777 Average rate H1 2025 5.0037

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

92

IGD SIIQ S.p.A. directly and indirectly controls various consortiums for the management of shopping centres (costs of common areas and promotional activities). They are not consolidated as they are considered to be immaterial, as already pointed out in the financial statements for year ended 31 December 2025.

Company name Registered office Country Share capital Currency% Group

consolidate

d interestInvestor

companies% of interest in

capitalBusiness activity

Parent Company

IGD SIIQ S.p.A.Bologna via trattati comunitari Europei 1957-2007Italy 650,000,000.00 Euro Shopping centre management IGD Service S.r.lBologna via trattati comunitari Europei 1957-2007Italy 51,810,884.12 Euro 100% IGD SIIQ S.p.A. 100.00%Shopping centre management and

services

Porta Medicea S.r.l.Bologna via trattati comunitari Europei 1957-2007Italy 7,227,679.23 Euro 100%IGD Service S.r.l. 100.00% Construction and marketing company Alliance SIINQ S.r.l.Bologna via trattati comunitari Europei 1957-2007Italy 50,000.00 Euro 100% IGD SIIQ S.p.A. 100.00% Shopping centre management

IGD Service

S.r.l. 99,9%

IGD SIIQ S.p.A.

0,1%

Winmarkt

management S.r.l.Bucarest Romania 1,001,000 Lei 100% Win Magazin S.A. 100.00% Agency and facility management services Arco Campus S.r.l. Bologna via dell'Arcoveggio n.49/2 Italy 1,500,000.00 Euro 99.98% IGD SIIQ S.p.A. 99.98%Management of properties, sports facilities and equipment, construction, sale, purchase and lease of properties for use in sports-related commercial Fondo Juice Milano, via San Paolo 7 Italy 64,165,000.00 Euro 40%* IGD SIIQ S.p.A. 40%Ownership of hypermarkets/

supermarkets

Fondo FOOD Milano, via San Paolo 7 Italy 258,000,000.00 Euro 40%** IGD SIIQ S.p.A. 40.00%Ownership of hypermarkets/

supermarkets/malls

* IGD SIIQ holds 25,224 Class B units, equal to 40% of the fund's capital ** IGD SIIQ holds 5.171 Class B units, equal to 40% of the fund's capitalAssociates consolidated using the equity methodSubsidiaries consolidated on a line-by-line basis Win Magazin S.A. Bucarest Romania 113,715.30 Lei 100% 100.00% Shopping centre management

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

93

b) Consolidation methods The consolidated financial statements include the financial statements of the parent company, IGD SIIQ S.p.A., its direct and indirect subsidiaries and associates at 30 June 2026.

The subsidiaries' and associates' accounts are prepared each year using the same accounting standards as the parent. The main consolidation methods used to prepare the consolidated financial statements are as follows:

• subsidiaries are consolidated from the date control is effectively transferred to the Group, and cease to be consolidated from the date control is transferred outside the Group;

control exists when the Group has the power, directly or indirectly, to influe nce a company's financial and managerial policies in such a way as to obtain benefits from its

operations;

• subsidiaries are consolidated on a line -by-line basis, aggregating all financial statement items in full, regardless of the interest held by the Group. Only for the determination of net equity and net profit (loss), the minority interest, if any, is shown separately in the statement of financial position and the income statement;

• the carrying value of equity investments is eliminated against the assumption of their assets and liabilities;

• all intercompany balances, including any unrealised profits arising from transactions between Group companies, are completely eliminated;

Company name Control relationship % Control Registered office Consorzio dei proprietari CC Leonardo Direct subsidiary 54.30% Via amendola 129, imola (bo) Consorzio dei proprietari CC I Bricchi Direct subsidiary 72.25% Via prato boschiero, isola d’asti (loc molini) Consorzio del centro commerciale Katanè Direct subsidiary 74.91% Via quasimodo, gravina di catania loc san

paolo

Consorzio del centro commerciale Conè Direct subsidiary 74.49%Via san giuseppe snc, quartiere dello sport

conegliano (tv)

Consorzio del centro commerciale La Torre-Palermo Direct subsidiary 72.80% Via torre ingastone, palermo loc borgonuovo Consorzio proprietari del centro commerciale Gran RondòDirect subsidiary 49.01% Via g. la pira n. 18. crema (cr) Consorzio dei proprietari del centro commerciale CentrosarcaIndirect subsidiary 62.50% Via milanese, sesto san giovanni (mi) Consorzio Porta a Mare MazziniDirect subsidiary for 85%, and indirect through Porta Medicea, which holds the remaining 15%100.00% Via g. d'alesio, 2 - livorno Consorzio Centro Le Maioliche Direct subsidiary 70.52% Via bisaura n.13, faenza (ra) Consrozio ESP Direct subsidiary 64.59% Via marco bussato 74, ravenna (ra) Consorzio Proprietari Puntadiferro Direct subsidiary 62.34% Piazzale della Cooperazione 4, FORLI' (FC) Consorzio dei proprietari del compendio commerciale del CommendoneDirect subsidiary 52.60% Via Ecuador snc, Grosseto Consorzio centro commerciale Le Porte di Napoli Direct subsidiary 70.56% Via S. Maria La Nuova, Afragola (NA) Consorzio del centro commerciale Nuova Darsena Direct subsidiary 77.12% Via Darsena 75 - Ferrara (FE) Consorzio Centro Commerciale Casilino Direct subsidiary 66.84% Via Casilina 1011 - (Roma) Consorzio Shopping Center Mondovicino & Retail Park Direct subsidiary 58.24% Piazza Cerea 15, Mondovì (CN)

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

94 • the financial statements of all IGD Group companies that use a functional currency other than the one used in the consolidated statements are translated into euros as follows:

o the assets and liabilities of each statement of financial position submitted are translated at the exchange rates in force on the reporting date;

o the revenue and costs of each income statement are converted at the average exchange rates for the period;

o all exchange gains and losses arising from this process are shown in the translation reserve under net equity.

• equity investments in joint ventures and associates are consolidated using the equity method. As such, the investment is initially carried at cost, which is then adjusted upward or downward to reflect changes in net equity after purchase. If an investment is classified as a joint venture or associate due to loss of control, it is initially recognised at fair value, which is then adjusted upward or downward to reflect changes in investee’s net equity after the date control was lost. The adjustments are taken to the income statement in proportion to the Group's share of the company's profit or loss, taking into account any impact of preference shares or quotas held by third parties.

2.6.3. Use of estimates The preparation of the consolidated financial statements and notes in accordance with IFRS requires Management to follow accounting policies and methods that in some cases depend on difficult subjective quantifications and estimates based on past experienc e, and assumptions that are considered reasonable and realistic on a case -by-case basis. These affect the carrying values of assets and liabilities and disclosures of contingent assets and liabilities as of the reporting date. Estimates and assumptions are reviewed on a regular basis and any changes are reflected immediately in profit or loss. Beca use assumptions about future performance are highly uncertain, actual results may differ from those forecast and may require sizable adjustments that cannot presently be foreseen or estimated.

The critical valuation processes and key assumptions used by management in the process of applying IFRS that may significantly impact the amounts presented in the consolidated financial statements or that may in the future lead to material differences with respect to the carrying amount of assets and liabilities are summarized below.

Investment property and inventory The real estate portfolio is appraised twice a year, at 30 June and 31 December, by independent external firms selected on the basis of the following criteria: (i) recognised European -level qualifications, (ii) specialised expertise in the retail segment, and (iii) reputability and independence. Independent appraisers are appointed by resolution of the Board of Directors.

In line with recommendations from the supervisory authorities and the various industry best practices, the Group has long followed a specific procedure that governs the rules for selecting

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

95 independent appraisers and handling the information flows used in the process of appraising the properties’ fair value.

To appraise the real estate portfolio at 30 June 2026, the following independent firms were selected: (i ) CBRE Valuation S.p.A., (ii) KROLL Advisory S.p.A., (iii) Cushman & Wakefield LLP, and (iv) Jones Lang LaSalle S.p.A. Given their specialised expertise in the retail segment, the Company believes that the findings and assumptions used by the independent a ppraisers are representative of the reference market.

The properties in the portfolio are appraised individually, using for each one the appraisal techniques specified below in accordance with IFRS 13.

According to IFRS 13, an entity should use valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobserv able inputs. Fair value is measured on the basis of observable transactions in an active market, and is adjusted, if necessary, to take account of the specific characteristics of the individual real estate investment. If that information is not available, the Company determines the fair value of an investm ent property using the discounted cash flow method (over a variable period of time depending on the duration of outstanding leases) relating to the future net rental income from the property. At the end of that period, it is assumed that the property will be sold at a value obtained by capitalising the final year’s rental income at an applicable market rate of return for similar investments.

The appraisal methods used, as specified in the individual appraisal reports, are as follows:

• for malls and retail parks, offices, hypermarkets and supermarkets: discounted cash flow (DCF) method based on actualisation of future net rental income for the next “n” years.

According to this method, at the end of the given period it is assumed that the property will be sold at a value obtained by capitalising the final year’s net rental income at an applicable market rate o f return for similar investments;

• for construction in progress (extensions and new constructions): transformation method, based on the discounting of future rental income for the property net of construction costs through to completion and other expenses.

With the DCF method, the market value of an investment property is the sum of the present values of the net cash flows it will generate for a number of years depending on the duration of the outstanding contracts. During the period, when the contracts expire, the rent used to compute revenue is replaced with the estimated rental value (ERV) determined by the appraiser, taking into account the contractual rent received, so that in the final year of the DCF , revenue consists entirely of ERV. At the end of the period, it is assumed that the property will be sold at a value obtained by capitalising the final year’s rental income at an applicable market rate (gross cap out rate) for similar investments.

With the transformation method, the market value of a property in the planning or construction phase is calculated by discounting the future income from renting the property, net of construction and other costs to be incurred, for a number of years dependi ng on the duration of the project. At the end of the period, it is assumed that the property will be sold at a value

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

96 obtained by capitalising the final year’s rental income at an applicable market rate (gross cap out rate) for similar investments.

In both methods, based on the discounting of future income, the key elements are:

1) The amount of net cash flow:

a. for finished income -generating properties: rent received less property ownership

costs;

b. for construction in progress: estimated future rent less construction costs and property ownership costs.

2) The distribution of cash flows over time:

a. for finished income -generating properties: the distribution over time is generally

even;

b. for construction in progress: construction costs come before future rental income.

3) The discount rate.

4) The gross cap out rate.

In appraising the different types of properties in the real estate portfolio, the independent appraisers base their considerations primarily on:

1) information received from IGD SIIQ, as follows:

(i) for income -generating properties, data on the rental status of each unit in each shopping centre, as specified in the Company’s internal procedure, property taxes, insurance and operating costs for the shopping centres, and any likely incremental

cost;

(ii) for construction in progress: the start and end dates of the work, the status of building permits and authorisations, remaining costs, the state of progress, the ribbon -cutting date and projected rentals;

2) assumptions used by the independent appraisers, such as inflation, discount rates, cap out rates and ERVs, determined through their own professional judgment upon careful observation of the market. The following are taken into account when determining the capitalisation and discounting rates used to value individual properties:

• the type of tenant currently occupying the property or responsible for complying with rental obligations and the possible future occupants of vacant properties, as well as the market’s general perception of their creditworthiness;

• the division of responsibilities for insurance and maintenance between the lessor and the lessee;

• the remaining useful life of the property.

The information provided by the Group to the independent appraisers and the latter’s assumptions and appraisal methods are approved by the Managing Director, who is responsible for organising and coordinating the appraisal and for monitoring and verifying

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

97 results before they are incorporated into the financial statements. The entire process is governed in detail by IGD SIIQ’s internal procedure.

Disclosures on the fair value hierarchy are provided below in accordance with IFRS 13. The fair value hierarchy classifies into three levels the inputs to valuation techniques used to measure fair value. It gives the highest priority to quoted prices (unad justed) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). Specifically:

• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.

• Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for s ubstantially the full term of the asset or liability. Level 2 inputs include the following:

(a) quoted prices for similar assets or liabilities in active markets;

(b) quoted prices for identical or similar assets or liabilities in markets that are not active;

(c) inputs other than quoted prices that are observable for the asset or liability, for

example:

(i) interest rates and yield curves observable at commonly quoted intervals;

(ii) implied volatilities; and (iii) credit spreads;

(d) market -corroborated inputs.

• Level 3 inputs are unobservable inputs for the asset or liability.

IGD Group ’s real estate portfolio has been measured according to Level 3 fair value models , as the inputs directly and indirectly unobservable in the market used in the valuation models are greater than the observable inputs.

The following table shows IGD Group ’s investment property by type, measured at fair value at 30 June 2026. It does not include construction in progress (Porto Grande expansion, listed with assets under construction), which is measured at the lower of cost and appraised market value as opposed to fair value.

The unobservable inputs used to appraise the real estate portfolio (Level 3 of the fair value hierarchy) are as follows:

• discount rate;

• gross cap out rate;

• annual rent per square meter.

The unobservable inputs that IGD SIIQ considers most meaningful are the discount rate and the gross cap out rate, as the sensitivity analysis has shown that any change in those values would have a significant impact on fair value.

The following table shows the ranges of unobservable inputs at 30 June 2026:

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

98

The unobservable inputs that IGD SIIQ considers most meaningful are the discount rate and the gross cap out rate, as the sensitivity analysis has shown that any change in those values would have a significant impact on fair value.

The following table shows the ranges of unobservable inputs at 30 June 2026, 31 December 2025 and 30 June 2025:

FAIR VALUE MEASUREMENTS 06/30/2026

Amounts in Euro thousandsQUOTED PRICES (UNADJUSTED)

IN ACTIVE MARKETS FOR

IDENTICAL ASSETS AND

LIABILITIESSIGNIFICANT INPUTS

OBSERVABLE IN THE

MARKET (LEVEL 2) SIGNIFICANT INPUTS NOT

OBSERVABLE IN THE

MARKET (LEVEL 3)

Real estate investments in Italy:

Shopping malls and retail parks 0 0 1,392,411 Hypermarkets and supermarkets 0 0 182,027 Other 0 0 25,427 Total real estate investments in Italy 0 0 1,599,864 Real estate investments in Romania:

Shopping malls 0 0 77,030 Office Building 0 0 0 Total real estate investments in Romania 0 0 77,030 Real estate investments IGD Group 0 0 1,676,894 Rights of use (IFRS 16) Rights of use (IFRS 16) 0 0 2,178 Total rights of use (IFRS 16) 0 0 2,178 Assets held for sale Assets held for sale 0 0 0 Total assets held for sale 0 0 0 Total real estate investments IGD Group valued at Fair Value0 0 1,679,071 min max min max min max

TOTAL MALLS/RP Income

based (DCF)7.00% 11.70% 6.96% 14.43% 6 519

TOTAL

HYPER/SUPERMKTIncome

based (DCF)6.49% 8.17% 6.68% 11.16% 73 199

TOTALE WINMARKTIncome

based (DCF)8.50% 10.40% 7.00% 11.87% 52 140PortfolioAppraisal

methodDiscounted rate

06/30/2026GROSS CAP OUT

06/30/2026Yearly rent €/sqm

06/30/2026

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

99

The discount rates for all property classes are substantially in line.

The Group conducts periodic sensitivity analyses on its properties to monitor the impact that changes ("shocks") in the most important unobservable inputs (discount rate and/or gross cap out rate), as a result of macroeconomic trends, would have on the val ue of its portfolio.

Rate shocks of +/ -0.5% are tested individually and jointly to determine how they increase/decrease the value of the real estate portfolio by asset class. The sensitivity analysis at 30 June 2026 is reported below.

min max min max min max

TOTAL MALLS/RP Income

based (DCF)6.90% 12.00% 6.63% 14.92% 6 496

TOTAL

HYPER/SUPERMKTIncome

based (DCF)6.47% 8.05% 6.68% 10.82% 95 198

TOTALE WINMARKTIncome

based (DCF)8.50% 10.30% 7.04% 25.38% 36 220PortfolioAppraisal

methodDiscounted rate

12/31/2025GROSS CAP OUT

12/31/2025Yearly rent €/sqm

12/31/2025

min max min max min max

TOTAL MALLS/RP Income

based (DCF)7.10% 12.00% 7.07% 14.08% 6 480

TOTAL

HYPER/SUPERMKTIncome

based (DCF)6.59% 8.13% 6.74% 7.64% 94 198

TOTALE WINMARKTIncome

based (DCF)8.50% 10.70% 7.08% 27.30% 37 207PortfolioAppraisal

methodDiscounted rate

06/30/2025GROSS CAP OUT

06/30/2025Yearly rent €/sqm

06/30/2025

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

100 Sensitivity analysis at 30 June 2025

Regarding the sensitivity of fair value measurements to changes in the main unobservable inputs, fair value would go down for increases in the discount rate and gross cap out rate.

Other variables that could reduce fair value are:

• an increase in operating costs and/or taxes • a decrease in rent or in estimated rental value for vacant space • an increase in estimated extraordinary charges.

Conversely, fair value would go up if these variables changed in the opposite direction.

Recoverable amount of goodwill The recoverable amount of goodwill is determined each year, or more frequently in the case of events or changes in circumstances that may indicate impairment. Impairment is identified through tests based on the ability of each cash generating unit to produ ce cash flows suitable for recovering the portion of goodwill that has been allocated to it, following the procedures specified in the section on intangible assets. See note 13 (“Goodwill”) for further information.

Recoverable amount of equity investments On the basis of the fund regulations, the recoverable amount of IGD’s investment in the Juice and Food funds is strictly connected to the fair value and sale value of the property investments managed.

Asset classHypermarkets and

supermarketsShopping

malls and

retail parksOtherRomania real

estate

investmentsTotal

Market value as at 06/30/26 +0.5 discount rate(6,671) (48,320) (1,126) (2,780) (58,897) Market value as at 06/30/26 -0.5 discount rate7,109 50,160 1,164 3,030 61,463 Market value as at 06/30/26 +0.5 Gross cap out(7,407) (43,544) (627) (2,350) (53,928) Market value as at 06/30/26 -0.5 Gross cap out8,260 49,560 673 2,750 61,243 Market value as at 06/30/26 +0.5 discount rate +0.5 Gross cap out(13,534) (89,557) (1,696) (4,980) (109,767) Market value as at 06/30/26 -

0.5 discount rate -0.5 Gross cap out15,503 102,528 1,913 5,900 125,844 Market value as at 06/03/26 +0.5 discount rate -0.5 Gross cap out1,398 (989) (478) (280) (349) Market value as at 06/30/26 -

0.5 discount rate +0.5 Gross cap out(931) 4,692 514 550 4,825

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

101 Recoverability of deferred tax assets The Group has deferred tax assets on deductible temporary differences and theoretical tax benefits for losses carried forward. In estimating recoverable value, the Group considered the results of the Business Plan in keeping with those used for impairment testing.

Fair value of derivative instruments The fair value of interest rate swaps for which no active market exists is determined according to market -based quantitative techniques, i.e. accredited pricing models based on parameters taken as of the individual measurement dates, also with support from external consultants.

This method therefore reflects a materiality of the input data consistent with Level 2 of the fair value hierarchy defined by IFRS 13: although quoted prices in active markets (Level 1) are not available for these instruments, it is possible to base measurements on data observable either directly or indirectly in the market.

Variable revenue

Variable revenues as of 30 June are determined by reference to the monthly turnovers reported by individual operators, where available, or, failing that, the turnover of the previous year.

Provisions for doubtful accounts The provision for doubtful accounts reflects losses on receivables estimated by the management. The management closely monitors the quality of the receivable’s portfolio and the current and prospective conditions of the economy and reference markets. Estimates and assumptions are reviewed on a regular basis and any changes are reflected in the income statement of the relevant year.

Contingent liabilities

The Group recognizes a liability for pending disputes and legal actions when it believes that a financial outlay is likely and when the amount of the resulting losses can be reasonably estimated. If a financial outlay becomes possible but its amount cannot be determined, this is reported in the notes to the financial statements. The Group is involved in lawsuits and tax disputes concerning difficult, complex issues that present varying degrees of uncertainty, including with regard to the facts and circumstances of each case, matters of jurisdiction, and different applicable laws. Therefore, it is difficult to reach an accurate prediction of any outlays resulting from these disputes, and the provisions set aside for such matters may va ry according to future developments.

The Group monitors the status of such litigation and consults with its attorneys and with experts in law and taxation.

2.6.4. Segment reporting

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

102 In accordance with IFRS 8, the income statement and the statement of financial position are broken down below by operating segment, followed by a geographical breakdown of revenue from freehold assets.

06/30/2026 06/30/2025 06/30/2026 06/30/2025 06/30/2026 06/30/2025 06/30/2026 06/30/2025 06/30/2026 06/30/2025 Total revenues and operating income 63,146 63,844 4,567 4,430 1,453 1,251 0 0 69,166 69,525 Change in inventories of work in progress 0 0 0 0 (1,261) (1,523) 0 0 (1,261) (1,523) Direct costs (a) (9,036) (9,265) (3,552) (3,495) 0 0 0 0 (12,588) (12,760) General expenses (b) 0 0 0 0 0 0 (6,851) (6,557) (6,851) (6,557) Total operating costs (a)+(b) (9,036) (9,265) (3,552) (3,495) 0 0 (6,851) (6,557) (19,439) (19,317) (Depreciation, amortisation and provisions) (815) (1,311) 0 (60) 0 0 0 (292) (815) (1,663) (Impairment)/Reversals on assets under construction and inventories(562) 26 0 0 0 12 0 0 (562) 38 Change in fair value - increases/(decreases) (4,034) (2,876) 0 0 0 0 0 0 (4,034) (2,876) Total depreciation, provisions, impairments and fair value changes(5,411) (4,161) 0 (60) 0 12 0 (260) (5,411) (4,501)

OPERATING RESULT 48,699 50,418 1,015 875 192 (260) (6,851) (6,859) 43,055 44,174TOTALINCOME STATEMENT REAL ESTATE

CORE BUSINESSSERVICE

ACTIVITIES"PORTA A MARE"

PROJECTUNALLOCATED

06/30/2026 06/30/2025 06/30/2026 06/30/2025 06/30/2026 06/30/2025 06/30/2026 06/30/2025

RENTAL AND LEASE INCOME 31,314 30,286 22,341 21,807 3,245 4,501 56,900 56,594

ONE-OFF REVENUES 0 0 0 0 0 0 0 0

TEMPORARY SPACE RENTALS 1,366 1,290 738 767 0 0 2,104 2,057

OTHER REVENUES FROM RENTAL ACTIVITY 152 52 309 565 0 0 461 617

TOTAL 32,832 31,628 23,388 23,139 3,245 4,501 59,465 59,268REVENUES FROM OWNED

PROPERTIES NORTHCENTRE-SOUTH-

ISLANDSABROAD TOTAL

06/30/2026 12/31/2025 06/30/2026 12/31/2025 06/30/2026 12/31/2025 06/30/2026 12/31/2025 06/30/2026 12/31/2025 Property investments 1,679,734 1,687,320 0 0 0 0 0 0 1,679,734 1,687,320 Assets under construction 2,522 2,512 0 0 0 0 0 0 2,522 2,512 Intangible assets 4,558 5,571 1,156 1,215 0 0 512 498 6,226 7,284 Other tangible assets 1,522 1,404 16 58 0 0 6,477 6,830 8,015 8,292 Other receivables and non-current assets 0 0 0 0 0 0 167 166 167 166 Equity investments 103,286 103,291 0 0 0 0 22 22 103,308 103,313 Net working capital (12,464) (17,542) (150) 2,695 17,309 18,840 (3,289) (3,513) 1,406 480 Provisions (3,322) (3,828) (2,676) (1,966) 0 0 (1,792) (3,176) (7,790) (8,970) Payables and other non-current liabilities (5,867) (5,577) 0 0 (4,039) (4,039) (610) (1,314) (10,516) (10,930) Net deferred tax liabilities/(assets) (6,346) (8,025) 0 0 0 0 0 0 (6,346) (8,025) Net assets/(liabilities) on derivative instruments 0 0 0 0 0 0 0 0 0 0 Net invested capital 1,763,623 1,765,126 (1,654) 2,002 13,270 14,801 1,487 (487) 1,776,726 1,781,442TOTALBALANCE SHEETREAL ESTATE

CORE BUSINESSSERVICE

ACTIVITIES"PORTA A MARE"

PROJECTUNALLOCATED

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

103 2.6.5. Notes to the consolidated financial statements Note 1) Revenue and other operating income

At 30 June 2026, IGD Group achieved total revenues of €69,165 thousand, including €1,453 thousand in trading revenues for the sale of three residential units and 4 garages in the Officine Storiche residential sub -area.

The overall decrease compared to the same period of the previous financial year (€360 thousand) is mainly due to the effects of the disposal of the Romanian assets and the sale of the business unit of the retail mall in the “Fonti del Corallo” centre, which was only partially compensated by the increase in other income and Trading Income.

Note 1.1) Revenue

Total revenue is down by €699 thousand compared to the same period the previous year.

In particular, revenues from the rental of hypermarkets and supermarkets increased by €205 thousand, while revenues from rentals and business leases relating to freehold shopping malls, offices and city centres decreased €904 thousand, both due to the disp osal of shopping malls by the Romanian subsidiary Win Magazin and the business branch relating to the shopping mall of the “Fonti del Corallo” Centre. The economic effects of these operations Note 06/30/26 06/30/25 Change 1 63,145 63,844 (699) 56,960 57,386 (426) 6,185 6,458 (273) 2.1 4,567 4,430 137 2,240 2,488 (248) 2,327 1,942 385 2.2 1,453 1,251 202 69,165 69,525 (360) Revenue Operating revenuesRevenues from third parties Other revenues from related parties Revenues from property salesRevenues from related parties

Other revenue

Other revenues from third parties Note 06/30/26 06/30/25 Change Freehold hypermarkets - Rents and business leases from related parties a.1 5,288 5,127 161 Leasehold hypermarkets - Business leases from related parties a.2 936 892 44 a 6,224 6,019 205 b.1 50,710 51,042 (332) 8,720 9,666 (946) 399 190 209 8,321 9,476 (1,155) 41,990 41,376 614 307 935 (628) 41,683 40,441 1,242 b.2 3,347 4,250 (903) 202 234 (32) 0 0 0 202 234 (32) 3,145 4,016 (871) 88 103 (15) 3,057 3,913 (856) b.3 2,864 2,533 331 2,761 2,430 331 103 103 0 b 56,921 57,825 (904) a+b 63,145 63,844 (699) 6,185 6,458 (273) 56,960 57,386 (426) To third partiesTo related partiesTOTAL HYPERMARKETS/SUPERMARKETS Freehold malls, offices and city center

Rents

To related partiesTo related parties To third parties To related parties To third partiesRents Business leasesBusiness leases

Leasehold malls

of which third partiesTo third parties Other contracts and temporary rents Other contracts and temporary rents - related parties of which related partiesOther contracts and temporary rents

TOTAL MALLS

GRAND TOTAL

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

104 were only partially offset by the ISTAT adjustments and the new openings recorded during the first half of the year.

Further details of trends in revenue can be found in Section 1.4 (Income statement review) of the Interim Management Statement.

Note 2.1) Other revenue

As of 30 June 2026, personnel costs amounted to a total of €4,567 thousand, an increase of €137 thousand compared to the value recorded as of 30 June 2025. The increase is mainly attributable to the higher revenues deriving from the centre management activ ity, launched by the Group since 2024, as part of the development of property management services provided for freehold and third -party properties.

Note 2.2) Income from the sale of trading properties Revenues from the sale of properties in the first half of 2026, with reference to the Porta a Mare project and amounting to €1,453 thousand refer to 3 residential units and 3 parking spaces in Officine Storiche. Following these transactions, the sale of th e whole Officine Storiche residential compartment was completed.

06/30/26 06/30/25 Change 21 147 (126) 1,529 1,686 (157) 418 332 86 137 212 (75) 128 111 17 48 0 48 2,281 2,488 (207) 1,977 1,620 357 6 0 6 32 27 5 271 295 (24) 2,286 1,942 344 4,567 4,430 137Pilotage and construction revenuesOut-of-period income/charges Facility management revenues Portfolio and rent management revenues Other revenuesOther income from related partyPilotage and construction revenues from related parties Marketing revenues vs related partiesFacility management revenues from related partiesOther revenues from third partiesMarketing revenues Other revenues from related partiesOther income

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

105 Note 3) Service costs

As of 30 June 2026, service costs amounted to a total of €8,853 thousand, compared to €8,925 thousand as of 30 June 2025, with an overall reduction of €72 thousand resulting from the combined effect of a reduction of €234 thousand in costs for services to third parties, partially offset by an increase of €162 thousand in services to related parties. The impact on revenues and operating income is in line with that of the same period of the previous year.

The decrease of €234 thousand in costs for services to third parties is mainly due to a reduction of €500 thousand in expenses for the management of vacancies in the centres and a decrease in consultancy expenses by €152 thousand.

Regarding costs for services to related parties, the increase of €162 thousand is mainly due to an increase of €189 thousand in centre management expenses resulting from the cap on operator expenses, partially offset by a reduction of €104 thousand in cent re management expenses for vacant premises and an increase of €71 thousand in expenses for commercial contributions and co -marketing.

06/30/26 06/30/25 Change 6,358 6,592 (234) 191 134 57 27 81 (54) 828 1,328 (500) 787 800 (13) 83 89 (6) 553 548 5 219 86 133 578 574 4 103 86 17 257 248 9 59 0 59 510 662 (152) 226 169 57 79 91 (12) 1,858 1,696 162 2,495 2,333 162 6 0 6 6 0 6 750 854 (104) 1,447 1,258 189 19 19 -

30 45 (15) 11 0 11 2 0 2 224 153 71 0 4 (4) 8,853 8,925 (72) Directors' and statutory auditors' fees Selection, training, secondments and other expensesService costs from related parties RentsMaintenance and repair expensesFacility management administration costsCenters management expenses for ceiling to tenants' costs

Consulting

Real estate appraisals feesExternal auditing fees Investor relations, Consob, Monte Titoli costs Service costsPaid rents Other costs of servicesPromotional and advertising expenses Centers management expenses for vacancies

Professional feesInsurances

Directors' and statutory auditors' fees Shopping center pilotage and construction costsService costs from third parties Centers management expenses for vacanciesService ConsultingCenters management expenses for ceiling to tenants' costs

Insurances

Other costs of servicesCo-marketing expenses

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

106 Note 4) Cost of labour

As of 30 June 2026, personnel costs amounted to a total of €6,475 thousand, an increase of €6.549 thousand compared to the value recorded as of 30 June 2025. The impact on revenues and operating income is in line with that of the same period of the previou s year.

Note 5) Other operating costs

As of 30 June 2026, other operating costs amounted to a total of €4,012 thousand, a decrease of €1.209 thousand compared to the value recorded in the first half of 2025, when they amounted to €5.220 thousand. The change is mainly attributable to the payment, in the first half of 2025, of a penalty of €1 million by IGD SIIQ S.p.A. to the fun d that owns Galleria Fonti del Corallo, for exercising the option for early termination of the lease agreement signed in 2014, which was scheduled to expire in February 2026.

Note 6) Change in work in progress inventory and realisation costs

The decrease in inventories of work in progress by €1,261 thousand as of 30 June 2026 refers to the multifunctional complex in the municipality of Livorno. Such decrease is mainly attributable to the sale of three residential units and as many garages, rel ating to the “Officine" residential sub -area, only partially offset by the work carried out during the period, equal to €102 thousand.

See note 22 for further information.

06/30/26 06/30/25 Change 4,891 4,889 2 1,215 1,305 (90) 234 202 32 136 153 (17) 6,475 6,549 (74) Cost of labourOther costsWages and salaries

Social security

Severance pay

06/30/26 06/30/25 Change 3,348 3,491 (143) 42 68 (26) 146 127 19 22 49 (27) 53 76 (23) 157 200 (43) 188 151 37 0 1,000 (1,000) 57 58 (1) 4,012 5,220 (1,208) Fines and penalties

Other costs

Other operating costsIMU/TASI/Property tax

Other taxes

Contract registrations

Out-of-period income/charges

Losses on receivables Fuel and tollsMembership fees 06/30/26 06/30/25 Change 102 78 24 (1,363) (1,304) (59) (1,261) (1,226) (35) Construction costs for the period Change in inventories for disposal Change in inventory

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

107 Note 7) Depreciation, amortisation , provisions, impairment and changes in fair value

Amortisation of intangible assets decreased mainly for the end of the amortisation of the integrated accounting, management and treasury system implementation costs.

Depreciation of tangible assets increased following investments in equipment purchased during the previous year.

The item provisions for other risks and charges as of 30 June 2026, mainly reflects the provision, made by the Parent Company, of €400 thousand relating to the write -down of the residual receivables due from a counterparty under the settlement agreement si gned in 2025.

After the first tranche of €100,000 was paid on 16 July 2025, the counterparty failed to pay the subsequent instalments due by 31 December 2025, and in 2026, it announced that it had filed an application for approval of a simplified composition proposal with the Court, requesting protective measures over its assets.

The item also includes provisions for three ongoing IMU disputes concerning some shopping centres for a total amount of €327 thousand.

These effects are partially offset by the positive release, by the subsidiary Win Magazin S.A., of the fund allocated for adaptation works to be borne by the company for a total of €707 thousand, of which €200 thousand to be carried out on the asset located in Turda, subject to sale in March 2026.

The provision for doubtful debts in the half year amounted to €360 thousand, a slight decrease by €375 thousand compared to the previous period.

All provisions were made by analytically evaluating individual customer positions in order to adjust their value to the presumed realizable value.

Movements in the provision for doubtful accounts are detailed in Note 23.

Fair value changes ( -€4,034 thousand) can be broken down as follows:

• an impairment loss of €2,268 thousand on right -of-use assets from application of IFRS 16;

• an impairment loss of €6,000 thousand for extraordinary maintenance on the freehold and leasehold properties of the IGD Group 's Italian companies;

• an impairment loss of €285 thousand for extraordinary maintenance on freehold properties of the Romanian subsidiary Win Markt SA;

06/30/26 06/30/25 Change (154) (200) 46 (584) (541) (43) (77) (389) 312 (815) (1,130) 315 (360) (375) 15 (201) 38 (239) (4,034) (2,876) (1,158) (5,410) (4,343) (1,067) Change in fair value Depreciation, amortization, provisions, impairment and change in fair valueAmortization of tangible assetsAmortization of intangible assets Provisions for risks Depreciations, amortization and provisions (Impairment losses)/Reversals on work in progress and inventoriesProvisions for doubtful accounts

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

108 • a revaluation of €8,985 thousand for the adjustment to fair value of the freehold investment property of IGD Group ’s Italian companies, based on independent appraisals as of 30 June 2026;

• an impairment loss of €4,820 thousand for the adjustment to fair value of the freehold investment property of the Romanian subsidiary Win Magazin SA, based on the findings of independent appraisals as of 30 June 2026 on such investments.

Net impairment losses of €201 thousand reflect impairment losses on the Officine (residential), Molo, Lips, and Arsenale sub -areas based on the reports of independent appraisers at 30 June 2026.

Note 8) Income/(loss) from equity investments and asset disposals

On 2 March 2026, the subsidiary Win Magazin S.A. signed a contract for the sale of an asset located in Turda, a city of approximately 50,000 inhabitants. The property was acquired by the Municipality of Turda following the exercise of a right of pre -emption, as part of a project to convert and rede velop the area by the city administration, for a total consideration of approximately €550 thousand. The transaction generated a positive economic impact of €147 thousand, including the ancillary costs associated with the transaction.

Note 9) Financial income and charges The tables below show the composition of financial income and expenses as of 30 June 2026, compared with the same period of the previous financial year.

06/30/26 06/30/25 Change 147 (496) 643 147 (496) 643 Gain/(loss) from property sales Result from equity investments and property disposals

Financial Income

06/30/26 06/30/25 Change 149 81 68 289 25 264 302 143 159 740 249 491 6 0 6 8 0 8 14 0 14 754 249 505 Bank interest income Other interests income and equivalents Financial income from third partiesExchange rate (losses)/gains Interest income from related parties Income to related parties Financial income from related parties

Financial Income

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

109

The financial management balance shows an improvement of €8,983 thousand, going from €31,652 thousand at 30 June 2025 to €22,669 thousand at 30 June 2026 due to the reduction in financial charges by €8,478 thousand and the increase in financial charges for €505 thousand.

The decrease in financial charges totalling €8,478 thousand is mainly due to:

• the decrease in interest expense on mortgages and bonds, including IRS differentials, resulting from the reduction in the average debt rate linked to the refinancing operations carried out in 2025 and in the first quarter of 2026;

• the decrease in amortized cost of the bonds, which in 2025 had been significantly influenced by the effects of the repayment of existing loans carried out as part of the large refinancing operation completed in March 2025;

• the increase in the amortized cost of mortgage loans resulting from the early repayment of a mortgage refinanced in March 2026 .

At 30 June 2026, the average debt rate (without considering the debt’s recurring and non -

recurring accessory charges) was 4.83%, compared to an average cost of debt of 5.09% in 2025. The effective average cost of debt was 5.24% for the first half of 2026, down from 6.33% in 2025.

The interest coverage ratio (ICR) calculated as the ratio of EBITDA to net financial charges is 2.1x, improving from 1.6x at 31 December 2025.

The adjusted interest coverage ratio calculated as the ratio of EBITDA to adjusted financial charges, financial management net of IFRS 9, non -recurring exchange charges and negative carry value, is 2.3x (2x at 31 December 2025).

Financial charges

06/30/26 06/30/25 Change 35 47 (12) 71 0 71 106 47 59 1 14 (13) 12,488 19,534 (7,046) Amortized costs of mortgage loans 2,495 2,065 430 Accrude Net Swap Paymnets 684 1,435 (751) 6,510 2,993 3,517 575 4,826 (4,251) 318 551 (233) 0 37 (37) 246 399 (153) 23,317 31,854 (8,537) 23,423 31,901 (8,478) Financial charges from third parties Financial chargesFinancial charges under IFRS16 Other interests, fees and chargesFinancial charges on leasingAmortized costs of bondsInterest expenses on Coop AlleanzaInterest expenses on security deposits Financial charges to related parties Interest expenses to banks Financial charges on bondsInterest expenses on mortgage loans

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

110 Note 10) Income taxes

Overall current and deferred tax effect is positive by €80 thousand at 30 June 2026; an improvement compared to €516 thousand recorded at 30 June 2025.

Current taxes amounted to €1,695 thousand, decreasing €157 thousand compared to the first half of 2026. This item is mainly attributable to the taxes that the Romanian subsidiary Win Magazin S.A. will have to pay in relation to the sale of the properties l ocated in Turda and Ploiești.

Deferred tax assets positive at €2,138 thousand, resulting in a higher tax benefit of €720 thousand on the reference period. The change is mainly attributable to (i ) the adjustment of deferred tax liabilities resulting from the change in the fair value of real estate investments held by the subsidiary Win Magazin S.A., operating under the ordinary tax regime, and the sale of the properties in Turda and Ploiești, and to (ii) the accounting under IFRS 16 of the rental contract for the shopping mall in the «Centro Nova» Shopping Centre.

Out -of-period charges amount to €363 thousand and refer to the release of deferred tax assets following the termination of the lease agreement for the business unit relating to the Shopping Mall of the “Fonti del Corallo” Centre in Livorno in February 2026.

As subject to the control of Coop Alleanza (the "ultimate parent entity" or UPE), for scale considerations the Group is affected by the new Pillar Two Model Rules. UPE, with support from its consultants, have analysed 2025 data for the financial statements at 31 December 2025, to determine the scope of application and the potential impact of the new rules on the jurisdictions falling within the scope of consolidation, including through use of the transitional safe harbours applicable to the three -year transiti onal period 2024 -2026 as allowed by the OECD guidelines. On the basis of the analyses on the financial statements as at 31 December 2025, the new rules are not expected to have an impact on the Company or the Group, since the safe harbour – routine profit test is fully applicable. As of 30 June 2026, no new developments have emerged, and therefore the conclusions at 31 December 2025 are confirmed.

The following provides a reconciliation of income taxes applicable to pre -tax profit, using the enacted rate, to the effective rate for the periods ended 30 June 2026, and 30 June 2025.

06/30/26 06/30/25 Change 1,695 1,852 (157) (2,138) (1,418) (720) 363 2 361 (80) 436 (516) Income taxesDeferred tax liabilitiesCurrent taxes Out-of-period income/charges - Provisions

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

111 Reconciliation of income taxes applicable to profit before tax 06/30/2026 06/30/25 Pre-tax profit 20.529 11.036 Change in income from exempt operations (17.126) (8.645) Taxable result before tax 3.403 2.391 Theoretical tax charge (24% rate) 817 574 Profit resulting in the income statement 20.529 11.036

Increases:

IMU - property tax 3.081 107 Negative fair value 17.634 18.280 Impairment on work in progress and inventories 201 0 Other increases 10.166 14.809

Decreases:

Change in tax-exempt income (17.126) (8.645) Deductible depreciation and amortisation (341) (433) Positive fair value (13.601) (16.588) Other changes (8.065) (6.577) Taxable income 12.478 11.989 Utilisation of past losses 362 318 Utilisation of ACE benefit 1.770 1.164 Taxable income net of losses and ACE benefit 10.346 10.507 Lower current taxes recognised directly in equity 0 0 Current taxes for the year 1.577 1.717 Income from tax consolidation (22) 0 Total current IRES for the year (a) 1.555 1.717 Difference between value and costs of production 51.401 50.331 Change in income from exempt operations (42.071) (39.528) Difference between the value and cost of taxable production 9.330 10.803 Theorical IRAP (3.9%) 364 421 Difference between value and costs of production 51.401 50.331

Changes:

Increases 3.651 5.025 Decreases (2.853) (6.453) Change in tax-exempt income (42.071) (39.528) Other deductions (6.744) (6.212) IRAP taxable Income 3.384 3.163 Lower IRAP recognised directly in net equity 0 0 Current IRAP for the year (b) 140 135 Total current taxes (a+b) 1.695 1.852

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

112 Note 11) Earnings/(loss) per share As requested by IAS 33 (para. 66), the income statement presents the basic and diluted earnings/(loss) per share for profit or loss from continuing operations attributable to the equity holders of IGD SIIQ S.p.A. The information is provided on the basis of consolidated figures only under IAS 33.

Note 12) Intangible assets with finite useful lives

Intangible assets with finite useful lives consist of expenses incurred for the design and registration of company trademarks used by the Group, business software, long -term licenses and certifications. During the half year there were no impairment losses or impairment reversals on intangible assets. The increases, equal to €96 thousand, mainly refer to the implementation of management software.

Note 13) Goodwill

Goodwill has been allocated to the individual cash generating units (CGUs).

06/30/26 06/30/25

20,608,920 10,600,000

20,608,920 10,600,000

110,341,903 110,341,903

110,341,903 110,341,903

0.187 0.096

0.187 0.096 Diluted earnings per shareNet profit attributable to IGD SIIQ S.p.A. shareholders Diluted net profit attributable to IGD SIIQ S.p.A. shareholders Weighted average number of ordinary shares for purposes of basic earnings per share Weighted average number of ordinary shares for purposes of diluted earnings per share Basic earnings per share 01/01/2025 Increase Decrease Amortization 12/31/2025 833 281 0 (396) 718 01/01/2026 Increase Decrease Amortization 06/30/26 718 96 0 (155) 659 Intangible assets with finite useful lives Intangible assets with finite useful lives 01/01/2025 Increase ImpairmentsVariation

area/extraord.operatio

ns12/31/2025

6,648 0 (82) 0 6,566 01/01/2026 Increase ImpairmentsVariation

area/extraord.operatio

ns06/30/26

6,566 0 (999) 0 5,566 GoodwillGoodwill

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

113 For each goodwill amount in the financial statements, the Group has indicated the pertinent CGU, distinguishing between:

i. goodwill from the purchase of companies with investment property;

ii. goodwill from the purchase of business units.

The first category consists of goodwill from the purchase of Win Magazin S.A., while the second is made up of goodwill from the purchase of the business units Winmarkt Management S.r.l., Centro Nova, San Donà, Darsena, Service, and Fonti del Corallo.

Below is the breakdown of goodwill by CGU at 30 June 2026 and 31 December 2025:

The decrease of €1 million in Fonti del Corallo's goodwill is a result of the sale of the business unit relating to the Fonti del Corallo" Shopping Mall in Livorno, in implementation of the commitments undertaken with BNP Paribas Real Estate Investment Management Italy SGR p.A. ("BNP"), manager of the "Immobiliare Negri" real estate fund, under the Framework Agreement of 13 February 2014 and the Preliminary Agreement for the sale of the business unit signed on 27 June 2019.

The sale was completed following IGD's exercise of its contractual right to terminate the Mall's lease early, as it was due to expire on 25 February 2026, and in accordance with the provisions of the Preliminary Agreement, which established that the transf er would be completed by the lease termination date.

Goodwill for Win Magazin refers to the purchase price allocation of the difference between the price paid and the fair value of the assets and liabilities acquired with Win Magazin S.A. The recoverability of the goodwill allocated to this CGU has been analysed on the basis of the property appraisals by CBRE Valuation S.p.A. and Kroll Advisory S.p.A. in accordance with the criteria described earlier in these notes ("use of estimates"). Specifically, this goodwill covers the possibility to sell properties owned by the subsidiary (through the equity investment) without incurring taxes. Therefore, recoverability derives from the tax savings that could be achieved from the investment's sale and is measured on the basis of the deferred tax provision covering the higher book value of the property with respect to the tax -deductible amount.

Goodwill for the Centro Nova, Service, and Winmarkt Management CGUs pertains to business management for properties not owned by the Group, as well as services (facility management) provided at freehold and third -party shopping centres. For the latter, the Group carries out the Goodwill 06/30/26 12/31/2025 Win Magazin S.A. 3,891 3,891 Winmarkt Management s.r.l. 1 1 RGD Ferrara 2013 s.r.l. 123 123 Fonti del Corallo 0 1,000 Centro Nova 546 546 Service 1,005 1,005 Goodwill 5,567 6,566

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

114 impairment test on a yearly basis (at 31 December) or when circumstances show the possibility of a reduction in the recoverable value of goodwill. As of 30 June 2026, the Group had not detected any signals from the quantitative and/or qualitative indicators that would require repeat testing.

With regard to the possibility of also carrying out a second -level test on the consolidated perimeter of the Group, taking into account that the Group also presents a market capitalization at a significant discount as of 30 June 2026, in order to verify th e recoverability of the Net Invested Capital, including Goodwill, recorded in the consolidated financial statements, management, taking into account the fact that:

• the Group closed 30 June 2026 in line with the 2026 budget forecasts;

• the impairment test carried out on 31 December 2025 showed positive headroom of

€225,888 thousand;

• the discount rate appears substantially stable, as demonstrated by the expert assessments and the dynamics of the main components of the rate;

has assessed, for the half -yearly situation as of 30 June 2026, that no quantitative/qualitative indicators demonstrate the need to perform a new second -level impairment test.

As already emphasized in the financial report as of 31 December 2025, with regard to the difference between recoverable value and market capitalization, the Directors considered the effect of the following factors:

• management view and assumptions vs. broker consensus;

• inputs used to calculate value in use, in terms of cash flows, discount rates, and any

key variables;

• presence of information asymmetries between the market and management;

• different horizons (the market has an investment horizon, hence short -term);

• other valuation methods (value in use and fair value);

• liquidity of the shares;

• excessive market reaction to news or information.

Note 14) Investment property

In the first half of 2026, compared to 31 December 2025, real estate investments recorded a net decrease of €8.249 thousand, resulting from a combination of various changes of diverse nature.

01/01/2025 Increase Acquisitions Decrease Revaluation Devaluation Reclassification 12/31/2025 1,661,542 13,947 11,015 (12,900) 33,951 (24,716) 39 1,682,877 10,293 0 0 0 0 (5,850) 0 4,443 1,671,835 13,947 11,015 (12,900) 33,951 (30,566) 39 1,687,320 01/01/2026 Increase Acquisitions Decrease Revaluation Devaluation Reclassification 06/30/2026 1,682,877 6,280 0 (10,500) 13,601 (15,366) 0 1,676,892 4,443 5 0 0 0 (2,269) 0 2,179 1,687,320 6,285 0 (10,500) 13,601 (17,635) 0 1,679,071 Right-of-use IFRS16Investment propertyInvestment property

Right-of-use IFRS16

Investment property

Investment property

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

115 The increase of €6,285 thousand refers to the restyling works at the Leonardo shopping centres in Imola and Lungo Savio in Cesena, both of which will soon be finalised. During the first half of 2026, works on the real estate portfolio continued, mainly involving commercial fitouts at Katané (Gravina di Catania), Punta di Ferro (Forlì), Le Maioliche (Faenza), Tiburtino (Guidonia Montecelio), and Casilino (Rome) shopping centres.

The decreases totalling €10,500 thousand refer to the sales completed by the subsidiary Win Magazin S.A. Specifically:

- on 2 March 2026, the subsidiary signed a contract for the sale of an asset in Turda. The property was registered at a value of €400 thousand.

- On 21 April 2026, the subsidiary signed a contract for the sale of an asset in Ploiești. The properties were registered at a total value of €10,100 thousand.

With reference to fair value adjustments, the properties underwent revaluations of €13,601 thousand and write -downs of €15,366 thousand, with a net negative impact of €1.765 thousand.

Finally, we note the write -down of the rights of use relating to the malls located in the Centro Nova shopping centre, determined on the basis of appraisals carried out by an independent appraiser, for €2,269 thousand.

See section 1.8 “Significant events during the half year” and 1.9 “Real Estate portfolio” of the interim Management Statement for further details.

Note 15) Buildings

As of 30 June 2026, buildings include the net book value of €6,283 thousand of the building that houses the company's operational headquarters in Bologna, acquired through a financial leasing contract, and the value of €663 thousand of the right of use und er the lease agreement for the Milan offices, which began in February 2026.

01/01/2025 Increase Decrease Amortization 12/31/25 10,260 40 0 0 10,299 (3,697) 0 0 (248) (3,944) 6,563 40 0 (248) 6,355 01/01/2026 Increase Decrease Amortization 06/30/26 10,299 52 0 0 10,351 (3,944) - 0 (124) (4,068) 6,355 52 0 (124) 6,283 Right of use IFRS 16 Milano office - 663 0 0 663 6,355 715 0 (124) 6,946 Historical cost

Depreciation fund

Net book value

Historical cost

Depreciation fund

Net book value Building Headquarter

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

116 Note 16) Plant and machinery, equipment, and leasehold improvements

Note 17) Assets under construction and advance payments

Assets under construction and advance payments amount to €2,522 thousand at 30 June 2026, an increase of €17 thousand compared to 31 December 2025 for advances in the half year.

There were no changes in the consolidation scope compared to 31 December 2025, including:

• land at Porto Grande for the construction of midsize stores, recognised at fair value for

€2.2 million;

• costs for restyling in progress at Gran Rondò shopping centre in Crema for €228 thousand.

Note 18) Deferred tax assets and liabilities Under IAS 12, para. 74, deferred tax assets were offset against deferred tax liabilities because:

(i) the entity has the right to offset current tax assets against current tax liabilities and (ii) the deferred tax assets and liabilities relate to income ta xes levied by the same tax jurisdiction.

01/01/2025 Increase Decrease Amortization Reclassification 12/31/2025 3,315 213 (28) 0 0 3,500 (3,229) 0 27 (190) 0 (3,392) 86 213 (1) (190) 0 108 8,906 81 (260) 0 0 8,728 (6,518) 0 177 (555) 0 (6,897) 2,388 81 (83) (555) 0 1,831 2,202 1,550 (1,535) 0 13 2,229 (2,202) (28) 0 0 0 (2,229) 0 1,522 (1,535) 0 13 0 01/01/2026 Increase Decrease Amortization Reclassification 06/30/2026 3,500 41 0 0 0 3,541 (3,392) 0 0 (44) 0 (3,436) 108 41 0 (44) 0 105 8,727 96 (66) 0 0 8,757 (6,896) 0 183 (416) 0 (7,129) 1,831 96 117 (416) 0 1,627 2,229 0 0 0 0 2,229 (2,229) 0 0 0 0 (2,229) 0 0 0 0 0 0Historical cost

Depreciation fund

Plant and machinery

Historical cost

Depreciation fund

Equipment and other goods

Historical cost

Depreciation fund

Leasehold improvements

Historical cost

Depreciation fund

Plant and machinery

Historical cost

Leasehold improvementsDepreciation fund Equipment and other goods

Historical cost

Depreciation fund

01/01/2025 Increase DecreaseChange in Fair

ValueReclassification 12/31/2025

2,478 0 0 27 - 2,505 6 39 0 0 (39) 6 2,484 39 0 27 (39) 2,512 01/01/2026 Increase DecreaseChange in Fair

ValueReclassification 06/30/2026

2,505 0 0 0 0 2,505 7 17 (7) 0 0 17 2,512 17 (7) 0 0 2,522 Advance paymentsAssets under construction and advance payments Assets under construction and advance paymentsAssets under construction Assets under constructionAdvance payments

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

117 Deferred tax assets and deferred tax liabilities for the Italian companies are shown in detail

below:

Deferred tax assets and liabilities mainly originate from:

• taxed provisions, such as the provision for doubtful accounts and bonuses;

• the effect of writing down inventories to market value;

• the application of IFRS 16;

• tax losses carried forward.

Following a positive assessment of the future taxable income for the Group, prior -year losses are expected to be used, so the deferred tax assets are likely to be recovered. For this reason, the credit for deferred tax assets is deemed to be recoverable.

At 30 June 2026, the balance of deferred tax assets of €5,706 thousand and deferred tax liabilities of €2,692 thousand was €3,014 thousand for Italian companies (net deferred tax assets).

Deferred tax liabilities, in the liabilities side of the balance sheet, include the deferred taxation on the real estate investments of the Romanian company Win Magazin S.A. The decrease in deferred tax liabilities relating to the Romanian companies is due to the negative change in the fair value of real estate investments recorded during the period as well as the disposals of the properties in Turda and Ploiești.

06/30/2026 12/31/2025 Change Taxed funds 245 413 (168) Impairment loss on inventotories 2,559 2,559 0 Impairment loss on equity investments and financial receivables 289 289 0 Loss from tax consolidation 741 741 0 IRS transactions 0 0 0

IFRS 16 1,872 2,101 (229)

Total deffered tax assets 5,706 6,103 (397) 06/30/2026 12/31/2025 Change Taxed funds 245 413 (168) Impairment loss on inventotories 2,559 2,559 0 Impairment loss on equity investments and financial receivables 289 289 0 Loss from tax consolidation 741 741 0

IFRS 16 1,872 2,101 (229)

Total deffered tax assets 5,706 6,103 (397) 06/30/2026 12/31/2025 Change Investiment property (3,021) (2,937) (84) Other effects 329 420 (91) Total deffered tax liabilities (2,692) (2,517) (175) 06/30/2026 12/31/2025 Change Deffered tax assets 5,706 6,103 (397) Deffered tax liabilities (2,692) (2,517) (175) Total net deffered tax assets 3,014 3,586 (572)

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

118

06/30/2026 12/31/2025 Change Investiment property Romania 9,360 11,611 (2,251) Net deffered tax assets italian companies 3,014 3,586 (572)

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

119 Note 19) Sundry receivables and other non -current assets

As of 30 June 2026, the item “Sundry receivables and other non -current assets” did not show any significant variations compared to 31 December 2025, amounting to €167 thousand.

Note 20) Equity investments

As of 30 June 2026, the item “Investments” has not undergone any changes compared to the value recorded as of 31 December 2025.

The Juice Fund, in which the Company holds a 40% stake, was established during the 2021 financial year through the contribution by IGD of five hypermarkets and one supermarket, to valorise part of the real estate portfolio held.

The Food Fund, also owned by IGD SIIQ with a 40% stake, was established in 2024 through the contribution of eight hypermarkets, three supermarkets, and two shopping malls, with similar objectives of portfolio enhancement.

The real estate portfolio of the two funds is valued on a half -yearly basis by independent appraisers, who, based on the data as of 30 June 2026, substantially confirmed the figures at 31 December 2025. The Directors established that no quantitative or qualitative indicators show any requirement for an impairment test.

Again, the valuation carried out at 30 June 2026 using the equity method is in line with the value recorded at 31 December 2025.

Note 21) Non -current financial assets

The item shows a decrease of €250 thousand compared to 31 December 2025 due to the reclassification of the loan granted to the Porta a Mare Consortium among current financial receivables.

06/30/2026 06/30/2025 Change 126 125 1 41 41 (0) 167 166 1 Security deposits Due to other Sundry receivables and other non-current assets 01/01/2026 Increase Decrease 06/30/2026 Consorzio propr. del compendio comm. del Commendone (GR) 6 0 0 6 Consorzio propr. Fonti del Corallo 7 0 0 7 Consorzio i Bricchi 4 0 0 4 Consorzio Punta di Ferro 6 0 0 6 Investments in subsidiaries 23 0 0 23 Millenium Center 4 0 0 4 Juice Fund 22,817 0 0 22,817 Food Fund 80,470 0 0 80,470 Investments in associates 103,291 0 0 103,291 Equity investments in other undertakings 22 0 (5) 17 Investements 103,313 0 (5) 103,308 06/30/2026 06/30/2025 Change 176 426 (250) Non-current financial assets

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

120 The balance as of 30 June 2026, refers to the interest -free loan granted to Initiative Bologna Nord s.r.l. in liquidation.

Note 22) Work in progress inventory

Inventories for work in progress relating to the areas, completed and under construction buildings and urbanization works under construction for the multifunctional complex in the municipality of Livorno have undergone: (i) an increase in relation to inter ventions mainly in the residential sub -area of Officine Storiche , for a total amount of approximately €102 thousand; (ii) a decrease of €1,363 thousand in relation to the sale of 3 residential units and 3 garages relating to the residential sub -area of Officine Storiche and (iii) a write -down carried out to adjust the carrying amount to the lower of cost and the fair value expressed by the appraisal for an amount of €201 thousand.

Note 23) Trade and other receivables

As of 30 June 2026, trade receivables, net of the provision for doubtful accounts, amounted to €6,861 thousand, a decrease of €93 thousand compared to €6,954 thousand as of 31 December 2025.

Gross trade receivables are broken down below by overdue bracket at 30 June 2026:

The overall provision (net of uses in the income statement) in the half -year amounted to €360 thousand and is due to specific provisions made to reflect the critical issues that arose on individual receivables.

Net provisions in Italy amount to €330 thousand and consist of gross provisions for €493 thousand and use of provisions in the income statement for €163 thousand.

Gross provisions for Italy are broken down as follows:

• €302 thousand relates to the provision for doubtful accounts under litigation in Italy;

• €191 thousand relates to the provision for doubtful accounts under litigation in Italy;

During the period, the Romanian companies allocated provisions for bad debts of €30 thousand.

01/01/2026 Increase DecreaseRevaluations/

(Write-downs)Reclassification 06/30/2026

19,716 102 (1,363) (201) 0 18,254 49 0 0 0 0 49 19,765 102 (1,363) (201) 0 18,303 Work in progress inventory and advances"Porta a Mare" project

Advances

06/30/2026 06/30/2025 Change 16,514 16,998 (484) (9,653) (10,044) 391 6,861 6,954 (93) Trade and other receivablesTrade and other receivables Provision for doubtful accounts Not yet dueOverdue

0-30 daysOverdue

31-60 daysOverdue

61-90 daysOverdue

91-120 daysOverdue

121-180 daysOverdue

over 180 daysTotal

Receivables

Gross trade receivables 1,587 1,085 451 2,061 272 790 10,268 16,514 1,587 1,085 451 2,061 272 790 10,268 16,514 Gross trade receivables

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

121 Movements in the provision for doubtful accounts are reported below:

The following table shows receivables by geographical area:

06/30/2026 06/30/2025 Change 10,044 11,191 (1,147) (37) (7) (30) (908) (1,782) 874 554 642 (88) 9,653 10,044 (391) Provision for doubtful account at the end of the periodProvision for doubtful account at the beginning of the period Foreign exchange effect

Reverse

Provision

06/30/2026 06/30/2025 Change 15,804 15,944 (140) (9,289) (9,673) 384 6,515 6,271 244 710 1,054 (344) (364) (371) 7 346 683 (337) 6,861 6,954 (93) Total Net ReceivablesReceivables Romania Provision for doubtful accounts Net receivables RomaniaReceivables Italy Provision for doubtful accounts Net receivables Italy

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

122 The table below shows the amount of trade receivables and other receivables outstanding from related parties as of 30 June 2026.

Reference can be made to Note 37 for details.

06/30/2026 12/31/2025 Change Viaggia con noi s.r.l. 0 0 0 Errichten S.r.l. 1 0 1 Campania Distribuzione Moderna 0 0 0 Consorzio Clodì 3 0 3 Consorzio Lame 3 0 3 Consorzio La Torre 9 2 7 Distribuzione Centro Sud s.r.l. 0 0 0 Iniziative Bo Nord 0 0 0 Coop Sicilia 0 0 0 Rgd Ferrara 2013 0 0 0 IGD Property SIINQ s.p.a. 0 0 0 Distribuzione Lazio Umbria s.r.l. 0 0 0 Mercato Coperto Ravenna 0 0 0 Coop Alleanza 3.0 16 97 -81 Librerie Coop s.p.a. 0 3 -3 Alleanza Luce e Gas 1 0 1 Unicoop Etruria Società Cooperativa 3 3 0 Cons. propr. del compendio com. del Commendone (GR) 14 1 13 Vignale Comunicazioni s.r.l. 3 3 0 Consorzio prop. Fonti del Corallo 0 0 0 Consorzio Cone' 14 0 14 Consorzio Leonardo 2 0 2 Consorzio Crema (Gran Rondò) 39 1 38 Consorzio I Bricchi 2 1 1 Consorzio Katané 86 86 0 Consorzio Porta a Mare 492 336 156 Consorzio Sarca 44 0 44 Consorzio Le Maioliche 8 1 7 Consorzio Punta di Ferro 6 0 6 Punta di Ferro 2 1 1 Millennium Center 12 2 10 Consorzio Proprietari Centro Luna 14 18 -4 Consorzio Esp 9 1 8 Fondo Juice 57 0 57 Consorzio La Favorita 8 2 6 Consorzio Le Porte di Napoli 9 6 3 Consorzio Casilino 2 1 1 Consorzio del centro commerciale Nuova Darsena 0 34 -34 Fondo FOOD 240 119 121 Food SPV 0 0 0 Consorzio Tiburtino 3 1 2 1,102 719 383 Related party trade and other receivables

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

123 Note 24) Other current assets

As of 30 June 2026, the item “Other current assets” amounted to €4,828 thousand compared to €4,703 thousand as of 31 December 2025, increasing by €125 thousand.

The decrease in tax credits, compared to 31 December 2025 is mainly due to the reduction in VAT credit open on that date and used as a set -off in VAT settlements for the first months of 2026.

As of 30 June 2026, the Treasury's item "IRES" and "IRAP" includes tax advances paid for the 2026 tax year, and credits for tax payments made in previous years in relation to tax assessment notices appealed by the Group.

Accrued income and prepaid expenses increased by €1,498 thousand, attributable to higher prepaid expenses recognized on insurance policies and other costs pertaining to the financial year but incurred in the first half of 2026.

Other receivables decreased €400 thousand compared to 31 December 2025, as described in the paragraph “Amortization, depreciation, provisions, write -downs and changes in fair value”.

Note 25) Related parties’ financial receivables and other current financial assets

The item refers to the reclassification among current financial receivables of the loan granted to the Porta a Mare Consortium, previously recognized in non -current financial receivables at 31 December 2025. The loan was also partially repaid during the first half of 2026.

06/30/2026 06/30/2025 Change 1,392 2,151 (759) 365 1,530 (1,165) 857 556 301 130 65 65 40 0 40 Credits to other and accrued income and prepayments 3,436 2,552 884 25 25 0 2,995 1,497 1,498 127 106 21 289 924 (635) 4,828 4,703 125 Other current assetsIRES credits

IRAP credits

Insurance credits

Accrued income and prepayments Deferred costsVAT creditsTax credits Due from others Other costs of services 06/30/2026 06/30/2025 Change 235 0 235 235 0 235 Related parties financial receivables Related parties financial receivables and other current financial assets from

related parties

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

124 Note 26) Cash and cash equivalents

Cash and cash equivalents, as of 30 June 2026, amounted to €22,266 thousand, an increase of €12,975 thousand compared to 31 December 2025, when they amounted to €9,291 thousand.

The statement of cash flows provides a clearer understanding of how this item changed during the period.

Note 27) Net equity The table below provides a breakdown of the items that make up net equity as of 30 June 2026, compared to 31 December 2025.

Group net equity, at 30 June 2026, was €999.091 thousand, increasing €6,546 thousand compared to 31 December 2025.

The main movements in the first six months of the year were:

• the payment of dividends for €16,551 thousand;

• the upward adjustment of the reserve for existing derivatives, accounted for using the cash flow hedge method, and amounting to €2.717 thousand;

• movements in the foreign currency translation reserve for financial statements in a currency other than the Group’s, for a negative balance of €229 thousand;

• the Group's share of net profit for the period, which is €20,609 thousand;

06/30/2026 06/30/2025 Change 22,250 9,276 12,974 16 15 1 22,266 9,291 12,975 Cash and cash equivalentsCash on handCash and cash equivalents 06/30/2026 06/30/2025 Change 650,000 650,000 0 362,534 345,362 17,172 130,000 130,000 0 (6,865) (6,636) (229) 1,886 1,886 0 455 455 (0) 4,472 1,755 2,717 167,008 152,010 14,998 413 413 (0) 65,154 53,408 11,746 0 12,071 (12,071) (13,443) (2,817) (10,626) (34,052) (34,819) 767 20,609 32,002 (11,393) 999,091 992,545 6,546 0 0 0 999,091 992,545 6,546 Capital and reserves of non-controlling interests Net EquityGroup profit Total Group net equityGroup profit (loss) carried forwardNet profit (loss) of the yearCapital increase reserveRecalculation of defined benefit plans subsidiariesCash flow hedge reserve Fair value reserveTranslation reserve Other available reservedsFTA IFRS 16 reserveShare capital

Other reserves

Recalculation of defined benefit plansLegal reserve

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

125 Note 28) Non -current financial liabilities This item includes the non -current portion of floating -rate loans from banks, bonds, and amounts due to other lenders, as detailed below:

The following table shows movements in non -current financial liabilities:

Payables for bank loans

On 24 February 2026, IGD SIIQ S.p.A. signed a secured loan agreement for an amount of €165 million with a pool of leading national and international banks and financial institutions which includes, as Mandated Lead Arrangers, Intesa Sanpaolo – IMI CIB Divi sion (which also acts as Agent, Security Agent and Green Loan Coordinator), Banca Monte dei Paschi di Siena S.p.A., Banco BPM S.p.A., BNL BNP Paribas. The loan has a variable rate, a 6 -year term, and is classified as green under the Company's Green Financing Framework. The net amount disbursed was mainly used to fully repay the green mortgage lo an signed on 9 May 2023. The loan will extend the Group’s average debt maturity to 5.5 years, shifting the first significant maturities to 2030. The new loan carries a margin 135 basis points lower than the existing loan and further reduces the Group’s average cost of debt.

On 16 March 2026, IGD SIIQ S.p.A. signed an agreement for an unsecured facility of up to €10 million, with a term of 5 years, intended to finance investment projects aimed at improving the adaptation and resilience of real estate assets to climate change. The financing, provided by Intesa Sanpaolo's IMI Corporate & Investment Banking Division, will be used by IGD to support projects aimed at strengthening the Group's assets' ability to address climate change -related risks, including extreme weather events a nd significant changes in climate conditions, helping to ensure the operational continuity and functionality of the affected properties.

Non current financial liabilities Term 06/30/2026 12/31/2025 Change Bank loans 478,764 457,891 20,873 Loan Mps - SACE 2022 15/12/2022 - 30/09/2028 6,492 8,930 (2,438) Loan Intesa 250 Million 15/05/2023 - 09/05/2028 0 144,076 (144,076) Loan Intesa Facility B 315 Million 03/03/2025 - 31/12/2031 304,088 304,885 (797) Loan Intesa 165 Million Helmet III 05/03/2026 - 24/02/2032 159,247 0 159,247 Loan Intesa 10 Million unsecured 12/03/2026 - 10/03/2031 8,937 0 8,937 Bonds 295,665 293,781 1,884 Bond 300 Milioni 28/10/2025 - 28/10/2030 295,665 293,781 1,884 Finance lease liabilities and IFRS 16 lease liabilities 594 1,702 (1,108) Sardaleasing Bologna HQ 30/04/2009 - 30/04/2027 0 928 (928) IFRS 16 lease Nova 01/01/2019 - 28/02/2027 0 774 (774) IFRS 16 lease Milano Office 01/01/2026 - 31/01/2038 594 0 594 No current financial liabilities 775,023 753,375 21,648 Current financial liabilities 12/31/2025 IncreaseRefunds/ RenegotiationsAmortized cost Reclassifications 06/30/2026 Bank loans 457,891 170,700 (147,844) 635 (2,619) 478,764 Bond issues 293,781 - 0 1,883 0 295,665 Debts to IFRS 16 1,702 594 0 0 (1,702) 594

TOTAL 753,374 171,294 (147,844) 2,518 (4,320) 775,023

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

126

Bonds

On 28 October 2025, the Company completed the placement of a new senior unsecured green bond amounting to €300 million, with a five -year maturity, an annual coupon of 4.45%, and a bullet repayment in November 2030.

Details of outstanding bonds are presented in the table below:

Liabilities under finance leases and rental contracts IFRS 16 This item includes the medium -long term portion of liabilities arising from finance leases and operating leases accounted for in accordance with IFRS 16. Specifically:

• financial leasing contract relating to the premises of the company's operational

headquarters;

• operating lease agreement, effective February 2026, for the Milan offices;

• lease agreement for the Centro Nova shopping centre mall.

Covenants

The following table presents covenants on outstanding loans. On 30 June 2026, all the covenants were satisfied.

Non current

portionCurrent portionNo current

portionCurrent portion

12/31/2025 12/31/2025Bond

Issuance/Repa

ymentAncillary costs

amortized as

of 06/30/2026Financial

charges as of 06/30/2026 06/30/2026 06/30/2026Nominal

interest rateEffective

interest rate

Bond 300 Million 300,000 0 0 0 0 300,000 0 Ancillary costs to the transaction (6,219) 0 0 575 0 (4,336) (1,308) Accrued coupon interest as of 31.12.25 0 2,280 0 0 0 0 2,280 Accrued coupon interest as of 30.06.26 0 0 0 0 6,510 0 6,510 Interest paid 0 0 0 0 0 0 0 Total Bond 300 Million 293,962 2,280 0 575 6,510 295,664 7,482 4.45% 4.94% Total Bond Loans 293,962 2,280 0 575 6,510 295,664 7,482 Total financial charges 575 6,510Bond loans

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

127

Note 29) Provision for employee severance indemnities The table below shows the movements in the TFR employee leaving indemnity provisions between 1 January 2026, and 30 June 2026.

The employee’s severance indemnity provisions are classified as a defined benefit plan. The provision qualifies as a defined benefit plan. In accordance with paragraph 83 of IAS 19, the annual discount rate used to calculate the present value of the liability is based o n the iBoxx Corporate A index with duration 10+ as of the measurement date. The use of a discount rate based on iBoxx Corporate AA 10+ would not have made a significant difference.

Product reference Guarantees providedNature of the productEnd Date financial "Covenant"Indicator

calculation i)Indicator

calculation ii)Indicator

calculation iii)Indicator

calculation iv)Indicator

calculation v)

Financing secured in pool Centro Commerciale Katanè (gall. + iper) Centro Commerciale Le Porte di Napoli (gall. + iper) Centro Commerciale Centro d'Abruzzo (gall. + iper) Centro Commerciale Casilino (gall.) Porta a Mare Waterfront (gall.) Centro Commerciale La Favorita (gall.) Centro Commerciale La Torre (gall. + iper) Centro Commerciale Borgo (gall.) Centro Commerciale Il Millenium (gall.) Centro Commerciale I Bricchi (gall.) Centro Commerciale Sarca (gall.)Financing secured in pool 31/12/2031 (Facility B)i) Ratio of (Total Assets - Intangible Assets) to Total Debt (excluding liabilities related to derivative instruments and net cash and cash equivalents) not

exceeding 65%;

ii) Interest Cover Ratio not less than 1.5;

iii) Ratio of Secured Debt to (Total Assets - Intangible Assets) less than or equal to 50%;

iv) Ratio of Unencumbered Properties to Unsecured Debt not less than 1.0 [excluding the effects of IFRS

16];

v) Loan-to-Value ratio for mortgaged properties:

v.1) not exceeding 60% until December 31, 2026 v.2) not exceeding 55% for measurements between December 31, 2027, and December 31, 2028 v.3) not exceeding 50% for subsequent measurements until December 31, 203241.99% 2.42 25.67% 2.06% 51.58% 4.450 per cent.

Fixed Rate Green Notes due 4 November 2030unsecured Bond Issue 04/11/2030i) Ratio of Total Assets (less intangible assets) to Total Debt (excluding derivative liabilities and net of cash and cash equivalents) of less than 60%;

ii) Interest Cover Ratio (recurring items on a cash basis) > 1.7;

iii) Ratio of Secured Debt to Total Assets (less intangible assets) of less than 45%;

iv) Ratio of Unencumbered Properties to Unsecured Debt (net of cash and cash equivalents) > 1.25 [excluding IFRS 16 effects]41.99% 2.42 25.67% 2.06 n.a.

Financing secured in pool Centro Commerciale Punta di Ferro (gall.) Centro commerciale Tiburtino ( gall.) Centro commerciale Porto Grande ( gall.) Centro Luna (gall.) Centro commerciale Gran Rondò (gall.) Centro Commerciale Mondovicino (gall. + RP) Centro commerciale Città delle Stelle ( gall.)Financing secured in pool 24/02/2032Intangible Assets) to Total Debt (excluding liabilities for derivative instruments and net cash and cash equivalents) not exceeding 65%;

ii) Interest Cover Ratio not less than 1.5;

iii) Ratio of Secured Debt to (Total Assets minus Intangible Assets) less than or equal to 50%;

iv) Ratio of Unencumbered Properties to Unsecured Debt not less than 1.0 [excluding the effects of IFRS

16];

v) Loan-to-Value ratio for mortgaged properties not exceeding 50%41.99% 2.42 25.67% 2.06 38.81%

Finanziamento

unsecured A&R

IntesaUnsecuredFinancing secured

in pool 10/03/2031i) Ratio of (Total Assets – Intangible Assets) to Total Debt (excluding liabilities for derivative instruments and net cash and cash equivalents) not exceeding

65%;

ii) Interest Cover Ratio not less than 1.5;

iii) Ratio of Secured Debt to (Total Assets – Intangible Assets) less than or equal to 50%;

iv) Ratio of Unencumbered Properties to Unsecured Debt not less than 1.0 [excluding the effects of IFRS 16];41.99% 2.42 25.67% 2.06 n.a.

Employee severance provision (TFR) Balance at 1 January 2026 2,666

Accruals 214

Utilisations (59)

Reclassification of amounts pertaining to INPS Treasury Fund (145) Curtailment due to plan amendment (120) Interest cost (IAS 19) 52 Balance at 30 June 2026 2,608

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

128 Please note that the actuarial valuation of severance pay , as permitted by international accounting principles, is performed annually by an independent appraiser at the close of the annual financial statements.

The following charts show the demographic and financial assumptions used:

As a result of the changes introduced by the 2026 Budget Law (Article 1, paragraphs 203 -205, of Law No. 199 of 30 December 2025), the Group's Italian companies, IGD SIIQ S.p.A. and IGD Service S.r.l. are now required to pay into the INPS Treasury Fund the severance pay the portions of employee leaving indemnity accrued and not allocated by employees to supplementary pension schemes, which were previously set aside within the companies.

As of 30 June 2026, the debt to the INPS Treasury Fund, recorded under the item "Other current liabilities", amounts to a total of €145 thousand, and was paid on 16 July 2026.

Note 30) Provisions for risks and charges

Provision for taxation The tax provision includes provisions made to cover charges arising from tax assessments and other tax liabilities deemed probable. The €327 thousand increases for the period mainly refer to the additional provisions made to cover the potential outcomes of ongoing disputes relating 01/01/2026 Use Provision Exchange rate effect 06/30/2026 2,145 327 (157) 0 2,314 2,621 57 (704) (9) 1,965 1,538 685 (1,320) 0 903 6,304 1,069 (2,181) (9) 5,182 Provisions for risks and future chargesProvision for taxation Consolidated Fund risks and future charges

Bonus provisionsDEMOGRAPHIC

ASSUMPTIONS EMPLOYEES

Probability of death ISTAT (The Italian

National Statistics

Institute) 2022

Probability of long -term disability INPS (Italian Social

Security Institute)

statistics by age and

gender

Probability of retirement 100% on achievement of retirement age under

mandatory general

insurance

Probability of resignation 2% Probability of receiving advances on TFR employee leaving indemnity provisions at the beginning of the year (provisioned at 70%) 1% FINANCIAL

ASSUMPTIONS 2026

Cost of living increase 2.00%

Discount rate 3.96% Increase in total compensation Executives 2.5% White

collar/Middle managers

1.0% Blue collar 1.0% Increase in employee

leaving indemnity

provision 3.0000%

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

129 to IMU/ICI, concerning new land registry determinations and income relating to three shopping centres.

The uses recorded in the half -year, equal to €157 thousand, concern the payment of some tax assessment notices and consultants' costs.

Bonus provision

The variable salary fund represents the provision made for the variable component of employees' remuneration, which is expected to be paid in 2027. This amount was estimated on the basis of the Group's expected results for 2026. The use recorded in the period refers, instead, to the disbursement made in June 2026 of the portion of variable salary accrued by employees with reference to the 2025 financial year.

Other general provisions This fund includes provisions for risks related to ongoing disputes and provisions for probable future charges.

No provisions were made during the first half of the year as the fund was deemed adequate to cover the risk to be hedged. During the half -year, the subsidiary Win Magazin SA released a provision amounting to €507 thousand, as it became certain that it woul d not be necessary to proceed with the work for which the costs had been forecast.

On 25 October 2024, Mr Claudio Albertini served IGD SIIQ with a claim notice, at the Civil Court of Bologna, seeking compensation in connection with the termination of his mandate as Chief Executive Officer of the Company. The Judge has set the hearing for the referral of the case for decision on 27 May 2027 . Although the Company’s stance is firmly to challenge the claim, in compliance with the accounting principles regarding pending disputes, any liabilities that might arise from the litigation are fully covered by the provisions made at 30 June 2026.

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

130 Note 31) Sundry payables and other non -current liabilities

As of 30 June 2026, Sundry payables and other non -current liabilities amounted to a total of €6,003 thousand, decreasing €521 thousand compared to the value of €6,465 thousand recorded as of 31 December 2025.

The item Commitments to the Municipality of Livorno and Porta a Mare includes, for a total amount of €4,039 thousand, the obligations set out in the agreement by IGD for the construction of additional secondary urbanization works, equal to €587 thousand, a s well as the interventions to be carried out on behalf of the company Porta a Mare S.p.A., equal to €3,452 thousand.

As detailed in the table above, the costs to be received in relation to the subscription of loans and guarantees are also classified under the item other non -current liabilities.

The table below shows the amount of payables to related parties outstanding as of 30 June 2026.

Security deposits refer to the amounts paid as security for rental contracts relating to hypermarkets and shopping malls. These deposits bear interest, calculated according to the rates established by current legislation and already paid in the half year.

06/30/2026 12/31/2025 Change Commitments to the Municipality of Livorno and Porta a Mare 4,039 4,039 -

Extension fees Intesa 0 305 (305) Payables for accrued costs Intesa Helmet II 865 1,008 (143) Payables for accrued costs Intesa Helmet III 336 0 336 407 813 (406) Payables for SACE guarantee 59 0 59 297 300 (3) 6,003 6,465 (462) Other liabilities Other non-current liabilitiesSubstitute tax payables 06/30/2026 12/31/2025 Change Coop Alleanza 3.0 4,410 4,410 0 Librerie Coop s.p.a. 48 0 48 Alleanza Luce e Gas 55 55 0 4,513 4,465 48 Sundry payables and other liabilities to related parties

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

131 Note 32) Current financial liabilities

Movements in current financial liabilities are shown in the table below:

Current financial liabilities to third parties include the current portion of the finance lease contract entered into for the purchase of the operating headquarters, the short -term portions of outstanding bank loans and bonds, including accrued interest, as well as the current value of financial liabilities arising from the application of IFRS 16.

For further information on the loans raised during the period, reference can be made to Note 28.

Note 33) Net debt The table below details the net debt at 30 June 2026 and 31 December 2025, prepared on the basis of ESMA guidelines. The net financial position, even in comparative terms, does not include the valuation of hedging derivatives, which, by their nature, do not represent monetary values.

As in previous years, net debt does not include other non -current liabilities, consisting mainly of security deposits received from third parties and related parties for the rental of hypermarkets and malls, guarantee deposits, payables for costs that the Group will incur in Financial liabilities Term 06/30/2025 12/31/2025 Change Bank loans 16,952 27,369 (10,417) BNL - Hot money 0 30 (30) Mps sace 20,9 Million 13/12/2022 - 27/06/2028 5,128 5,236 (108) Loan Intesa 250 Million 15/05/2023 - 09/05/2028 0 15,466 (15,466) Intesa secured loan Facility B 315 Million 03/03/2025 - 31/12/2031 5,768 6,637 (869) Intesa secured loan 165 Million Helmet III 05/03/2026 - 24/02/2032 5,074 0 5,074 Intesa unsecured loan 10 Million 12/03/2026 - 10/03/2031 982 0 982 Finance lease liabilities and IFRS 16 lease liabilities 4,269 5,574 (1,305) Leasing IGD HQ 30/04/2009 - 30/04/2027 1,139 420 719 Debt for IFRS 16 Livorno 01/01/2019 - 31/03/2026 0 580 (580) Debt for IFRS 16 Nova 01/01/2019 - 28/02/2027 3,061 4,574 (1,513) IFRS 16 lease Milan offices 01/01/2026 - 31/01/2038 69 0 69 Bonds 7,482 2,280 5,202 Bond 300 Million 28/10/2025 - 28/10/2030 7,482 2,280 5,202 Current financial liabilities to related parties 0 10,500 (10,500) Financial liabilities 28,703 45,722 (17,019) Current financial liabilities 12/31/2025 Increase RefundsAccrued interests 06.30.2026Reclassifications Amortized cost 06/30/26 Bank loans 27,369 4,300 (24,750) 8,768 2,619 (1,353) 16,953 Bond 2,280 0 0 6,510 0 (1,308) 7,482 Liabilities for finance leases and IFRS 16 lease contracts 5,574 69 (3,075) 0 1,702 0 4,269 Debts to other sources of finance 10,500 (10,500) 0 0 0 0 Total 45,722 4,369 (38,325) 15,278 4,320 (2,661) 28,703

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

132 the next few years to keep up with existing secured loans and tax liabilities, as they do not have a significant implied or express financial component.

Net financial debt, as of 30 June 2026 improved by approximately €8.3 million compared to 31 December 2025. This performance is mainly attributable to the cash generation of the period and the benefit deriving from the reduction in financial charges, resul ting from the raising, repayment and refinancing of loans and bonds carried out between the end of the 2025 financial year and the first quarter of 2026.

Liquid assets as of 30 June 2026, amounted to €22,266 thousand, compared to €9,291 thousand as of 31 December 2025, an increase of €12,975 thousand. These cash and cash equivalents reflect the amount of residual cash and cash equivalents generated by core operations in the first half of 2026, after having paid dividends of €16,510 thousand, supported investments of €6,400 thousand, collected €10,650 thousand from the sale of Romanian properties and paid loan instalments of €164,642 thousand.

With regard to the subscriptions of new financing contracts that affected the first half of the year, as already described in Note 28, the following were recorded:

- the signing on 24 February 2026, by the parent company of a secured financing agreement for an amount of €165 million with a pool of leading national and international banks and

financial institutions;

- the signing on 16 March 2026, by the parent company, of a contract for a 5 -year term unsecured credit line of up to €10 million for the financing of investment projects to adapt and improve the resilience of real estate assets to climate change.

In terms of the breakdown of financial debt between current and non -current portions, compared with the position at 31 December 2025, the financing transactions carried out in the first half of 2026 resulted in a €17,254 thousand reduction in current financial debt and a €21,899 thousand increase in non -current financial debt.

06/30/2026 12/31/2025 Change (22,266) (9,291) (12,975) (22,266) (9,291) (12,975) (235) 0 (235) 0 10,500 (10,500) 16,952 27,369 (10,417) 4,269 5,574 (1,305) 7,482 2,280 5,202 28,468 45,722 (17,254) 6,202 36,431 (30,229) (176) (426) 250 594 1,702 (1,108) 478,764 457,891 20,873 295,665 293,781 1,884 774,847 752,948 21,899 781,049 789,379 (8,330) Cash and cash equivalents

LIQUIDITY

Financial receivables and other current financial assets due from related parties Net debtCurrent financial liabilities due to related parties Mortgage loans - current portion Leasing - current portion Bond loans - current portion

CURRENT DEBT

CURRENT NET DEBT

Non-current financial assets Leasing - non-current portion Mortgage loans - non-current portion Bond loans - non-current portion

NON-CURRENT NET DEBT

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

133 See the "Statement of financial position and financial review" section and the cash flow statement for additional comments on the changes to the total financial indebtedness.

The gearing ratio reflects the total debt to total equity ratio, including non -controlling interests, and net of the cash flow hedge reserve. The figure recorded as of 30 June 2026 (0.79) is in line with the data as of 31 December 2025.

As of 30 June 2026, the Group had revocable credit lines totalling €24.6 million, which were entirely unused.

The committed revolving credit facilities granted amount to a total of €65 million, of which €15 million were made available by the banking system and €50 million were granted by the parent company Coop Alleanza 3.0. These lines were also entirely unused a s of 30 June 2026.

Note 34) Trade and other payables

Trade payables decreased compared to 31 December 2025, mainly due to a different payment schedule.

The table below shows the amount of trade and other payables to related parties outstanding as of 30 June 2025 and 31 December 2025.

06/30/2026 12/31/2025 Change 12,776 14,427 (1,651) 12,776 14,427 (1,651) Trade and other payablesTrade payables within 06/03/2026 12/31/2025 Change Coop Alleanza 3.0 505 306 199 Unicoop Etruria Società Cooperativa 0 73 (73) Cons. propr. del compendio com. del Commendone (GR) 24 0 24 Consorzio prop. Fonti del Corallo 0 2 (2) Consorzio Cone' 33 27 6 Consorzio Leonardo 16 47 (31) Consorzio Crema (Gran Rondò) 15 1 14 Consorzio I Bricchi 16 0 16 Consorzio Katané 48 27 21 Consorzio Porta a Mare 472 65 407 Consorzio Sarca 138 493 (355) Consorzio Le Maioliche 12 85 (73) Consorzio Punta di Ferro 8 0 8 Millennium Center 81 134 (53) Consorzio Esp 19 71 (52) Consorzio Casilino 0 19 (19) Consorzio dei proprietari Mondovicino 0 67 (67) Fondo FOOD 98 0 98 Consorzio shopping center Mondovicino & Retail Park 1 0 1 1,486 1,417 69 Related parties trade and other payables

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

134 See Note 37 for additional information.

Note 35) Current tax liabilities

As of 30 June 2026, the IRAP and IRES payables items show the amount of the debt related to taxes calculated on an accrual basis as of 30 June 2026.

The decrease in the item Substitute tax payables arises from the payment by IGD SIIQ of the portion of the period relating to the substitute tax on the redemption, made pursuant to Article 14 of Legislative Decree 192/2024, of the merger surplus generated by the incorporation, which took place in 2023, of the wholly -owned subsidiary IGD Management SIINQ S.p.A. This surplus had been allocated to the reconstitution of a revaluation reserve under tax suspension, pursuant to Article 110 of Legislative Decree no. 104/2020.

Note 36) Other current liabilities

As of 30 June 2026, other liabilities amounted to a total of €12,466 thousand, lower than the value of €13,183 recorded as of 31 December 2025. The decrease of €717 thousand, mainly reflects the reduction in advances following the sale of the Fonti del Cor allo business unit, the reduction in accrued liabilities, as well as the extinction of the debt for ancillary costs related to some loans.

06/30/2026 12/31/2025 Change 890 786 104 144 4 140 1,365 575 790 149 578 (429) 5 3 2 407 688 (281) 2,960 2,634 326 IRAPDue to tax authority for withholdings

IRES

VAT

Other taxes

Substitute tax

Tax liabilities

06/30/2026 12/31/2025 Change 512 472 40 1,066 1,406 (340) 1,438 1,186 252 8,438 8,057 381 43 2 41 0 970 (970) 149 195 (46) 0 24 (24) Payables for SACE guarantee 153 430 (277) Financing costs Helmet II 206 171 35 Financing costs Helmet III 85 0 85 Other liabilities 376 270 106 12,466 13,183 (717) Social security Accrued liabilities and deferred income Extension fees Intesa Helmet I Other current liabilitiesDue to employees

Security deposits

Unclaimed dividends

Advances received due within the year Amounts due to director for emoluments

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

135 As detailed in the table above, the costs to be received in relation to the subscription of financing and guarantees are also classified under other current liabilities.

As of 30 June 2026, the item "Other liabilities" includes the debt to the INPS Treasury Fund relating to employee leaving indemnity portions accrued in the period 1 January 2026 - 30 June 2026 and not allocated by employees to supplementary pension plans, previously set aside by Group companies. As of 16 July 2026, the debt to the INPS Treasury Fund, recorded under the item "Other current liabilities", amounts to a total of €145 thous and, and was paid on 16 July 2026.

For further information regarding the effects on severance pay resulting from the changes introduced by the 2026 Budget Law (Article 1, paragraphs 203 -205, of Law No. 199 of 30 December 2025), please refer to Note 29) “Provision for employee severance inde mnities”.

Note 37) Related party disclosures Below is the information required by paragraph 18 of IAS 24.

RECEIVABLES

AND OTHER

CURRENT

ASSETSFINANCIAL

RECEIVABLESCURRENT

PAYABLES AND

OTHER

LIABILITIESNON-CURRENT

PAYABLES AND

OTHER

LIABILITIESFINANCIAL

PAYABLESSUNDRY

RECEIVABLES

AND OTHER NON-

CURRENT FIXED ASSETS -

INCREASESFIXED ASSETS -

DECREASES

Errichten S.r.l. 1 0 0 0 0 0 - 0 Consorzio Clodì 3 0 0 0 0 0 11 0 Consorzio Lame 3 0 0 0 0 0 4 0 Consorzio La Torre 9 0 0 0 0 0 250 0 Distribuzione Centro Sud s.r.l. 0 0 0 0 0 15 0 Coop Alleanza 3.0 16 0 505 4,410 0 0 345 0 Librerie Coop s.p.a. 0 0 0 48 0 0 14 0 Alleanza Luce e Gas 1 0 0 55 0 0 0 0 Unicoop Etruria Società Cooperativa 3 0 0 0 0 0 0 0 Cons. propr. del compendio com. del Commendone (GR) 14 0 24 0 0 0 83 0 Vignale Comunicazioni s.r.l. 3 0 0 0 0 0 - 0 Consorzio prop. Fonti del Corallo 0 0 0 0 0 204 0 Consorzio Cone' 14 0 33 0 0 0 123 0 Consorzio Leonardo 2 0 16 0 0 0 211 0 Consorzio Crema (Gran Rondò) 39 0 15 0 0 0 343 0 Consorzio I Bricchi 2 0 16 0 0 0 18 0 Consorzio Katané 86 0 48 0 0 0 408 0 Consorzio Porta a Mare 492 235 472 0 0 0 191 0 Consorzio Sarca 44 0 138 0 0 0 928 0 Consorzio Le Maioliche 8 0 12 0 0 0 36 0 Consorzio Punta di Ferro 6 0 8 0 0 0 282 0 Punta di Ferro 2 0 0 0 0 0 0 0 Millennium Center 12 0 81 0 0 0 130 0 Consorzio Proprietari Centro Luna 14 0 0 0 0 0 44 0 Consorzio Esp 9 0 19 0 0 0 189 0 Juice Fund 57 0 0 0 0 0 0 0 Consorzio La Favorita 8 0 0 0 0 0 11 0 Consorzio Le Porte di Napoli 9 0 0 0 0 0 230 0 Consorzio Casilino 2 0 0 0 0 0 85 0 FOOD Fund 240 0 98 0 0 0 0 (262,505) Food SPV 0 0 0 0 0 0 0 (66) Consorzio shopping center Mondovicino & Retail Park 3 0 1 0 0 0 3 0 1,102 235 1,486 4,513 0 - 4,157 (262,570) 31,094 411 26,728 10,516 803,726 167

6,508 (984)

3.54% 57.18% 5.56% 42.92% 0.00% 0.00%Total

Total balance

Totale increase/decrease of the period

Incidence %

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

136 The Group has financial and economic relationships with its controlling company, Coop Alleanza 3.0 Soc. Coop.; with other companies in the Coop Alleanza 3.0 Group with Unicoop Tirreno Soc. Coop.

Related party transactions are conducted at arm’s length and are measured at face value.

Transactions with Coop Alleanza 3.0 Soc. Coop. and its subsidiaries The transactions with the holding company Coop Alleanza 3.0. Soc. Coop. refer to:

• the rental of investment property to Coop Alleanza for use as hypermarket and supermarket; rental income at 30 June 2026, including for retail premises, amounted to €5.5 million;

• security deposits received on leases.

The transactions with Librerie Coop S.p.A. concern receivables and income for the business lease of properties inside shopping centres and the leasing of the third floor of the building that houses IGD’s head office. At 30 June 2026, the Group received €42 7 thousand under this arrangement.

Transactions with Unicoop Etruria Soc. Coop.

The transactions with Unicoop Etruria Soc. Coop. consist of:

• security deposits received on leases;

Revenue Other RevenueTotal operating

costsFinancial

IncomeFinancial

charges

Consorzio Clodì 0 34 0 0 0 Consorzio Lame 0 111 0 0 0 Consorzio La Torre 0 125 153 0 0 Coop Alleanza 3.0 5,517 18 180 8 106 Librerie Coop s.p.a. 427 6 0 0 0 Alleanza Luce e Gas 129 0 0 0 0 Unicoop Etruria Società Cooperativa 6 0 0 0 0 Cons. propr. del compendio com. del Commendone (GR) 0 101 0 0 0 Consorzio Cone' 0 113 94 0 0 Consorzio Leonardo 0 119 61 0 0 Consorzio Crema (Gran Rondò) 0 63 67 0 0 Consorzio I Bricchi 0 70 255 0 0 Consorzio Katané 0 133 158 0 0 Consorzio Porta a Mare 50 75 361 0 0 Consorzio Sarca 0 145 241 0 0 Consorzio Le Maioliche 0 110 202 0 0 Consorzio Punta di Ferro 3 100 112 0 0 Millennium Center 4 57 0 0 0 Consorzio Proprietari Centro Luna 20 63 34 0 0 Consorzio Esp 1 131 114 0 0 Consorzio La Favorita 0 78 0 0 0 Consorzio Le Porte di Napoli 21 138 231 0 0 Consorzio Casilino 0 96 232 0 0 Consorzio del centro commerciale Nuova Darsena 0 56 0 0 0 FOOD Fund 0 196 0 0 0 Food SPV 0 128 0 0 0 Consorzio shopping center Mondovicino & Retail Park 0 21 0 0 0 6,178 2,286 2,495 14 106 63,145 4,567 8,853 754 23,423 9.78% 50.60% 28.19% 1.86% 0.45%Total

Total balance

Incidence %

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

137 • receivables and income for the leasing of properties used as hypermarkets. On 30 June 2026, the Company received €6 thousand under these agreements.

Note 38) Management of financial risk In the course of business, the Group is exposed to various financial risks. To map and assess its risks, IGD SIIQ S.p.A. has developed an integrated risk management model based on the international Enterprise Risk Management standards. The Board of Directors reviews and agrees on policies to manage these risks.

Market risk

Market risk is the potential for changes in exchange rates, interest rates or prices to negatively affect the value of assets, liabilities or expected cash flows.

Interest rate risk The main risk factor is the volatility of interest rates and its effect on the financing of operations and on the investment of liquid funds. The Company finances its operations through short -

term borrowings, medium - and long -term floating -rate secured and unsecured loans, and fixed -rate bonds, so it determines its risk of increased financial charges if interest rates go up or if it refinances debt at higher rates.

The Finance Department monitors interest rate risk constantly, in coordination with top management, including through risk analysis and measurement tools developed within the Group’s enterprise risk management program. It also monitors trends in the main e conomic and financial indicators that may affect the Group’s performance. In this context, the interest rate risk hedging policy involved the stipulation of Interest Rate Swap (IRS) contracts, which allowed the Group to hedge, at the date of preparation of these notes, approximately 69.06% of its exposure to interest rate fluctuations relating to medium -long term loans, including bond loans (coverage equal to 85.04% as of 31 December 2025).

The Management is also engaged in ongoing analysis and measurement of interest rate and liquidity risk, systematically evaluating possible evolutions and optimizations of the risk management model. We also conduct periodic scouting activities on the bankin g and capital markets, with the aim of identifying opportunities to reduce the cost of financial debt.

See Note 39 for quantitative information on derivatives.

Foreign exchange risk The Group is exposed to foreign exchange risk for its operations in Romania. Fluctuations in the value of the RON could lead to the write -down of portfolio properties or to the unsustainability of contractual obligations for local tenants, in the event of rent denominated in euros but collected in the local currency. Currently IGD mitigates this risk through constant efforts to optimize the merc handising mix and tenant mix and by sustaining the value of the real estate portfolio, in part by making improvements. Weekly meetings are held to coordinate and monitor the credit situation of individual malls and tenants, to determine if any action is

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

138 needed. On a monthly basis, the Company checks the amount of rent as a percentage of the tenant's revenue. Commercial policies are determined with care and with the utmost attention to local consumption styles and market demands. To that end, the Group emp loys a specialized team made up of head office and local professionals, to seek the right trade -off between the expertise acquired at the corporate level and knowledge of the local context.

Price risk

The Group is exposed to the risk of changes in the rent charged on leasehold properties. The domestic and international real estate market is cyclical in nature and influenced by several macroeconomic variables, relating for example to general economic con ditions, interest rates, inflation, tax laws, market liquidity, and the presence of other profitable investments.

Credit risk

Credit risk arises in the event of customer insolvency and difficulties in recovering the related credit. To mitigate these risks, operators are subjected to pre -contractual selection processes based on parameters related to their financial and asset relia bility and the economic prospects associated with the activity performed.

The analyses conducted on potential customers are also performed with the support of specialized external professionals and are aimed at identifying any risk indicators for the Company. Monthly analyses investigate the level of risk associated with each te nant and monitor their solvency.

All customers are asked for bank guarantees and/or security deposits to guarantee fulfilment of their commitments. Throughout the life of the contract, the Company monitors compliance on an ongoing basis, and follows internal credit management procedures in the event any anomalies arise; when the business relationship is secure, measures to assist the tenant may be taken. The overall credit situation is also constantly monitored, and a dedicated program is use d to analyse the credit history of operators and the level of risk associated with each, thus identifying their solvency level. This analysis is formally conducted quarterly but monitored daily to ensure ongoing management of the actions undertaken/to be undertaken fo r debt collection.

The maximum credit risk on the Group's other financial assets, including cash and cash equivalents and certain derivative instruments, is the carrying value of these assets in the event of the counterparty's insolvency. The maximum exposure is presented gr oss of any mitigation through the use of various kinds of hedging instruments.

Liquidity risk

This refers to problems with liquidity management, insufficient resources to finance the business, and difficulty keeping up with loans or obtaining new credit. Liquidity is monitored through cash flow planning, and risk is mitigated by the Group's extensi ve credit lines (committed and uncommitted).

The Finance Department uses a financial forecasting tool to monitor expected cash flows over a time horizon of at least 12 months (with rolling updates) and verifies that liquidity is sufficient

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

139 to manage company activities. It also establishes the correct ratio between bank debt and market debt.

Most medium - and long -term loans and outstanding bonds involve covenants; this aspect is constantly monitored, and also coordinates with management to gauge the likelihood of violations of the covenants as a result of the strategic, operational, compliance and financial risks mapped, using the enterprise risk management system, through the Enterprise Risk Management adopted.

Financial commitments are covered by funds confirmed by the banks, and unutilised credit facilities are available.

Liquidity risk is managed prudentially to avoid incurring excessive costs in the event of unforeseen events, which could have a further negative impact on the Group’s market reputation and financial viability.

Capital management

The primary objective of the Group's capital management is to make sure it maintains a solid credit rating and sufficient capital indicators to support the business and maximize shareholder value. This is pursued by:

1. keeping the net debt/equity ratio at 1x or below over the medium term. As of 31 December 2025, it was equal to 0.80x, while at 30 June 2026, this ratio is equal to 0.79x;

2. keeping the loan -to-value ratio (net of leasing instalments due for the purchase of company premises) under 50%. As of 30 June 2026, this ratio, excluding the debt resulting from the application of IFRS 16, is equal to 43.2%, compared to 43.5% as of 31 December 2025.

Note 39) Derivative instruments IGD Group has engaged in derivative contracts for the use of interest rate swaps. The fair value of interest rate swaps for which no active market exists is recorded at fair value, determined according to market -based quantitative techniques, i.e. accredited pricin g models based on parameters taken as of the individual measurement dates. This method therefore reflects a materiality of the input data consistent with Level 2 of the fair value hierarchy defined by IFRS 7: although quoted prices in active markets (Level 1) are not available for these instruments, it is possible to base measurements on data observable either directly or indirectly in the market.

Fair value - hierarchy 06/30/2026 12/31/2025 Change Level Derivative financial assets 3,414 2,057 1,357 2 Derivative financial liabilities 0 (1,575) 1,575 2 IRS net effect 3,414 482 2,932

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

140

Note 40) post -balance sheet events No significant post -balance sheet events were recorded.

It should be noted that uncertainty and geopolitical instability persist, including with regard to the ongoing conflicts in Ukraine and the Middle East, with repercussions on energy markets, exchange rates, inflation, supply chains, and economic operator confidence. Although the Group does not have outlet or supply markets in conflict zones, it remains highly aware of any potential negative macroeconomic impacts.

Note 41) Tax litigation On 23 December 2015 the regional tax authorities of Emilia Romagna served IGD SIIQ S.p.A.

with two assessments arguing that €240,625.00 in costs incurred in 2010 had been unduly deducted for IRES and IRAP purposes and that the corresponding €48,125.00 in V AT had been unduly credited against VAT payable. The assessments resulted from a notification that the Ravenna provincial headquarters of the Italian Revenue Agency had received from the Sicilian regional headquarters, Tax Control Office, which began by stating that the Sicilian authorities had served Coop Sicilia S.p.A. (having its head office in San Giovanni La Punta in the province of Catania) with an assessment based on the disallowance of costs incurred for services that were deemed to lack sufficient documentation. On that basis, the Sicilian office recommended that the Ravenna office disallow the portion of those costs that Coop Sicilia had charged to IGD SIIQ S.p.A. under a contract between the two companies. After reviewing the papers an d looking into the matter carefully, the Company, with the support of its advisors, concluded that the assessments are unfounded and filed settlement requests for both with the Emilia Romagna regional headquarters of the Italian Revenue Agency.

During the subsequent debate phase, the Company presented its arguments against the assessments to the Emilia Romagna regional headquarters of the Italian Revenue Agency, who

Loan Term

07-Feb-25 31-Dec-31 315,000,000 Half-yearly report Euribor 6MIntesa Sanpaolo S.p.A., Banca Nazionale del Lavoro S.p.A., Banca Monte dei Paschi di Siena S.p.A., BPER Banca S.p.A., Banco BPM S.p.A., UniCredit S.p.A., Deutsche Bank S.p.A. Counterparty Start EndInitial notional

amount

(€)Interest SettlementReference rate Duration of coverageCounterparty:

LiquidationIRS

Tasso Fisso (p.p.)Intesa Sanpaolo S.p.A. Banca Nazionale del Lavoro S.p.A. Banca Monte dei Paschi di Siena S.p.A. BPER Banca S.p.A. Banco BPM S.p.A. UniCredit S.p.A. Deutsche Bank S.p.A.

Facility B 04-Apr-25 07-Aug-25 07-Feb-31 50,000,000 50,000,000 Amortizing Half-yearly report 2.317 14,633,274 11,627,907 8,050,089 7,155,635 5,366,726 3,166,369 0 Facility B 07-Apr-25 07-Aug-25 07-Feb-31 50,000,000 50,000,000 Amortizing Half-yearly report 2.349 14,633,274 11,627,907 8,050,089 7,155,635 5,366,726 3,166,369 0 Facility B 15-Apr-25 07-Aug-25 07-Feb-31 50,000,000 50,000,000 Amortizing Half-yearly report 2.329 7,924,866 11,627,907 8,050,089 7,155,635 5,366,726 3,166,369 6,708,408 Facility B 17-Apr-25 07-Aug-25 07-Feb-31 100,000,000 100,000,000 Amortizing Half-yearly report 2.284 24,794,276 23,255,814 16,100,179 14,311,270 10,733,452 6,332,737 4,472,272Initial notional

amount

(€)Notional amount at

30/06/2026 (€)Type

Covered

InstrumentDate of signing Start End

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

141 decided to consider IGD’s arguments regarding IRES and IRAP but to uphold the complaint regarding VAT. Nevertheless, as the deadline approached for contesting the two assessments and no reversal notice had been received from the Emilia Romagna regional hea dquarters of the Italian Revenue Agency, the Company decided to prevent them from becoming final and on 6 June 2016 filed a formal appeal against each of them with the Provincial Tax Commission of Bologna.

On 30 November 2016 the Emilia Romagna regional headquarters of the Italian Revenue Agency annulled the IRES assessment in full, while the IRAP/VAT assessment was annulled for the IRAP portion only and the VAT violation was confirmed.

In session on 25 January 2017, the Provincial Tax Commission of Bologna sided with the Company: with decision no. 253/17 filed on 28 February 2017 it finally cleared the IRES and IRAP assessments, and with decision no. 254/17, also filed on 28 February 201 7, it accepted IGD’s arguments concerning VAT and annulled that assessment as well, a ruling that became final on 14 June 2018.

For both proceedings, the Commission ordered the Italian Revenue Agency to reimburse IGD’s legal expenses in the amount of €6,000.00 total.

On 29 September 2017 the Emilia Romagna regional headquarters of the Italian Revenue Agency appealed the VAT decision (254/17) and on 28 November 2017 the Company filed its counterarguments against that appeal.

On 9 January 2020, the Emilia Romagna regional headquarters of the Italian Revenue Agency filed a statement of defence to rebut the Company’s counterarguments.

With a decision filed on 23 November 2020, the Regional Tax Commission of Emilia Romagna confirmed the lower commission’s ruling, rejected the regional authorities’ appeal, and ordered the regional authorities to pay the costs of both levels of justice in the amount of €7,000.00 (reimbursed in the first half of 2021).

In May 2021 the Emilia Romagna regional headquarters of the Italian Revenue Agency filed an appeal with the Court of Cassation and the Company filed its response.

See Note 30 for information on other tax litigation.

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

142 2.7 // Certification of the consolidated half -year financial

statements

Certification pursuant to Art. 154 -bis of Legislative Decree 58/98 and Art. 81 - ter of the Consob Regulation adopted with Resolution 11971 of 14 May 1999, as amended

1. We, the undersigned, Roberto Zoia as Chief Executive Officer and Emanuela Caleffi as Financial Reporting Officer of IGD SIIQ S.p.A., hereby declare, including in accordance with Art. 154 -bis (3) and (4) of Legislative Decree 58/98:

• the adequacy of in relation to the characteristics of the business; and • the company’s due compliance with the administrative and accounting procedures for the preparation of the consolidated financial statements during the first half of 2025.

2. We also confirm that:

2.1. the condensed consolidated financial statements:

a) have been prepared in accordance with the applicable International Accounting Standards recognized by the European Union pursuant to Regulation 1606/2002/EC of the European Parliament and the Council of 19 July 2002;

b) correspond to the ledgers and accounting entries;

c) provide fair and truthful disclosure of the financial status and performance of the issuer and the companies included in the consolidation;

2.2 the directors’ report contains a reliable analysis of the significant events that occurred in the first six months of the year and their impact on the half -year financial statements, along with a description of the main risks and uncertainties for the rema ining six months of the year.

The directors’ report also includes a reliable analysis of the information of significant transactions with related parties.

Bologna, 4 August 20 26

Chief Executive Officer Financial Reporting Officer (Roberto Zoia) (Emanuela Caleffi )

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

143 2.8 // Independent Auditors’ Report on the limited audit of the consolidated condensed half -year statements

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

144

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

145 3. GLOSSARY

AGENCY MANAGEMENT

Activities carried out for the identification of the Tenant Mix and for the negotiation of rental contracts for the shops located inside the malls.

SHOPPING CENTRE

Property consisting of a hypermarket and a mall, with shared infrastructure and service areas, within a covered, heated and air -conditioned area.

AVERAGE COST OF DEBT

The average cost of debt, without considering (recurring and non -recurring) ancillary costs of financing incurred by the Company to borrow capital. The calculation takes into account the ratio between the passive interests accrued in the reference period ( on short -term loans, mortgages, unsecured loans, IRS differentials, bonds and financial charges on leasing) and the average nominal value of the long -term and short -term loans recorded at each quarterly closing and at the beginning of the financial year.

ACTUAL AVERAGE COST OF DEBT

The average cost of debt, considering (recurring and non -recurring) ancillary costs of financing incurred by the Company to borrow capital. The calculation takes into account the ratio between the passive interests accrued in the reference period (on short -term loans, mortgages, unsecured loans, IRS differentials, bonds and financial charges on leasing) and the average nominal value of the long -term and short -term loans recorded at each quarterly closing and at the beginning of the financial year.

DIRECT COSTS

Costs directly attributable to the shopping centres.

DEVELOPMENT PIPELINE

Program of investments in development.

DIVIDEND YIELD

The dividend yield, or dividend -price ratio, is the ratio between the last annual dividend per share paid to shareholders or announced and the closing price of a common share for a year.

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

146 EBIT (Operating profit) EBIT, or Earnings before Interest and Taxes, differs from EBITDA in that it includes information on amortisation, depreciation, changes in the fair value of properties held and provisions for risk.

EBITDA (Overall and core business) EBITDA, or Earnings before Interest, Taxes, Depreciation & Amortisation, is the most significant measure of the Company’s operating performance as it indicates earnings before interest payable, taxes, income/(loss) from equity investments, non -recurring tr ansactions, amortisation, depreciation, provisions, as well as impairment and fair value adjustments.

Core business EBITDA refers to the core business included in the consolidated income statement, which does not include the results posted by the “Porta a Mare Project.”

EBITDA MARGIN (overall and core business) This indicator is calculated by dividing EBITDA by operating income.

EPRA

European Public Real Estate Association.

EPRA Cost Ratios These are ratios that aim to make the Group's significant structural and operating costs more comparable. They are calculated as a percentage of operating and general costs, net of management fees and other limited items not attributable to the company's c ore business, on gross rental revenues. There are two EPRA Cost Ratios, one that includes and one that excludes direct vacancy costs.

EPRA EARNINGS

It is a measure of the Group’s operating performance net of fair value adjustments, gains and losses from the sale of investment property and a limited number of other items that are not considered to be part of the Group’s core business.

EPRA NET INITIAL YIELD (NIY)

EPRA NIY is a performance index which is calculated as the annualised rental income based on the cash rents at the end of the reporting period (including one -off and variable income), less non -recoverable property operating expenses, divided by the gross m arket value of real estate assets, net of development property.

EPRA “TOPPED -UP” NIY

The EPRA Topped -up NIY is a measure calculated by making an adjustment to EPRA NIY based on the annualised rental income (including variable and temporary revenue) at capacity, namely excluding any temporary incentives such as discounted and step -up rents.

EPRA LOAN TO VALUE

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

147 It is a performance measure which shows the ratio of the net financial position (which includes financial debt for the headquarters lease and the balance between payables and receivables) to the market value of real estate assets. The calculation takes int o account the net financial position and assets of the companies in which the Group has a significant interest.

EPRA VACANCY RATE

The portfolio’s vacancy rate is calculated as the ratio between the estimated market rental value (ERV) of the vacant premises and the ERV for the whole portfolio. Given the different characteristics of the portfolio and the Italian market with respect to the Romanian one, the vacancy ra te was calculated separately by asset class and for the two countries.

EPS / EARNINGS PER SHARE

Net profit divided by the average number of shares outstanding in the year.

ESTIMATED RENTAL VALUE / ERV

The estimated value of rent at market rates for leasable space, according to an independent appraisal based on similar properties in comparable areas.

FACILITY MANAGEMENT

Supply of specialised services to shopping centres such as security, cleaning and routine maintenance.

FFO (core business) FFO (Funds From Operations) is a performance index widely used in real estate analysis (SIIQ and REITS).

Core business FFO defines the flows generated by the Group’s recurring and core business and includes EBITDA, net financial management, equity investments/extraordinary operations and current taxes. These items are adjusted by non -recurring items.

FINANCIAL OCCUPANCY

Calculated as the floor area rented at market rates as a percentage of the market rent of the total GLA.

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

148 GEARING

The gearing ratio reflects the total debt to total equity ratio, including non -controlling interests, and net of the cash flow hedge reserve. It measures the financial leverage, which demonstrates the degree to which a company’s operations are funded by ow n funds versus borrowings, and facilitates sector benchmark analysis.

GROSS EXIT CAP RATE

The terminal value of the gross revenue (rents, temporary and variable) of the last year of the DCF calculated as a percentage of the exit value.

GROSS INITIAL YIELD

The gross initial yield of an investment is calculated as the annualised rental income used in the first year as part of the DCF (Discounted Cash Flow) model expressed as a percentage of the property’s fair value.

MALL

Property comprised of multiple stores plus the common spaces between them.

GLA / GROSS LEASABLE AREA

The total floor area designed for tenant occupancy.

HEDGING

The total amount of mortgage loans hedged with interest rate swaps and bonds divided by the total amount of mortgage loans and bonds.

INTEREST COVER RATIO (ICR)

Measure of the number of times EBITDA covers net interest payable on debt. It is an indicator of the solvency and debt capacity of the company. It is calculated by dividing EBITDA by the net financial expense.

HYPERMARKET

Property with a sales floor in excess of 2,500 sq m, used for the retail sale of food and non -food products.

INTEREST RATE SWAP (IRS)

Financial instrument whereby two parties agree to exchange a certain interest rate stream on a pre -established date. Used to convert floating -rate debt into fixed -rate debt.

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

149 LIKE -FOR -LIKE PORTFOLIO

Real estate assets held in the portfolio for the entire year and the entire prior year.

LOAN TO VALUE (LTV)

Ratio between the net financial position (not including the lease for IGD’s headquarters) and the market value of real estate assets.

MALL / SHOPPING MALL

Common space shared by the tenants of the shopping centre. Usually called a “galleria” in Italian.

NET RENTAL INCOME - FREEHOLD

Margin expressed as revenue from freehold properties minus the relevant direct costs.

NET RENTAL INCOME - LEASEHOLD

Margin expressed as revenue from leasehold properties minus the relevant direct costs.

MIDSIZE STORE

A property with a sales floor area of 250 to 2,500 sq m used for the retail sale of non -food consumer goods.

STORE

Property for the retail sale of non -food consumer goods.

NET ASSET VALUE METRICS

The main performance indicators that provide stakeholders with information about the fair value of the Company’s assets and liabilities.

NET REINSTATEMENT VALUE (NRV)

This scenario is intended to represent the value of net assets over the long term. It represents the repurchase value of the Company, assuming the Company does not sell properties, and is calculated based on the equity attributable to the Group (as shown in the IFRS financial statements), excluding the fair value of hedging derivatives and deferred taxes on the properties’ appraised market values and hedging derivatives.

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

150 NET TANGIBLE ASSETS (NTA)

The underlying assumption is that the Company buys and sells properties, which impacts on its deferred tax liability. It represents a scenario in which a few properties could be sold. Unlike NRV, the goodwill and the intangible assets included in the finan cial statements are not part of the equity attributable to the Group.

NET DISPOSAL VALUE (NDV)

It represents the stakeholders’ value under a company disposal scenario, where deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liability, net of any resulting tax. In this disposal scenario, good will is excluded from the Group’s portion of equity, while the fair value of debt is included.

OVER -RENTED

Space that is leased for an amount higher than its ERV.

REAL ESTATE ASSETS

The Group’s freehold properties.

REAL ESTATE PORTFOLIO

The portfolio of freehold and leasehold properties rented out and managed by IGD Group

NET DEBT / NET FINANCIAL POSITION

Net debt/net financial position is a financial structure indicator and consists of long -term debt, short -term debt and the current portion of long -term debt included in “Non -current and current financial liabilities (to third parties and related parties)”, net of “Cash and cash equivalents”, “Non -current financial assets” and “Financial receivables and other current financial assets (from third parties and related parties).”

PRE -LET

Lease agreement signed by a tenant before the development of the property has been completed.

REIT

Real Estate Investment Trust. Cf. Comparable to an SIIQ in Italy.

INITIAL YIELD

The annualised rental income from a property as a percentage of its valuation at the time of purchase.

RETAIL PARK

Group of three or more complexes with a combined area of more than 4,500 sq m and shared parking.

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

151

REVERSIONARY POTENTIAL YIELD

The net annualised rent that a property would generate if it were fully let at going market rates, as a percentage of the property’s value.

LIKE FOR LIKE REVENUE

Revenue from rental activities of the assets held in the portfolio for the entire period of the current and prior year. They are separately calculated for Italy and Romania portfolios and do

not include:

• revenue from assets that have been acquired, sold or subject to remodelling and therefore they have not generated any income in the period;

• unrealised revenue from instrumental vacancy due to different reasons (i.e. works carried out to create new layouts);

• exceptional and one -off revenue which would make the comparison less reliable.

SIIQ

Società di Investimento Immobiliare Quotata. Real estate investment model comparable to a REIT. SIIQ rules allow income tax exemptions for listed public companies whose “prevalent” activity is the rental of properties and equivalent activities, provided they meet a series of earnings and balance shee t requirements.

SUPERMARKET

A property with a sales floor area of 250 to 2,500 sq m used for the retail sale of food and non -

food products.

GROSS LEASABLE AREA

The total floor area designed for tenant occupancy including outside walls.

GENERAL EXPENSES/OVERHEAD

Undivided costs, not attributable to individual shopping centres, i.e. corporate costs.

OCCUPANCY RATE

Gross let surface area as a percentage of the properties’ total surface area.

AVERAGE COST OF DEBT

It is the weighted average of the rates applied on the reporting date to short -, medium and long -

term loans, mortgages, unsecured loans and outstanding leasing transactions, taking into account the reference rate and margins in force at that date as well as active hedging transactions.

TENANT MIX

Set of store operators and brands within a mall.

IGD GROUP Condensed consolidated half -year statements as of 30 June 202 6

152 UNDER -RENTED

Space that is leased for an amount lower than its ERV.

WEIGHTED AVERAGE COST OF CAPITAL (WACC)

The weighted average cost of debt and notional risk capital, used to calculate the expected return on investments.