H1 2026 Results presentation

H1 2026 RESULTS

PRESENTATION

August 4th, 2026

Positive KPIs

vs June 30th, 2025

2€20.6mn

Group Net Profit Net Rental Income

freehold LFL+4.1%

+3.4%

Core business EbitdaLFL

€ 24.1mn

+21.7%

vs €19.8mn

Funds From Operations

+94.3%

vs €10.6 mn

3Operating Performance Italy H1 26 Figures H1 2026 vs H1 2025 CNCC: National Council of Shopping CentersTenant sales

Malls+4.6%

IGD’s hypermarkets/

supermarkets+1.3%Footfalls

Malls

CNCC + 1.8% +4.3%

CNCC + 2.2%

Leasing Activity: Key Indicators continue their Steady Growth *Malls + hypermarkets occupancy WALB (Weighed Average Lease Break): remaining lease term until break option

Occupancy

Italy* 96.22%

WALB

Malls Italy2.13

yearsMalls

Italy2.0 2.0 2.0 2.09 2.11 2.13

Hypermkts

Italy12.4 12.2 11.9 11.66 11.41 11.16

4+0.9%

Upside

Italy

H1 26

Italy: malls +

hypermarkets

occupancy

Renewals + turnover of the period represent 5.8% of freehold malls total rentMalls +

Hypermkt

Italy95.95 95.99 96.00 96.06 96.09 96.22

Malls

Italy95.49 95.55 95.56 95.63 95.66 95.81(Progressive data - %) Q1

25Q2

25Q3

25Q4

25Q1

26Q2

26

(Progressive

data - years ) Q1

25Q2

25Q3

25Q4

25Q1

26Q2

26 Italy +0.7 +2.2 +1.0 +1.8 +1.3 +0.6(Progressive data - years )Q1

25Q2

25Q3

25Q4

25Q1

26Q2

26

5Significant New Openings in the First Half Nuova Darsena (FE), Katanè (CT) Le Maioliche (RA)Puntadiferro (FC), Centronova (BO) Le Maioliche (RA), Puntadiferro (FC) Esp (RA), Centroluna (SP)

Esp (RA)

6Portfolio Repositioning and Strategic Enhancement Three strategic assets are the focus of a value enhancement plan aimed at strengthening their competitiveness , attractiveness and long -term value creation .

Remodelling &

Restyling

Restyling and re-

configuration of shopping malls to enhance the attractiveness of the centres and improve the shopping experienceCatchment Area

Revitalisation

Strengthening marketing,

digital and event initiatives to expand the catchment area and attract new visitors .

Merchandising Mix

Enhancement

Evolution of the tenant mix through the introduction of new brands and the adaptation of the retail offering to the specific needs of each catchment area.

Space Optimization

Promote the

repositioning and renewal of the tenant mix

STRONGER

COMPETITIVENESS OF

THE PORTFOLIO

7From Strategic Initiatives to Expected Benefits The ongoing initiatives are part of a structured portfolio enhancement plan. Due to the nature of the projects, their financial impact will materialise progressively , with benefits expected over the medium to long term .Remodelling

& restyling

Catchment Area

Revitalisation

Merchandising Mix

Enhancement

Space

Optimization

STRATEGIC INITIATIVES EXPECTED BENEFITS

OCCUPANCY

WALB

RENT

ASSET VALUE

8Leonardo Shopping Center (Imola - BO) •Completion of the

external refurbishment

project while maintaining uninterrupted operations .

•Further enhancement of the merchandising mix , with a focus on food concepts targeting younger customers, optimisation of the retail offering and the introduction of new brands .

•Building on the growth

momentum already

achieved .OPPORTUNITIES

KEY FOCUS AREAS

• Enhancing the asset's prime location, benefiting from

outstanding visibility

• Continuing the asset's refurbishment programme while ensuring uninterrupted operations • Further enhancing the merchandising mix to reflect evolving market trends, with a particular focus on the food offeringRefurbished Interior Refurbished Exterior

END OF WORK: July 2026

FOOTFALLS*: +5.7%

*Year rolling : June - December 2022 + January - May 2023 vs June – December 2025 + January – May 2026

Centro

LeonardoImolaLocation

9Centro Tiburtino (Rome) •Reconfiguration of the shopping mall , including a new entertainment area .

•Further enhancement of the food offering .

•Optimisation of the merchandising mix through the introduction of new brands and additional medium -sized surfaces .

•Repositioning the centre's image through the refurbishment of the external façade .

•Dedicated marketing plan to strengthen the centre's presence across the eastern catchment area .OPPORTUNITIES

ASSET

•Shopping mall GLA: 36,200 sqm •Hypermarket GLA (Conad): 5,175 sqm (sale area 3,100 sqm ) •100 stores, including 16 medium -

sized surfacesKEY FOCUS AREAS • Enhancing the asset through the refurbishment of the

external façade

• Expanding the entertainment offering to boost the centre's

attractiveness

• Redesigning the shopping mall to accommodate new tenants , thereby strengthening the overall offering Stato di fatto Restyling concept PROJECT TIMELINE ( Remodelling and restyling): May 2026 – June 2027

10Centrosarca (Milan)

•Creating stronger

synergies with the multiplex through the relocation of the entertainment area adjacent to the cinema entrance .

•Creation of a new family entertainment area on the third floor .

•Improved connectivity

between the second and third floors to encourage customer flows across the centre .

•Introduction of a family restaurant integrated within the new entertainment area .OPPORTUNITIES

ASSET

•Shopping mall GLA: 23,773 sqm •Hypermarket GLA (Ipercoop): 11,000 sqm (sales area 7,300 sqm ) •72 stores including 9 medium -sized

surfaces

•Multiplex Notorious CinemasKEY FOCUS AREAS •Enhancing the third floor as the main access point to the external multiplex •Strengthening the children's entertainment offering •Creating stronger synergies between the food offering and the multiplexMain Entrance Children’s Entertainment Area PROJECT TIMELINE: September 2026 – December 2027

CONSUMER APPs

As of today 14 Shopping Centers have adopted the Loyalty App 11Digital: continuous improvement In the first six months of 2026 contacts in the CRM system increased by around 40% .

This greater integration

also provides

important insights

into the performance of shopping centers. Focus on CRMThe digitalization process of shopping centers continued with significant results :

Increasingly engaging and customized shopping experiencesIGD CONNECT The IGD Connect platform , which is operational in 28 shopping centres , has been enhanced with the Sales Portal , which enables more efficient collection of turnover figures, whilst also reducing the workload for tenantsThe portal’s functionality is being

expanded

This evolution represent an important step towar a more integrated , value -driven model, geared to data analysis and sharing .

12ESG Highlights | H1 2026

SOCIAL

• TRAINING: 2 training activities aimed at the entire workforce • WELFARE: +14% in the per -

employee contribution (for 2026)

* In Italy, there are 16,850 organisations with a Legality Rating; of these, 9.7% have the highest scoreGOVERNANCE

• LEGALITY RATING: ★★★ fifth

renewal ; confirming the highest

possible score*

• CYBERSECURITY: a cybersecurity awarness project aimed at all employees has been launchedENVIRONMENT • PHOTOVOLTAICS: Completion by H2 2026 of new plants (>2 MW) in Tiburtino, Portogrande and Lungo Savio Shopping Centers, following the signing of power purchase agreements with the Energy Service Company.

132 c. €70 mn 2025 -2026 * Romania: progress update on the disposal plan

BUSINESS PLAN

2025 -2027

*The remaining part of the Romanian portfolio could be sold at the end of the period specified by the Business Plan

Disposal of

Romanian

portfolio (partial ) *

2026

• 3 assets sold in the

first half

• €10.7 mn (in line with Book Value)2025 • 5 assets sold • €21.8 mn (in line with Book Value)PROGRESS UPDATE ON

DISPOSALS

The disposal plan is

progressing more

quickly than

expected

Market conditions

are supporting the

completion of

further disposal

for approx. €15 mn,

by 2026.KEY TAKEAWAYS

14Market overview : real estate and retail in Italy Source: CBRE, Confimprese 14H1 2026 Highlights

Real Estate

~€7 bn

Investments

+2% vs H1 2025Retail New retail openings

+5.2%

in shopping centers The first half of 2026 confirms a favourable environment for retail real estate, with retail consolidating its position as the leading asset class and robust commercial dynamics continuing to boos t sector growth .1^ asset class by

investment volumes~6,000

Driven by Food&Beverage and

Fashion

~€2.2 bn

Investmentsof

which

Revaluation driven by organic growth , not impacted by the valuation discount rates appliedCore Portfolio Value is growing 15Italy Core Portfolio Market Value€ 1,574.4mn +0.6% vs FY2025

Market Value of IGD Portfolio 16* The change includes assets sold in 2026, and EPRA NIY is calculated on the basis of the current scope .

FY 2025 H1 2026 Δ % 2026 vs 2025 Net exit YieldEPRA Net Initial YieldEPRA Net Initial Yield topped up Malls Italy 1,383.4 1,392.4 + 0.7% 7.3% Hypermarkets Italy 181.7 182.0 + 0.2% 6.2% Total Italy core portfolio 1,565.1 1,574.4 + 0.6% + 7.1% Romania 92.3 77.0 (-16.6%) 7.1% 6.9% 7.1% Development + other 29.0 29.0 Porta a Mare plots of land 18.4 16.9 Total IGD portfolio 1,704.8 1,697.3 (-0.4%) Leasehold properties (IFRS16) 4.4 2.2 Equity investments 103.1 103.1 Total IGD Portfolio including leasehold and equity investments1,812.3 1,802.6 (-0.5%)6.4% 6.2%* ** ** The decrease mainly relates to Officine Storiche (Porta a Mare) residential deeds executed in 2026 .

Some figures may not add up due to rounding

17The Trend of Gradual Improvement

continues

Loan to Value

43.2%

-30 bps vs FY 2025 Weighted Average Interes t Rate

4.8%

-30 bps vs FY2025Net Debt /Ebitda8.0x* Flat vs FY 2025 Interest Cover Ratio2.3x vs 2.0x at 31/12/25 *Ebitda calculated over the 12 -months period ended on 30 June 2026

18Net rental Income Freehold Change vs 25 LFL + €2.0 mn

+4.1%(€ mn)

Some figures may not add up due to rounding .

Core business Ebitda 19Change vs 25 LFL + 1.6 mn + 3.4 %(€ mn) Some figures may not add up due to rounding .

Financial Management

20It includes non recurring charges recorded in the income statement following the refinancing in March 2026 and the costs associated with the early redemption of derivatives .

Financial Management Adj*:

- €3.6 mn vs H1 25 ( - 14.9%) mainly thanks to the improvement in the weighted average interest

rate.(€ mn)

*Financial Management adj: net of the effects of the application of IFRS 16 to leasehold agreements, non -recurring items arising from the early termination of loans and derivative instruments.Total change : -28.4 % - €9.0mn Some figures may not add up due to rounding .

21Change vs 25

+€4.3 mn

+21.7 %(€ mn)Funds From Operation Some figures may not add up due to rounding .

Group Net Profit 22Change vs H1 25 +€10.0 € mn(€ mn) Some figures may not add up due to rounding .

23Net Financial Position as of 30 June 2026 Loan to Value Interest Cover RatioWeighted average interest rate*48,1%

3,86%

2,4XPFN H1 26

€781.0mn

43.5%

5.1%

2.0X43.2%

4.8%

2.3X12/31/2025 06/30 /2026

*Weighted average interest rate toward banks and other lenders at the reporting date , including hedging transactions Net Debt /Ebitda8.0x 8.0xNFP FY25

€789.4 mn

24Group’s maturity profile Nominal debt due to banks and other sources of finance (€ mn) •Average maturity : 5.0 years as of 06/30/2026 •Rating* confirmed : Fitch BBB - (Stable) *Latest review Fitch rating : October 2025Debt maturity as of 30 June 2026 Secured bank debt

Bond

Scheduled depreciation of bank debt

25Additional Financial Highlights and Debt Breakdown

* Post refinancing February 2026 **Debt calculated excluding the IFRS16 effectDEBT BREAKDOWN**

12/31/2025 06/30/2026

Gearing ratio 0.8X * 0.8X Hedging on long term debt 69.5% * 69.1% M/L term debt quota 95.4% 99.2% Uncommitted credit lines granted24.6 €mn 24.6 €mn Uncommitted credit lines available24.6 €mn 24.6 €mn Committed credit lines granted and available54.5 €mn 65.0 €mn Unencumbered assets 680.0 €mn * 670.4€mn

€ per share 1H 2026 FY 2025 Δ

NRV 9.12 9.09 0.03

NTA 9.06 9.03 0.03

NDV 8.96 8.93 0.0326EPRA NAV Indicators

2026 FFO Guidance

raised

FUNDS FROM OPERATIONS (FFO)

IS EXPECTED TO BE AT LEAST

€46 MILLION

(+11.7% vs €41.2mn FY2025) 27 Compared to the FFO Guidance of € 45 million released in February

28Agenda

CONFIRMED

3 SEPTEMBER: Goldman Sachs Real Estate equity and debt

Conference (London)

8-10 SEPTEMBER: EPRA Conference (Milan)

14-16 SEPTEMBER: SUSTAINABILITY WEEK VIRTUAL Euronext

1 OCTOBER: Banca Akros and CF&B event (Paris)

CORPORATE

12 NOVEMBER: Results as of 9/30/2026INVESTOR RELATIONS

Appendix

TOP 20 Tenant

gallerieMerchandise

categoryTurnover impact Contracts underwear 1.6% 28 sportswear 1.5% 8 health & beauty 1.5% 13 fashion 1.4% 12 sportswear 1.3% 3 services (optician) 1.3% 14 entertainment 1.3% 2 fashion 1.2% 7

services (dental

clinic)0.9% 13

fashion 0.9% 14 TOP 20 Tenant gallerieMerchandise

categoryTurnover

impactContracts

fashion 3.2% 20 fashion 2.6% 10 fashion 2.2% 14 fashion 2.2% 10 electronics 2.1% 6 home goods and

fashion1.9% 25

footwear 1.9% 13 jewellery 1.9% 27 footwear 1.8% 6 jewellery 1.6% 19 30Key tenants in Italy 1/2 1°

4°3°2°

5° 6°

7° 8°

10°9°11°

14°13°12°

15° 16°

17° 18°

20°19°

Total impact on mall turnover: 34.3% - Total no. of contracts : 264

31Key tenants in Italy 2/2

MERCHANDISING MIX* TENANT MIX

*Calculated on freehold and leasehold malls total rentFashion

46.3%

TOP 10 TenantMerchandise categoryTurnover impact Contracts supermarkets 11.1% 7 fashion 7.0% 4 entertainment 4.1% 5 fashion 3.9% 6 fashion 3.0% 3 drugstore 2.9% 3 fashion 2.6% 3 food & beverage 2.4% 1 health & beauty 2.3% 2

services (medical

clinic)1.7% 1

Total 41.0% 3532Key tenants in Romania

MERCHANDISING AND TENANT MIX

33Contracts in Italy and Romania Total contracts : 1,215 in freehold malls In the first 6 months of 2026 50 renewals were signed with the same tenant and 42 contracts were signed with a new tenant .

Renewals + turnover of the six month period represent 5.8% of freehold mall total rent Total contracts : 8 ROMANIATotal contracts : 308 In the first six months of 2026 83 renewals were signed with the same tenant and 25 contracts were signed with a new tenantMALLS

HYPERMARKETS/

SUPERMARKETSWALB & WALT

34Consolidated Financial Statements

(€ mn)

Some figures may not add up due to rounding .

(a) (c)

CONS_2025 CONS_2026

Revenues from freehold rental activities 59.3 59.5 Direct costs from freehold rental activities -9.5 -8.9 Net Rental Income Freehold 49.8 50.6 Revenues from leasehold rental activities 4.6 3.7 Direct costs from leasehold rental activities -0.1 -0.2 Net Rental Income Leasehold 4.5 3.5 Net Rental Income 54.3 54.1 Revenues from services 4.4 4.6 Direct costs from services -3.2 -3.6 Net Service Income 1.2 1.0 HQ Personnel -3.9 -4.1 G&A Expenses -2.6 -2.7 CORE BUSINESS EBITDA (Operating Income) 49.0 48.3 Core business Ebitda margin 71.7% 71.2% Revenues from trading 1.3 1.5 Cost of sale and other cost from trading -1.6 -1.6 Operating result from trading -0.3 -0.2

EBITDA 48.7 48.2

Ebitda Margin 70.0% 69.6% Impairment and FV adjustments 0.0 -2.0 Change in FV and rights to use IFRS 16 -2.8 -2.2 Depreciation and provisions -1.7 -0.8

EBIT 44.2 43.2

Financial management -31.7 -22.7 Non-recurring Management -1.5 0.0

PRE-TAX PROFIT 11.0 20.5

Taxes -0.4 0.1

NET PROFIT FOR THE PERIOD 10.6 20.6

Profit/Loss for the period related to third parties 0.0 0.0

GROUP NET PROFIT 10.6 20.6GROUP CONSOLIDATED

35Re-classified balance sheet

(€ 000)

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%

36Funds From Operation (FFO)

(€ mn)

FFO H1_2025 H1_2026

Core business Ebitda 49.0 48.3 IFRS16 Adjustments (payable leases) -4.5 -3.2 Financial Management Adj. -24.1 -20.5 Current taxes for the period Adj -0.6 -0.5

FFO 19.8 24.1

37Other EPRA Metrics

(€ 000)

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

38EPRA Net Asset Value

(€ 000)

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

Luca Lucaroni, CFO

luca.lucaroni@gruppoigd.it

Claudia Contarini , IR

claudia.c ontarini@gruppoigd.it

Elisa Zanicheli , IR T eam

elisa.zanicheli@gruppoigd.it

Federica Pivetti , IR T eam

federica.piv etti@gruppoigd.it

Follow us on Linkedin