Presentation of the results as at 30 June 2023

THE PORTFOLIO’S SOLID OPERATING PERFORMANCES CONFIRMED

• Significant increase in retailers’ sales at Italian malls (+8.5%) and in footfalls (+6.6%) compared to 1H2022; 2019 sales exceeded (+7.6%)
• Occupancy high (stable vs 1Q 2023): Italy 95.2%; Romania 96.8%

 

ECONOMIC RESULTS BEAT EXPECTATIONS: OUTLOOK FOR FFO IMPROVED

• Net rental income: €59.1 million (+3.4% vs 2022; +7.8% like-for-like)
• Core business Ebitda: €53.8 million (+3.8% vs 2022); Ebitda margin 72.8% (+150bps vs 2022)
• FFO: €30.9 million (-9.0% vs 2022, due to higher financial charges)
• 2023 FFO guidance revised upward to a range of €54/55 mn

 

HIGHER INTEREST RATES IMPACT FINANCIAL COSTS AND THE BALANCE SHEET

• Market Value of the freehold real estate portfolio: -3.64% at €2,005.12 mn
• Net Initial Yield topped up: Italy 6.3% (+40bps); Romania 7.0% (+50bps)
• Loan to Value at 47.7% due to lower fair value
• EPRA NRV at €9.54 per share (-7.1%)

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