Fitch Ratings’ corporate rating on IGD

On 22 October 2019, Fitch Ratings assigned IGD a BBB- rating with a Stable Outlook for the first time, confirming the Company’s entry into the Investment Grade category. The rating reflected the stability of rental income, high occupancy levels, the good competitive positioning of shopping centres and the gradual improvement in financial leverage metrics. The assignment of the Investment Grade rating confirmed the solidity of the business model and the quality of the real estate portfolio.

In the period 2020–2023, in a context characterised first by the pandemic and then by tensions in the credit market linked to the refinancing of the bond maturing in 2024, the rating was temporarily placed on Rating Watch Negative and subsequently with a Negative Outlook, while remaining confirmed at BBB-.

With the gradual improvement in cash flow visibility and the completion of refinancing operations, Fitch returned the Outlook to Stable in November 2023.

The annual reviews on 15 November 2024 and 23 October 2025 further confirmed the BBB- | Outlook Stable rating. The most recent update therefore confirms the maintenance of the Investment Grade rating and the stability of the outlook, supported by the operational resilience of the portfolio and the progressive strengthening of the financial structure.

S&P Global Ratings’ corporate rating on IGD

S&P Global Ratings issued its first rating for IGD on 23 April 2019, assigning the Company a BBB- rating with a Stable Outlook, within the Investment Grade category. The rating recognised the quality of the real estate portfolio, the solidity of the capital base and a prudent financial strategy. Entering the Investment Grade area has allowed IGD to access the capital market on competitive terms.

In 2020, following the pandemic emergency and the deterioration of the retail sector, the rating was revised to BB+, marking its exit from Investment Grade.

Over the following three years, in a market environment characterised by greater financial volatility and tensions over the cost of debt, the rating was further revised to BB.

Starting in April 2024, thanks to the gradual reduction in debt resulting in particular from disposals and refinancing transactions, which allowed for the extension of maturities and the reduction of debt costs, the Company’s financial profile has gradually strengthened.

On 10 February 2026, during its annual review, S&P Global Ratings confirmed the BB rating and improved the Outlook from Stable to Positive.

The Outlook revision reflects:

• the reduction in the average cost of debt,
• the gradual decrease in debt, thanks in part to asset disposals,
• the expected strengthening of the interest coverage ratio (EBITDA/Interest),
• the resilience of rental income, supported by indexation.