Next Re SIIQ S p A : Condensed Half-Year Financial Report 2022

Condensed Half-

Year Financial

Report

CONTENTS

1. COMPANY PROFILE ..............................................................................................................	3
Company information and structure ...........................................................................................	3
Company offices/positions..........................................................................................................	4
Board of Directors .......................................................................................................................................	4
Board of Statutory Auditors........................................................................................................................	4
The manager in charge pursuant to Article 154-bis paragraph 2 TUF (Consolidated Finance Act) ..	4
Independent Auditors..................................................................................................................................	4
Shareholding structure as at 30 June 2022 ...............................................................................	5
2. INTERIM REPORT ON OPERATIONS....................................................................................	6
Financial highlights ......................................................................................................................	6
Significant events in the half-year ..............................................................................................	8
Events after 30 June 2022...........................................................................................................	9
Stock performance .....................................................................................................................	10
The economic context and the real estate market ..................................................................	12
Real estate portfolio...................................................................................................................	13
Economic performance analysis ...............................................................................................	21
Balance sheet analysis...............................................................................................................	22
Transactions with related parties .............................................................................................	24
Legal and regulatory framework of Listed Real Estate Investment Companies (SIIQ).........	25
Risk management.......................................................................................................................	28
Organisational model & Code of Ethics ....................................................................................	32
Equity investments held by directors and members of the board of statutory auditors ......	32
Other information on the management ....................................................................................	32
Update on the impact of COVID-19...........................................................................................	34
Foreseeable performance trend ................................................................................................	34
EPRA performance indicator .....................................................................................................	36
3. CONDENSED HALF-YEAR FINANCIAL STATEMENTS OF NEXT RE SIIQ S.P.A. ...............	44
Financial statements of NEXT RE..............................................................................................	44
Statement of financial position .................................................................................................	45
Statement of profit/loss for the period.....................................................................................	46
Statement of changes in shareholders' equity.........................................................................	48
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Cash-flow statement ..................................................................................................................	49
Profit (loss) per share ................................................................................................................	50
Notes to the financial statements.............................................................................................	51
Certification of the condensed half-year financial statements .............................................	75
Annexes.......................................................................................................................................	76
Report of the Independent Auditors..........................................................................................	77
Valuations of independent experts ...........................................................................................	79

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Company profile

1. COMPANY PROFILE

Company information and structure

NEXT RE SIIQ S.p.A. (hereinafter also referred to as "NEXT RE" or the "Company") with registered office in Rome, Via Zara 28, Tax Code and VAT No. 00388570426, REA number RM-1479336, is a real estate investment company with shares listed on the Euronext Milan market ("EXM") organised and managed by Borsa Italiana S.p.A.

The Company currently manages a portfolio consisting of office, hotel and commercial properties and is focused on asset classes that are aimed to meet the needs of new patterns and styles of real estate use, which reflect the economy and society's characteristics of access, utility and experience. The categories engaged look at Life-cycle Living & Hospitality, Leisure & Wellness, Smart Office Space, Omnichannel Retail & Distribution.

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Company profile

Company offices/positions

Board of Directors

The composition of the Board of Directors is as follows:

Giancarlo Cremonesi	Chairman
Stefano Cervone	Managing Director
Daniela Becchini	Independent Director
Giuseppe Colombo	Director
Camilla Giugni	Independent Director
Eleonora Linda Lecchi	Independent Director
Giovanni Naccarato	Vice-Chairman
Luca Nicodemi	Independent Director
Maria Spilabotte	Independent Director

Board of Statutory Auditors

The composition of the Board of Statutory Auditors is as follows:

Luigi Mandolesi	Chairman
Sara Mattiussi	Statutory Auditor
Domenico Livio Trombone	Statutory Auditor
Sergio Mariotti	Alternate Auditor
Barbara Premoli	Alternate Auditor

The manager in charge pursuant to Article 154-bis paragraph 2 TUF (Consolidated Finance Act)

Francesca Rossi

Independent Auditors

EY S.p.A.

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