Next Re SIIQ S p A : Condensed Half-Year Financial Report 2023 (Courtesy translation)

Condensed Half-

Year Financial

Report

CONTENTS
1. COMPANY PROFILE	3
Company information and structure	3
Group 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 2023	5
2. INTERIM REPORT ON OPERATIONS	6
Consolidated Financial highlights	6
Significant events in the half-year	8
Events after 30 June 2023	11
Stock performance	12
The economic context and the real estate market	14
Real estate portfolio	16
Economic performance analysis	22
Balance sheet analysis	24
Transactions with related parties	26
Legal and regulatory framework of Listed Real Estate Investment Companies (SIIQ)	28
Risk management	31
Organisational model & Code of Ethics	36
Equity investments held by directors and members of the board of statutory auditors	36
Other information on the management	36
Update on the impact of COVID-19	38
Foreseeable performance trend	38
EPRA performance indicator	39
3. CONDENSED CONSOLIDATED HALF-YEAR FINANCIAL STATEMENTS OF NEXT RE SIIQ S.P.A. 48
Consolidated Financial statements of NEXT RE	48
Consolidated statement of financial position	49
Consolidated Statement of profit/loss for the period	50
Consolidated Statement of other comprehensive income	51
Consolidated Statement of changes in shareholders' equity	52
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Consolidated Cash-flow statement	53
Consolidated Profit (loss) per share	54
Notes to the financial statements	55
Certification of the condensed consolidated half-year financial statements	77
Annexes	78
Report of the Independent Auditors	79
Valuations of independent experts	81

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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" or the "Parent 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 and commercial properties.

Group structure

The NEXT RE group (hereinafter also referred to as the "Group") includes, in addition to the Parent Company, the wholly-owned subsidiary Fidelio Engineering S.r.l. (hereinafter also "Fidelio" or the "Subsidiary").

The corporate purpose of the Subsidiary is to carry out activities in Italy and abroad aimed at redeveloping and enhancing the value of areas subject to real estate development or existing buildings subject to redevelopment. The Subsidiary commenced operations in the fourth quarter of 2022.

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Company profile

Company offices/positions

Board of Directors

Until the date of the Shareholders' Meeting of 16 May 2023, the Board of Directors consisted of the following members:

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

As of 16 May 2023, the Board of Directors consists of the following members:

Mirko Bertaccini	Chairman
Giovanni Naccarato	Managing Director
Giuseppe Colombo	Vice-Chairman
Luca Matrigiani	Independent Director
Camilla Giugni	Independent Director
Eleonora Linda Lecchi	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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