Abitare In S p A : Approval of interim report as at June, 30 2022

PRESS RELEASE

ABITAREIN APPROVES THE INTERIM DIRECTORS' REPORT AS AT JUNE 30, 2022 (THIRD QUARTER)

DOUBLE OF PRODUCTION COMPARED TO THE PREVIOUS YEAR (from € 41.9 mln as of June 30, 2021

to € 81.4 mln as of June 30, 2022)

FIRST SIGNS OF DECREASE OF CONSTRUCTION COSTS ALSO AIDED BY DECLINES IN SOME RAW

MATERIALS AND SEMI-FINISHED GOODS

PRODUCT SHORTAGE AND GROWTH IN PROPENSITY TO BUY STILL PUSH UP SELLING PRICES

FINANCIAL HIGHLIGHTS (consolidated figures as at June 30, 2022 - prepared in accordance with IFRS international accounting standards)

• CONSOLIDATED REVENUE EQUAL TO EURO 103.8 MILLION (Euro 90.8 million as at June 30, 2021)
• CONSOLIDATED EBT equal to € 9.7 MILLION (€ 11.2 million as at June 30, 2021) conditioned, in decrease, by the following items:
• • €5.9 million of income deriving from the IPO of the subsidiary Homizy, recognised instead directly in equity, without going through profit or loss (although it resulted in a positive cash flow equal to the above amount)
  • Downward adjustment of €5.6 million, already entirely envisaged with the approval of the figures of the first quarter, due to the increase in construction costs on the construction sites nearing the hand over,
  • €1.3 million of notional costs as a result of applying IFRS 2 in relation to the allocation of the Stock Grant established in favour of the management.
• ADJ EBT EQUAL TO EURO 22.5 MILLION (€ 12.6 million as at June 30, 2021) including the income for the IPO of Homizy and net of items abovementioned.
• GROUP CONSOLIDATED EQUITY EQUAL TO EURO 89.4 MILLION (€ 72.4 million as at September 30, 2021).
• NET FINANCIAL DEBT EURO 108.8 MILLION (Euro 75.1 million as at September 30, 2021), versus € 15.8 million of investments for area acquisition and € 54.6 million of investments for construction progress.

Abitare In S.p.A.

Registered office: Via degli Olivetani 10/12, 20123 Milan - Operating Headquarters: Viale Umbria 32, 20135 Milan

Company listed on STAR segment of the MTA - Italian Equities Market (ticker ABT.MI) - VAT no. 09281610965 - Tel. +39 / 02 - 67 02 550 [e-mail] - [e-mail]

Share capital Euro 129,676.90 fully paid in - Share premium reserve: Euro 36,989,386

• GROUP'S CONSOLIDATED NET PROFIT EQUAL TO EURO 5.7 MILLION (Euro 7.9 million as at June 30, 2021) to which must be added € 5.9 mln of the income from the Homizy IPO, already accounted for in the equity reserve.

HIGHLIGHTS AT THE CURRENT DATE (net of delivered units)

• PIPELINE, PROPERTY UNDER DEVELOPMENT: 296,000 SALEABLE SQUARE METRES FOR 3,274 STANDARD UNITS1 (317 social housing units)
• AVERAGE PURCHASE COST PER SALEABLE AREA: EURO 551/SQM
• ORDER BOOK: 683 STANDARD UNITS FOR EURO 297.4 MILLION
• DOWN PAYMENTS/DEPOSITS BASED ON PRELIMINARY CONVEYANCE AGREEMENTS SIGNED: EURO 93.1 MILLION
• STANDARD UNITS DELIVERED: 412 for 132.2 million
• REAL ESTATE LOANS APPROVALS: EURO 248 MILLION OF WHICH EURO 120 MILLION USED

Milan, 8 August 2022 - The Board of Directors of AbitareIn S.p.A., a leading Milan based company in residential development, listed on the MTA market, STAR segment, of Borsa Italiana, today approved the Interim Report on consolidated operations of the Company as at June 30, 2022 (third quarter of the fiscal year).

Luigi Gozzini, President of AbitareIn, comments on the results as follows: "Thanks to the doubling, compared to the previous year, of construction activities on our sites, we are able to confirm, by October, the start of deliveries to clients of the Palazzo Naviglio and Milano City Village projects. In fiscal year 2023, 420 apartments will be delivered, including the Trilogy Towers project, for €180 mln, with proceeds, net of deposits already paid by clients, of €130 mln, of which €76 mln will go to reduce the Group's debt, consisting, let us remember, of land loans. This year's profitability is affected by the increase in construction costs on the 5 projects marketed before the introduction in the sales preliminary deeds of the "price adjustment clause," € 21 mln total higher costs, which we have incorporated in our results and planning, starting in the first quarter of the year."

Adds Marco Grillo, A.D. of the Company, "Even in this second half of the year, the residential market in Milan continues in its upward trend. The scarcity of supply, combined with the growth of the propensity to buy on the part of families and investors, continues to influence the trend of sales prices, which are expected to grow in the coming years as well, always remembering that our City, as various

• No. of apartments, considering an average surface area of 92 m2 for the marketing in unrestricted building and 82 m2 for social housing. The actual number of apartments built and for which contracts have been signed - without prejudice to the combined floor area (m2) - may vary depending on the level of customisation of the surface area of the real estate units.

Abitare In S.p.A.

Registered office: Via degli Olivetani 10/12, 20123 Milan - Operating Headquarters: Viale Umbria 32, 20135 Milan

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Company listed on Euronext Milan, Euronext STAR Milan segment (ticker ABT.MI) - VAT no. 09281610965 - Tel. +39 / 02 - 67 02 550 [e-mail] - [e-mail]

Share capital Euro € 132,654.06 fully paid in - Share premium reserve: Euro 40,827,659

studies state, is still far from reaching its maximum potential. On the other hand, we are beginning to see the first signs of settling - and descending - construction costs, thanks in part to the decline in some raw and semi-finished materials."

Summary of the main consolidated economic and financial results as at June 30, 2022

The third quarter of the fiscal year closed with CONSOLIDATED REVENUE of Euro 103.8 million, (euro

90.8 million as at June 30, 2021), substantially influenced by the progress of work on construction sites. In fact, the revenues derive mostly from:

• Euro 63.0 million in change in inventory due to progress of work - net of discharge due to delivery (consequent to notarial deed) of apartments to customers (Euro 10.0 million in the third quarter of 2021),
• Euro 16.9 million in change in inventory due to the purchase of new real estate complexes (Euro 39.2 million in the third quarter of 2021),
• Euro 19.4 million in Sales Revenue, deriving from notarial deeds of real estate units delivered to customers (Euro 40.8 million in the third quarter of 2021),

Progress in production amounts to Euro 81.4 million (euro 41.9 million in the third quarter 2021) for the prosecution of construction works in the sites of Milano City Village, Trilogy Towers and Palazzo Naviglio and the preparatory works of di Lambrate Twin Palace, Cadolini ex-Plasmon,Porta Naviglio Grande, Savona 105, BalduccioDodici and NoLo.

CONSOLIDATED EBT is equal to Euro 9.7 million, conditioned, in decrease, by the following items:

• €5.9 million of income deriving from the IPO of the subsidiary Homizy, recognised instead directly in equity, without going through profit or loss (in fact, a different accounting treatment has been envisaged compared to what was communicated with the approval of the interim statement as at 31 December 2021, where it had been expressly specified). The other accounting method does not affect the Group's equity.
• Downward adjustment of €5.6 million, already entirely envisaged with the approval of the figures of the first quarter, due to the increase in construction costs on the construction sites nearing the hand over, following the definition of agreements with the contractors of these construction sites aimed at supporting the production chain and ensuring the delivery of a quality product to customers without further delays in timing.
  In this regard, it is recalled that the overall margin is affected by the increase in construction costs which occurred over the last year, which, on the 5 projects marketed before the occurrence of this increase, amounts to a total of about € 21 million. On these 5 projects there was no provision for the inclusion of the so-called "price adjustment clause," which allows the sale price of apartments already

Abitare In S.p.A.

Registered office: Via degli Olivetani 10/12, 20123 Milan - Operating Headquarters: Viale Umbria 32, 20135 Milan

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Company listed on Euronext Milan, Euronext STAR Milan segment (ticker ABT.MI) - VAT no. 09281610965 - Tel. +39 / 02 - 67 02 550 [e-mail] - [e-mail]

Share capital Euro € 132,654.06 fully paid in - Share premium reserve: Euro 40,827,659

subject to the preliminary contract to be changed on the basis of the construction cost index issued by ISTAT, introduced, however, in all subsequent commercializations.

• €1.3 million of notional costs as a result of applying IFRS 2 in relation to the allocation of the Stock Grant established in favour of the management.
  Therefore, taking into account the income from the Homizy IPO and net of aforementioned items, the EBT ADJ is € 22.5 mln.

The EBT is also increased, by €0.4 million, by income not deriving from operating activities, given by the capital gain from the re-measurement at fair value of the equity investment in Tecma Solutions S.p.A.

CASH AND CASH EQUIVALENT as at June 30, 2022 is equal to euro 25.4 million (euro 13.8 million as at September 30, 2021).

The CONSOLIDATED FINANCIAL DEBT is equal to Euro 108.8 MILLION (Euro 75.1 million as at September 30, 2021) influenced upward by the construction progress on the ongoing projects , with total investments of € 54.6 mln, and purchases of new areas for € 15.8 mln (net of advance payments made in previous years).

Therefore, against total investments of € 70.4 mln, net financial debt increased by € 33.7 mln.

	Financial Debt
	30.06.2022	30.06.2022	30.09.2021	Change
	amounts in Euro
A.	Cash and cash equivalents	25.391.464	13.778.285	11.613.179
B.	Means equivalent to cash and cash equivalents	-	-	-
C.	Other current financial assets	-	-	-
D.	Liquidity (A) + (B) + (C)	25.391.464	13.778.285	11.613.179
E	Current financial payables	-	-	-
F.	Current portion of non-current debt	21.344.142	16.710.663	4.633.479
G.	Current financial debt (E) + (F)	21.344.142	16.710.663	4.633.479
H.	Net current financial debt (G) - (D)	(4.047.322)	2.932.378	(6.979.700)
I.	Non-current financial payables	112.858.036	72.167.050	40.690.986
J.	Debt instruments	-	-	-
K.	Trade payables and other non-current payables	-	-	-
L.	Non-current financial debt (I) + (J) + (K)	112.858.036	72.167.050	40.690.986
M.	Total financial debt (H) + (L)	108.810.714	75.099.428	33.711.286

Abitare In S.p.A.

Registered office: Via degli Olivetani 10/12, 20123 Milan - Operating Headquarters: Viale Umbria 32, 20135 Milan

4

Company listed on Euronext Milan, Euronext STAR Milan segment (ticker ABT.MI) - VAT no. 09281610965 - Tel. +39 / 02 - 67 02 550 [e-mail] - [e-mail]

Share capital Euro € 132,654.06 fully paid in - Share premium reserve: Euro 40,827,659

Overview on the development pipeline

At the current date, the AbitareIn Group is the owner of 22 areas in the City of Milan (of which 6 on a preliminary basis), corresponding to a total of 296,000 saleable square metres of projects under development, equal to 3,2742 equivalent apartments. The different areas are in different stages of development.

As of today, the order book has more than 680 apartments sold on a preliminary basis, with a countervalue of € 297.4 mln, with contracted advances (secured by an insurance surety policy) of € 93.1 mln.

The Group has delivered 412 apartments, split between the three projects Abitare In Poste, Abitare In Maggiolina and Olimpia Garden, for a total value of €132.2m, while 551 apartments are currently under construction, of the total value of €237m.

As for the "maturity" of the pipeline, i.e., the progress of the authorization processes, thanks to the work carried out by a team specialised in this area, within AbitareIn, which is responsible for carrying out the preparatory activities to obtain the necessary authorisations to carry out the projects, more than 1,280 equivalent apartments will be ready for marketing3 by the end of 2022, while more than 2,460 equivalent apartments will be ready for marketing by the end of 2023 (cumulative figure).

The residential property market

Even the second half of the year confirms the strongly positive trend of the residential market.

This is confirmed by the results of our marketings, which thanks to new sales strategies are maximizing the potential of the market, and it is confirmed by the studies and forecasts, which report almost daily news about the increase in demand and prices: the most recent, the study prepared by Nomisma4, which predicts, between now and 2024, a cumulative increase in house purchase prices of 12%.

• No. of apartments, considering an average surface area of 92 m2 for the marketing in unrestricted building and 82 m2 for social housing. The actual number of apartments built and for which contracts have been signed - without prejudice to the combined floor area (m2) - may vary depending on the level of customisation of the surface area of the real estate units.
  3 Construction site that can be launched within 12 months
  4 2° Rapporto sul Mercato Immobiliare 2022: analisi congiunturale e prospettive future

Abitare In S.p.A.

Registered office: Via degli Olivetani 10/12, 20123 Milan - Operating Headquarters: Viale Umbria 32, 20135 Milan

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Company listed on Euronext Milan, Euronext STAR Milan segment (ticker ABT.MI) - VAT no. 09281610965 - Tel. +39 / 02 - 67 02 550 [e-mail] - [e-mail]

Share capital Euro € 132,654.06 fully paid in - Share premium reserve: Euro 40,827,659