Italmobiliare (ITM) investor relations material

Executive summary

• NAV at €2.3bn as of March 2026, down 0.2% YoY, reflecting stable portfolio company values and increased private equity fair value offset by holding costs and taxes.

• Portfolio companies delivered 5.4% YoY revenue growth to €395.7m and 16.5% YoY EBITDA growth to €28.1m, led by Caffè Borbone, CDS, Tecnica, and Iseo.

• Major divestments since 2017 totaled approximately €1bn, with significant exits in AGN Energia, Mediobanca, and Florence Group.

• Strong ESG integration, with all portfolio companies adopting decarbonization plans and validated SBTi targets.

• Net financial position positive at €225.2m.

Financial highlights

• NAV per share at €54.7, with a market cap of approximately €1.2bn and a 52% NAV discount as of March 2026.

• Ordinary dividend of €1.1 per share (3.7% yield), with €127m distributed in 2024.

• Liquidity and financial assets at €219m, down €8m YTD.

• Total value creation for shareholders since 2018: €1.17bn, with €403m in dividends and €6m in buybacks.

• Equity attributable to owners stood at €1,494.1m, down slightly from year-end 2025.

Outlook and guidance

• Focus remains on organic and M&A-driven growth, operational improvement, and ESG-driven value creation.

• The group will support portfolio companies, enhance planning, diversification, and hedging strategies.

• Continued capital rotation and disciplined investment in resilient Italian mid-sized companies.

• The global economy faces uncertainty due to the Gulf conflict, disrupting oil flows and impacting supply chains, but a moderate recession risk is expected if normalisation occurs by June.