Italmobiliare (ITM) Q2 2026 earnings summary

Executive summary

• Net Asset Value (NAV) as of June 2026 was €2,240.5 million, down 0.6–0.7% from December 2025, mainly due to dividend payments and share buybacks, partially offset by fair value gains in portfolio companies.

• Portfolio companies delivered 9% YoY revenue growth and 15% YoY EBITDA growth in 1H 2026, led by Caffè Borbone, CDS, and ISEO.

• Profit for the period was €2.4 million, reversing a €6.1 million loss in H1 2025.

• The group maintains a diversified portfolio with 71% of NAV in portfolio companies, 12% in private equity, and solid liquidity.

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

Financial highlights

• Consolidated revenue increased 7% YoY to €375.7 million; consolidated EBITDA rose 19.8% to €47.0 million.

• Caffè Borbone: Revenue €189.4 million (+2.7% YoY), EBITDA up 21.7% to €28.3 million.

• CDS Casa della Salute: Revenue €51 million (+34.4% YoY), EBITDA up 49.8% to €6.4 million.

• ISEO: Revenue up 7.2% to €84 million, EBITDA up 78.4% to €9.3 million.

• Dividend payout during the period: €46.2 million.

Outlook and guidance

• Focus remains on organic and M&A-driven growth, operational improvement, and international expansion, with continued investment in technology, automation, and brand positioning.

• Revenue growth is expected to continue in H2 2026, with improved profitability anticipated for key portfolio companies.

• Continued commitment to ESG targets, with 2050 Net-Zero goal and ongoing decarbonization.

• Ongoing capital rotation and asset optimization to enhance shareholder value.

• Macroeconomic risks include inflation, energy prices, and geopolitical tensions, but the group remains committed to supporting portfolio companies and seizing market opportunities.