Italmobiliare S.p.a. · MIL:ITM
Italmobiliare — Investor Day (October 2025)
28 slides from Italmobiliare's investor day presentation, Oct 9, 2025
Slide 1: Capital Market Day 2025
CAPITAL MARKET DAY 2025 Laura Zanetti – Chairman Carlo Pesenti – CEO Milan, October 9, 2025
Slide 2: Agenda
AGENDA CAPITAL MARKET DAY 2025 09:30 – 10:00 Welcome coffee 11:45 – 12:10 Marco Fertonani, CEO of CDS - Casa della Salute 12:10 – 12:35 Andrea Dorigo, CEO of Tecnica Group 10:00 – 10:40 Italmobiliare Group strategic update 12:35 – 13:00 Andrea Sabìa, CEO of Bene Assicurazioni Laura Zanetti, Chairman
Slide 3: Index
INDEX INTRODUCTION PORTFOLIO AND PERFORMANCE ITALMOBILIARE’S TOOLS FUTURE STRATEGY ESG HIGHLIGHTS FONDAZIONE PESENTI AND GRES ART CLOSING REMARKS ITALMOBILIARE CAPITAL MARKET DAY 2025 3
Slide 4: Introduction
Introduction “Italmobiliare Investment Holding manages a diversified portfolio of investments in Italian small-mid market companies with a strategic vision based on its financial and industrial history dating back over 150 years” ITALMOBILIARE DISTINCTIVE APPROACH MAIN ACHIEVEMENTS SINCE 2017 In the
Slide 5: Index: Portfolio and Performance
INDEX INTRODUCTION PORTFOLIO AND PERFORMANCE ITALMOBILIARE’S TOOLS FUTURE STRATEGY ESG HIGHLIGHTS FONDAZIONE PESENTI AND GRES ART CLOSING REMARKS ITALMOBILIARE CAPITAL MARKET DAY 2025 5
Slide 6: Investment strategy pillars
Investment strategy pillars Italmobiliare is a leading investment holding focused on small-mid market equity investments in Italy INVESTMENT STRATEGY PILLARS INVESTMENT TARGETS Italian mid sized private companies with high growth potential • Mid-long term investment horizon focused on solid value cr
Slide 7: Portfolio evolution
Portfolio evolution Successful portfolio transformation after the launch of the new strategy in 2016 Euro 2.20 bn Financial assets Euro 1.55 bn and cash Capital management: 8% • Received € 220 m dividends from Private equity Financial Portfolio Companies 12% assets and • Distributed over € 400 m div
Slide 8: Current portfolio
Current portfolio Diversified portfolio of strategic participations Total Asset under Management: Euro 3.9 bn, of which Euro 1.7 bn indirect Clessidra AuM and Euro 2.2 bn direct NAV: Liquidity and financial Portfolio companies (68% of NAV) Private Equity funds (12%) Other investments (12%) assets (8
Slide 9: NAV performance 2018 – H1 2025
NAV performance 2018 – H1 2025 Euro 1.06 bn of value creation of which Euro 0.4 bn distributed to shareholders data in Euro m 403 1,058 Portfolio Companies: 68% of 2,200 NAV Cash and liquidity: 11% Portfolio Companies: 15% of NAV Cash and liquidity: 36% 1,545 Listed participations: 35% NAV @31/12/20
Slide 10: Portfolio Companies NAV performance 2018 – H1 2025
Portfolio Companies NAV performance 2018 – H1 2025 Portfolio Companies generated 17% IRR and 2.2x MoM return o/w Euro 300+ m already realized data in Euro m Realized ~40% of the investment 219 105 995 822 1,494 Investments in Portfolio Companies 681 2018 - 2025 Portfolio Companies NAV 20171 141 31/1
Slide 11: Capital remuneration 2018 – 2025
Capital remuneration 2018 – 2025 Steady increase in ordinary dividend, average dividend payout on NAV of 2.6% Dividends distribution: • Ordinary dividend growth over the years (CAGR ‘18-25 +9%) • Extraordinary dividend distributed following major exits 127 76 Buy-back 93 44 in 3Q 2025 59 51 30 6 25
Slide 12: Index: Italmobiliare's Tools
INDEX INTRODUCTION PORTFOLIO AND PERFORMANCE ITALMOBILIARE’S TOOLS FUTURE STRATEGY ESG HIGHLIGHTS FONDAZIONE PESENTI AND GRES ART CLOSING REMARKS ITALMOBILIARE CAPITAL MARKET DAY 2025 12
Slide 13: The Playbook
THE PLAYBOOK Italmobiliare as a partner to Portfolio Companies: a playbook for value creation Investment period Pre-acquisition Exit Onboarding (first 12 months) Development, Management and Monitoring Definition of a master plan of priority activities to be carried Ongoing management of holding acti
Slide 14: The organization
The organization Italmobiliare as a partner to Portfolio Companies: the playbook implementation is supported by the holding functions and organization 30+ professionals with long standing experience across different functions Portfolio Companies Management Investments & Development Sustainability Co
Slide 15: Portfolio Companies' achievements
Portfolio Companies’ achievements Successfully delivered value creation initiatives across all Portfolio Companies Since ITM entry Holding Overview Main results (€m) Key contributions period 335 3.6x Branded food: the Italian single-serve coffee Revenues 94 • Managerialization champion • Internation
Slide 16: Portfolio Companies monitoring
Portfolio Companies monitoring Tools for systematic monitoring and assessment of the Portfolio Companies’ opportunities and challenges ITM strategy Main opportunities for future Role in the portfolio Key priorities value creation Key factors monitored Growth and dividend yield Push expansion outside
Slide 17: Index: Future Strategy
INDEX INTRODUCTION PORTFOLIO AND PERFORMANCE ITALMOBILIARE’S TOOLS FUTURE STRATEGY ESG HIGHLIGHTS FONDAZIONE PESENTI AND GRES ART CLOSING REMARKS ITALMOBILIARE CAPITAL MARKET DAY 2025 17
Slide 18: Future portfolio strategy
Future portfolio strategy Concentration around fewer Portfolio Companies to be developed over the long term FUTURE NAV STRATEGY Other Long-term portfolio transition towards few platforms to be investments Platform 1 developed with control and liquidity 20% • Focus on 4–5 sector platforms Key advanta
Slide 19: Index: ESG Highlights
INDEX INTRODUCTION PORTFOLIO AND PERFORMANCE ITALMOBILIARE’S TOOLS FUTURE STRATEGY ESG HIGHLIGHTS FONDAZIONE PESENTI AND GRES ART CLOSING REMARKS ITALMOBILIARE CAPITAL MARKET DAY 2025 19
Slide 20: Commitment to sustainable transition and value creation
Commitment to sustainable transition and value creation Fully embedded in governance and business strategy Italmobiliare adheres to the United Nations Global Compact (UNGC), the world's largest sustainability initiative, by sharing, supporting and These strategic drivers are fully applying in its sp
Slide 21: Roadmap to portfolio value creation
Roadmap to portfolio value creation Active ownership of Portfolio Companies towards ESG integration in business strategy THE PLAYBOOK PRE-INVESTMENT Year 1 Year 2+ EXIT OR SCREENING ESG INTEGRATION VALUE CREATION NEW CYCLE EXCLUSION LIST IMPRINTING ENVIRONMENT ESG INFO Coal, oil and gas Diverse and
Slide 22: Performance (1)
Performance (1) Leading KPIs highlight contribution to Sustainable Development Goals 2025 2019 2020 2021 2022 2023 2024 target outlook GENDER EQUALITY 19% 22% 33% 31% 35% 38% >40% Women in managerial positions % of women in middle and top management positions DECENT WORK 6.0 4.8 6.8 3.3 4.8 5.4
Slide 23: ESG Ratings
ESG Ratings Embedded in CEO and Management Long Term Incentive 2022 2023 2024 2025 30 /100 44 /100 54 /100 61 /100 ESG Rating 87 percentile C C A- overall overall overall Available Q1 2026 ESG Rating (Climate) D B A supplier engagement supplier engagement supplier engagement Low Low Low Low exposure
Slide 24: Index: Fondazione Pesenti and gres art
INDEX INTRODUCTION PORTFOLIO AND PERFORMANCE ITALMOBILIARE’S TOOLS FUTURE STRATEGY ESG HIGHLIGHTS FONDAZIONE PESENTI AND GRES ART CLOSING REMARKS ITALMOBILIARE CAPITAL MARKET DAY 2025 24
Slide 25: Fondazione Pesenti
Fondazione Pesenti The Foundation was established in June 2004 in Bergamo as an autonomous and independent organisation, under the name Fondazione Cav. Lav. Carlo Pesenti, in memory of one of the most prominent Italian entrepreneurs of the XX century. Its mission is to promote the cultural, civic, a
Slide 26: gres art 671
gres art 671 gres art 671, promoted by the Fondazione Pesenti Ets, is a contemporary cultural hub located in a former industrial site in Bergamo. Opened to the public in 2023 during Bergamo Brescia Italian Capital of Culture, it has quickly become an international platform for art, dialogue, and ref
Slide 27: Index: Closing Remarks
INDEX INTRODUCTION PORTFOLIO AND PERFORMANCE ITALMOBILIARE’S TOOLS FUTURE STRATEGY ESG HIGHLIGHTS FONDAZIONE PESENTI AND GRES ART CLOSING REMARKS ITALMOBILIARE CAPITAL MARKET DAY 2025 27
Slide 28: Closing remarks
Closing remarks Successful portfolio transition Italmobiliare established as partner of choice for Italian entrepreneurs Delivered substantial results: blend of NAV growth and cash returns Structured and effective playbook for value creation with sustainability at the core Attractive core portfolio: