Tamburi Investment Partners S.p.a. · MIL:TIP
Tamburi Investment Partners — European Midcap Event 2026
33 slides from Tamburi Investment Partners's conference presentation, Sep 30, 2026
Slide 1: European Midcap event 2026
European Midcap event 2026 September 30, 2026 We should all feel nothing but shame for the reputation that finance has earned itself in the last few years, but if you manage to guide healthy capital from successful businesses and the assets of families that wish to invest them intelligently in compa
Slide 2: Disclaimer
DISCLAIMER The information contained herein, particularly those regarding any possible or assumed future performance of the TIP Group, are or may be forward looking statements and in this respect they involve some risks and uncertainties. Any reference to past performances shall not be taken as an i
Slide 3: 5 billion of direct investments and club deals in leading companies
5 billion of direct investments and club deals in leading companies Limited risk thanks to high quality assets Outstanding long-term returns 28 + 182,1 %1 16,4 euro per share companies (9 worldwide leaders) total return T.I.P. Net Intrinsic Value2 (last 10 years) 1as at 25/9/2026 (Bloomberg); 2 anal
Slide 4: A diversified industrial group
~23 bln in aggregate revenues a diversified 1. ~ 4 bln ebitda industrial group ~90 thousands people solid performance across both listed and private companies, the most of 2. strong resilience them ready to be listed 3. niche positioning in Minor investments in peculiar digital activities; among the
Slide 5: A diversified industrial group
A DIVERSIFIED INDUSTRIAL GROUP MINORITY STAKE IN CASE IS STRATEGIC AND AFTER LONG TIME OF LONG TERM PARTNER INVESTMENT ALSO Average investment holding period MAJORITY STAKE exceeds 10 years Alpitour case FINANCE FOR GROWTH PARTICULARLY THROUGH NO PREDETERMINED EXIT M&A SCHEMES More than 240 M&A tran
Slide 6: A diversified industrial group
A DIVERSIFIED INDUSTRIAL GROUP Listed companies Private companies 9 3 10 Worldwide leaders European leaders Italian leaders 6
Slide 7: A diversified industrial group
A DIVERSIFIED INDUSTRIAL GROUP 14% Technological services and innovation 11% 30% 25% 11% 13% ~23bn Luxury and design ~3,6bn 2025 total revenues Total Asset 12% 23% 20% 24% 17% Retail & Consumer health ~20% ~3bn of ebitda margin Net Intrinsic Value Food and tourism Dynamism ~2 bln > 240 invest. / div
Slide 8: Strong resilience: 2025 annual results
STRONG RESILIENCE 2025 annual results Listed companies Private companies EBITDA EBITDA Sales Sales Sales Sales MARGIN Cash / MARGIN Cash / Stake (%) 2025 2025 vs Stake (%) 2025 2025 vs ADJ. (Debt) ADJ. (Debt) (€ mln) 2024 (€ mln) 2024 2025 2025 3,3% 2.396 + 1,7% 22,6% -1.046 (I) (4) 43,1% 2.287 + 9,
Slide 9: Strong resilience: 1H 2026 results
STRONG RESILIENCE 1H 2026 results Listed companies Private companies Ricavi Ricavi Ebitda Sales Sales Ebitda Cash / Cash / Stake (%) 1H26 1H26 vs margin Stake (%) 1H26 1H26 vs margin (Debt) (Debt) (€ mln) 1H25 adj. 1H26 (€ mln) 1H25 adj. 1H26 3,8% 1.186 + 1,3% 25,1% -1.049 (I) (4) 43,1% 885 - 1,6% n
Slide 10: Strong resilience: from small to large cap
STRONG RESILIENCE from small to large cap MILLION OF EURO Year of first Actual (*) investment (FY 2025) Revenues 210 2.071 ~10x 45 462 EBITDA (21%) (22%) ~10x >40 M&A Market cap 336 3.900 ~12x Revenues 708 2.396 ~3,5x 97 540 EBITDA (14%) (23%) ~6x >20 M&A Market cap 601 3.260 ~5x Amplifon has signed
Slide 11: Strong resilience: from mid to large cap
STRONG RESILIENCE from mid to large cap MILLION OF EURO Year of first Actual (**) investment (FY 2025) Revenues 237 403 ~1,7x 20 70-72 EBITDA ~3,5x (8,4%) (17,4%) 5 M&A Market cap 198 (*) 181 ~1x Revenues 1.392 1.740 ~1,2x 144 216-218 EBITDA ~1,5x (10,4%) (12,4%) 3 M&A Market cap 192 1.480 ~8x Reven
Slide 12: StarTIP: a unique positioning in digital/AI
a unique positioning also in the digital/AI industry ▪ A unique, AI driven business model that creates long-term value by acquiring, transforming and scaling digital businesses through: $21bn ▪ Technology: coding is managed by AI alone for around 70% of the total activity Current Market ▪ People: ~2
Slide 13: Great dynamism: investment and divestment 2021-2026
Great dynamism ~ 800 m ~1,9 BILLION OF INVESTMENT – DIVESTMENT 2021 – 2026 ACTIVITY divestment ~ 1,1 billion investments (inc. club deals) Large cap ~520 listed ~280 ~180 Private ~100 mid cap listed ~40 startip Private Large/Mid Cap Others Treasury Startip Companies listed shares TIP partially dives
Slide 14: Outstanding historical returns
outstanding historical returns 10 years performance vs main indexes (1) 20,5 10 years total return TIP: +182% 18,5 Nasdaq 16,5 +415,1% S&P 500 14,5 +260,9% FTSE MIB 12,5 +220,3% Dow Jones 10,5 +186,1% 8,5 +141,2% 6,5 FTSE small cap +125,4% 4,5 IT Star 2,5 +95,9% MSCI Eur 0,5 +85,6% The stock remains
Slide 15: TIP stock and target price
Tip stock and target price 10 years performance vs target price Bloomberg consensus 18,0 16,0 14,8 14,0 12,0 >65% >25% >40% 10,0 8,7 8,0 6,0 4,0 2,0 Potential upside 0,0 TIP target price Bloomberg consensus AVERAGE TARGET PRICE OF ~15,5 EURO PER SHARE: POTENTIAL UPSIDE OF ~80% Intermonte Equita SIM
Slide 16: Net intrinsic value per share: 16,4 euro
NET INTRINSIC VALUE PER SHARE: 16,4 EURO excellent level of diversification with strong returns among all industries and exceptional value, in the most innovative sectors Net invested Breakdown by industry Med term intr. value(1) capital TECHNOLOGICAL SERVICES AND INNOVATION 101 ~915 9,1x 25% RETAIL
Slide 17: Net intrinsic value per share: 16,4 euro
NET INTRINSIC VALUE PER SHARE: 16,4 EURO THE RATIO BETWEEN N.I.V. AND INVESTED CAPITAL HIGHLIGHTS THE RESULTS OF THE LISTED ASSETS AS WELL AS THE POTENTIAL “HIDDEN” VALUE OF THE PRIVATE ASSETS (ESTIMATED WITH A VERY PRUDENT APPROACH). JUST CONSIDERING THAT TIP’S MARKET CAP NET OF TREASURY SHARES IS
Slide 18: Focus on selected private companies
Focus on selected private companies Trend for 2026 Company Valuation Method 2025 Figures growth Revenues 2,3bn Due to Fair value middle east Ebitda 162m conflict (based on DCF/Multiples) NFP -115m Slight more debt Revenues 1,6bn Fair value Ebitda 245m (based on DCF/Multiples) NFP +518m Revenues 254m
Slide 19: Market multiples benchmark
Market multiples benchmark (i) Tour Operator: TUI; Helloworld Travel; Voyageurs du Monde; Rainbow Tours. (ii) Aviation: Air France KLM; Deutsche Lufthansa; Turk Hava Yollari; Delta Airline Inc; United Peer multiples applied using a Airlines Holding; Ryanair Holdings; American Airlines Group; Easy Je
Slide 20: IPO pipeline in the short term
ipo pipeline 2013 2015 2018 2023 July 2026 IPO on Borsa Italiana IPO on Nasdaq IPO on Euronext IPO on Nasdaq IPO on Euronext Milan IPO on AIM segment of Borsa Italiana IPO pipeline in the short term 20
Slide 21: TIP Results
TAMBURI INVESTMENT PARTNERS S.P.A. TIP RESULTS 21
Slide 22: Recent years results comparison
RECENT YEARS RESULTS COMPARISON Net equity and investments 2500 2.176 2000 2.066 2000 1.899 1.912 1.729 1.648 1500 1.593 1500 1.306 1000 1000 817 864 623 644 1.440 1.455 1.509 1.549 426 431 500 1.259 1.170 181 1.070 902 500 647 666 0 360 354 449 437 211 0 -500 31/12/2012 31/12/2013 31/12/2014 31/12/
Slide 23: TIP Group companies' highlights
TIP GROUP COMPANIES’ HIGHLIGHTS 23
Slide 24: TIP - Value creation: private companies
TIP - VALUE CREATION private companies Stake First investment in 2017 and additional investments in 2018, 2021 and 2025 43,1% Leading the future of tourism July 2025: investment at a very attractive price ▪ Leadership in the Italian tourism market. ▪ Unique business model spanning through tour opera
Slide 25: TIP - Value creation: private companies
TIP - VALUE CREATION private companies Stake First investment in 2015, partial disposal in 2023 8% Global Market Leader in the yachting sector ▪ 1st ranking for the 26th consecutive year in the production of yacht over 24mt. ▪ Tailored offer with 2 yachting brands (Azimut and Benetti) synonymous of
Slide 26: TIP - Value creation: private companies
TIP - VALUE CREATION private companies Stake First investment in 2016 and additional important investment in 2021 49% Leading provider of equipment for the professional Premium product portfolio end users ▪ Hand tools ▪ Heritage Italian company with valuable and globally well- ▪ Power tools known br
Slide 27: TIP - Value creation: private companies
TIP - VALUE CREATION private companies Stake First investment in 2017 and additional important investment in 2021 20% Mission-critical light-weight belting solutions Premium quality and high performing products ▪ Resilient demand and premium-price offer driven by “mission- critical” products (very l
Slide 28: TIP - Value creation: private companies
TIP - VALUE CREATION private companies Stake First investment in 2014 and additional investment in 2017, 2020, 2021, 2023 and 2025 18*% Worldwide leader in high-quality Italian food Accelerate development of stores network ▪ The largest marketplace (restaurant, market, quick service ▪ Strong detaile
Slide 29: TIP - Value creation: private companies
TIP - VALUE CREATION private companies Stake (*) First investment in 2021 13% +2 facilities Innovating textiles for luxury Industrial footprint acquired at the beginning of 2026 ▪ Italy’s leading group in jacquard, plain, coated and printed. 4 Production Plants ▪ Strategic partner acting as project
Slide 30: TIP - Value creation: private companies
TIP - VALUE CREATION private companies Stake First investment finalized in 2019 and additional investment in 2021 17% Powering the future of ICT & systems integrators Premium Offering 100% B2B ▪ Italian TechCo providing integrated ICT services exclusively Fixed-Access for business customers (SMEs).
Slide 31: A culture of sustainability
A CULTURE OF SUSTAINABILITY 31
Slide 32: TIP Group: a culture of sustainability
TIP GROUP a culture of sustainability Sustainable Development Goals ESG highlights E S G -11% 100% >20 scholarship 40% 40% 70% Of GHG Compensated emissions emissions Female Independent non-executive presence in board directors in 250 hours of the BoD members the BoD mentorship (acceleration programm
Slide 33: TIP Group: a culture of sustainability
TIP GROUP a culture of sustainability National and international network TIP joined the UN Global Compact TIP became a signatory of the Principles for Responsible Investment (PRI). Membership of the “Istituto per i valori d’impresa” Main ESG ratings ESG Awards Confirmed rating of 'ee' Award for ESG
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