Tamburi Investment Partners S.p.a. · MIL:TIP
Tamburi Investment Partners — Debt Investor Presentation (June 2025)
51 slides from Tamburi Investment Partners's debt investor presentation, Jun 4, 2025
Slide 1: Tap Bond 2024-2029 Presentation
Tap Bond 2024-2029 Presentation June 4, 2025 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 compan
Slide 2: Disclaimer
Disclaimer IMPORTANT NOTICE – STRICTLY CONFIDENTIAL These materials have been prepared by and are the sole responsibility of Tamburi Investment Partners S.p.A. (the “Company”) and have not been verified, approved or endorsed by any lead manager, bookrunner or underwriter retained by the Company. The
Slide 3: Investment highlights
1) Minority investments in 2) Very limited risk thanks to light 3) Very limited leverage excellent companies diversification and great quality 4) Top management stability 5) Outstanding returns for 6) Independence from financial shareholders institutions and large groups 31 + 159,1 %1 13,5 euro per
Slide 4: TIP at glance
TIP at glance Profile Shareholders Structure as of 30.5.2025 Tamburi Investment Partners S.p.A. (“TIP”) is a public d’amico società di navigazione S.p.A. company listed on the STAR segment of Borsa Italiana 11.9% G. Tamburi 8.5% with a market capitalization of approximately euro 1.5 A. Gritti 1.8% M
Slide 5: An independent and diversified industrial group
an independent and diversified industrial group Listed companies Listed companies Private companies StarTIP . I . TA . CA . Tamburi Investment Partners S.p.A. Equity Holding Worldwide European Italian 10 leaders 3 leaders 11 leaders 5
Slide 6: TIP peculiarities
TIP peculiarities 1 TIP is an independent and diversified industrial group focused on "excellent companies“. 2 TIP is a real public company with, as stable shareholders, some of the most important Italian entrepreneurial families, able to provide industry know-how and to participate in transactions
Slide 7: Top management
Top management Giovanni Tamburi ▪ Founder, Chairperson and Managing Director of TIP ▪ Active in M&A and corporate finance since 1977, in Bastogi and Euromobiliare before creating T&A / TIP ▪ Author of several books and publications on finance, M&A, privatisations and valuations Alessandra Gritti ▪ C
Slide 8: Adjusted data interpretation
Adjusted data interpretation ▪ This Presentation contains income statements adjusted to exclude the impact of IFRS 9 published constantly and officially under the heading “Pro Forma”, as TIP considers them more conducive to the proper understandings of its activity. ▪ Those adjusted data have been i
Slide 9: Recent years results comparison
Recent years results comparison CONSOLIDATED NET EQUITY AND INVESTMENTS (MLN EURO) 1.899 1.912 1.887 1.729 1.593 1.648 1.440 1.455 1.426 1.259 1.170 1.070 381 419 409 422 431 336 21% 22% 25% 22% 22% 23% 31/12/2020 31/12/2021 31/12/2022 31/12/2023 31/12/2024 31/03/2025 Net equity 1 Investments 2 NFP
Slide 10: Very limited leverage
Very limited leverage Total Assets (1) Net Equity (euro M) (euro M) 1.440 (2) 1.455 1.426 1.918 1.931 1.911 1.754 1.259 1.618 1.673 1.170 1.070 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Mar-25 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Mar-25 Net Financial Position Intrinsic Value of Assets (5) 500 NFP / Total Ass
Slide 11: Income and costs
Income and costs FY2020 FY2021 FY2022 FY2023 FY2024 Average (euro million) ‘20 -’24 A Revenues (1) 4.4 6.4 1.9 1.6 1.2 3.1 B Dividends received 3.7 9.8 8.1 8.4 8.9 7.8 booked in P/L C Dividends received 45.8 8.3 17.5 20.1 26.1 23.6 not booked in P/L (2) D=a+b+c Total 53.9 24.5 27.5 30.1 36.2 34.4 Op
Slide 12: Incomes from disposals and dividends
Incomes from disposals and dividends Incomes from disposals(1) (euro M) 114,7 114,8 102,7 83,6 61,6 24,2 FY2020 FY2021 FY2022 FY2023 FY2024 Average '20 - '24 Dividends paid Dividends received (euro M) (euro M) 49.5 From associated companies (not booked in P/L) 3.7 From other companies (booked in P/L
Slide 13: 2021-2024 dynamism: 1.4 billion investment-divestment activity
2021 – 2024 DYNAMISM 1,4 BILLION OF INVESTMENT – DIVESTMENT ACTIVITY > 660 mln divestment > 750 million investments (inc. club deals) > 210 135 100 89 80 50 50 > 40 StarTIP Tamburi Investment Partners + others listed 2025 Asset Italia 1, 58.6% of Alpitour, exercised its pre-emption right in Jan.
Slide 14: TIP main steps
TIP main steps 2000 TIP was incorporated with the aim to invest in medium size companies to help them in the acceleration of growth. 2002 TIP started to invest in companies listed on the Stock Exchange. 2005 On November 9, 2005 TIP was listed on the MTA market of Borsa Italiana. 2010 In December 201
Slide 15: TIP Intrinsic value by sector
TIP Intrinsic value by sector as at 31 March 2025 Book value as at Med term intr. Breakdown by industry 31 March 2025 (1) value(2) LUXURY AND DESIGN 622 ~713 24% FOOD, RETAIL AND TOURISM 320 ~606 21% INDUSTRIAL 367 ~525 18% IT SERVICES AND INNOVATION 372 ~482 StarTIP 17% Tamburi Investment Partners
Slide 16: TIP Intrinsic Value by category
TIP Intrinsic Value by category THE DISTRIBUTION OF THE INTRINSIC VALUE HIGHLIGHTS THE DIVERSIFICATION ALSO BY CATEGORY OF COMPANIES (LARGE CAP/ MID CAP / NOT LISTED) AS WELL AS THE HIGH LIQUIDITY OF THE ASSETS (65% LISTED). (million of euros) 2.917 124 65% of total assets represented by “liquid ass
Slide 17: Stock performance and intrinsic value
Stock performance and intrinsic value TIP stock price, target price and Net Intrinsic Value per share 16,0 14,0 12,0 10,0 8,0 6,0 4,0 2,0 31/3/2025 0,0 01/01/19 01/07/19 01/01/20 01/07/20 01/01/21 01/07/21 01/01/22 01/07/22 01/01/23 01/07/23 01/01/24 01/07/24 01/01/25 TIP stock price Bloomberg conse
Slide 18: TIP share price performance vs main indexes
TIP share price 10 years performance vs main indexes (1) 16,5 10 years total return TIP: + 159.1 % 14,5 Nasdaq +275,3% S&P 500 12,5 +179,1% DOW JONES 10,5 + 134,0% 8,5 +129,1% IT Star +86,1% 6,5 FTSE MIB +71,1% 4,5 FTSE Small Cap +55,5% MSCI Eur 2,5 +34,7% 0,5 Public company since 2005 Capital injec
Slide 19: Transaction parameters
Transaction parameters Issuer Tamburi Investment Partners S.p.A. Ranking Senior Unsecured Tap Offer Amount Up to €110 mln (total bond amount up to €400.5 mln) Use of Proceeds general corporate purposes, including refinancing of existing indebtedness Rating Unrated Tap Tenor 4 years (original bond te
Slide 20: Transaction parameters
Transaction parameters Interest Calculation ACT/ACT as per ICMA Interest payment frequency annual in arrear First Coupon date 21 June 2026 No Covenants Covenant Negative Pledge Redemption at the option of the Issuer: Early Redemption at the • From 21 June 2026 to 20 June 2027: @102.313 option of the
Slide 21: Group's structure as at December 2024
Group's structure as at 31 December 2024 100% 50.69% 20% 100% Investindesign 20% Club Design TXR S.r.l. StarTIP S.r.l. S.p.A. S.r.l. 34.01% 48.00% (1) LISTED COMPANIES NOT LISTED COMPANIES Asset Italia Associated companies 21.534% Gruppo IPG 20% Sant’Agata 26.92% S.p.A. 20% Holding S.p.A. S.p.A. 23.
Slide 22: FY 2024 Results
FY 2024 Results > 25 ~5 > 105.000 billion revenues billion EBITDA employees Listed companies Not listed companies Sales Sales Ebitda NFP / Sales Sales Ebitda NFP / 2024 2024 vs margin EBITDA 2024 2024 vs margin EBITDA (€ mln) 2023 adj. 2024 ADJ. (€ mln) 2023 adj. 2024 ADJ. 2.409 + 7,0% 23,6% 1,6x 2
Slide 23: IPO track record and pipeline
IPO TRACK RECORD AND PIPELINE 2013 2015 2018 IPO on Borsa Italiana IPO on Nasdaq IPO on Euronext IPO on AIM segment of Borsa Italiana Track record Potential IPO pipeline Merger between Acquired by the the listed listed Group AB IPO on Euronext companies Fagerhult (partially through Milan Digital Mag
Slide 24: Annex
ANNEX 24
Slide 25: Consolidated Income Statements
Consolidated Income Statements eu ro million FY2023 FY2024 3 1 -Mar -2 4 3 1 -Mar -2 5 Pro Forma Pro Forma Pro Forma Pro Forma T otal revenu es 1, 6 1, 2 0, 4 0, 3 Purchases, service and other costs -3,2 -3,0 -0,6 -0,6 (1) Personnel expenses -33,3 -21,0 -7,1 -3,8 Amortisation & depreciation -0,4 -0,
Slide 26: Consolidated Balance Sheet
Consolidated Balance Sheet eu ro million FY 2023 FY 2024 3 1 -Mar -2 5 Investments measured at FVOCI 796,5 774,6 744,3 Associated companies measured under the equity method 1.062,6 1.099,5 1.107,5 Other non-current assets 19,4 19,6 14,4 Non- cu rrent assets 1. 878, 5 1. 893, 6 1. 866, 2 Cu rrent ass
Slide 27: Net financial position
Net financial position Consol idat ed Net F inancial P osit ion (eur o M) FY 2023 FY 2024 3 1 -Mar -2 5 Cash and cash equivalents 4,9 3,6 8,1 Current financial assets measured at FVOCI and current 34,0 33,1 35,1 financial receivables Liquidit y 3 8 ,9 3 6 ,7 4 3 ,2 Financial payables 94,4 319,6 344,
Slide 28: First quarter 2025 Results
First quarter 2025 Results Listed companies Not listed companies Sales Sales Ebitda Sales Sales Ebitda Cash / Cash / 1Q25 1Q25 vs margin 1Q25 1Q25 vs margin (Debt) (Debt) (€ mln) 1Q24 adj. 1Q25 (€ mln) 1Q24 adj. 1Q25 3 588 + 2.6% 23.9% - 997 450 + 16.1% 2.3% - 288 98 - 3.3% 12.9% 64 n.a. n.a. n.a. n
Slide 29: Listed Companies | First quarter 2025 Results
Listed Companies | First quarter 2025 Results ▪ Amplifon closed the first three months as at 31 March 2025 with solid revenue growth to € 588 (up 2.6% percent at constant exchange rates), with Ebitda adjusted of €140.4 million and Ebitda margin at 23.9% of revenues, up 200 basis points from the firs
Slide 30: Listed Companies | First quarter 2025 Results
Listed Companies | First quarter 2025 Results ▪ Moncler ended the first three months of 2025 ended as at 31 March 2025 with consolidated revenues of €829 million, up 1% at constant exchange rates and 1% at current exchange rates. ▪ OVS closed the financial year (February 2024 - January 2025) with fu
Slide 31: Listed companies | Not Associated with TIP
Listed companies | Not Associated with TIP Stake* 3.30% Profile Value creation 3.000 ▪ Amplifon S.p.A. operates in the distribution and personalised fitting 2.500 2.409 of hearing aids, with around 10,000 outlets, including direct and 2.000 affiliated stores. 1.500 568 1.000 708 500 97 0 YearInvestm
Slide 32: Listed companies | Not Associated with TIP
Listed companies | Not Associated with TIP Stake* 1.56% Profile Value creation 5.000 4.307 ▪ Hugo Boss AG operates in the upper premium 4.500 4.000 segment of the global formalwear market. 3.500 2.809 ▪ Hugo Boss products are distributed through 3.000 2.500 approximately 1,000 direct stores worldwid
Slide 33: Listed companies | Not Associated with TIP
Listed companies | Not Associated with TIP Stake* 0.76% Profile Value creation 3.109 3.500 ▪ Moncler S.p.A. operates in the luxury clothing segment. 3.000 2.500 2.000 1.270 1.500 581 1.000 500 192 (1) 0 YearInvestment First of first 2024 investment 2013 Consolidated Sales Adj. EBITDA data in €/mln (
Slide 34: Listed companies | Associated
Listed companies | Associated Stake* 22.93% Profile Value creation 600,00 ▪ Elica S.p.A., with sales in more than 100 countries, a production 480,0 500,00 452,1 platform comprising various sites between Italy, Poland, Mexico and 400,00 China and around 2,600 employees, operates in design, technology
Slide 35: Listed companies | Associated
Listed companies | Associated Stake* 6.43% Profile Value creation 2.500 ▪ Interpump Group, the world's leading manufacturer of high-pressure 2.078 2.000 pumps. ▪ The products designed and developed by the Group’s companies offer 1.500 457 multiple applications in a variety of different areas in the
Slide 36: Listed companies | Associated
Listed companies | Associated Stake(**) 26.59% Profile design, lighting and high quality furniture ▪ Dexelance – a diversified industrial group that is among the Italian leaders in design, lighting and high quality furniture. ▪ The group’s distinguishing feature is its desire to combine the uniquene
Slide 37: Listed companies | Associated
Listed companies | Associated Stake** 33.76% Profile Value creation 1.800 1.631 ▪ OVS S.p.A. operates in Italy in the women's, men's and children's 1.600 1.392 (1) 1.400 clothing market. It has over 2,050 stores in Italy and abroad, under 1.200 brands including but not limited to OVS, Upim, Piombo,
Slide 38: Listed companies | Associated
Listed companies | Associated Stake* 34.03% Profile Value creation 450 414 ▪ The Roche Bobois group is a chain of furniture and design stores, 400 with a direct and/or franchised network of 350 stores (of which 350 300 approximately 150 are direct stores) located in prestigious 250 237 commercial ar
Slide 39: Listed companies | Associated
Listed companies | Associated Stake* 11.39% Profile Value creation ▪ Sesa operates predominantly in Italy – but also with a strong and 3.500 3.164 growing presence elsewhere – in the field of high added value IT 3.000 2.393 solutions and services with a strong innovative content for the 2.500 busine
Slide 40: Not listed companies | Associated
Not listed companies | Associated Stake* 21.13% Profile Value creation ▪ Alpitour operates in the tourism sector in Italy in the tour operating, aviation, 2.500 hotel, travel agency and incoming segments. The group now has ~1 million 2.083 travellers at over 100 destinations, a fleet of 15 aircraft
Slide 41: Not listed companies | Associated
Not listed companies | Associated Stake 12.86% Profile Value creation 174 176 200 ▪ Limonta operates at the high end of the textile sector. It has a 180 160 complete textile supply chain, with resin, coating, coagulation and 140 printing technologies. 120 ▪ The coexistence of the two productive and
Slide 42: Not listed companies | Associated
Not listed companies | Associated Stake 48.99% Profile Value creation 300 251 ▪ Beta Utensili operates in the high quality tools sector, with 10 250 production plants, all located in Italy. 200 ▪ Since the arrival of TIP, Beta has acquired six companies and doubled 150 130 its turnover. 100 50 26 27
Slide 43: Not listed companies | Associated
Not listed companies | Associated Stake* 20% Profile Value creation 200 181 ▪ Chiorino is a leading international company in the manufacturing and 180 160 distribution of conveyor and process belts, flat transmission belts 140 and other technical solutions. 120 111 ▪ Thanks to an extensive distribut
Slide 44: Not listed companies | Non-associated
Not listed companies | Non-associated Stake 8.09% Profile Value creation 1.420 1.600 ▪ Azimut Benetti is a yacht and mega yacht producer. For over twenty 1.400 years it has held first place in the 'Global Order Book', the ranking 1.200 of the major builders in the global marine industry of yachts an
Slide 45: Not listed companies | Non-associated
Not listed companies | Non-associated Stake* 7.69% Profile Value creation 800,0 684 ▪ Worldwide distribution and marketing of high quality “Made in Italy” 700,0 food and wine. 600,0 ▪ Core business: unique business model integrating production, selling, 500,0 catering, education and marketing of Ita
Slide 46: Not listed companies | Non-associated
Not listed companies | Non-associated Stake 17.04% Profile Value creation 100 93 ▪ Vianova S.p.A. is an Italian operator offering innovative integrated 90 80 telecommunications service (fixed and mobile networks) and 58 70 collaboration service solutions (mail, hosting, meeting, conference, 60 desk,
Slide 47: The Italian digital hub
The italian digital hub StarTIP Tamburi Investment Partners S.p.A. ~900 mln 65 mln 130 mln euro of aggregate 2024 Invested including club directly invested revenues deal Main companies of Startip ▪ App developer ▪ Co-living ▪ Co-learning ▪ Startup incubator ▪ 622 mln sales ▪ 116 mln sales ▪ 35 mln s
Slide 48: The Italian digital hub
THE ITALIAN DIGITAL HUB First investment in 2019 and further investments in 2020, 2022, 2023 and 2024 CAGR SALES: +48% 700,0 665 622 ▪ Bending Spoons' business model is based on the acquisition of digital apps and their integration and 600,0 optimisation with new functionalities. 500,0 ▪ Since its f
Slide 49: A culture of sustainability
A CULTURE OF SUSTAINABILITY 49
Slide 50: ESG highlights
TIP GROUP a culture of sustainability Sustainable Development Goals ESG highlights E S G -11% 100% 23 scholarship 40% 60% 70% Of GHG emissions Compensated emissions 220 hours of Female Independent non-executive mentorship (acceleration presence in board directors in programme arranged by the BoD mem
Slide 51: A culture of sustainability: network and ratings
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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