Italmobiliare S.p.a. · MIL:ITM
Italmobiliare — Investor Presentation (July 2026)
40 slides from Italmobiliare's investor presentation, July 2026
Slide 1: Company Presentation July 2026
COMPANY PRESENTATION JULY 2026
Slide 2: Index
02 Italmobiliare: Overview INDEX ESG approach Investment Portfolio Focus on portfolio companies Exits Closing remarks
Slide 3: Vision & Mission and strategic approach
Vision & Mission and strategic approach 03 “Italmobiliare Investment Holding owns and manages a INVESTMENT STRATEGY diversified portfolio of investments in excellent Italian mid-sized companies with a strategic vision based on a Focus on Italian champions operating in resilient financial and industr
Slide 4: Italmobiliare at a glance
Italmobiliare at a glance • Investment holding since 1946 • Majority shareholder: Pesenti family, active in the Italian business community for over 150 years • Focus on equity investments on Italian mid-sized companies • NAV: Euro 2.24 bn or Euro 53.3 per share(1), • Increase in NAV since end of 201
Slide 5: Our History
Our History Since 2017 invested in 11 portfolio companies and executed 4 major exits 1946 1979 1992 1993- 20 1 6 2005 Italcementi, founded in In 1979 Italmobiliare acquires Italcementi acquires Ciments Portfolio diversification Sale of Italcementi for a mix of cash and 1864, carves out into newly th
Slide 6: Investment Portfolio
Investment Portfolio Diversified portfolio of strategic participations, Private Equity funds, financial participations and solid level of liquidity 06 Italmobiliare NAV is Euro 2.24 bn NAV PORTFOLIO HIGHLIGHTS Euro 2.24 bn Financial investments, Portfolio companies (71% of NAV) Private Equity funds
Slide 7: Summary of 1H 2026 performance
Summary of 1H 2026 performance 07 Net Asset Value: € 2,240 m (€ -17 m; -0.7% YoY(1)) (60% interest) (95% interest) (89% interest) (40% interest) (100% interest) Main Revenues: € 189 m +3% Revenues: € 35 m Revenues: € 51 m Revenues: € 174 m Revenues: € 31 m Portfolio YoY +7% YoY +34% YoY +1% YoY -3%
Slide 8: Italmobiliare total return 2018 – 2026
Italmobiliare total return 2018 – 2026 Generated Euro 1.15 bn of additional NAV of which Euro 0.46 bn distributed to shareholders In the period 2015-2017 Italmobiliare divested nearly Euro 2.0 bn of assets (Italcementi, BravoSolution, Finter Bank and HC shares) and distributed cash (dividend and buy
Slide 9: Net Asset Value development
Net Asset Value development Over the past 8 years achieved target capital allocation and started the capital rotation phase 09 TARGET €1,545 m €2,305 m €2,240 m ALLOCATION December 31, 2017 December 31, 2025 June 30, 2026 Financial investments, Other Real Estate & Real Estate & trading & liquidity O
Slide 10: 1H 2026 results and key highlights
1H 2026 results and key highlights 10 ▪ NAV of Euro 2,240 m as of June 2026, Euro -17 m or -0.7% (adjusted for dividends and buyback of €48m) from December 2025, mainly effect of increase in fair value of portfolio companies (Euro +10 m) net of holding costs, taxes and trading income (Euro -26 m) 10
Slide 11: Italmobiliare shareholding structure
Italmobiliare shareholding structure ▪ Major shareholder is the Pesenti family ▪ Italmobiliare Board of Directors composed by 12 members, majority of independent directors, in office until the approval of 2028 results S H AR E H O L D I N G S T R U C T U R E (1) BOAR D OF DI RECTORS Mainly represent
Slide 12: CEO and Chairman profile
CEO and Chairman profile Degree in Mechanical Engineering - Milan Polytechnic. Master in Economics & Management - Bocconi University, Milan. Since 1999 he has been a member of the Board of Directors of Italmobiliare, an investment holding company listed on the Milan Stock Exchange. In 2001 he was ap
Slide 13: Italmobiliare share price performance | Last 5 years
Italmobiliare share price performance | Last 5 years Last 5 years Italmobiliare share price performance vs STAR index Total shareholders return last 5 years March 2024 November 2025 BoD proposal for Announced re-integration to 140 distribution of an the MSCI Global Small Cap Investor 105% extraordin
Slide 14: Risk management
Risk management Italmobiliare periodically performs an integrated analysis of the main risk factors and related mitigation measures ▪ Portfolio risk analysis: ▪ main risk indicators (VaR, CVaR and recovery time) are aligned with the average risk indicators of the global equity index ▪ well diversifi
Slide 15: Index
Italmobiliare: Overview INDEX ESG approach Investment Portfolio Focus on portfolio companies Exits Closing remarks 15
Slide 16: ESG
ESG Commitment to sustainable transition and value creation 16 Italmobiliare adheres to the United Nations Global Compact, the world's largest strategic sustainability initiative, by sharing, supporting and applying in its sphere of influence the fundamental Ten Principles of the Global Compact and
Slide 17: ESG strategy, actions and ratings
ESG strategy, actions and ratings 17 ESG strategic guidelines GOVERNANCE E HEALT, SAFETY AND GENDER AND HUMAL CLIMATE STRATEGY VALUE CHAIN WELLBEING CAPITAL DEVELOPMENT The foundation for Adoption of Code of Validated SBTi objectives Actively supporting Adoption of the Women Holding and Portfolio Et
Slide 18: ESG-driven approach to portfolio value creation
ESG-driven approach to portfolio value creation 18 Active ownership of Portfolio Companies through dialogue, transparency and continuous support towards the integration of environmental, social and governance success levers into the business strategy PRE-INVESTMENT 1° Year 2° Year + EXIT SCREENING E
Slide 19: ESG Performance
ESG Performance Leading KPIs highlight contribution to Sustainable Development Goals 19 2019 2020 2021 2022 2023 2024 2025 GENDER EQUALITY Women in managerial positions % of women in middle and top management positions 19% 22% 33% 31% 35% 38% 40% DECENT WORK Injury frequency rate Work injuries that
Slide 20: Index
Italmobiliare: Overview INDEX ESG approach Investment Portfolio Focus on portfolio companies Exits Closing remarks 20
Slide 21: Portfolio companies
Portfolio companies Portfolio Companies 71% Strategy: Ebitda growth, organic and M&A business expansion, low leverage Financials 2025 (€m): Revenues Revenues (YoY % var.) Date of entry Sector Strategy and drivers breakdown by EBITDA (% margin) geography(1) Leverage NFP/EBITDA ▪ Organic growth in an
Slide 22: Other investments
Other investments Other investments 7% Selected other investments: co-investments with return opportunities Main investments Sector Investment partner Profile Date of investment ▪ Largest Italian wine producer and exporter with €450m of revenues (90% abroad) and an asset-light business Clessidra Pri
Slide 23: Private Equity
Private Equity Private Equity 12% Strategy: global multi-industry reach and complementarity with investment portfolio Share of total Category Strategy Funds NAV Fund III Italy mid-cap LBO Fund IV ItalySmall-cap Green Harvest Clessidra funds ~50% Italy Unilkely-to-pay Restructuring Italy Private Debt
Slide 24: Net Asset Value per Share development
Net Asset Value per Share development 24 Since end of 2017 NAV per share and NAV discount evolution distributed Euro 10.7 per share of dividends (1) 54.8 54.7 53.3 53.3 52.1 52.4 52.4 52.6 52.0 52.2 50.3 50.6 55% 49.2 49.2 48.8 48.9 47.3 47.8 48.0 48.0 46.7 46.4 52% 51% 51% 50% 50% 43.5 44.3 49% 49%
Slide 25: Index
25 Italmobiliare: Overview INDEX ESG approach Investment Portfolio Focus on portfolio companies Exits Closing remarks
Slide 26: Caffè Borbone (60%)
Caffè Borbone (60%) Entry: May 2018 Caffè Borbone, based in Naples, is the main producer of single-serve coffee PRODUCTS PROFILE Capsules compatible in Italy in volumes as well as the market leader for capsules compatible with Paper Pods with Lavazza and Nestlé Lavazza® and Nestlé Nespresso® and Nes
Slide 27: Officina Profumo-Farmaceutica di Santa Maria Novella (95%)
Officina Profumo-Farmaceutica di Santa Maria Novella (95%) Entry: January 2020 P RPRODUCTS Officina Profumo-Farmaceutica di Santa Maria Novella produces and distributes ODUCTS PROFILE luxury fragrances and cosmetic products under its own brand Historical store in Florence DOS in Milan The company is
Slide 28: Tecnica Group (40%)
Tecnica Group (40%) Entry: November 2017 P RPRODUCTS Tecnica Group is the main Italian group active in the sport sector being the leading ODUCTS PROFILE manufacturer of outdoor footwear and ski equipment The group has collected a portfolio of brands that includes some of the industry’s All-season hi
Slide 29: CDS - Casa della Salute (89%)
CDS - Casa della Salute (89%) Entry: December 2020 45 centers located in Liguria, Piedmont, Valle D’Aosta and Sardinia P RPRESENCE CDS - Casa della Salute is an integrated operator of health centers, built around ODUCTS PROFILE the concept that a wide array of high-quality private health services su
Slide 30: Italgen (100%)
Italgen (100%) Entry: June 2016 Plants locations P RPRESENCE Italgen is a producer and distributor of electricity from renewable energy sources, ODUCTS PROFILE 18 Hydro it manages 32 hydropower plants and 9 photovoltaic plants for 103 MW of 2 production capacity and over 300 km transmission lines in
Slide 31: Iseo Ultimate Access Technologies (39%)
Iseo Ultimate Access Technologies (39%) Entry: October 2018 ISEO Ultimate Access Technologies, headquartered in Pisogne (Brescia, Northern Mechanical products Electronic and digital connected PRODUCTS PROFILE solutions Italy), is one of the main European producers of mechanical, mechatronic and digi
Slide 32: SIDI Sport (100%)
SIDI Sport (100%) Entry: October 2022 Cycling Motorcycling SIDI Sport is an Italian Company recognized globally as leader in the production PRODUCTS PROFILE of cycling shoes and motorcycling boots, becoming co-protagonist of extraordinary victories that inscribed the legend of these sports SIDI is a
Slide 33: Bene Assicurazioni (25%)
Bene Assicurazioni (25%) Entry: April 2022 Bene Assicurazioni is an insurance company founded in 2016 and specialized in the P&C retail market with a focus on the motor segment PRODUCTS PROFILE The company is characterized by the high level of automation and digitization of all business processes an
Slide 34: Capitelli (80%)
Capitelli (80%) Entry: December 2019 Capitelli, based in the province of Piacenza, is active in the production and sale of cooked ham and other PRODUCTS PROFILE cured meat products characterized by high quality and product excellence that are distributed under the brand "Capitelli" The company reinv
Slide 35: Clessidra (100%)
Clessidra (100%) Entry: September 2016 PRIVATE EQUITY INVESTMENT STRATEGY Clessidra is the leading manager of Private Equity funds exclusively dedicated to - Enterprise Value: €100 - 500 million PROFILE the Italian market, since inception in 2003 has invested over € 2.3 bn and provided over € 1.2 bn
Slide 36: Index
36 Italmobiliare: Overview INDEX ESG approach Investment Portfolio Focus on portfolio companies Exits Closing remarks
Slide 37: Strategic divestments
Strategic divestments Since 2017 Italmobiliare divested approx- Euro 1 bln of assets out of its direct holdings Major divestments since 2017 37 Portfolio companies Listed participations 2017-2019 2017 - 2019 ▪ Sold entire stake directly held in Mediobanca (1.3% shareholding) ▪ In 2017 sale of Bravos
Slide 38: Index
38 Italmobiliare: Overview INDEX ESG approach Investment Portfolio Focus on portfolio companies Exits Closing remarks
Slide 39: Closing remarks
Closing remarks A unique opportunity to invest in the leading investment house in Italy 39 1 Largest investment holding focused on Italian mid-sized companies 2 Outstanding business network, thanks to over 160 years of activity on the business community 3 Attractive market fundamentals: Italian comp
Slide 40: Disclaimer
DISCLAIMER 40 Information reported in this document (the "Document") has been compiled by Italmobiliare S.p.A. ("Italmobiliare" or the "Company") from public sources and no representation or warranty, express or implied, is made, given or accepted by or on behalf of Italmobiliare as to the accuracy,