Immsi Group: 2025 draft financial statements

PRESS RELEASE

2025 was certainly a complex year for the world, marked by a series of not insignificant and highly volatile external macroeconomic factors.

In this context, the Immsi Group reported substantially stable margins. The Group EBITDA margin for the year was the highest reported to date, reflecting the work undertaken to improve productivity.

The naval sector reported strong growth in revenues, which almost doubled, and in EBIT, with an 8.3% EBIT margin, arising largely in the defence division.

Given a healthy order backlog worth approximately 1.2 billion euro - the result of successful work carried out in the past - the sector expects further revenue increases and stable profit margins. Furthermore, in the defence area, the probable need for the world's leading navies to build up their minehunter resources and the possible consolidation of the European seabed surveillance and warfare industry offers interesting opportunities to strengthen and maximise the value of the related strategic assets.

In the industrial sector, the Piaggio Group managed to maintain positive margins and improve its percentage gross margin with respect to the previous year. Profits were also compressed by depreciation and amortisation arising as a result of the Green deal, and by the impact of international tariffs and exchange-rate volatility. The hoped-for easing of global geopolitical relations could lead to a return to economic stability and with it greater consumer propensity to spend, which would have a positive impact on Piaggio Group sales volumes and consequently on the revenues of both the subsidiary and the Immsi Group.

In the hotel sector, investments are underway to strengthen commercial operations.

• Authorisation for the purchase and disposal of own shares
• Shareholders called to the Annual General Meeting in ordinary session

Mantua, 23 March 2026 - At a meeting today chaired by Matteo Colaninno, the Board of Directors of Immsi S.p.A. (IMS.MI) examined and approved the draft financial statements and

the Piaggio Group consolidated financial statements as at and for the year ended 2025, as well as the consolidated sustainability report at 31 December 20251.

Immsi Group financial and business performance in the year ended 31 December 2025

Immsi Group consolidated EBITDA was 252.9 million euro (271.1 million euro in 2024; -6.7%). The EBITDA margin, at 15.9%, was the best ever recorded (15.5% in 2024).

Immsi Group capital expenditure in 2025 amounted to 158.2 million euro (204.8 million euro in 2024).

The Group's operations present seasonal variations in sales over the course of the year, especially in the industrial and tourism-hospitality sectors.

Performance of the Immsi Group businesses in the year to 31 December 2025

Industrial sector: Piaggio Group

Consolidated EBITDA was 250.8 million euro, with an EBITDA margin of 16.7%; EBIT was 101.2 million euro, with an EBIT margin of 6.7%; net profit was 34 million euro. Piaggio Group net financial debt at 31 December 2025 was 577.6 million euro. For more details, see the press release issued by Piaggio on 05 March 2026, Piaggio Group: 2025 draft financial statements.

Naval sector: Intermarine S.p.A.

The subsidiary Intermarine S.p.A. reported consolidated net sales of 86.8 million euro for the year to 31 December 2025, almost double (+95.8%) the year-earlier figure of 44.3 million euro.

‌1The 2025 draft financial statements and the Immsi Group 2025 consolidated financial statements have been prepared with the XHTML electronic format pursuant to Delegated Regulation (EU) 2019/815 (known as the ESEF Regulation); with the approval of the consolidated financial statements, the related mark-ups using XBRL tags have also been approved.

The business breakdown shows net sales of 73.5 million euro in the Military Sector (more than double the 27.7 million euro reported for 2024), and 13.3 million euro in the Fast Ferries division (16.6 million euro in 2024), relating largely to operations at the Messina shipyard.

Intermarine is working on production of the orders for its current contracts, specifically the orders for the important contract awarded by the Italian Navy - Navarm, in a temporary grouping with Leonardo S.p.A., to supply 5 new-generation minehunter coastal vessels and related services. In addition, in February 2026, Intermarine said that it had begun development work on an innovative unmanned surface vehicle (USV) for the Italian Navy. The new vehicle will feature advanced modular capabilities to enable integration of many different types of systems and sensors.

At the same time, the company continued development of its Investment Plan to restructure production capacity at the Sarzana shipyard.

Real Estate and Holding sector

The real estate and holding sector had net sales of 4.1 million euro for the year ended 31 December 2025 (2.7 million euro in 2024). During the year, the Is Molas subsidiary completed a major restyling of its existing tourism and hospitality facilities to align services to the standards of its target clients.

The parent company Immsi S.p.A. posted an adjusted net profit of 11.4 million euro, which was impacted by impairment losses totalling 33.4 million euro on equity investments and on trade receivables and financial receivables due primarily from the subsidiary ISM Investimenti S.p.A., as a result of the persistence of external macroeconomic factors that are slowing trends in the tourism sector globally. After these impairment losses, the company posted a full-year net loss of 22 million euro, fully covered by accumulated reserves (compared to net profit of 8.7 million euro in the year to 31 December 2024).

The Immsi S.p.A. net financial position at 31 December 2025 was -26.7 million euro (compared to -9.8 million euro at 31 December 2024).

The Board of Directors will ask the Shareholders' Meeting (30 April 2026 on first call and 05 May 2026 on second call) not to distribute a dividend for financial year 2025.

Significant events at and after 31 December 2025

Supplementing the information published above or at the time of approval of the 2025 third-quarter results (directors' meeting of 14 November 2025), this section illustrates key events in and after the fourth quarter of 2025.

On 19 January, Piaggio & C. S.p.A. signed the renewal of the supplementary labour agreement with the main trades unions for the Pontedera, Mandello del Lario and Noale sites, which was approved during the union assemblies in February with a large majority of votes in favour (89.5%). Among the main points of the agreement are an increase in the performance bonus to 720 euro, greater powers for the Workplace Safety Committee and the Training Committee, enhanced training initiatives, and the establishment of a Classification Committee and a Welfare and Company Services Committee.

On 22 March Aprilia Racing obtained a historic result at the Brazilian Grand Prix, with the victory of Marco Bezzecchi followed by his team-mate Jorge Martin, both riding an Aprilia RS-

GP26. This was the Italian rider's fourth consecutive GP win (Portimão and Valencia in 2025, Buriram and Goiânia in 2026) and his fifth victory in a top-class race with Aprilia, setting an all-time record.

Outlook

In the industrial sector, innovation, competitiveness, safety, sustainability and social responsibility remain at the heart of the Group's development strategy, guiding it in its mission to offer increasingly advanced solutions for the changing mobility needs of people in advanced and developing countries, in large metropolitan areas and smaller communities alike.

In the current geopolitical and economic context, the Piaggio Group will therefore continue to work to grow and invest with this in mind, aiming to further consolidate its role among the leaders in the sector and confirm its commitment to ESG issues.

In the naval sector, Intermarine's objectives relate to the completion of its recently acquired contracts and the start-up of work on the important order placed by the Italian Navy, which guarantees a significant expansion to the order backlog and, consequently, conditions enabling Intermarine to optimise production capacity in the next few years. Additionally, it will continue commercial operations in all its business sectors, to take advantage of favourable new market opportunities.

In the real estate and tourism-hospitality sector, the Is Molas subsidiary will continue marketing and rental activities on its residences as well as activities to increase Resort clients for its newly designed hospitality and golf facilities and the Is Molas Beach Club.

* * *

Sustainability and Consolidated Sustainability Report

At today's meeting, the Board of Directors also approved the Consolidated Sustainability Report at 31 December 2025, drawn up in compliance with Lgs.Decree no. 125 of 6 September 2024 (Corporate Sustainability Reporting Directive - CSRD).

* * *

Authorisation for the purchase and sale of own shares

At today's meeting, the Board of Directors also agreed to ask the ordinary session of the shareholders' meeting to renew the authorisation for the purchase and disposal of Immsi own shares granted by the AGM of 29 April 2025, which is due to expire during 2026. The proposal aims to provide the company with a useful strategic investment opportunity for all purposes allowed under current regulations, including the purposes contemplated in art. 5 of EU Regulation 596/2014 (Market Abuse Regulation, hereinafter "MAR") and in the practices allowed under art. 13 MAR, including purchases of own shares for subsequent cancellation, on the terms and conditions that will be approved by the relevant governance bodies.

All information relating to the terms and procedures of the authorisation will be set out in the Report on the purchase and disposal of own shares, which will be made available to shareholders as required by law.

* * *

The manager in charge of preparing the company accounts and documents, Stefano Tenucci, certifies, pursuant to paragraph 2 of art. 154-bis of the Consolidated Law on Financial Intermediation, that the accounting disclosures in this statement correspond to the accounting documents, ledgers and entries.

This press release may contain forward-looking statements relating to future events and Immsi Group business and financial results. By their nature, these statements are subject to inherent risks and uncertainties since they relate to events and depend on circumstances that may or may not occur or exist in the future. Actual results may differ materially from those expressed in such statements as a result of a variety of factors.

This press release contains a number of indicators that, though not yet contemplated by the IFRS ("Non-GAAP Measures"), are based on financial measures envisaged by the IFRS. These indicators - presented in order to assist assessment of the Group's business performance - should not be considered as alternatives to those envisaged by the IFRS and are consistent with those in the Immsi Group 2024 Annual Report and quarterly and half-year reports. Furthermore, since determination of such indicators is not specifically regulated by the IFRS, the methods used may not coincide with those adopted by other companies/groups, and consequently the indicators in question may not be comparable. Specifically, the following alternative performance indicators are used:

• EBITDA: earnings before depreciation and amortisation and impairment losses on property, plant and equipment and intangible assets, as reflected in the income statement;

• Net financial debt: this reflects financial liabilities (current and non-current) including trade payables and other non-current liabilities that include a material implicit (or explicit) debt component, less cash and cash equivalents, and other current financial receivables (ESMA Indications 2021/ 32-382-1138). Net financial debt as determined by the Immsi Group, however, does not include derivatives designated or not as hedges, fair value adjustments of the related hedged items and related accruals, fair value adjustments to financial liabilities, payables and interest accrued on bank loans, and interest on amounts due to third-party shareholders. The schedules in the Immsi Group draft financial statements as at and for the year ended 31 December 2024 include a table illustrating the composition of net financial debt.

In drawing up the Report on Operations and Financial Statements as at and for the year ended 31 December 2025, the Immsi Group applied the same accounting policies as those used to draw up the Report on Operations and Financial Statements as at and for the year ended 31 December 2024.

Immsi S.p.A. said that the Report on Operations and Financial Statements as at and for the year ended 31 December 2025 will be available to the public at the company registered office, on the website of Borsa Italiana S.p.A., www.borsaitaliana.it, in the "eMarket STORAGE" authorised storage mechanism at www.emarketstorage.com and on the issuer's website www.immsi.it ("Investors/Financial Reports/2026" section) as required by law.

The Immsi Group consolidated statement of financial position, consolidated income statement and consolidated statement of cash flows, and the Immsi S.p.A. statement of financial position, income statement and statement of cash flows are set out below. At the time of publication of this press release, the audit of the Immsi Group consolidated financial statements, the Immsi S.p.A. separate financial statements and the Sustainability Report ex Lgs.Decree 125/2024 at 31 December 2025 had not been completed.

For more information: https://www.immsi.it

Via Broletto, 13 - 20121 Milan - Italy E-mail: diego.rancati@immsi.it; Corporate Press Officer

giulia.amendola@piaggio.com

Stefano Tenucci

P.zza Vilfredo Pareto, 3 46100 Mantua (IT)

Tel. +39.0376.2541

- ACCOUNTING SCHEDULES FOLLOW -