Interim Report at June 30, 2025

Presentation | GENERAL INFORMATION | A1

Interim Report

AT JUNE 30, 2025

2025

Interim Report

AT JUNE, 30 2025

2025 Interim Report

reviewed by the Board of Directors on July 30, 2025

ITALMOBILIARE

Società per Azioni

Registered Office: Via Borgonuovo, 20 - 20121 Milan - Italy Fully paid-up Share Capital € 100,166,937

Milan Companies Register

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Translation from the Italian original version which remains the definitive one.

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Contents

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GENERAL INFORMATION

Corporate bodies 6

Company officers and delegation of powers 7

Our investments at June 30, 2025 8

Net Asset Value at June 30, 2025 9

DIRECTORS' REPORT

Information on operations 12

Italmobiliare S.p.A. 24

Caffè Borbone 27

Officina Profumo-Farmaceutica di Santa Maria Novella 29

CDS-Casa della Salute 31

Italgen 33

SIDI Sport 35

Capitelli 37

Tecnica Group 39

ISEO 41

Bene Assicurazioni 43

Clessidra Group 44

Other consolidated companies 47

Outlook 49

Annex 51

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Consolidated financial statements 60

Notes to the condensed consolidated interim financial statements 65

Annex 93

DECLARATION OF THE CHIEF EXECUTIVE OFFICER 102

AND THE MANAGER IN CHARGE OF FINANCIAL REPORTING

REPORT OF THE INDEPENDENT AUDITORS 103

GENERAL INFORMATION

BOARD OF DIRECTORS

(Term ends on approval of financial statements at December 31, 2025)

BOARD OF STATUTORY AUDITORS

(Term ends on approval of financial statements at December 31, 2025)

Member of the Committee for Sustainability and Social Responsibility

1

2

Member of the Remuneration and Nominations Committee

3

Member of the Control and Risk Committee

4

Member of the Committee for Transactions with Related Parties

5

Independent director (pursuant to the Corporate Governance Code and Legislative Decree no. 58 February 24, 1998)

6

Independent director (only pursuant to Legislative Decree no. 58 February 24, 1998)

FINANCIAL REPORTING OFFICER

Mauro Torri

INDEPENDENT AUDITORS

(Term ends on approval of financial statements at December 31, 2027)

Deloitte & Touche S.p.A.

The Board of Directors will remain in office until the approval of the financial statements at December 31, 2025. It was appointed by the Shareholders' Meeting held on April 27, 2023 and consists of 12 Directors.

Within the scope of the Board of Directors, the following powers have been granted.

The following duties have been assigned to the Chairman, Ms Laura Zanetti: to submit proposals to be resolved on by the Board of Directors; to supervise and ensure compliance with the principles of Corporate Governance approved by the Company and propose any amendment to them to be submitted to the Board of Directors for approval; to supervise the regularity of meetings and actions of the corporate bodies ensuring that the documentation relating to the items on the agenda is made available to Directors and Statutory Auditors suitably in advance; to supervise the work of the Chief Operating Officer with reference to real estate management transactions; to promote the Company's image; in agreement with and in coordination with the Chief Executive Officer, to maintain relations with the economic-financial community, institutional bodies and authorities.

The Chairman may: represent the Company in court proceedings; represent the Company before any administrative authority or public body, as well as before local industrial or trade associations; represent the Company as a shareholder at Ordinary and Extraordinary Shareholders' Meetings of other companies; appoint consultants as necessary; appoint special and general attorneys; negotiate and conclude any transaction or contract regarding real estate purchase or sale, exchange and division, as well as the establishment of easements or property rights in general, with a limit of 25 million euro, requiring joint signature together with the Chief Executive Officer.

The Chairman is not granted managerial powers.

As Chief Executive Officer, Carlo Pesenti has been assigned the following tasks, among others, in addition to the general power of representation of the Company: to submit proposals to be resolved on by the Board of Directors; to oversee the execution and implementation of the investment plans defined by the Board of Directors; to look after the management policies, corporate development strategies of Italmobiliare S.p.A. and its subsidiaries, held directly or indirectly; to oversee and direct the activities of Italmobiliare S.p.A. and its direct or indirect subsidiaries; to assist in setting guidelines for managing the companies in which Italmobiliare S.p.A., directly or indirectly, holds an equity investment that allows it to exercise significant influence; to look after corporate organisation and propose important amendments to the Board of Directors.

To carry out the above mentioned tasks, the Chief Executive Officer can perform any appropriate initiative and, by way of example: as part of the Company's general policies on accounting reporting (i) to prepare the separate and consolidated draft financial statements (along with the necessary reports and the accompanying notes) to be submitted to the Board of Directors for approval and (ii) to prepare the half-yearly and quarterly financial statements required by current regulations; to prepare Italmobiliare S.p.A.'s budgets and long-term development and investment plans to be submitted to the Board of Directors for approval; to define the general guidelines for the financial management of the Company and the Group; to determine the addresses relating to the choice of the main managers of Italmobiliare S.p.A., excluding the Chief Operating Officer, whose appointment falls under the competence of the Board of Directors, and of the main companies directly or indirectly controlled, as well as, for Italmobiliare S.p.A. only, to personnel management.

The same person has been assigned the powers to carry out managerial, developmental, and decision-making activities. The powers granted for the office of Chief Executive Officer can be exercised within a limit of 25 million euro, except for transactions on derivatives and the provision of guarantees in general (in the interest of the Company or its subsidiaries), which can be made within a limit of 50 million euro, transactions to sell securities of listed companies, which can be made within a limit of 100 million euro per single trading day, and real estate transactions, which can be made within a limit of 10 million euro and, if exceeding that amount, up to 25 million euro, require the joint signature of the Chairman.

At its meeting on December 17, 2024, the Board of Directors granted a new dual mandate to Carlo Pesenti, integrating the powers delegated in April 2023. The Board assigned him the mandate to: i) supervise and oversee the operations of Italmobiliare and its directly and indirectly controlled companies to ensure full ESG integration at all stages of investments, promoting value creation founded on sustainable economic growth that respects human and labour rights; ii) evaluate and explore initiatives to promote the international expansion of Italmobiliare and its directly and indirectly controlled companies.

FINANCIAL ASSETS, TRADING AND CASH

REAL ESTATE AND

RELATED ACTIVITIES

FINANCIAL ASSETS,

TRADING AND CASH

PROPERTIES AND

RELATED ASSETS

OTHER EQUITY

INVESTMENTS

2,200.0

PORTFOLIO

COMPANIES

PRIVATE EQUITY FUNDS

10 |

DIRECTORS' REPORT

INTRODUCTION

The interim report at June 30, 2025 is prepared in compliance with article 154 ter, paragraphs 2, 3 and 4 of Legislative Decree no. 58 of February 24, 1998, and subsequent amendments.

The condensed interim financial statements are prepared in consolidated form in accordance with paragraph 3.

During the first half of 2025, the consolidation scope changed due to the increase in the consolidation percentage of Farmagorà from 24.662% to 25.205% following the subscription of a capital increase; the line-by-line consolidation of Ecoscan S.r.l. (Italy), 100% acquired by Casa della Salute S.p.A., with a total investment of 2.5 million euro; the merger by incorporation into Casa della Salute S.p.A. of the following companies: Cairo Medical S.r.l., Cairo in Salute Specialistica S.r.l., Centro Medico Ippocrate S.r.l., D.O.G.M.A. S.r.l., PLV S.r.l., Polo Dentale Studio Odontoiatrico S.r.l. and SA.LU.COM. S.r.l.; the merger by incorporation of San Samuele S.r.l. into Officina Profumo-Farmaceutica di Santa Maria Novella S.p.A.; the increase in the consolidation percentage of the company Bene Assicurazioni from 19.996% to 24.996% resulting in its consolidation using the equity method (previously measured at FVTOCI); and the reclassification of the subsidiary Credit Mobilier de Monaco in accordance with IFRS 5.

SIGNIFICANT EVENTS DURING THE PERIOD

On June 18, 2025, the purchase of an additional 5% interest in Bene Assicurazioni was finalised. Following this transaction, Italmobiliare's interest stands at 24.996%. The company has been accounted for using the equity method in the consolidated financial statements starting from June 30, 2025.

NET ASSET VALUE

At June 30, 2025, the NAV per share (excluding treasury shares) amounts to 52.0 euro and, considering the dividend distribution of 0.9 euro per share, and shows an increase of 1.0% compared with December 31, 2024.

The Net Asset Value of Italmobiliare S.p.A., excluding treasury shares, comes to 2,200.0 million euro (2,215.8 million euro at December 31, 2024); considering the distribution of dividends during the half year for 38.0 million euro, the net performance is positive at 22.2 million euro.

The net NAV performance for the half year, before the distribution of dividends amounting to 38.0 million euro, was positive at 22.2 million euro. This result was mainly driven by the positive contribution of the Portfolio Companies (26.0 million euro), Other Equity Investments (15.6 million euro), and Trading Activities (3.5 million euro), partially offset by holding costs (11.2 million euro) and taxes (5.1 million euro).

1. "Portfolio Companies" include the investments in Italgen S.p.A., Caffè Borbone S.r.l., Clessidra Holding S.p.A., Tecnica Group S.p.A., Iseo Serrature S.p.A., Capitelli S.r.l., Officina Profumo-Farmaceutica di Santa Maria Novella S.p.A., Casa della Salute S.p.A., Bene Assicurazioni S.p.A. Società Benefit, and SIDI Sport S.r.l.

(*) The subsidiary Callmewine S.r.l., given the marginal impact on NAV, was reclassified from "Portfolio Companies" to "Other equity investments". Accordingly, the figures at December 31, 2024, have been restated.

The composition of NAV updated to June 30, 2025 is shown below:

1. "Portfolio Companies" include the investments in Italgen S.p.A., Caffè Borbone S.r.l., Clessidra Holding S.p.A., Tecnica Group S.p.A., Iseo Serrature S.p.A., Capitelli S.r.l., Officina Profumo-Farmaceutica di Santa Maria Novella S.p.A., Casa della Salute S.p.A., Bene Assicurazioni S.p.A. Società Benefit and SIDI Sport S.r.l.

2. "Other Equity Investments" include the equity investment in Archimede S.p.A. (parent company of Formula Impresoft S.p.A.) including reclassification of the 6 million euro loan granted to Archimede S.p.A.

3. Note that "Financial assets, trading, cash and cash equivalents" include the net financial position of the parent company Italmobiliare, the 2.1 million euro investment in Sirap Gema S.r.l. (2.2 million euro at December 31, 2024) and the net financial position of the vehicles FT2 S.r.l. and FT3 S.r.l. after reclassification of the 6 million euro loan granted to Archimede S.p.A. to "Other equity investments".

(*) The subsidiary Callmewine S.r.l., given the marginal impact on NAV, was reclassified from "Portfolio Companies" to "Other equity investments". Accordingly, the figures

at December 31, 2024, have been restated.

(**) The criteria used for calculating NAV may be different from those adopted by other companies, so the figures may not be comparable.

At June 30, 2025, the value of "Portfolio Companies" showed an overall increase of 21.3 million euro. This growth is mainly attributable to positive performances amounting to 26.0 million euro, primarily driven by Italgen and Bene Assicurazioni, the contribution of 7.0 million euro at the Casa della Salute capital increase, and the payment of 6.5 million euro for the acquisition of an additional 5% interest in Bene Assicurazioni. These positive effects were partially offset by dividend distributions amounting to 18.3 million euro.

The value of "Other equity investments" amounted to 189.1 million euro, up mainly due to the positive fair value effect (15.6 million euro) of certain listed equity investments and investments made of 28.4 million euro, primarily related to the payment on account of a future capital increase in Credit Mobilier and the investment in Lewis S.p.A. (the vehicle used for the co-investment in Microtec alongside Clessidra). These positive effects were partially offset by dividend distributions.

The decrease in "Financial assets, trading, cash and cash equivalents," amounting to 86.9 million euro, was mainly driven by dividends paid (-38.0 million euro), operating costs and taxes (-16.3 million euro), investments in private equity funds net of redemptions (-14.4 million euro), and other investments (-40.5 million euro). These effects were partially offset by dividends received (18.9 million euro) and positive trading performance (3.7 million euro).

The NAV at June 30, 2025 was calculated by following a specific procedure, based on valuations by independent experts, taking into account:

• the market price at June 30, 2025 of the equity investments in listed companies;

• the value of non-listed companies, determined on the basis of commonly used valuation methods (DCF and/or market multiples) or, where sufficient information is not available for the application of the methods envisaged by the International Private Equity and Venture Capital (IPEV) valuation guidelines and/or their consistency can be considered immaterial, based on their net equity resulting from the latest approved financial statements, determined in accordance with IAS/IFRS or local accounting standards;

• the market value of the real estate assets held;

• the deferred tax effect, if any.

The Independent Auditors have carried out a limited assurance assignment according to the International Standard on Assurance Engagements (ISAE) 3000 (Revised) to verify the conformity of the valuation methods adopted by the Directors for calculating NAV with the IPEV criteria.

PERFORMANCE OF THE MAIN GROUP COMPANIES

(*) Note that the figures at June 30, 2024 differ from those previously published, as the cost of the Value Creation Sharing Incentive Plan related to the disposal of AGN Energia was reclassified from "Revenue" to "Personnel expenses".

(**) The subsidiary Callmewine S.r.l., given the marginal impact on NAV, was reclassified from "Portfolio Companies" to "Other equity investments". Accordingly, the figures at June 30, 2024, have been restated. Furthermore, , it should be noted that the figures of Tecnica Group at June 30, 2024 differ from those previously published for a better data comparability.

1. Figures are estimated on the basis of the information provided by the company.

   n.a. not available

   n.s. not significant

   Italmobiliare posted revenue of 52.7 million euro for the half year, down from 110.2 million euro at June 30, 2024. The decline was mainly due to the sale of AGN Energia completed in the previous year (39.6 million euro), the decrease in dividends received from associate companies (12.6 million euro), and the impairments on equity investments (4.3 million euro), as well as the negative performance of private equity funds, affected by euro-dollar exchange rate dynamics.

   Looking at the pro-forma aggregate of the Industrial Portfolio Companies:

   • Revenue amounted to 739.3 million euro, up by 12.3% compared to the first half of 2024. All portfolio companies reported growth, in particular CDS-Casa della Salute (+20.4%), Officina Profumo-Farmaceutica di Santa Maria Novella (+13.5%), SIDI (+11.0%) and Bene Assicurazioni (+29.7%). Italgen remained stable, delivering excellent results despite a challenging comparison with the first half of 2024, which had benefited from exceptionally high rainfall that had driven hydroelectric production to record levels.

   • At aggregate level, gross operating profit declined to 43.4 million euro. The result was impacted by the performance of Caffè Borbone - which incurred higher costs of 26.7 million euro due to the elevated price of green coffee that, after reaching record levels, began to decline significantly from April, although the positive effects are only expected to be reflected in the income statement of the second half of the year - as well as by Italgen, which compares with a record first half of 2024, and by Tecnica. All other portfolio companies reported improved results.

     Looking at the individual companies, while reference should be made to the relevant sections for further details:

   • In the food sector, Caffè Borbone consolidates its leadership in the large-scale retail trade (GDO), confirming its position as the leading brand by sales volume in the single-serve segment on the Italian market. During the period, the company recorded revenue of 184.5 million euro, up 10.7% compared to the first half of 2024, with particularly strong performance in the second quarter (+15.2%). International markets continued to grow, reporting an 18% increase compared to the same period of the previous year. Gross operating profit amounted to 23.3 million euro, down mainly due to higher costs of 26.7 million euro incurred for the purchase of green coffee. Capitelli consolidates its premium positioning in the market, closing the half year with revenue up 6.8% at 12.4 million euro and gross operating profit of 2.5 million euro, up 19.8%.

   • Officina Profumo-Farmaceutica di Santa Maria Novella continued its growth trajectory, focusing particularly on the development of the direct sales channel, which is strategic for brand positioning and value enhancement. During the first half of the year, the company recorded revenue of 32.5 million euro, up 13.5% thanks to strong performances across all distribution channels. Gross operating profit amounted to 6.6 million euro, an increase of 13.7%.

   • CDS-Casa della Salute continued its growth by opening new centres in Piedmont, a strategic region for the group's future development, and launched its first facility in Sardinia, in the city of Sassari. CDS recorded revenue of 38 million euro in the first half of the year, up 20.4% compared to the same period of the previous year. The gross operating profit, net of non-recurring costs, amounted to 6.5 million euro, up 18% compared to the same period in 2024.

   • Italgen has started construction work on two new photovoltaic plants, with a total installed capacity of nearly 15 MW. In the first half of the year, the company showed strong absolute results, with total energy production above historical averages but down compared to the same period of the previous year, when hydroelectric production benefited from exceptionally high rainfall volumes. Revenue amounted to 32.3 million euro and gross operating profit stood at 14.1 million euro.

   • In the outdoor sector, SIDI closed the first half of 2025 with improved results compared to the same period in 2024. This progress is the result of the company's renewal and relaunch process, which included the launch of the new logo in May. The company ended the half year with revenue of 15.6 million euro, up 11%, and a gross operating profit negative at 0.4 million euro, an improvement compared to the first half of 2024. Tecnica Group recorded revenue of 171.5 million euro, up 3.2% compared to the same period in 2024, thanks to strong performances from most of its brands. The gross operating profit was negative at 12.2 million euro, down compared to the same period of the previous year. However, the company has already implemented cost containment measures, the effects of which are expected to become visible as early as the end of the year.

   • ISEO closed the first half of 2025 with revenue of 78.4 million euro, up 6.9% compared to the same period of the previous year. Looking at market segments, encouraging signs came from the electronic segment, which grew by 20%. The gross operating profit was substantially stable at 5.2 million euro.

   • Bene Assicurazioni recorded premium income of 174.1 million euro, up 29.7% compared to the same period of the previous year, with a positive contribution from all distribution channels.

Lastly, the Clessidra Group, a non-industrial portfolio company, closed the first half of 2025 with a positive brokerage margin of 20.6 million euro, up 15%.

(in millions of euro) Revenue Gross operating profit (EBITDA)

Q2 2025

Q2 2024

Change % Q2 2025

Q2 2024 (**)

Change %

Italmobiliare (*) Portfolio Companies Caffè Borbone

Officina Profumo-Farmaceutica di Santa Maria Novella

CDS-Casa della Salute Italgen

SIDI Sport Capitelli Tecnica Group Iseo

Bene Assicurazioni

Total Industrial Portfolio Companies

Clessidra Group

Total Portfolio Companies

9.1 44.8 (79.7) (9,1) 35.0 n.s.

95.6 83.0 15.2 10.6 18.2 (41.8)

18.2 16.8 8.3 4.4 4.7 (6.4)

19.2 16.2 18.5 2.3 2.1 9.5

17.4 18.0 (3.3) 9.0 11.0 (18.2)

7.3 7.7 (5.2) (0.3) (0.2) n.s.

6.2 5.8 6.9 1.3 1.2 8.3

68.2 75.3 (9.4) (12.4) (5.1) n.s.

41.0 41.6 (1.5) 4.3 6.8 (36.8)

90.8 65.5 38.6 n.a. n.a. n.s.

363.9 329.9 10.3 19.2 38.7 (50.4)

13.1 10.7 22.4 1.4 (0.1) n.s.

377.0 340.6 10.7 20.6 38.6 (46.6)

(*) Note that the revenue figure for the second quarter of 2024 differ from those previously published, as the cost of the Value Creation Sharing Incentive Plan related to the disposal of AGN Energia was reclassified from "Revenue" to "Personnel expenses".

(**) Note that the figures for the second quarter of 2024 relating to Tecnica Group have been restated for a better data comparability. Note that the quarterly figures have not been audited neither completely nor partially.

n.a. not available

n.s. not significant

Looking at the quarterly aggregate:

• Revenue of the Industrial Portfolio Companies amounted to 363.9 million euro, up by 10.3%;

• Gross operating profit of the Industrial Portfolio Companies for the quarter amounted to 19.2 million euro, down compared to the same period of the previous year.

  KEY CONSOLIDATED FIGURES AT JUNE 30, 2025

  (in millions of euro)	H1 2025	H1 2024	Change %
  Revenue and income	363.4	337.6 7.6
  Gross operating profit	41.8	76.4	(45.2)
  % of revenue	11.5	22.6
  Amortisation and depreciation	(25.5)	(21.4)
  Impairment losses on non-current assets	(0.5)	(0.2)
  Operating profit	15.8	54.7	(71.1)
  % of revenue	4.4	16.2
  Net finance income (costs)	(6.5)	(4.3)
  Impairment losses on financial assets	0.0	0.0
  Share of profit/(loss) of equity-accounted associates	(16.3)	13.0
  Profit/(loss) before tax	(7.0)	63.4 n.s.
  % of revenue	(1.9)	18.8
  Income tax	0.9	(5.5)
  Profit/(loss) from continuing operations	(6.1)	57.9 n.s.
  Profit/(loss) from discontinued operations, net of tax	0.0	0.0
  Profit/(loss) for the period	(6.1)	57.9 n.s.
  attributable to:
  - Owners of the parent company	(10.6)	49.7
  - Non-controlling interests	4.5	8.2
  Cash flows from investing activities	93.8	63.7	30.1

  (in millions of euro)	June 30, 2025	December 31, 2024
  Total equity	1,637.0	1,673.1
  Equity attributable to the owners of the parent company	1,448.0	1,481.4
  Net financial position (*)	(262.8)	(133.4)
  Employees (headcount) at the end of the period	1,807	1,731

  (*) The figure at December 31, 2024 has been restated for a better data comparability.

  The main economic indicators in the first half of 2025 are as follows:

• Revenue and income, equal to 363.4 million euro, were up by 25.8 million euro (+7.6%), mainly thanks to the positive contribution made by Caffè Borbone, CDS-Casa della Salute and Clessidra.

• Gross operating profit (EBITDA), equal to 41.8 million euro, was down by 34.6 million euro compared to the same period of the previous year, mainly due to the decline in the performance of Caffè Borbone, Italgen and Italmobiliare.

• Operating profit (EBIT), after lower amortisation and depreciation compared with the first half of 2024, amounted to 15.8 million euro (54.7 million euro in the first half of 2024).

• Profit/(loss) before tax, after finance income and costs and the share of profit/(loss) of equity-accounted associates, came to -7.0 million euro, compared to 63.5 million euro at June 30, 2024. It should be noted that the 2024 result of equity-accounted associates included a capital gain of 25.4 million euro from the disposal of AGN Energia.

• Profit/(loss) after tax was negative at 6.1 million euro compared to positive 57.9 million euro at June 30, 2024.

• Total equity at June 30, 2025 was 1,637.0 million euro, while the Equity attributable to the owners of the parent company was 1,448.0 million euro, compared to 1,673.1 million euro and 1,481.4 million euro respectively at December 31, 2024.

• Financial and industrial investments were made in the first half of 2025 for a total of 93.7 million euro, 30.0 million euro up on the same period in 2024.

• The consolidated financial position at June 30, 2025 was negative at 262.8 million euro, compared to -133.4 million euro at the end of December 2024. The change was mainly due to the costs generated by operating activities (-10.4 million euro), the flow of investments and divestments (-93.7 and +9.3 million euro, respectively), and dividend payments (-39.2 million euro).

FINANCE COSTS AND OTHER ITEMS

Net finance costs increased from 4.3 million euro to 6.5 million euro.

Note that this item does not include the finance income and costs of Italmobiliare and the other finance companies as, being part of their core business, they are included in the items that make up gross operating profit.

PROFIT FOR THE PERIOD

The above figures resulted in a negative result before tax of 7.0 million euro (positive at 63.4 million euro at June 30, 2024).

After positive income taxes of 0.9 million euro (negative at 5.5 million euro in the first half of 2024), the profit for the period was negative at 6.1 million euro (positive at 57.9 million euro in 2024), of which -10.6 million euro attributable to the Group and +4.5 million euro attributable to third parties (+49.7 and +8.2 million euro respectively in the same period of 2024).

REVENUE AND OPERATING RESULTS AT JUNE 30, 2025

(net of intragroup eliminations)

1. On a like-for-like basis and at constant exchange rates.

   (*) The subsidiary Callmewine S.r.l. was reclassified under "Other companies" and accordingly, the figures at June 30, 2024 have been restated.

   The results of Italmobiliare, Caffè Borbone, CDS-Casa della Salute and Clessidra made a particular contribution to the positive change in revenue and income, +7.6% compared to the first half of 2024.

   BREAKDOWN OF GROUP CONSOLIDATED PROFIT BY SEGMENT

   (in millions of euro)	June 2025	June 2024
   Business segments
   Italmobiliare	24.9	61.9
   Caffè Borbone	7.6	12.8
   Officina Profumo-Farmaceutica di Santa Maria Novella	0.8	0.3
   Italgen	6.8	9.7
   CDS-Casa della Salute	(4.0)	(2.9)
   Capitelli	1.1	0.9
   SIDI Sport	(1.6)	(1.8)
   Clessidra	1.0	0.3
   Tecnica Group	(12.6)	(7.7)
   AGN Energia (*)	0.0	25.4
   Iseo	(3.1)	(4.2)
   Other consolidated companies (**)	(2.8)	(1.6)
   Elimination of dividends and intragroup gains/losses	(28.9)	(43.4)
   Profit/(loss) for the period attributable to the owners of the parent company	(10.7)	49.7

   (*) Disposed of during 2024.

   (**) The subsidiary Callmewine S.r.l. was reclassified under "Other companies" and accordingly, the figures at June 30, 2024, have been restated.

   STATEMENT OF COMPREHENSIVE INCOME

   In the first half of 2025, the other components of comprehensive income had a positive balance of 18.7 million euro (positive at 4.2 million euro in the first half of 2024), mainly due to positive fair value adjustments of FVTOCI assets amounting to 16.3 million euro.

   So, taking into account the loss for the period of 6.1 million euro and the components mentioned above, total comprehensive income for the period was positive at 12.5 million euro (62.1 million euro at June 30, 2024).

   The statement of comprehensive income forms part of the consolidated financial statements.

   CONDENSED STATEMENT OF FINANCIAL POSITION

   (in millions of euro)	June 30, 2025	December 31, 2024
   Property, plant & equipment and investment property	361.4	352.1
   Intangible assets	617.0	619.3
   Other non-current assets	631.6	600.6
   Non-current assets	1,610.0	1,572.0
   Current assets	772.0	843.2
   Assets classified as held for sale (*)	23.8	1.2
   Total assets	2,405.8	2,416.4
   Equity attributable to the owners of the parent company	1,448.0	1,481.4
   Non-controlling interests	189.0	191.7
   Total equity	1,637.0	1,673.1
   Non-current liabilities	273.3	233.3
   Current liabilities	488.8	510.0
   Total liabilities	762.1	743.3
   Liabilities directly associated with assets classified as held for sale (*)	6.7	-
   Total equity and liabilities	2,405.8	2,416.4

   (*) This refers to the subsidiary Credit Mobilier de Monaco.

   EQUITY

   Total equity at June 30, 2025 was 1,637.0 million euro, 36.1 million euro down on December 31, 2024. The overall change was mainly due to:

   • the loss for the period of 6.1 million euro;

   • the change in the fair value reserve on FVTOCI investments for 16.3 million euro, net of the related tax effect;

   • dividends approved for 47.3 million euro;

   • change in the consolidation area and other negative changes for 1.0 million euro;

   • change in non-controlling interests amounting to 2.7 million euro, decreasing from 191.7 million euro at December 31, 2024 to 189.0 million euro at June 30, 2025. This change is mainly attributable to the distribution of dividends for -9.3 million euro (approximately 8 million euro to non-controlling interests of Caffè Borbone), offset by the share of profit for the period of 4.5 million euro.

At June 30, 2025 the share capital of Italmobiliare S.p.A. was equal to 100,166,937 euro, divided into 42,500,000 ordinary shares. At June 30, 2025 Italmobiliare S.p.A. holds 217,070 ordinary shares as treasury shares, equal to approximately 0.5% of the share capital. Note that in July the Company launched a share buyback program, covering up to 350,000 shares, equivalent to 0.824% of the share capital, for a maximum total consideration of 10 million euro.

NET FINANCIAL POSITION

At June 30, 2025, the net financial position was negative at 262.8 million euro, down by 129.4 million euro compared to December 31, 2024 (-133.4 million euro).

A breakdown of the "Net financial position" is given in the notes to the consolidated financial statements in the relevant section on page 79.

(*) The figures at December 31, 2024 differ from those previously published for a better data comparability.

(*) This item differs from the amount reported in the statement of cash flows as it includes a lease liability of approximately 6.4 million euro.

(in millions of euro)

Investments in

non-current financial assets

Investments in PPE and investment

property

Investments in intangible assets

Total capital expenditure

H1 H1 H1 H1 H1 H1 H1 H1 2025 2024 2025 2024 2025 2024 2025 2024

Business segment

Italmobiliare

Caffè Borbone

Officina Profumo-Farmaceutica di Santa Maria Novella

CDS-Casa della Salute Italgen

SIDI Sport Capitelli Tecnica Iseo Clessidra

Other companies (*)

Assets classified as held for sale (**) Inter-segment eliminations

Total investments

Change in receivables/payables for purchase of property

Total investments

44.2

-

-

2.0

-

-

-

-

-

-

-

-

-

46.2

-

46.2

13.6

-

-

4.9

0.1

-

-

-

-

-

-

-

-

18.6

-

18.6

0.1

4.5

4.8

8.5

10.8

1.2

0.2

-

-

0.3

0.1

11.2

-

41.7

2.4

44.1

0.3

8.1

5.6

18.2

5.0

0.9

0.3

-

-

0.3

0.9

-

-

39.6

(0.3)

39.3

-

0.1

0.6

2.3

0.0

0.2

0.0

-

-

-

0.3

-

-

3.4

-

3.4

-

0.1

2.3

2.3

0.4

0.1

-

-

-

-

0.3

-

-

5.5

-

5.5

44.3

4.6

5.4

12.8

10.8

1.4

0.2

-

-

0.3

0.4

11.2

-

91.3

2.4

93.7

13.9

8.2

7.9

25.4

5.5

1.0

0.3

-

-

0.3

1.2

-

-

63.7

(0.3)

63.4

(*) The subsidiary Callmewine S.r.l. was reclassified under "Other companies" and accordingly, the figures at December 31, 2024, have been restated. (**) This refers to the subsidiary Credit Mobilier de Monaco.

The investments made by the Group in the first half of the year totalled 93.7 million euro, 30.3 million euro up on the first half of 2024 (63.4 million euro).

The cash flows for financial investments, equal to 46.2 million euro (18.6 million euro in the first half of 2024), mainly refer to Italmobiliare's investments in private equity funds, the acquisition of Lewis S.p.A. (Microtec co-investment), and the increase in the interest in Bene Assicurazioni.

The cash flows for investments in property, plant & equipment and investment property amounted to 41.7 million euro and mainly refer to CDS-Casa della Salute and Officina Profumo-Farmaceutica di Santa Maria Novella.

The divestments made by the Group in the first half of 2025 amounted to 9.3 million euro.

KEY FIGURES

(*) Note that the figures at June 30, 2024 differ from those previously published, as the cost of the Value Creation Sharing Incentive Plan related to the disposal of AGN Energia was reclassified from "Revenue" to "Personnel expenses".

RESULTS IN ACCORDANCE WITH THE FINANCIAL MODEL

Given the specific nature of the Company, in order to allow a full understanding of its performance, the following table shows the results in a format normally used for finance companies. This format shows:

• "Net gains (losses) on equity investments" which include dividends received in the case of equity investments measured at FVTOCI. On the other hand, in the case of equity investments in subsidiaries and associates (measured at cost), this item includes both dividends and gains/losses realised on sales, as well as any impairments or revaluations;

• "Net gains (losses) on investments of cash and cash equivalents", which include interest income on bank coupons and deposits, impairment gains or losses on bonds and trading equities measured at FVTPL, gains/losses realised on the sale of trading securities, income/expense on trading derivatives and investment funds measured at FVTPL and "Net borrowing costs". "Net borrowing costs" consist essentially of interest expense on borrowings, bank commissions and costs;

• "Other income and expense", which include personnel expense and operating expenses for the financial structure, net of amounts recovered from other Group companies or third parties.

  (in millions of euro)	H1 2025	H1 2024 (*) Change %
  Net gains (losses) on equity investments	30.4	86.9 (65.0)
  Net gains (losses) on investments of cash and cash equivalents	(1.0)	19.3
  Total finance income/costs	29.4	106.2 (72.3)
  Other income and expense	(12.0)	(15.0)
  Income tax	7.5	9.9
  Profit (loss) for the period	24.9	101.1 (75.4)

  (*) Note that the figures at June 30, 2024 differ from those previously published, as the cost of the Value Creation Sharing Incentive Plan related to the disposal of AGN Energia was reclassified from "Net gains (losses) on equity investments" to "Other income and expense".

  Net gains (losses) on equity investments are positive at 30.4 million euro, down by 56.6 million euro compared to

  86.9 million euro at June 30, 2024. The decrease is mainly attributable to the sale of AGN Energia, completed in the previous financial year (39.6 million euro), lower dividends received from associates (12.6 million euro), and increased impairments on investments (4.3 million euro).

  Net gains (losses) on investments of cash and cash equivalents show a negative balance of 1.0 million euro (versus a positive balance of 19.3 million euro at June 30, 2024), mainly relating to the performance of Investment Funds and Private Equity Funds, which were impacted by exchange rate effects.

  Other income and expense are negative at 12.0 million euro (-15.0 million euro at June 30, 2024), mainly due to the absence of non-recurring income.

  After positive taxes of 7.5 million euro (positive at 9.9 million euro at June 30, 2024), benefiting from a 4.8 million euro reimbursement related to the Ansaldo dispute, the half-year result is positive at 24.9 million euro (positive at 101.1 million euro at June 30, 2024).

  EQUITY

  Equity at June 30, 2025 amounts to 1,336.2 million euro, up by 0.7 million euro compared to December 31, 2024 (1,335.5 million euro), mainly due to:

• an increase in the fair value of the FVTOCI investments for 14.2 million euro (gross of the tax effect);

• sales of FVTOCI investments during the period (-0.2 million euro);

• dividends approved for 38.1 million euro;

• a profit for the period of 24.9 million euro.

NET FINANCIAL POSITION

At June 30, 2025 the net financial position of Italmobiliare S.p.A. shows a decrease of 91.5 million euro, going from

273.8 million euro at December 31, 2024 to 182.3 million euro, allocated 40.6% to the Vontobel Fund, a multi-asset portfolio with a conservative risk profile, consistent with the Company's investment policies. The main outflows include payment of the ordinary dividend (-38.0 million euro), the investments in investee companies (-42.4 million euro), private equity fund investments, net of reimbursements (-14.4 million euro), holding company costs and taxes (-17.8 million euro). These outflows were partially offset by the following inflows: dividends received (+14.2 million euro); the positive effects of a loan repayment and the revaluation of a property (+2.3 million euro). Lastly, cash management had a positive result, generating 3.7 million euro.

LITIGATION AND DISPUTES PENDING

A description of the main legal and tax disputes involving Italmobiliare S.p.A. is provided in the relevant section on page 48, to which you are referred.

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

In July, the Company launched a share buyback program, covering up to 350,000 shares, equivalent to 0.824% of the share capital, for a maximum total consideration of 10 million euro. Furthermore, during the same month, the Company signed a preliminary agreement for the disposal of Credit Mobilier de Monaco; as a result, the related assets and liabilities have been reclassified as "Assets classified as held for sale" and "Liabilities directly associated with assets classified as held for sale."

OUTLOOK

The business outlook for Italmobiliare S.p.A. is explained in the relevant section on page 49, to which you are referred.

MAIN FINANCIAL ASSETS OF ITALMOBILIARE S.P.A.

The Company owns shares in other companies, such as Archimede S.p.A., the parent company of Formula Impresoft, ITM Bacco S.r.l., co-investor vehicle in Argea and Callmewine S.r.l. Furthermore, within its portfolio it has interests in a number of listed companies.

The Company has invested in a portfolio of select Italian and international Private Equity funds with a view to diversifying sectors and geographical investments, including the various Clessidra's funds (CCP3, CCP4, Restructuring Fund, Private Debt Fund, and CRF Parallel), the BDT Capital Partners Funds II and III, Isomer Capital I, II and III, Isomer Capital Opportunities, Connect Ventures 3 and 4, ICONIQ IV and V, Lindsay Goldberg Fund IV and V, Lindsay Aspire, Lauxera Growth I, 8-Bit Capital I, Expedition Growth Capital Fund I, La Famiglia Fonds III GmbH (liquidated during the period), JAB Consumer, Visionaries Club Seed Fund II GmbH & Co. KG, Visionaries Club Growth Fund II GmbH & Co. KG, FOF Impact Investing and Lakestar Growth II and IV. At June 30, 2025, the value of the private equity funds recorded an overall increase of 8.9 million euro, including 6.2 million euro from the positive change in fair value and 19.9 million euro in new investments, partially offset by 5.5 million euro in divestments and a negative 11.7 million euro impact from exchange rate effects.

Caffè Borbone (60% INTEREST)

KEY FIGURES

The figures in the table refer to the Caffè Borbone Group.

During the first half of the year, Caffè Borbone steadily pursued its growth and consolidation strategy, implementing a number of strategic initiatives in marketing, communication and commercial development. Notably:

• the company has consolidated its leadership in Modern Distribution (Large-Scale Retail and Specialised Large-Scale Distribution), confirming its position as the leading brand by sales volume in the single-serve segment, both in the channel and across the entire Italian market.

• In May, two new commercials from the "For Everyday Heroes" campaign were launched. The two commercials are part of a comprehensive media strategy that, in addition to airing on major traditional broadcast channels, connected TV (CTV), and product placement formats, also included a multichannel campaign across digital touchpoints to ensure broad visibility and maximise reach among a diverse audience.

• As part of a strategy to strengthen brand awareness and bring the brand closer to a broad and diverse audience, a new digital campaign focused on winter sports was also launched. The spots feature seven young talents, including Federica Brignone, led by two icons of Italian skiing: Alberto Tomba and Deborah Compagnoni. A partnership was also established with Eroica, a vintage cycling event held in several countries around the world, which enjoys strong international popularity among cycling enthusiasts.

• On the product side, the company relaunched its Nespresso®1-compatible aluminium capsule line with new blends and formats for both the Italian and international markets. It also launched K-Cup system capsules and ground coffee specifically for the North American market, introduced the new BluMoon pod machine, and unveiled a new range of Nescafé Dolce Gusto®1-compatible self-protecting capsules designed to optimally preserve the coffee's aroma and flavour. This innovative self-protecting solution is available in various pack formats and features Caffè Borbone's signature blends, adapted to this extraction system - the third most widely used in the world.

The first half of 2025 also unfolded in a persistently challenging competitive environment, marked by exceptionally high prices for Robusta quality coffee, which peaked at $5,800 per tonne (compared to an average of $3,520 per tonne in the first half of 2024). Although a significant decline in prices was observed starting from the end of April, its effects have not yet been substantially reflected in the income statement for the first half of the year.

In the first half of the year, Caffè Borbone recorded revenue of 184.5 million euro, a 10.7% increase compared to the same period of the previous year, primarily driven by pricing dynamics. The second quarter 2025 showed solid acceleration, with growth of 15.2%. The international business continued to expand, recording an 18% increase compared to the same period of the previous year.

At June 30, the gross operating profit was 23.3 million euro, down compared to 37.4 million euro recorded in the same period of the previous year. The result was impacted by higher green coffee procurement costs, amounting to 26.7 million euro, which were largely offset by the pricing policies adopted by the company.

After amortisation and depreciation of 6.5 million euro, the operating profit came to 16.7 million euro.

The net financial position at June 30, 2025 was negative at 59.6 million euro. Cash generation2 in the half year was positive at 9.7 million euro, which does not yet reflect the positive impact on working capital of the decline in coffee prices mentioned above.

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

No significant events took place after the end of the period.

OUTLOOK

The company expects revenue growth to continue in the second half of the year. In terms of profitability, margins are forecast to improve, supported by the aforementioned easing pressure on coffee costs.

1. Nespresso®and Nescafé®Dolce Gusto®are registered trademarks of Société des Produits Nestlé®S.A. Caffè Borbone S.r.l. is an independent manufacturer not affiliated with Société des Produits Nestlé®S.A. Caffè Borbone capsules are compatible for use with Nespresso®and Nescafé®Dolce Gusto®domestic coffee machines.

2. Free cash flow is the difference between the net financial position at June 30, 2025 and that of the previous year, gross of any dividends distributed, capital increases or redemptions, non-recurring transactions and the effects of applying IFRS 16.

KEY FIGURES

(95% INTEREST THROUGH FT2 S.r.l.)

The figures refer to the consolidation figures of Officina Profumo-Farmaceutica di Santa Maria Novella S.p.A. and its subsidiaries, excluding the vehicle FT2 S.r.l.

n.s. not significant

During the first half of the year, Officina Profumo-Farmaceutica di Santa Maria Novella continued to strengthen its presence in international markets, pursuing a clear global expansion trajectory. Particular emphasis was placed on the direct sales channel, considered strategic for brand positioning and value enhancement. Notably, a new boutique was opened in the United States, in Las Vegas, one of the world's most iconic destinations. This opening represents a further step in the international development of the retail network, offering an experience consistent with the brand's historical identity and excellence.

Officina Profumo-Farmaceutica di Santa Maria Novella is also a featured exhibitor at Expo 2025 in Osaka, within the Italian Pavilion, one of the most visited and celebrated exhibition spaces at the event. For the occasion, the company has chosen to present its iconic Pot Pourri essence, a symbol of its tradition and centuries-old heritage, offering international visitors an authentic olfactory journey through Italy's cultural legacy.

In the first half of the current year, the company recorded revenue of 32.5 million euro, marking significant growth of 13.5% compared to the same period of the previous year. This trend is the result of strong performances across all distribution channels. The retail channel grew by 15.3%, while e-commerce posted a 17.7% increase. This made the performance of the Direct-to-Consumer (DTC) channel particularly significant, with an overall increase of 15.7% during the period. Representing approximately 70% of Officina Profumo-Farmaceutica di Santa Maria Novella's total revenue, this channel is central to the company's development strategy as it ensures more direct control over the customer experience, a privileged dialogue with the end consumer, and constant oversight of brand positioning. Finally, indirect channels also performed well, growing by 8.7%.

In terms of product offering, fragrances contributed significantly to revenue growth, further supported by the successful recent launch of the Eau de Parfum line "I Giardini Medicei," which includes the new Acqua, Quercia, Ambra, and Incenso fragrances. The body care category also performed well, continuing to meet market expectations.

The gross operating amounted to 6.6 million euro, up 13.7%. Excluding the impact of non-recurring costs of 0.6 million euro (0.5 million euro at June 30, 2024), the current gross operating profit came to 7.2 million euro. A positive result, supported by significant volume growth. Despite a context marked by substantial strategic investments aimed at strengthening the brand - including the enhancement of the central team, the strengthening of marketing activities, and the opening of new stores - margins showed a slight improvement, confirming the soundness of the development model undertaken.

The net financial position was negative at 14.0 million euro and includes approximately 25 million of lease liabilities related to rents in the direct retail channel, in accordance with IFRS 16. Net of the 5.0 million euro dividend payment made during the half year and certain non-cash items, cash generation in the half year was negative at 3.4 million euro, mainly due to retail investments and working capital dynamics.

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

As announced on July 16, Ludivine Pont will assume the role of Chief Executive Officer at Officina Profumo-Farmaceutica di Santa Maria Novella, starting in September. With extensive experience in the luxury sector, Ludivine Pont has held leadership positions at some of the world's leading fashion houses (Philipp Plein, Moncler, Balenciaga) and will oversee the brand's global development, enhancing the company's exceptional historical and artisanal heritage, with the aim of affirming its position as an original and timeless expression of botanical and pharmaceutical care.

OUTLOOK

During the first half of the year, the company launched a comprehensive brand repositioning project aimed at enhancing its distinctive heritage and strengthening its positioning as a globally recognised symbol of authentic Florentine craftsmanship. The first tangible results from this strategic initiative are expected to emerge in the second half of the year, following a multi-year roadmap. In the second half of the year, the company will continue its growth path, focusing on multiple development areas. On the commercial front, efforts will be made to maximise the impact of retail openings carried out over the past twelve months through targeted actions aimed at optimising store performance. Development of the e-commerce channel will also continue, with particular focus on enhancing the customer experience. Likewise, the indirect channel will continue to grow, especially within department stores, alongside the strengthening of existing international partnerships. On the product side, research and development activities continue, with the aim of further enhancing the sustainability of the product offering while maintaining the high-quality standards consistent with the brand's positioning.