Approved the consolidated half-yearly financial report at 30 June 2025

RESULTS AS AT 30 JUNE 2025

CONSOLIDATED NET PROFIT (PRO FORMA) AT 47 MILLION (+38%) CONSOLIDATED SHAREHOLDERS' EQUITY ABOVE 1.4 BILLION

The Board of Directors of Tamburi Investment Partners S.p.A. ("TIP" - tip.mi), independent and diversified industrial group listed on the Euronext STAR Milan segment of Borsa Italiana S.p.A., which invests in excellent entrepreneurial companies, has approved the consolidated half-year financial report as at 30 June 2025.

TIP closes the first six months of 2025 with a pro forma consolidated net profit of around 47 million, increasing 38% compared to 34 million as at 30 June 2024, despite the absence of significant divestments. The consolidated net equity at 30 June 2025 is around 1.42 billion, in line with the amount as at 31 December 2024.

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As already known, the first half of 2025 was significantly impacted by the Alpitour transaction, with pre-emptive rights relating to a 36.027% stake being exercised. Following the planned transactions, our investee company Asset 1 holds a stake (directly and indirectly) equal to 95.328% of Alpitour's capital (net of treasury shares), while TIP holds 46.301% of Asset 1. The necessary authorizations were already obtained in the first half of the year, and the resulting change in governance took place.

The financial results for the first half of 2025 therefore benefited from the accounting effects of this transaction. Asset Italia's acquisition of control of Alpitour and the consequent change in classification from an associate accounted for using the equity method to a subsidiary resulted in an accounting income for Asset Italia, recorded pro rata by TIP, of approximately 64.6 million.

Contributions to results from associated companies amounted to approximately 10 million and are attributable to the good results of Interpump, Sesa, Roche Bobois, Beta Utensili, Chiorino and Limonta. OVS's results (for the period November 2024-April 2025, given that its financial year ends on 31 January) were very positive in terms of EBITDA but were penalised in terms of net profit by the fair value adjustment of certain dollar-denominated derivative contracts.

Many other investee companies also posted positive results, including Amplifon, Apoteca Natura, Azimut|Benetti, Bending Spoons, Eataly, Engineering, Hugo Boss, Moncler, Vianova, and others. The fact that, as detailed in the following table, 15 of the main investee companies saw revenue growth during the period confirms the quality and excellence of the group's companies.

For other investee companies, given the general context in their respective markets, delays and difficulties in executing their plans suggested us to adopt a very conservative valuation approach, resulting in the recording of impairment losses in the pro forma income statement, reflected within the financial statements in an adjustment of their fair values, and, for associated companies, impairment losses in the income statement. Therefore, the carrying amounts of the investments in Dexelance, Landi Renzo (held through Itaca), TAG and Zest were adjusted.

Sales 1H 2025

(€ mln)

Sales 1H25 vs

1H24

Ebitda Margin ADJ.

4

2,000 - 1.4% 16.2%

1,077 - 1.7% 23.2%

1,226 + 1.0% 33.0%

206 + 0.9% 17.8%

333 + 4.4% 1.8%

>40 + 53.8% 7-8%

56 + 1.9% n.a.

99 + 1.8% 20.6%

53 + 21.8% 26.6%

(1) Results for the first quarter of 2025. (2) Annual results (as at 30 April 2025). (3) The EBITDA margin is not significant as it is affected by seasonal factors. The results do not include the summer season. (4) The EBITDA margin is not significant due to the seasonal nature of the business.

The usual pro forma income statement for the period 1 January - 30 June 2025, determined by considering the realized gains and losses and write-downs on equity investments:

Revenues from advisory activities in the period were approximately 0.7 million.

Personnel costs, as always, were significantly influenced by the variable remuneration component of executive directors which, as well known, are linked to results but which, starting from this Half-Yearly Report, at the specific voluntary request of the executive directors themselves, approved by the Nomination and Remuneration Committee and the Board of Directors, takes into account a 20% reduction compared to what was decided by the relevant corporate bodies, as it has been established that variable remuneration may be reduced by 20% if the TIP share, in the reference period (in this case, 1 January - 30 June 2025), has performed negatively, and reduced by 10% if the TIP share has performed less than 10% in the reference period. All net of dividends distributed.

Financial income, in addition to the minor capital gain, refers for 10 million to dividends and interests received while financial charges mainly refer to interest accrued on the bond for approximately 6.9 million, other interest on loans for approximately 2 million and changes in the fair value of derivative for approximately 0.8 million.

The consolidated net financial position of the TIP group as at 31 June 2025, without considering non-current financial assets considered from a management perspective to be liquidity usable in the short term, was negative by approximately 453 million, compared to 422.1 million as at 31 December 2024. The change in the period is essentially attributable to the use of liquidity during the six months for the distribution of dividends (26.2 million), the purchase of treasury shares (13 million), operating expenses and the finalisation of investments in equity investments, net of cash receipts. Following the issue in June 2024 of a bond with a nominal value of 290,500,000, in June 2025 the issue ('TAP Issue') of an additional tranche of the bond, unrated, unsubordinated and unsecured, fungible and to be consolidated with the original bond, took place. Specifically, bonds with a total nominal value of 110 million were placed at an issue price of 101.75% of the nominal value, for a total of approximately 112 million. In July, the two bond issues were consolidated and the security performed well.

In February 2025, following further purchases of Monrif S.p.A. shares, Monti Riffeser S.r.l. and the persons acting in concert with it (including TIP) became owners of a total 90.619% of Monrif S.p.A. share capital, thus exceeding the 90% threshold and fulfilling the conditions for the obligation to purchase the remaining Monrif S.p.A. shares. Following the completion of the obligations to purchase these shares, Monti Riffeser S.r.l., together with the persons acting in concert (including TIP), became owners of 94.395% of Monrif S.p.A. and, as expected, the Monrif shares were delisted.

The sale of the Alkemy shares generated proceeds of approximately 4.8 million, including a small capital gain resulting from numerous write-downs in the past.

During the first half of the year, purchases of treasury shares amounted to 13 million.

The performance of the TIP stock and the main Italian and international indices is summarized in the following graph:

TIP processing based on data collected on September 5, 2025 at 6:26 PM, source Bloomberg

The ten-year performance highlighted by the graph as of 5 September 2025 is 150.9%, higher than some of the main national and international indices, with a total return (1) of 189.8%, which corresponds to an average annual figure of approximately 19% and a composite figure of approximately 11.2%.

The performance of the TIP stock during 2025 was impacted by the belonging to the mid-cap segments. TIP share price in the last months fluctuated in a range which remains a long way from both the market value of the assets and the net intrinsic value internally estimated by TIP based on the knowledge of its existing investments, as well as from the target prices of all analysts covering the stock, which at present vary between 11.3 and 12.5 euros per share.

‌(1) Total return fonte Bloomberg (Divs. Reinv. in secur.)

On 31 July the transfer of shares and quotas related to the Alpitour transaction was executed. The total price was

224.1 million for 36.69% of Alpitour. The transaction - as well as all future financial and operating costs over a three-year period - was financed through contributions from related shareholders of Asset Italia for approximately 120 million, 115 million from bank loans maturing on 31 July 2028 and approximately 10 million by the sale of a 1.64% stake in Alpitour. In September the capital increases in Asset Italia and Asset Italia 1 were finalised through the conversion of the contributions received from the shareholders.

As part of the recent investment in Asset Italia, its shareholders, including TIP, have decided to definitively rule out the possibility of a merger between Asset Italia and TIP and to proceed with the most appropriate technical methods to define a path that will result in the shareholders of Asset Italia becoming direct or indirect shareholders of the companies dedicated to investments in Alpitour and Limonta, respectively.

In July, dividends totalling 7.8 million were received from associated companies.

The purchase of treasury shares and shares in Elica, Roche Bobois and Dexelance continued, as the usual active management of liquidity.

In July, TAG approved a capital increase of 6.5 million, which was subscribed pro rata by StarTIP, which also is available to subscribe to any unopted shares.

In August Eataly approved a capital increase of 75 million to be subscribed half within the next 30 November and half within 30 June 2026. The capital increase, approved unanimously by the shareholders' meeting, has the purpose to support the consolidation of Eataly and the development plant through the new format Eataly Caffè and in new channels to reach new clients.

In September the investee company Bending Spoons announced the acquisition of the video sharing platform "Vimeo", a Nasdaq-listed company, for 1.38 billion dollars. The transaction is expected to close in the fourth quarter of 2025 and is another demonstration of Bending Spoons' ambitious development plan also at an international level.

As reported on several occasions, most of TIP's investee companies saw their revenues grow during the half-year. Given the general slowdown in Western economies, this bodes well for the near and not-so-near future.

Furthermore, orders for some of the subsidiaries indicate a slight recovery after an unusually prolonged period of decline. The hope is that this trend is not linked to stockpiling in anticipation of the negative effects of the tariffs imposed by the US administration.

In recent days, the International Monetary Fund raised its global GDP growth forecast for 2025 to 3.0%, after lowering it to 2.8% a few months ago. We also view this as a positive sign, and in fact, the Chinese economy recently confirmed that it will maintain its growth trajectory above 5%, while India's economy remains above 7%. Asia therefore continues to be the main global driver, more than offsetting the gradual decline in growth in the United States, which is now characterised by a significant loss of domestic consumer confidence, an alarming decline in jobs and reduced international credibility, the effects of which on exchange rates and interest rates are already evident. The recent 5%