Approved the proposal annual financial report for the year 2025 of Tamburi Investment Partners Group

2025 CONSOLIDATED PROFIT PRO FORMA 2025 OF 95 MILLION (+47%) PROPOSED DIVIDEND INCREASE TO EURO 0.26 PER SHARE (+62.5%) CONSOLIDATED EQUITY INCREASED TO OVER 1.5 BILLION

The Board of Directors of Tamburi Investment Partners S.p.A. ("TIP"- tip.mi), an independent and diversified industrial group, listed on the Euronext Star Milan segment of Borsa Italiana S.p.A., which invests in excellent entrepreneurial companies, approved the proposed annual financial report for 2025 to be submitted to the Shareholders' Meeting convened for 29 April 2026 and 30 April 2026, respectively in first and second call.

TIP closes 2025 with a pro forma consolidated profit of approximately 95 million, a sharp increase (+47%) compared with the 64.6 million in 2024 (+85% for shareholders of the parent company, amounting to 113.6 million), with consolidated equity as at 31 December 2025 rising to approximately 1.51 billion, compared with 1.45 billion at the end of 2024 after outflows, including dividends and share buybacks, of over 50 million.

TIP's share performance in 2025 was over 11% including dividends paid; 9.7% excluding dividends.

The contribution of associated companies to the year's results, before write-downs of over 33 million, was approximately 128 million, thanks to the performances of Alpitour, Beta, Chiorino, Interpump, Limonta, OVS, Roche Bobois and Sesa. Almost all the other investee companies, in particular Amplifon, Apoteca Natura, Azimut|Benetti, Basicnet, Bending Spoons, Eataly, Engineering, Moncler and Vianova, recorded positive results; 2025 was significantly characterised by the Alpitour transaction, finalised by Asset Italia, whose accounting effects impacted the year's financial results too.

Sales 2025

Sales 2025 vs

EBITDA MARGIN ADJ.

Cash / (Debt)

Sales 2025

Sales 2025 vs

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(1) Revenue growth at constant exchange rates. (2) Guidance for the fiscal year ending April 30, 2026. (3) Results as of October 31, 2025. (4) Results as of August 31, 2025.

The usual pro forma income statement for the financial year 1 January - 31 December 2025, determined considering realised capital gains and losses and write-downs on equity investments, is shown below. As is well known, this system, which was in force until a few years ago, is considered much more meaningful for representing the reality of TIP's business.

The IFRS income statement does not include capital gains realised during the period on shares and non-associated participations, amounting to EUR 50.2 million, and value adjustments on participations.

Some of our investee companies, including Dexelance, Landi Renzo (in which we hold a stake via Itaca), Talent Garden, Zest and other minor companies, have experienced delays and/or difficulties in implementing their respective development plans, leading us, as a matter of prudence, to record write-downs in the pro-forma income statement, reflected in the financial statements through adjustments to the relevant fair values, and, for associates, to adjust certain values, with effects on the income statement.

As at 31 December 2025, the fair value of the stake in Bending Spoons was aligned with the USD 11 billion valuation derived from the price negotiated with numerous investors in October 2025, to whom StarTIP sold a very small portion of its stake, realising a capital gain of over 25 million (approximately 20 times the book value), retaining a stake of around 3%, even after the latest capital increase.

Staff costs are, as always, significantly influenced by the variable remuneration of executive directors, which, as logical, is linked to results; from 2025 onwards, at their specific request, a link has been introduced between this remuneration and the performance of TIP shares. In 2025, however, this mechanism did not result in any change.

Financial income comprises pro-forma capital gains of approximately 50.2 million and dividends of over 10 million; a further 20.7 million in dividends received during the year were recorded as a reduction in the carrying amount of investments.

Some of the disposals carried out during the year were made as part of the planned, albeit gradual and progressive, simplification of the group.

Financial expenses arose mainly from interest accrued on the bond issued and on other outstanding loans, amounting to approximately 20.1 million, whilst changes in the fair value of derivatives (primarily short options) amounted to approximately 1.5 million.

In 2025, revenue from advisory services amounted to approximately 2.7 million, an amount almost triple the one of 2024.

TIP consolidated net financial position as at 31 December 2025, without considering non-current financial assets considered from a management standpoint as usable short-term liquidity, was negative by 495.1 million, compared with 422.1 million as at 31 December 2024. The difference, net of cash inflows, is essentially attributable to approximately 100 million investments in equity interests, dividend distributions of

26.2 million, share buybacks of 24.7 million and operating expenses.

In June, the issue ("TAP Issue") of an additional tranche of the existing bond was finalised, for a further 110 million at a price of 101.75.

In 2025, TIP has again decided to exercise great caution regarding new investments, given that, on the one

hand, a situation of considerable uncertainty persists - leading to the perception that valuations may still be

decreasing - and, on the other hand, no transaction worthy of specific attention and consistent with the

group's strategy has arisen so far.

The most significant transaction was carried out through Asset Italia, which acquired 36.69% of Alpitour. TIP's investment amounted to over 90 million, following which TIP directly holds 46.301% of the shares related to the investment.

In October, StarTIP subscribed to the capital increases of TAG and Heroes (TAG's majority shareholder), with a total cost of approximately 3.3 million, and in November, a first tranche of Clubitaly's capital increase was subscribed to, with a disboursement of over 3 million.

During the year, purchases of shares in Elica, Roche Bobois and Dexelance continued, as did the usual active management of liquidity.

Overall, divestments generated proceeds of approximately 78 million.

TIP is listed on the Euronext Star Milan segment that capitalises around 1.6 billion euro.

The performance of TIP stock and the main Italian and international indices is summarised below:

18,5

16,5

14,5

Nasdaq

+365,4%

12,5

S&P 500

+229,2%

10,5

8,5

+180,0%

DOW JONES

+ 170,7%

6,5

FTSE MIB

+133,5%

4,5

FTSE Small Cap

+94,9%

2,5

IT Star

+84,1%

MSCI Eur

+72,3%

0,5

TIP calculations based on data taken on 13 March 2026 at 6.51 p.m. source Bloomberg

The ten-year performance of TIP stock shown in the chart as of 13 March 2026 is 180.0%, higher than some of the major national and international indices, for a total return(1)of 223.4%, which corresponds to an average annual figure of about 22% and a compound figure of 12.4%.

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

In this context, it is worth noting that TIP shares have for some time been trading within a range that is far from the net intrinsic value estimated by TIP on the basis of its direct knowledge of the investments made but also from the target prices set by the analysts covering the stock, that currently range between euro 12.30 and euro 13 per share.

In 2026, the simplification of the group continued, and investments are currently focused primarily on strengthening the existing shareholdings.

In January, the restructuring of control over Vianova was completed.

In February 2026, following the liquidation of Club Design, the period for exercising Investindesign's contractual right of withdrawal came to an end; this corporate reorganisation and simplification was also designed to ensure maximum transparency for Dexelance's planned forthcoming capital increase, in which TIP will participate at least on a pro rata basis, and also to try to avoid, as far as possible, the existence of a hangover.

Also in February 2026, TIP increased its stake in ITH, which controls 56.7% of Sesa, with an investment of approximately 10 million.

Today Amplifon signed an agreement to acquire GN Hearing, creating a vertically integrated global leader in audiology. The merger is of significant strategic importance, bringing together two innovative and complementary groups with combined revenues of approximately 3.3 billion and a presence in over 100 countries. Substantial value creation is expected through significant synergies. The transaction values GN Hearing at approximately 2.3 billion and will be financed with 1.69 billion in cash (already secured via a bridge loan to be repaid over time through a mix of debt and equity and/or equity-linked instruments) and 56 million Amplifon shares. TIP has expressed its intention to participate - at least on a pro rata basis - in the equity portion. The transaction is expected to close by the end of 2026.

Minor investments and divestments also continued, as did share buybacks, which have been particularly significant in recent days.

The outlook for 2026 will depend on how ongoing conflicts develop, particularly the one in the Middle East. Many companies, which had been counting on a gradual but easing of the constraints of tariffs and the consequences of the conflict in Ukraine, are now facing challenges in the form of rising prices for raw materials - both energy and non-energy-related - fluctuations in the US dollar, and high levels of uncertainty regarding orders.

The chart below on investments indicates that the world's top 1,000 companies have, for years, tended to prioritise dividends and share buybacks over capital expenditure and M&A. Fortunately, research and