Approved the quarterly consolidated financial report as at September 30, 2025

RESULTS AS AT 30 SEPTEMBER 2025 CONSOLIDATED NET PROFIT (PRO FORMA) AT 65.9 MILLION (+50%)

CONSOLIDATED SHAREHOLDERS' EQUITY ABOVE 1.5 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 interim financial report as at 30 September 2025.

TIP closes the first nine months of 2025 with a pro forma consolidated net profit of around 65.9 million, increasing more than 50% compared to 43.9 million as at 30 September 2024, thanks to the positive contribution of the results from associated companies and of the capital gains on the divestments of the period. The capital gain on the Bending Spoons shares sold in October is not included. The consolidated net equity as at 30 September 2025 increased to around 1.51 billion, compared to 1.45 billion as at 31 December 2024, after spending during in the period, for dividend distribution and treasury shares buy-back, around 43.5 million.

Worldwide leaders European leaders Italian leaders

As already known, the first nine months of 2025 were substantially characterised by the Alpitour transaction finalized by Asset Italia and indeed the economic result for the period also benefited from the accounting effects of this transaction which together with the contributions of the results from associated companies, gross of certain impairment alignments, were approximately 100 million, thanks to the good results of OVS, Interpump, Sesa, Chiorino, Beta Utensili, Roche Bobois, Alpitour and Limonta.

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, 13 of the main investee companies had a growth in revenues during the period confirms the quality and excellence of the majority of group's companies.

In terms of assets, as at 30 September the fair value valuation of the investment in Bending Spoons was aligned with the 11 billion dollar expressed in a recent transaction.

Other investee companies, like Dexelance, Landi Renzo (held through Itaca), TAG and Zest, have encountered delays and difficulties in executing their developing plans, suggested us, with a conservative view, the recording of impairment alignments in the pro forma income statement.

Sales 9M 2025

(€ mln)

Sales 9M25 vs

9M24

Ebitda

Margin ADJ.

1,744

- 0.1%

22.7%

9M2025

Ricavi 9M 2025

(€ mln)

Ricavi 9M25 vs

9M24

Ebitda

Margin ADJ.

n.d.

+ 12.1%

1,511

3

303

+ 2.5%

13.1%

9M2025

7-8%

+ 53.8%

2.4%

+ 4.4%

494

5

4

> 40

220

- 5.0%

7.9%

350

+ 2.3%

6.3%

2,989 - 2.3% 16.9%

4

524 + 98.5% 50.4%

184 + 0.4% 8.6%

23.4%

+ 4.8%

142

1,576

- 0.8%

23.1%

Margin

(1) Results for the half year of 2025 (as at 31 July 2025). (2) Results for the first quarter of 2025 (as at 31 July 2025). (3) Nine months result as of 31 July 2025. The EBITDA margin is not significant as it is affected by seasonal factors. The results do not include the total summer season, which significantly impacts performance. (4) Results for the half year of 2025 (as at 30 June 2025). (5) The EBITDA margin is not significant due to the seasonal nature of the business.

The results of unlisted companies, which in some cases show significant growth, are particularly significant also in view of the hypothetical future stock market listings and/or valorisation.

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

Revenues from advisory activities in the period were approximately 2 million.

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

Financial income included 10 million of pro-forma capital gain, realized mainly on the partial sales of Hugo Boss and Alkemy shares which were written down in the past. In addition to that, with dividends received and accounted for as income and interests received, TIP has earned 10.9 million. Financial charges, mainly referrable to interest accrued on the bond and other loans, amounted to approximately 14.6 million, while changes in the fair value of derivatives have been approximately 1 million.

The consolidated net financial position of the TIP group as at 31 September 2025, without considering non-current financial assets considered from a management perspective to be liquidity usable in the short term, was negative by approximately 533.9 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 period for new investments in equity (92.9 million, essentially for Alpitour), for the distribution of dividends (26.2 million), the purchase of treasury shares (17.3 million) and operating expenses, net of cash incomes.

Alpitour's operation entailed an investment for TIP, through the subscription of a more than proportional quota of the Asset Italia's capital increase, of approximately 91 million in addiction to a shareholder's loan to Asset Italia of 1.2 million. 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.

During the third quarter, over 300.000 Hugo Boss shares were sold for approximately 13.2 million. Other minor disposals were also made for a total of approximately 6 million.

Dividends received from associated companies not recognised in the income statement but recorded as a reduction in the investment amounted to 19.6 million. Total dividends received during the period amounted to approximately 30 million.

Purchases of treasury shares amounted to 17.3 million. Purchases of Elica, Roche Bobois and Dexelance shares also continued, as did the usual active management of liquidity.

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 November 7, 2025 at 6:30 PM, source Bloomberg

The ten-year performance highlighted by the graph as of 7 November 2025 is 136.6%, higher than some of the main national and international indices, with a total return(1) of 173.3%, which corresponds to an average annual figure of approximately 17.3% and a composite figure of approximately 10.6%. Considering that since January 2019 only seven stocks (the so-called "magnificent seven") have grown by more than 1,000% compared to the rest of the American stock market, which rose by 136%, the long-term performance of TIP stock, which at that time had been outperforming all the major international indices for some time, was very good, not only compared to the American

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

indices, but also relative to the EUROSTOXX 600, excluding stocks of companies operating in the banking and defence sectors.

For some time TIP share price is fluctuating in a range which remains a long way from both the net intrinsic value internally estimated by TIP based on the direct knowledge of its existing investments, as well as from the target prices of all analysts covering the stock, which recently have been all raised and which at present vary between 12.3 and 13 euros per share.

In October, Bending Spoons completed a transaction involving a capital increase of USD 270 million and secondary market transactions totalling USD 440 million, at a pre-money valuation of USD 11 billion. In this context, TIP, through StarTIP, agreed to sell a portion of its shares - a minimal portion, less than 9% of its stake, more to demonstrate the realisation of a significant capital gain than for a belief that this value could be a point of arrival -with proceeds of approximately euro 27 million, 20 times their cost, with a capital gain for TIP of over 25 million. Following this transaction, TIP still holds a stake of just under 3% in Bending Spoons which, given the valuations achieved, is beginning to represent a significant component of TIP's assets.

In October the TAG and Heroes (the majority shareholder in TAG) capital increases were subscribed by StarTIP, with a total outflow of 3 million, being available to subscribe to any unopted shares. The total TAG capital increase amounts to 6.5 million.

The sales of Hugo Boss shares as well as the purchase of treasury shares and shares in Elica and Dexelance continued, as the usual active management of liquidity.

It is in the final phase the Clubitaly capital increase aimed at collecting the financial resources to subscribe the first tranche of Eataly capital increase of 75 million, to be subscribed half within the next 30 November and half within 30 June 2026.

With financial markets continuing to reach new highs and the International Monetary Fund forecasting continued global economic growth of 3%, all the clouds that are 'reported' on a daily basis seem bound to be dissipated.

Even the latest idea from analysts and the media, about the alleged (or real?) bubble of unprofitable investments in artificial intelligence, seems to have little effect on index trends. Trump's tariffs are being heavily scaled back on the one hand, and on the other, they have been being digested in a completely opposite way vis a vis the alarmism of a few months ago, when it seemed that recession could have been imminent because of them. Geopolitical risks appear to be easing.

In light of all this, US Treasury yields remain very high, confirming that the US administration's pressure on the Fed has had only a formal effect, certainly not a substantial one, but rather signalling a gradual, very clear loss of confidence in the United States by the entire global economy; at the same time, the recent municipal elections seem to reflect the prevailing international sentiment rather than the influence of domestic authoritarianism.

The dollar has also strengthened somewhat recently, proving the doomsayers wrong who, months ago, saw it as