Slides
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JULY 2026 COMPANY PRESENTATION
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02 INDEX Italmobiliare: Overview ESG approach Investment Portfolio Focus on portfolio companies Exits Closing remarks
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Vision & Mission and strategic approach 03 “Italmobiliare Investment Holding owns and manages a diversified portfolio of investments in excellent Italian mid-sized companies with a strategic vision based on a financial and industrial history that goes back over 150 years” VISION Italmobiliare intends to be a reference partner for entrepreneurs and managers willing to accelerate and enhance their long-term growth plans and actively contribute to global challenges, creating sustainable, innovative, more competitive and resilient businesses Focus on Italian champions operating in resilient industrial, services and consumer sectors with strong brands, distinctive capabilities, and international presence Flexible approach on investments, usually focused on entrepreneurs skills and talent Contribution to value creation of portfolio companies with strategic and financial support for organic and M&A growth, as well as identification of synergies between portfolio companies and Italmobiliare itself Private equity investments provide Italmobiliare and its direct investee companies a global footprint for business opportunities Italmobiliare participate to the Science Based Targets Initiative (SBTi), committing to set emission reduction targets in line with the net-zero scenario and is committed on improving the ESG positioning of its portfolio companies leveraging its industrial heritage and governance expertise as a listed holding INVESTMENT STRATEGY FOCUS VALUE CREATION AND NETWORK ESG DRIVEN MISSION Italmobiliare plays a proactive role in the process of growth and enhancement of its portfolio companies by promoting their development, internationalisation and innovation with an effective governance and risk management model, and full ESG integration at all stages of investing
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• Investment holding since 1946 • Majority shareholder: Pesenti family, active in the Italian business community for over 150 years • Focus on equity investments on Italian mid-sized companies • NAV: Euro 2.24 bn or Euro 53.3 per share(1), • Increase in NAV since end of 2017: Euro 1.15 bn, of which Euro 0.46 bn of dividends paid out to shareholders • Listed on Euronext STAR segment of Borsa Italiana • Market cap: approx. Euro 1.24 bn(2) • Ordinary dividend of Euro 1.1 per share (3.6% yield(2)) Italmobiliare at a glance 04 (1) As of June 30, 2026, net of treasury shares (2) Based on share price on July 24, 2026; yield adjusted for dividend for 2025 results paid in May 2026
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Since 2017 invested in 11 portfolio companies and executed 4 major exits Our History 1979 20 20 20 16 Exit from the food plastic packaging sector by disposing Sirap Group's assets Increased stake in Officina Profumo - Farmaceutica di Santa Maria Novella to 100% Acquisition of a 80% stake in Officina Profumo-Farmaceutica di Santa Maria Novella Acquisition of 92.5% of Casa della Salute (now CDS) and 60% of Callmewine Adherence to UN Global Compact Acquisition of 30% of Autogas Nord (now AGN Energia) and 80% of Capitelli Sale of stake in Jaggaer Cancellation of 90% of treasury shares Listing on STAR segment of Borsa Italiana Italcementi acquires Ciments Français becoming a world leading player in the cement industry Acquisition of a 19,99% stake in Bene Assicurazioni and 100% of SIDI Sport Distributed €59m of ordinary and extraordinary dividend Portfolio diversification Sale of investment in Florence Group Participation to the Science Based Targets Initiative (SBTi), committing to set emission reduction targets in line with the net -zero scenario Sale of Italcementi for a mix of cash and assets incl. Italgen, BravoSolution and HeidelbergCement shares Conversion of Italmobiliare saving shares Acquisition of Clessidra SGR Share buy back for €100m Purchase of 40% of Tecnica Group Sale of BravoSolution and acquisition of a stake in Jaggaer 1992 1993 - 2005 20 19 20 1 7 20 21 20 22 20 23 1946 In 1979 Italmobiliare acquires the control of Italcementi and in 1980 is listed on the Milan Stock Exchange Italcementi, founded in 1864, carves out into newly created Italmobiliare the non-building materials related assets Purchase of 60% of Caffè Borbone and 39% of ISEO 20 18 05 20 24 In February sale of investment in AGN Energia Distributed a total dividend of €127m CDP Worldwide has raised Italmobiliare climate rating to «A -» In September sold Mediobanca stake (held through Fin.Priv.) with a cash-in of €45m 20 25
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06 Diversified portfolio of strategic participations, Private Equity funds, financial participations and solid level of liquidity Investment Portfolio Other investments (7%) Portfolio companies (71% of NAV) Private Equity funds (12%) 2016 2016 2018 2017 2018 2020 2019 Italmobiliare core business Italmobiliare NAV is Euro 2.24 bn NAV Euro 2.24 bn PORTFOLIO HIGHLIGHTS 2020 20222022 Liquidity and financial assets (7%) and others… and others… Portfolio Companies 71% Private Equity 12% Financial investments, trading & liquidity 7% Other investments 7% Real Estate & Other 3%
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Private Equity change in fair value: + € 3 m (+1% YTD) Balance capital distributions / capital calls: + € 4 m 07 Summary of 1H 2026 performance Net Asset Value: € 2,240 m (€ -17 m; -0.7% YoY(1)) Main Portfolio Companies Summary of key NAV items Other investments change in fair value: - € 4 m (-3% YTD) Liquidity and financial assets € 166 m as of June 2026 decrease of € 61 m YTD mainly due to: - Dividend payment and buyback for € 48 m - Holding costs for € 28 m(2) Revenues: € 189 m +3% YoY EBITDA adj. margin: 16% EBITDA adj.: +26% YoY (60% interest) (95% interest) (89% interest) Revenues: € 35 m +7% YoY EBITDA adj. margin: 16% EBITDA adj.: -25% YoY Revenues: € 51 m +34% YoY EBITDA adj. margin: 18% EBITDA adj: +39% YoY Total Portfolio Companies change in fair value: + € 10 m (+1% YTD) Distributed € 14 m of dividends to ITM (40% interest) Revenues: € 174 m +1% YoY EBITDA margin: n.m. (100% interest) Revenues: € 31 m -3% YoY EBITDA adj, margin: 35% EBITDA adj.: -22% YoY (1) Adjusted for buy back executed in 1Q 2026 and dividends distributed in May 2026 (2) Includes cash-out related to 2023-2025 LTI plan
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1,545 2,240 1,152 457 NAV @31/12/2017 Total value creation Dividends and buyback NAV @30/06/2026 1.0x 1.74x 0.29x Note: NAV net of treasuryshares 08 Generated Euro 1.15 bn of additional NAV of which Euro 0.46 bn distributed to shareholders Italmobiliare total return 2018 – 2026 In the period 2015-2017 Italmobiliare divested nearly Euro 2.0 bn of assets (Italcementi, BravoSolution, Finter Bank and HC shares) and distributed cash (dividend and buy back) and Heidelberg Materials shares for approx. Euro 680 m Since 2018 Italmobiliare: - Divested Euro 860 m of direct assets and invested Euro 680 m on Portfolio Companies (Euro 740 m including Tecnica) - Distributed dividends for Euro 449 m and bought back shares for Euro 8 m - Increased its NAV by almost Euro 700 m net of dividends distribution Total NAV value creation for shareholders: Euro 1,152 m or Euro 27.4 per share (IRR 7.4%; MoM 1.74x) 36.8 27.4 10.8 53.3Per share (€) Data in Euro m Portfolio Companies: 15% of NAV Cash and liquidity: 36% of NAV Portfolio Companies: 71% of NAV Average vintage of portfolio companies: ~7 years NAV MoM Distributions and buybacks Year of distribution 2018 2019 2020 2021 2022 2023 2024 2025 2026 Total CAGR '18-26 Dividend per share (€) Ordinary 0.55 0.55 0.6 0.65 0.7 0.7 0.8 0.9 1.1 6.0 9.1% Extraordinary - - 1.2 - 0.7 - 2.2 - - 4.1 Total 0.55 0.55 1.8 0.65 1.4 0.7 3.0 0.9 1.1 10.1 Dividends and buy backs (€ m) Dividends 23 23 76 28 59 30 127 38 46 449 Buy-back 6 2 8 Total 23 23 76 28 59 30 127 44 48 457
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Private Equity ~10% Otherassets ~10% Portfolio Companies ~70% Financial investments, trading & liquidity ~10% Note: NAV net of treasury shares, discount calculated as of NAV's date Note: starting from March 2025 the participation in Callmewine, due to its limited size, has been restated from Portfolio Companies to Other Investments, NAV as of December 2024 has been restated accordingly TARGET ALLOCATION Over the past 8 years achieved target capital allocation and started the capital rotation phase Net Asset Value development 09 €1,545 m December 31, 2017 (1) From 31 December 2022 Listed Participations are included in Other investments (€m) Portfolio Companies 240 Listed Participations(1) 544 Private Equity 95 Financial investments, trading & liquidity 549 Other investments 59 Real Estate & Other 58 NAV 1,545 NAV per Share 36.8 € NAV Discount 35% Listed Participations 35% Portfolio Companies 15% Private Equity 6% Financial investments, trading & liquidity 36% Other investments 4% Real Estate & Other 4% €2,305 m December 31, 2025 Portfolio Companies 69% Private Equity 12% Financial investments, trading & liquidity 10% Other investments 7% Real Estate & Other 3% (€m) Portfolio Companies 1,583 Private Equity 276 Financial investments, trading & liquidity 227 Other investments 154 Real Estate & Other 66 NAV 2,305 NAV per Share 54.8 € NAV Discount 50% Dividends paid from Dec '17 to '25 409 €2,240 m June 30, 2026 Portfolio Companies 71% Private Equity 12% Financial investments, trading & liquidity 7% Other investments 7% Real Estate & Other 3% (€m) Portfolio Companies 1,588 Private Equity 276 Financial investments, trading & liquidity 166 Other investments 146 Real Estate & Other 65 NAV 2,240 NAV per Share 53.3 € NAV Discount 48% Dividends paid from Dec '17 to 1H '26 449
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NAV dynamics Performance of Portfolio Companies 10 1H 2026 results and key highlights ▪ NAV of Euro 2,240 m as of June 2026, Euro -17 m or -0.7% (adjusted for dividends and buyback of €48m) from December 2025, mainly effect of increase in fair value of portfolio companies (Euro +10 m) net of holding costs, taxes and trading income (Euro -26 m) In 1H 2026, Portfolio Companies’ aggregated revenues grew by 9% YoY, while aggregated EBITDA increased by 15% YoY, primarily driven by the strong performance of Caffè Borbone, CDS and Iseo • Caffè Borbone recorded revenue growth of +3% YoY and adjusted EBITDA growth of +26% YoY, although results do not yet fully reflect the normalization of raw coffee prices • Santa Maria Novella delivered solid revenue growth of +7% YoY (+9% at constant FX), while EBITDA declined by 24% YoY, mainly due to increased marketing and development expenses • CDS – Casa della Salute continued its strong momentum, with revenues up 34% YoY and adjusted EBITDA increasing by 39% YoY • Italgen reported lower production levels compared to a strong 1H 2025, resulting in a revenue decline of -3% YoY and lower EBITDA. • Tecnica showed solid performance, with stable revenues and an increasing EBITDA • Iseo experienced a strong recovery, with revenues rising by 7% YoY and EBITDA increasing significantly (+78% YoY) • Capitelli delivered a stable performance, with slightly lower revenues and EBITDA broadly in line with the prior year • SIDI Sport reported lower revenues YoY and a strong improvement in EBITDA • Bene Assicurazioni continued its growth trajectory, with Gross Written Premiums (GWP) up 24% Other events • On April 17th, 2026 completed a share buyback for €1,5m (corresponding to 0.1% of the share capital) out of a buyback plan of Euro 10 m • On May 6th 2026 Italmobiliare distributed an ordinary dividend of Euro 1.1 per share for a total amount of approx. Euro 46 m Net of Euro 14 m of dividends distributed to ITM 2,305 2,240 10 3 (4) (48) (26) NAV @31/12/2025 Change in portfolio companies fair value Change in private equity fair value Change in other investments fair value Dividends and buyback ITM Change in other NAV items NAV @30/06/2026 Includes payment of 2023- 2025 LTI plan
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Indipendent Director according to the Code of Corporate Governance and CLF (Consolidated Law on Finance) ▪ Major shareholder is the Pesenti family ▪ Italmobiliare Board of Directors composed by 12 members, majority of independent directors, in office until the approval of 2028 results A. Di Bella (a) (c) A. Genco (a) (b) S. Pezzini P. Ruffini G. Villa (a) V. Casella Non-executive Director Italmobiliare shareholding structure 11 L. Strazzera (Deputy Chair) G. Bonomi C. Pesenti (CEO and Chairman ) A. Carra L. Minoli 11 S HARE HO L DI NG S TRUCTU RE ( 1 ) BO AR D O F DI RE CTO RS (1) As of June 2026 (2) Indirectly through Efiparind BV, Efiparind BV & CIE SCPA, Cemital Privital Aureliana S.p.A. and with a fiduciary header to CFN Generale Fiduciaria S.p.A. for 48.045% and directly, on a personal basis for 1.078% of the share capital (3) Estimate Mainly represented by institutional investors, of which 75% based outside Italy(3) (2) R. Pesenti (a) Member of the Management Control Committee (b) Chairperson of the Management Control Committee (c) Lead Independent Director Carlo Pesenti 49.1% Serfis 11.2% Mediobanca/MPS 6.8% Treasury shares 1.1% Free float 31.8%
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12 CEO and Chairman profile CARLO PESENTI CEO and Chairman Degree in Mechanical Engineering - Milan Polytechnic. Master in Economics & Management - Bocconi University, Milan. Since 1999 he has been a member of the Board of Directors of Italmobiliare, an investment holding company listed on the Milan Stock Exchange. In 2001 he was appointed Chief Operating Officer and in May 2014 he became Chief Executive Officer. During his career he served for more than a decade, till 2016, as CEO of Italcementi. Along with the positions held in the Italmobiliare Group, he has also been a member of the Boards of Directors of leading listed companies such as Unicredit S.p.A., RCS S.p.A. and Mediobanca S.p.A. for several terms of office. He is currently Chairman of Officina Profumo-Farmaceutica di Santa Maria Novella S.p.A. and is a member of the Board of Directors of Clessidra Holding S.p.A., Tecnica Group S.p.A. and Caffè Borbone S.r.l. (Italmobiliare Group portfolio companies). Former Vice-President of Confindustria (2014-2016), he is a member of the Advisory Board of Assolombarda. He is a member of the Board of ISPI and Co-Chairman of the Italy-Thailand Business Forum. He is Chairman of the Pesenti Foundation, which promotes interaction between profit and non-profit organisations for the diffusion of a culture of innovation to generate projects and activities in the social, environmental and cultural sectors.
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40 50 60 70 80 90 100 110 120 130 140 Italmobiliare share price performance | Last 5 years 13 13Source: Bloomberg as of July 24, 2026; prices rebased to 100 adjusted for dividends distributions Total shareholders return last 5 years Source: Bloomberg as of July 24, 2026 Last 5 years Italmobiliare share price performance vs STAR index Italmobiliare: +22% FTSE Italia STAR: -16% March 2022 BoD proposal for distribution of an extraordinary dividend March 2024 BoD proposal for distribution of an extraordinary dividend February 28, 2024 Announced exit from AGN Energia June 2025 Announced launch of treasury share buyback program November 2025 Announced re-integration to the MSCI Global Small Cap Index effective on Nov 24th 105% 24% 23% 2% -4% -8% -24% -35% -40% Investor TIP Italmobiliare GBL Lundbergs Wendel Eurazeo Sofina Peugeot Invest
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14 ▪ Portfolio risk analysis: ▪ main risk indicators (VaR, CVaR and recovery time) are aligned with the average risk indicators of the global equity index ▪ well diversified portfolio with a balanced degree of correlation of the different components ▪ Italmobiliare and each of the portfolio companies periodically monitor and analyze specific risk factors and identify precise actions for risk mitigation and hedging ▪ Risk factors analyzed: capital markets, regulatory, sustainability, climate change, country and currency exposure, commodities, inflation, supply chain, technological disruption, rates, economic cycle, cybersecurity, etc. ▪ Exposure to different country/area risks: the NAV distribution proportional to the geographic diversification of sales shows a good level of diversification out of Italy (~40% of NAV linked to sales abroad) NAV at December 31, 2025 NAV geographic breakdown proportional to 2025 sales Italmobiliare periodically performs an integrated analysis of the main risk factors and related mitigation measures Risk management Italy 58% Rest of Europe 18% Extra Europe 24% Portfolio Companies 69% Private Equity 12% Financial investments, trading & liquidity 10% Other investments 7% Real Estate & Other 3%
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15 INDEX Italmobiliare: Overview ESG approach Investment Portfolio Focus on portfolio companies Exits Closing remarks
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16 ESG More info on Italmobiliare group sustainable approach and performance on the annual sustainability report. Italmobiliare adheres to the United Nations Global Compact, the world's largest strategic sustainability initiative, by sharing, supporting and applying in its sphere of influence the fundamental Ten Principles of the Global Compact and by actively contributing to the achievement of the United Nations’ Sustainable Development Goals. Among these, six SDGs are set as a common strategic reference for value creation, in addition of those specific to the businesses of the portfolio companies Italmobiliare has signed and promotes the Women Empowerment Principles explicitly referred to in the Codes of Ethics of the holding company and all the portfolio companies Italmobiliare adheres to the Science Based Targets initiative (SBTi). 2030 GHG reduction targets have been already validated by SBTi, and 2050 Net-Zero commitment is set. Commitment to sustainable transition and value creation
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ESG strategy, actions and ratings 17 GOVERNANCE E VALUE CHAIN CLIMATE STRATEGY HEALT, SAFETY AND WELLBEING GENDER AND HUMAL CAPITAL DEVELOPMENT The foundation for Holding and Portfolio Companies Adoption of Code of Ethics and Sustainability Policies, with application extended to the entire value chain. Validated SBTi objectives covering the 76% of NAV and 100% of carbon footprint. Actively supporting people in addressing emerging social challenges. Adoption of the Women Empowerment Principles (WEPs) and inclusive growth of competences. Ongoing actions 100% of Portfolio Companies adopting and maintaining ESG prequalification process for all suppliers. 100% of Portfolio Companies with validated SBTi objectives and active decarbonization plans. 100% of Portfolio Companies with a full culture of safety as an ethical and business efficiency model. 100% of Portfolio Companies adopting a people development plan aimed at growth, inclusion and gender equality. ESG Rating ESG Rating ESG Risk Rating Climate Overall B AAA 64/100 87° percentile 10.8 “Low risk” Climate Supplier Engagement A Forest and Water B ESG strategic guidelines ESG ratings
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ESG-driven approach to portfolio value creation 18 IMPRINTING Diverse and qualified BoD UN Global Compact Women’s Empowerment Principles Science Based Targets initiative 100% renewable energy GOVERNANCE Code of Ethics Sustainability Policies Business integrity model (231) Supplier Charter STRATEGY Materiality Analysis ESG & SDGs Rating Gap analysis ESG Plan 1° Year ESG INTEGRATION EXCLUSION LIST Coal, oil and gas Conflict minerals and other minerals Gambling GMOs and cloning Nuclear energy Pornography Recreative drugs High water impact sectors High forest impact sectors Tobacco Weapons POSITIVE SCREENING Contribution to SDGs ESG DUE DILIGENCE Through the entire value chain, including climate risk and taxonomy alignment assessment PRE-INVESTMENT SCREENING 2° Year + VALUE CREATION ENVIRONMENT Decarbonization (SBTi) Renewable or recycled materials Responsible packaging No deforestation Biodiversity SOCIAL Diversity, equity and inclusion Health, safety and well-being Continuous training Career management Product/service stewardship Community investments GOVERNANCE Sustainable procurement Certified management systems ESG Rating Sustainability Reporting EXIT OR NEW CYCLE ESG INFO Transparency on ESG performance and on sustainable transformation achieved MISSION LOCK Search for buyer that can continue the ESG process Continuous coaching, training and managerial support to all Portfolio Companies Monitoring, data collection and reporting aligned with Group's best practices and legal requirements (NFRD/CSRD, GRI/ESRS, TCFD, Taxonomy, SFDR) Active ownership of Portfolio Companies through dialogue, transparency and continuous support towards the integration of environmental, social and governance success levers into the business strategy
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ESG Performance 19Leading KPIs highlight contribution to Sustainable Development Goals Consolidated ESG performance refers to Italmobiliare and majority-controlled Portfolio Companies; variation of metrics is influenced also by change in consolidation perimeter. * Target 2025 has been embedded in the wider set of decarbonization targets validated by the Science Based Targets initiative . See Sustainability Report for details. 2019 2020 2021 2022 2023 2024 2025 GENDER EQUALITY Women in managerial positions % of women in middle and top management positions 19% 22% 33% 31% 35% 38% 40% DECENT WORK Injury frequency rate Work injuries that caused >24h absence from work per million worked hours 6.0 4.8 6.8 3.3 4.8 5.1 2.0 RESPONSIBLE PRODUCTION Responsible resources: raw materials % of renewable or recycled materials out of the total materials used 30% 46% 90% 90% 91% 96% 84% FIGHTING CLIMATE CHANGE Carbon intensity CO2 emissions direct (Scope 1) and indirect (Scope 2) per million euro of revenues 88 79 23 13 13 12 11 * BUSINESS INTEGRITY Companies with formalized instruments to combat offenses % of Portfolio Companies that adopted 231 Organization and Control Model 100% 83% 88% 100% 100% 100% 100% PARTNERSHIP FOR SUSTAINABILITY Companies with reference identity documents for ESG engagement % of Portfolio Companies with Code of Ethics explicitly oriented towards sustainability and advanced Sustainability Policies 60% 67% 100% 100% 100% 100% 100%
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20 INDEX Italmobiliare: Overview ESG approach Investment Portfolio Focus on portfolio companies Exits Closing remarks
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21 Date of entry Sector Strategy and drivers Financials 2025 (€m): Revenues (YoY % var.) EBITDA (% margin) Leverage NFP/EBITDA Revenues breakdown by geography(1) Caffè Borbone (60%) May-2018 ▪ Coffee ▪ Organic growth in an expanding market ▪ Development of international markets 371 (+11%) 57 (15%) 1.0x 86% ITA Tecnica (40%) Nov-2017 ▪ Sport equipment ▪ Support to organic growth, product/brand portfolio enhancement, group structure optimization, margins and cash flows improvement 541 (+5%) 66 (12%) 1.8x 93% Abroad Santa Maria Novella (95%) Jan-2020 ▪ Perfumes and cosmetics ▪ Accelerating international expansion of an iconic brand ▪ Product portfolio development and consolidation of brand awareness 74 (+6%) 20 (27%) 0.2x 66% Abroad CDS - Casa della Salute (89%) Dec-2020 ▪ Outpatient healthcare clinics ▪ Accelerating network expansion through new openings and bolt-on acquisitions 80 (+27%) 17 (21%) n.m. 100% ITA Italgen (100%) Jun-2016 ▪ Hydro and renewable energy ▪ Resilient yield play, efficiency, market consolidation, green/brown field projects ▪ Portfolio hedge on energy costs 63 (-6%) 31 (50%) 1.4x 100%ITA ISEO (39%) Oct-2018 ▪ Access control and locking solutions ▪ Partnership with entrepreneurs to support organic and M&A growth ▪ Acceleration in the digital and electronic space 155 (+1%) 14 (9%) 2.7x 74% Abroad Bene Assicurazioni (25%) Apr-2022 ▪ Insurance ▪ Support organic growth also through agency network expansion 353 (+22%)(2) 100% ITA Capitelli (80%) Dec-2019 ▪ Food (ham) ▪ Support organic growth ▪ Market consolidation 25 (+6%) 5 (19%) 0.4x 100%ITA SIDI Sport (100%) Oct-2022 ▪ Sport equipment ▪ Support organic growth and international expansion ▪ Enhancement of managerial team ▪ Product portfolio development and brand consolidation 32 (+1%) (0.9) n.m. 88% Abroad Note: table not including Clessidra Holding; data refer to EBITDA adjusted for Santa Maria Novella, CDS - Casa della Salute, SIDI Sport, ISEO and Tecnica (1) For reference, share of revenues in USA are: 2% for Caffè Borbone; 20% for Tecnica; 16% for Santa Maria Novella and 16% for SIDI Sport (2) Data refer to gross written premiums Strategy: Ebitda growth, organic and M&A business expansion, low leverage Portfolio companies Portfolio Companies 71%
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22 Main investments Sector Investment partner Profile Date of investment Wine Clessidra Private Equity ▪ Largest Italian wine producer and exporter with €450m of revenues (90% abroad) and an asset-light business model focused on brand and distribution ▪ In 2021 add-on of Mondodelvino and in 2023 add-on of Zaccagnini ▪ 2021 IT services & software Clessidra Private Equity ▪ Provider of IT & software services and digital solutions to SMEs ▪ 2022 Pharmacy Management team ▪ Aggregator in the retail pharmacy industry ▪ 2021 Industrial technology Clessidra Private Equity ▪ Provider of scanning & optimization solutions for the wood processing industry ▪ 2025 Selected other investments: co-investments with return opportunities Other investments Other investments 7%
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23 Strategy: global multi-industry reach and complementarity with investment portfolio Private Equity Category Strategy Funds Share of total NAV Clessidra funds Italy mid-cap LBO ItalySmall-cap Italy Unilkely-to-pay Italy Private Debt Fund III Fund IV Green Harvest Restructuring Private Debt I and II ~50% Third-parties funds Mid-large cap LBO US and Europe ~30% Venture capital and early stage US and Europe ~20% Growth capital US and Europe Private Equity 12%
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NAV per share and NAV discount evolution 24 ▪ NAV is calculated according to the following methodologies for each of the main asset class: ▪ Private participations (portfolio companies): at financial year-end valuation by an independent expert based on market multiples or other methodologies; valuation is also updated on the basis of June interim report ▪ Private equity investments: valued at NAV of each fund updated every quarter ▪ Listed participations: value at market price at each reference date (1) NAV per share as of June 30, 2026 Current discount Since end of 2017 distributed Euro 10.7 per share of dividends Net Asset Value per Share development (1) 35% 35% 38% 39% 46% 43% 44% 45% 42% 38% 25% 25% 33% 35%36% 38% 34% 41% 44% 49% 47% 46% 49% 51% 47% 34% 43% 44% 51% 55% 50% 41% 50% 52% 48% 45% 36.8 35.4 34.1 33.7 33.9 35.5 37.9 37.9 41.5 38.8 38.6 39.2 43.5 44.3 47.3 47.8 49.2 49.2 46.7 46.4 48.0 48.0 48.8 48.9 52.1 52.4 50.3 50.6 52.4 52.6 52.0 52.2 54.8 54.7 53.3 53.3 24.1 23.0 21.0 20.7 18.2 20.3 21.2 21.0 24.2 23.9 29.0 29.5 29.3 28.7 30.5 29.6 32.5 28.9 26.4 23.5 25.6 25.9 25.1 24.0 27.8 34.6 28.6 28.4 25.9 23.5 26.0 30.6 27.4 26.4 28.0 29.5
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25 INDEX Italmobiliare: Overview ESG approach Investment Portfolio Focus on portfolio companies Exits Closing remarks
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R E V E N U E S B R E A K D O W N P R O F I L E K E Y F I N A N C I A L S P R O D U C T S (€ m) 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 Revenues 93.6 135.2 172.6 219.3 252.9 262.7 300.4 334.5 370.8 189.4 YoY % var. +30% +44% +28% +27% +15% +4% +14% +11% +11% +3% EBITDA 20.3 33.7 52.0 75.1 83.1 68.5(1) 79.7 67.5 56.8 29.4(2) % margin 22% 25% 30% 34% 33% 26% 27% 20% 15% 16% Net income 13.7 16.5 34.2 90.5 63.5 38.8 48.0 36.9 30.2 14.6 Dividends 8 20 30 50 30 50 20 Net debt (cash) (27.3) 51.2 31.6 11.8 (8.0) 20.6 (17.1) 68.9 55.3 62.4 BY COUNTRYBY PRODUCT 26 Caffè Borbone, based in Naples, is the main producer of single-serve coffee in Italy in volumes as well as the market leader for capsules compatible with Lavazza® and Nestlé Nespresso® and Nescafé Dolce Gusto® systems* Caffè Borbone has achieved an impressive growth thanks to the excellent price / quality ratio and to its focus on coffee capsules and pods, a fast- growing market that has changed consumer habits Caffè Borbone has developed a strong brand awareness at a national level becoming the #1 single-serve brand in volumes in Italy, with further growth potential abroad *All registered trademarks, product designations or brand names used in this document are not owned by Caffè Borbone nor by any company associated with it Entry: May 2018 Caffè Borbone (60%) Note: 2025 data; unaudited management account Margins reduction due to raw materials inflation Increase due to inclusion of acquisition financing Moka coffee Paper Pods Coffee beans Capsules compatible with Lavazza and Nestlé (Nespresso and Dolce Gusto) systems Note: FY 2017 drawn up in accordance with Italian accounting standards and from 2018 in accordance with IFRS (1) Adjusted for non recurring costs for €2.7m (2) Adjusted for non recurring costs for €1.1m Increase also due to inventory absorption for high coffee prices Pods 32% Capsules 48% Other 20% Abroad 14% Italy 86% Includes €24m of expansion investment for the acquisition of the adjacent plant
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R E V E N U E S B R E A K D O W N P R O F I L E K E Y F I N A N C I A L S P R O D U C T S 27 Officina Profumo-Farmaceutica di Santa Maria Novella produces and distributes luxury fragrances and cosmetic products under its own brand The company is headquartered in Florence with roots in the oldest pharmaceutical laboratory in Europe founded by Dominican friars with a history dating back to the 13th century A rich tradition and strong heritage contributed to the creation of an iconic and unique brand with a wide portfolio of products distributed in more than 30 countries in Europe, USA and Asia through 38 mono-brand DOS, a network of wholesale stores and own e-commerce website The company is increasing its focus on DOS and distribution partnerships; in 2023 it has bought back the distributor in Venice and the distribution business in Japan with 16 POS (effective in 2024) and has signed a distribution agreement for the UAE Entry: January 2020 Officina Profumo-Farmaceutica di Santa Maria Novella (95%) BY GEOGRAPHY BY DISTRIBUTION CHANNEL Note: 2025 data; unaudited management account Variation also due to application of IFRS16 Historical store in Florence DOS in Milan Fragrances and perfumes Skin and body care Candles and home fragrances Other products STORES AND PRODUCTS Note: 2019 accounts drawn up in accordance with Italian accounting standards and reclassified according to ITM policies; from 2020 accounts in accordance with IFRS (1) Adjusted for non recurring items for €2.2m (2) Adjusted for non recurring items for €1.5m (3) Adjusted for non recurring costs for €2.6m (4) Adjusted for non recurring costs for €0.4m Includes €21m of IFRS16 lease debt DOS 58% E-commerce 13% Wholesale 29% EMEA 24% APAC 26%USA 16% Italy 34% (€ m) 2019 2020 2021 2022 2023 2024 2025 1H26 Revenues 31.1 22.6 30.0 46.6 56.2 70.0 74.4 34.7 YoY % var. +4% -27% +33% +55% +21% +25% +6% +7% EBITDA 12.4 5.2(1) 8.2 11.3 15.7 20.7(2) 20.2(3) 5.4(4) % margin 40% 23% 27% 24% 28% 30% 27% 16% Net income 10.3 (0.1) 2.5 4.7 6.5 7.5 5.0 (0.3) Dividends 8.0 5.0 2.5 Net debt (cash) (19.2) (10.1) (14.8) (5.8) 1.9 5.9 4.6 6.6
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R E V E N U E S B R E A K D O W N P R O F I L E K E Y F I N A N C I A L S P R O D U C T S (€ m) 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 Revenues 368.0 398.5 424.0 382.5 463.8 561.0 540.3 516.9 541.3 173.8 YoY % var. +8% +8% +6% -10% +21% +21% -4% -4% +5% +1% EBITDA 31.4 37.7 59.6 59.4 82.9 94.5 91.2(2) 79.0(3) 66.2(4) (11.4) % margin 9% 10% 14% 16% 18% 17% 17% 15% 12% n.m. Net income(1) 0.9 5.4 11.3 8.4 41.2 44.8 25.9 25.2 7.9 (20.2) Dividends 8.0 10.0 6.0 6.0 6.0 Net debt (cash) 125.6 113.4 221.1 171.1 127.5 139.3 156.0 147.1 116.8 163.0 EBITDA adjusted: €59.6m + IFRS16 adoption €5.2m • Non recurring items €3.9m • Riko full year pro-forma adj €9.4m EBITDA reported: €51.5m Increase due to: • adoption of IFRS16 (€37m) • Riko-Lowa minorities acquisition (€86m) 28 Tecnica Group is the main Italian group active in the sport sector being the leading manufacturer of outdoor footwear and ski equipment The group has collected a portfolio of brands that includes some of the industry’s historic names: Tecnica (ski boots and footwear), Nordica (skis and boots), Moon Boot (footwear), LOWA (trekking shoes), Blizzard (skis) and Rollerblade (inline skates) Tecnica is a multinational group that generates over 90% of its sales abroad and its production plants are located in Germany, Austria, Hungary, Slovakia and Ukraine Entry: November 2017 Tecnica Group (40%) Ski equipment All-season Note: 2025 data; unaudited management account BY PRODUCTBY GEOGRAPHY BRANDS AND PRODUCTS (1) Excluding minorities until 2020 (2) Adjusted for non recurring costs for €7.1m (3) Adjusted for non recurring costs for €4.4m (4) Adjusted for non recurring costs for €5.8m Italy 7% Europe 64% North America 23% RoW 6% Trekking and outdoor shoes 46% Ski equipment 39% Moon Boot and skates 14% Other 1%
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R E V E N U E S B R E A K D O W N P R O F I L E K E Y F I N A N C I A L S P R O D U C T S (€ m) 2019 2020 2021 2022 2023 2024 2025 1H26 Centers n. 8 8 11 12 26 35 40 45 Revenues 11.7 16.5 25.8 32.5 42.8 63.2 80.2 51.0 YoY % var. +105% +41% +56% +26% +32% +48% +27% +34% Adj. for non recurring costs 1.3 1.4 1.7 3.5 5.7 6.5 2.6 EBITDA adj. 1.2 2.3 3.9 6.5 8.6 13.2 16.7 9.0 % margin 10% 14% 15% 20% 20% 21% 21% 18% Net income (0.2) (0.6) (0.8) (1.7) (3.7) (7.9) (9.3) (5.2) Investments(1) 2.6 15.4 20.0 25.1 37.3 32.7 23.2 Net debt (cash) 6.2 16.5 34.3 44.5 66.3 78.2 84.8 91.7 CDS - Casa della Salute is an integrated operator of health centers, built around the concept that a wide array of high-quality private health services such as imaging diagnostics and physiotherapy can be provided at accessible prices and with short waiting lists Company’ s growth is driven by a disruptive business model, based on advanced IT systems and state-of-the-art equipment, that allows high operational efficiency, and prices close to national healthcare ticket The company operates 40 healthcare centers and 5 analysis collection centers Entry: December 2020 CDS - Casa della Salute (89%) Note: 2025 data; unaudited management accounts 29 Increase mainly due to application of IFRS16 GEOGRAPHICAL PRESENCE (1) Includes M&A Note: 2019 accounts drawn up in accordance with Italian accounting standards, 2020 accounts reclassified according to ITM policies, from 2021 in accordance with IFRS 45 centers located in Liguria, Piedmont, Valle D’Aosta and Sardinia Of which: Bank net debt: €56 m IFRS 16 lease debt: €36 m Includes capital increase of €12m 13 29 2 Outpatient 38% Imaging diagnostic 30% Laboratory 5% Surgery 7% Dentistry 20% 1
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R E V E N U E S B R E A K D O W N P R O F I L E K E Y F I N A N C I A L S P R O D U C T S 2019 2020 2021 2022 2023 2024 2025 1H26 34.4 30.2 45.3 50.0 56.8 66.8 63.0 31.2 -5% -12% +50% +10% +14% +18% -6% -3% 14.6(1) 13.9(2) 24.3(3) 9.8 12.6 31.9 31.2 11.0(4) 42% 46% 54% 20% 22% 48% 50% 35% 7.4 11.1 12.6 4.9 3.1 19.4 15.6 3.2 6.0 7.2 4.8 8.0 4.0 8.0 15.0 8.0 20.1 10.2 18.7 29.6 34.4 30.5 43.6 55.9 (€ m) Revenues YoY % var. EBITDA % margin Net income Dividends Net debt (cash) 30 Italgen is a producer and distributor of electricity from renewable energy sources, it manages 32 hydropower plants and 9 photovoltaic plants for 103 MW of production capacity and over 300 km transmission lines in northern Italy A pipeline of solar and wind projects is currently under development Italgen is strongly committed to sustainability, it operates in full compliance with the environment and has obtained the most relevant certifications: ISO 9001, 14001 and EMAS (Eco Management Audit Scheme) Entry: June 2016 Italgen(100%) ▪ Installed capacity: 103 MW (100% renewable: 70% hydro and 30% solar) ▪ Energy production potential: 372GWh/year ▪ Equivalent households potentially supplied by Italgen:143,000 ▪ Avoided CO2 emissions: 161,000 Tons/year Plants locations GEOGRAPHICAL PRESENCE KPIs (1) Adjusted for non recurring costs (€0.4m) (2) Adjusted for non recurring revenues and costs (-€9,7m) (3) Adjusted for non recurring costs (€1.3m) (4) Adjusted for non recurring costs (€1.0m) Hydro Solar 18 11 2 1 1 2 41 Hydro Solar 1 2022 and 2023 results mainly influenced by low level of production due to extraordinary low rainfall in the period 1H23 impacted also by temporary regulatory measures
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R E V E N U E S B R E A K D O W N P R O F I L E K E Y F I N A N C I A L S P R O D U C T S ISEO Ultimate Access Technologies, headquartered in Pisogne (Brescia, Northern Italy), is one of the main European producers of mechanical, mechatronic and digital solutions for access control and security Since 2010, ISEO has developed digital solutions and innovative security systems for access control thanks to proprietary software and firmware and a dedicated research center ISEO is the second player in the Italian market (13% market share) and has developed a significant presence abroad – also through acquisitions – in Europe, Asia, China, Middle East, South Africa and South America In 2021 ISEO has acquired a majority stake in Sofia Locks a PropTech company specialized in cloud native access control solutions Entry: October 2018 Iseo Ultimate Access Technologies (39%) Note: 2025 data; unaudited management accounts 31 BY GEOGRAPHY BY PRODUCT TYPE (1) Adjusted for non recurring costs of €3.4m (2) Adjusted for non recurring costs of €3.0m (3) Adjusted for non recurring costs of €1.3m (4) Adjusted for non recurring costs of €3.2m (5) Adjusted for non recurring costs of €1.0m Cylinders External locks Door closers Door locks Padlocks Panic devices Mechanical products Electronic and digital connected solutions Connected Smart Connected Systems V364 LSA LuckeyArgo Mechatronic key and cylinder Motorized electronic smart lock (€ m) Revenues YoY % var. EBITDA % margin Net income Dividends Net debt (cash) Electronic 15% Mechanical 85% Italy 26% Europe 65% RoW 9% 2018 2019 2020 2021 2022 2023 2024 2025 1H26 136.7 142.7 128.4 152.5 163.3 159.7 153.9 154.7 84.0 -4% +4% -10% +19% +7% -2% -4% +1% +7% 15.0 18.7(1) 16.7(2) 22.4 21.8(3) 16.9 16.6 14.1(4) 10.3(5) 11% 13% 13% 15% 13% 11% 11% 9% 12% 5.3 6.1 4.1 12.0 10.1 4.2 2.4 (0.7) 2.2 1.2 1.2 3.5 10.0 5.0 43.7 34.6 19.7 16.9 38.8 43.4 45.5 38.1 41.3
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R E V E N U E S B R E A K D O W N P R O F I L E K E Y F I N A N C I A L S P R O D U C T S (€ m) Revenues YoY % var. EBITDA % margin Net income Net debt (cash) 2020 2021 2022 2023 2024 2025 1H26 28.6 37.9 33.2 23.8 31.7 32.1 14.7 +2% +33% -12% -28% +33% +1% -6% 5.0 7.4 4.0(1) (0.5)(3) 0.8(4) (0.9)(5) 0.1 17% 20% 12% n.m. 3% n.m. 1% 3.4 4.7 1.5 (6.5) (1.8) (3.5) (4.1) (16.4) (18.9) 19.7(2) 10.6 15.1 19.6 23.6 Note: accounts drawn up in accordance with Italian accounting standards until 2022, from 2023 in accordance with IFRS (1) Adjusted for non recurring costs for €0.3m (2) Includes net debt of holding company FT4 (3) Adjusted for non recurring costs of €2.2m (4) Adjusted for non recurring costs of €0.4m (5) Adjusted for non recurring costs of €0.3m 32 SIDI Sport is an Italian Company recognized globally as leader in the production of cycling shoes and motorcycling boots, becoming co-protagonist of extraordinary victories that inscribed the legend of these sports SIDI is an iconic and international brand, famous for the high quality of its products which are used by the most important professional and amateur athletes all over the world Almost 90% of the sales are generated abroad thanks to a global distribution network In 2025 announced the partnership with Brad Binder, rider of the Red Bull KTM Factory Racing MotoGP team, who will use SIDI’s technical footwear throughout the 2025 season Entry: October 2022 SIDI Sport (100%) Cycling Motorcycling BY GEOGRAPHY Increase due to inclusion of acquisition financing From 2023 margins impacted also by higher HQ costs and sales & marketing expenses Includes capital increase of €15m Includes €5m of IFRS 16 lease debt Italy 12% Abroad 88% Note: 2025 data; unaudited management accounts
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R E V E N U E S B R E A K D O W N P R O F I L E K E Y F I N A N C I A L S P R O D U C T S 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 9.4 44.3 73.1 100.1 136.3 170.7 222.1 290.2 353.2 216.3 n.a. +371% +65% +37% +36% +25% +30% +31% +22% +24% (2.7) (1.5) 0.9 3.4 5.6 4.6 6.8 15.1 21.8 -28.7% -3.4% 1.2% 3.4% 4.1% 2.7% 3.1% 5.2% 6.2% (2.4) (1.7) 0.1 2.2 3.0 0.2 5.2 10.7 15.4 Bene Assicurazioni is an insurance company founded in 2016 and specialized in the P&C retail market with a focus on the motor segment The company is characterized by the high level of automation and digitization of all business processes and the flexibility of the application architecture that allows a lean, efficient and scalable business model, not comparable to incumbents' operations Bene Assicurazioni pursues an omnichannel distribution model which combines a network of agents with online direct sales on both the proprietary website bene.it, aggregators and B2B partnerships Italmobiliare invested alongside the founder and entrepreneur Andrea Sabìa to support a growth story during its phase of expansion, that has seen the company exceed in just four years of operation the threshold of Euro 100 million of GWP and more than doubled in the subsequent three years Since 2022 Bene Assicurazioni is a Benefit Corporation with the aim of creating value in a responsible, sustainable and transparent way towards people, communities, territories and the environment In March 2026 Bene Assicurazioni ha acquired from Tecnocasa (the largest real estate agency network in Italy) the insurance businesses of CF Assicurazioni (home P&C) and 51% of CF Vita (life insurance for personal loans) and has agreed a partnership with Tecnocasa for the distribution of insurance policies through Tecnocasa network Entry: April 2022 Bene Assicurazioni (25%) 33 Note: 2025 data; unaudited management accounts GROSS WRITTEN PREMIUMS BREAKDOWN The company, founded in 2016, issued its first policy in 2017 I N S U R A N C E B R A N C H E S (1) Bene Assicurazioni excluding FIT (€ m) 2017 2018 2019 2020 2021 2022 2023 1Q24 Premiums(1) 9.4 44.3 73.1 100.1 136.3 170.7 222.1 68.7 YoY % var. n.a. +371% +65% +37% +36% +25% +30% +42% Underwriting result (2.7) (1.5) 0.9 3.4 5.6 4.6 > 2022 % margin -28.7% -3.4% 1.2% 3.4% 4.1% 2.7% Net income (2.4) (1.7) 0.1 2.2 3.0 0.2 > 2022 Motor 65% P&C 23% Surety 7% Services 5%
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R E V E N U E S B R E A K D O W N P R O F I L E K E Y F I N A N C I A L S P R O D U C T S 2019 2020 2021 2022 2023 2024 2025 1H26 14.0 14.8 17.5 19.2 22.4 23.2 24.7 11.8 +21% +6% +18% +10% +17% +4% +6% -5% 3.8 4.0(1) 3.9 2.8 3.5 4.0 4.6(2) 2.4(3) 28% 27% 22% 15% 16% 17% 19% 20% 3.1 2.2 3.1 1.3 1.7 2.0 2.4 1.1 8.6 2.0 5.0 1.5 2.5 5.0 1.3 (10.3) (3.7) (2.1) 1.4 0.0 (0.4) 2.0 2.1 (€ m) Revenues YoY % var. EBITDA % margin Net income Dividends Net debt (cash) 34 Capitelli, based in the province of Piacenza, is active in the production and sale of cooked ham and other cured meat products characterized by high quality and product excellence that are distributed under the brand "Capitelli" The company reinvented the cooked ham launching its flagship product "San Giovanni", made with selected meats and with a unique craft production process, that has recently received a prestigious quality award from the Espresso's “Guida Salumi d’Italia” The main customers of the Company are modern trade retailers, and the growth experienced by Capitelli in last years has been reinforced by consumer trends towards artisanal and high-quality food products Entry: December 2019 Capitelli (80%) Cooked ham "San Giovanni" Other cured meat products 2022, 2023 and 2024 margin impacted by high raw materials prices P R O D U C T S (1) Adjusted for non recurring costs (€0.2m) (2) Adjusted for non recurring costs (€0.1m) (3) Adjusted for non recurring costs (€0.2m)
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35 - Five core industries: - Value creation themes: - Enterprise Value: €100 - 500 million • Clessidra Restructuring Fund (CRF) invests in financial credits of Italian companies in temporary financial tension but with solid industrial fundamentals and has €350m of asset under management • Clessidra Private Debt Funds I and II finance industrial growth projects of performing companies, raised €305m of commitments across two funds • In 2023 acquired Value Italy (now Clessidra Credit Recovery Fund) active in the management of private funds that invest in secured and unsecured distressed loans • Clessidra Factoring offers its customers a series of specialized services in the financing and management of business receivables • 2025 results: • Turnover: € 1,251 m (+31%) • Net income: € 7 m (+75%) • Lending portfolio: € 315 m (+28%) Entry: September 2016 Clessidra (100%) Clessidra is the leading manager of Private Equity funds exclusively dedicated to the Italian market, since inception in 2003 has invested over € 2.3 bn and provided over € 1.2 bn in financing In 2019, Clessidra promoted a diversification strategy expanding the company’s activities into alternative investments and today operates through three companies, Clessidra Private Equity SGR, Clessidra Capital Credit SGR and Clessidra Factoring, respectively specialized in private equity activities, in the private debt and Unlikely-to-Pay (“UTP”) and factoring sectors Italmobiliare is the anchor investor of the funds Clessidra Capital Partners 3, Clessidra Capital Partners 4, Clessidra Green Harvest, Clessidra Private Debt I and II and Clessidra CRF I N V E S T M E N T P L AT F O R M S PRIVATE EQUITY INVESTMENT STRATEGY P R O F I L E CCP 3 Vintage: 2015 Expiry: 2025 Companies in the portfolio: 2 Fund size: € 607 m Investments completed: 6 CCP 4 Vintage: 2021 Expiry: 2031 Companies in the portfolio: 8 Fund size: € 581 m Investments completed: 8 Green Harvest Article 9 fund with focus on Italian agrifood SMIDs Fundraising phase Companies in the portfolio: 1 Fund size: target € 150 m (second closing in March ‘26 over € 150 m)
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36 INDEX Italmobiliare: Overview ESG approach Investment Portfolio Focus on portfolio companies Exits Closing remarks
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37 Since 2017 Italmobiliare divested approx- Euro 1 bln of assets out of its direct holdings Strategic divestments Major divestments since 2017 ▪ In 2017 sale of Bravosolution (e-procurement company 83% owned by Italmobiliare) to Jaggaer (backed by Accel-KKR) for a total EV of € 184 m ▪ Italmobiliare proceeds of Euro 114 m (o/w Euro 35 m reinvested in Jaggaer) ▪ In 2017 sale of 9.5% stake in Jaggaer alongside Accel-KKR to Cinven for Euro 91 m ▪ Total IRR of 48% and 2.4x MoM Listed participationsPortfolio companies Private Equity Funds ▪ Sale of Sirap Group (100% owned food plastic packaging company) through four transactions with industrial players for a total EV of Euro 200 m (implied multiple of 10x EV/EBITDA) ▪ Total exit NAV of Euro 85 m ▪ Sold entire stake directly held in Mediobanca (1.3% shareholding) ▪ Total cash-in: approx. Euro 105 m ▪ Sold the majority of shares held in Heidelberg Materials (from 2.9% to 0.05% shareholding) ▪ Total cash-in: approx. Euro 400 m ▪ Sold stake in Aksia IV fund at NAV value for Euro 22 m 2017 - 2019 2020 - 2021 2017-2024 2017-2019 2019 ▪ Sale of Florence Group (co-investment in Italian luxury textile manufacturing subcontractors) to Permira private equity fund ▪ Italmobiliare proceeds of Euro 78 m (IRR of 51% and MoM 2.5x in less than 3 years) 2023 ▪ In February sale of 32% stake in AGN Energia (distributor of LPG and energy services), acquired in January 2019 for Euro 60 m, to the majority shareholder ▪ Italmobiliare proceeds of Euro 100 m (MoM 1.8x in 5 years) 2024 Co-investments ▪ Sale of CRM group (co-investment) with MoM ~2,7x return ▪ Sale of stake Fibercop (telecom fiber network co- investment) with MoM ~2x return ▪ Italmobiliare proceeds of Euro 32 m in total 2024 - 2025 2025 ▪ In October 2025 sold the entire stake in Mediobanca held indirectly through a vehicle with other investors ▪ Total cash-in: Euro 45 m
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38 INDEX Italmobiliare: Overview ESG approach Investment Portfolio Focus on portfolio companies Exits Closing remarks
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Proven and experienced management team, with long-term incentives scheme based on NAV, share price performance, asset rotation and ESG positioning improvement Largest investment holding focused on Italian mid-sized companies Outstanding business network, thanks to over 160 years of activity on the business community Attractive market fundamentals: Italian companies are undercovered by institutional investors and capital markets Long-term investor approach and focus on growth and operational improvement as value creation drivers with an ESG-driven approach Significant cash flow generation of Italmobiliare asset base and growth potential Reputable brand within the Italian entrepreneurs community 1 2 3 4 5 6 7 DividendplayGrowth opportunities Innovative investmentplatform 39 ESG driven approach A unique opportunity to invest in the leading investment house in Italy Closing remarks
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40 DISCLAIMER Information reported in this document (the "Document") has been compiled by Italmobiliare S.p.A. ("Italmobiliare" or the "Company") from public sources and no representation or warranty, express or implied, is made, given or accepted by or on behalf of Italmobiliare as to the accuracy, completeness or fairness of the information or opinions contained herein. Neither Italmobiliare nor any other person accepts any liability whatsoever for any loss arising from any use of, or otherwise in connection with, the Document. The information set out herein may be subject to updating, revision, verification and amendment and such information may change materially. Italmobiliare undertakes no obligation to update or keep current the information contained in this document and any opinions expressed in them is subject to change without notice or revise its outlook or forward-looking statements, whether as a result of new developments or otherwise. Forward Looking Statement This Document may contain forward-looking statements. These statements are based on current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future, and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: continued volatility and further deterioration of capital and financial markets, changes in commodity prices, changes in general economic conditions, economic growth and other changes in business conditions, changes in laws and regulations and the institutional environment (in each case in Italy or abroad), and many other factors, most of which are beyond Italmobiliare control. Italmobiliare expressly disclaims and does not assume any liability in connection with any inaccuracies in any of these forward-looking statements or in connection with any use by any party of such forward-looking statements. Not an Offer of Securities The information provided in this Document is for informational purposes only and is not intended to be, nor should it be considered to be, an advertisement or an offer or a solicitation of an offer to buy or sell any securities. The information herein, or upon which opinions have been based, has been obtained from sources believed to be reliable, but no representations, expressed or implied, or guarantees, can be made as to their accuracy, timeliness or completeness. All opinions and information set forth herein are subject to change without notice. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty is made regarding future performance. Before entering into any transaction, you should take steps to ensure that you understand and have made an independent assessment of the appropriateness of the transaction in light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. You should also consider making such independent investigations by discussing the transaction with your professional tax, legal, accounting, and other advisors. This Document is being delivered for information purposes only to a very limited number of persons and companies who are ‘qualified investors’ within the meaning of section 86(7) of FSMA purchasing as principal or in circumstances under section 86(2) of FSMA, as well as persons who have professional experience in matters relating to investments and who fall within the category of persons set out in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or are high net worth companies within the meaning set out in Article 49 of the Order or are otherwise permitted to receive it (together, the "Relevant Persons"). This Document is distributed only to and directed only at Relevant Persons and must not be acted on or relied upon by persons who are not Relevant Persons. Any other person who receives this Document should not rely or act upon it. By accepting this Document and not immediately returning it, the recipient is deemed to represent and warrant that: (i) they are a person who falls within the above description of persons entitled to receive the Document; (ii) they have read, agree and will comply with the contents of this notice; and (iii) they will use the information in this Document solely for evaluating their possible interest in acquiring securities of the Company. If you are in any doubt as to the matters contained in this Document (including whether you fall within the definitions of Qualified Investor or Relevant Person) you should consult an authorised person specialising in advising on investments of the kind contained in this Document. Any investment or investment activity to which this Document relates is available only to Qualified Investors and Relevant Persons.