Italmobiliare (ITM) investor relations material

Identity, mission, and strategy

• Focuses on diversified equity investments, leveraging over 150 years of financial and industrial history.

• Targets Italian champions in resilient sectors with strong brands and international presence.

• Employs a flexible investment approach, supporting organic and M&A growth and fostering synergies.

• Provides governance, sustainability, and ethical support to investee companies.

• Private equity investments offer global business opportunities.

Portfolio overview and financials

• NAV exceeds €1.4 billion as of December 31, 2018, with a market cap of approximately €860 million.

• Portfolio includes listed companies, private equity, real estate, and direct investments in core businesses.

• Portfolio companies account for 35% of NAV, with a long-term target to exceed 50%.

• Five-year total shareholder return is 44%, with a dividend yield of 2.7%.

• NAV per share was €33.9 at year-end 2018, with a discount of 34.6%.

Key portfolio companies and performance

• Caffè Borbone (60%): rapid revenue growth (+44% in 2018), EBITDA margin 24.9%.

• Tecnica Group (40%): leading sports equipment manufacturer, 93% of sales abroad, EBITDA margin 9.5%.

• Iseo (40%): access control solutions, strong international presence, EBITDA margin 10%.

• Sirap (100%): major European food packaging producer, revenues up 32.8% in 2018.

• Italgen (100%): renewable energy producer, 254 GWh/year, EBITDA margin 23.5%.

• Gruppo Autogas (~27%): LPG distribution, doubled size after Lampogas acquisition.