Tamburi Investment Partners (TIP) investor relations material

Investment strategy and portfolio overview

• Over €5 billion invested through direct investments and club deals in 28 leading companies, including 9 global leaders, with a focus on high-quality assets and limited risk exposure.

• Portfolio is highly diversified across sectors: technological services, luxury, retail, food, tourism, and industrial, with ~€23 billion aggregate revenues and ~€4 billion EBITDA.

• More than 240 M&A transactions completed, with a dynamic approach and long-term partnership focus; average holding period exceeds 10 years.

• Significant value creation through both listed and private companies, with several ready for IPO and a robust pipeline.

• Net intrinsic value per share estimated at €16.4, with a potential upside of ~80% versus current market price.

Financial performance and returns

• Achieved a 10-year total return of +182.1% as of September 2026, outperforming most major indices.

• Net equity and investments have grown steadily, with cumulative pro forma net profit since 2012 reaching €1 billion and dividends per share rising from €0.04 in 2012 to €0.26 in 2025.

• Net intrinsic value of the portfolio is over €3 billion, with an implicit capital gain of ~€2.4 billion.

• Listed assets are valued at around €1.8 billion, while private assets are conservatively valued, highlighting hidden value.

• Recent capital gains include a €54 million gain from the partial divestment of Bending Spoons at IPO.

Key portfolio companies and value creation

• Alpitourworld: Italian tourism leader with a unique integrated model, strong recovery post-COVID, and a robust growth pipeline; sales CAGR +8%, EBITDA CAGR +17%.

• Azimut Benetti: Global yacht market leader, 26 years at the top, with a record €3 billion order backlog and ~4x return on invested capital.

• Beta: Premium industrial tools provider, doubled revenues since investment, with a diversified global presence.

• Chiorino: Mission-critical belting solutions, strong recurring sales, and profitability growth; net cash position.

• Eataly: Global leader in Italian food retail, revenues tripled since investment, aggressive store expansion, and scalable new formats.

• Limonta: Leading textile innovator for luxury brands, maintaining high profitability and strong financial position.

• Vianova: B2B ICT services provider, consistent growth and profitability, with a multi-pillar strategy and recurring revenues.

• Bending Spoons: AI-driven digital business model, rapid revenue growth, and successful IPO on Nasdaq in 2026.