Italmobiliare (ITM) H1 2024 earnings summary

Executive summary

• NAV per share reached €50.4 as of June 2024, up 2.5% from December 2023, after a €3.0/share dividend distribution, with total NAV at €2,128.9 million.

• Revenue rose 18.4% year-over-year to €337.6 million, with EBITDA more than doubling to €76.4 million, driven by strong performances from key subsidiaries.

• Total shareholder return over the last five years was 85%, outperforming the FTSE Italia STAR index.

• Sale of AGN Energia in February 2024 generated €100 million in proceeds and a capital gain between €25.4 million and €40 million.

• Consolidated profit for the period was €57.9 million, up from €8.9 million in H1 2023.

Financial highlights

• NAV increased by €54.4 million (+2.5%) in H1 2024, mainly from higher fair value of portfolio companies and private equity funds.

• Ordinary and extraordinary dividends of €3.0 per share (total €126.9 million) paid in May 2024.

• EBITDA margin reached 22.6% (vs. 12.1% in H1 2023), with EBIT at €54.7 million.

• Net financial position was negative €82.5 million at June 2024, down from negative €32.4 million at year-end 2023.

• Investments in H1 2024 totaled €63.7 million, mainly in private equity funds and portfolio company expansion.

Outlook and guidance

• Ongoing focus on value creation through organic growth, M&A, and operational improvement in portfolio companies.

• Portfolio resilience is expected to continue, with further international expansion, product innovation, and cost control.

• Exits from CRM Casa della Piada and FiberCop in Q3 2024 expected to add over €25 million in cash.

• Continued commitment to ESG, with all portfolio companies targeting SBTi validation and full ESG integration.

• Support for minority investments and alternative asset platform growth.