Italmobiliare (ITM) H1 2024 earnings summary

Executive summary

• NAV reached €2.13bn as of June 2024, up 2.5% from December 2023, after distributing €127m in dividends.

• 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.

• Portfolio companies represent 67% of NAV, with strong performance in industrial, consumer, and service sectors.

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

• Recent exits, including AGN Energia, generated significant capital gains and liquidity for reinvestment.

Financial highlights

• NAV increased by €54m (+2.5%) in 1H 2024, mainly from higher fair value of portfolio companies and private equity funds.

• Ordinary and extraordinary dividends of €3.0 per share (total €127m) paid in May 2024.

• Portfolio companies' aggregated revenues grew 7% YoY in 1H 2024, with EBITDA up 9% YoY.

• Consolidated revenue: €337.6 million (+18.4% YoY); EBITDA: €76.4 million (>100% increase).

• Net financial position improved by €27.9 million to €232.2 million, supported by dividends from investees and disposals.

Outlook and guidance

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

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

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

• Caffè Borbone to consolidate in single-serve coffee, expand product range and international presence.

• CDS and Italgen to invest in healthcare and renewables, respectively; Officina Profumo to pursue global expansion.