Italmobiliare (ITM) Q1 2025 earnings summary

Executive summary

• Net Asset Value (NAV) reached €2,222m as of March 2025, up €6.6m (+0.3%) year-to-date, with NAV per share at €52.6.

• Portfolio companies, representing 66% of NAV, achieved 14.3% YoY revenue growth in Q1 2025, but aggregate EBITDA declined due to raw material cost pressures.

• Ordinary dividend of €0.9 per share (3.6% yield) distributed in May 2025, totaling €38m for 2024 results.

• Positive net financial position of €273.8m at March 2025, supporting ongoing portfolio growth.

• Sustainability strategy advanced, with progress on decarbonisation, SBTi participation, and CDP climate rating upgrade to A-.

Financial highlights

• Consolidated revenue increased 7.3% YoY to €178.3m; gross operating profit (EBITDA) fell to €24.8m from €38.4m.

• NAV discount widened to 55% as of March 2025.

• Total shareholder return over the last 5 years was 24%.

• Liquidity and financial assets stable at €270m as of March 2025.

• Net financial position for the Group was negative at €166.9m, down €28.4m from December 2024, mainly due to investments.

Outlook and guidance

• All industrial portfolio companies reported YoY revenue growth in Q1 2025; management focuses on organic and M&A-driven expansion, operational improvement, and ESG integration.

• Global economic growth is slowing, with increased risks of recession and persistent financial market instability.

• Eurozone growth forecast below 1%, with ongoing trade tensions and geopolitical risks impacting manufacturing and investment.

• The group will support portfolio companies, enhance value, and seek new investment opportunities amid uncertainty.