Italmobiliare (ITM) Q2 2025 earnings summary

Executive summary

• NAV reached €2.2bn as of June 2025, up 1.0% YTD, driven by fair value gains, portfolio company growth, and dividend distribution.

• All major portfolio companies reported YoY revenue growth in H1 2025, but aggregate EBITDA/profit declined due to margin pressure, especially at Caffè Borbone and Italgen.

• Major holdings include Caffè Borbone, Santa Maria Novella, Tecnica Group, CDS, Italgen, ISEO, Bene Assicurazioni, Capitelli, SIDI Sport, and Clessidra, with diversified sector exposure.

• ESG integration advanced, with 100% of portfolio companies adopting ESG supplier prequalification and SBTi-validated climate targets; top ratings from CDP Worldwide.

• Recent strategic actions: acquisition of Microtec, increased stake in Bene Assicurazioni, launch of €10m share buyback, and Clessidra's "Green Harvest" fund.

Financial highlights

• NAV per share at €52.0 as of June 2025; market cap €1.21bn; NAV up €22m YTD.

• Consolidated revenue rose 7.6% YoY to €363.4m; aggregate industrial revenue up 12.3% to €739.3m.

• EBITDA/gross operating profit fell 45.2% to €41.8m, mainly due to higher input costs.

• Net loss for H1 2025 was €6.1m, compared to €57.9m profit in H1 2024.

• Net financial position at group level negative €262.8m, down from negative €133.4m at year-end.

Outlook and guidance

• Revenue growth expected to continue in H2 2025, with margin recovery as raw material costs decline.

• Persistent macroeconomic and geopolitical uncertainties may impact demand and margins, but portfolio positioned for resilience and growth.

• Strategic focus on operational improvement, asset rotation, ESG-driven value creation, and international expansion.