Italmobiliare (ITM) Q3 2024 earnings summary

Executive summary

• NAV reached €2.14bn as of September 2024, up 3% from December 2023, with NAV per share at €50.6 despite €3 per share in dividends.

• Italmobiliare is a leading Italian investment holding with a diversified portfolio focused on mid-sized companies, emphasizing value creation, ESG integration, and long-term growth.

• Consolidated revenue for the first nine months reached €499.4 million, up 19.3% year-over-year, with EBITDA rising 65.9% to €110.6 million.

• The company has a strong track record of asset rotation, distributing €365m in dividends since 2018 and executing major exits, including AGN Energia in 2024.

• ESG is central, with full integration across investment processes and all portfolio companies adopting sustainability policies and SBTi targets.

Financial highlights

• NAV increased by €67m (+3%) in 9M 2024, adjusted for €127m dividend distribution.

• Group consolidated EBITDA rose 65.9% to €110.6 million, mainly due to Italgen, Officina Profumo-Farmaceutica di Santa Maria Novella, and CDS.

• Share price delivered a 44% total return over the last 5 years, outperforming the FTSE Italia STAR index.

• Ordinary and extraordinary dividends of €3.0 per share distributed in May 2024, totaling €127m.

• Total NAV value creation since 2018 is €950m, with an IRR of 8% and MOM of 1.6x.

Outlook and guidance

• Focus remains on supporting organic and M&A-driven growth in portfolio companies, international expansion, and further ESG integration.

• The global economic environment remains uncertain, with moderate GDP growth and declining inflation, but risks persist from geopolitical tensions and fiscal consolidation.

• Continued capital allocation towards resilient sectors and value creation through active ownership and operational improvement.

• Italmobiliare expects continued portfolio resilience and strategic flexibility, focusing on supporting portfolio companies in sustainability, technology, and risk management.