Italmobiliare (ITM) Q3 2025 earnings summary

Executive summary

• NAV reached €2,197m as of September 2025, up 1.4% from December 2024, driven by fair value increases in portfolio companies and other investments, offset by declines in private equity and holding costs.

• Aggregate revenue for the first nine months rose 12.1% year-over-year to €1,190.6 million, but aggregated EBITDA fell 21.2% due to margin pressure, especially in the coffee sector.

• Major portfolio companies include Caffè Borbone, Santa Maria Novella, CDS, Tecnica Group, Italgen, ISEO, SIDI Sport, Bene Assicurazioni, and Capitelli.

• Significant divestments included the sale of Mediobanca and AGN Energia stakes, with proceeds reinvested and distributed as dividends.

• The net financial position of the holding company was positive at €206.8 million, despite significant outflows for dividends, investments, and share buybacks.

Financial highlights

• NAV per share at €52.2, up 1.4% from December 2024, with a 42% discount to NAV as of September 2025.

• Ordinary dividend of €0.9 per share (2.8% yield) paid in May 2025.

• €38m in dividends distributed YTD, €6.1m spent on treasury share buyback, and €14m invested in Bene and CDS.

• Portfolio companies represent 67% of NAV, private equity 12%, financial investments and liquidity 9%.

• Total liquidity and financial assets at €203m, down €67m YTD.

Outlook and guidance

• Focus remains on value creation through organic and M&A growth, international expansion, and ESG integration.

• Strategic and financial support for portfolio companies will be intensified, with a focus on sustainability, innovation, and supply chain resilience.

• Persistent inflation, geopolitical tensions, and supply chain risks remain key uncertainties.

• Continued capital rotation and reinvestment in resilient sectors and high-potential companies.

• Ongoing commitment to dividend distribution and shareholder returns.