Italmobiliare (ITM) Q3 2026 earnings summary

Executive summary

• 9M industrial portfolio revenue rose 7.9% to €1,284.1m and EBITDA increased 13.5% to €130.9m; NAV was €2,251.6m and standalone net cash €229.5m.

• Consolidated 9M revenue reached €591.2m, up 13.6%, while EBITDA increased 75.6% to €113.6m.

Financial highlights

• 9M industrial portfolio revenue grew 7.9% YoY to €1,284.1m; EBITDA rose 13.5% to €130.9m.

• Q3 industrial portfolio revenue increased 5.8% YoY to €477.3m; EBITDA rose 12.8% to €81.0m.

• Consolidated 9M revenue was €591.2m, up 13.6%; EBITDA was €113.6m, up 75.6%, mainly reflecting parent-level results, Caffè Borbone, Clessidra and CDS.

• Parent-level 9M revenue reached €111.0m, up 73.7%, including €58.5m in capital gains and revaluations, including the €40.0m Tecnica disposal gain.

Outlook and guidance

• The expansionary global cycle is expected to continue into 2027, though growth drivers may shift and risks remain elevated; central banks are expected to complete rate hikes in H1 2027, assuming Middle East tensions ease.

• Priorities include stronger production and financial planning, diversified sourcing and distribution, effective hedging and pricing, and proactive commercial execution in North America and Asia.

• Portfolio rotation is expected to continue, alongside new investment opportunities in sectors adjacent to food and beverage, healthcare services and lifestyle.