Italmobiliare (ITM) Q4 2025 earnings summary

Executive summary

• NAV reached €2,305m as of December 2025, up 6% YoY, driven by fair value increases in portfolio companies and other investments, offset by private equity and holding costs.

• Aggregate portfolio company revenue rose 9.7% YoY to €1,750m, but aggregate EBITDA declined due to margin pressures and higher input costs, especially in Caffè Borbone.

• Major strategic moves included the sale of Mediobanca stake, additional investment in Bene Assicurazioni (raising stake to 25%), and a €6m share buyback.

• Net financial position remains positive at €231m after dividend payments and investments.

• Sustainability and risk management remain central to strategy, with progress in ESG ratings and diversity targets.

Financial highlights

• NAV per share at €54.8, with a market cap of approx. €1.15bn and a proposed ordinary dividend of €1.1 per share (4.0% yield).

• Total NAV value creation since 2018: €1,169m (IRR 7.9%, MoM 1.75x), with €403m in dividends and €6m in buybacks distributed.

• Consolidated revenue and income increased 10.3% YoY to €773.4m; group EBITDA margin at 18.3%.

• Net profit attributable to owners was €55.7m, down 40.5% from 2024.

• Liquidity and financial assets at €227m, down €43m YoY due to dividends, buybacks, and new investments.

Outlook and guidance

• Focus remains on organic and M&A-driven growth, operational improvement, and ESG integration, with continued capital rotation and disciplined investment in resilient sectors.

• Management expects continued resilience and growth, focusing on international expansion of key brands and further risk mitigation.

• Margin recovery anticipated for Caffè Borbone as coffee prices normalize.

• Ongoing investments in healthcare, energy, and insurance sectors to drive future growth.

• M&A market expected to remain active, leveraging strong cash position.