Tamburi Investment Partners (TIP) Q2 2026 earnings summary

Executive summary

• Pro forma consolidated net profit for H1 2026 was €26.6 million, excluding a €54 million capital gain from the Bending Spoons IPO realized in July; consolidated equity stood at €1.55 billion after dividend distribution and shareholder withdrawals.

• The remaining stake in Bending Spoons is valued at over $600 million at current market prices.

• Associated companies contributed €19.2 million to net profit, with strong results from Beta, Chiorino, Limonta, Interpump, OVS, Roche Bobois, SeSa, and Vianova.

• Alpitour's profitability was impacted by Middle East conflicts, affecting fuel and currency costs, while Amplifon, BasicNet, and Moncler performed well.

• Target prices for shares were raised to €14.6–€17.1 per share, well above the current market price.

Financial highlights

• Pro forma H1 2026 revenues were €3.0 million, up from €0.7 million in H1 2025; advisory revenues grew to €2.9 million.

• Financial income included €44.8 million from Vianova transactions, €6.6 million from LIO Factory disposal, €5.5 million in dividends, and €2.2 million from discounted Amplifon share purchases.

• Net financial position at 30 June 2026 was negative €606.8 million, down from negative €495.1 million at year-end 2025, mainly due to investments, dividends, and treasury share purchases.

• IFRS net loss for H1 2026 was €15.6 million, as capital gains on equity investments are excluded under IFRS; pro forma net profit was €26.6 million.

Outlook and guidance

• Investee companies maintain solid market positions and margins despite geopolitical and economic headwinds.

• No significant revenue or margin declines are expected for the remainder of 2026; growth through acquisitions and investments continues.

• Group simplification, organic and acquisition-driven growth, and treasury share buybacks will remain a focus.