AGGREGATE REVENUE (+5.4%) AND EBITDA (+16.5%) OF PORTFOLIO COMPANIES ARE GROWING. NAV STABLE AT 2,299.7 MILLION EURO, ITALMOBILIARE’S NFP IS POSITIVE AT 225.2 MILLION
- In aggregate, the Industrial Portfolio Companies turned in revenue growth of 395.7 million (+5.4% compared with the same period of 2025) with EBITDA rising to 28.1 million (+16.5%). Specifically:
- Caffè Borbone achieved revenue growth of 5.6% to 93.9 million, driven by increased sales volumes, particularly in the single-serve segment, where the company continues to be market leader in Italy. Strong development of the foreign market continues (+40%). Gross operating profit (EBITDA) comes to 15 million euro, up by 18.1%.
- CDS-Casa della Salute continues its development path. During this period, the company opened a clinic in Turin and completed three M&A deals in Liguria, Sardinia and Valle d'Aosta, a region where the group did not yet have a presence and where it aims to expand. In the first quarter, CDS recorded revenue and EBITDA growth of 25.2 million euro (+34%) and 3 million (+51%) respectively.
- Revenue increased slightly to 14.8 million (+3.7%) for Officina Profumo-Farmaceutica di Santa Maria Novella with a positive contribution from all sales channels.
- In the first quarter, Italgen brought into operation two new photovoltaic plants with total installed capacity of approximately 15 MW and launched construction works for a new 5.7 MW photovoltaic project.
- Among the Group's minority holdings, Tecnica Group and Iseo performed well, turning in significant increases in margins compared with the same period last year. Bene Assicurazioni continues to grow, with premium income up 8.6%.
- The Group continues its sustainability strategy. Italmobiliare has defined its Net-Zero objectives according to the Science Based Targets initiative protocol, submitting them for validation by the SBTi team of experts.
- Italmobiliare's Net Asset Value comes to 2,299.7 million euro (2,304.9 million at December 31, 2025), with NAV per share substantially stable at 54.7 euro.
- The net financial position of Italmobiliare S.p.A. is positive at 225.2 million (231 million at December 31, 2025).
Milan, May 13, 2026 - The Board of Directors of Italmobiliare S.p.A. today approved the additional periodic financial information at March 31, 2026.
At an aggregate level, revenue and income from the Group's Industrial Portfolio Companies amounted to 395.7 million euro, up by 5.4% compared with 375.4 million in the first quarter of last year. The result was mainly driven by excellent performances on the part of CDS-Casa della Salute (+34%), Caffè Borbone (+5.6%), Iseo (+8.8%) and Bene Assicurazioni (+8.6%). The aggregate gross operating profit comes to 28.1 million, an increase of 16.5% compared with the same period last year. Mainly thanks to the good results achieved by CDS-Casa della Salute, Caffè Borbone, Tecnica Group and Iseo, which posted significant growth in EBITDA compared with the same period last year.
The Group is continuing with its sustainability strategy. During the period, it further strengthened its commitment to decarbonisation according to the protocol of the Science Based Targets initiative, a programme that guides companies in taking climate action that is scientifically measurable. All of the Portfolio Companies under the Group's control have already obtained validation of their climate-altering emissions reduction targets, both Near-Term and Net Zero, towards which they are implementing structured action plans. Italmobiliare, the holding company, whose Near-Term targets had already been validated, has taken a further step, defining its Net-Zero targets according to the specific protocol for financial institutions, recently made available, and submitting them for validation by the SBTi team of experts. Clessidra will soon complete the same process.
Italmobiliare's Net Asset Value, excluding treasury shares, amounts to 2,299.7 million (2,304.9 million at December 31, 2025), with a negative net performance of 4.3 million considering the 0.9 million buyback. At March 31, 2026, the NAV per share was 54.7 euro, substantially in line with the figure at December 31, 2025.
The net financial position of Italmobiliare S.p.A. is positive at 225.2 million euro (231 million at December 31, 2025), a substantial reserve that allows the Company to take advantage of any opportunities and to continue supporting the Portfolio Companies, providing them, where necessary, with the resources needed to intensify their organic and inorganic growth path.
Performance of the Portfolio Companies
In the food sector, Caffè Borbone turned in revenue of 93.9 million, up 5.6%, mainly thanks to increased sales volumes, especially in the single-serve segment. At channel level, strong development of the foreign market continues, showing increases of around 40%. Gross operating profit comes to 15 million euro, up 18.1% compared with the first quarter of 2025, a result that has not yet fully benefited from the reduction in the raw coffee price because of the level of stock held at the end of the previous year. Capitelli closed the quarter with slightly lower revenue of 5.9 million and a gross operating profit in line with that of the same period last year.
CDS-Casa della Salute is continuing its development path and is now entering a new region, the Valle d'Aosta, by means of a strategic acquisition. During the period, the company also completed two other M&A deals, one in Liguria and the other in Sardinia; it also opened its first clinic in Turin, reaching a total of 43 clinics operating in 4 different regions. In the first quarter of 2026, the Group posted revenue of 25.2 million, up 34% thanks to the excellent performance of both the new facilities and existing clinics. Gross operating profit amounted to 3.0 million, up 51%.
Officina Profumo-Farmaceutica di Santa Maria Novella reported revenues of 14.8 million, up 3.7% from 14.3 million in the same period last year, thanks to positive contributions from all sales channels. E-commerce, in particular, performed well (+10.8%), growing across all geographies. Gross operating profit comes to 1.2 million euro, down mainly because of preliminary development investments made in direct-to-consumer channels, personnel and marketing.
In the first quarter, Italgen brought into operation two new photovoltaic plants in Chignolo d'Isola and Borgonovo Val Tidone, with a total capacity of around 15 MW; it also launched construction works for the Notaresco greenfield photovoltaic project, with an installed capacity of 5.7 MW. During the period, the company had revenue of 13.8 million euro, a decrease of 7.4% mainly due to the decline in hydroelectric volumes compared with the first quarter of 2025, which featured very heavy rainfall. It is worth emphasising that the share of energy produced by photovoltaic systems exceeded 10% of total production for the first time. Gross operating profit came to 3.3 million euro.
SIDI closed the quarter with revenue of 7.3 million, down from 8.3 million in the same period of last year, which had been positively influenced by the recovery of outstanding orders at the end of 2024. Gross operating profit is substantially in line with the same period last year.
Tecnica Group has posted stable revenue of 103.6 million euro. Gross operating profit improved to 1.5 million, up from 0.2 million in the first quarter of 2025, thanks to an improvement in the industrial margin. The result is also positive considering the typical seasonality of the sector, which leads to relatively lower sales volumes in the first quarter compared with the level of fixed costs.
Iseo achieved revenue of 40.7 million, an 8.8% increase thanks to growth across all product types. Gross operating profit amounted to 3.2 million, a significant increase compared with the 0.9 million recorded in the first quarter of 2025. This reflects revenue growth and the reduction in fixed costs resulting from the efficiency initiatives taken last year.
During the quarter, Bene Assicurazioni took a significant step forward in its development and market diversification. At the end of March, IVASS authorised the company to acquire 51% of CF Vita and the CF Assicurazioni business unit from Tecnocasa, which generated over 60 million euro in Non‑Life and Life insurance premiums in 2025. The deal, which includes a multi-year distribution agreement for the placement of policies through Tecnocasa group intermediaries, was closed at the end of April. During the period, Bene Assicurazioni recorded premium income of 90.5 million euro, an increase of 8.6%.
Clessidra, a non-industrial portfolio company, reported a positive brokerage margin of 12.8 million, up from 10.2 million at March 31, 2025. The result for the period, net of tax, is positive and equal to 1.9 million euro (1.2 million at March 31, 2025).
In a macroeconomic environment characterised by high volatility and persistent uncertainty, the Group continues to monitor the main risk factors and possible causes of disruption with the utmost attention. In this context, the Board of Directors examined the mapping of risks associated with the current geopolitical scenario, assessing their potential impacts on Group companies and analysing potential or ongoing mitigation initiatives.
At today's meeting, Italmobiliare's Board of Directors also adopted the Regulations for the long-term incentive plan, the "Italmobiliare Phantom Stock Grant Plan 2026-2028", the essential terms of which were approved by the Shareholders' Meeting on April 22, and resolved to award the plan to the Chairman and Chief Executive Officer, key management personnel and other managers of the Company. A total of 568,319 rights were assigned to 19 beneficiaries. Detailed information will be published in accordance with art. 84-bis, paragraph 5, of CONSOB's Issuers Regulations.
Lastly, the Board of Directors ascertained and confirmed that, following the renewal of the Board of Directors approved by the Shareholders' Meeting, the directors meet the specific requirements of integrity, fairness and professional competence required by law for corporate officers of legal entities holding significant stakes in companies in the financial and insurance sectors.
The presentation for the financial community, updated with the results at March 31, 2026, will be made available today on the Company's website in the Investor/Presentations section.