THE ITALMOBILIARE GROUP CLOSED 2025 WITH HIGHER AGGREGATE REVENUE OF 1,750 MILLION EURO AND LOWER EBITDA OF 200.5 MILLION EURO. NAV GROWING TO 2,304.9 MILLION EURO, NFP POSITIVE AT 231 MILLION EURO. PROPOSED DIVIDEND OF 1.1 EURO PER SHARE.
- At an aggregate level, the Portfolio Companies' revenues have risen to 1,750 million euro (+9.7% on 2024), whereas EBITDA has fallen to 200.5 million euro. More specifically:
- Caffè Borbone confirms its position as the leading brand in terms of single-serve coffee volumes sold in Italy and it is growing abroad (+47%). The company closed 2025 with revenue rising to 370.8 million euro (+10.8%) and margins decreasing to 56.8 million euro due to the high cost of green coffee, which then fell in the last quarter of the year;
- CDS-Casa della Salute has achieved a key milestone of 40 clinics in Liguria, Piedmont and Sardinia. The company closed the year with revenue and gross operating profit rising to 80.2 million euro (+26.8%) and 10.2 million euro (+35.6%) respectively;
- Officina Profumo-Farmaceutica di Santa Maria Novella closed the year with turnover increasing to 74.4 million euro (+6.3% compared with the previous year). Growth continues in the main markets, with both the retail and online channels experiencing double-digit growth thanks to the positive contribution of all product categories;
- Italgen continues to grow, closing a positive year and exceeding 100 MW of installed production capacity thanks to targeted acquisitions in the hydroelectric sector and the completion of two new photovoltaic plants;
- Capitelli is continuing its development path and had an excellent 2025, with revenue and gross operating profit increasing to 24.7 million euro (+6.4%) and 4.5 million euro (+12.3%) respectively.
- During the year, the Group continued to develop its strategy of sustainability, giving further impetus to transformative processes across all portfolio companies and the entire value chain.
- At December 31, 2025, Italmobiliare SpA's NAV was up to 2,304.9 million euro (2,215.8 million euro at December 31, 2024). Considering the dividend distribution made during the period of 38 million euro and the buy-back for 6.1 million euro, the net change in NAV is positive by 133.2 million euro (+6%). The NAV per share is equal to 54.8 euro.
- After the distribution of dividends of 38 million euro during the year, Italmobiliare SpA's net financial position is positive at 231 million euro.
- During the course of the year, Italmobiliare sold the stake in Mediobanca that it held through Fin. Priv, generating proceeds of 45.1 million euro and a capital gain of 30.8 million euro.
- At the next Shareholders' Meeting, the Board of Directors will propose an ordinary dividend of 1.1 euro per share.
Milan, March 5, 2026 – Today, the Board of Directors of Italmobiliare SpA examined and approved the company's consolidated financial statements and draft separate financial statements at December 31, 2025. In light of the results achieved during the year, the Board of Directors will propose a dividend of 1.1 euro per share.
In 2025, characterised by a highly volatile and extremely challenging geopolitical and macroeconomic environment, Italmobiliare's portfolio demonstrated its solidity and resilience thanks to a combination of asset quality, proactive risk management and the full integration of sustainability into the development strategies of the Holding and its Portfolio Companies.
Looking at the pro-forma aggregate for the Portfolio Companies, revenue grew by 9.7% to 1,750 million euro. Revenue grew for all group companies except Italgen, despite a very good year, but only because the comparative figures are for 2024, which was a record-breaking year in terms of production volumes. CDS-Casa della Salute (+26.8%), Gruppo Clessidra (+23.2%), Bene Assicurazioni (+21.7%) and Caffè Borbone (+10.8%) are the companies that recorded the highest increases compared with the previous year. The aggregate gross operating profit of the Portfolio Companies came to 200.5 million euro, down from 228.9 million euro in 2024, but improving significantly in the fourth quarter of the year, also thanks to the progressive normalisation of raw coffee prices.
At December 31, 2025, the Net Asset Value of Italmobiliare SpA, excluding treasury shares, amounts to 2,304.9 million euro (2,215.8 million euro at December 31, 2024). Considering the dividend distribution during the period of 38.0 million euro and the buy-back for 6.1 million euro, the net change in NAV is positive by 133.2 million euro (+6%). The NAV per share is equal to 54.8 euro (+6.3% considering the combined effect of the dividend and buy-back).
During the year, Italmobiliare acquired a further 5% interest in Bene Assicurazioni, bringing its shareholding in the insurance company to 25%. Regarding the valuation of its portfolio investments, note that in October 2025, Italmobiliare received 45.1 million euro from the sale of the stake in Mediobanca that it held through Fin. Priv., realising a capital gain of 30.8 million euro.
Italmobiliare SpA closed its 2025 financial statements with a profit of 55.4 million euro (104.8 million in 2024). The decline compared with the previous year is due to lower non-recurring income from disposals, the exchange rate effect, a less positive performance on the part of certain Private Capital funds, and fewer dividends from certain investee companies. At December 31, 2025, Italmobiliare SpA's net financial position is positive and equal to 231.0 million euro (273.8 million euro at December 31, 2024). The main outflows include payment of the dividend (-38 million euro) and investments in Portfolio Companies (-56.6 million euro).
At the end of the meeting, Carlo Pesenti informed the board members that he had expressed to the main shareholders his willingness to assume, on the occasion of the upcoming renewal of the Board of Directors and subject to the resolutions to be adopted by the Board istself, the role of Chairman of the Company in addition to that of Chief Executive Officer. Carlo Pesenti, who stepped down as General Manager of the Company in 2025, also announced that, with a view to developing and strengthening Italmobiliare's managerial structure, he will propose the establishment of a management committee tasked with developing the most important operational decisions for the Company and the Group.
“During 2025, Italmobiliare implemented its sustainability strategy, structured around four macro areas of action: governance extended to the entire value chain, a climate strategy aimed at net-zero emissions, a safety culture aimed at achieving zero accidents and an inclusive development of human capital", explains Laura Zanetti, Chairman of Italmobiliare. In particular, over the course of the year, the Group further refined its supplier qualification process and continued implementing its decarbonisation plan, aimed at achieving the objectives formalised by the Parent and all Portfolio Companies and validated by the Science Based Targets initiative. Furthermore, it achieved the lowest injury frequency rate ever, as well as an intermediate goal of 40% women in management positions; results that are not points of arrival, but rather points of departure towards even more ambitious goals. “A concrete commitment, guided by a strategic vision, which has been recognised by the consolidation of Italmobiliare's position in the main ESG ratings", concludes Chairman Zanetti.
“In a complex and highly volatile context, the coherence of Italmobiliare's strategic development model, based on innovation, competitiveness and sustainability, has allowed us to generate growth in NAV and give further impetus to the development of our industrial platforms – emphasises Carlo Pesenti, CEO of Italmobiliare. The solidity of our diversified portfolio, featuring top-notch brands, combined with a still significant cash position, allows us to look to the future with confidence, aiming to further develop our portfolio holdings and seize potential investment and divestment opportunities."