- In a challenging macroeconomic context, in the first nine months the aggregate revenue of the Group's Industrial Portfolio Companies grew by 12.1% to 1,190.6 million euro, with the gross operating profit dropping to 115.2 million euro (-21.2%).
- More specifically, of the main Industrial Portfolio Companies:
- Revenue increased to 270.7 million euro (+11.3%) for Caffè Borbone, whose EBITDA fell to 33.5 million euro, largely due to the record cost of the green coffee. The leading brand in single-serve products in Italy by sales volume, the company is performing well across all sales channels and continues to grow internationally.
- Officina Profumo-Farmaceutica di Santa Maria Novella turned in revenue of 51.3 million euro, an increase of 9.1% thanks to the excellent performance of the retail channel (+14.4%) and online (+18.6%). EBITDA went up to 12.2 million euro (+2%).
- CDS-Casa della Salute's revenue and EBITDA both grew by double digits, reaching 56.6 million euro (+23.4%) and 6.1 million euro (+11.5%) respectively. Thanks to the new openings, the company has reached a total of 39 clinics in Liguria, Piedmont, and Sardinia, which will become 40 by the end of 2025.
- Italgen continues to grow, having acquired two hydroelectric plants in July and completing construction of two photovoltaic plants by the end of the year, bringing the company's total production capacity to over 100 MW.
- Capitelli has posted revenue of 18 million euro (+4.9%) and growth in EBITDA of 7.7% to 3.4 million euro.
- During the period, the Group continued to develop its sustainable strategy and gave further impetus to the transformation processes implemented across all companies in the portfolio.
- At September 30, 2025, Italmobiliare's NAV, excluding treasury shares, was 2,197.1 million euro and, considering the dividend distribution made in the period for 38.0 million euro and the buy-back for 6.1 million euro, it recorded a positive net performance of 25.4 million euro (+1.1%). The NAV per share is equal to 52.2 euro.
- The net financial position of Italmobiliare S.p.A., which invested 55.8 million euro in the development of its investments and other portfolio assets during the period, has a positive value of 206.8 million euro.
- It should also be noted that in October Italmobiliare received 45.1 million euro from the sale of its stake in Mediobanca, which was held through Fin. Priv.
Milan, November 11, 2025 - The Board of Directors of Italmobiliare S.p.A. today approved the additional periodic financial report for the nine months ending September 30, 2025.
In a challenging macroeconomic context, in the first nine months of the year, the industrial investments in the portfolio recorded aggregate revenue of 1,190.6 million euro, up by 12.1% compared with the same period in 2024. Turnover increased for all Portfolio Companies with the exception of Italgen: it turned in an excellent performance, but it is being compared with a 2024 that featured exceptional rainfall that pushed hydroelectric power output to record levels. Among other holdings, the positive performances of CDS – Casa della Salute (+23.4%) and Bene Assicurazioni (+30.2%) stand out.
The aggregate gross operating profit of the industrial investments amounted to 115.2 million euro, down by 21.2%, primarily due to the contraction in EBITDA of Caffè Borbone, whose performance, like that of the entire sector, is being affected by the extremely high cost of its raw material, and of Tecnica.
During the period, the Group implemented its sustainable strategy, structured around four macro areas of action: governance across the entire value chain, a climate strategy aimed at net-zero emissions, a safety culture aimed at achieving zero accidents, and inclusive human capital development. In particular, the activation of "flagship projects" has allowed a further acceleration of the transformation processes applied to all companies in the portfolio.
The Net Asset Value of Italmobiliare, excluding treasury shares, at September 30, 2025, is equal to 2,197.1 million euro (2,215.8 million euro at December 31, 2024); Considering the dividend distribution made during the period of 38.0 million euro and the buy-back for 6.1 million euro, the net performance is positive by 25.4 million euro. The NAV per share is equal to 52.2 euro and, considering the distribution of dividends of 0.9 euro per share, shows an increase of 1.4% compared with the same figure at December 31, 2024. The buyback of treasury shares in the third quarter also contributed to the increase. Neutralising this effect, the increase would have been 1.1%, in line with the performance of NAV.
At September 30, 2025, Italmobiliare S.p.A.'s net financial position is positive at 206.8 million euro (273.8 million euro at December 31, 2024). Among the main outflows we would highlight the payment of the ordinary dividend (-38 million euro), the investments to support the development of portfolio holdings (-43.7 million euro) and the investment of private equity funds (-12.1 million euro), net of reimbursements.
Among the significant events that occurred after the end of the period, it is worth noting that in October Italmobiliare received 45.1 million euro from the sale of its stake in Mediobanca. This was held through Fin. Priv., having been acquired at a historical cost of 14.4 million euro and valued at 29.1 million euro in the financial statements at December 31, 2024.
Looking at the performance of the main holdings in the portfolio, the revenue of Caffè Borbone and Capitelli in the food sector are growing. In a sector conditioned by the very high cost of Robusta quality coffee beans, whose price in the nine months stood at an average of $4,658/t compared with an average of $3,905/t in the same period of the previous year, Caffè Borbone posted revenue up by 11.3% to 270.7 million euro, with an acceleration in the third quarter (+12.8%). The company confirms its position as the leading brand in single-serve coffee by sales volumes in Italy, while continuing to grow abroad. Operating profit amounts to 33.5 million euro, down from 50.6 million euro in the same period of the previous year. Capitelli continues its growth trajectory, both in terms of turnover (+4.9% to 18 million euro) and gross operating profit (+7.7% to 3.4 million) despite the cost of pork which remains at all-time highs.
Officina Profumo-Farmaceutica di Santa Maria Novella continues to grow, with revenue up 9.1% to 51.3 million euro. This is the positive result of the good performance of the Direct-to-Consumer channels, a strategic development asset on which the company is focusing. Retail showed an overall increase of 14.4%, thanks to the positive contribution of new openings and good performances on the part of existing stores. E-commerce also performed well (+18.6%). The gross operating profit comes to 12.2 million euro, a slight increase (+2%) on the same period of the previous year.
CDS-Casa della Salute continues its growth path by opening two new clinics in the third quarter. This brings the Group's total number of outpatient clinics to 39, and will rise to 40 by the end of the year with the new clinic opening in Cagliari. CDS' revenue amounted to 56.6 million euro, up by 23.4% compared with the same period of the previous year, thanks to the new openings as well as the strong performance of the clinics opened/acquired before 2023. The gross operating profit has risen to 6.1 million euro.
Italgen continues to implement its strategic investment plan: In July it completed the acquisition of two hydroelectric plants, bringing its installed capacity to 87 MW, with the aim of exceeding 100 MW by the end of the year with the coming on-line of two new photovoltaic plants. Over the past nine months, the company has recorded total energy output above historical averages but down from the previous year, when hydroelectric production benefited from exceptional rainfall. Revenue was substantially stable at 48.6 million euro, while gross operating profit fell to 22.9 million euro (-14.8%).
In the outdoor sector, SIDI Group' revenue grew by 11.6% to 22.6 million euro, with good results especially in Europe and APAC. Even though the gross operating result was a loss of 0.7 million euro, it was an improvement thanks to the increase in turnover and initiatives to optimise the cost of products, partially offset by higher fixed costs. Tecnica Group reported revenue growth of 6.8% to 351.2 million euro, mainly due to the strong performance of LOWA and the winter segment. Gross operating profit comes to 30.1 million euro, down compared with the previous year.
ISEO recorded turnover of 113.4 million euro, substantially in line with the same period of the previous year. Gross operating profit comes to 7.7 million euro, down compared with the same period of the previous year.
Bene Assicurazioni's premium income increased by 30.2% to 258.1 million euro. The result confirms the significant growth path of previous quarters, thanks to the positive performance of all sales channels and the increase in all the sectors in which the company operates.
Clessidra Group, a non-industrial Portfolio Company, closed the nine months with a positive intermediation margin of 32.0 million euro, an increase of 16% compared with the same period last year.